# EDGAR Filing Document

**Accession Number:** 0000930667
**File Stem:** 0001193125-25-266560
**Filing Date:** 2025-11
**Character Count:** 3544855
**Document Hash:** 6926ee6a176cfa767f69b23a0134b043
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-266560.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001193125-25-266560

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 90

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**EFFECTIVENESS DATE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iShares, Inc.
- **CENTRAL INDEX KEY:** 0000930667

**ORGANIZATION NAME:**
- **EIN:** 510396525
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09102
- **FILM NUMBER:** 251453335

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** iSHARES INC
- **DATE OF NAME CHANGE:** 20070126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES INC
- **DATE OF NAME CHANGE:** 20000516

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WEBS INDEX FUND INC
- **DATE OF NAME CHANGE:** 19970211

## Series and Classes Contracts Data

### iShares MSCI Hong Kong ETF (Series ID: S000004247)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000011951 | iShares MSCI Hong Kong ETF | EWH             |

### iShares MSCI Japan ETF (Series ID: S000004249)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000011953 | iShares MSCI Japan ETF | EWJ             |

### iShares MSCI Malaysia ETF (Series ID: S000004250)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000011954 | iShares MSCI Malaysia ETF | EWM             |

### iShares MSCI Pacific ex Japan ETF (Series ID: S000004253)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000011957 | iShares MSCI Pacific ex Japan ETF | EPP             |

### iShares MSCI Singapore ETF (Series ID: S000004254)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000011958 | iShares MSCI Singapore ETF | EWS             |

### iShares MSCI South Africa ETF (Series ID: S000004255)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000011959 | iShares MSCI South Africa ETF | EZA             |

### iShares MSCI Spain ETF (Series ID: S000004256)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000011960 | iShares MSCI Spain ETF | EWP             |

### iShares MSCI South Korea ETF (Series ID: S000004258)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000011962 | iShares MSCI South Korea ETF | EWY             |

### iShares MSCI Sweden ETF (Series ID: S000004259)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000011963 | iShares MSCI Sweden ETF | EWD             |

### iShares MSCI Switzerland ETF (Series ID: S000004260)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000011964 | iShares MSCI Switzerland ETF | EWL             |

### iShares MSCI Taiwan ETF (Series ID: S000004261)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000011965 | iShares MSCI Taiwan ETF | EWT             |

### iShares MSCI Belgium ETF (Series ID: S000004263)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000011967 | iShares MSCI Belgium ETF | EWK             |

### iShares MSCI Brazil ETF (Series ID: S000004264)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000011968 | iShares MSCI Brazil ETF | EWZ             |

### iShares MSCI Canada ETF (Series ID: S000004265)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000011969 | iShares MSCI Canada ETF | EWC             |

### iShares MSCI Emerging Markets ETF (Series ID: S000004266)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000011970 | iShares MSCI Emerging Markets ETF | EEM             |

### iShares MSCI France ETF (Series ID: S000004267)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000011971 | iShares MSCI France ETF | EWQ             |

### iShares MSCI Eurozone ETF (Series ID: S000004268)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000011972 | iShares MSCI Eurozone ETF | EZU             |

### iShares MSCI Germany ETF (Series ID: S000004269)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000011973 | iShares MSCI Germany ETF | EWG             |

### iShares MSCI BIC ETF (Series ID: S000018069)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000050065 | iShares MSCI BIC ETF | BKF             |

### iShares MSCI Chile ETF (Series ID: S000018070)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000050066 | iShares MSCI Chile ETF | ECH             |

### iShares MSCI Thailand ETF (Series ID: S000018072)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000050068 | iShares MSCI Thailand ETF | THD             |

### iShares MSCI Emerging Markets Small-Cap ETF (Series ID: S000019125)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000052897 | iShares MSCI Emerging Markets Small-Cap ETF | EEMS            |

### iShares MSCI Japan Small-Cap ETF (Series ID: S000019126)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000052898 | iShares MSCI Japan Small-Cap ETF | SCJ             |

### iShares MSCI Israel ETF (Series ID: S000021462)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000061365 | iShares MSCI Israel ETF | EIS             |

### iShares MSCI Emerging Markets Min Vol Factor ETF (Series ID: S000032497)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000100212 | iShares MSCI Emerging Markets Min Vol Factor ETF | EEMV            |

### iShares MSCI Global Min Vol Factor ETF (Series ID: S000032498)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000100213 | iShares MSCI Global Min Vol Factor ETF | ACWV            |

### iShares MSCI Emerging Markets Asia ETF (Series ID: S000034697)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000106873 | iShares MSCI Emerging Markets Asia ETF | EEMA            |

### iShares MSCI World ETF (Series ID: S000035395)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000108746 | iShares MSCI World ETF | URTH            |

### iShares MSCI Global Silver and Metals Miners ETF (Series ID: S000035880)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000109983 | iShares MSCI Global Silver and Metals Miners ETF | SLVP            |

### iShares MSCI Global Gold Miners ETF (Series ID: S000035882)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000109985 | iShares MSCI Global Gold Miners ETF | RING            |

### iShares MSCI Agriculture Producers ETF (Series ID: S000035883)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000109986 | iShares MSCI Agriculture Producers ETF | VEGI            |

### iShares U.S. Power Infrastructure ETF (Series ID: S000035884)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000109987 | iShares U.S. Power Infrastructure ETF | POWR            |

### iShares MSCI Global Metals & Mining Producers ETF (Series ID: S000035885)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000109988 | iShares MSCI Global Metals & Mining Producers ETF | PICK            |

### iShares Core MSCI Emerging Markets ETF (Series ID: S000038923)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000119708 | iShares Core MSCI Emerging Markets ETF | IEMG            |

### iShares Currency Hedged MSCI Emerging Markets ETF (Series ID: S000045639)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000141922 | iShares Currency Hedged MSCI Emerging Markets ETF | HEEM            |

### iShares MSCI Russia ETF (Series ID: S000047227)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000147985 | iShares MSCI Russia ETF | ERUS            |

### iShares Emerging Markets Equity Factor ETF (Series ID: S000049021)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000154544 | iShares Emerging Markets Equity Factor ETF | EMGF            |

### iShares ESG Aware MSCI EM ETF (Series ID: S000054183)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000170244 | iShares ESG Aware MSCI EM ETF | ESGE            |

### iShares MSCI Emerging Markets ex China ETF (Series ID: S000057835)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000186806 | iShares MSCI Emerging Markets ex China ETF | EMXC            |

?xml version='1.0' encoding='ASCII'? iShares Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:

811-09102

Name of Fund:

iShares, Inc.

Fund Address: c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105

Name and address of agent for service: The Corporation Trust Incorporated, 2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(415) 670-2000

Date of fiscal year end:

8/31/2025

Date of reporting period:

8/31/2025

Item 1 — Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares Core MSCI Emerging Markets ETF

### IEMG \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares Core MSCI Emerging Markets ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Core MSCI Emerging Markets ETF | $10 | 0.09% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 17.21%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Emerging Markets Investable Market Index (Net) returned 15.82%. 

What contributed to performance?

Chinese equities were the largest contributors to the Fund's return during the reporting period. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. Within the consumer discretionary sector, a broadline retailer contributed amid rapid growth in its cloud and digital commerce units, while a multinational technology and entertainment conglomerate in the interactive media and services sector gained due to strong growth in its gaming and advertising units. In the financials sector, larger Chinese banks benefited from the country's historic stimulus efforts, which included capital injections and other active interventions to support the banking sector. In Taiwan, a major semiconductor supplier was supported by surging demand for artificial intelligence chips and continued innovation, despite the threat of tariffs. South Korean stocks also contributed, on the back of solid economic growth, strong market momentum, and corporate governance reforms. Industrials companies were notable contributors.

What detracted from performance?

Indian stocks detracted from the Fund's return due to foreign investor outflow and global trade uncertainty as a result of tariffs from the United States, which began during the reporting period. The tariffs resulted in a sharp drop in exports and sharp equity market volatility.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320235.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 17.21% | 5.94% | 7.12% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI Emerging Markets Investable Market Index (Net) | 15.82 | 5.96 | 7.08 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$101395940214 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2694 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$76493324 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 23.2% |
| Financials | 21.8% |
| Consumer Discretionary | 12.7% |
| Communication Services | 9.4% |
| Industrials | 8.4% |
| Materials | 6.9% |
| Health Care | 4.6% |
| Consumer Staples | 4.6% |
| Energy | 3.7% |
| Utilities | 2.5% |
| Real Estate | 2.2% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 28.2% |
| Taiwan | 18.9% |
| India | 17.4% |
| South Korea | 10.9% |
| Brazil | 4.3% |
| South Africa | 3.4% |
| Saudi Arabia | 3.3% |
| Mexico | 1.9% |
| United Arab Emirates | 1.6% |
| Malaysia | 1.4% |
| Other<sup>#</sup> | 8.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares Core MSCI Emerging Markets ETF

Annual Shareholder Report — August 31, 2025

IEMG-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares Currency Hedged MSCI Emerging Markets ETF

### HEEM \| Cboe BZX Exchange

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares Currency Hedged MSCI Emerging Markets ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Currency Hedged MSCI Emerging Markets ETF | $0(a) | 0.00%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.</sup>

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 19.02%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Emerging Markets 100% Hedged to USD Index (Net) returned 17.42%. 

What contributed to performance?

Chinese equities were the primary contributors to the Fund's return during the reporting period. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. Entertainment and interactive media companies in the communication sector advanced due to popular game releases, AI monetization, and user growth. Within the consumer discretionary sector, a broadline retailer contributed amid rapid growth in its cloud and digital commerce units, while a multinational technology and entertainment conglomerate in the interactive media and services sector gained due to strong growth in its gaming and advertising units. In the financials sector, larger Chinese banks benefited from the country's historic stimulus efforts, which included capital injections and other active interventions to support the banking sector. In Taiwan, a major semiconductor supplier was supported by surging demand for artificial intelligence chips and continued innovation, despite the threat of tariffs.

What detracted from performance?

Indian stocks detracted from the Fund's return due to foreign investor outflow and global trade uncertainty as a result of tariffs from the United States, which began during the reporting period. The tariffs resulted in a sharp drop in exports and sharp equity market volatility.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6321522.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 19.02% | 6.14% | 7.21% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI Emerging Markets 100% Hedged to USD Index (Net) | 17.42 | 6.42 | 7.52 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$175844282 |
| Number of Portfolio Holdings | &nbsp;&nbsp;137 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;7% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | *Percent of*<br> *Net Assets* |
| Investment Companies | 99.9% |
| Short-term Investments | 10.5% |
| Other assets less liabilities | (10.4)% |

---

---

| | |
|:---|:---|
| **Sector allocation (of the underlying fund)<sup>(a)</sup>** | **Sector allocation (of the underlying fund)<sup>(a)</sup>** |
| *Sector* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| Information Technology | 24.3% |
| Financials | 23.4% |
| Consumer Discretionary | 13.0% |
| Communication Services | 10.4% |
| Industrials | 6.8% |
| Materials | 6.1% |
| Consumer Staples | 4.3% |
| Energy | 4.1% |
| Health Care | 3.6% |
| Utilities | 2.4% |
| Real Estate | 1.6% |

---

<sup><sup>(a)</sup></sup> <sup>The underlying fund is iShares MSCI Emerging Markets ETF.</sup> <br> <sup><sup>(b)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares Currency Hedged MSCI Emerging Markets ETF

Annual Shareholder Report — August 31, 2025

HEEM-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares Emerging Markets Equity Factor ETF

### EMGF \| Cboe BZX Exchange

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares Emerging Markets Equity Factor ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Emerging Markets Equity Factor ETF | $28 | 0.26% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 16.50%. 

* For the same period, the S&P Emerging Broad Market Index (Net) returned 16.78% and the STOXX Emerging Markets Equity Factor Index (Spliced) returned 15.29%. 

What contributed to performance?

Chinese equities were the largest contributors to the Fund's return during the reporting period. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. In the communication sector, a multinational technology and entertainment conglomerate gained due to strong growth in its gaming and advertising units. Financials stocks also benefited returns, as larger Chinese banks gained amid the country's historic stimulus efforts, which included capital injections and other active interventions to support the banking sector. In Taiwan, a major semiconductor supplier was supported by surging demand for artificial intelligence chips and continued innovation, despite the threat of tariffs. South Korean stocks also contributed, on the back of solid economic growth, strong market momentum, and corporate governance reforms. Financials firms were notable contributors.

What detracted from performance?

Indian stocks detracted from the Fund's return due to foreign investor outflow and global trade uncertainty as a result of tariffs from the United States, which began during the reporting period. In the information technology sector, IT consulting stocks (which are hired by companies to help them achieve their business objectives and improve efficiency) were weighed down by weak discretionary technology spending as clients cut budgets due to tariff uncertainty.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: December 8, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320222.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Fund NAV | 16.50% | 7.68% | 7.89% |
| S&P Emerging Broad Market Index (Net) | 16.78 | 6.33 | 7.91 |
| STOXX Emerging Markets Equity Factor Index (Spliced) | 15.29 | 8.24 | 8.33 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$957680461 |
| Number of Portfolio Holdings | &nbsp;&nbsp;571 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1958679 |
| Portfolio Turnover Rate | &nbsp;&nbsp;20% |

---

The inception date of the Fund was December 8, 2015.

The performance of the STOXX Emerging Markets Equity Factor Index (Spliced) in this report reflects the performance of the MSCI Emerging Markets Diversified Multiple Factor Index (Net) through February 28, 2023 and, beginning on March 1, 2023, the performance of the STOXX Emerging Markets Equity Factor Index (Net).

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 23.3% |
| Financials | 22.3% |
| Consumer Discretionary | 14.8% |
| Communication Services | 10.3% |
| Industrials | 7.3% |
| Consumer Staples | 5.6% |
| Materials | 4.5% |
| Energy | 4.5% |
| Health Care | 3.4% |
| Utilities | 2.8% |
| Real Estate | 1.2% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 29.7% |
| Taiwan | 18.8% |
| India | 17.5% |
| South Korea | 12.1% |
| Brazil | 3.6% |
| South Africa | 2.6% |
| Saudi Arabia | 2.3% |
| United Arab Emirates | 2.1% |
| Mexico | 1.7% |
| Indonesia | 1.2% |
| Other<sup>#</sup> | 8.4% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc., S&P Dow Jones Indices LLC, STOXX Ltd., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares Emerging Markets Equity Factor ETF

Annual Shareholder Report — August 31, 2025

EMGF-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares ESG Aware MSCI EM ETF

### ESGE \| NASDAQ

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares ESG Aware MSCI EM ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares ESG Aware MSCI EM ETF | $28 | 0.25% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 20.90%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Emerging Markets Extended ESG Focus Index (Spliced) returned 19.72%. 

What contributed to performance?

Chinese equities were the largest contributors to the Fund's return during the reporting period. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. In the consumer discretionary sector, a broadline retailer contributed amid rapid growth in its cloud and digital commerce units. In the communication sector, a multinational technology and entertainment conglomerate gained due to strong growth in its gaming and advertising units. In Taiwan, a major semiconductor supplier was supported by surging demand for artificial intelligence chips and continued innovation, despite the threat of tariffs. South Korean stocks also contributed, on the back of solid economic growth, strong market momentum, and corporate governance reforms. Financials firms were notable contributors.

What detracted from performance?

Indian stocks detracted from the Fund's return due to foreign investor outflow and global trade uncertainty as a result of tariffs from the United States, which began during the reporting period. In the information technology sector, IT consulting stocks (which are hired by companies to help them achieve their business objectives and improve efficiency) were weighed down by weak discretionary technology spending as clients cut budgets due to tariff uncertainty.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: June 28, 2016 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320175.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Fund NAV | 20.90% | 4.90% | 7.59% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 7.55 |
| MSCI Emerging Markets Extended ESG Focus Index (Spliced) | 19.72 | 5.12 | 7.96 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$5092819493 |
| Number of Portfolio Holdings | &nbsp;&nbsp;311 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$11560394 |
| Portfolio Turnover Rate | &nbsp;&nbsp;35% |

---

The inception date of the Fund was June 28, 2016.

The performance of the MSCI Emerging Markets Extended ESG Focus Index (Spliced) in this report reflects the performance of the MSCI Emerging Markets ESG Focus Index (Net) through May 31, 2018 and, beginning on June 1, 2018, the performance of the MSCI Emerging Markets Extended ESG Focus Index (Net).

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 28.3% |
| Information Technology | 24.3% |
| Consumer Discretionary | 13.1% |
| Communication Services | 11.0% |
| Industrials | 5.3% |
| Materials | 4.6% |
| Consumer Staples | 4.1% |
| Health Care | 3.3% |
| Energy | 2.8% |
| Utilities | 1.9% |
| Real Estate | 1.3% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 30.8% |
| Taiwan | 20.0% |
| India | 15.7% |
| South Korea | 10.8% |
| South Africa | 4.2% |
| Brazil | 3.8% |
| Saudi Arabia | 2.8% |
| Malaysia | 2.0% |
| Mexico | 1.7% |
| United Arab Emirates | 1.6% |
| Other<sup>#</sup> | 6.6% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares ESG Aware MSCI EM ETF

Annual Shareholder Report — August 31, 2025

ESGE-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Agriculture Producers ETF

### VEGI \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Agriculture Producers ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Agriculture Producers ETF | $41 | 0.39% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 11.77%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.79% and the MSCI ACWI Select Agriculture Producers Investable Market Index (Net) returned 11.62%. 

What contributed to performance?

Industrials firms in the United States were the largest contributors to the Fund's return during the reporting period. A leading manufacturer of agricultural and construction equipment gained due to increased infrastructure spending and a positive outlook for the industry, including stable commodity prices. In the chemicals segment of the materials sector, companies that provide agriculture products essential to farming, gained from a rally in the fertilizer market, innovative products, and operational efficiencies. A fertilizers and agricultural chemicals specialist company in Canada also contributed. The company, which provides crop inputs and services, gained due to strong fertilizer demand, rising crop commodity prices, and increasing operational efficiencies.

What detracted from performance?

There were no notable detractors from the Fund's return during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320421.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 11.77% | 9.26% | 7.42% |
| MSCI All Country World Index (Net) | 15.79 | 12.00 | 11.10 |
| MSCI ACWI Select Agriculture Producers Investable Market Index (Net) | 11.62 | 9.34 | 7.47 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$92778995 |
| Number of Portfolio Holdings | &nbsp;&nbsp;131 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$380547 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Agricultural & Farm Machinery | 33.2% |
| Fertilizers & Agricultural Chemicals | 32.7% |
| Packaged Foods & Meats | 17.7% |
| Agricultural Products & Services | 16.4% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 60.2% |
| Canada | 6.3% |
| India | 5.4% |
| Norway | 4.8% |
| Japan | 3.6% |
| Saudi Arabia | 3.0% |
| China | 2.6% |
| Malaysia | 2.3% |
| Italy | 2.0% |
| Hong Kong | 1.8% |
| Other<sup>#</sup> | 8.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Agriculture Producers ETF

Annual Shareholder Report — August 31, 2025

VEGI-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Belgium ETF

### EWK \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Belgium ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Belgium ETF | $53 | 0.49% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 17.89%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Belgium IMI 25/50 Index (Net) returned 17.56%. 

What contributed to performance?

Stocks in the healthcare sector contributed the most to the Fund's return during the reporting period, led by the pharmaceutical, biotechnology, and life sciences industry. A biotech developer of therapies for rare autoimmune diseases gained due to two successful drug launches, as well as robust growth for existing drugs. Additionally, a firm that develops neurology and immunology diseases attracted interest due to its pipeline of innovative products. In the financials sector, diversified banks advanced due to increases in mortgage lending, stable credit quality, and strategic shifts toward higher-margin, fee-based businesses. Insurance companies were supported by strategic acquisitions and positive market outlooks. In the real estate sector, companies that specialize in the acquisition, development, and management of rental properties, particularly healthcare properties, also gained. A merger was announced between two of these firms that would create one of the largest real estate investment trusts in Europe.

What detracted from performance?

There were no significant detractors from the Fund's return during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6321350.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 17.89% | 8.38% | 5.77% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI Belgium IMI 25/50 Index (Net) | 17.56 | 6.97 | 5.08 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$37077270 |
| Number of Portfolio Holdings | &nbsp;&nbsp;42 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$99341 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Health Care | 27.6% |
| Consumer Staples | 25.0% |
| Financials | 15.6% |
| Real Estate | 10.9% |
| Materials | 7.5% |
| Industrials | 5.3% |
| Utilities | 2.4% |
| Consumer Discretionary | 2.2% |
| Information Technology | 1.9% |
| Communication Services | 1.4% |
| Energy | 0.2% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Anheuser-Busch InBev SA | 21.6% |
| Argenx SE | 14.9% |
| UCB SA | 9.6% |
| KBC Group NV | 4.4% |
| Ageas SA | 4.3% |
| Groupe Bruxelles Lambert NV | 3.2% |
| Syensqo SA | 2.9% |
| Ackermans & van Haaren NV | 2.8% |
| Elia Group SA/NV, Class B | 2.4% |
| Warehouses De Pauw CVA | 2.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Belgium ETF

Annual Shareholder Report — August 31, 2025

EWK-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI BIC ETF

### BKF \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI BIC ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI BIC ETF | $80 | 0.72% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 21.37%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI BIC Index (Net) returned 18.41%. 

What contributed to performance?

Chinese equities were the main contributors to the Fund's return during the reporting period. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. Communication stocks were significant contributors, including a multinational technology and entertainment conglomerate in the interactive media and services sector that gained due to strong growth in its gaming and advertising units. Within the consumer discretionary sector, a broadline retailer contributed amid rapid growth in its cloud and digital commerce units. In the financials sector, larger Chinese banks benefited from the country's historic stimulus efforts, which included capital injections and other active interventions to support the banking sector.

What detracted from performance?

Indian stocks detracted from the Fund's return due to foreign investor outflow and global trade uncertainty as a result of tariffs from the United States, which began during the reporting period. The tariffs resulted in a sharp drop in exports and sharp equity market volatility. In the information technology sector, IT consulting stocks (which are hired by companies to help them achieve their business objectives and improve efficiency) were weighed down by weak discretionary technology spending as clients cut budgets due to tariff uncertainty.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320734.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 21.37% | 0.18% | 5.54% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI BIC Index (Net) | 18.41 | 0.61 | 6.02 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$90750564 |
| Number of Portfolio Holdings | &nbsp;&nbsp;682 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$564633 |
| Portfolio Turnover Rate | &nbsp;&nbsp;13% |

---

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 23.2% |
| Consumer Discretionary | 21.2% |
| Communication Services | 15.5% |
| Information Technology | 8.5% |
| Industrials | 6.2% |
| Materials | 5.6% |
| Energy | 5.4% |
| Health Care | 5.0% |
| Consumer Staples | 4.8% |
| Utilities | 3.2% |
| Real Estate | 1.4% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 60.0% |
| India | 31.5% |
| Brazil | 8.5% |
| Russia | 0.0 %(b) |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup> |
| <sup><sup>(b)</sup></sup> <sup>Rounds to less than 0.1%.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI BIC ETF

Annual Shareholder Report — August 31, 2025

BKF-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Brazil ETF

### EWZ \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Brazil ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Brazil ETF | $61 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 5.11%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Brazil 25/50 Index (Net) returned 6.13%. 

What contributed to performance?

Amid a landscape of economic expansion and rate hikes by the country's central bank, diversified banks were the largest contributors to the Fund's return during the reporting period. The Central Bank of Brazil raised the benchmark SELIC rate several times, boosting banks' net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits). Banks also benefited from increasing dividends, stock buyback programs, and increased foreign capital inflows. Additionally, capital markets companies gained due to a diversified revenue stream, expansion and acquisitions, and increased client activity. Utilities stocks also contributed to performance, climbing due to increased electricity demand and consumption.

What detracted from performance?

Increasing geopolitical risks and global oversupply put downward pressure on crude prices, causing energy stocks to detract during the reporting period. New energy sector regulations, including phasing out certain renewable energy subsidies, also pressured the sector.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320850.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 5.11% | 7.54% | 6.88% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI Brazil 25/50 Index (Net) | 6.13 | 8.32 | 7.66 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$5426089035 |
| Number of Portfolio Holdings | &nbsp;&nbsp;47 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$23221145 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 39.6% |
| Energy | 14.1% |
| Materials | 12.6% |
| Utilities | 12.1% |
| Industrials | 9.0% |
| Consumer Staples | 6.2% |
| Communication Services | 2.4% |
| Health Care | 1.6% |
| Consumer Discretionary | 1.2% |
| Information Technology | 1.2% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| NU Holdings Ltd./Cayman Islands, Class A | 12.0% |
| Itau Unibanco Holding SA (Preferred) | 9.1% |
| Vale SA | 8.9% |
| Petroleo Brasileiro SA - Petrobras (Preferred) | 6.2% |
| Petroleo Brasileiro SA - Petrobras | 5.6% |
| Banco Bradesco SA (Preferred) | 3.8% |
| B3 SA - Brasil Bolsa Balcao | 3.3% |
| WEG SA | 3.0% |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 2.8% |
| Ambev SA | 2.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Brazil ETF

Annual Shareholder Report — August 31, 2025

EWZ-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Canada ETF

### EWC \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Canada ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Canada ETF | $56 | 0.50% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 22.86%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Canada Custom Capped Index (Spliced) returned 23.13%. 

What contributed to performance?

While tariff threats pressured investor sentiment, Canadian equities advanced on the back of central bank rate cuts aimed at supporting growth. During the reporting period, stocks in the financials sector were the largest contributor to the Fund's return. These companies benefited from consistent dividends, global diversification, and strategic acquisitions. Insurance companies also gained, amid robust premium growth and solid earnings from wealth management units. Metals and mining stocks in the materials sector advanced as gold prices soared to new highs, uplifted by their safe-haven demand and central bank purchases. Further aiding returns was an e-commerce platform in the information technology sector, advancing as the firm improved profit margins and expanded into new markets.

What detracted from performance?

During the reporting period there were no notable detractors from the Fund's return.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6321337.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 22.86% | 13.52% | 9.67% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI Canada Custom Capped Index (Spliced) | 23.13 | 13.72 | 9.84 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3203128337 |
| Number of Portfolio Holdings | &nbsp;&nbsp;87 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$13971050 |
| Portfolio Turnover Rate | &nbsp;&nbsp;4% |

---

The performance of the MSCI Canada Custom Capped Index (Spliced) in this report reflects the performance of the MSCI Canada Index (Net) through August 31, 2017 and, beginning on September 1, 2017, the performance of the MSCI Canada Custom Capped Index (Net).

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 36.9% |
| Energy | 16.3% |
| Materials | 13.3% |
| Information Technology | 11.7% |
| Industrials | 10.7% |
| Consumer Staples | 4.0% |
| Consumer Discretionary | 3.3% |
| Utilities | 2.6% |
| Communication Services | 0.9% |
| Real Estate | 0.3% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Royal Bank of Canada | 8.1% |
| Shopify Inc., Class A | 6.8% |
| Toronto-Dominion Bank (The) | 5.2% |
| Enbridge Inc. | 4.1% |
| Bank of Montreal | 3.4% |
| Brookfield Corp., Class A | 3.4% |
| Bank of Nova Scotia (The) | 3.1% |
| Agnico Eagle Mines Ltd. | 2.9% |
| Canadian Imperial Bank of Commerce | 2.9% |
| Canadian Pacific Kansas City Ltd. | 2.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Canada ETF

Annual Shareholder Report — August 31, 2025

EWC-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Chile ETF

### ECH \| Cboe BZX Exchange

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Chile ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Chile ETF | $66 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 25.36%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Chile IMI 25/50 Index (Net) returned 26.38%. 

What contributed to performance?

Chilean stocks were buoyed by better-than-expected domestic growth and as the country's central bank began easing interest rates. Financial stocks contributed the most to the Fund's performance during the reporting period. Diversified banks reported solid financial results, helped by conservative risk profiles, varied business models, strong lending growth, and low funding costs. Among industrials stocks, the largest airline group in Latin America contributed due to a rebound in global travel and increased consumer confidence. In the consumer discretionary sector, a broadline retailer gained, due to strategic investments in both digital and physical assets, which drove a profit recovery, margin expansion, and helped to reduce debt.

What detracted from performance?

During the reporting period there were no significant detractors from the Fund's return.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320721.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 25.36% | 9.82% | 2.58% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI Chile IMI 25/50 Index (Net) | 26.38 | 9.79 | 2.62 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$700860324 |
| Number of Portfolio Holdings | &nbsp;&nbsp;28 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3313355 |
| Portfolio Turnover Rate | &nbsp;&nbsp;45% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 24.7% |
| Materials | 17.1% |
| Consumer Staples | 16.3% |
| Industrials | 13.2% |
| Utilities | 12.8% |
| Consumer Discretionary | 10.7% |
| Real Estate | 3.5% |
| Communication Services | 1.7% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Banco de Chile | 11.8% |
| Sociedad Quimica y Minera de Chile SA (Preferred), Class B | 11.8% |
| Latam Airlines Group SA | 11.8% |
| Cencosud SA | 7.3% |
| Empresas Copec SA | 4.7% |
| Falabella SA | 4.4% |
| Banco Santander Chile | 4.4% |
| Banco de Credito e Inversiones SA | 4.3% |
| Empresas CMPC SA | 3.9% |
| Parque Arauco SA | 3.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Chile ETF

Annual Shareholder Report — August 31, 2025

ECH-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Emerging Markets Asia ETF

### EEMA \| NASDAQ

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Emerging Markets Asia ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Emerging Markets Asia ETF | $53 | 0.49% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 17.71%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI EM Asia Custom Capped Index (Spliced) returned 17.01%. 

What contributed to performance?

Chinese equities were the largest contributors to the Fund's return during the reporting period. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. Notably, a multinational technology and entertainment conglomerate in the interactive media and services sector gained due to strong growth in its gaming unit, including both new and evergreen titles, as well as artificial intelligence ("AI") advancements in its advertising unit. Broadline retail stocks in the consumer discretionary sector contributed amid rapid growth in their cloud and digital commerce divisions. In Taiwan, a major semiconductor supplier was supported by surging demand for AI chips and continued innovation, despite the threat of tariffs.

What detracted from performance?

Indian stocks detracted from the Fund's return due to foreign investor outflow and global trade uncertainty as a result of tariffs from the United States, which began during the reporting period. The tariffs resulted in a sharp drop in exports and sharp equity market volatility. IT consulting firms in the information technology sector were among the largest detractors. These companies, which help their clients improve processes, grow their business, or solve specific technology-related problems, faced headwinds such as slowing client demand and persistent weakness in discretionary spending.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320280.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 17.71% | 4.33% | 7.28% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI EM Asia Custom Capped Index (Spliced) | 17.01 | 4.98 | 7.84 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1407211366 |
| Number of Portfolio Holdings | &nbsp;&nbsp;872 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3123977 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

The performance of the MSCI EM Asia Custom Capped Index (Spliced) in this report reflects the performance of the MSCI Emerging Markets Asia Index (Net) through May 31, 2018 and, beginning on June 1, 2018, the performance of the MSCI EM Asia Custom Capped Index (Net).

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 30.1% |
| Financials | 18.6% |
| Consumer Discretionary | 14.8% |
| Communication Services | 11.5% |
| Industrials | 7.1% |
| Health Care | 4.2% |
| Materials | 4.0% |
| Consumer Staples | 3.6% |
| Energy | 3.2% |
| Utilities | 1.8% |
| Real Estate | 1.1% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 38.4% |
| Taiwan | 23.4% |
| India | 20.2% |
| South Korea | 13.2% |
| Malaysia | 1.5% |
| Indonesia | 1.5% |
| Thailand | 1.3% |
| Philippines | 0.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Emerging Markets Asia ETF

Annual Shareholder Report — August 31, 2025

EEMA-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Emerging Markets ETF

### EEM \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Emerging Markets ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Emerging Markets ETF | $78 | 0.72% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 17.69%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80%. 

What contributed to performance?

Chinese equities were the primary contributors to the Fund's return during the reporting period. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. Entertainment and interactive media companies in the communication sector advanced due to popular game releases, AI monetization, and user growth. Within the consumer discretionary sector, a broadline retailer contributed amid rapid growth in its cloud and digital commerce units, while a multinational technology and entertainment conglomerate in the interactive media and services sector gained due to strong growth in its gaming and advertising units. In the financials sector, larger Chinese banks benefited from the country's historic stimulus efforts, which included capital injections and other active interventions to support the banking sector. In Taiwan, a major semiconductor supplier was supported by surging demand for artificial intelligence chips and continued innovation, despite the threat of tariffs.

What detracted from performance?

Indian stocks detracted from the Fund's return due to foreign investor outflow and global trade uncertainty as a result of tariffs from the United States, which began during the reporting period. The tariffs resulted in a sharp drop in exports and sharp equity market volatility.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6321478.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 17.69% | 4.59% | 6.30% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$18931405434 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1201 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$125570583 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 24.3% |
| Financials | 23.4% |
| Consumer Discretionary | 13.0% |
| Communication Services | 10.4% |
| Industrials | 6.8% |
| Materials | 6.1% |
| Consumer Staples | 4.3% |
| Energy | 4.1% |
| Health Care | 3.6% |
| Utilities | 2.4% |
| Real Estate | 1.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 30.8% |
| Taiwan | 18.8% |
| India | 16.2% |
| South Korea | 10.6% |
| Brazil | 4.4% |
| South Africa | 3.3% |
| Saudi Arabia | 3.2% |
| Mexico | 1.9% |
| United Arab Emirates | 1.6% |
| Malaysia | 1.2% |
| Other<sup>#</sup> | 8.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Emerging Markets ETF

Annual Shareholder Report — August 31, 2025

EEM-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Emerging Markets ex China ETF

### EMXC \| NASDAQ

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Emerging Markets ex China ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Emerging Markets ex China ETF | $26 | 0.25% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 7.62%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Emerging Markets ex China Index (Net) returned 7.18%. 

What contributed to performance?

Taiwanese equities were the largest contributors to the Fund's return during the reporting period, given the country's pivotal role in the global semiconductor supply chain. In the information technology sector, a major semiconductor supplier was supported by surging demand for artificial intelligence chips, despite the threat of tariffs. South Korean stocks contributed, on the back of solid economic growth, strong market momentum, and corporate governance reforms. Industrials firms were notable contributors. In South Africa, soaring gold prices supported metals and mining stocks.

What detracted from performance?

Indian stocks detracted from the Fund's return during the reporting period. Equities declined due to investor caution and selling pressure stemming from slowing earnings growth, stretched valuations, and global headwinds. In the information technology sector, IT consulting stocks (which are hired by companies to help them achieve their business objectives and improve efficiency) were weighed down by weak discretionary technology spending as clients cut budgets due to tariff uncertainty.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: July 18, 2017 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320162.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Fund NAV | 7.62% | 9.06% | 5.31% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 4.70 |
| MSCI Emerging Markets ex China Index (Net) | 7.18 | 9.70 | 5.79 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$12492026840 |
| Number of Portfolio Holdings | &nbsp;&nbsp;656 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$37750718 |
| Portfolio Turnover Rate | &nbsp;&nbsp;15% |

---

The inception date of the Fund was July 18, 2017.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 31.2% |
| Financials | 26.1% |
| Industrials | 7.9% |
| Materials | 7.4% |
| Consumer Discretionary | 6.3% |
| Energy | 4.7% |
| Communication Services | 4.7% |
| Consumer Staples | 4.6% |
| Health Care | 2.9% |
| Utilities | 2.7% |
| Real Estate | 1.5% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Taiwan | 27.3% |
| India | 23.4% |
| South Korea | 15.2% |
| Brazil | 6.3% |
| South Africa | 4.8% |
| Saudi Arabia | 4.7% |
| Mexico | 2.8% |
| United Arab Emirates | 2.3% |
| Malaysia | 1.8% |
| Indonesia | 1.8% |
| Other<sup>#</sup> | 9.6% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Emerging Markets ex China ETF

Annual Shareholder Report — August 31, 2025

EMXC-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Emerging Markets Min Vol Factor ETF

### EEMV \| Cboe BZX Exchange

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Emerging Markets Min Vol Factor ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Emerging Markets Min Vol Factor ETF | $26 | 0.25% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 7.68%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Emerging Markets Minimum Volatility (USD) Index (Net) returned 7.32%. 

What contributed to performance?

Chinese equities were the largest contributors to the Fund's return during the reporting period. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. In the financials sector, larger Chinese banks benefited from the country's historic stimulus efforts, which included capital injections and other active interventions to support the banking sector. In the information technology sector, firms that provide technology hardware supplies and services also contributed. In the United Arab Emirates, the financials sector gained, as diversified banks benefited from loan increases, non-interest income growth, international expansions, and improved asset quality.

What detracted from performance?

Indian stocks detracted from the Fund's return due to foreign investor outflow and global trade uncertainty as a result of tariffs from the United States, which began during the reporting period. In the information technology sector, IT consulting stocks (which are hired by companies to help them achieve their business objectives and improve efficiency) were weighed down by weak discretionary technology spending as clients cut budgets due to tariff uncertainty.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6321465.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 7.68% | 5.01% | 4.75% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI Emerging Markets Minimum Volatility (USD) Index (Net) | 7.32 | 5.59 | 5.17 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4586842384 |
| Number of Portfolio Holdings | &nbsp;&nbsp;330 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$10723432 |
| Portfolio Turnover Rate | &nbsp;&nbsp;32% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 23.6% |
| Information Technology | 20.2% |
| Communication Services | 14.2% |
| Consumer Staples | 9.5% |
| Consumer Discretionary | 7.9% |
| Health Care | 7.7% |
| Utilities | 5.8% |
| Industrials | 4.4% |
| Energy | 3.8% |
| Materials | 2.6% |
| Real Estate | 0.3% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 25.4% |
| India | 21.5% |
| Taiwan | 14.0% |
| Saudi Arabia | 8.2% |
| South Korea | 5.6% |
| United Arab Emirates | 4.8% |
| Malaysia | 3.7% |
| Brazil | 2.9% |
| Qatar | 2.3% |
| Kuwait | 2.2% |
| Other<sup>#</sup> | 9.4% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Emerging Markets Min Vol Factor ETF

Annual Shareholder Report — August 31, 2025

EEMV-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Emerging Markets Small-Cap ETF

### EEMS \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Emerging Markets Small-Cap ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Emerging Markets Small-Cap ETF | $76 | 0.72% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 9.77%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Emerging Markets Small Cap Index (Net) returned 10.07%. 

What contributed to performance?

Chinese equities were the largest contributors to the Fund's return during the reporting period. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. In the healthcare sector, biotechnology stocks were supported by global licensing deals, supportive regulatory reforms, and increased research and development innovation. South Korean firms benefited from corporate governance reforms, notably in the industrials sector. In Taiwan, technology hardware stocks gained due to continued demand for artificial intelligence, despite tariff-related volatility.

What detracted from performance?

Indian stocks detracted from the Fund's return due to foreign investor outflow and global trade uncertainty as a result of tariffs from the United States, which began during the reporting period. The tariffs resulted in a sharp drop in exports and sharp equity market volatility.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320536.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 9.77% | 10.89% | 7.86% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI Emerging Markets Small Cap Index (Net) | 10.07 | 11.69 | 8.27 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$392549052 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1606 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2537189 |
| Portfolio Turnover Rate | &nbsp;&nbsp;29% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 18.0% |
| Information Technology | 16.3% |
| Financials | 11.7% |
| Materials | 11.2% |
| Consumer Discretionary | 10.9% |
| Health Care | 10.8% |
| Consumer Staples | 6.3% |
| Real Estate | 6.2% |
| Communication Services | 3.7% |
| Utilities | 3.0% |
| Energy | 1.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| India | 24.9% |
| Taiwan | 19.5% |
| South Korea | 12.7% |
| China | 12.5% |
| Brazil | 4.1% |
| South Africa | 3.9% |
| Saudi Arabia | 3.6% |
| Malaysia | 2.7% |
| Thailand | 2.4% |
| Turkey | 2.2% |
| Other<sup>#</sup> | 11.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Emerging Markets Small-Cap ETF

Annual Shareholder Report — August 31, 2025

EEMS-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Eurozone ETF

### EZU \| Cboe BZX Exchange

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Eurozone ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Eurozone ETF | $55 | 0.50% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 19.78%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI EMU Index (Net) returned 19.85%. 

What contributed to performance?

Within the eurozone, a monetary union of 20 European Union member states that have adopted the euro, as their common currency, German stocks were the leading contributor to the Fund's return. During the reporting period, industrials stocks, including in the aerospace and defense space, were buoyed by the country's landmark decision to double its defense spending, driven by the ongoing geopolitical conflicts. High demand for electrification, particularly from data centers, drove gains in electrical equipment firms and industrial conglomerates. Spain's economy experienced robust growth, helping equity markets advance, particularly in the financials sector. Banks benefited from significant increases in consumer deposits, growth from wealth management, and strong financial strength as measured by capital ratios. Aerospace and defense firms in France were also supported by increased defense spending.

What detracted from performance?

There were no significant detractors from the Fund's performance during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320849.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 19.78% | 11.77% | 8.02% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI EMU Index (Net) | 19.85 | 11.50 | 7.94 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7876327737 |
| Number of Portfolio Holdings | &nbsp;&nbsp;223 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$38174486 |
| Portfolio Turnover Rate | &nbsp;&nbsp;4% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 25.1% |
| Industrials | 20.6% |
| Information Technology | 11.2% |
| Consumer Discretionary | 10.9% |
| Health Care | 6.8% |
| Consumer Staples | 6.3% |
| Utilities | 6.0% |
| Materials | 4.5% |
| Communication Services | 4.5% |
| Energy | 3.2% |
| Real Estate | 0.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| France | 30.8% |
| Germany | 28.8% |
| Netherlands | 12.7% |
| Spain | 10.1% |
| Italy | 9.2% |
| Belgium | 3.0% |
| Finland | 2.3% |
| Ireland | 1.2% |
| Sweden | 0.7% |
| Austria | 0.6% |
| Portugal | 0.6% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Eurozone ETF

Annual Shareholder Report — August 31, 2025

EZU-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI France ETF

### EWQ \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI France ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI France ETF | $54 | 0.51% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 10.15%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI France Index (Net) returned 9.80%. 

What contributed to performance?

Stocks in the industrials sector contributed the most to the Fund's performance during the reporting period, led by aerospace and defense names. Significant increases by the French government for defense spending, in response to geopolitical threats, helped to push companies that supply equipment and technologies to armed forces higher. Strong trends in air travel have created a robust demand for commercial aircraft and substantial order backlogs, supporting the firms that manufacture aircraft. Diversified banks in the financials sector also contributed, strengthened by gains in loans, investment banking, insurance, as well as successful integration of digital initiatives.

What detracted from performance?

Consumer discretionary stocks detracted the most from the Fund's returns during the reporting period, led by the consumer durables industry. Weak spending trends and demand from the United States, its largest market, and China, negatively pressured the stock of the world's largest luxury goods conglomerate. In the information technology sector, a consulting and outsourcing firm declined due to softening climate demand and concerns about an upcoming acquisition.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6321292.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 10.15% | 11.24% | 8.35% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI France Index (Net) | 9.80 | 10.55 | 8.00 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$383689909 |
| Number of Portfolio Holdings | &nbsp;&nbsp;59 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2422561 |
| Portfolio Turnover Rate | &nbsp;&nbsp;4% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 29.9% |
| Consumer Discretionary | 14.2% |
| Financials | 12.6% |
| Health Care | 11.0% |
| Consumer Staples | 9.5% |
| Materials | 6.7% |
| Energy | 6.2% |
| Information Technology | 3.0% |
| Utilities | 2.8% |
| Communication Services | 2.7% |
| Real Estate | 1.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| LVMH Moet Hennessy Louis Vuitton SE | 7.1% |
| Schneider Electric SE | 6.5% |
| TotalEnergies SE | 6.2% |
| Airbus SE | 6.0% |
| Safran SA | 5.8% |
| Air Liquide SA | 5.7% |
| L'Oreal SA | 5.4% |
| Sanofi SA | 5.3% |
| EssilorLuxottica SA | 4.4% |
| BNP Paribas SA | 4.4% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI France ETF

Annual Shareholder Report — August 31, 2025

EWQ-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Germany ETF

### EWG \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Germany ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Germany ETF | $56 | 0.49% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 30.23%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Germany Index (Net) returned 30.62%. 

What contributed to performance?

German stocks gained during the reporting period, driven by strong corporate earnings from global-facing companies. Industrials stocks, including in the aerospace and defense space, were the largest contributors to the Fund's return, buoyed by the country's landmark decision to double its defense spending, driven by ongoing geopolitical conflicts. A high demand for electrification, particularly from data centers, drove gains in electrical equipment firms and industrial conglomerates. Stocks in the financials sector also benefited the Fund's return, due to strong trading volume and solid investment banking revenue. Insurance firms reported strong growth across business segments, solid asset management inflows, and increased dividends. Additionally, a successful pivot to cloud-based services helped drive the performance of a software company in the information technology sector.

What detracted from performance?

There were no significant detractors from the Fund's performance during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6321279.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 30.23% | 9.72% | 7.33% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI Germany Index (Net) | 30.62 | 9.86 | 7.49 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2510117867 |
| Number of Portfolio Holdings | &nbsp;&nbsp;57 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$8179743 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 25.9% |
| Financials | 21.8% |
| Information Technology | 17.8% |
| Consumer Discretionary | 8.8% |
| Communication Services | 7.4% |
| Health Care | 6.1% |
| Materials | 5.6% |
| Utilities | 3.3% |
| Consumer Staples | 1.7% |
| Real Estate | 1.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| SAP SE | 14.6% |
| Siemens AG | 10.8% |
| Allianz SE | 8.4% |
| Deutsche Telekom AG | 6.6% |
| Rheinmetall AG | 4.6% |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 4.3% |
| Siemens Energy AG | 3.7% |
| Deutsche Bank AG | 3.3% |
| Deutsche Boerse AG | 2.9% |
| Infineon Technologies AG | 2.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Germany ETF

Annual Shareholder Report — August 31, 2025

EWG-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Global Energy Producers ETF

### FILL \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Global Energy Producers ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Global Energy Producers ETF | $43 | 0.43% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 2.19%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.79% and the MSCI ACWI Select Energy Producers Investable Market Index (Net) returned 1.20%. 

What contributed to performance?

Amid volatile energy prices and increasing geopolitical turmoil, the United States energy sector was the largest contributor to the Fund's return during the reporting period. Notably, an integrated oil and gas company with significant roles across the oil and gas value chain gained. The company gained due to increased production in the U.S. Permian Basin and as the firm completed its purchase of one of its peers, increasing its oil production and cash flow. In the United Kingdom, another integrated oil and gas firm was supported by a robust liquified natural gas business and a strategic pivot to focus on high profit areas.

What detracted from performance?

Indian stocks detracted from the Fund's return due to foreign investor outflow and global trade uncertainty as a result of tariffs from the United States, which began during the reporting period. The tariffs resulted in a sharp drop in exports and sharp equity market volatility.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320408.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 2.19% | 20.93% | 7.79% |
| MSCI All Country World Index (Net) | 15.79 | 12.00 | 11.10 |
| MSCI ACWI Select Energy Producers Investable Market Index (Net) | 1.20 | 20.45 | 7.42 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$80914304 |
| Number of Portfolio Holdings | &nbsp;&nbsp;187 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$332898 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Integrated Oil & Gas | 59.2% |
| Oil & Gas Exploration & Production | 25.2% |
| Oil & Gas Refining & Marketing | 11.0% |
| Coal & Consumable Fuels | 4.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 52.3% |
| United Kingdom | 11.8% |
| Canada | 10.5% |
| France | 4.8% |
| India | 4.7% |
| Australia | 2.3% |
| Brazil | 2.1% |
| China | 2.0% |
| Japan | 1.5% |
| Saudi Arabia | 1.4% |
| Other<sup>#</sup> | 6.6% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Material Fund Changes
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after August 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

The Fund announced on August 25, 2025 that it will change the Fund's name from iShares MSCI Global Energy Producers ETF to iShares U.S. Power Infrastructure ETF, the ticker from FILL to POWR, and the fiscal year end from August 31 to March 31. The Fund also announced a change of the underlying index from the MSCI ACWI Select Energy Producers Investable Market Index to the S&P U.S. Power Infrastructure Select Index and related changes to the Fund's investment objective, investment strategy, and investment risks. The Fund's revised investment objective is to seek to track the investment results of an index composed of public companies involved in U.S. power infrastructure. These changes are expected to be effective on or around October 29, 2025 while the fiscal year end change was effective as of September 1, 2025.

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Global Energy Producers ETF

Annual Shareholder Report — August 31, 2025

FILL-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Global Gold Miners ETF

### RING \| NASDAQ

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Global Gold Miners ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Global Gold Miners ETF | $52 | 0.39% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 68.58%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.79% and the MSCI ACWI Select Gold Miners Investable Market Index (Net) returned 68.38%. 

What contributed to performance?

Stocks in Canada were the largest contributor to the Fund's return during the reporting period. As the world's fourth-largest gold producer, Canada is home to numerous natural resources and benefits from established and transparent mining-friendly regulations. Gold miners from Canada advanced as the price of gold soared, driven by geopolitical turmoil, global economic uncertainty, and strong demand from central banks, as well as a weakening U.S. dollar and hopes of interest rate cuts in the United States. South African miners gained, further buoyed by merger and acquisition activity. In the United States, one of the world's largest gold miners also contributed as the firm benefited from surging prices and expansion efforts through acquisitions.

What detracted from performance?

There were no significant detractors from the Fund's return during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320363.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 68.58% | 10.83% | 18.61% |
| MSCI All Country World Index (Net) | 15.79 | 12.00 | 11.10 |
| MSCI ACWI Select Gold Miners Investable Market Index (Net) | 68.38 | 10.70 | 18.68 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1910005645 |
| Number of Portfolio Holdings | &nbsp;&nbsp;45 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$4371539 |
| Portfolio Turnover Rate | &nbsp;&nbsp;23% |

---

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

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Canada | 55.6% |
| United States | 18.1% |
| South Africa | 11.3% |
| China | 5.4% |
| Australia | 5.3% |
| United Kingdom | 2.1% |
| Peru | 1.1% |
| Indonesia | 0.8% |
| Turkey | 0.3% |
| Russia | 0.0 %(b) |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Newmont Corp. | 15.7% |
| Agnico Eagle Mines Ltd. | 13.8% |
| Barrick Mining Corp. | 7.9% |
| Wheaton Precious Metals Corp. | 7.5% |
| Gold Fields Ltd. | 4.6% |
| Kinross Gold Corp. | 4.5% |
| Anglogold Ashanti PLC | 4.2% |
| Zijin Mining Group Co. Ltd., Class H | 3.8% |
| Alamos Gold Inc., Class A | 3.2% |
| Pan American Silver Corp. | 2.5% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup> |
| <sup><sup>(b)</sup></sup> <sup>Rounds to less than 0.1%.</sup> |

---

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Global Gold Miners ETF

Annual Shareholder Report — August 31, 2025

RING-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Global Metals & Mining Producers ETF

### PICK \| Cboe BZX Exchange

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Global Metals & Mining Producers ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Global Metals & Mining Producers ETF | $41 | 0.39% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 8.29%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.79% and the MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index (Net) returned 8.38%. 

What contributed to performance?

Diversified metals and mining companies in China contributed the most to the Fund's return during the reporting period. Global mining demand for base metals was buoyed by stimulus in China and increased government investments in infrastructure. In particular, firms that trade in base and rare metals saw a surge in production volumes. In the United States, the operator of the only active and significant rare earth mine in the country gained due to a large investment from the Department of Defense, as well as a partnership with a major technology company. An Australian multinational metals and mining company also contributed due to record copper production.

What detracted from performance?

There were no significant detractors from the Fund's performance during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320293.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 8.29% | 13.17% | 11.22% |
| MSCI All Country World Index (Net) | 15.79 | 12.00 | 11.10 |
| MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index (Net) | 8.38 | 13.48 | 11.50 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$820973296 |
| Number of Portfolio Holdings | &nbsp;&nbsp;234 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3135620 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Diversified Metals & Mining | 46.9% |
| Steel | 31.9% |
| Copper | 12.9% |
| Aluminum | 5.7% |
| Precious Metals & Minerals | 2.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Australia | 22.6% |
| United States | 17.5% |
| United Kingdom | 14.9% |
| Canada | 6.1% |
| Japan | 5.8% |
| India | 5.6% |
| Brazil | 4.2% |
| China | 3.9% |
| South Africa | 2.7% |
| South Korea | 2.0% |
| Other<sup>#</sup> | 14.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Global Metals & Mining Producers ETF

Annual Shareholder Report — August 31, 2025

PICK-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Global Min Vol Factor ETF

### ACWV \| Cboe BZX Exchange

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Global Min Vol Factor ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Global Min Vol Factor ETF | $21 | 0.20% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 7.45%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.79% and the MSCI ACWI Minimum Volatility (USD) Index (Net) returned 7.17%. 

What contributed to performance?

Stocks in the United States contributed to the Fund's return during the reporting period, with the information technology sector being the largest contributor. In the communications equipment space, companies leveraged artificial intelligence ("AI") to automate network management, enhance product capabilities, and deliver more efficient and intelligent solutions to enterprise and consumer markets. In the financials sector, larger Chinese banks benefited from the country's historic stimulus efforts, which included capital injections and other active interventions to support the banking sector. Additionally, Japanese equities were supported by sustained corporate governance reforms and renewed confidence among both domestic and foreign investors.

What detracted from performance?

During the reporting period, U.S. healthcare stocks detracted from the Fund's return, pressured by increasing regulatory scrutiny and policy upheaval. Also weighing on performance were Indian stocks. Equities declined due to foreign investor outflow and global trade uncertainty as a result of tariffs from the United States, which began during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320479.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 7.45% | 7.35% | 8.25% |
| MSCI All Country World Index (Net) | 15.79 | 12.00 | 11.10 |
| MSCI ACWI Minimum Volatility (USD) Index (Net) | 7.17 | 7.19 | 8.05 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3278950945 |
| Number of Portfolio Holdings | &nbsp;&nbsp;392 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$7535815 |
| Portfolio Turnover Rate | &nbsp;&nbsp;27% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 21.7% |
| Financials | 15.4% |
| Health Care | 13.7% |
| Communication Services | 13.4% |
| Consumer Staples | 10.5% |
| Industrials | 7.7% |
| Utilities | 7.3% |
| Consumer Discretionary | 5.8% |
| Energy | 2.2% |
| Materials | 1.8% |
| Real Estate | 0.5% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 60.0% |
| Japan | 9.6% |
| China | 6.5% |
| India | 5.1% |
| Taiwan | 3.8% |
| Germany | 1.8% |
| Switzerland | 1.8% |
| Canada | 1.6% |
| Hong Kong | 1.3% |
| Saudi Arabia | 1.0% |
| Other<sup>#</sup> | 7.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Global Min Vol Factor ETF

Annual Shareholder Report — August 31, 2025

ACWV-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Global Silver and Metals Miners ETF

### SLVP \| Cboe BZX Exchange

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Global Silver and Metals Miners ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Global Silver and Metals Miners ETF | $54 | 0.39% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 76.36%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.79% and the MSCI ACWI Select Silver Miners Investable Market Index (Net) returned 77.01%. 

What contributed to performance?

Stocks in Canada were the largest contributor to the Fund's return during the reporting period. Canada is home to numerous natural resources and benefits from established and transparent mining-friendly regulations. The price of silver showed considerable growth, given its many uses in electronics, solar energy, medical applications, and as a chemical catalyst. Gold and silver miners were driven by renewed anticipation of interest rate cuts in the United States, as well as high demand and a supply deficit. Notably, a major Mexican mining and metallurgical company contributed. The company, a global leader in silver production, advanced due to resilient local demand, stable government policy, and higher metal prices. In the United States, the largest primary silver producer was supported by strong company production at its key properties.

What detracted from performance?

There were no significant detractors from the Fund's return during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320350.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 76.36% | 6.01% | 14.99% |
| MSCI All Country World Index (Net) | 15.79 | 12.00 | 11.10 |
| MSCI ACWI Select Silver Miners Investable Market Index (Net) | 77.01 | 6.13 | 15.06 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$390019851 |
| Number of Portfolio Holdings | &nbsp;&nbsp;32 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1038387 |
| Portfolio Turnover Rate | &nbsp;&nbsp;74% |

---

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

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Canada | 53.8% |
| United States | 18.1% |
| Mexico | 12.5% |
| United Kingdom | 10.0% |
| China | 2.9% |
| South Africa | 1.5% |
| Peru | 1.2% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrias Penoles SAB de CV | 12.5% |
| Hecla Mining Co. | 9.5% |
| Fresnillo PLC | 9.5% |
| Newmont Corp. | 6.6% |
| Endeavour Silver Corp. | 4.6% |
| Discovery Silver Corp. | 4.5% |
| Agnico Eagle Mines Ltd. | 4.5% |
| MAG Silver Corp. | 4.4% |
| Wheaton Precious Metals Corp. | 4.4% |
| First Majestic Silver Corp. | 4.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Global Silver and Metals Miners ETF

Annual Shareholder Report — August 31, 2025

SLVP-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Hong Kong ETF

### EWH \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Hong Kong ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Hong Kong ETF | $60 | 0.50% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 38.41%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Hong Kong 25/50 Index (Spliced) returned 37.42%. 

What contributed to performance?

Hong Kong stocks, particularly in the financials sector, gained during the reporting period, buoyed by improving economic sentiment and growing investor optimism toward China. A key driver of the Fund's return was the country's stock exchange operator, benefiting from China's decision to permit more domestic companies to list in Hong Kong, alongside heightened activity for initial public offerings, a rally in technology stocks, and increased capital inflows from mainland investors. Also in the capital markets space, positive equity market momentum, increased trading activity, and an innovative digital platform drove the performance of an online brokerage firm. A major life/health insurance and financial services provider with offices across Asia was another substantial contributor, benefiting from positive market sentiment and due to the company's expansion across key markets. Stocks in the real estate sector also advanced, as management and development companies were supported by Hong Kong's property market recovery.

What detracted from performance?

There were no significant detractors from the Fund's return during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6321222.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 38.41% | 2.01% | 4.34% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI Hong Kong 25/50 Index (Spliced) | 37.42 | 2.41 | 4.81 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$719491210 |
| Number of Portfolio Holdings | &nbsp;&nbsp;34 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3109967 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

The performance of the MSCI Hong Kong 25/50 Index (Spliced) in this report reflects the performance of the MSCI Hong Kong Index through August 31, 2020 and, beginning on September 1, 2020, the performance of the MSCI Hong Kong 25/50 Index (Net).

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

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 48.9% |
| Real Estate | 17.2% |
| Industrials | 15.4% |
| Utilities | 9.7% |
| Consumer Discretionary | 4.8% |
| Consumer Staples | 2.4% |
| Communication Services | 1.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| AIA Group Ltd. | 22.1% |
| Hong Kong Exchanges & Clearing Ltd. | 16.8% |
| Techtronic Industries Co. Ltd. | 4.5% |
| CK Hutchison Holdings Ltd. | 4.5% |
| Sun Hung Kai Properties Ltd. | 4.3% |
| BOC Hong Kong Holdings Ltd. | 4.3% |
| Link REIT | 3.6% |
| CLP Holdings Ltd. | 3.5% |
| Galaxy Entertainment Group Ltd. | 3.1% |
| Futu Holdings Ltd. | 2.9% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Hong Kong ETF

Annual Shareholder Report — August 31, 2025

EWH-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Israel ETF

### EIS \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Israel ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Israel ETF | $72 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 43.16%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Israel Capped Investable Market Index (Net) returned 44.55%. 

What contributed to performance?

Despite the ongoing war in Gaza, Israeli stocks gained during the reporting period, with financials contributing the most to the Fund's return. Banks have benefited from loan growth, and higher net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits) as the country's central bank left interest rates unchanged. Multi-line insurance companies gained amid heightened geopolitical tensions and increased security risks, which have driven up premiums for several industries. Industrials stocks were also large contributors, particularly a high-technology company in the aerospace and defense segment that designs, develops, manufactures and supplies products and services for defense and homeland security. Real estate operating companies benefited from a growing population, strong demand, and limited supply.

What detracted from performance?

During the reporting period there were no significant detractors from the Fund's return.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320663.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 43.16% | 12.24% | 8.05% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI Israel Capped Investable Market Index (Net) | 44.55 | 12.79 | 8.56 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$403475283 |
| Number of Portfolio Holdings | &nbsp;&nbsp;109 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1451317 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 33.0% |
| Information Technology | 29.3% |
| Industrials | 8.7% |
| Real Estate | 8.2% |
| Health Care | 6.9% |
| Consumer Discretionary | 2.8% |
| Utilities | 2.6% |
| Consumer Staples | 2.4% |
| Materials | 2.2% |
| Communication Services | 2.1% |
| Energy | 1.8% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Bank Leumi Le-Israel BM | 9.0% |
| Bank Hapoalim BM | 7.7% |
| CyberArk Software Ltd. | 6.8% |
| Teva Pharmaceutical Industries Ltd. | 6.6% |
| Check Point Software Technologies Ltd. | 5.3% |
| Elbit Systems Ltd. | 4.3% |
| Israel Discount Bank Ltd., Class A | 3.8% |
| Mizrahi Tefahot Bank Ltd. | 3.2% |
| Nice Ltd. | 2.8% |
| Phoenix Financial Ltd. | 2.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Israel ETF

Annual Shareholder Report — August 31, 2025

EIS-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Japan ETF

### EWJ \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Japan ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Japan ETF | $52 | 0.49% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 10.63%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Japan Index (Net) returned 12.94%. 

What contributed to performance?

Japanese equities were supported by sustained corporate governance reforms and renewed confidence among both domestic and foreign investors during the reporting period. Diversified banks in the financials sector gained as the Bank of Japan raised rates and returned to monetary policy normalization. Additionally, higher interest rates also improved investment income for insurance companies. In the industrials sector, firms involved in the aerospace and defense supply chain benefited from an increased defense budget, while machinery firms gained as the government approved a multi-billion-dollar plan to enhance disaster-resilient infrastructure. A multinational conglomerate in the communication sector gained due to significant investments in artificial intelligence, while a video game company was supported by high demand and record-breaking sales for its hybrid video game console.

What detracted from performance?

During the reporting period, healthcare stocks detracted from the Fund's return. Pharmaceutical and biotechnology companies faced headwinds due to the country's drug pricing scheme, which created uncertainty due to annual price cuts. Additionally, a pharmaceutical company declined following disappointing clinical trial data.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6321164.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 10.63% | 7.97% | 6.69% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI Japan Index (Net) | 12.94 | 8.67 | 7.22 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$15131582479 |
| Number of Portfolio Holdings | &nbsp;&nbsp;182 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$71060731 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 24.4% |
| Consumer Discretionary | 17.8% |
| Financials | 17.2% |
| Information Technology | 12.3% |
| Communication Services | 8.9% |
| Health Care | 6.6% |
| Consumer Staples | 5.1% |
| Materials | 3.3% |
| Real Estate | 2.4% |
| Utilities | 1.1% |
| Energy | 0.9% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Toyota Motor Corp. | 4.3% |
| Mitsubishi UFJ Financial Group Inc. | 4.1% |
| Sony Group Corp. | 4.0% |
| Hitachi Ltd. | 2.9% |
| SoftBank Group Corp. | 2.4% |
| Sumitomo Mitsui Financial Group Inc. | 2.4% |
| Nintendo Co. Ltd. | 2.3% |
| Mizuho Financial Group Inc. | 2.0% |
| Mitsubishi Heavy Industries Ltd. | 1.9% |
| Tokio Marine Holdings Inc. | 1.9% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Japan ETF

Annual Shareholder Report — August 31, 2025

EWJ-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Japan Small-Cap ETF

### SCJ \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Japan Small-Cap ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Japan Small-Cap ETF | $55 | 0.50% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 19.26%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Japan Small Cap Index (Net) returned 20.94%. 

What contributed to performance?

Japanese small-cap stocks were supported by sustained corporate governance reforms and renewed confidence among both domestic and foreign investors during the reporting period. In the industrials sector, capital goods firms, including those that provide heavy machinery and construction and engineering services, gained due to increased domestic spending, government investments, major new projects, and strategic ventures. Transportation companies benefited from growth in road freight, which was driven by increased e-commerce activity. In the consumer discretionary sector, broadline retailers experienced solid financial gains due to overseas growth, particularly in China, as well as strong domestic growth and strategic initiatives. Tailwinds for regional banks in the financials sector included a higher interest rate environment and solid loan growth.

What detracted from performance?

During the reporting period, there were no material detractors from the Fund's return.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320664.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 19.26% | 6.97% | 6.88% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI Japan Small Cap Index (Net) | 20.94 | 7.49 | 7.26 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$144651091 |
| Number of Portfolio Holdings | &nbsp;&nbsp;802 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$607904 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 25.7% |
| Consumer Discretionary | 15.7% |
| Information Technology | 11.4% |
| Materials | 10.8% |
| Real Estate | 9.3% |
| Financials | 8.9% |
| Consumer Staples | 7.5% |
| Health Care | 4.1% |
| Communication Services | 3.3% |
| Utilities | 2.4% |
| Energy | 0.9% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Ebara Corp. | 0.8% |
| BayCurrent Inc. | 0.7% |
| Tokyo Electric Power Co. Holdings Inc. | 0.7% |
| Seibu Holdings Inc. | 0.6% |
| Shimizu Corp. | 0.6% |
| Toyo Suisan Kaisha Ltd. | 0.5% |
| Food & Life Companies Ltd. | 0.5% |
| Sanwa Holdings Corp. | 0.5% |
| Sojitz Corp. | 0.5% |
| Shizuoka Financial Group Inc. | 0.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Japan Small-Cap ETF

Annual Shareholder Report — August 31, 2025

SCJ-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Malaysia ETF

### EWM \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Malaysia ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Malaysia ETF | $50 | 0.50% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned (0.48)%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Malaysia Index returned (0.32)%. 

What contributed to performance?

Stocks in the industrials sector contributed the most to the Fund's return during the reporting period. In the construction and engineering segment, a development company that specializes in domestic and international infrastructure projects gained. The firm benefited from several large-scale construction contracts, as well as a strategic expansion into high-demand data centers.

What detracted from performance?

The consumer discretionary sector was the leading detractor from the Fund's performance during the reporting period. In particular, a global casino and resort operator faced headwinds as weaker gaming revenue, lower visitor volume, and increased competition weighed on the firm's financial results. In the consumer staples sector, packaged food and meats stocks stalled. Notably, a food production company was pressured after one of the firm's associated companies faced corruption charges. Further, an outsourcer of semiconductor assembly and testing services detracted due to U.S. tariffs, lower demand for industrial and smartphone components, and foreign exchange losses.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6321151.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (0.48)% | 2.36% | 2.03% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI Malaysia Index | (0.32) | 2.70 | 2.37 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$237826272 |
| Number of Portfolio Holdings | &nbsp;&nbsp;30 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1360800 |
| Portfolio Turnover Rate | &nbsp;&nbsp;51% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 46.8% |
| Utilities | 14.6% |
| Industrials | 9.5% |
| Consumer Staples | 9.3% |
| Communication Services | 7.7% |
| Materials | 6.6% |
| Health Care | 3.2% |
| Energy | 1.3% |
| Consumer Discretionary | 1.0% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Public Bank Bhd | 13.2% |
| CIMB Group Holdings Bhd | 12.7% |
| Malayan Banking Bhd | 12.7% |
| Tenaga Nasional Bhd | 7.4% |
| Gamuda Bhd | 4.8% |
| Press Metal Aluminium Holdings Bhd | 4.4% |
| IHH Healthcare Bhd | 3.2% |
| Petronas Gas Bhd | 3.1% |
| AMMB Holdings Bhd | 2.9% |
| Hong Leong Bank Bhd | 2.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Malaysia ETF

Annual Shareholder Report — August 31, 2025

EWM-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Pacific ex Japan ETF

### EPP \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Pacific ex Japan ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Pacific ex Japan ETF | $51 | 0.47% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 17.55%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Pacific ex Japan Index (Net) returned 17.72%. 

What contributed to performance?

Equities in Singapore contributed the most to the Fund's return during the reporting period, driven by the country's geopolitical neutrality, a strong currency, and a solid economic foundation. In the communication sector, a major consumer internet company, operating in e-commerce, digital financial services, and digital entertainment, saw robust growth across its operations. The financials sector also contributed, notably among diversified banks. Increased fee income from wealth management and trading, improved capital returns to shareholders, and strong regional growth all provided tailwinds to these firms. Hong Kong stocks, particularly in the financials sector, also gained, buoyed by improved economic sentiment and increased investor optimism for China. The country's stock exchange operator advanced on several tailwinds, including China moving to allow more Chinese companies to list equities in Hong Kong, increasing initial public offering activity, a rally in technology stocks, and an influx of investor inflows from mainland China. In Australia, diversified banks benefited from solid lending growth across business and retail customers.

What detracted from performance?

There were no significant detractors from the Fund's return during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320792.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 17.55% | 7.87% | 7.34% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI Pacific ex Japan Index (Net) | 17.72 | 8.33 | 7.79 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1844575693 |
| Number of Portfolio Holdings | &nbsp;&nbsp;100 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$9017018 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 44.2% |
| Materials | 11.5% |
| Consumer Discretionary | 9.2% |
| Industrials | 8.9% |
| Real Estate | 7.7% |
| Health Care | 5.7% |
| Utilities | 3.4% |
| Communication Services | 2.9% |
| Consumer Staples | 2.7% |
| Energy | 2.3% |
| Information Technology | 1.5% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Australia | 62.9% |
| Hong Kong | 18.9% |
| Singapore | 16.4% |
| New Zealand | 1.7% |
| China | 0.1% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Material Fund Changes
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after August 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

Effective December 11, 2024, the investment management agreement was amended to disclose the breakpoint fees to the sixth decimal place.

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Pacific ex Japan ETF

Annual Shareholder Report — August 31, 2025

EPP-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Russia ETF

### ERUS

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Russia ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| iShares MSCI Russia ETF | $0 | 0.00% |

---

How did the Fund perform last year?

The Fund sought to track the investment results of an index composed of Russian equities, as represented by the MSCI Russia 25/50 Index (Net) (the "Index"). Effective June 1, 2022, the Index was discontinued by the index provider, MSCI, Inc. Due to the discontinuation of the Fund's underlying index and ongoing restrictions relating to Russian securities, the Fund will be unable to meet its investment objective. The Fund is in the process of liquidating its assets and winding up its business pursuant to a plan of liquidation.

During the period, the Fund was able to sell certain investments, which were previously being fair valued at a nominal value like all other local Russian equities and Russian exposed ADR and GDR securities, and received interest on its money market fund holdings.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![msciRussia](g19235images_5513.jpg)

See "Average annual total returns" for additional information on fund performance.

The Fund's performance in the graph above includes the impact of distributions but does not include reinvestment of the distributions after the Fund entered a Plan of Liquidation on June 15, 2022 since the Fund has not issued new shares. Accordingly, the performance does not match the total return disclosed in the Financial Highlights, which does include the reinvestment of distributions.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV<sup>(a)</sup> | 9019.53% | (33.57)% | (13.81)% |
| MSCI Russia 25/50 Index (Net)<sup>(b)</sup> | N/A | (99.94) | (83.89) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$445509 |
| Number of Portfolio Holdings | &nbsp;&nbsp;16 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;0% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup> |
| <sup><sup>(b)</sup></sup> <sup>Effective June 1, 2022, the Index was discontinued by the index provider, MSCI, Inc and the Index returns shown are as follows: 5 Years return and 10 Years return from September 1, 2020 and September 1, 2015, respectively through May 31, 2022. 1 Year Index return is not shown as MSCI, Inc discontinued the Index prior to September 1, 2024.</sup> |

---

**Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | &nbsp;&nbsp;*Percent of Total<br>Investments* |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 98.8% |
| Sberbank of Russia PJSC | 0.5% |
| Alrosa PJSC | 0.2% |
| United Co. RUSAL International PJSC | 0.2% |
| Moscow Exchange MICEX-RTS PJSC | 0.1% |
| Mobile TeleSystems PJSC | 0.1% |
| Rosneft Oil Co. PJSC | 0.1% |
| Severstal PAO | 0.0 %(a) |
| VK Co. Ltd. | 0.0 %(a) |
| X5 Retail Group NV | 0.0 %(a) |

---

<sup><sup>(a)</sup></sup><sup>Rounds to less than 0.1%.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Russia ETF

Annual Shareholder Report — August 31, 2025

ERUS-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Singapore ETF

### EWS \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Singapore ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Singapore ETF | $60 | 0.50% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 41.79%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Singapore 25/50 Index (Spliced) returned 42.44%. 

What contributed to performance?

Equities in Singapore registered robust performance during the reporting period, driven by its geopolitical neutrality, a strong currency, and a solid economic foundation. The financials sector was the leading contributor to the Fund's return, notably among diversified banks. Increased fee income from wealth management and trading, improved capital returns to shareholders, and strong regional growth all provided tailwinds to these firms. The country's stock exchange also contributed, driven by an expanding pipeline of initial public offerings, expansion plans, and strong trading volumes. In the communication sector, a major consumer internet company, operating in e-commerce, digital financial services, and digital entertainment, saw robust growth across its operations. The industrials sector also contributed, as technology engineering firm was buoyed by increased demand for defense and aviation services, while a ride-hailing service gained amid operational efficiencies, strategic initiatives, and integration of artificial intelligence.

What detracted from performance?

There were no meaningful detractors from the Fund's return during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6321036.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 41.79% | 13.02% | 7.28% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI Singapore 25/50 Index (Spliced) | 42.44 | 13.60 | 7.80 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$791117089 |
| Number of Portfolio Holdings | &nbsp;&nbsp;22 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3293750 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

The performance of the MSCI Singapore 25/50 Index (Spliced) in this report reflects the performance of the MSCI Singapore Index (Net) through November 30, 2016 and, beginning on December 1, 2016, the performance of the MSCI Singapore 25/50 Index (Net).

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

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 38.1% |
| Industrials | 21.7% |
| Consumer Discretionary | 19.4% |
| Real Estate | 9.1% |
| Communication Services | 4.7% |
| Utilities | 3.6% |
| Consumer Staples | 3.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| DBS Group Holdings Ltd. | 20.0% |
| Sea Ltd. | 16.4% |
| Oversea-Chinese Banking Corp. Ltd. | 9.3% |
| Singapore Telecommunications Ltd. | 4.7% |
| Keppel Ltd. | 4.6% |
| Singapore Exchange Ltd. | 4.5% |
| CapitaLand Ascendas REIT | 4.5% |
| Singapore Airlines Ltd. | 4.4% |
| Grab Holdings Ltd., Class A | 4.3% |
| United Overseas Bank Ltd. | 4.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Singapore ETF

Annual Shareholder Report — August 31, 2025

EWS-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI South Africa ETF

### EZA \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI South Africa ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI South Africa ETF | $68 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 30.34%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI South Africa 25/50 Index (Spliced) returned 29.53%. 

What contributed to performance?

The materials sector was the most significant contributor to the Fund's return during the reporting period. South Africa is home to a significant amount of the world's gold, which remained near record highs due to rising demand from central banks, geopolitical uncertainty, and concerns over U.S. tariffs. The increasing price benefited the country's metals and mining stocks. In the consumer discretionary sector, a global consumer internet group and technology firm benefited from its e-commerce, social, and internet platform segments. In the financials sector, banks were driven by increased transaction volumes, while insurance companies saw strong profit increases helped by strategic partnerships and innovation.

What detracted from performance?

Healthcare stocks detracted from the Fund's return during the reporting period, after a major pharmaceutical company issued a profit warning to investors following a contractual dispute over a vaccine manufacturing and technology deal.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320779.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 30.34% | 13.59% | 4.64% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI South Africa 25/50 Index (Spliced) | 29.53 | 13.82 | 5.04 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$417401756 |
| Number of Portfolio Holdings | &nbsp;&nbsp;29 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2067426 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

The performance of the MSCI South Africa 25/50 Index (Spliced) in this report reflects the performance of the MSCI South Africa Index (Net) through August 31, 2017 and, beginning on September 1, 2017, the performance of the MSCI South Africa 25/50 Index (Net).

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 34.0% |
| Materials | 30.5% |
| Consumer Discretionary | 18.3% |
| Consumer Staples | 7.8% |
| Communication Services | 5.8% |
| Real Estate | 1.9% |
| Industrials | 1.7% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Naspers Ltd., Class N | 16.4% |
| Gold Fields Ltd. | 9.0% |
| Anglogold Ashanti PLC | 8.6% |
| FirstRand Ltd. | 6.5% |
| Standard Bank Group Ltd. | 5.5% |
| Capitec Bank Holdings Ltd. | 4.4% |
| MTN Group Ltd. | 3.9% |
| Valterra Platinum Ltd. | 3.6% |
| Sanlam Ltd. | 3.3% |
| Absa Group Ltd. | 3.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI South Africa ETF

Annual Shareholder Report — August 31, 2025

EZA-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI South Korea ETF

### EWY \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI South Korea ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI South Korea ETF | $63 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 13.03%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Korea 25/50 Index (Net) returned 14.18%. 

What contributed to performance?

The industrials sector was the largest contributor to the Fund's performance during the reporting period, helped by robust infrastructure investments. Shipbuilding stocks rallied as trade negotiations with United States resulted in a trillion-dollar shipbuilding cooperation, while companies that provide defense products gained on an increase in global defense spending. On the back of solid economic growth, strong market momentum, and corporate governance reforms, diversified banks in the financial sector moved higher. In the information technology sector, a manufacturer of semiconductor products gained due to soaring growth for high-performance memory chips in artificial intelligence workloads.

What detracted from performance?

Healthcare stocks were the largest detractors from the Fund's return during the reporting period. A biotechnology company suffered after its key drug was rejected by U.S. regulators for the second time. Chemicals stocks in the materials sector, which include chemicals and plastics firms, faced headwinds due to weakened demand in both domestic and global markets, as well as production expansion in China.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320920.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 13.03% | 4.70% | 6.17% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI Korea 25/50 Index (Net) | 14.18 | 5.24 | 6.63 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$5085044516 |
| Number of Portfolio Holdings | &nbsp;&nbsp;85 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$23459362 |
| Portfolio Turnover Rate | &nbsp;&nbsp;49% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 36.3% |
| Industrials | 21.6% |
| Financials | 14.2% |
| Consumer Discretionary | 8.4% |
| Health Care | 6.1% |
| Communication Services | 5.9% |
| Materials | 3.0% |
| Consumer Staples | 2.3% |
| Energy | 1.4% |
| Utilities | 0.8% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Samsung Electronics Co. Ltd. | 21.7% |
| SK Hynix Inc. | 11.0% |
| KB Financial Group Inc. | 3.1% |
| Hanwha Aerospace Co. Ltd. | 2.4% |
| NAVER Corp. | 2.4% |
| Hyundai Motor Co. | 2.3% |
| Doosan Enerbility Co. Ltd. | 2.2% |
| Shinhan Financial Group Co. Ltd. | 2.2% |
| Celltrion Inc. | 2.1% |
| Kia Corp. | 2.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI South Korea ETF

Annual Shareholder Report — August 31, 2025

EWY-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Spain ETF

### EWP \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Spain ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Spain ETF | $62 | 0.50% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 46.55%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Spain 25/50 Index (Net) returned 46.85%. 

What contributed to performance?

Spain's economy experienced robust growth during the reporting period, as strong macroeconomic performance boosted investor confidence and company revenues. Equity markets advanced, particularly in the financials sector. Banks were the largest contributor, benefiting from significant increases in consumer deposits, growth from wealth management, and strong financial strength as measured by capital ratios. Electric utilities stocks were also meaningful contributors, supported by increased investments in grid modernization, a supportive energy transition environment, and rising profitability from both domestic and international operations. Additionally, the strength of an airport services firm in the industrials sector was due to a significant increase in global air travel demand and strategic airport expansions.

What detracted from performance?

There were no significant detractors from the Fund's performance during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6321035.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 46.55% | 19.34% | 7.62% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI Spain 25/50 Index (Net) | 46.85 | 19.70 | 7.98 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1359910325 |
| Number of Portfolio Holdings | &nbsp;&nbsp;25 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$5160745 |
| Portfolio Turnover Rate | &nbsp;&nbsp;29% |

---

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

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 41.6% |
| Utilities | 21.3% |
| Industrials | 14.0% |
| Consumer Discretionary | 9.1% |
| Communication Services | 7.7% |
| Energy | 4.2% |
| Health Care | 2.1% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Banco Santander SA | 17.9% |
| Iberdrola SA | 14.6% |
| Banco Bilbao Vizcaya Argentaria SA | 12.5% |
| Ferrovial SE | 4.6% |
| Amadeus IT Group SA | 4.6% |
| Industria de Diseno Textil SA | 4.5% |
| CaixaBank SA | 4.4% |
| Banco de Sabadell SA | 4.3% |
| Aena SME SA | 4.2% |
| Repsol SA | 4.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Spain ETF

Annual Shareholder Report — August 31, 2025

EWP-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Sweden ETF

### EWD \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Sweden ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Sweden ETF | $54 | 0.51% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 12.37%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Sweden 25/50 Index (Spliced) returned 11.85%. 

What contributed to performance?

The communication sector was the largest contributor to the Fund's return during the reporting period. In the media and entertainment segment, a global audio streaming service advanced due to strong subscriber and user growth, and successful price increases. Industrials stocks also contributed. A defense and security company gained as geopolitical tensions triggered a sharp increase in defense spending, while construction machinery and heavy transportation equipment stocks rose amid elevated government investment in infrastructure. Financials stocks also positively impacted performance, particularly an investment and holding company that benefited from robust capital reserves, an increased dividend payout, and higher fee and trading income.

What detracted from performance?

During the reporting period, there were no notable detractors from the Fund's return.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320978.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 12.37% | 8.74% | 7.80% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI Sweden 25/50 Index (Spliced) | 11.85 | 8.26 | 7.33 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$320050464 |
| Number of Portfolio Holdings | &nbsp;&nbsp;45 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1681170 |
| Portfolio Turnover Rate | &nbsp;&nbsp;20% |

---

The performance of the MSCI Sweden 25/50 Index (Spliced) in this report reflects the performance of the MSCI Sweden Index (Net) through November 30, 2016 and, beginning on December 1, 2016, the performance of the MSCI Sweden 25/50 Index (Net).

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 43.4% |
| Financials | 21.9% |
| Communication Services | 17.6% |
| Information Technology | 6.5% |
| Materials | 3.0% |
| Consumer Discretionary | 3.0% |
| Consumer Staples | 2.3% |
| Real Estate | 1.4% |
| Health Care | 0.9% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Spotify Technology SA | 15.0% |
| Investor AB, Class B | 7.7% |
| Volvo AB, Class B | 7.0% |
| Atlas Copco AB, Class A | 6.2% |
| Assa Abloy AB, Class B | 5.1% |
| Skandinaviska Enskilda Banken AB, Class A | 4.0% |
| Sandvik AB | 3.9% |
| Swedbank AB, Class A | 3.4% |
| Hexagon AB, Class B | 3.3% |
| Atlas Copco AB, Class B | 3.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Sweden ETF

Annual Shareholder Report — August 31, 2025

EWD-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Switzerland ETF

### EWL \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Switzerland ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Switzerland ETF | $52 | 0.50% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 6.45%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Switzerland 25/50 Index (Net) returned 6.75%. 

What contributed to performance?

Stocks in the financials sector were the largest contributor to the Fund's return during the reporting period. Insurance firms were notable contributors as both multi-line and reinsurance companies benefited from strong underwriting results and favorable pricing trends. A major financial institution was buoyed by strength across its wealth management, asset management, and investment bank divisions. Within the healthcare sector, pharmaceutical companies gained due to strong product performance, new drug launches, attractive acquisitions, and share buybacks.

What detracted from performance?

During the reporting period, stocks in the consumer staples sector detracted the most from the Fund's return, most notably within the packaged food and meats industry. The stock of a Swiss packaged food and beverage giant was pressured by disappointing sales, increased supply costs, as well as turmoil within the company's leadership, all fueling investor uncertainty.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320965.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 6.45% | 7.89% | 7.91% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI Switzerland 25/50 Index (Net) | 6.75 | 7.99 | 8.04 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1320935813 |
| Number of Portfolio Holdings | &nbsp;&nbsp;46 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$6016321 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Health Care | 35.7% |
| Financials | 20.7% |
| Consumer Staples | 15.4% |
| Industrials | 10.0% |
| Materials | 9.2% |
| Consumer Discretionary | 5.6% |
| Communication Services | 1.2% |
| Information Technology | 1.0% |
| Real Estate | 0.8% |
| Utilities | 0.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Novartis AG | 13.1% |
| Nestle SA | 13.0% |
| Roche Holding AG | 12.2% |
| UBS Group AG | 6.7% |
| Cie Financiere Richemont SA, Class A | 4.7% |
| ABB Ltd. | 4.4% |
| Zurich Insurance Group AG | 4.4% |
| Swiss Re AG | 3.1% |
| Lonza Group AG | 3.0% |
| Holcim AG | 2.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Switzerland ETF

Annual Shareholder Report — August 31, 2025

EWL-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Taiwan ETF

### EWT \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Taiwan ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Taiwan ETF | $63 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 12.39%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Taiwan 25/50 Index (Spliced) returned 13.97%. 

What contributed to performance?

Taiwanese equities advanced during the reporting period, buoyed by the country's pivotal role in the global technology supply chain. Stocks in the semiconductor segment were significant contributors to the Fund's return, as a major semiconductor supplier was supported by surging demand for artificial intelligence ("AI") chips despite the threat of tariffs from the United States. Companies that provide technology hardware and storage also gained amid heightened demand for AI-powered data centers, infrastructure, and servers. Positive industry trends were tailwinds for financials stocks, including relaxed regulatory requirements aimed at increasing market activity and reduced reporting requirements.

What detracted from performance?

There were no significant detractors from the Fund's return during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320907.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 12.39% | 13.92% | 13.59% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI Taiwan 25/50 Index (Spliced) | 13.97 | 14.73 | 14.34 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6095579433 |
| Number of Portfolio Holdings | &nbsp;&nbsp;92 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$32033918 |
| Portfolio Turnover Rate | &nbsp;&nbsp;36% |

---

The performance of the MSCI Taiwan 25/50 Index (Spliced) in this report reflects the performance of the MSCI Taiwan Index (Net) through November 30, 2016 and, beginning on December 1, 2016, the performance of the MSCI Taiwan 25/50 Index (Net).

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 66.2% |
| Financials | 16.9% |
| Industrials | 4.7% |
| Materials | 3.7% |
| Communication Services | 3.2% |
| Consumer Discretionary | 2.3% |
| Consumer Staples | 1.6% |
| Health Care | 1.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 22.3% |
| Hon Hai Precision Industry Co. Ltd. | 5.7% |
| MediaTek Inc. | 4.6% |
| Delta Electronics Inc. | 3.6% |
| Quanta Computer Inc. | 1.9% |
| Fubon Financial Holding Co. Ltd. | 1.9% |
| CTBC Financial Holding Co. Ltd. | 1.9% |
| Accton Technology Corp. | 1.7% |
| Cathay Financial Holding Co. Ltd. | 1.5% |
| Asustek Computer Inc. | 1.4% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Taiwan ETF

Annual Shareholder Report — August 31, 2025

EWT-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI Thailand ETF

### THD \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI Thailand ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Thailand ETF | $58 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned (4.02)%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Thailand IMI 25/50 Index (Net) returned (4.01)%. 

What contributed to performance?

Information technology stocks contributed to the Fund's return during the reporting period. A manufacturer of electronics components gained due to continued rising demand for artificial intelligence, as they are a major supplier of components for electric vehicles and data centers. Diversified banks in the financials sector were supported by steady net profit growth.

What detracted from performance?

Thailand faced economic headwinds during the reporting period, rattled by domestic political upheaval and tariff uncertainty. Stocks in the consumer staples sector detracted the most from the Fund's return, particularly an operator of convenience stores. The company suffered in an environment of weakened consumer spending. An airport service firm in the industrials sector detracted due to a significant decline in Chinese tourist arrivals, which negatively impacted duty-free and commercial revenue. Healthcare stocks also faced headwinds, including those that operate healthcare facilities.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320606.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (4.02)% | (0.58)% | 1.49% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI Thailand IMI 25/50 Index (Net) | (4.01) | (0.48) | 1.71 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$220794685 |
| Number of Portfolio Holdings | &nbsp;&nbsp;91 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1223296 |
| Portfolio Turnover Rate | &nbsp;&nbsp;12% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Energy | 13.6% |
| Financials | 12.6% |
| Information Technology | 12.1% |
| Communication Services | 11.3% |
| Consumer Staples | 11.2% |
| Health Care | 8.6% |
| Utilities | 7.8% |
| Materials | 6.3% |
| Real Estate | 5.9% |
| Industrials | 5.8% |
| Consumer Discretionary | 4.8% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Delta Electronics Thailand PCL | 10.8% |
| Advanced Info Service PCL | 7.7% |
| PTT PCL | 7.1% |
| CP ALL PCL | 5.7% |
| Bangkok Dusit Medical Services PCL | 5.3% |
| Gulf Development PCL | 4.5% |
| Siam Cement PCL (The) | 3.9% |
| PTT Exploration & Production PCL | 3.6% |
| Airports of Thailand PCL | 3.5% |
| True Corp. PCL Thailand | 2.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI Thailand ETF

Annual Shareholder Report — August 31, 2025

THD-08/25-AR

![TSR - BLK iShares Logo](g19235images_5304.jpg)

### iShares MSCI World ETF

### URTH \| NYSE Arca

#### Annual Shareholder Report — August 31, 2025

------

This annual shareholder report contains important information about iShares MSCI World ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI World ETF | $26 | 0.24% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 15.68%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.79% and the MSCI World Index (Net) returned 15.68%. 

What contributed to performance?

Stocks in the United States significantly contributed to the Fund's return during the reporting period. The information technology sector was the largest contributor to performance, particularly semiconductor stocks. These companies gained amid continued demand for artificial intelligence ("AI"), data center expansions, and continued innovation in chips and network solutions. Systems software firms benefited from robust demand in cloud-delivered businesses, including cybersecurity, and increasing adoption of AI technologies. Communication firms, particularly those in the interactive media and services segment, were supported by solid digital advertising revenue growth fueled by AI investments that improved ad targeting and performance. Japanese equities were supported by sustained corporate governance reforms and renewed confidence among both domestic and foreign investors.

What detracted from performance?

U.S. healthcare stocks were modest detractors from the Fund's return during the reporting period, pressured by increasing regulatory scrutiny and policy upheaval.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: September 1, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g19235chartimages_6320466.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 15.68% | 13.04% | 11.87% |
| MSCI All Country World Index (Net) | 15.79 | 12.00 | 11.10 |
| MSCI World Index (Net) | 15.68 | 12.89 | 11.65 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$5604436905 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1327 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$10765860 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

 **Past performance is not an indication 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. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of August 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 26.3% |
| Financials | 17.2% |
| Industrials | 11.3% |
| Consumer Discretionary | 10.3% |
| Health Care | 9.3% |
| Communication Services | 8.5% |
| Consumer Staples | 5.7% |
| Energy | 3.5% |
| Materials | 3.3% |
| Utilities | 2.6% |
| Real Estate | 2.0% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 72.2% |
| Japan | 5.4% |
| United Kingdom | 3.7% |
| Canada | 3.3% |
| France | 2.7% |
| Germany | 2.5% |
| Switzerland | 2.3% |
| Australia | 1.7% |
| Netherlands | 1.1% |
| Sweden | 0.9% |
| Other<sup>#</sup> | 4.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

#### Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g19235images_5305.jpg)

iShares MSCI World ETF

Annual Shareholder Report — August 31, 2025

URTH-08/25-AR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics - The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.  |

---

Item 3 – Audit Committee Financial Expert - The registrant's board of directors (the "board of directors"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Richard L. Fagnani

Laura F. Fergerson

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the thirty-nine series of the registrant for which the fiscal year-end is August 31, 2024 (the "Funds"), and whose annual financial statements are reported in Item 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u> – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds' annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $626,000 for the fiscal year ended August 31, 2024 and $626,000 for the fiscal year ended August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u> – There were no fees billed for the fiscal years ended August 31, 2024 and August 31, 2025 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund's financial statements and are not reported under (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u> – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $378,300 for the fiscal year ended August 31, 2024 and $378,300 for the fiscal year ended August 31, 2025. These services related to the review of the Funds' tax returns and excise tax calculations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u> – There were no other fees billed in each of the fiscal years ended August 31, 2024 and August 31, 2025 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u> – The registrant's audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant's financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant's investment adviser ("Adviser Affiliate") that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's principal accountant for services rendered to the Funds, and rendered to the registrant's investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $378,300 for the fiscal year ended August 31, 2024 and $378,300 for the fiscal year ended August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee has considered whether the provision of non-audit services rendered to the registrant's investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant's independence, and has determined that the provision of these services, if any, does not compromise the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

Item 5 – Audit Committee of Listed Registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following individuals are members of the registrant's separately designated standing Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Richard L. Fagnani

Laura F. Fergerson

Cecilia H. Herbert

John E. Martinez

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

------

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

------

August 31, 2025

![](g19235img067d8ea31.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares, Inc.** |
| • iShares MSCI Eurozone ETF \| EZU \| Cboe BZX Exchange |
| • iShares MSCI Germany ETF \| EWG \| NYSE Arca |
| • iShares MSCI Spain ETF \| EWP \| NYSE Arca |
| • iShares MSCI Switzerland ETF \| EWL \| NYSE Arca |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_7e5d669b-9f90-4f92-9cff-214fe86c1c21_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_7e5d669b-9f90-4f92-9cff-214fe86c1c21_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 17 |
| [Statements of Operations](#xx_7e5d669b-9f90-4f92-9cff-214fe86c1c21_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 18 |
| [Statements of Changes in Net Assets](#xx_7e5d669b-9f90-4f92-9cff-214fe86c1c21_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 19 |
| [Financial Highlights](#xx_7e5d669b-9f90-4f92-9cff-214fe86c1c21_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 21 |
| [Notes to Financial Statements](#xx_7e5d669b-9f90-4f92-9cff-214fe86c1c21_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 25 |
| [Report of Independent Registered Public Accounting Firm](#xx_7e5d669b-9f90-4f92-9cff-214fe86c1c21_opinion-Footer-iSharesReport-75_1)  | &nbsp;&nbsp; 35 |
| [Important Tax Information](#xx_7e5d669b-9f90-4f92-9cff-214fe86c1c21_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 36 |
| [Additional Information](#xx_7e5d669b-9f90-4f92-9cff-214fe86c1c21_SAI-Footer-iSharesReport-75_1)  | &nbsp;&nbsp; 37 |
| [Board Review and Approval of Investment Advisory Contract](#xx_7e5d669b-9f90-4f92-9cff-214fe86c1c21_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 39 |
| [Glossary of Terms Used in these Financial Statements](#xx_7e5d669b-9f90-4f92-9cff-214fe86c1c21_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 46 |

---

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Eurozone ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Austria — 0.6%** | **Austria — 0.6%** | **Austria — 0.6%** |
| Erste Group Bank AG | &nbsp;&nbsp; 358704 | $34143395 |
| OMV AG | &nbsp;&nbsp; 171685 | 9456341 |
| Verbund AG | &nbsp;&nbsp; 80743 | 5758310 |
|  |  | 49358046 |
| **Belgium — 3.0%** | **Belgium — 3.0%** | **Belgium — 3.0%** |
| Ageas SA | &nbsp;&nbsp; 173870 | 12250491 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 1151609 | 72247234 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 71301 | 50766645 |
| D'ieteren Group | &nbsp;&nbsp; 25291 | 5480550 |
| Elia Group SA/NV, Class B | &nbsp;&nbsp; 50830 | 5816264 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 95774 | 8418297 |
| KBC Group NV | &nbsp;&nbsp; 266741 | 31441643 |
| Lotus Bakeries NV | &nbsp;&nbsp; 489 | 4795357 |
| Sofina SA | &nbsp;&nbsp; 18031 | 5455640 |
| Syensqo SA | &nbsp;&nbsp; 84467 | 7466356 |
| UCB SA | &nbsp;&nbsp; 147296 | 34552527 |
|  |  | 238691004 |
| **Finland — 2.3%** | **Finland — 2.3%** | **Finland — 2.3%** |
| Elisa OYJ | &nbsp;&nbsp; 166344 | 8867696 |
| Fortum OYJ | &nbsp;&nbsp; 524299 | 9072404 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 315760 | 7003655 |
| Kone OYJ, Class B | &nbsp;&nbsp; 395991 | 24906839 |
| Metso OYJ | &nbsp;&nbsp; 772638 | 10000588 |
| Neste OYJ | &nbsp;&nbsp; 492243 | 9046692 |
| Nokia OYJ | &nbsp;&nbsp; 6038544 | 25995564 |
| Orion OYJ, Class B | &nbsp;&nbsp; 126788 | 10128620 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 2807863 | 32219707 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 673333 | 7865375 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 619824 | 17651513 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 584307 | 17127678 |
|  |  | 179886331 |
| **France — 30.8%** | **France — 30.8%** | **France — 30.8%** |
| Accor SA | &nbsp;&nbsp; 227884 | 11304528 |
| Aeroports de Paris SA | &nbsp;&nbsp; 40063 | 5273115 |
| Air Liquide SA | &nbsp;&nbsp; 673958 | 138860485 |
| Airbus SE | &nbsp;&nbsp; 692290 | 144736353 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 403959 | 9711962 |
| Amundi SA<sup>(b)</sup> | &nbsp;&nbsp; 71248 | 5266633 |
| ArcelorMittal SA | &nbsp;&nbsp; 546463 | 18205302 |
| Arkema SA | &nbsp;&nbsp; 66946 | 4749944 |
| AXA SA | &nbsp;&nbsp; 2064958 | 96180871 |
| BioMerieux | &nbsp;&nbsp; 48585 | 6756426 |
| BNP Paribas SA | &nbsp;&nbsp; 1185710 | 106553487 |
| Bollore SE | &nbsp;&nbsp; 815180 | 4759282 |
| Bouygues SA | &nbsp;&nbsp; 223021 | 9563801 |
| Bureau Veritas SA | &nbsp;&nbsp; 369102 | 11134544 |
| Capgemini SE | &nbsp;&nbsp; 189648 | 26973523 |
| Carrefour SA | &nbsp;&nbsp; 686277 | 9935813 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 523293 | 56494268 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 781124 | 28287275 |
| Covivio SA/France | &nbsp;&nbsp; 65232 | 4276092 |
| Credit Agricole SA | &nbsp;&nbsp; 1229999 | 22499152 |
| Danone SA | &nbsp;&nbsp; 754168 | 62948392 |
| Dassault Aviation SA | &nbsp;&nbsp; 22978 | 7253556 |
| Dassault Systemes SE | &nbsp;&nbsp; 783138 | 24355747 |
| Edenred SE | &nbsp;&nbsp; 279230 | 8077370 |
| Eiffage SA | &nbsp;&nbsp; 79710 | 10031143 |
| Engie SA | &nbsp;&nbsp; 2127929 | 44033946 |
| EssilorLuxottica SA | &nbsp;&nbsp; 350733 | 106985958 |
| Eurofins Scientific SE | &nbsp;&nbsp; 138160 | 10491187 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Euronext NV<sup>(b)</sup> | &nbsp;&nbsp; 90853 | $14997996 |
| FDJ UNITED | &nbsp;&nbsp; 129105 | 4155596 |
| Gecina SA | &nbsp;&nbsp; 53592 | 5262308 |
| Getlink SE | &nbsp;&nbsp; 351374 | 6646825 |
| Hermes International SCA | &nbsp;&nbsp; 36898 | 90368996 |
| Ipsen SA | &nbsp;&nbsp; 44229 | 6013224 |
| Kering SA | &nbsp;&nbsp; 86473 | 23171657 |
| Klepierre SA | &nbsp;&nbsp; 251195 | 9808396 |
| Legrand SA | &nbsp;&nbsp; 305531 | 46528097 |
| L'Oreal SA | &nbsp;&nbsp; 280128 | 130787759 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 291346 | 172020463 |
| Orange SA | &nbsp;&nbsp; 2169377 | 35359050 |
| Pernod Ricard SA | &nbsp;&nbsp; 235133 | 26785330 |
| Publicis Groupe SA | &nbsp;&nbsp; 266658 | 24622747 |
| Renault SA | &nbsp;&nbsp; 225151 | 8860973 |
| Rexel SA | &nbsp;&nbsp; 260799 | 8443669 |
| Safran SA | &nbsp;&nbsp; 419522 | 139419002 |
| Sanofi SA | &nbsp;&nbsp; 1287988 | 127783801 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 34265 | 7026820 |
| Schneider Electric SE | &nbsp;&nbsp; 638760 | 156934617 |
| Societe Generale SA | &nbsp;&nbsp; 839171 | 51784255 |
| Sodexo SA | &nbsp;&nbsp; 103573 | 6219137 |
| STMicroelectronics NV | &nbsp;&nbsp; 796270 | 21699442 |
| Teleperformance SE<sup>(c)</sup> | &nbsp;&nbsp; 63305 | 4884549 |
| Thales SA | &nbsp;&nbsp; 107970 | 28400363 |
| TotalEnergies SE | &nbsp;&nbsp; 2391956 | 150169492 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 141847 | 14757722 |
| Veolia Environnement SA | &nbsp;&nbsp; 733606 | 24227885 |
| Vinci SA | &nbsp;&nbsp; 576171 | 78146876 |
|  |  | 2420987202 |
| **Germany — 27.8%** | **Germany — 27.8%** | **Germany — 27.8%** |
| adidas AG | &nbsp;&nbsp; 198740 | 38666063 |
| Allianz SE, Registered | &nbsp;&nbsp; 449905 | 190211961 |
| BASF SE | &nbsp;&nbsp; 1039837 | 55237124 |
| Bayer AG, Registered | &nbsp;&nbsp; 1144577 | 37657227 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 326877 | 34198007 |
| Beiersdorf AG | &nbsp;&nbsp; 114714 | 13211126 |
| Brenntag SE | &nbsp;&nbsp; 142503 | 8817780 |
| Commerzbank AG | &nbsp;&nbsp; 897132 | 34242223 |
| Continental AG | &nbsp;&nbsp; 128285 | 11248684 |
| Covestro AG, NVS<sup>(a)</sup> | &nbsp;&nbsp; 209711 | 14573248 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 72420 | 6788564 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 553915 | 26055533 |
| Delivery Hero SE, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 224333 | 5951325 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 2156329 | 75765063 |
| Deutsche Boerse AG | &nbsp;&nbsp; 219380 | 64570962 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 698196 | 6509142 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 1118452 | 50976446 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 4066647 | 148818883 |
| E.ON SE | &nbsp;&nbsp; 2615688 | 46641229 |
| Evonik Industries AG | &nbsp;&nbsp; 298736 | 5764337 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 256149 | 13204153 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 492475 | 26777808 |
| GEA Group AG | &nbsp;&nbsp; 170832 | 12434321 |
| Hannover Rueck SE | &nbsp;&nbsp; 70041 | 20391905 |
| Heidelberg Materials AG | &nbsp;&nbsp; 155911 | 36880481 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 119979 | 9220949 |
| Hensoldt AG<sup>(c)</sup> | &nbsp;&nbsp; 74010 | 7671898 |
| Infineon Technologies AG | &nbsp;&nbsp; 1521469 | 62279584 |
| Knorr-Bremse AG | &nbsp;&nbsp; 84379 | 8814446 |
| LEG Immobilien SE | &nbsp;&nbsp; 88044 | 7380372 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 841376 | 52657347 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Eurozone ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Merck KGaA | &nbsp;&nbsp; 150178 | $19067705 |
| MTU Aero Engines AG | &nbsp;&nbsp; 62751 | 27966064 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 152209 | 97094362 |
| Nemetschek SE | &nbsp;&nbsp; 67281 | 9294800 |
| QIAGEN NV | &nbsp;&nbsp; 252745 | 11776425 |
| Rational AG | &nbsp;&nbsp; 5943 | 4429987 |
| Rheinmetall AG | &nbsp;&nbsp; 53470 | 103718458 |
| RWE AG | &nbsp;&nbsp; 736623 | 29500011 |
| SAP SE | &nbsp;&nbsp; 1216583 | 331149205 |
| Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp; 87318 | 11313348 |
| Siemens AG, Registered | &nbsp;&nbsp; 885441 | 245448854 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 791553 | 84204880 |
| Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp; 393050 | 21764937 |
| Symrise AG, Class A | &nbsp;&nbsp; 154337 | 14944688 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 75360 | 10391359 |
| Vonovia SE | &nbsp;&nbsp; 876190 | 28373945 |
| Zalando SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 263774 | 7350760 |
|  |  | 2191407979 |
| **Ireland — 1.3%** | **Ireland — 1.3%** | **Ireland — 1.3%** |
| AIB Group PLC | &nbsp;&nbsp; 2489449 | 20226448 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 1138920 | 16845573 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 191718 | 17554396 |
| Kingspan Group PLC | &nbsp;&nbsp; 178890 | 13801981 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 988163 | 29286986 |
|  |  | 97715384 |
| **Italy — 9.2%** | **Italy — 9.2%** | **Italy — 9.2%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 258531 | 5229455 |
| Banco BPM SpA | &nbsp;&nbsp; 1323952 | 18163438 |
| BPER Banca SpA | &nbsp;&nbsp; 1697735 | 17634468 |
| Davide Campari-Milano NV | &nbsp;&nbsp; 716539 | 5397417 |
| Enel SpA | &nbsp;&nbsp; 9475787 | 87443965 |
| Eni SpA | &nbsp;&nbsp; 2382999 | 42599544 |
| Ferrari NV | &nbsp;&nbsp; 146855 | 69886493 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 707035 | 15520714 |
| Generali | &nbsp;&nbsp; 1002511 | 39135091 |
| Infrastrutture Wireless Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 323228 | 3918982 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 16593794 | 104467051 |
| Leonardo SpA | &nbsp;&nbsp; 471503 | 26785320 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 631030 | 15285076 |
| Moncler SpA | &nbsp;&nbsp; 272139 | 15839814 |
| Nexi SpA<sup>(b)</sup> | &nbsp;&nbsp; 644958 | 4092638 |
| Poste Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 531081 | 12438736 |
| Prysmian SpA | &nbsp;&nbsp; 328008 | 28626257 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 133868 | 8276847 |
| Snam SpA | &nbsp;&nbsp; 2342618 | 14260118 |
| Stellantis NV | &nbsp;&nbsp; 2341745 | 22422896 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 13394746 | 6424017 |
| Tenaris SA | &nbsp;&nbsp; 437126 | 7918840 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 1648664 | 16572576 |
| UniCredit SpA | &nbsp;&nbsp; 1633299 | 126327037 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 418360 | 8740807 |
|  |  | 723407597 |
| **Netherlands — 12.6%** | **Netherlands — 12.6%** | **Netherlands — 12.6%** |
| ABN AMRO Bank NV, CVA<sup>(b)</sup> | &nbsp;&nbsp; 679383 | 19595889 |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 29367 | 49312185 |
| Aegon Ltd. | &nbsp;&nbsp; 1540367 | 12104694 |
| AerCap Holdings NV | &nbsp;&nbsp; 205561 | 25386783 |
| Akzo Nobel NV | &nbsp;&nbsp; 199833 | 13813402 |
| ASM International NV | &nbsp;&nbsp; 54597 | 26215836 |
| ASML Holding NV | &nbsp;&nbsp; 458834 | 340726690 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| ASR Nederland NV | &nbsp;&nbsp; 172482 | $11966400 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 85086 | 11460871 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 268556 | 23863886 |
| CVC Capital Partners PLC<sup>(b)</sup> | &nbsp;&nbsp; 251293 | 5072519 |
| DSM-Firmenich AG | &nbsp;&nbsp; 215990 | 21133729 |
| EXOR NV | &nbsp;&nbsp; 108934 | 10916892 |
| Heineken Holding NV | &nbsp;&nbsp; 151141 | 10732126 |
| Heineken NV | &nbsp;&nbsp; 335537 | 27215378 |
| IMCD NV | &nbsp;&nbsp; 69304 | 7782537 |
| ING Groep NV | &nbsp;&nbsp; 3520262 | 84046147 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 291264 | 4233601 |
| JDE Peet's NV | &nbsp;&nbsp; 199612 | 7310061 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 1060019 | 42477926 |
| Koninklijke KPN NV | &nbsp;&nbsp; 4516515 | 21553510 |
| Koninklijke Philips NV | &nbsp;&nbsp; 897483 | 24787583 |
| NN Group NV | &nbsp;&nbsp; 313399 | 21571908 |
| Prosus NV | &nbsp;&nbsp; 1524382 | 94297440 |
| Randstad NV | &nbsp;&nbsp; 125475 | 5935522 |
| Universal Music Group NV | &nbsp;&nbsp; 1282096 | 36243937 |
| Wolters Kluwer NV | &nbsp;&nbsp; 277884 | 35006054 |
|  |  | 994763506 |
| **Portugal — 0.6%** | **Portugal — 0.6%** | **Portugal — 0.6%** |
| Banco Comercial Portugues SA, Class R<sup>(c)</sup> | &nbsp;&nbsp; 9684740 | 8203784 |
| EDP Renovaveis SA | &nbsp;&nbsp; 375353 | 4408524 |
| EDP SA | &nbsp;&nbsp; 3683407 | 16313503 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 485309 | 9433309 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 330944 | 8186668 |
|  |  | 46545788 |
| **Spain — 10.0%** | **Spain — 10.0%** | **Spain — 10.0%** |
| Acciona SA | &nbsp;&nbsp; 29031 | 5754267 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 211538 | 15989452 |
| Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; 874695 | 25352606 |
| Amadeus IT Group SA | &nbsp;&nbsp; 524856 | 44023958 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 6714541 | 122197939 |
| Banco de Sabadell SA | &nbsp;&nbsp; 5853021 | 22231036 |
| Banco Santander SA | &nbsp;&nbsp; 17342212 | 165618800 |
| Bankinter SA | &nbsp;&nbsp; 789258 | 11779017 |
| CaixaBank SA | &nbsp;&nbsp; 4540288 | 45334880 |
| Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp; 576726 | 20529769 |
| Endesa SA | &nbsp;&nbsp; 371815 | 11327044 |
| Ferrovial SE | &nbsp;&nbsp; 598405 | 32729271 |
| Grifols SA | &nbsp;&nbsp; 352646 | 4991123 |
| Iberdrola SA | &nbsp;&nbsp; 7394793 | 139398493 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 1270873 | 62856528 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 1442497 | 7457867 |
| Redeia Corp. SA | &nbsp;&nbsp; 392304 | 7626536 |
| Repsol SA | &nbsp;&nbsp; 1351017 | 22151408 |
| Telefonica SA | &nbsp;&nbsp; 4295071 | 23027215 |
|  |  | 790377209 |
| **Sweden — 0.7%** | **Sweden — 0.7%** | **Sweden — 0.7%** |
| Nordea Bank Abp | &nbsp;&nbsp; 3645645 | 55633523 |
| **Total Common Stocks — 98.9%** <br>**(Cost: $6,977,859,677)** | **Total Common Stocks — 98.9%** <br>**(Cost: $6,977,859,677)** | 7788773569 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.9%** | **Germany — 0.9%** | **Germany — 0.9%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 64635 | 6188620 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Eurozone ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 133259 | $7068404 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 186812 | 15768842 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 179412 | 7644438 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 30735 | 7139722 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 240241 | 27994688 |
|  |  | 71804714 |
| **Total Preferred Stocks — 0.9%** <br>**(Cost: $134,734,990)** | **Total Preferred Stocks — 0.9%** <br>**(Cost: $134,734,990)** | 71804714 |
| **Rights** | **Rights** | **Rights** |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Telecom Italia SpA, <br> (Expires 09/22/25, Strike Price EUR 0.29)<br>| &nbsp;&nbsp; 12699004 | 149 |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** | 149 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $7,112,594,667)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $7,112,594,667)** | 7860578432 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 15887760 | 15895703 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 4150000 | $4150000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $20,045,154)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $20,045,154)** | 20045703 |
| **Total Investments — 100.1%** <br>**(Cost: $7,132,639,821)** | **Total Investments — 100.1%** <br>**(Cost: $7,132,639,821)** | 7880624135 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (4296398)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $7876327737 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $10301009 | $5600007 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(3949)<br>| $(1364)<br>| $15895703 | 15887760 | $86522 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 23000000 |  | &nbsp;&nbsp; (18850000 )<sup>(a)</sup><br>|  |  | 4150000 | 4150000 | 664681 |  |
|  |  |  |  | $(3949) | $(1364) | $20045703 |  | $751203 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Euro STOXX 50 Index | 233 | 09/19/25 | &nbsp;&nbsp; $14616 | $225698 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Eurozone ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $225698 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $225698 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2706929 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2706929 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54880 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $54880 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $18154416 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $75150961 | &nbsp;&nbsp; $7713622608 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7788773569 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 71804714 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71804714 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 149 | &nbsp;&nbsp; — | &nbsp;&nbsp; 149 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 20045703 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20045703 |
|  | &nbsp;&nbsp; $95196664 | &nbsp;&nbsp; $7785427471 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7880624135 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $225698 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $225698 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Germany ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 6.2%** | **Aerospace & Defense — 6.2%** | **Aerospace & Defense — 6.2%** |
| Hensoldt AG<sup>(a)</sup> | &nbsp;&nbsp; 82001 | $8500247 |
| MTU Aero Engines AG | &nbsp;&nbsp; 69624 | 31029135 |
| Rheinmetall AG | &nbsp;&nbsp; 59244 | 114918577 |
|  |  | 154447959 |
| **Air Freight & Logistics — 2.2%** | **Air Freight & Logistics — 2.2%** | **Air Freight & Logistics — 2.2%** |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 1240010 | 56516778 |
| **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** |
| Continental AG | &nbsp;&nbsp; 141763 | 12430504 |
| **Automobiles — 3.8%** | **Automobiles — 3.8%** | **Automobiles — 3.8%** |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 362174 | 37890794 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 931924 | 58324275 |
|  |  | 96215069 |
| **Banks — 1.5%** | **Banks — 1.5%** | **Banks — 1.5%** |
| Commerzbank AG | &nbsp;&nbsp; 994000 | 37939534 |
| **Capital Markets — 6.2%** | **Capital Markets — 6.2%** | **Capital Markets — 6.2%** |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 2387983 | 83904489 |
| Deutsche Boerse AG | &nbsp;&nbsp; 243005 | 71524599 |
|  |  | 155429088 |
| **Chemicals — 4.0%** | **Chemicals — 4.0%** | **Chemicals — 4.0%** |
| BASF SE | &nbsp;&nbsp; 1152718 | 61233470 |
| Covestro AG, NVS<sup>(b)</sup> | &nbsp;&nbsp; 231596 | 16094081 |
| Evonik Industries AG | &nbsp;&nbsp; 332714 | 6419969 |
| Symrise AG, Class A | &nbsp;&nbsp; 171630 | 16619195 |
|  |  | 100366715 |
| **Construction Materials — 1.6%** | **Construction Materials — 1.6%** | **Construction Materials — 1.6%** |
| Heidelberg Materials AG | &nbsp;&nbsp; 172526 | 40810731 |
| **Diversified Telecommunication Services — 6.6%** | **Diversified Telecommunication Services — 6.6%** | **Diversified Telecommunication Services — 6.6%** |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 4506982 | 164932935 |
| **Electrical Equipment — 3.7%** | **Electrical Equipment — 3.7%** | **Electrical Equipment — 3.7%** |
| Siemens Energy AG<sup>(b)</sup> | &nbsp;&nbsp; 876742 | 93267229 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 80401 | 7536693 |
| **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** |
| Siemens Healthineers AG<sup>(c)</sup> | &nbsp;&nbsp; 437077 | 24202909 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
| Fresenius Medical Care AG | &nbsp;&nbsp; 284369 | 14658858 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 544693 | 29617106 |
|  |  | 44275964 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
| Delivery Hero SE, Class A<sup>(b)(c)</sup> | &nbsp;&nbsp; 248040 | 6580248 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 133847 | 10286770 |
| **Independent Power and Renewable Electricity Producers — 1.3%** | **Independent Power and Renewable Electricity Producers — 1.3%** | **Independent Power and Renewable Electricity Producers — 1.3%** |
| RWE AG | &nbsp;&nbsp; 815873 | 32673786 |
| **Industrial Conglomerates — 10.8%** | **Industrial Conglomerates — 10.8%** | **Industrial Conglomerates — 10.8%** |
| Siemens AG, Registered | &nbsp;&nbsp; 981103 | 271966858 |
| **Insurance — 14.0%** | **Insurance — 14.0%** | **Insurance — 14.0%** |
| Allianz SE, Registered | &nbsp;&nbsp; 498563 | 210783712 |
| Hannover Rueck SE | &nbsp;&nbsp; 78028 | 22717259 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 168644 | 107578275 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Talanx AG<sup>(b)</sup> | &nbsp;&nbsp; 82936 | $11436011 |
|  |  | 352515257 |
| **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 96669 | 12524909 |
| **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| QIAGEN NV | &nbsp;&nbsp; 279255 | 13011634 |
| **Machinery — 2.3%** | **Machinery — 2.3%** | **Machinery — 2.3%** |
| Daimler Truck Holding AG<sup>(a)</sup> | &nbsp;&nbsp; 612730 | 28822124 |
| GEA Group AG | &nbsp;&nbsp; 189405 | 13786191 |
| Knorr-Bremse AG | &nbsp;&nbsp; 94077 | 9827523 |
| Rational AG | &nbsp;&nbsp; 6632 | 4943576 |
|  |  | 57379414 |
| **Multi-Utilities — 2.1%** | **Multi-Utilities — 2.1%** | **Multi-Utilities — 2.1%** |
| E.ON SE | &nbsp;&nbsp; 2897157 | 51660199 |
| **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 779285 | 7265119 |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| Beiersdorf AG | &nbsp;&nbsp; 125676 | 14473573 |
| **Pharmaceuticals — 2.5%** | **Pharmaceuticals — 2.5%** | **Pharmaceuticals — 2.5%** |
| Bayer AG, Registered | &nbsp;&nbsp; 1267753 | 41709786 |
| Merck KGaA | &nbsp;&nbsp; 166639 | 21157715 |
|  |  | 62867501 |
| **Real Estate Management & Development — 1.6%** | **Real Estate Management & Development — 1.6%** | **Real Estate Management & Development — 1.6%** |
| LEG Immobilien SE | &nbsp;&nbsp; 97554 | 8177557 |
| Vonovia SE | &nbsp;&nbsp; 970800 | 31437732 |
|  |  | 39615289 |
| **Semiconductors & Semiconductor Equipment — 2.7%** | **Semiconductors & Semiconductor Equipment — 2.7%** | **Semiconductors & Semiconductor Equipment — 2.7%** |
| Infineon Technologies AG | &nbsp;&nbsp; 1684937 | 68970959 |
| **Software — 15.0%** | **Software — 15.0%** | **Software — 15.0%** |
| Nemetschek SE | &nbsp;&nbsp; 74675 | 10316274 |
| SAP SE | &nbsp;&nbsp; 1347946 | 366905707 |
|  |  | 377221981 |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| Zalando SE<sup>(b)(c)</sup> | &nbsp;&nbsp; 289737 | 8074288 |
| **Textiles, Apparel & Luxury Goods — 1.7%** | **Textiles, Apparel & Luxury Goods — 1.7%** | **Textiles, Apparel & Luxury Goods — 1.7%** |
| adidas AG | &nbsp;&nbsp; 220888 | 42975090 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| Brenntag SE | &nbsp;&nbsp; 158035 | 9778867 |
| **Total Common Stocks — 96.7%** <br>**(Cost: $2,399,740,450)** | **Total Common Stocks — 96.7%** <br>**(Cost: $2,399,740,450)** | 2428213850 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Automobiles — 2.2%** | **Automobiles — 2.2%** | **Automobiles — 2.2%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 71911 | 6885276 |
| Dr Ing hc F Porsche AG, Preference Shares, NVS<sup>(c)</sup> | &nbsp;&nbsp; 147050 | 7799914 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 197473 | 8413986 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 266084 | 31006109 |
|  |  | 54105285 |
| **Household Products — 0.7%** | **Household Products — 0.7%** | **Household Products — 0.7%** |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 206987 | 17471818 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Germany ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 33813 | $7854740 |
| **Total Preferred Stocks — 3.2%** <br>**(Cost: $111,316,559)** | **Total Preferred Stocks — 3.2%** <br>**(Cost: $111,316,559)** | 79431843 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $2,511,057,009)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $2,511,057,009)** | 2507645693 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 2725891 | 2727254 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 1000000 | 1000000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $3,727,189)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $3,727,189)** | 3727254 |
| **Total Investments — 100.1%** <br>**(Cost: $2,514,784,198)** | **Total Investments — 100.1%** <br>**(Cost: $2,514,784,198)** | 2511372947 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (1255080)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2510117867 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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 registration to qualified institutional investors. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $10080838 | $— | &nbsp;&nbsp; $(7351715 )<sup>(a)</sup><br>| $463 | $(2332)<br>| $2727254 | 2725891 | $48094 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 300000 | 700000 <br><sup>(a)</sup><br>|  |  |  | 1000000 | 1000000 | 43213 |  |
|  |  |  |  | $463 | $(2332) | $3727254 |  | $91307 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| DAX Index | 3 | 09/19/25 | &nbsp;&nbsp; $2103 | $39094 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Germany ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39094 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39094 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1027172 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1027172 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(25367)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(25367)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $4235883 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $16094081 | &nbsp;&nbsp; $2412119769 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2428213850 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 79431843 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79431843 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3727254 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3727254 |
|  | &nbsp;&nbsp; $19821335 | &nbsp;&nbsp; $2491551612 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2511372947 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39094 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39094 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Spain ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 41.4%** | **Banks — 41.4%** | **Banks — 41.4%** |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 9308152 | $169399069 |
| Banco de Sabadell SA | &nbsp;&nbsp; 15416605 | 58555591 |
| Banco Santander SA | &nbsp;&nbsp; 25341212 | 242009562 |
| Bankinter SA | &nbsp;&nbsp; 2200090 | 32834508 |
| CaixaBank SA | &nbsp;&nbsp; 6009702 | 60007012 |
|  |  | 562805742 |
| **Biotechnology — 2.1%** | **Biotechnology — 2.1%** | **Biotechnology — 2.1%** |
| Grifols SA | &nbsp;&nbsp; 2056804 | 29110670 |
| **Construction & Engineering — 7.9%** | **Construction & Engineering — 7.9%** | **Construction & Engineering — 7.9%** |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 589642 | 44569072 |
| Ferrovial SE | &nbsp;&nbsp; 1142599 | 62493515 |
|  |  | 107062587 |
| **Diversified Telecommunication Services — 7.7%** | **Diversified Telecommunication Services — 7.7%** | **Diversified Telecommunication Services — 7.7%** |
| Cellnex Telecom SA<sup>(a)</sup> | &nbsp;&nbsp; 1378922 | 49085615 |
| Telefonica SA | &nbsp;&nbsp; 10267130 | 55045286 |
|  |  | 104130901 |
| **Electric Utilities — 21.2%** | **Electric Utilities — 21.2%** | **Electric Utilities — 21.2%** |
| Acciona SA | &nbsp;&nbsp; 150080 | 29747525 |
| Endesa SA | &nbsp;&nbsp; 1132306 | 34494788 |
| Iberdrola SA | &nbsp;&nbsp; 10456794 | 197119963 |
| Redeia Corp. SA | &nbsp;&nbsp; 1372017 | 26672522 |
|  |  | 288034798 |
| **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** |
| Amadeus IT Group SA | &nbsp;&nbsp; 744042 | 62408877 |
| **Oil, Gas & Consumable Fuels — 4.1%** | **Oil, Gas & Consumable Fuels — 4.1%** | **Oil, Gas & Consumable Fuels — 4.1%** |
| Repsol SA | &nbsp;&nbsp; 3443647 | 56462377 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Passenger Airlines — 1.9%** | **Passenger Airlines — 1.9%** | **Passenger Airlines — 1.9%** |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 4979868 | $25746462 |
| **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 1225282 | 60601628 |
| **Transportation Infrastructure — 4.2%** | **Transportation Infrastructure — 4.2%** | **Transportation Infrastructure — 4.2%** |
| Aena SME SA<sup>(a)</sup> | &nbsp;&nbsp; 1959466 | 56794161 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $979,908,382)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $979,908,382)** | 1353158203 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.0%** | **Money Market Funds — 0.0%** | **Money Market Funds — 0.0%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 430000 | 430000 |
| **Total Short-Term Securities — 0.0%** <br>**(Cost: $430,000)** | **Total Short-Term Securities — 0.0%** <br>**(Cost: $430,000)** | 430000 |
| **Total Investments — 99.5%** <br>**(Cost: $980,338,382)** | **Total Investments — 99.5%** <br>**(Cost: $980,338,382)** | 1353588203 |
| **Other Assets Less Liabilities — 0.5%** | **Other Assets Less Liabilities — 0.5%** | 6322122 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1359910325 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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 registration to qualified institutional investors. 

<sup>(b)</sup> Affiliate of the Fund.

<sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $—<br> $2019 <br><sup>(b)</sup><br>| $— | $(2019)<br>| $— | $— |  | $7029 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 330000<br> 100000 <br><sup>(b)</sup><br>|  |  |  | 430000 | 430000 | 23205 |  |
|  |  |  | $(2019) | $— | $430000 |  | $30234 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| IBEX 35 Index | 19 | 09/19/25 | &nbsp;&nbsp; $3332 | $1962 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Spain ETF**

**Equity Swap contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| Redeia Corp. SA | BNP Paribas | &nbsp;&nbsp; $19 | 08/16/27 | 0.26% | 1D ESTR | Monthly | &nbsp;&nbsp; $— |
| Redeia Corp. SA | &nbsp;&nbsp; Goldman Sachs Bank <br> USA | &nbsp;&nbsp; 1593627 | 08/19/26 | 0.45% | 1D ESTR | Monthly | &nbsp;&nbsp; 16191 |
| Redeia Corp. SA | Merrill Lynch International | &nbsp;&nbsp; 19 | 02/15/28 | 0.45% | 1D ESTR | Monthly | &nbsp;&nbsp; — |
| Redeia Corp. SA | HSBC Bank PLC | &nbsp;&nbsp; 1576560 | 02/10/28 | 0.45% | 1D ESTR | Monthly | &nbsp;&nbsp; 30673 |
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  | 46864 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; (8956)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $37908 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency. 

**Balances Reported in the Statements of Assets and Liabilities for OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $46864 | &nbsp;&nbsp;&nbsp; $(8956)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1962 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1962 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46864 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46864 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48826 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48826 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8956 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8956 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1372074 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1372074 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (420004)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (420004)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $952070 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $952070 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(147644)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(147644)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (17802)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (17802)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(165446)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(165446)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Spain ETF**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $3115379 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; $2253055 |

---

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

**Derivative Financial Instruments - Offsetting as of Period End**

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $22949 |
| Swaps - OTC<sup>(a)</sup> | &nbsp;&nbsp; 46864 | &nbsp;&nbsp;&nbsp; 8956 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 46864 | &nbsp;&nbsp;&nbsp; 31905 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22949)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $46864 | &nbsp;&nbsp;&nbsp; $8956 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| Goldman Sachs Bank USA | &nbsp;&nbsp; $16191 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16191 |
| HSBC Bank PLC | &nbsp;&nbsp; 30673 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30673 |
|  | &nbsp;&nbsp; $46864 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46864 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $34494788 | &nbsp;&nbsp; $1318663415 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1353158203 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 430000 |
|  | &nbsp;&nbsp; $34924788 | &nbsp;&nbsp; $1318663415 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1353588203 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48826 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48826 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Spain ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8956)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8956)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39870 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39870 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Switzerland ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 38047 | $4422665 |
| **Building Products — 1.7%** | **Building Products — 1.7%** | **Building Products — 1.7%** |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 2973 | 3273689 |
| Geberit AG, Registered | &nbsp;&nbsp; 26389 | 19350198 |
|  |  | 22623887 |
| **Capital Markets — 9.3%** | **Capital Markets — 9.3%** | **Capital Markets — 9.3%** |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 174851 | 12625257 |
| Partners Group Holding AG | &nbsp;&nbsp; 17274 | 23722540 |
| UBS Group AG, Registered | &nbsp;&nbsp; 2140983 | 86729973 |
|  |  | 123077770 |
| **Chemicals — 4.7%** | **Chemicals — 4.7%** | **Chemicals — 4.7%** |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 7586 | 5821501 |
| Givaudan SA, Registered | &nbsp;&nbsp; 6952 | 29278873 |
| Sika AG, Registered | &nbsp;&nbsp; 115145 | 26720135 |
|  |  | 61820509 |
| **Construction Materials — 4.0%** | **Construction Materials — 4.0%** | **Construction Materials — 4.0%** |
| Amrize Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 385490 | 20109170 |
| Holcim AG | &nbsp;&nbsp; 385765 | 32334290 |
|  |  | 52443460 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| SIG Group AG | &nbsp;&nbsp; 303875 | 4813556 |
| **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** |
| Swisscom AG, Registered | &nbsp;&nbsp; 21240 | 15355988 |
| **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** |
| BKW AG | &nbsp;&nbsp; 24862 | 5175557 |
| **Electrical Equipment — 4.3%** | **Electrical Equipment — 4.3%** | **Electrical Equipment — 4.3%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 850567 | 57082490 |
| **Food Products — 15.1%** | **Food Products — 15.1%** | **Food Products — 15.1%** |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 4270 | 5782542 |
| Chocoladefabriken Lindt & Spruengli AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 805 | 12276643 |
| Chocoladefabriken Lindt & Spruengli AG, Registered | &nbsp;&nbsp; 89 | 13328716 |
| Nestle SA, Registered | &nbsp;&nbsp; 1787197 | 168587261 |
|  |  | 199975162 |
| **Health Care Equipment & Supplies — 4.0%** | **Health Care Equipment & Supplies — 4.0%** | **Health Care Equipment & Supplies — 4.0%** |
| Alcon AG | &nbsp;&nbsp; 374260 | 29825882 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 41865 | 12194754 |
| Straumann Holding AG | &nbsp;&nbsp; 93009 | 10898726 |
|  |  | 52919362 |
| **Insurance — 10.6%** | **Insurance — 10.6%** | **Insurance — 10.6%** |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 37804 | 9804269 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 35005 | 9009416 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 22371 | 24175379 |
| Swiss Re AG | &nbsp;&nbsp; 224767 | 40737685 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 77837 | 56879797 |
|  |  | 140606546 |
| **Life Sciences Tools & Services — 2.9%** | **Life Sciences Tools & Services — 2.9%** | **Life Sciences Tools & Services — 2.9%** |
| Lonza Group AG, Registered | &nbsp;&nbsp; 54053 | 38360796 |
| **Machinery — 2.2%** | **Machinery — 2.2%** | **Machinery — 2.2%** |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 34217 | 12718536 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 22246 | $7956074 |
| VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp; 24183 | 7908625 |
|  |  | 28583235 |
| **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 42784 | 8722104 |
| **Pharmaceuticals — 28.1%** | **Pharmaceuticals — 28.1%** | **Pharmaceuticals — 28.1%** |
| Galderma Group AG | &nbsp;&nbsp; 111423 | 19514239 |
| Novartis AG, Registered | &nbsp;&nbsp; 1337721 | 169318108 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 484390 | 157949003 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 8829 | 3032195 |
| Sandoz Group AG | &nbsp;&nbsp; 337422 | 21173059 |
|  |  | 370986604 |
| **Professional Services — 1.0%** | **Professional Services — 1.0%** | **Professional Services — 1.0%** |
| SGS SA | &nbsp;&nbsp; 125833 | 12836248 |
| **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 70887 | 9859179 |
| **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** |
| Avolta AG, Registered | &nbsp;&nbsp; 98994 | 5685684 |
| **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** |
| Logitech International SA, Registered | &nbsp;&nbsp; 126752 | 13088121 |
| **Textiles, Apparel & Luxury Goods — 5.0%** | **Textiles, Apparel & Luxury Goods — 5.0%** | **Textiles, Apparel & Luxury Goods — 5.0%** |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 347107 | 60772416 |
| Swatch Group AG (The), Bearer<sup>(c)</sup> | &nbsp;&nbsp; 31134 | 5629498 |
|  |  | 66401914 |
| **Total Long-Term Investments — 98.0%** <br>**(Cost: $1,124,752,135)** | **Total Long-Term Investments — 98.0%** <br>**(Cost: $1,124,752,135)** | 1294840837 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 29396 | 29411 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 620000 | 620000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $649,408)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $649,408)** | 649411 |
| **Total Investments — 98.1%** <br>**(Cost: $1,125,401,543)** | **Total Investments — 98.1%** <br>**(Cost: $1,125,401,543)** | 1295490248 |
| **Other Assets Less Liabilities — 1.9%** | **Other Assets Less Liabilities — 1.9%** | 25445565 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1320935813 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Switzerland ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $—<br> $28939 <br><sup>(a)</sup><br>| $— | $469 | $3 | $29411 | 29396 | $3250 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 460000<br> 160000 <br><sup>(a)</sup><br>|  |  |  | 620000 | 620000 | 21584 |  |
|  |  |  | $469 | $3 | $649411 |  | $24834 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Swiss Market Index | 170 | 09/19/25 | &nbsp;&nbsp; $25943 | $535385 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $535385 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $535385 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $767766 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $767766 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(192346)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(192346)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $22820605 |

---

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Switzerland ETF**

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $20109170 | &nbsp;&nbsp; $1274731667 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1294840837 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 649411 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 649411 |
|  | &nbsp;&nbsp; $20758581 | &nbsp;&nbsp; $1274731667 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1295490248 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $535385 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $535385 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Eurozone <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Germany <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Spain ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Switzerland <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $7860578432 | $2507645693 | $1353158203 | $1294840837 |
| Investments, at value—affiliated<sup>(c)</sup> | 20045703 | 3727254 | 430000 | 649411 |
| Cash | 9196 | 1967 | 1788 | 6112 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 1026002 | 162850 | 270246 | 1511511 |
| Foreign currency, at value<sup>(e)</sup> | 7941207 | 1523160 | 6455402 | 1119389 |
| Receivables: |  |  |  |  |
| Securities lending income—affiliated | 2020 | 204 | 58 | 935 |
| Capital shares sold | 14 | 4 |  |  |
| Dividends—unaffiliated | 1423282 |  |  |  |
| Dividends—affiliated | 7190 | 2758 | 1577 | 1432 |
| Tax reclaims | 4602028 | 930948 | 292978 | 23358865 |
| Variation margin on futures contracts |  |  |  | 12642 |
| Unrealized appreciation on OTC swaps |  |  | 46864 |  |
| Total assets | 7895635074 | 2513994838 | 1360657116 | 1321501134 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value | 15895390 | 2727184 |  | 28939 |
| Payables: |  |  |  |  |
| Investments purchased |  |  | 181 |  |
| Swaps |  |  | 151268 |  |
| Capital shares redeemed | 4 | 15774 |  |  |
| Investment advisory fees | 3294703 | 1124676 | 563437 | 536382 |
| Variation margin on futures contracts | 117240 | 9337 | 22949 |  |
| Unrealized depreciation on OTC swaps |  |  | 8956 |  |
| Total liabilities | 19307337 | 3876971 | 746791 | 565321 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $7876327737 | $2510117867 | $1359910325 | $1320935813 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $8332324841 | $3000715925 | $1423830677 | $1301920831 |
| Accumulated earnings (loss) | (455997104) | (490598058) | (63920352) | 19014982 |
| NET ASSETS | $7876327737 | $2510117867 | $1359910325 | $1320935813 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 131600000 | 60000000 | 28500000 | 23875000 |
| Net asset value | $59.85 | $41.84 | $47.72 | $55.33 |
| Shares authorized | 1.5 billion | 482.2 million | 300 million | 318.625 million |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $7112594667 | $2511057009 | $979908382 | $1124752135 |
| <sup>(b)</sup> Securities loaned, at value | $15069746 | $2663617 | $— | $27303 |
| <sup>(c)</sup> Investments, at cost—affiliated | $20045154 | $3727189 | $430000 | $649408 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $1029851 | $209086 | $271495 | $1517024 |
| <sup>(e)</sup> Foreign currency, at cost | $7715024 | $1467875 | $6452175 | $1068782 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Eurozone <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Germany <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Spain <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Switzerland <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $263943835 | &nbsp;&nbsp;&nbsp; $56823302 | &nbsp;&nbsp;&nbsp; $39435312 | &nbsp;&nbsp;&nbsp; $34262805 |
| Dividends—affiliated | &nbsp;&nbsp; 664681 | &nbsp;&nbsp;&nbsp; 43213 | &nbsp;&nbsp;&nbsp; 23205 | &nbsp;&nbsp;&nbsp; 21584 |
| Interest—unaffiliated | &nbsp;&nbsp; 90392 | &nbsp;&nbsp;&nbsp; 17655 | &nbsp;&nbsp;&nbsp; 22741 | &nbsp;&nbsp;&nbsp; 31438 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 86522 | &nbsp;&nbsp;&nbsp; 48094 | &nbsp;&nbsp;&nbsp; 7029 | &nbsp;&nbsp;&nbsp; 3250 |
| Non-cash dividends—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9064802 | &nbsp;&nbsp;&nbsp; — |
| Other income—unaffiliated | &nbsp;&nbsp; 7367 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1529 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (22029871)<br>| &nbsp;&nbsp;&nbsp; (7624114)<br>| &nbsp;&nbsp;&nbsp; (5902919)<br>| &nbsp;&nbsp;&nbsp; (5868709)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 409695 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18128 | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 243172621 | &nbsp;&nbsp;&nbsp; 49308150 | &nbsp;&nbsp;&nbsp; 42669827 | &nbsp;&nbsp;&nbsp; 28450368 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 38174486 | &nbsp;&nbsp;&nbsp; 8179743 | &nbsp;&nbsp;&nbsp; 5160745 | &nbsp;&nbsp;&nbsp; 6016321 |
| Professional | &nbsp;&nbsp; 45619 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1966 | &nbsp;&nbsp;&nbsp; — |
| Commitment costs | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16536 | &nbsp;&nbsp;&nbsp; 10197 | &nbsp;&nbsp;&nbsp; 12143 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 388 |
| Total expenses | &nbsp;&nbsp; 38220105 | &nbsp;&nbsp;&nbsp; 8196279 | &nbsp;&nbsp;&nbsp; 5172908 | &nbsp;&nbsp;&nbsp; 6028852 |
| Net investment income | &nbsp;&nbsp; 204952516 | &nbsp;&nbsp;&nbsp; 41111871 | &nbsp;&nbsp;&nbsp; 37496919 | &nbsp;&nbsp;&nbsp; 22421516 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (87185424)<br>| &nbsp;&nbsp;&nbsp; (11989789)<br>| &nbsp;&nbsp;&nbsp; (11611727)<br>| &nbsp;&nbsp;&nbsp; (17302678)<br>|
| Investments—affiliated | &nbsp;&nbsp; (3949)<br>| &nbsp;&nbsp;&nbsp; 463 | &nbsp;&nbsp;&nbsp; (2019)<br>| &nbsp;&nbsp;&nbsp; 469 |
| Foreign currency transactions | &nbsp;&nbsp; 937852 | &nbsp;&nbsp;&nbsp; 251479 | &nbsp;&nbsp;&nbsp; 467883 | &nbsp;&nbsp;&nbsp; 93660 |
| Futures contracts | &nbsp;&nbsp; 2706929 | &nbsp;&nbsp;&nbsp; 1027172 | &nbsp;&nbsp;&nbsp; 1372074 | &nbsp;&nbsp;&nbsp; 767766 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 804676192 | &nbsp;&nbsp;&nbsp; 153378466 | &nbsp;&nbsp;&nbsp; 93805622 | &nbsp;&nbsp;&nbsp; 73699074 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (420004)<br>| &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 721131600 | &nbsp;&nbsp;&nbsp; 142667791 | &nbsp;&nbsp;&nbsp; 83611829 | &nbsp;&nbsp;&nbsp; 57258291 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 487966329 | &nbsp;&nbsp;&nbsp; 203669820 | &nbsp;&nbsp;&nbsp; 286622381 | &nbsp;&nbsp;&nbsp; (12797689)<br>|
| Investments—affiliated | &nbsp;&nbsp; (1364)<br>| &nbsp;&nbsp;&nbsp; (2332)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
| Foreign currency translations | &nbsp;&nbsp; 330755 | &nbsp;&nbsp;&nbsp; 46370 | &nbsp;&nbsp;&nbsp; (20671)<br>| &nbsp;&nbsp;&nbsp; 1327735 |
| Futures contracts | &nbsp;&nbsp; 54880 | &nbsp;&nbsp;&nbsp; (25367)<br>| &nbsp;&nbsp;&nbsp; (147644)<br>| &nbsp;&nbsp;&nbsp; (192346)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17802)<br>| &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 488350600 | &nbsp;&nbsp;&nbsp; 203688491 | &nbsp;&nbsp;&nbsp; 286436264 | &nbsp;&nbsp;&nbsp; (11662297)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 1209482200 | &nbsp;&nbsp;&nbsp; 346356282 | &nbsp;&nbsp;&nbsp; 370048093 | &nbsp;&nbsp;&nbsp; 45595994 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1414434716 | &nbsp;&nbsp;&nbsp; $387468153 | &nbsp;&nbsp;&nbsp; $407545012 | &nbsp;&nbsp;&nbsp; $68017510 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Eurozone ETF  | iShares <br>MSCI Eurozone ETF  | iShares <br>MSCI Germany ETF  | iShares <br>MSCI Germany ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $204952516 | &nbsp;&nbsp;&nbsp; $195259012 | &nbsp;&nbsp;&nbsp; $41111871 | &nbsp;&nbsp;&nbsp; $20492970 |
| Net realized gain (loss) | &nbsp;&nbsp; 721131600 | &nbsp;&nbsp;&nbsp; 123177668 | &nbsp;&nbsp;&nbsp; 142667791 | &nbsp;&nbsp;&nbsp; (165533825)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 488350600 | &nbsp;&nbsp;&nbsp; 778642275 | &nbsp;&nbsp;&nbsp; 203688491 | &nbsp;&nbsp;&nbsp; 286017815 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1414434716 | &nbsp;&nbsp;&nbsp; 1097078955 | &nbsp;&nbsp;&nbsp; 387468153 | &nbsp;&nbsp;&nbsp; 140976960 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (208470395)<br>| &nbsp;&nbsp;&nbsp; (210250506)<br>| &nbsp;&nbsp;&nbsp; (45446108)<br>| &nbsp;&nbsp;&nbsp; (22808366)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (1223226445)<br>| &nbsp;&nbsp;&nbsp; (768275757)<br>| &nbsp;&nbsp;&nbsp; 1237419657 | &nbsp;&nbsp;&nbsp; (743331708)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (17262124)<br>| &nbsp;&nbsp;&nbsp; 118552692 | &nbsp;&nbsp;&nbsp; 1579441702 | &nbsp;&nbsp;&nbsp; (625163114)<br>|
| Beginning of year | &nbsp;&nbsp; 7893589861 | &nbsp;&nbsp;&nbsp; 7775037169 | &nbsp;&nbsp;&nbsp; 930676165 | &nbsp;&nbsp;&nbsp; 1555839279 |
| End of year | &nbsp;&nbsp; $7876327737 | &nbsp;&nbsp;&nbsp; $7893589861 | &nbsp;&nbsp;&nbsp; $2510117867 | &nbsp;&nbsp;&nbsp; $930676165 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Spain ETF  | iShares <br>MSCI Spain ETF  | iShares <br>MSCI Switzerland ETF  | iShares <br>MSCI Switzerland ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $37496919 | &nbsp;&nbsp;&nbsp; $32688239 | &nbsp;&nbsp;&nbsp; $22421516 | &nbsp;&nbsp;&nbsp; $22498640 |
| Net realized gain (loss) | &nbsp;&nbsp; 83611829 | &nbsp;&nbsp;&nbsp; (10636)<br>| &nbsp;&nbsp;&nbsp; 57258291 | &nbsp;&nbsp;&nbsp; 59082369 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 286436264 | &nbsp;&nbsp;&nbsp; 155415710 | &nbsp;&nbsp;&nbsp; (11662297)<br>| &nbsp;&nbsp;&nbsp; 113209539 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 407545012 | &nbsp;&nbsp;&nbsp; 188093313 | &nbsp;&nbsp;&nbsp; 68017510 | &nbsp;&nbsp;&nbsp; 194790548 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (36408251)<br>| &nbsp;&nbsp;&nbsp; (29788984)<br>| &nbsp;&nbsp;&nbsp; (24431240)<br>| &nbsp;&nbsp;&nbsp; (24285340)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (59950346)<br>| &nbsp;&nbsp;&nbsp; 178376438 | &nbsp;&nbsp;&nbsp; (33593171)<br>| &nbsp;&nbsp;&nbsp; (86865268)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 311186415 | &nbsp;&nbsp;&nbsp; 336680767 | &nbsp;&nbsp;&nbsp; 9993099 | &nbsp;&nbsp;&nbsp; 83639940 |
| Beginning of year | &nbsp;&nbsp; 1048723910 | &nbsp;&nbsp;&nbsp; 712043143 | &nbsp;&nbsp;&nbsp; 1310942714 | &nbsp;&nbsp;&nbsp; 1227302774 |
| End of year | &nbsp;&nbsp; $1359910325 | &nbsp;&nbsp;&nbsp; $1048723910 | &nbsp;&nbsp;&nbsp; $1320935813 | &nbsp;&nbsp;&nbsp; $1310942714 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Eurozone ETF  | iShares MSCI Eurozone ETF  | iShares MSCI Eurozone ETF  | iShares MSCI Eurozone ETF  | iShares MSCI Eurozone ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $51.36 | &nbsp;&nbsp;&nbsp; $44.76 | &nbsp;&nbsp;&nbsp; $35.23 | &nbsp;&nbsp;&nbsp; $50.86 | &nbsp;&nbsp;&nbsp; $39.52 |
| Net investment income<sup>(a)</sup> | 1.42 | &nbsp;&nbsp;&nbsp;&nbsp; 1.28 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 8.61 | &nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp; (15.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.24 |
| Net increase (decrease) from investment operations | 10.03 | &nbsp;&nbsp;&nbsp;&nbsp;7.99 | &nbsp;&nbsp;&nbsp;&nbsp;10.57 | &nbsp;&nbsp;&nbsp; (13.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.45 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $59.85 | &nbsp;&nbsp;&nbsp; $51.36 | &nbsp;&nbsp;&nbsp; $44.76 | &nbsp;&nbsp;&nbsp; $35.23 | &nbsp;&nbsp;&nbsp; $50.86 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 19.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.02 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.09 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (27.98 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.72 %<sup>(b)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 2.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64 %<sup>(b)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $7876328 | &nbsp;&nbsp;&nbsp; $7893590 | &nbsp;&nbsp;&nbsp; $7775037 | &nbsp;&nbsp;&nbsp; $4787972 | &nbsp;&nbsp;&nbsp; $8243943 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2024, <br> August 31, 2023, August 31, 2022 and August 31, 2021 respectively:<br> • Net investment income per share by $0.04, $0.02, $0.10 and $0.53.<br> • Total return by 0.08%, 0.05%, 0.22% and 1.07%.<br> • Ratio of net investment income to average net assets by 0.08%, 0.05%, 0.22% and 1.16%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2024, <br> August 31, 2023, August 31, 2022 and August 31, 2021 respectively:<br> • Net investment income per share by $0.04, $0.02, $0.10 and $0.53.<br> • Total return by 0.08%, 0.05%, 0.22% and 1.07%.<br> • Ratio of net investment income to average net assets by 0.08%, 0.05%, 0.22% and 1.16%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2024, <br> August 31, 2023, August 31, 2022 and August 31, 2021 respectively:<br> • Net investment income per share by $0.04, $0.02, $0.10 and $0.53.<br> • Total return by 0.08%, 0.05%, 0.22% and 1.07%.<br> • Ratio of net investment income to average net assets by 0.08%, 0.05%, 0.22% and 1.16%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2024, <br> August 31, 2023, August 31, 2022 and August 31, 2021 respectively:<br> • Net investment income per share by $0.04, $0.02, $0.10 and $0.53.<br> • Total return by 0.08%, 0.05%, 0.22% and 1.07%.<br> • Ratio of net investment income to average net assets by 0.08%, 0.05%, 0.22% and 1.16%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2024, <br> August 31, 2023, August 31, 2022 and August 31, 2021 respectively:<br> • Net investment income per share by $0.04, $0.02, $0.10 and $0.53.<br> • Total return by 0.08%, 0.05%, 0.22% and 1.07%.<br> • Ratio of net investment income to average net assets by 0.08%, 0.05%, 0.22% and 1.16%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2024, <br> August 31, 2023, August 31, 2022 and August 31, 2021 respectively:<br> • Net investment income per share by $0.04, $0.02, $0.10 and $0.53.<br> • Total return by 0.08%, 0.05%, 0.22% and 1.07%.<br> • Ratio of net investment income to average net assets by 0.08%, 0.05%, 0.22% and 1.16%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Germany ETF  | iShares MSCI Germany ETF  | iShares MSCI Germany ETF  | iShares MSCI Germany ETF  | iShares MSCI Germany ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $32.66 | &nbsp;&nbsp;&nbsp; $27.88 | &nbsp;&nbsp;&nbsp; $21.83 | &nbsp;&nbsp;&nbsp; $34.94 | &nbsp;&nbsp;&nbsp; $30.16 |
| Net investment income<sup>(a)</sup> | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 8.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp; (12.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.21 |
| Net increase (decrease) from investment operations | 9.86 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp;&nbsp;&nbsp;6.82 | &nbsp;&nbsp;&nbsp; (12.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.77 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $41.84 | &nbsp;&nbsp;&nbsp; $32.66 | &nbsp;&nbsp;&nbsp; $27.88 | &nbsp;&nbsp;&nbsp; $21.83 | &nbsp;&nbsp;&nbsp; $34.94 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 30.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.27<br> %<br>| &nbsp;&nbsp;&nbsp; (35.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.30<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 2.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $2510118 | &nbsp;&nbsp;&nbsp; $930676 | &nbsp;&nbsp;&nbsp; $1555839 | &nbsp;&nbsp;&nbsp; $1205118 | &nbsp;&nbsp;&nbsp; $2872398 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Spain ETF  | iShares MSCI Spain ETF  | iShares MSCI Spain ETF  | iShares MSCI Spain ETF  | iShares MSCI Spain ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $33.78 | &nbsp;&nbsp;&nbsp; $28.42 | &nbsp;&nbsp;&nbsp; $21.79 | &nbsp;&nbsp;&nbsp; $28.08 | &nbsp;&nbsp;&nbsp; $23.15 |
| Net investment income<sup>(a)</sup> | 1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 13.88 | &nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;6.41 | &nbsp;&nbsp;&nbsp; (6.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.00 |
| Net increase (decrease) from investment operations | 15.24 | &nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp; (5.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.84 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $47.72 | &nbsp;&nbsp;&nbsp; $33.78 | &nbsp;&nbsp;&nbsp; $28.42 | &nbsp;&nbsp;&nbsp; $21.79 | &nbsp;&nbsp;&nbsp; $28.08 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 46.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.16<br> %<br>| &nbsp;&nbsp;&nbsp; (19.89)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.25 %<sup>(b)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.10 %<sup>(b)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1359910 | &nbsp;&nbsp;&nbsp; $1048724 | &nbsp;&nbsp;&nbsp; $712043 | &nbsp;&nbsp;&nbsp; $415056 | &nbsp;&nbsp;&nbsp; $707646 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:<br> • Net investment income per share by $0.18.<br> • Total return by 0.63%.<br> • Ratio of net investment income to average net assets by 0.65%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:<br> • Net investment income per share by $0.18.<br> • Total return by 0.63%.<br> • Ratio of net investment income to average net assets by 0.65%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:<br> • Net investment income per share by $0.18.<br> • Total return by 0.63%.<br> • Ratio of net investment income to average net assets by 0.65%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:<br> • Net investment income per share by $0.18.<br> • Total return by 0.63%.<br> • Ratio of net investment income to average net assets by 0.65%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:<br> • Net investment income per share by $0.18.<br> • Total return by 0.63%.<br> • Ratio of net investment income to average net assets by 0.65%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:<br> • Net investment income per share by $0.18.<br> • Total return by 0.63%.<br> • Ratio of net investment income to average net assets by 0.65%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Switzerland ETF  | iShares MSCI Switzerland ETF  | iShares MSCI Switzerland ETF  | iShares MSCI Switzerland ETF  | iShares MSCI Switzerland ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $52.97 | &nbsp;&nbsp;&nbsp; $46.10 | &nbsp;&nbsp;&nbsp; $40.66 | &nbsp;&nbsp;&nbsp; $50.74 | &nbsp;&nbsp;&nbsp; $41.87 |
| Net investment income<sup>(a)</sup> | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 2.43 | &nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp; (9.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.06 |
| Net increase (decrease) from investment operations | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;7.89 | &nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp; (9.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.81 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $55.33 | &nbsp;&nbsp;&nbsp; $52.97 | &nbsp;&nbsp;&nbsp; $46.10 | &nbsp;&nbsp;&nbsp; $40.66 | &nbsp;&nbsp;&nbsp; $50.74 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 6.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.92<br> %<br>| &nbsp;&nbsp;&nbsp; (18.24)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.49<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1320936 | &nbsp;&nbsp;&nbsp; $1310943 | &nbsp;&nbsp;&nbsp; $1227303 | &nbsp;&nbsp;&nbsp; $1351808 | &nbsp;&nbsp;&nbsp; $1763380 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| MSCI Eurozone | &nbsp;&nbsp; Diversified |
| MSCI Germany | &nbsp;&nbsp; Non-diversified |
| MSCI Spain | &nbsp;&nbsp; Non-diversified |
| MSCI Switzerland | &nbsp;&nbsp; Non-diversified |

---

***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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**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 exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). 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 Statements 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:** Certain 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 Statements 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 "Foreign taxes withheld", 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 August 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

Certain 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 Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** 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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from 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.

**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.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that 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. The Board of Directors of the Company (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. 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 BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., 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 Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the 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 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. SECURITIES AND OTHER INVESTMENTS***

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI Eurozone |  |  |  |  |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; $14387969 | &nbsp;&nbsp;&nbsp; $(14387969) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| TD Securities (USA) LLC | &nbsp;&nbsp; 681777 | &nbsp;&nbsp;&nbsp; (681777) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $15069746 | &nbsp;&nbsp;&nbsp; $(15069746) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Germany |  |  |  |  |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; $2038376 | &nbsp;&nbsp;&nbsp; $(2038376) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Morgan Stanley | &nbsp;&nbsp; 625241 | &nbsp;&nbsp;&nbsp; (625241) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2663617 | &nbsp;&nbsp;&nbsp; $(2663617) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Switzerland |  |  |  |  |
| Morgan Stanley | &nbsp;&nbsp; $27303 | &nbsp;&nbsp;&nbsp; $(27303) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5. 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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Equity swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Fund will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a spread.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund's assets. BFA is a 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 directors).

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

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $7 billion | 0.59% |
| Over $7 billion, up to and including $11 billion | 0.54 |
| Over $11 billion, up to and including $24 billion | 0.49 |
| Over $24 billion, up to and including $48 billion | 0.44 |
| Over $48 billion, up to and including $72 billion | 0.40 |
| Over $72 billion, up to and including $96 billion | 0.36 |
| Over $96 billion | 0.32 |

---

**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.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Eurozone | &nbsp;&nbsp; $23983 |
| MSCI Germany | &nbsp;&nbsp; 13628 |
| MSCI Spain | &nbsp;&nbsp; 2363 |
| MSCI Switzerland | &nbsp;&nbsp; 1118 |

---

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

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

For the year ended August 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI Eurozone | &nbsp;&nbsp; $53821818 | &nbsp;&nbsp;&nbsp; $62932640 | &nbsp;&nbsp;&nbsp; $(44091693) |
| MSCI Germany | &nbsp;&nbsp; 10829299 | &nbsp;&nbsp;&nbsp; 8914895 | &nbsp;&nbsp;&nbsp; (8382367) |
| MSCI Spain | &nbsp;&nbsp; 64190067 | &nbsp;&nbsp;&nbsp; 48189022 | &nbsp;&nbsp;&nbsp; 687280 |
| MSCI Switzerland | &nbsp;&nbsp; 50052213 | &nbsp;&nbsp;&nbsp; 48660103 | &nbsp;&nbsp;&nbsp; (11118075) |

---

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 Statements 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.

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Eurozone | &nbsp;&nbsp; $422530588 | &nbsp;&nbsp;&nbsp; $269385705 |
| MSCI Germany | &nbsp;&nbsp; 77092866 | &nbsp;&nbsp;&nbsp; 38027118 |
| MSCI Spain | &nbsp;&nbsp; 303035460 | &nbsp;&nbsp;&nbsp; 311247126 |
| MSCI Switzerland | &nbsp;&nbsp; 114805179 | &nbsp;&nbsp;&nbsp; 103426144 |

---

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Eurozone | &nbsp;&nbsp; $1550278325 | &nbsp;&nbsp;&nbsp; $2933891280 |
| MSCI Germany | &nbsp;&nbsp; 1847826592 | &nbsp;&nbsp;&nbsp; 653078913 |
| MSCI Spain | &nbsp;&nbsp; 287425887 | &nbsp;&nbsp;&nbsp; 347781015 |
| MSCI Switzerland | &nbsp;&nbsp; 275917740 | &nbsp;&nbsp;&nbsp; 327558376 |

---

***8. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Company's other funds for federal income tax purposes. It is 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 of 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 August 31, 2025, 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' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| MSCI Eurozone | &nbsp;&nbsp; $782560789 | &nbsp;&nbsp;&nbsp; $(782560789) |
| MSCI Germany | &nbsp;&nbsp; 146933411 | &nbsp;&nbsp;&nbsp; (146933411) |
| MSCI Spain | &nbsp;&nbsp; 88498732 | &nbsp;&nbsp;&nbsp; (88498732) |
| MSCI Switzerland | &nbsp;&nbsp; 68218222 | &nbsp;&nbsp;&nbsp; (68218222) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| MSCI Eurozone |  |  |
| Ordinary income | &nbsp;&nbsp; $208470395 | &nbsp;&nbsp;&nbsp; $210250506 |
| MSCI Germany |  |  |
| Ordinary income | &nbsp;&nbsp; $45446108 | &nbsp;&nbsp;&nbsp; $22808366 |
| MSCI Spain |  |  |
| Ordinary income | &nbsp;&nbsp; $36408251 | &nbsp;&nbsp;&nbsp; $29788984 |
| MSCI Switzerland |  |  |
| Ordinary income | &nbsp;&nbsp; $24431240 | &nbsp;&nbsp;&nbsp; $24285340 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| MSCI Eurozone | &nbsp;&nbsp; $15313050 | &nbsp;&nbsp;&nbsp; $(1171165263) | &nbsp;&nbsp;&nbsp; $699855109 | &nbsp;&nbsp;&nbsp; $(455997104) |
| MSCI Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (475072714) | &nbsp;&nbsp;&nbsp; (15525344) | &nbsp;&nbsp;&nbsp; (490598058) |
| MSCI Spain | &nbsp;&nbsp; 13688892 | &nbsp;&nbsp;&nbsp; (442505239) | &nbsp;&nbsp;&nbsp; 364895995 | &nbsp;&nbsp;&nbsp; (63920352) |
| MSCI Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (146038820) | &nbsp;&nbsp;&nbsp; 165053802 | &nbsp;&nbsp;&nbsp; 19014982 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain futures contracts, the accounting for swap agreements, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

As of August 31, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI Eurozone | &nbsp;&nbsp; $7181175723 | &nbsp;&nbsp;&nbsp; $1617338839 | &nbsp;&nbsp;&nbsp; $(917890427) | &nbsp;&nbsp;&nbsp; $699448412 |
| MSCI Germany | &nbsp;&nbsp; 2526875380 | &nbsp;&nbsp;&nbsp; 250657963 | &nbsp;&nbsp;&nbsp; (266160396) | &nbsp;&nbsp;&nbsp; (15502433) |
| MSCI Spain | &nbsp;&nbsp; 988702002 | &nbsp;&nbsp;&nbsp; 380226287 | &nbsp;&nbsp;&nbsp; (15338124) | &nbsp;&nbsp;&nbsp; 364888163 |
| MSCI Switzerland | &nbsp;&nbsp; 1133041109 | &nbsp;&nbsp;&nbsp; 245412356 | &nbsp;&nbsp;&nbsp; (82963217) | &nbsp;&nbsp;&nbsp; 162449139 |

---

***9. LINE OF CREDIT***

The iShares MSCI Germany ETF, iShares MSCI Spain ETF and iShares MSCI Switzerland ETF, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

During the year ended August 31, 2025, the Funds did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each 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, tariffs 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 an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**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 each 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. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**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 BFA 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 Statements 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.

**Geographic/Asset Class 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 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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. 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. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds' investments.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect**,** the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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.

Certain Funds invest a significant portion of their assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in capital requirements and recent or future regulation on any individual financial company, or on the financials sector as a whole, cannot be predicted, but may negatively impact the Funds.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Eurozone |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 32500000 | &nbsp;&nbsp;&nbsp; $1742884360 | &nbsp;&nbsp;&nbsp; 13100000 | &nbsp;&nbsp;&nbsp; $631755608 |
| Shares redeemed | &nbsp;&nbsp; (54600000)<br>| &nbsp;&nbsp;&nbsp; (2966110805)<br>| &nbsp;&nbsp;&nbsp; (33100000)<br>| &nbsp;&nbsp;&nbsp; (1400031365)<br>|
|  | &nbsp;&nbsp; (22100000)<br>| &nbsp;&nbsp;&nbsp; $(1223226445)<br>| &nbsp;&nbsp;&nbsp; (20000000)<br>| &nbsp;&nbsp;&nbsp; $(768275757)<br>|
| MSCI Germany |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 48900000 | &nbsp;&nbsp;&nbsp; $1892076866 | &nbsp;&nbsp;&nbsp; 10500000 | &nbsp;&nbsp;&nbsp; $300456071 |
| Shares redeemed | &nbsp;&nbsp; (17400000)<br>| &nbsp;&nbsp;&nbsp; (654657209)<br>| &nbsp;&nbsp;&nbsp; (37800000)<br>| &nbsp;&nbsp;&nbsp; (1043787779)<br>|
|  | &nbsp;&nbsp; 31500000 | &nbsp;&nbsp;&nbsp; $1237419657 | &nbsp;&nbsp;&nbsp; (27300000)<br>| &nbsp;&nbsp;&nbsp; $(743331708)<br>|
| MSCI Spain |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 8025000 | &nbsp;&nbsp;&nbsp; $316753453 | &nbsp;&nbsp;&nbsp; 10500000 | &nbsp;&nbsp;&nbsp; $314280993 |
| Shares redeemed | &nbsp;&nbsp; (10575000)<br>| &nbsp;&nbsp;&nbsp; (376703799)<br>| &nbsp;&nbsp;&nbsp; (4500000)<br>| &nbsp;&nbsp;&nbsp; (135904555)<br>|
|  | &nbsp;&nbsp; (2550000)<br>| &nbsp;&nbsp;&nbsp; $(59950346)<br>| &nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; $178376438 |
| MSCI Switzerland |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 5875000 | &nbsp;&nbsp;&nbsp; $304432493 | &nbsp;&nbsp;&nbsp; 5625000 | &nbsp;&nbsp;&nbsp; $262215777 |
| Shares redeemed | &nbsp;&nbsp; (6750000)<br>| &nbsp;&nbsp;&nbsp; (338025664)<br>| &nbsp;&nbsp;&nbsp; (7500000)<br>| &nbsp;&nbsp;&nbsp; (349081045)<br>|
|  | &nbsp;&nbsp; (875000)<br>| &nbsp;&nbsp;&nbsp; $(33593171)<br>| &nbsp;&nbsp;&nbsp; (1875000)<br>| &nbsp;&nbsp;&nbsp; $(86865268)<br>|

---

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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 Company's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants 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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***12. FOREIGN WITHHOLDING TAX CLAIMS***

Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of August 31 2025 and have not been recorded in the applicable Fund's net asset value. The recognition by the Fund of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares MSCI Eurozone ETF and iShares MSCI Spain ETF is able to pass through to its shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

During the year, the iShares MSCI Eurozone ETF filed a closing agreement with the IRS related to the recovery of foreign taxes received in fiscal years 2021 and 2022, and the related tax compliance fee, including interest, was paid to the IRS.

***13. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of iShares, Inc. and Shareholders of each of the four funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares MSCI Eurozone ETF |
| iShares MSCI Germany ETF |
| iShares MSCI Spain ETF |
| iShares MSCI Switzerland ETF |

---

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

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

2025 iShares Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI Eurozone | &nbsp;&nbsp; $260335960 |
| MSCI Germany | &nbsp;&nbsp; 56615558 |
| MSCI Spain | &nbsp;&nbsp; 48373584 |
| MSCI Switzerland | &nbsp;&nbsp; 34235719 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| MSCI Eurozone | &nbsp;&nbsp; $263951204 | &nbsp;&nbsp;&nbsp;&nbsp; $20331801 |
| MSCI Germany | &nbsp;&nbsp; 56823302 | &nbsp;&nbsp;&nbsp;&nbsp; 7623417 |
| MSCI Spain | &nbsp;&nbsp; 48501642 | &nbsp;&nbsp;&nbsp;&nbsp; 5901390 |
| MSCI Switzerland | &nbsp;&nbsp; 34262805 | &nbsp;&nbsp;&nbsp;&nbsp; 5868709 |

---

Important Tax Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Regulation under the Alternative Investment Fund Managers Directive**

The Alternative Investment Fund Managers Directive, and its United Kingdom ("UK") equivalent, (the "AIFMD") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI Germany ETF (the "Fund") to be marketed to investors in the EU and/or UK.

**Report on Remuneration**

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Remuneration information at an individual Fund level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Fund is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals' portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares MSCI Germany ETF (the "Fund") is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

The Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, the Fund's investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts ("PAIs") on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

**Electronic Delivery**

Shareholders can sign up for e-mail 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

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, when available, at **iShares.com**.

Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares MSCI Eurozone ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Germany ETF, iShares MSCI Spain ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Switzerland ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

2025 iShares Annual Financial Statements and Additional Information

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Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D ESTR | EUR - 1D Euro Short Term Rate |
| NVS | Non-Voting Shares |

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Glossary of Terms Used in this Report

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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.©2025 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.

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August 31, 2025

![](g19235img28d1427b1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| **iShares, Inc.** |
| • iShares MSCI Brazil ETF \| EWZ \| NYSE Arca |
| • iShares MSCI Chile ETF \| ECH \| Cboe BZX Exchange |
| • iShares MSCI Israel ETF \| EIS \| NYSE Arca |
| • iShares MSCI South Africa ETF \| EZA \| NYSE Arca |

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_67601a50-2290-46f0-8250-3f5696b23baf_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_67601a50-2290-46f0-8250-3f5696b23baf_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 14 |
| [Statements of Operations](#xx_67601a50-2290-46f0-8250-3f5696b23baf_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 15 |
| [Statements of Changes in Net Assets](#xx_67601a50-2290-46f0-8250-3f5696b23baf_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 16 |
| [Financial Highlights](#xx_67601a50-2290-46f0-8250-3f5696b23baf_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 18 |
| [Notes to Financial Statements](#xx_67601a50-2290-46f0-8250-3f5696b23baf_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 22 |
| [Report of Independent Registered Public Accounting Firm](#xx_67601a50-2290-46f0-8250-3f5696b23baf_opinion-Footer-iSharesReport-64_1)  | &nbsp;&nbsp; 31 |
| [Important Tax Information](#xx_67601a50-2290-46f0-8250-3f5696b23baf_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 32 |
| [Additional Information](#xx_67601a50-2290-46f0-8250-3f5696b23baf_SAI-Footer-iSharesReport-64_1)  | &nbsp;&nbsp; 33 |
| [Board Review and Approval of Investment Advisory Contract](#xx_67601a50-2290-46f0-8250-3f5696b23baf_15Cheader-Footer-iSharesReport-64_1)  | &nbsp;&nbsp; 35 |
| [Glossary of Terms Used in these Financial Statements](#xx_67601a50-2290-46f0-8250-3f5696b23baf_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 42 |

---

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Brazil ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
| Embraer SA | &nbsp;&nbsp; 9860131 | $138576682 |
| **Banks — 14.2%** | **Banks — 14.2%** | **Banks — 14.2%** |
| Banco Bradesco SA | &nbsp;&nbsp; 14299124 | 38082822 |
| Banco do Brasil SA | &nbsp;&nbsp; 24095420 | 95059995 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 43173516 | 638968037 |
|  |  | 772110854 |
| **Beverages — 2.8%** | **Beverages — 2.8%** | **Beverages — 2.8%** |
| Ambev SA | &nbsp;&nbsp; 65880620 | 150064214 |
| **Capital Markets — 7.5%** | **Capital Markets — 7.5%** | **Capital Markets — 7.5%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 73034352 | 174845466 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 16589319 | 137258841 |
| XP Inc., Class A | &nbsp;&nbsp; 5177463 | 93919179 |
|  |  | 406023486 |
| **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |
| Raia Drogasil SA | &nbsp;&nbsp; 18717583 | 60586992 |
| **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** |
| Klabin SA | &nbsp;&nbsp; 12331110 | 42097964 |
| **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** |
| Telefonica Brasil SA | &nbsp;&nbsp; 11973811 | 74799742 |
| **Electric Utilities — 5.9%** | **Electric Utilities — 5.9%** | **Electric Utilities — 5.9%** |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 17048420 | 141560513 |
| CPFL Energia SA | &nbsp;&nbsp; 3835972 | 27854370 |
| Energisa SA | &nbsp;&nbsp; 4358754 | 39239518 |
| Equatorial Energia SA | &nbsp;&nbsp; 16878749 | 113845985 |
|  |  | 322500386 |
| **Electrical Equipment — 3.0%** | **Electrical Equipment — 3.0%** | **Electrical Equipment — 3.0%** |
| WEG SA | &nbsp;&nbsp; 23177335 | 160989042 |
| **Food Products — 2.2%** | **Food Products — 2.2%** | **Food Products — 2.2%** |
| BRF SA | &nbsp;&nbsp; 8130029 | 30934551 |
| JBS NV<sup>(a)</sup> | &nbsp;&nbsp; 5373418 | 87103106 |
|  |  | 118037657 |
| **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** | **Ground Transportation — 2.5%** |
| Localiza Rent a Car SA | &nbsp;&nbsp; 13142903 | 86878398 |
| Rumo SA | &nbsp;&nbsp; 18863813 | 50622662 |
|  |  | 137501060 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Rede D'Or Sao Luiz SA<sup>(c)</sup> | &nbsp;&nbsp; 11639556 | 84497528 |
| **Independent Power and Renewable Electricity Producers — 0.9%** | **Independent Power and Renewable Electricity Producers — 0.9%** | **Independent Power and Renewable Electricity Producers — 0.9%** |
| Eneva SA<sup>(a)</sup> | &nbsp;&nbsp; 7770671 | 21655863 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 3431189 | 25275817 |
|  |  | 46931680 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 10092024 | 61089891 |
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 9736585 | 25320850 |
| Porto Seguro SA | &nbsp;&nbsp; 2032901 | 19403456 |
|  |  | 105814197 |
| **Metals & Mining — 8.7%** | **Metals & Mining — 8.7%** | **Metals & Mining — 8.7%** |
| Vale SA | &nbsp;&nbsp; 46029820 | 471687118 |
| **Oil, Gas & Consumable Fuels — 7.7%** | **Oil, Gas & Consumable Fuels — 7.7%** | **Oil, Gas & Consumable Fuels — 7.7%** |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 47729373 | 297106401 |
| PRIO SA<sup>(a)</sup> | &nbsp;&nbsp; 11547015 | 80652445 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 11249175 | 40790280 |
|  |  | 418549126 |
| **Paper & Forest Products — 1.8%** | **Paper & Forest Products — 1.8%** | **Paper & Forest Products — 1.8%** |
| Suzano SA | &nbsp;&nbsp; 9953219 | 96285647 |
| **Software — 1.2%** | **Software — 1.2%** | **Software — 1.2%** |
| TOTVS SA | &nbsp;&nbsp; 8006520 | 63646359 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** |
| Vibra Energia SA | &nbsp;&nbsp; 14973328 | $66390403 |
| **Transportation Infrastructure — 0.8%** | **Transportation Infrastructure — 0.8%** | **Transportation Infrastructure — 0.8%** |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 15735075 | 41791101 |
| **Water Utilities — 2.8%** | **Water Utilities — 2.8%** | **Water Utilities — 2.8%** |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 6706709 | 151517431 |
| **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** |
| TIM SA/Brazil | &nbsp;&nbsp; 12878488 | 54037939 |
| **Total Common Stocks — 73.5%** <br>**(Cost: $2,885,502,599)** | **Total Common Stocks — 73.5%** <br>**(Cost: $2,885,502,599)** | 3984436608 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Banks — 15.2%** | **Banks — 15.2%** | **Banks — 15.2%** |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 65067353 | 201975996 |
| Itau Unibanco Holding SA, Preference Shares, NVS | &nbsp;&nbsp; 68462528 | 486019108 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 66106922 | 136801952 |
|  |  | 824797056 |
| **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** |
| Centrais Eletricas Brasileiras SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 3808849 | 33523294 |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 26003151 | 53283475 |
| Cia Paranaense de Energia - Copel, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 17165964 | 38056178 |
|  |  | 124862947 |
| **Metals & Mining — 1.1%** | **Metals & Mining — 1.1%** | **Metals & Mining — 1.1%** |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 19682027 | 60477986 |
| **Oil, Gas & Consumable Fuels — 6.1%** | **Oil, Gas & Consumable Fuels — 6.1%** | **Oil, Gas & Consumable Fuels — 6.1%** |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 57762384 | 331327894 |
| **Total Preferred Stocks — 24.7%** <br>**(Cost: $868,670,665)** | **Total Preferred Stocks — 24.7%** <br>**(Cost: $868,670,665)** | 1341465883 |
| **Total Long-Term Investments — 98.2%** <br>**(Cost: $3,754,173,264)** | **Total Long-Term Investments — 98.2%** <br>**(Cost: $3,754,173,264)** | 5325902491 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 4630074 | 4632389 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 19060000 | 19060000 |
| **Total Short-Term Securities — 0.4%** <br>**(Cost: $23,692,389)** | **Total Short-Term Securities — 0.4%** <br>**(Cost: $23,692,389)** | 23692389 |
| **Total Investments — 98.6%** <br>**(Cost: $3,777,865,653)** | **Total Investments — 98.6%** <br>**(Cost: $3,777,865,653)** | 5349594880 |
| **Other Assets Less Liabilities — 1.4%** | **Other Assets Less Liabilities — 1.4%** | 76494155 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $5426089035 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> 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 registration to qualified institutional investors. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Brazil ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $—<br> $4643820 <br><sup>(a)</sup><br>| $— | $(11431)<br>| $— | $4632389 | 4630074 | $44898 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 15410000<br> 3650000 <br><sup>(a)</sup><br>|  |  |  | 19060000 | 19060000 | 521333 |  |
|  |  |  | $(11431) | $— | $23692389 |  | $566231 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Bclear MSCI Brazil Index | 1640 | 09/19/25 | &nbsp;&nbsp; $97350 | $3734324 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3734324 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3734324 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $792896 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $792896 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(399474)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(399474)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $61062885 |

---

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

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Brazil ETF**

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $3984436608 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3984436608 |
| Preferred Stocks | &nbsp;&nbsp; 1341465883 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1341465883 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 23692389 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23692389 |
|  | &nbsp;&nbsp; $5349594880 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5349594880 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $3734324 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3734324 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Chile ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 23.1%** | **Banks — 23.1%** | **Banks — 23.1%** |
| Banco de Chile | &nbsp;&nbsp; 578500208 | $82894190 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 739636 | 29912402 |
| Banco Itau Chile SA | &nbsp;&nbsp; 1293925 | 18469922 |
| Banco Santander Chile | &nbsp;&nbsp; 512289345 | 30784836 |
|  |  | 162061350 |
| **Beverages — 3.9%** | **Beverages — 3.9%** | **Beverages — 3.9%** |
| Cia Cervecerias Unidas SA | &nbsp;&nbsp; 2404609 | 14880203 |
| Vina Concha y Toro SA | &nbsp;&nbsp; 10876227 | 12576664 |
|  |  | 27456867 |
| **Broadline Retail — 6.1%** | **Broadline Retail — 6.1%** | **Broadline Retail — 6.1%** |
| Falabella SA | &nbsp;&nbsp; 5458433 | 31067971 |
| Ripley Corp. SA | &nbsp;&nbsp; 23782572 | 11364391 |
|  |  | 42432362 |
| **Consumer Staples Distribution & Retail — 9.0%** | **Consumer Staples Distribution & Retail — 9.0%** | **Consumer Staples Distribution & Retail — 9.0%** |
| Cencosud SA | &nbsp;&nbsp; 16232489 | 51440489 |
| SMU SA | &nbsp;&nbsp; 67420774 | 11523399 |
|  |  | 62963888 |
| **Electric Utilities — 6.2%** | **Electric Utilities — 6.2%** | **Electric Utilities — 6.2%** |
| Enel Americas SA | &nbsp;&nbsp; 168628815 | 17528439 |
| Enel Chile SA | &nbsp;&nbsp; 196612934 | 13787552 |
| Engie Energia Chile SA | &nbsp;&nbsp; 9766340 | 12243785 |
|  |  | 43559776 |
| **Financial Services — 1.5%** | **Financial Services — 1.5%** | **Financial Services — 1.5%** |
| Inversiones La Construccion SA | &nbsp;&nbsp; 826306 | 10860842 |
| **Independent Power and Renewable Electricity Producers — 2.8%** | **Independent Power and Renewable Electricity Producers — 2.8%** | **Independent Power and Renewable Electricity Producers — 2.8%** |
| Colbun SA | &nbsp;&nbsp; 131804594 | 19832581 |
| **Marine Transportation — 1.4%** | **Marine Transportation — 1.4%** | **Marine Transportation — 1.4%** |
| Cia. Sud Americana de Vapores SA | &nbsp;&nbsp; 200015443 | 10010702 |
| **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** |
| CAP SA<sup>(a)</sup> | &nbsp;&nbsp; 1813635 | 9750605 |
| **Paper & Forest Products — 3.9%** | **Paper & Forest Products — 3.9%** | **Paper & Forest Products — 3.9%** |
| Empresas CMPC SA | &nbsp;&nbsp; 17410056 | 27298876 |
| **Passenger Airlines — 11.8%** | **Passenger Airlines — 11.8%** | **Passenger Airlines — 11.8%** |
| Latam Airlines Group SA | &nbsp;&nbsp; 3280465175 | 82585042 |
| **Real Estate Management & Development — 3.5%** | **Real Estate Management & Development — 3.5%** | **Real Estate Management & Development — 3.5%** |
| Parque Arauco SA | &nbsp;&nbsp; 10725392 | 24737934 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Specialty Retail — 4.7%** | **Specialty Retail — 4.7%** | **Specialty Retail — 4.7%** |
| Empresas Copec SA | &nbsp;&nbsp; 4382267 | $32634482 |
| **Water Utilities — 3.8%** | **Water Utilities — 3.8%** | **Water Utilities — 3.8%** |
| Aguas Andinas SA, Class A | &nbsp;&nbsp; 46802739 | 16555518 |
| Inversiones Aguas Metropolitanas SA | &nbsp;&nbsp; 11058121 | 9778964 |
|  |  | 26334482 |
| **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** |
| Empresa Nacional de Telecomunicaciones SA | &nbsp;&nbsp; 3340007 | 11579686 |
| **Total Common Stocks — 84.8%** <br>**(Cost: $451,733,427)** | **Total Common Stocks — 84.8%** <br>**(Cost: $451,733,427)** | 594099475 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Beverages — 3.3%** | **Beverages — 3.3%** | **Beverages — 3.3%** |
| Embotelladora Andina SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 5970559 | 23651525 |
| **Chemicals — 11.8%** | **Chemicals — 11.8%** | **Chemicals — 11.8%** |
| Sociedad Quimica y Minera de Chile SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 1811858 | 82634023 |
| **Total Preferred Stocks — 15.1%** <br>**(Cost: $86,524,168)** | **Total Preferred Stocks — 15.1%** <br>**(Cost: $86,524,168)** | 106285548 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $538,257,595)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $538,257,595)** | 700385023 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 710000 | 710000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $710,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $710,000)** | 710000 |
| **Total Investments — 100.0%** <br>**(Cost: $538,967,595)** | **Total Investments — 100.0%** <br>**(Cost: $538,967,595)** | 701095023 |
| **Liabilities in Excess of Other Assets — (0.0)%** | **Liabilities in Excess of Other Assets — (0.0)%** | (234699)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $700860324 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Affiliate of the Fund. <br> <sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $1090000 | $—<br> $(380000 )<sup>(a)</sup><br>| $— | $— | $710000 | 710000 | $47601 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Chile ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 5 | 09/19/25 | &nbsp;&nbsp; $316 | $15496 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15496 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15496 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $137913 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $137913 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25595 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25595 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $554818 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $594099475 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $594099475 |
| Preferred Stocks | &nbsp;&nbsp; 106285548 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 106285548 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 710000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 710000 |
|  | &nbsp;&nbsp; $701095023 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $701095023 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Chile ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $15496 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15496 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Israel ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 4.7%** | **Aerospace & Defense — 4.7%** | **Aerospace & Defense — 4.7%** |
| Bet Shemesh Engines Holdings 1997 Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9205 | $1726654 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 35146 | 17096658 |
|  |  | 18823312 |
| **Banks — 25.3%** | **Banks — 25.3%** | **Banks — 25.3%** |
| Bank Hapoalim BM | &nbsp;&nbsp; 1580263 | 30884357 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 1888316 | 36287860 |
| FIBI Holdings Ltd. | &nbsp;&nbsp; 22407 | 1698450 |
| First International Bank Of Israel Ltd. (The) | &nbsp;&nbsp; 69757 | 4946218 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 1549626 | 15351579 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 197157 | 12875706 |
|  |  | 102044170 |
| **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** |
| Global-e Online Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 139225 | 4658469 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| Inrom Construction Industries Ltd. | &nbsp;&nbsp; 131291 | 804496 |
| **Capital Markets — 1.1%** | **Capital Markets — 1.1%** | **Capital Markets — 1.1%** |
| Etoro Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17907 | 795071 |
| Meitav Investment House Ltd. | &nbsp;&nbsp; 44780 | 1262542 |
| Tel Aviv Stock Exchange Ltd. | &nbsp;&nbsp; 109578 | 2543518 |
|  |  | 4601131 |
| **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
| ICL Group Ltd. | &nbsp;&nbsp; 978967 | 6363465 |
| Israel Corp Ltd. | &nbsp;&nbsp; 4786 | 1550065 |
| Turpaz Industries Ltd. | &nbsp;&nbsp; 57419 | 858168 |
|  |  | 8771698 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| Ituran Location and Control Ltd. | &nbsp;&nbsp; 20117 | 678345 |
| **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** |
| Ashtrom Group Ltd. | &nbsp;&nbsp; 63446 | 1294969 |
| Elco Ltd. | &nbsp;&nbsp; 13618 | 726984 |
| Electra Ltd./Israel | &nbsp;&nbsp; 2662 | 1588473 |
| Kvutzat Acro Ltd. | &nbsp;&nbsp; 35871 | 492203 |
| Shapir Engineering and Industry Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 203443 | 1608118 |
| Shikun & Binui Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 415750 | 1840416 |
|  |  | 7551163 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| Isracard Ltd. | &nbsp;&nbsp; 247141 | 994986 |
| **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** |
| M Yochananof & Sons Ltd. | &nbsp;&nbsp; 6384 | 557986 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | &nbsp;&nbsp; 11319 | 1030942 |
| Shufersal Ltd. | &nbsp;&nbsp; 252758 | 3138934 |
|  |  | 4727862 |
| **Diversified REITs — 0.7%** | **Diversified REITs — 0.7%** | **Diversified REITs — 0.7%** |
| Reit 1 Ltd. | &nbsp;&nbsp; 246577 | 1790144 |
| Sella Capital Real Estate Ltd. | &nbsp;&nbsp; 301132 | 925576 |
|  |  | 2715720 |
| **Diversified Telecommunication Services — 1.3%** | **Diversified Telecommunication Services — 1.3%** | **Diversified Telecommunication Services — 1.3%** |
| Bezeq The Israeli Telecommunication Corp. Ltd. | &nbsp;&nbsp; 2802737 | 5153754 |
| **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** |
| Nayax Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18509 | 920408 |
| Next Vision Stabilized Systems Ltd. | &nbsp;&nbsp; 82316 | 3425565 |
|  |  | 4345973 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| Strauss Group Ltd. | &nbsp;&nbsp; 73724 | 1941376 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| Inmode Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 67922 | 1014755 |
| **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** |
| Fattal Holdings 1998 Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9373 | 1527678 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| Azorim-Investment Development & Construction Co. <br> Ltd.<sup>(b)</sup><br>| &nbsp;&nbsp; 93422 | $562922 |
| Danya Cebus Ltd. | &nbsp;&nbsp; 13969 | 544862 |
| Electra Consumer Products 1970 Ltd. | &nbsp;&nbsp; 16116 | 569120 |
|  |  | 1676904 |
| **Independent Power and Renewable Electricity Producers — 2.6%** | **Independent Power and Renewable Electricity Producers — 2.6%** | **Independent Power and Renewable Electricity Producers — 2.6%** |
| Energix-Renewable Energies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 348080 | 1347440 |
| Enlight Renewable Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 151635 | 4297593 |
| Kenon Holdings Ltd./Singapore | &nbsp;&nbsp; 23073 | 1088066 |
| OPC Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 175224 | 2768511 |
| OY Nofar Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33696 | 1066125 |
|  |  | 10567735 |
| **Insurance — 6.2%** | **Insurance — 6.2%** | **Insurance — 6.2%** |
| Clal Insurance Enterprises Holdings Ltd. | &nbsp;&nbsp; 90635 | 4650594 |
| Harel Insurance Investments & Financial Services Ltd. | &nbsp;&nbsp; 143293 | 4770892 |
| Menora Mivtachim Holdings Ltd. | &nbsp;&nbsp; 27595 | 2675117 |
| Migdal Insurance & Financial Holdings Ltd. | &nbsp;&nbsp; 735032 | 2647723 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 285648 | 10100640 |
|  |  | 24844966 |
| **IT Services — 3.6%** | **IT Services — 3.6%** | **IT Services — 3.6%** |
| Formula Systems 1985 Ltd. | &nbsp;&nbsp; 12598 | 1608484 |
| Matrix IT Ltd. | &nbsp;&nbsp; 44238 | 1556670 |
| One Software Technologies Ltd. | &nbsp;&nbsp; 58878 | 1437106 |
| Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 70372 | 9928082 |
|  |  | 14530342 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Kornit Digital Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 57302 | 856092 |
| **Marine Transportation — 0.5%** | **Marine Transportation — 0.5%** | **Marine Transportation — 0.5%** |
| ZIM Integrated Shipping Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 152279 | 2072517 |
| **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** |
| Delek Group Ltd. | &nbsp;&nbsp; 11560 | 2550632 |
| Equital Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 29853 | 1311551 |
| Oil Refineries Ltd. | &nbsp;&nbsp; 2744934 | 680277 |
| Paz Retail & Energy Ltd. | &nbsp;&nbsp; 11522 | 2173374 |
| Tamar Petroleum Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 50146 | 626384 |
|  |  | 7342218 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| El Al Israel Airlines<sup>(a)</sup> | &nbsp;&nbsp; 379815 | 1517790 |
| **Personal Care Products — 0.8%** | **Personal Care Products — 0.8%** | **Personal Care Products — 0.8%** |
| Oddity Tech Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 50738 | 3054935 |
| **Pharmaceuticals — 6.6%** | **Pharmaceuticals — 6.6%** | **Pharmaceuticals — 6.6%** |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 1449967 | 26650393 |
| **Professional Services — 0.8%** | **Professional Services — 0.8%** | **Professional Services — 0.8%** |
| Danel Adir Yeoshua Ltd. | &nbsp;&nbsp; 6312 | 895008 |
| Fiverr International Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 38967 | 917673 |
| Hilan Ltd. | &nbsp;&nbsp; 20304 | 1607493 |
|  |  | 3420174 |
| **Real Estate Management & Development — 7.5%** | **Real Estate Management & Development — 7.5%** | **Real Estate Management & Development — 7.5%** |
| AFI Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 0 | 37 |
| Africa Israel Residences Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7974 | 574501 |
| Airport City Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 73681 | 1338691 |
| Alony Hetz Properties & Investments Ltd. | &nbsp;&nbsp; 190287 | 2162399 |
| Amot Investments Ltd. | &nbsp;&nbsp; 311737 | 2227099 |
| Aura Investments Ltd. | &nbsp;&nbsp; 195630 | 1210451 |
| Azrieli Group Ltd. | &nbsp;&nbsp; 53651 | 5142590 |
| Big Shopping Centers Ltd. | &nbsp;&nbsp; 18742 | 3678949 |
| Blue Square Real Estate Ltd. | &nbsp;&nbsp; 6981 | 789146 |
| Electra Real Estate Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 41276 | 566602 |
| G City Ltd. | &nbsp;&nbsp; 134844 | 512577 |
| Gav-Yam Lands Corp. Ltd. | &nbsp;&nbsp; 0 | 1 |
| Israel Canada T.R Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 230072 | 990708 |
| Isras Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4832 | 559827 |
| Isras Investment Co. Ltd. | &nbsp;&nbsp; 1579 | 415080 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Israel ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| Mega Or Holdings Ltd. | &nbsp;&nbsp; 30115 | $1468258 |
| Melisron Ltd. | &nbsp;&nbsp; 30122 | 3529889 |
| Mivne Real Estate KD Ltd. | &nbsp;&nbsp; 731993 | 2681894 |
| Prashkovsky Investments and Construction Ltd. | &nbsp;&nbsp; 9153 | 365534 |
| Summit Real Estate Holdings Ltd. | &nbsp;&nbsp; 46738 | 907927 |
| YH Dimri Construction & Development Ltd. | &nbsp;&nbsp; 11786 | 1288233 |
|  |  | 30410393 |
| **Semiconductors & Semiconductor Equipment — 5.3%** | **Semiconductors & Semiconductor Equipment — 5.3%** | **Semiconductors & Semiconductor Equipment — 5.3%** |
| Camtek Ltd./Israel<sup>(a)</sup> | &nbsp;&nbsp; 37470 | 3212547 |
| Nova Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 37039 | 9843891 |
| Tower Semiconductor Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 141280 | 8447865 |
|  |  | 21504303 |
| **Software — 19.0%** | **Software — 19.0%** | **Software — 19.0%** |
| Cellebrite DI Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 136228 | 2234139 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 109597 | 21167565 |
| CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 60370 | 27363306 |
| Magic Software Enterprises Ltd. | &nbsp;&nbsp; 34137 | 703753 |
| Monday.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 51349 | 9910357 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 79957 | 11271164 |
| Radware Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 43168 | 1089560 |
| Riskified Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 109080 | 520312 |
| Sapiens International Corp. NV | &nbsp;&nbsp; 42389 | 1814839 |
| SimilarWeb Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 58685 | 609737 |
|  |  | 76684732 |
| **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** |
| Carasso Motors Ltd. | &nbsp;&nbsp; 40736 | 487308 |
| Delek Automotive Systems Ltd. | &nbsp;&nbsp; 61660 | 479776 |
| Fox Wizel Ltd. | &nbsp;&nbsp; 10503 | 983171 |
| Retailors Ltd. | &nbsp;&nbsp; 24358 | 449167 |
|  |  | 2399422 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| Delta Galil Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 14845 | 777009 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** |
| Cellcom Israel Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 148095 | $1342757 |
| Partner Communications Co. Ltd. | &nbsp;&nbsp; 188615 | 1768022 |
|  |  | 3110779 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $338,719,124)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $338,719,124)** | 401775592 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.3%** | **Money Market Funds — 1.3%** | **Money Market Funds — 1.3%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 5109367 | 5111922 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 240000 | 240000 |
| **Total Short-Term Securities — 1.3%** <br>**(Cost: $5,351,573)** | **Total Short-Term Securities — 1.3%** <br>**(Cost: $5,351,573)** | 5351922 |
| **Total Investments — 100.9%** <br>**(Cost: $344,070,697)** | **Total Investments — 100.9%** <br>**(Cost: $344,070,697)** | 407127514 |
| **Liabilities in Excess of Other Assets — (0.9)%** | **Liabilities in Excess of Other Assets — (0.9)%** | (3652231)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $403475283 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> 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 registration to qualified institutional investors. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $7497759 | $— | &nbsp;&nbsp; $(2383866 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(1347)<br>| $(624)<br>| $5111922 | 5109367 | $71824 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>|  | 240000 <br><sup>(a)</sup><br>|  |  |  | 240000 | 240000 | 5765 |  |
|  |  |  |  | $(1347) | $(624) | $5351922 |  | $77589 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Euro STOXX 50 Index | 22 | 09/19/25 | &nbsp;&nbsp; $1380 | $(16066) |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Israel ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16066 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16066 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45095 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45095 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(24637)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(24637)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1202583 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $121632005 | &nbsp;&nbsp; $280143587 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $401775592 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 5351922 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5351922 |
|  | &nbsp;&nbsp; $126983927 | &nbsp;&nbsp; $280143587 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $407127514 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(16066)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16066)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI South Africa ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 15.3%** | **Banks — 15.3%** | **Banks — 15.3%** |
| Absa Group Ltd. | &nbsp;&nbsp; 1262794 | $13521417 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 90382 | 18282056 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 713753 | 9147386 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 1636238 | 23020206 |
|  |  | 63971065 |
| **Broadline Retail — 16.3%** | **Broadline Retail — 16.3%** | **Broadline Retail — 16.3%** |
| Naspers Ltd., Class N | &nbsp;&nbsp; 206458 | 68114884 |
| **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |
| Reinet Investments SCA | &nbsp;&nbsp; 224480 | 6813935 |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| Sasol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 988927 | 6669738 |
| **Consumer Staples Distribution & Retail — 7.8%** | **Consumer Staples Distribution & Retail — 7.8%** | **Consumer Staples Distribution & Retail — 7.8%** |
| Bid Corp. Ltd. | &nbsp;&nbsp; 502235 | 13132705 |
| Clicks Group Ltd. | &nbsp;&nbsp; 376123 | 7955727 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 758858 | 11311028 |
|  |  | 32399460 |
| **Financial Services — 8.3%** | **Financial Services — 8.3%** | **Financial Services — 8.3%** |
| FirstRand Ltd. | &nbsp;&nbsp; 6375279 | 26871946 |
| Remgro Ltd. | &nbsp;&nbsp; 804248 | 7736735 |
|  |  | 34608681 |
| **Industrial Conglomerates — 1.7%** | **Industrial Conglomerates — 1.7%** | **Industrial Conglomerates — 1.7%** |
| Bidvest Group Ltd. (The) | &nbsp;&nbsp; 524204 | 7039905 |
| **Insurance — 8.7%** | **Insurance — 8.7%** | **Insurance — 8.7%** |
| Discovery Ltd. | &nbsp;&nbsp; 834542 | 10266191 |
| Old Mutual Ltd. | &nbsp;&nbsp; 7333970 | 5779035 |
| OUTsurance Group Ltd. | &nbsp;&nbsp; 1423924 | 6131591 |
| Sanlam Ltd. | &nbsp;&nbsp; 2679965 | 13855602 |
|  |  | 36032419 |
| **Metals & Mining — 28.9%** | **Metals & Mining — 28.9%** | **Metals & Mining — 28.9%** |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 637876 | 35896824 |
| Gold Fields Ltd. | &nbsp;&nbsp; 1125157 | 37453605 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 852248 | 11346729 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Impala Platinum Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1351596 | $12264537 |
| Sibanye Stillwater Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4384032 | 8339728 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 331156 | 15186193 |
|  |  | 120487616 |
| **Real Estate Management & Development — 1.9%** | **Real Estate Management & Development — 1.9%** | **Real Estate Management & Development — 1.9%** |
| NEPI Rockcastle NV | &nbsp;&nbsp; 964500 | 8010708 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| Pepkor Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5548215 | 7981848 |
| **Wireless Telecommunication Services — 5.8%** | **Wireless Telecommunication Services — 5.8%** | **Wireless Telecommunication Services — 5.8%** |
| MTN Group Ltd. | &nbsp;&nbsp; 1924993 | 16352753 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 986291 | 7949036 |
|  |  | 24301789 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $366,823,452)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $366,823,452)** | 416432048 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.0%** | **Money Market Funds — 0.0%** | **Money Market Funds — 0.0%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 180000 | 180000 |
| **Total Short-Term Securities — 0.0%** <br>**(Cost: $180,000)** | **Total Short-Term Securities — 0.0%** <br>**(Cost: $180,000)** | 180000 |
| **Total Investments — 99.8%** <br>**(Cost: $367,003,452)** | **Total Investments — 99.8%** <br>**(Cost: $367,003,452)** | 416612048 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 789708 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $417401756 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 registration to qualified institutional investors. 

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $3125509 | $— | &nbsp;&nbsp; $(3126039 )<sup>(b)</sup><br>| $218 | $312 | $— |  | $17521 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 130000 | 50000 <br><sup>(b)</sup><br>|  |  |  | 180000 | 180000 | 9733 |  |
|  |  |  |  | $218 | $312 | $180000 |  | $27254 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI South Africa ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| FTSE/JSE Top 40 Index | 16 | 09/18/25 | &nbsp;&nbsp; $854 | $17090 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17090 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17090 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $197329 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $197329 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9395 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9395 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $703368 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $98245463 | &nbsp;&nbsp; $318186585 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $416432048 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 180000 |
|  | &nbsp;&nbsp; $98425463 | &nbsp;&nbsp; $318186585 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $416612048 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $17090 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17090 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Brazil ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Chile <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Israel <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI South <br> Africa ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $5325902491 | $700385023 | $401775592 | $416432048 |
| Investments, at value—affiliated<sup>(c)</sup> | 23692389 | 710000 | 5351922 | 180000 |
| Cash | 3072819 | 6606 | 282444 | 7596 |
| Cash pledged for futures contracts | 6997000 | 15000 |  |  |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  |  | 97101 | 73186 |
| Foreign currency, at value<sup>(e)</sup> | 21822468 |  | 464416 | 405909 |
| Receivables: |  |  |  |  |
| Securities lending income—affiliated | 1012 |  | 5530 |  |
| Capital shares sold |  |  | 153934 |  |
| Dividends—unaffiliated | 52014924 | 139959 | 915641 | 507854 |
| Dividends—affiliated | 59281 | 2771 | 493 | 466 |
| Total assets | 5433562384 | 701259359 | 409047073 | 417607059 |
| **LIABILITIES** |  |  |  |  |
| Foreign bank overdraft |  | 77893 |  |  |
| Collateral on securities loaned, at value | 4632389 |  | 5105490 |  |
| Payables: |  |  |  |  |
| Investments purchased |  |  | 153934 |  |
| Deferred foreign capital gain tax |  |  | 119009 |  |
| Foreign taxes |  |  | 2754 |  |
| Investment advisory fees | 2530031 | 317784 | 179531 | 203166 |
| Variation margin on futures contracts | 310929 | 3358 | 11072 | 2137 |
| Total liabilities | 7473349 | 399035 | 5571790 | 205303 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $5426089035 | $700860324 | $403475283 | $417401756 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $8867385976 | $918463919 | $415941597 | $709789870 |
| Accumulated loss | (3441296941) | (217603595) | (12466314) | (292388114) |
| NET ASSETS | $5426089035 | $700860324 | $403475283 | $417401756 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 184650000 | 21450000 | 4250000 | 7300000 |
| Net asset value | $29.39 | $32.67 | $94.94 | $57.18 |
| Shares authorized | 2 billion | 300 million | 500 million | 400 million |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $3754173264 | $538257595 | $338719124 | $366823452 |
| <sup>(b)</sup> Securities loaned, at value | $4494760 | $— | $4853838 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $23692389 | $710000 | $5351573 | $180000 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $— | $97270 | $74326 |
| <sup>(e)</sup> Foreign currency, at cost | $21872205 | $(78202) | $465307 | $402715 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Brazil <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Chile <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Israel <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI South <br> Africa ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $251540888 | &nbsp;&nbsp;&nbsp; $21644275 | &nbsp;&nbsp;&nbsp; $6146688 | &nbsp;&nbsp;&nbsp; $11619690 |
| Dividends—affiliated | &nbsp;&nbsp; 521333 | &nbsp;&nbsp;&nbsp; 47601 | &nbsp;&nbsp;&nbsp; 5765 | &nbsp;&nbsp;&nbsp; 9733 |
| Interest—unaffiliated | &nbsp;&nbsp; 350255 | &nbsp;&nbsp;&nbsp; 12805 | &nbsp;&nbsp;&nbsp; 1859 | &nbsp;&nbsp;&nbsp; 4246 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 44898 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 71824 | &nbsp;&nbsp;&nbsp; 17521 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9250 |
| Foreign taxes withheld | &nbsp;&nbsp; (18067210)<br>| &nbsp;&nbsp;&nbsp; (3694833)<br>| &nbsp;&nbsp;&nbsp; (1492613)<br>| &nbsp;&nbsp;&nbsp; (1501116)<br>|
| Total investment income | &nbsp;&nbsp; 234390164 | &nbsp;&nbsp;&nbsp; 18009848 | &nbsp;&nbsp;&nbsp; 4733523 | &nbsp;&nbsp;&nbsp; 10159324 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 23221145 | &nbsp;&nbsp;&nbsp; 3313355 | &nbsp;&nbsp;&nbsp; 1451317 | &nbsp;&nbsp;&nbsp; 2067426 |
| Commitment costs | &nbsp;&nbsp; 35705 | &nbsp;&nbsp;&nbsp; 5564 | &nbsp;&nbsp;&nbsp; 2299 | &nbsp;&nbsp;&nbsp; 3491 |
| Interest expense | &nbsp;&nbsp; 908 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 23257758 | &nbsp;&nbsp;&nbsp; 3318919 | &nbsp;&nbsp;&nbsp; 1453767 | &nbsp;&nbsp;&nbsp; 2070917 |
| Net investment income | &nbsp;&nbsp; 211132406 | &nbsp;&nbsp;&nbsp; 14690929 | &nbsp;&nbsp;&nbsp; 3279756 | &nbsp;&nbsp;&nbsp; 8088407 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (83138911)<br>| &nbsp;&nbsp;&nbsp; 3934253 | &nbsp;&nbsp;&nbsp; (7185265)<br>| &nbsp;&nbsp;&nbsp; (34637169)<br>|
| Investments—affiliated | &nbsp;&nbsp; (11431)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1347)<br>| &nbsp;&nbsp;&nbsp; 218 |
| Foreign currency transactions | &nbsp;&nbsp; (3188021)<br>| &nbsp;&nbsp;&nbsp; (257940)<br>| &nbsp;&nbsp;&nbsp; 67937 | &nbsp;&nbsp;&nbsp; 128221 |
| Futures contracts | &nbsp;&nbsp; 792896 | &nbsp;&nbsp;&nbsp; 137913 | &nbsp;&nbsp;&nbsp; 45095 | &nbsp;&nbsp;&nbsp; 197329 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; (4097414)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14027707 | &nbsp;&nbsp;&nbsp; 12520284 |
| Payment by affiliate | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9250 |
|  | &nbsp;&nbsp; (89642881)<br>| &nbsp;&nbsp;&nbsp; 3814226 | &nbsp;&nbsp;&nbsp; 6954127 | &nbsp;&nbsp;&nbsp; (21781867)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 97830615 | &nbsp;&nbsp;&nbsp; 107304296 | &nbsp;&nbsp;&nbsp; 72056430 | &nbsp;&nbsp;&nbsp; 113910154 |
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (624)<br>| &nbsp;&nbsp;&nbsp; 312 |
| Foreign currency translations | &nbsp;&nbsp; 5041104 | &nbsp;&nbsp;&nbsp; (625)<br>| &nbsp;&nbsp;&nbsp; 7130 | &nbsp;&nbsp;&nbsp; (3058)<br>|
| Futures contracts | &nbsp;&nbsp; (399474)<br>| &nbsp;&nbsp;&nbsp; 25595 | &nbsp;&nbsp;&nbsp; (24637)<br>| &nbsp;&nbsp;&nbsp; 9395 |
|  | &nbsp;&nbsp; 102472245 | &nbsp;&nbsp;&nbsp; 107329266 | &nbsp;&nbsp;&nbsp; 72038299 | &nbsp;&nbsp;&nbsp; 113916803 |
| Net realized and unrealized gain | &nbsp;&nbsp; 12829364 | &nbsp;&nbsp;&nbsp; 111143492 | &nbsp;&nbsp;&nbsp; 78992426 | &nbsp;&nbsp;&nbsp; 92134936 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $223961770 | &nbsp;&nbsp;&nbsp; $125834421 | &nbsp;&nbsp;&nbsp; $82272182 | &nbsp;&nbsp;&nbsp; $100223343 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(9008)<br>| &nbsp;&nbsp;&nbsp; $— |
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(118809)<br>| &nbsp;&nbsp;&nbsp; $— |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Brazil ETF  | iShares <br>MSCI Brazil ETF  | iShares <br>MSCI Chile ETF  | iShares <br>MSCI Chile ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $211132406 | &nbsp;&nbsp;&nbsp; $317623585 | &nbsp;&nbsp;&nbsp; $14690929 | &nbsp;&nbsp;&nbsp; $17472209 |
| Net realized gain (loss) | &nbsp;&nbsp; (89642881)<br>| &nbsp;&nbsp;&nbsp; 92477875 | &nbsp;&nbsp;&nbsp; 3814226 | &nbsp;&nbsp;&nbsp; (26218915)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 102472245 | &nbsp;&nbsp;&nbsp; (230240548)<br>| &nbsp;&nbsp;&nbsp; 107329266 | &nbsp;&nbsp;&nbsp; (16193508)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 223961770 | &nbsp;&nbsp;&nbsp; 179860912 | &nbsp;&nbsp;&nbsp; 125834421 | &nbsp;&nbsp;&nbsp; (24940214)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; (233188307)<br>| &nbsp;&nbsp;&nbsp; (349882841)<br>| &nbsp;&nbsp;&nbsp; (14685763)<br>| &nbsp;&nbsp;&nbsp; (18089930)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (280694)<br>| &nbsp;&nbsp;&nbsp; (350422)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (233188307)<br>| &nbsp;&nbsp;&nbsp; (349882841)<br>| &nbsp;&nbsp;&nbsp; (14966457)<br>| &nbsp;&nbsp;&nbsp; (18440352)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 1346794560 | &nbsp;&nbsp;&nbsp; (868077759)<br>| &nbsp;&nbsp;&nbsp; 59731238 | &nbsp;&nbsp;&nbsp; (47367975)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 1337568023 | &nbsp;&nbsp;&nbsp; (1038099688)<br>| &nbsp;&nbsp;&nbsp; 170599202 | &nbsp;&nbsp;&nbsp; (90748541)<br>|
| Beginning of year | &nbsp;&nbsp; 4088521012 | &nbsp;&nbsp;&nbsp; 5126620700 | &nbsp;&nbsp;&nbsp; 530261122 | &nbsp;&nbsp;&nbsp; 621009663 |
| End of year | &nbsp;&nbsp; $5426089035 | &nbsp;&nbsp;&nbsp; $4088521012 | &nbsp;&nbsp;&nbsp; $700860324 | &nbsp;&nbsp;&nbsp; $530261122 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Israel ETF  | iShares <br>MSCI Israel ETF  | iShares <br>MSCI South Africa ETF  | iShares <br>MSCI South Africa ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $3279756 | &nbsp;&nbsp;&nbsp; $1578101 | &nbsp;&nbsp;&nbsp; $8088407 | &nbsp;&nbsp;&nbsp; $7369893 |
| Net realized gain (loss) | &nbsp;&nbsp; 6954127 | &nbsp;&nbsp;&nbsp; 3437543 | &nbsp;&nbsp;&nbsp; (21781867)<br>| &nbsp;&nbsp;&nbsp; (9203474)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 72038299 | &nbsp;&nbsp;&nbsp; 23665125 | &nbsp;&nbsp;&nbsp; 113916803 | &nbsp;&nbsp;&nbsp; 54486901 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 82272182 | &nbsp;&nbsp;&nbsp; 28680769 | &nbsp;&nbsp;&nbsp; 100223343 | &nbsp;&nbsp;&nbsp; 52653320 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (2973066)<br>| &nbsp;&nbsp;&nbsp; (1786638)<br>| &nbsp;&nbsp;&nbsp; (19551912)<br>| &nbsp;&nbsp;&nbsp; (7757578)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 169691511 | &nbsp;&nbsp;&nbsp; (15525209)<br>| &nbsp;&nbsp;&nbsp; 42052400 | &nbsp;&nbsp;&nbsp; (21515627)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 248990627 | &nbsp;&nbsp;&nbsp; 11368922 | &nbsp;&nbsp;&nbsp; 122723831 | &nbsp;&nbsp;&nbsp; 23380115 |
| Beginning of year | &nbsp;&nbsp; 154484656 | &nbsp;&nbsp;&nbsp; 143115734 | &nbsp;&nbsp;&nbsp; 294677925 | &nbsp;&nbsp;&nbsp; 271297810 |
| End of year | &nbsp;&nbsp; $403475283 | &nbsp;&nbsp;&nbsp; $154484656 | &nbsp;&nbsp;&nbsp; $417401756 | &nbsp;&nbsp;&nbsp; $294677925 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Brazil ETF  | iShares MSCI Brazil ETF  | iShares MSCI Brazil ETF  | iShares MSCI Brazil ETF  | iShares MSCI Brazil ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $29.77 | &nbsp;&nbsp;&nbsp; $30.82 | &nbsp;&nbsp;&nbsp; $30.48 | &nbsp;&nbsp;&nbsp; $36.58 | &nbsp;&nbsp;&nbsp; $29.62 |
| Net investment income<sup>(a)</sup> | 1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp; (6.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.52 |
| Net increase (decrease) from investment operations | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.86 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $29.39 | &nbsp;&nbsp;&nbsp; $29.77 | &nbsp;&nbsp;&nbsp; $30.82 | &nbsp;&nbsp;&nbsp; $30.48 | &nbsp;&nbsp;&nbsp; $36.58 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 5.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.49<br> %<br>| &nbsp;&nbsp;&nbsp; (6.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.35<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 5.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.84<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $5426089 | &nbsp;&nbsp;&nbsp; $4088521 | &nbsp;&nbsp;&nbsp; $5126621 | &nbsp;&nbsp;&nbsp; $5236173 | &nbsp;&nbsp;&nbsp; $5044685 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Chile ETF  | iShares MSCI Chile ETF  | iShares MSCI Chile ETF  | iShares MSCI Chile ETF  | iShares MSCI Chile ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $26.71 | &nbsp;&nbsp;&nbsp; $28.36 | &nbsp;&nbsp;&nbsp; $27.62 | &nbsp;&nbsp;&nbsp; $28.52 | &nbsp;&nbsp;&nbsp; $25.37 |
| Net investment income<sup>(a)</sup> | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 5.97 | &nbsp;&nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.16 |
| Net increase (decrease) from investment operations | 6.72 | &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>|
| Return of capital | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $32.67 | &nbsp;&nbsp;&nbsp; $26.71 | &nbsp;&nbsp;&nbsp; $28.36 | &nbsp;&nbsp;&nbsp; $27.62 | &nbsp;&nbsp;&nbsp; $28.52 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 25.36<br> %<br>| &nbsp;&nbsp;&nbsp; (2.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.90<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 2.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $700860 | &nbsp;&nbsp;&nbsp; $530261 | &nbsp;&nbsp;&nbsp; $621010 | &nbsp;&nbsp;&nbsp; $493079 | &nbsp;&nbsp;&nbsp; $476286 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Israel ETF  | iShares MSCI Israel ETF  | iShares MSCI Israel ETF  | iShares MSCI Israel ETF  | iShares MSCI Israel ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $67.17 | &nbsp;&nbsp;&nbsp; $55.04 | &nbsp;&nbsp;&nbsp; $66.35 | &nbsp;&nbsp;&nbsp; $72.22 | &nbsp;&nbsp;&nbsp; $56.70 |
| Net investment income<sup>(a)</sup> | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 27.74 | &nbsp;&nbsp;&nbsp;&nbsp;12.25 | &nbsp;&nbsp;&nbsp; (11.47)<br>| &nbsp;&nbsp;&nbsp; (5.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.38 |
| Net increase (decrease) from investment operations | 28.81 | &nbsp;&nbsp;&nbsp;&nbsp;12.91 | &nbsp;&nbsp;&nbsp; (10.43)<br>| &nbsp;&nbsp;&nbsp; (4.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.64 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $94.94 | &nbsp;&nbsp;&nbsp; $67.17 | &nbsp;&nbsp;&nbsp; $55.04 | &nbsp;&nbsp;&nbsp; $66.35 | &nbsp;&nbsp;&nbsp; $72.22 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 43.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.62<br> %<br>| &nbsp;&nbsp;&nbsp; (15.74)%<br>| &nbsp;&nbsp;&nbsp; (6.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.59<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $403475 | &nbsp;&nbsp;&nbsp; $154485 | &nbsp;&nbsp;&nbsp; $143116 | &nbsp;&nbsp;&nbsp; $162562 | &nbsp;&nbsp;&nbsp; $162485 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI South Africa ETF  | iShares MSCI South Africa ETF  | iShares MSCI South Africa ETF  | iShares MSCI South Africa ETF  | iShares MSCI South Africa ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $46.77 | &nbsp;&nbsp;&nbsp; $39.32 | &nbsp;&nbsp;&nbsp; $39.97 | &nbsp;&nbsp;&nbsp; $49.35 | &nbsp;&nbsp;&nbsp; $37.17 |
| Net investment income<sup>(a)</sup> | 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 12.31 | &nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (9.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.67 |
| Net increase (decrease) from investment operations | 13.45 | &nbsp;&nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp; (7.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.44 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (2.26)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $57.18 | &nbsp;&nbsp;&nbsp; $46.77 | &nbsp;&nbsp;&nbsp; $39.32 | &nbsp;&nbsp;&nbsp; $39.97 | &nbsp;&nbsp;&nbsp; $49.35 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 30.34 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp; (16.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.49<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $417402 | &nbsp;&nbsp;&nbsp; $294678 | &nbsp;&nbsp;&nbsp; $271298 | &nbsp;&nbsp;&nbsp; $315761 | &nbsp;&nbsp;&nbsp; $276373 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(e)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(e)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(e)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(e)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(e)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| MSCI Brazil | &nbsp;&nbsp; Non-diversified |
| MSCI Chile | &nbsp;&nbsp; Non-diversified |
| MSCI Israel | &nbsp;&nbsp; Non-diversified |
| MSCI South Africa | &nbsp;&nbsp; Non-diversified |

---

***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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**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 exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). 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 Statements 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 Statements 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 "Foreign taxes withheld", 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 August 31, 2025, if any, are disclosed in the Statements 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 Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** 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.

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

**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, net realized capital gains and/or return of capital 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 portion of distributions that exceeds each Fund's current and accumulated earnings and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to the Fund's shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder's cost basis and will result in higher capital gains or lower capital losses when each Fund's shares on which distributions were received are sold. Once a shareholder's cost basis is reduced to zero, further distributions will be treated as capital gains.

**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.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that 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. The Board of Directors of the Company (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. 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 BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., 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 Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the 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 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. SECURITIES AND OTHER INVESTMENTS***

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI Brazil |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $4494760 | &nbsp;&nbsp;&nbsp; $(4494760) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Israel |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $235130 | &nbsp;&nbsp;&nbsp; $(235130) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 516657 | &nbsp;&nbsp;&nbsp; (516657) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 2524549 | &nbsp;&nbsp;&nbsp; (2524549) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 1577502 | &nbsp;&nbsp;&nbsp; (1577502) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $4853838 | &nbsp;&nbsp;&nbsp; $(4853838) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***5. 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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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.

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund's assets. BFA is a 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 directors).

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

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $2 billion | 0.7400% |
| Over $2 billion, up to and including $4 billion | 0.6900 |
| Over $4 billion, up to and including $8 billion | 0.6400 |
| Over $8 billion, up to and including $16 billion | 0.5700 |
| Over $16 billion, up to and including $24 billion | 0.5100 |
| Over $24 billion, up to and including $32 billion | 0.4800 |
| Over $32 billion, up to and including $40 billion | 0.4500 |
| Over $40 billion | 0.4275 |

---

**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.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the iShares MSCI Brazil ETF (the "Group 1 Fund"), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

Pursuant to the current securities lending agreement, each of iShares MSCI Chile ETF, iShares MSCI Israel ETF and iShares MSCI South Africa ETF (the "Group 2 Funds"), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: the Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Brazil | &nbsp;&nbsp; $14614 |
| MSCI Israel | &nbsp;&nbsp; 17974 |
| MSCI South Africa | &nbsp;&nbsp; 4528 |

---

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

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

For the year ended August 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI Brazil | &nbsp;&nbsp; $118089 | &nbsp;&nbsp;&nbsp; $10608928 | &nbsp;&nbsp;&nbsp; $(3371866) |
| MSCI Israel | &nbsp;&nbsp; 749427 | &nbsp;&nbsp;&nbsp; 3750865 | &nbsp;&nbsp;&nbsp; (802478) |

---

For the year ended August 31, 2025, iShares MSCI South Africa ETF received a reimbursement of $9,250 from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.

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 Statements 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.

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Brazil | &nbsp;&nbsp; $1902056385 | &nbsp;&nbsp;&nbsp; $740318842 |
| MSCI Chile | &nbsp;&nbsp; 311197299 | &nbsp;&nbsp;&nbsp; 250434545 |
| MSCI Israel | &nbsp;&nbsp; 20252956 | &nbsp;&nbsp;&nbsp; 19085707 |
| MSCI South Africa | &nbsp;&nbsp; 66027357 | &nbsp;&nbsp;&nbsp; 68807112 |

---

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Brazil | &nbsp;&nbsp; $188071470 | &nbsp;&nbsp;&nbsp; $41209101 |
| MSCI Israel | &nbsp;&nbsp; 210684985 | &nbsp;&nbsp;&nbsp; 42653676 |
| MSCI South Africa | &nbsp;&nbsp; 86976259 | &nbsp;&nbsp;&nbsp; 53834653 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***8. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Company's other funds for federal income tax purposes. It is 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 of 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 August 31, 2025, 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' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions was reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| MSCI Brazil | &nbsp;&nbsp; $(6149700) | &nbsp;&nbsp;&nbsp; $6149700 |
| MSCI Israel | &nbsp;&nbsp; 13758829 | &nbsp;&nbsp;&nbsp; (13758829) |
| MSCI South Africa | &nbsp;&nbsp; 11064325 | &nbsp;&nbsp;&nbsp; (11064325) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| MSCI Brazil |  |  |
| Ordinary income | &nbsp;&nbsp; $233188307 | &nbsp;&nbsp;&nbsp; $349882841 |
| MSCI Chile |  |  |
| Ordinary income | &nbsp;&nbsp; $14685763 | &nbsp;&nbsp;&nbsp; $18089930 |
| Return of capital | &nbsp;&nbsp; 280694 | &nbsp;&nbsp;&nbsp; 350422 |
|  | &nbsp;&nbsp; $14966457 | &nbsp;&nbsp;&nbsp; $18440352 |
| MSCI Israel |  |  |
| Ordinary income | &nbsp;&nbsp; $2973066 | &nbsp;&nbsp;&nbsp; $1786638 |
| MSCI South Africa |  |  |
| Ordinary income | &nbsp;&nbsp; $19551912 | &nbsp;&nbsp;&nbsp; $7757578 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary Losses*<sup>(c)</sup> <br>| *Total* |
| MSCI Brazil | &nbsp;&nbsp; $50951557 | &nbsp;&nbsp;&nbsp; $(4551373399) | &nbsp;&nbsp;&nbsp; $1059124901 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3441296941) |
| MSCI Chile | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (351550176) | &nbsp;&nbsp;&nbsp; 134182705 | &nbsp;&nbsp;&nbsp; (236124) | &nbsp;&nbsp;&nbsp; (217603595) |
| MSCI Israel | &nbsp;&nbsp; 2764306 | &nbsp;&nbsp;&nbsp; (75087308) | &nbsp;&nbsp;&nbsp; 59856688 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12466314) |
| MSCI South Africa | &nbsp;&nbsp; 20975020 | &nbsp;&nbsp;&nbsp; (326093160) | &nbsp;&nbsp;&nbsp; 12730026 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (292388114) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

<sup>(c)</sup> The Funds have elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

As of August 31, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI Brazil | &nbsp;&nbsp; $4291116685 | &nbsp;&nbsp;&nbsp; $1061889431 | &nbsp;&nbsp;&nbsp; $(3411236) | &nbsp;&nbsp;&nbsp; $1058478195 |
| MSCI Chile | &nbsp;&nbsp; 566900820 | &nbsp;&nbsp;&nbsp; 158330879 | &nbsp;&nbsp;&nbsp; (24136676) | &nbsp;&nbsp;&nbsp; 134194203 |
| MSCI Israel | &nbsp;&nbsp; 347164210 | &nbsp;&nbsp;&nbsp; 86693831 | &nbsp;&nbsp;&nbsp; (26730527) | &nbsp;&nbsp;&nbsp; 59963304 |
| MSCI South Africa | &nbsp;&nbsp; 403903138 | &nbsp;&nbsp;&nbsp; 57316416 | &nbsp;&nbsp;&nbsp; (44590416) | &nbsp;&nbsp;&nbsp; 12726000 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2025, the Funds did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each 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, tariffs 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 an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**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 each 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. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**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 BFA 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 Statements 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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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.

**Geographic/Asset Class 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 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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. 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 Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds' investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect**,** the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invests a significant portion of their assets in securities of issuers located in Israel or with significant exposure to Israeli issuers. On October 7, 2023, Hamas launched a significant attack on Israel from the Gaza Strip. The extent and duration of the Israel-Hamas war and any related economic and market impacts are impossible to predict but may be significant, and may negatively impact Israel's economy and issuers of securities in which certain Funds invest.

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.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Brazil |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 61300000 | &nbsp;&nbsp;&nbsp; $1692156008 | &nbsp;&nbsp;&nbsp; 9950000 | &nbsp;&nbsp;&nbsp; $317055689 |
| Shares redeemed | &nbsp;&nbsp; (14000000)<br>| &nbsp;&nbsp;&nbsp; (345361448)<br>| &nbsp;&nbsp;&nbsp; (38950000)<br>| &nbsp;&nbsp;&nbsp; (1185133448)<br>|
|  | &nbsp;&nbsp; 47300000 | &nbsp;&nbsp;&nbsp; $1346794560 | &nbsp;&nbsp;&nbsp; (29000000)<br>| &nbsp;&nbsp;&nbsp; $(868077759)<br>|
| MSCI Chile |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; $168390382 | &nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; $81979021 |
| Shares redeemed | &nbsp;&nbsp; (3900000)<br>| &nbsp;&nbsp;&nbsp; (108659144)<br>| &nbsp;&nbsp;&nbsp; (5050000)<br>| &nbsp;&nbsp;&nbsp; (129346996)<br>|
|  | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; $59731238 | &nbsp;&nbsp;&nbsp; (2050000)<br>| &nbsp;&nbsp;&nbsp; $(47367975)<br>|
| MSCI Israel |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; $212847471 | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; $47440485 |
| Shares redeemed | &nbsp;&nbsp; (550000)<br>| &nbsp;&nbsp;&nbsp; (43155960)<br>| &nbsp;&nbsp;&nbsp; (1100000)<br>| &nbsp;&nbsp;&nbsp; (62965694)<br>|
|  | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp; $169691511 | &nbsp;&nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; $(15525209)<br>|
| MSCI South Africa |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; $96059698 | &nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; $68292329 |
| Shares redeemed | &nbsp;&nbsp; (1100000)<br>| &nbsp;&nbsp;&nbsp; (54007298)<br>| &nbsp;&nbsp;&nbsp; (2300000)<br>| &nbsp;&nbsp;&nbsp; (89807956)<br>|
|  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; $42052400 | &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; $(21515627)<br>|

---

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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 Company's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***12. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the four funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares MSCI Brazil ETF |
| iShares MSCI Chile ETF |
| iShares MSCI Israel ETF |
| iShares MSCI South Africa ETF |

---

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

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

2025 iShares Annual Financial Statements and Additional Information

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI Chile | &nbsp;&nbsp; $21263500 |
| MSCI Israel | &nbsp;&nbsp; 5435884 |
| MSCI South Africa | &nbsp;&nbsp; 11150058 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| MSCI Brazil | &nbsp;&nbsp; $251540890 | &nbsp;&nbsp;&nbsp;&nbsp; $17741946 |
| MSCI Chile | &nbsp;&nbsp; 21644276 | &nbsp;&nbsp;&nbsp;&nbsp; 3727874 |
| MSCI Israel | &nbsp;&nbsp; 6146686 | &nbsp;&nbsp;&nbsp;&nbsp; 1313381 |
| MSCI South Africa | &nbsp;&nbsp; 11619690 | &nbsp;&nbsp;&nbsp;&nbsp; 1501045 |

---

Important Tax Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Regulation under the Alternative Investment Fund Managers Directive**

The Alternative Investment Fund Managers Directive, and its United Kingdom ("UK") equivalent, (the "AIFMD") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI Brazil ETF (the "Fund") to be marketed to investors in the EU and/or UK.

**Report on Remuneration**

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Remuneration information at an individual Fund level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Fund is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals' portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares MSCI Brazil ETF (the "Fund") is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

The Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, the Fund's investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts ("PAIs") on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

**Electronic Delivery**

Shareholders can sign up for e-mail 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

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, when available, at **iShares.com**.

Additional Information

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Board Review and Approval of Investment Advisory Contract

**iShares MSCI Brazil ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information forother ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also considered the tradability, liquidity and developed capital markets ecosystem associated with the Fund in relation to comparison funds in the Fund's Peer Group that do not have similar attributes. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Chile ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Israel ETF, iShares MSCI South Africa ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates**: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

2025 iShares Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

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Glossary of Terms Used in this Report

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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.©2025 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.

![](g19235imge5f24a4a2.gif)

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August 31, 2025

![](g19235img57e2ec4a1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| **iShares, Inc.** |
| • iShares MSCI Canada ETF \| EWC \| NYSE Arca |
| • iShares MSCI Japan ETF \| EWJ \| NYSE Arca |
| • iShares MSCI South Korea ETF \| EWY \| NYSE Arca |

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_d5a6a7c4-ac79-4a13-b241-5672175a2d2b_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_d5a6a7c4-ac79-4a13-b241-5672175a2d2b_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 15 |
| [Statements of Operations](#xx_d5a6a7c4-ac79-4a13-b241-5672175a2d2b_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 16 |
| [Statements of Changes in Net Assets](#xx_d5a6a7c4-ac79-4a13-b241-5672175a2d2b_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 17 |
| [Financial Highlights](#xx_d5a6a7c4-ac79-4a13-b241-5672175a2d2b_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 19 |
| [Notes to Financial Statements](#xx_d5a6a7c4-ac79-4a13-b241-5672175a2d2b_NTFS-Footer-iSharesReport-23_1)  | &nbsp;&nbsp; 22 |
| [Report of Independent Registered Public Accounting Firm](#xx_d5a6a7c4-ac79-4a13-b241-5672175a2d2b_opinion-Footer-iSharesReport-23_1)  | &nbsp;&nbsp; 31 |
| [Important Tax Information](#xx_d5a6a7c4-ac79-4a13-b241-5672175a2d2b_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 32 |
| [Additional Information](#xx_d5a6a7c4-ac79-4a13-b241-5672175a2d2b_SAI-Footer-iSharesReport-23_1)  | &nbsp;&nbsp; 33 |
| [Board Review and Approval of Investment Advisory Contract](#xx_d5a6a7c4-ac79-4a13-b241-5672175a2d2b_15Cheader-Footer-iSharesReport-23_1)  | &nbsp;&nbsp; 35 |
| [Glossary of Terms Used in these Financial Statements](#xx_d5a6a7c4-ac79-4a13-b241-5672175a2d2b_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 42 |

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Schedule of Investments

August 31, 2025

**iShares® MSCI Canada ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
| Bombardier Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 82099 | $9598293 |
| CAE Inc.<sup>(a)</sup> | &nbsp;&nbsp; 380742 | 10266047 |
|  |  | 19864340 |
| **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** |
| Magna International Inc. | &nbsp;&nbsp; 336200 | 15432372 |
| **Banks — 24.1%** | **Banks — 24.1%** | **Banks — 24.1%** |
| Bank of Montreal | &nbsp;&nbsp; 908645 | 109955738 |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 1563399 | 97639154 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 1178658 | 91050226 |
| National Bank of Canada | &nbsp;&nbsp; 491065 | 51618410 |
| Royal Bank of Canada | &nbsp;&nbsp; 1775226 | 257982018 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 2197644 | 165013325 |
|  |  | 773258871 |
| **Broadline Retail — 1.7%** | **Broadline Retail — 1.7%** | **Broadline Retail — 1.7%** |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 64745 | 8073384 |
| Dollarama Inc. | &nbsp;&nbsp; 347770 | 47419383 |
|  |  | 55492767 |
| **Capital Markets — 4.8%** | **Capital Markets — 4.8%** | **Capital Markets — 4.8%** |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 457574 | 27537402 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 1658201 | 108993195 |
| IGM Financial Inc. | &nbsp;&nbsp; 103305 | 3703890 |
| TMX Group Ltd. | &nbsp;&nbsp; 348000 | 13898715 |
|  |  | 154133202 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| Nutrien Ltd. | &nbsp;&nbsp; 612110 | 35277611 |
| **Commercial Services & Supplies — 1.7%** | **Commercial Services & Supplies — 1.7%** | **Commercial Services & Supplies — 1.7%** |
| Element Fleet Management Corp. | &nbsp;&nbsp; 506786 | 13505929 |
| GFL Environmental Inc. | &nbsp;&nbsp; 263800 | 13196243 |
| RB Global Inc. | &nbsp;&nbsp; 232352 | 26614696 |
|  |  | 53316868 |
| **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** |
| AtkinsRealis Group Inc. | &nbsp;&nbsp; 159605 | 10975422 |
| Stantec Inc. | &nbsp;&nbsp; 142828 | 15525077 |
| WSP Global Inc. | &nbsp;&nbsp; 163657 | 33328423 |
|  |  | 59828922 |
| **Consumer Staples Distribution & Retail — 3.7%** | **Consumer Staples Distribution & Retail — 3.7%** | **Consumer Staples Distribution & Retail — 3.7%** |
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 950875 | 48196315 |
| Empire Co. Ltd., NVS | &nbsp;&nbsp; 160796 | 6241697 |
| George Weston Ltd. | &nbsp;&nbsp; 219240 | 14118459 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 754967 | 30834164 |
| Metro Inc./CN | &nbsp;&nbsp; 261170 | 18720337 |
|  |  | 118110972 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| CCL Industries Inc., Class B, NVS | &nbsp;&nbsp; 185943 | 11138843 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| BCE Inc. | &nbsp;&nbsp; 94686 | 2362755 |
| TELUS Corp. | &nbsp;&nbsp; 624169 | 10289574 |
|  |  | 12652329 |
| **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** |
| Emera Inc. | &nbsp;&nbsp; 373233 | 17776365 |
| Fortis Inc./Canada | &nbsp;&nbsp; 630145 | 31361569 |
| Hydro One Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 413669 | 15063594 |
|  |  | 64201528 |
| **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
| Celestica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 145485 | 28337450 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Saputo Inc. | &nbsp;&nbsp; 314577 | $7875019 |
| **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** |
| AltaGas Ltd. | &nbsp;&nbsp; 374121 | 11090011 |
| **Ground Transportation — 5.1%** | **Ground Transportation — 5.1%** | **Ground Transportation — 5.1%** |
| Canadian National Railway Co. | &nbsp;&nbsp; 670083 | 64868777 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 1167679 | 88943751 |
| TFI International Inc. | &nbsp;&nbsp; 99620 | 9438638 |
|  |  | 163251166 |
| **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
| Restaurant Brands International Inc. | &nbsp;&nbsp; 391430 | 24788049 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 71963 | 2425578 |
| **Insurance — 7.9%** | **Insurance — 7.9%** | **Insurance — 7.9%** |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 24824 | 42736287 |
| Great-West Lifeco Inc. | &nbsp;&nbsp; 351517 | 13923999 |
| iA Financial Corp. Inc. | &nbsp;&nbsp; 116810 | 12566846 |
| Intact Financial Corp. | &nbsp;&nbsp; 223591 | 44776810 |
| Manulife Financial Corp. | &nbsp;&nbsp; 2161197 | 66487475 |
| Power Corp. of Canada | &nbsp;&nbsp; 699552 | 29610047 |
| Sun Life Financial Inc. | &nbsp;&nbsp; 719219 | 42010957 |
|  |  | 252112421 |
| **IT Services — 7.5%** | **IT Services — 7.5%** | **IT Services — 7.5%** |
| CGI Inc. | &nbsp;&nbsp; 252046 | 24475082 |
| Shopify Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1527840 | 215801073 |
|  |  | 240276155 |
| **Metals & Mining — 11.8%** | **Metals & Mining — 11.8%** | **Metals & Mining — 11.8%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 631796 | 91092530 |
| Alamos Gold Inc., Class A | &nbsp;&nbsp; 526643 | 16044521 |
| Barrick Mining Corp. | &nbsp;&nbsp; 2158504 | 57571633 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 890391 | 15605426 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 241447 | 45504589 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 928634 | 8208845 |
| Kinross Gold Corp. | &nbsp;&nbsp; 1544672 | 32291501 |
| Lundin Gold Inc. | &nbsp;&nbsp; 136341 | 8383877 |
| Lundin Mining Corp. | &nbsp;&nbsp; 868253 | 10045902 |
| Pan American Silver Corp. | &nbsp;&nbsp; 453627 | 15388999 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 588984 | 20139577 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 568781 | 57120381 |
|  |  | 377397781 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| Canadian Utilities Ltd., Class A, NVS | &nbsp;&nbsp; 168924 | 4702344 |
| **Oil, Gas & Consumable Fuels — 16.2%** | **Oil, Gas & Consumable Fuels — 16.2%** | **Oil, Gas & Consumable Fuels — 16.2%** |
| ARC Resources Ltd. | &nbsp;&nbsp; 734073 | 14127170 |
| Cameco Corp. | &nbsp;&nbsp; 546444 | 42271970 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 2635151 | 83447568 |
| Cenovus Energy Inc. | &nbsp;&nbsp; 1713656 | 28499584 |
| Enbridge Inc. | &nbsp;&nbsp; 2734087 | 132289716 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 223195 | 20253075 |
| Keyera Corp. | &nbsp;&nbsp; 287529 | 9264323 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 728628 | 27519521 |
| Suncor Energy Inc. | &nbsp;&nbsp; 1551917 | 64151402 |
| TC Energy Corp. | &nbsp;&nbsp; 1303678 | 67891689 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 445558 | 18920845 |
| Whitecap Resources Inc. | &nbsp;&nbsp; 1547276 | 11649495 |
|  |  | 520286358 |
| **Professional Services — 1.1%** | **Professional Services — 1.1%** | **Professional Services — 1.1%** |
| Thomson Reuters Corp. | &nbsp;&nbsp; 197901 | 35147656 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Canada ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| FirstService Corp. | &nbsp;&nbsp; 51230 | $10313891 |
| **Software — 3.3%** | **Software — 3.3%** | **Software — 3.3%** |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 25242 | 83634676 |
| Descartes Systems Group Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 107072 | 10700573 |
| Open Text Corp. | &nbsp;&nbsp; 325327 | 10759349 |
|  |  | 105094598 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Gildan Activewear Inc. | &nbsp;&nbsp; 180596 | 9859896 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| Toromont Industries Ltd. | &nbsp;&nbsp; 102226 | 10688194 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| Rogers Communications Inc., Class B, NVS | &nbsp;&nbsp; 456150 | 16344808 |
| **Total Common Stocks — 99.7%** <br>**(Cost: $2,854,836,251)** | **Total Common Stocks — 99.7%** <br>**(Cost: $2,854,836,251)** | 3192700000 |
| **Warrants** | **Warrants** | **Warrants** |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Constellation Software Inc., (Issued 08/29/23, 1 Share <br> for 1 Warrant, Expires 03/31/40, Strike Price <br> CAD 11.50)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 34014 | 0 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | 0 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $2,854,836,251)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $2,854,836,251)** | 3192700000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 7932079 | $7936045 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 1320000 | 1320000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $9,255,142)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $9,255,142)** | 9256045 |
| **Total Investments — 100.0%** <br>**(Cost: $2,864,091,393)** | **Total Investments — 100.0%** <br>**(Cost: $2,864,091,393)** | 3201956045 |
| **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 1172292 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3203128337 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $10497884 | $— | &nbsp;&nbsp; $(2563720 )<sup>(a)</sup><br>| $3473 | $(1592)<br>| $7936045 | 7932079 | $28062 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1190000 | 130000 <br><sup>(a)</sup><br>|  |  |  | 1320000 | 1320000 | 61108 |  |
|  |  |  |  | $3473 | $(1592) | $9256045 |  | $89170 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| S&P/TSE 60 Index | 38 | 09/18/25 | &nbsp;&nbsp; $9384 | $578576 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Canada ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $578576 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $578576 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1812012 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1812012 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $104218 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $104218 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $8123864 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $3192700000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3192700000 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 9256045 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9256045 |
|  | &nbsp;&nbsp; $3201956045 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3201956045 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $578576 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $578576 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Japan ETF** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 1023300 | $11017559 |
| **Automobile Components — 1.9%** | **Automobile Components — 1.9%** | **Automobile Components — 1.9%** |
| Aisin Corp. | &nbsp;&nbsp; 1755800 | 28894276 |
| Bridgestone Corp. | &nbsp;&nbsp; 2033500 | 91864224 |
| Denso Corp. | &nbsp;&nbsp; 6216500 | 89079666 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 2545000 | 71282804 |
|  |  | 281120970 |
| **Automobiles — 6.5%** | **Automobiles — 6.5%** | **Automobiles — 6.5%** |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 14098100 | 156277045 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 1895500 | 24828431 |
| Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7919300 | 17761185 |
| Subaru Corp. | &nbsp;&nbsp; 2087400 | 40947175 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 5596800 | 74061107 |
| Toyota Motor Corp. | &nbsp;&nbsp; 33762200 | 653717990 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 3267100 | 23677231 |
|  |  | 991270164 |
| **Banks — 10.2%** | **Banks — 10.2%** | **Banks — 10.2%** |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 1987900 | 20336189 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 3654800 | 27576772 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 6393800 | 80370947 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 40841880 | 621574803 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 8959158 | 294737282 |
| Resona Holdings Inc. | &nbsp;&nbsp; 7393600 | 74153632 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 13146200 | 358044263 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 2278264 | 64837067 |
|  |  | 1541630955 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 5145300 | 64659606 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 2766500 | 40160106 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 491900 | 15227543 |
|  |  | 120047255 |
| **Broadline Retail — 0.8%** | **Broadline Retail — 0.8%** | **Broadline Retail — 0.8%** |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 1356000 | 48910066 |
| Rakuten Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5388500 | 33168674 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 1814400 | 39023163 |
|  |  | 121101903 |
| **Building Products — 0.9%** | **Building Products — 0.9%** | **Building Products — 0.9%** |
| AGC Inc. | &nbsp;&nbsp; 699500 | 21934385 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 940400 | 117488249 |
|  |  | 139422634 |
| **Capital Markets — 1.3%** | **Capital Markets — 1.3%** | **Capital Markets — 1.3%** |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 4725600 | 36634556 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 3531700 | 36913787 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 10701300 | 76142623 |
| SBI Holdings Inc. | &nbsp;&nbsp; 998910 | 46934553 |
|  |  | 196625519 |
| **Chemicals — 2.5%** | **Chemicals — 2.5%** | **Chemicals — 2.5%** |
| Asahi Kasei Corp. | &nbsp;&nbsp; 4359300 | 35574397 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 4553400 | 25873841 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 3357900 | 24297710 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 616700 | 22354003 |
| Nitto Denko Corp. | &nbsp;&nbsp; 2516800 | 56649703 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 6008100 | 182991103 |
| Toray Industries Inc. | &nbsp;&nbsp; 4913000 | 32820903 |
|  |  | 380561660 |
| **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 1400000 | 23449469 |
| Secom Co. Ltd. | &nbsp;&nbsp; 1495200 | 55203478 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Toppan Holdings Inc. | &nbsp;&nbsp; 847800 | $21857401 |
|  |  | 100510348 |
| **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** |
| Kajima Corp. | &nbsp;&nbsp; 1500000 | 44604616 |
| Obayashi Corp. | &nbsp;&nbsp; 2311000 | 37487044 |
| Taisei Corp. | &nbsp;&nbsp; 555400 | 37600487 |
|  |  | 119692147 |
| **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** |
| Aeon Co. Ltd. | &nbsp;&nbsp; 7916700 | 96037878 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 535900 | 15072647 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 1176900 | 24310199 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 7418040 | 96012249 |
|  |  | 231432973 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| NTT Inc. | &nbsp;&nbsp; 106414700 | 112552145 |
| **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 2428800 | 33443955 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 3373300 | 46803371 |
|  |  | 80247326 |
| **Electrical Equipment — 2.2%** | **Electrical Equipment — 2.2%** | **Electrical Equipment — 2.2%** |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 476300 | 29993319 |
| Fujikura Ltd. | &nbsp;&nbsp; 895800 | 75998631 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 6774400 | 161725434 |
| Nidec Corp. | &nbsp;&nbsp; 2973100 | 64166203 |
|  |  | 331883587 |
| **Electronic Equipment, Instruments & Components — 3.7%** | **Electronic Equipment, Instruments & Components — 3.7%** | **Electronic Equipment, Instruments & Components — 3.7%** |
| Keyence Corp. | &nbsp;&nbsp; 693604 | 264431665 |
| Kyocera Corp. | &nbsp;&nbsp; 4571700 | 60802203 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 5942200 | 95928271 |
| Shimadzu Corp. | &nbsp;&nbsp; 842800 | 20637554 |
| TDK Corp. | &nbsp;&nbsp; 6922100 | 89386834 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 813700 | 23752306 |
|  |  | 554938833 |
| **Entertainment — 3.2%** | **Entertainment — 3.2%** | **Entertainment — 3.2%** |
| Capcom Co. Ltd. | &nbsp;&nbsp; 1227600 | 33126737 |
| Konami Group Corp. | &nbsp;&nbsp; 357400 | 53909637 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 1172600 | 26534988 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 3933700 | 350842416 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 376000 | 23867633 |
|  |  | 488281411 |
| **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 3118800 | 25584230 |
| ORIX Corp. | &nbsp;&nbsp; 4142300 | 106987303 |
|  |  | 132571533 |
| **Food Products — 1.0%** | **Food Products — 1.0%** | **Food Products — 1.0%** |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 3214600 | 87177309 |
| Kikkoman Corp. | &nbsp;&nbsp; 2404800 | 20639487 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 848412 | 17654682 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 694400 | 13076378 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 902700 | 14746583 |
|  |  | 153294439 |
| **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 1292800 | 36791912 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 1123100 | 42907958 |
|  |  | 79699870 |
| **Ground Transportation — 1.7%** | **Ground Transportation — 1.7%** | **Ground Transportation — 1.7%** |
| Central Japan Railway Co. | &nbsp;&nbsp; 2750600 | 73160815 |
| East Japan Railway Co. | &nbsp;&nbsp; 3435300 | 84286660 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 856500 | 25358296 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan ETF** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| Tokyo Metro Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1022500 | $11869868 |
| Tokyu Corp. | &nbsp;&nbsp; 1766300 | 22293953 |
| West Japan Railway Co. | &nbsp;&nbsp; 1508500 | 33715637 |
|  |  | 250685229 |
| **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** |
| Hoya Corp. | &nbsp;&nbsp; 1227700 | 158528756 |
| Olympus Corp. | &nbsp;&nbsp; 4038500 | 46810416 |
| Sysmex Corp. | &nbsp;&nbsp; 1775800 | 22300359 |
| Terumo Corp. | &nbsp;&nbsp; 4745600 | 85092613 |
|  |  | 312732144 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| M3 Inc. | &nbsp;&nbsp; 1565600 | 22960318 |
| **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 3848100 | 91616889 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 341100 | 21518461 |
|  |  | 113135350 |
| **Household Durables — 4.8%** | **Household Durables — 4.8%** | **Household Durables — 4.8%** |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 8303515 | 84050490 |
| Sekisui House Ltd. | &nbsp;&nbsp; 2125000 | 47821539 |
| Sony Group Corp. | &nbsp;&nbsp; 21908400 | 598781461 |
|  |  | 730653490 |
| **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| Unicharm Corp. | &nbsp;&nbsp; 3958700 | 26417459 |
| **Industrial Conglomerates — 3.2%** | **Industrial Conglomerates — 3.2%** | **Industrial Conglomerates — 3.2%** |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 64400 | 17148845 |
| Hitachi Ltd. | &nbsp;&nbsp; 16321800 | 439764915 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 1340300 | 25436620 |
|  |  | 482350380 |
| **Insurance — 4.8%** | **Insurance — 4.8%** | **Insurance — 4.8%** |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 12520600 | 102738649 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 6350800 | 64806117 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 678200 | 18988869 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 4582920 | 106607179 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 3165150 | 101156440 |
| T&D Holdings Inc. | &nbsp;&nbsp; 1735900 | 44942136 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 6544800 | 280692999 |
|  |  | 719932389 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| LY Corp. | &nbsp;&nbsp; 9877100 | 31270684 |
| **IT Services — 3.0%** | **IT Services — 3.0%** | **IT Services — 3.0%** |
| Fujitsu Ltd. | &nbsp;&nbsp; 6270700 | 150899310 |
| NEC Corp. | &nbsp;&nbsp; 4695900 | 142993484 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 1344812 | 52789585 |
| Obic Co. Ltd. | &nbsp;&nbsp; 1149300 | 40638261 |
| Otsuka Corp. | &nbsp;&nbsp; 804800 | 16528535 |
| SCSK Corp. | &nbsp;&nbsp; 558700 | 17796917 |
| TIS Inc. | &nbsp;&nbsp; 755400 | 25149208 |
|  |  | 446795300 |
| **Leisure Products — 0.7%** | **Leisure Products — 0.7%** | **Leisure Products — 0.7%** |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 2084394 | 71665819 |
| Shimano Inc. | &nbsp;&nbsp; 269700 | 29907803 |
|  |  | 101573622 |
| **Machinery — 5.5%** | **Machinery — 5.5%** | **Machinery — 5.5%** |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 1147100 | 36104164 |
| FANUC Corp. | &nbsp;&nbsp; 3324300 | 92413831 |
| IHI Corp. | &nbsp;&nbsp; 522300 | 54278470 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 542800 | 32833543 |
| Komatsu Ltd. | &nbsp;&nbsp; 3389400 | 114745918 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Kubota Corp. | &nbsp;&nbsp; 3481900 | $40257914 |
| Makita Corp. | &nbsp;&nbsp; 797500 | 26924723 |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 1291100 | 22001936 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 11416600 | 288065921 |
| SMC Corp. | &nbsp;&nbsp; 203900 | 62405396 |
| Toyota Industries Corp. | &nbsp;&nbsp; 580900 | 63987544 |
|  |  | 834019360 |
| **Marine Transportation — 0.8%** | **Marine Transportation — 0.8%** | **Marine Transportation — 0.8%** |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 1241900 | 18978936 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 1227800 | 39399146 |
| Nippon Yusen KK | &nbsp;&nbsp; 1556200 | 56096885 |
|  |  | 114474967 |
| **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** |
| JFE Holdings Inc. | &nbsp;&nbsp; 2038950 | 25347778 |
| Nippon Steel Corp. | &nbsp;&nbsp; 3445170 | 72565543 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 874600 | 23666575 |
|  |  | 121579896 |
| **Office REITs — 0.2%** | **Office REITs — 0.2%** | **Office REITs — 0.2%** |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 27701 | 26802968 |
| **Oil, Gas & Consumable Fuels — 0.9%** | **Oil, Gas & Consumable Fuels — 0.9%** | **Oil, Gas & Consumable Fuels — 0.9%** |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 9675995 | 57295382 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 2746845 | 18223278 |
| Inpex Corp. | &nbsp;&nbsp; 3138500 | 53329896 |
|  |  | 128848556 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| ANA Holdings Inc. | &nbsp;&nbsp; 569000 | 11471709 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 510100 | 10847537 |
|  |  | 22319246 |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| Kao Corp. | &nbsp;&nbsp; 1659500 | 75401071 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 1416300 | 22985461 |
|  |  | 98386532 |
| **Pharmaceuticals — 4.4%** | **Pharmaceuticals — 4.4%** | **Pharmaceuticals — 4.4%** |
| Astellas Pharma Inc. | &nbsp;&nbsp; 6443650 | 70736265 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 2389200 | 105581870 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 6098307 | 145820653 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 935100 | 28588500 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 835600 | 14431127 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 1547500 | 81201174 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 2683600 | 46420141 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 5667700 | 170613365 |
|  |  | 663393095 |
| **Professional Services — 1.8%** | **Professional Services — 1.8%** | **Professional Services — 1.8%** |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 4733300 | 270854958 |
| **Real Estate Management & Development — 2.2%** | **Real Estate Management & Development — 2.2%** | **Real Estate Management & Development — 2.2%** |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 207900 | 22123011 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 1994300 | 70464026 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 1623700 | 17416683 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 3786300 | 80657756 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 9412800 | 99514293 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 1101400 | 45245193 |
|  |  | 335420962 |
| **Semiconductors & Semiconductor Equipment — 4.2%** | **Semiconductors & Semiconductor Equipment — 4.2%** | **Semiconductors & Semiconductor Equipment — 4.2%** |
| Advantest Corp. | &nbsp;&nbsp; 2729700 | 208738746 |
| Disco Corp. | &nbsp;&nbsp; 327300 | 89551102 |
| Lasertec Corp. | &nbsp;&nbsp; 286200 | 29713364 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 5995600 | 69984534 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 290900 | 21989485 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan ETF** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 1597056 | $217496802 |
|  |  | 637474033 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Oracle Corp./Japan | &nbsp;&nbsp; 137000 | 14179822 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 451900 | 23950220 |
|  |  | 38130042 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 680800 | 212803832 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 286400 | 26430176 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 635100 | 32860853 |
| ZOZO Inc. | &nbsp;&nbsp; 1586200 | 14739316 |
|  |  | 286834177 |
| **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** |
| Canon Inc. | &nbsp;&nbsp; 3086350 | 90322085 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 3988000 | 94478761 |
|  |  | 184800846 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| Asics Corp. | &nbsp;&nbsp; 2486400 | 66838387 |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
| Japan Tobacco Inc. | &nbsp;&nbsp; 4275300 | 135933892 |
| **Trading Companies & Distributors — 6.6%** | **Trading Companies & Distributors — 6.6%** | **Trading Companies & Distributors — 6.6%** |
| ITOCHU Corp. | &nbsp;&nbsp; 4234300 | 239190174 |
| Marubeni Corp. | &nbsp;&nbsp; 5028000 | 114111456 |
| Mitsubishi Corp. | &nbsp;&nbsp; 11457500 | 258674455 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 8798400 | 202551285 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 885400 | 15255961 |
| Sumitomo Corp. | &nbsp;&nbsp; 3883300 | 108753343 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 2460700 | 65492482 |
|  |  | 1004029156 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Wireless Telecommunication Services — 4.7%** | **Wireless Telecommunication Services — 4.7%** | **Wireless Telecommunication Services — 4.7%** |
| KDDI Corp. | &nbsp;&nbsp; 11190900 | $193415847 |
| SoftBank Corp. | &nbsp;&nbsp; 102156600 | 158024096 |
| SoftBank Group Corp. | &nbsp;&nbsp; 3404800 | 365621229 |
|  |  | 717061172 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $13,795,574,348)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $13,795,574,348)** | 15093611841 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 31345394 | 31361067 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 5730000 | 5730000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $37,089,259)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $37,089,259)** | 37091067 |
| **Total Investments — 100.0%** <br>**(Cost: $13,832,663,607)** | **Total Investments — 100.0%** <br>**(Cost: $13,832,663,607)** | 15130702908 |
| **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 879571 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $15131582479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $9263464<br> $22097663 <br><sup>(a)</sup><br>| $— | $37 | $(97)<br>| $31361067 | 31345394 | $78283 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 4430000<br> 1300000 <br><sup>(a)</sup><br>|  |  |  | 5730000 | 5730000 | 228600 |  |
|  |  |  | $37 | $(97) | $37091067 |  | $306883 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan ETF** 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| TOPIX Index | 39 | 09/11/25 | &nbsp;&nbsp; $8053 | $119227 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $119227 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $119227 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10827558 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10827558 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3174956)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3174956)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $84316422 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $17654682 | &nbsp;&nbsp; $15075957159 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15093611841 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 37091067 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37091067 |
|  | &nbsp;&nbsp; $54745749 | &nbsp;&nbsp; $15075957159 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15130702908 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan ETF** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $119227 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $119227 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI South Korea ETF** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** |
| Hanwha Aerospace Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 189984 | $120482503 |
| Hanwha Systems Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 251134 | 9176665 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 460273 | 31448032 |
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 51053 | 17943075 |
|  |  | 179050275 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 231861 | 30663413 |
| **Automobile Components — 1.8%** | **Automobile Components — 1.8%** | **Automobile Components — 1.8%** |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 504521 | 14543211 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 338289 | 77251939 |
|  |  | 91795150 |
| **Automobiles — 4.3%** | **Automobiles — 4.3%** | **Automobiles — 4.3%** |
| Hyundai Motor Co. | &nbsp;&nbsp; 744717 | 117239234 |
| Kia Corp. | &nbsp;&nbsp; 1313331 | 99371164 |
|  |  | 216610398 |
| **Banks — 9.3%** | **Banks — 9.3%** | **Banks — 9.3%** |
| Hana Financial Group Inc. | &nbsp;&nbsp; 1595632 | 94064831 |
| Industrial Bank of Korea | &nbsp;&nbsp; 1751600 | 23946469 |
| KakaoBank Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1063029 | 18785987 |
| KB Financial Group Inc. | &nbsp;&nbsp; 2038995 | 159256240 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 2361854 | 110672626 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 3598352 | 64192991 |
|  |  | 470919144 |
| **Biotechnology — 3.5%** | **Biotechnology — 3.5%** | **Biotechnology — 3.5%** |
| Alteogen Inc.<sup>(b)</sup> | &nbsp;&nbsp; 223238 | 70208490 |
| Celltrion Inc. | &nbsp;&nbsp; 895760 | 107775128 |
|  |  | 177983618 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| Lotte Shopping Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1 | 47 |
| **Capital Markets — 1.3%** | **Capital Markets — 1.3%** | **Capital Markets — 1.3%** |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 273082 | 26346109 |
| Mirae Asset Securities Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1739594 | 23913492 |
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 1061565 | 14826509 |
|  |  | 65086110 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| LG Chem Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 280232 | 55659159 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| LG Uplus Corp. | &nbsp;&nbsp; 1527762 | 16293936 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Korea Electric Power Corp. | &nbsp;&nbsp; 1558558 | 40865602 |
| **Electrical Equipment — 6.5%** | **Electrical Equipment — 6.5%** | **Electrical Equipment — 6.5%** |
| Doosan Enerbility Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2522077 | 110908342 |
| Ecopro BM Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 292518 | 25390522 |
| Ecopro Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 609533 | 22092476 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 135226 | 47420026 |
| Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 21794 | 19321341 |
| LG Energy Solution Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 260798 | 65771636 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 94166 | 19039628 |
| POSCO Future M Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 220261 | 22280713 |
|  |  | 332224684 |
| **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** | **Electronic Equipment, Instruments & Components — 2.1%** |
| LG Display Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2035250 | 17484988 |
| Samsung Electro-Mechanics Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 331379 | 38016567 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 355827 | 52732375 |
|  |  | 108233930 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| HYBE Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 139014 | $28675202 |
| Krafton Inc.<sup>(b)</sup> | &nbsp;&nbsp; 165850 | 38997411 |
|  |  | 67672613 |
| **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** |
| Meritz Financial Group Inc. | &nbsp;&nbsp; 542112 | 49316714 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Orion Corp./Republic of Korea<sup>(a)</sup> | &nbsp;&nbsp; 165604 | 12817013 |
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 15535 | 17394686 |
|  |  | 30211699 |
| **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** |
| HLB Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 684550 | 18486809 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
| Hanjin Kal Corp.<sup>(a)</sup> | &nbsp;&nbsp; 174427 | 14012818 |
| **Household Durables — 1.2%** | **Household Durables — 1.2%** | **Household Durables — 1.2%** |
| Coway Co. Ltd. | &nbsp;&nbsp; 353391 | 26382994 |
| LG Electronics Inc. | &nbsp;&nbsp; 617220 | 32705705 |
|  |  | 59088699 |
| **Industrial Conglomerates — 3.7%** | **Industrial Conglomerates — 3.7%** | **Industrial Conglomerates — 3.7%** |
| Doosan Co. Ltd. | &nbsp;&nbsp; 25584 | 10153448 |
| LG Corp. | &nbsp;&nbsp; 548409 | 29322706 |
| Samsung C&T Corp. | &nbsp;&nbsp; 504083 | 60672588 |
| SK Inc. | &nbsp;&nbsp; 220798 | 32743685 |
| SK Square Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 543665 | 57659784 |
|  |  | 190552211 |
| **Insurance — 2.6%** | **Insurance — 2.6%** | **Insurance — 2.6%** |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 285094 | 26954199 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 174102 | 55411498 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 466533 | 47928376 |
|  |  | 130294073 |
| **Interactive Media & Services — 3.9%** | **Interactive Media & Services — 3.9%** | **Interactive Media & Services — 3.9%** |
| Kakao Corp. | &nbsp;&nbsp; 1758566 | 78740655 |
| NAVER Corp. | &nbsp;&nbsp; 777093 | 119457682 |
|  |  | 198198337 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 258786 | 27340876 |
| **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** | **Life Sciences Tools & Services — 1.4%** |
| Samsung Biologics Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 98220 | 70485943 |
| **Machinery — 5.9%** | **Machinery — 5.9%** | **Machinery — 5.9%** |
| Doosan Bobcat Inc. | &nbsp;&nbsp; 396017 | 15128832 |
| Hanwha Ocean Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 549410 | 44155528 |
| HD Hyundai Heavy Industries Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 135941 | 50712653 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 244055 | 71124453 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 452139 | 62371815 |
| Samsung Heavy Industries Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3843814 | 58757925 |
|  |  | 302251206 |
| **Marine Transportation — 0.5%** | **Marine Transportation — 0.5%** | **Marine Transportation — 0.5%** |
| HMM Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1633872 | 25949680 |
| **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** | **Metals & Mining — 1.9%** |
| Korea Zinc Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 31100 | 18365833 |
| POSCO Holdings Inc. | &nbsp;&nbsp; 390291 | 79667811 |
|  |  | 98033644 |
| **Oil, Gas & Consumable Fuels — 1.4%** | **Oil, Gas & Consumable Fuels — 1.4%** | **Oil, Gas & Consumable Fuels — 1.4%** |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 285373 | 28100932 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 393640 | 28489482 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI South Korea ETF** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| S-Oil Corp. | &nbsp;&nbsp; 309133 | $13370139 |
|  |  | 69960553 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 1152992 | 19625558 |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| Amorepacific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 191577 | 16528119 |
| LG H&H Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 63209 | 13419636 |
|  |  | 29947755 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 199903 | 14123872 |
| Yuhan Corp. | &nbsp;&nbsp; 333060 | 27128395 |
|  |  | 41252267 |
| **Semiconductors & Semiconductor Equipment — 11.3%** | **Semiconductors & Semiconductor Equipment — 11.3%** | **Semiconductors & Semiconductor Equipment — 11.3%** |
| Hanmi Semiconductor Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 273314 | 16864348 |
| SK Hynix Inc. | &nbsp;&nbsp; 2923699 | 557073799 |
|  |  | 573938147 |
| **Technology Hardware, Storage & Peripherals — 21.6%** | **Technology Hardware, Storage & Peripherals — 21.6%** | **Technology Hardware, Storage & Peripherals — 21.6%** |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 21984731 | 1098352696 |
| **Tobacco — 1.1%** | **Tobacco — 1.1%** | **Tobacco — 1.1%** |
| KT&G Corp. | &nbsp;&nbsp; 578796 | 55983323 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| Posco International Corp.<sup>(a)</sup> | &nbsp;&nbsp; 381554 | 13147354 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 360086 | 14038239 |
| **Total Common Stocks — 98.0%** <br>**(Cost: $2,503,702,056)** | **Total Common Stocks — 98.0%** <br>**(Cost: $2,503,702,056)** | 4983526680 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Automobiles — 0.9%** | **Automobiles — 0.9%** | **Automobiles — 0.9%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 147014 | 17380308 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 216222 | 26349609 |
|  |  | 43729917 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 694179 | $28184982 |
| **Total Preferred Stocks — 1.4%** <br>**(Cost: $33,907,279)** | **Total Preferred Stocks — 1.4%** <br>**(Cost: $33,907,279)** | 71914899 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $2,537,609,335)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $2,537,609,335)** | 5055441579 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 7.0%** | **Money Market Funds — 7.0%** | **Money Market Funds — 7.0%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 352912703 | 353089159 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 2420000 | 2420000 |
| **Total Short-Term Securities — 7.0%** <br>**(Cost: $355,482,372)** | **Total Short-Term Securities — 7.0%** <br>**(Cost: $355,482,372)** | 355509159 |
| **Total Investments — 106.4%** <br>**(Cost: $2,893,091,707)** | **Total Investments — 106.4%** <br>**(Cost: $2,893,091,707)** | 5410950738 |
| **Liabilities in Excess of Other Assets — (6.4)%** | **Liabilities in Excess of Other Assets — (6.4)%** | (325906222)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $5085044516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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 registration to qualified institutional investors. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| $148871380<br> $204204965 <br><sup>(a)</sup><br>| $— | $30761 | $(17947)<br>| $353089159 | 352912703 | $6283460 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 2360000<br> 60000 <br><sup>(a)</sup><br>|  |  |  | 2420000 | 2420000 | 65296 |  |
|  |  |  | $30761 | $(17947) | $355509159 |  | $6348756 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI South Korea ETF** 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| KOSPI 200 Index | 380 | 09/11/25 | &nbsp;&nbsp; $29424 | $1414086 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1414086 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1414086 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $194193 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $194193 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2530719 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2530719 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $24427541 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $32404072 | &nbsp;&nbsp; $4951122608 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4983526680 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 71914899 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71914899 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 355509159 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 355509159 |
|  | &nbsp;&nbsp; $387913231 | &nbsp;&nbsp; $5023037507 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5410950738 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI South Korea ETF** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $1414086 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1414086 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Canada ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Japan ETF <br>| &nbsp;&nbsp; iShares <br>MSCI South Korea <br> ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $3192700000 | $15093611841 | $5055441579 |
| Investments, at value—affiliated<sup>(c)</sup> | 9256045 | 37091067 | 355509159 |
| Cash | 3521 | 5074 | 2654 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 522809 | 178531 |  |
| Foreign currency, at value<sup>(e)</sup> | 5778779 | 21591486 | 7644120 |
| Receivables: |  |  |  |
| Investments sold | 15623 |  | 53436568 |
| Securities lending income—affiliated | 1804 | 17653 | 940211 |
| Dividends—unaffiliated | 4049755 | 17057638 | 3913018 |
| Dividends—affiliated | 3253 | 15201 | 6576 |
| Variation margin on futures contracts | 48732 |  | 17277524 |
| Total assets | 3212380321 | 15169568491 | 5494171409 |
| **LIABILITIES** |  |  |  |
| Collateral on securities loaned, at value | 7943441 | 31359146 | 353142398 |
| Payables: |  |  |  |
| Capital shares redeemed | 15623 |  | 53436706 |
| Investment advisory fees | 1292920 | 6501236 | 2547789 |
| Variation margin on futures contracts |  | 125630 |  |
| Total liabilities | 9251984 | 37986012 | 409126893 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $3203128337 | $15131582479 | $5085044516 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $3903553683 | $16424036197 | $3420922073 |
| Accumulated earnings (loss) | (700425346) | (1292453718) | 1664122443 |
| NET ASSETS | $3203128337 | $15131582479 | $5085044516 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 65700000 | 193800000 | 70200000 |
| Net asset value | $48.75 | $78.08 | $72.44 |
| Shares authorized | 1 billion | 2.5246 billion | 700 million |
| Par value | $0.001 | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $2854836251 | $13795574348 | $2537609335 |
| <sup>(b)</sup> Securities loaned, at value | $7880759 | $18258786 | $300178761 |
| <sup>(c)</sup> Investments, at cost—affiliated | $9255142 | $37089259 | $355482372 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $539575 | $179776 | $— |
| <sup>(e)</sup> Foreign currency, at cost | $5726152 | $21585393 | $7862405 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>MSCI <br> Canada ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Japan ETF <br>| &nbsp;&nbsp; iShares <br>MSCI South <br> Korea ETF <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $78555367 | &nbsp;&nbsp;&nbsp; $346039854 | &nbsp;&nbsp;&nbsp; $83212667 |
| Dividends—affiliated | &nbsp;&nbsp; 61108 | &nbsp;&nbsp;&nbsp; 228600 | &nbsp;&nbsp;&nbsp; 65296 |
| Interest—unaffiliated | &nbsp;&nbsp; 13023 | &nbsp;&nbsp;&nbsp; 2406 | &nbsp;&nbsp;&nbsp; 25603 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 28062 | &nbsp;&nbsp;&nbsp; 78283 | &nbsp;&nbsp;&nbsp; 6283460 |
| Foreign taxes withheld | &nbsp;&nbsp; (11795336)<br>| &nbsp;&nbsp;&nbsp; (34638399)<br>| &nbsp;&nbsp;&nbsp; (13506350)<br>|
| Total investment income | &nbsp;&nbsp; 66862224 | &nbsp;&nbsp;&nbsp; 311710744 | &nbsp;&nbsp;&nbsp; 76080676 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 13971050 | &nbsp;&nbsp;&nbsp; 71060731 | &nbsp;&nbsp;&nbsp; 23459362 |
| Commitment costs | &nbsp;&nbsp; 27365 | &nbsp;&nbsp;&nbsp; 39896 | &nbsp;&nbsp;&nbsp; 34919 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1217 | &nbsp;&nbsp;&nbsp; 28641 |
| Total expenses | &nbsp;&nbsp; 13998415 | &nbsp;&nbsp;&nbsp; 71101844 | &nbsp;&nbsp;&nbsp; 23522922 |
| Net investment income | &nbsp;&nbsp; 52863809 | &nbsp;&nbsp;&nbsp; 240608900 | &nbsp;&nbsp;&nbsp; 52557754 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (18146253)<br>| &nbsp;&nbsp;&nbsp; (338443460)<br>| &nbsp;&nbsp;&nbsp; (111712031)<br>|
| Investments—affiliated | &nbsp;&nbsp; 3473 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 30761 |
| Foreign currency transactions | &nbsp;&nbsp; (229702)<br>| &nbsp;&nbsp;&nbsp; 463616 | &nbsp;&nbsp;&nbsp; (1389635)<br>|
| Futures contracts | &nbsp;&nbsp; 1812012 | &nbsp;&nbsp;&nbsp; 10827558 | &nbsp;&nbsp;&nbsp; 194193 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 166282208 | &nbsp;&nbsp;&nbsp; 1107515332 | &nbsp;&nbsp;&nbsp; — |
| Litigation proceeds<sup>(b)</sup> | &nbsp;&nbsp; 1028144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 150749882 | &nbsp;&nbsp;&nbsp; 780363083 | &nbsp;&nbsp;&nbsp; (112876712)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 400253452 | &nbsp;&nbsp;&nbsp; 495484452 | &nbsp;&nbsp;&nbsp; 359835008 |
| Investments—affiliated | &nbsp;&nbsp; (1592)<br>| &nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp; (17947)<br>|
| Foreign currency translations | &nbsp;&nbsp; (16785)<br>| &nbsp;&nbsp;&nbsp; (1488355)<br>| &nbsp;&nbsp;&nbsp; 192566 |
| Futures contracts | &nbsp;&nbsp; 104218 | &nbsp;&nbsp;&nbsp; (3174956)<br>| &nbsp;&nbsp;&nbsp; 2530719 |
|  | &nbsp;&nbsp; 400339293 | &nbsp;&nbsp;&nbsp; 490821044 | &nbsp;&nbsp;&nbsp; 362540346 |
| Net realized and unrealized gain | &nbsp;&nbsp; 551089175 | &nbsp;&nbsp;&nbsp; 1271184127 | &nbsp;&nbsp;&nbsp; 249663634 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $603952984 | &nbsp;&nbsp;&nbsp; $1511793027 | &nbsp;&nbsp;&nbsp; $302221388 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(b)</sup> Represents proceeds from settlement of litigation where the Fund was able to recover a portion of investment losses previously realized. | <sup>(b)</sup> Represents proceeds from settlement of litigation where the Fund was able to recover a portion of investment losses previously realized. | <sup>(b)</sup> Represents proceeds from settlement of litigation where the Fund was able to recover a portion of investment losses previously realized. | <sup>(b)</sup> Represents proceeds from settlement of litigation where the Fund was able to recover a portion of investment losses previously realized. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Canada ETF  | iShares <br>MSCI Canada ETF  | iShares <br>MSCI Japan ETF  | iShares <br>MSCI Japan ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $52863809 | &nbsp;&nbsp;&nbsp; $61219298 | &nbsp;&nbsp;&nbsp; $240608900 | &nbsp;&nbsp;&nbsp; $215954054 |
| Net realized gain | &nbsp;&nbsp; 150749882 | &nbsp;&nbsp;&nbsp; 39006637 | &nbsp;&nbsp;&nbsp; 780363083 | &nbsp;&nbsp;&nbsp; 594795469 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 400339293 | &nbsp;&nbsp;&nbsp; 385565203 | &nbsp;&nbsp;&nbsp; 490821044 | &nbsp;&nbsp;&nbsp; 1879967938 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 603952984 | &nbsp;&nbsp;&nbsp; 485791138 | &nbsp;&nbsp;&nbsp; 1511793027 | &nbsp;&nbsp;&nbsp; 2690717461 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (58172802)<br>| &nbsp;&nbsp;&nbsp; (64851765)<br>| &nbsp;&nbsp;&nbsp; (329818132)<br>| &nbsp;&nbsp;&nbsp; (304561745)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 66302379 | &nbsp;&nbsp;&nbsp; (858196419)<br>| &nbsp;&nbsp;&nbsp; (1627826063)<br>| &nbsp;&nbsp;&nbsp; (412589697)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 612082561 | &nbsp;&nbsp;&nbsp; (437257046)<br>| &nbsp;&nbsp;&nbsp; (445851168)<br>| &nbsp;&nbsp;&nbsp; 1973566019 |
| Beginning of year | &nbsp;&nbsp; 2591045776 | &nbsp;&nbsp;&nbsp; 3028302822 | &nbsp;&nbsp;&nbsp; 15577433647 | &nbsp;&nbsp;&nbsp; 13603867628 |
| End of year | &nbsp;&nbsp; $3203128337 | &nbsp;&nbsp;&nbsp; $2591045776 | &nbsp;&nbsp;&nbsp; $15131582479 | &nbsp;&nbsp;&nbsp; $15577433647 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI South Korea ETF  | iShares <br>MSCI South Korea ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $52557754 | &nbsp;&nbsp;&nbsp; $57566621 |
| Net realized loss | &nbsp;&nbsp; (112876712)<br>| &nbsp;&nbsp;&nbsp; (146871361)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 362540346 | &nbsp;&nbsp;&nbsp; 363963445 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 302221388 | &nbsp;&nbsp;&nbsp; 274658705 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (84703374)<br>| &nbsp;&nbsp;&nbsp; (100547057)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (200225816)<br>| &nbsp;&nbsp;&nbsp; 1239450355 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 17292198 | &nbsp;&nbsp;&nbsp; 1413562003 |
| Beginning of year | &nbsp;&nbsp; 5067752318 | &nbsp;&nbsp;&nbsp; 3654190315 |
| End of year | &nbsp;&nbsp; $5085044516 | &nbsp;&nbsp;&nbsp; $5067752318 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Canada ETF  | iShares MSCI Canada ETF  | iShares MSCI Canada ETF  | iShares MSCI Canada ETF  | iShares MSCI Canada ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $40.49 | &nbsp;&nbsp;&nbsp; $34.69 | &nbsp;&nbsp;&nbsp; $33.72 | &nbsp;&nbsp;&nbsp; $37.38 | &nbsp;&nbsp;&nbsp; $28.76 |
| Net investment income<sup>(a)</sup> | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 8.32 | &nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.60 |
| Net increase (decrease) from investment operations | 9.12 | &nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.24 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $48.75 | &nbsp;&nbsp;&nbsp; $40.49 | &nbsp;&nbsp;&nbsp; $34.69 | &nbsp;&nbsp;&nbsp; $33.72 | &nbsp;&nbsp;&nbsp; $37.38 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 22.86 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.42<br> %<br>| &nbsp;&nbsp;&nbsp; (7.94)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.41<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $3203128 | &nbsp;&nbsp;&nbsp; $2591046 | &nbsp;&nbsp;&nbsp; $3028303 | &nbsp;&nbsp;&nbsp; $3662225 | &nbsp;&nbsp;&nbsp; $4157136 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 22.82% | <sup>(e)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 22.82% | <sup>(e)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 22.82% | <sup>(e)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 22.82% | <sup>(e)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 22.82% | <sup>(e)</sup> Includes payment received from a settlement of litigation which impacted the Fund's total return, Excluding the payment from a settlement of litigation, the Fund's total return would have <br> been 22.82% |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Japan ETF  | iShares MSCI Japan ETF  | iShares MSCI Japan ETF  | iShares MSCI Japan ETF  | iShares MSCI Japan ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $72.27 | &nbsp;&nbsp;&nbsp; $61.57 | &nbsp;&nbsp;&nbsp; $53.72 | &nbsp;&nbsp;&nbsp; $68.55 | &nbsp;&nbsp;&nbsp; $58.15 |
| Net investment income<sup>(a)</sup> | 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 6.29 | &nbsp;&nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp; (14.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.25 |
| Net increase (decrease) from investment operations | 7.47 | &nbsp;&nbsp;&nbsp;&nbsp;12.08 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp; (13.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.16 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $78.08 | &nbsp;&nbsp;&nbsp; $72.27 | &nbsp;&nbsp;&nbsp; $61.57 | &nbsp;&nbsp;&nbsp; $53.72 | &nbsp;&nbsp;&nbsp; $68.55 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 10.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.68<br> %<br>| &nbsp;&nbsp;&nbsp; (19.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.21<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $15131582 | &nbsp;&nbsp;&nbsp; $15577434 | &nbsp;&nbsp;&nbsp; $13603868 | &nbsp;&nbsp;&nbsp; $9661520 | &nbsp;&nbsp;&nbsp; $11906294 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI South Korea ETF  | iShares MSCI South Korea ETF  | iShares MSCI South Korea ETF  | iShares MSCI South Korea ETF  | iShares MSCI South Korea ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $65.64 | &nbsp;&nbsp;&nbsp; $62.63 | &nbsp;&nbsp;&nbsp; $58.43 | &nbsp;&nbsp;&nbsp; $86.98 | &nbsp;&nbsp;&nbsp; $63.04 |
| Net investment income<sup>(a)</sup> | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 7.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp; (27.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.34 |
| Net increase (decrease) from investment operations | 8.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp; (26.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.57 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $72.44 | &nbsp;&nbsp;&nbsp; $65.64 | &nbsp;&nbsp;&nbsp; $62.63 | &nbsp;&nbsp;&nbsp; $58.43 | &nbsp;&nbsp;&nbsp; $86.98 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 13.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.49<br> %<br>| &nbsp;&nbsp;&nbsp; (31.39)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.05<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $5085045 | &nbsp;&nbsp;&nbsp; $5067752 | &nbsp;&nbsp;&nbsp; $3654190 | &nbsp;&nbsp;&nbsp; $2959448 | &nbsp;&nbsp;&nbsp; $6136724 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| MSCI Canada | &nbsp;&nbsp; Diversified |
| MSCI Japan | &nbsp;&nbsp; Diversified |
| MSCI South Korea | &nbsp;&nbsp; Non-diversified |

---

***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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**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 exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). 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 Statements 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 Statements 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 "Foreign taxes withheld", 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 August 31, 2025, if any, are disclosed in the Statements 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 Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** 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.

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

**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.

**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.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that 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. The Board of Directors of the Company (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. 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 BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., 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 Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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 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. SECURITIES AND OTHER INVESTMENTS***

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI Canada |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; $7880759 | &nbsp;&nbsp;&nbsp; $(7880759) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Japan |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $2242772 | &nbsp;&nbsp;&nbsp; $(2242772) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 4141503 | &nbsp;&nbsp;&nbsp; (4141503) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 11874511 | &nbsp;&nbsp;&nbsp; (11874511) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $18258786 | &nbsp;&nbsp;&nbsp; $(18258786) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI South Korea |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $6850554 | &nbsp;&nbsp;&nbsp; $(6850554) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 62490678 | &nbsp;&nbsp;&nbsp; (62490678) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 21688980 | &nbsp;&nbsp;&nbsp; (21688980) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 142182186 | &nbsp;&nbsp;&nbsp; (142182186) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 9660283 | &nbsp;&nbsp;&nbsp; (9660283) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 57306080 | &nbsp;&nbsp;&nbsp; (57306080) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $300178761 | &nbsp;&nbsp;&nbsp; $(300178761) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

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

***5. 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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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.

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund's assets. BFA is a 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 directors).

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

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $7 billion | 0.59% |
| Over $7 billion, up to and including $11 billion | 0.54 |
| Over $11 billion, up to and including $24 billion | 0.49 |
| Over $24 billion, up to and including $48 billion | 0.44 |
| Over $48 billion, up to and including $72 billion | 0.40 |
| Over $72 billion, up to and including $96 billion | 0.36 |
| Over $96 billion | 0.32 |

---

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

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $2 billion | 0.7400% |
| Over $2 billion, up to and including $4 billion | 0.6900 |
| Over $4 billion, up to and including $8 billion | 0.6400 |
| Over $8 billion, up to and including $16 billion | 0.5700 |
| Over $16 billion, up to and including $24 billion | 0.5100 |
| Over $24 billion, up to and including $32 billion | 0.4800 |
| Over $32 billion, up to and including $40 billion | 0.4500 |
| Over $40 billion | 0.4275 |

---

**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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Canada | &nbsp;&nbsp; $10959 |
| MSCI Japan | &nbsp;&nbsp; 22301 |
| MSCI South Korea | &nbsp;&nbsp; 1454681 |

---

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

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

For the year ended August 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI Japan | &nbsp;&nbsp; $220452445 | &nbsp;&nbsp;&nbsp; $235681194 | &nbsp;&nbsp;&nbsp; $(169054904) |
| MSCI South Korea | &nbsp;&nbsp; 83127942 | &nbsp;&nbsp;&nbsp; 36176412 | &nbsp;&nbsp;&nbsp; (6146142) |

---

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 Statements 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.

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Canada | &nbsp;&nbsp; $138189715 | &nbsp;&nbsp;&nbsp; $102214126 |
| MSCI Japan | &nbsp;&nbsp; 909659575 | &nbsp;&nbsp;&nbsp; 865840212 |
| MSCI South Korea | &nbsp;&nbsp; 1946929437 | &nbsp;&nbsp;&nbsp; 2184435955 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Canada | &nbsp;&nbsp; $1090326886 | &nbsp;&nbsp;&nbsp; $1066980077 |
| MSCI Japan | &nbsp;&nbsp; 2619567281 | &nbsp;&nbsp;&nbsp; 4365705235 |

---

***8. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Company's other funds for federal income tax purposes. It is 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 of 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 August 31, 2025, 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' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions was reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| MSCI Canada | &nbsp;&nbsp; $161569355 | &nbsp;&nbsp;&nbsp; $(161569355) |
| MSCI Japan | &nbsp;&nbsp; 1028101449 | &nbsp;&nbsp;&nbsp; (1028101449) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| MSCI Canada |  |  |
| Ordinary income | &nbsp;&nbsp; $58172802 | &nbsp;&nbsp;&nbsp; $64851765 |
| MSCI Japan |  |  |
| Ordinary income | &nbsp;&nbsp; $329818132 | &nbsp;&nbsp;&nbsp; $304561745 |
| MSCI South Korea |  |  |
| Ordinary income | &nbsp;&nbsp; $84703374 | &nbsp;&nbsp;&nbsp; $100547057 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| MSCI Canada | &nbsp;&nbsp; $4415852 | &nbsp;&nbsp;&nbsp; $(1033355395) | &nbsp;&nbsp;&nbsp; $328514197 | &nbsp;&nbsp;&nbsp; $(700425346) |
| MSCI Japan | &nbsp;&nbsp; 238919430 | &nbsp;&nbsp;&nbsp; (2469745684) | &nbsp;&nbsp;&nbsp; 938372536 | &nbsp;&nbsp;&nbsp; (1292453718) |
| MSCI South Korea | &nbsp;&nbsp; 88795822 | &nbsp;&nbsp;&nbsp; (626607751) | &nbsp;&nbsp;&nbsp; 2201934372 | &nbsp;&nbsp;&nbsp; 1664122443 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

As of August 31, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI Canada | &nbsp;&nbsp; $2873498695 | &nbsp;&nbsp;&nbsp; $469573836 | &nbsp;&nbsp;&nbsp; $(141116486) | &nbsp;&nbsp;&nbsp; $328457350 |
| MSCI Japan | &nbsp;&nbsp; 14192265970 | &nbsp;&nbsp;&nbsp; 2641211179 | &nbsp;&nbsp;&nbsp; (1702655014) | &nbsp;&nbsp;&nbsp; 938556165 |
| MSCI South Korea | &nbsp;&nbsp; 3210194551 | &nbsp;&nbsp;&nbsp; 2305855259 | &nbsp;&nbsp;&nbsp; (103684986) | &nbsp;&nbsp;&nbsp; 2202170273 |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), is a party to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2025, the Funds did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each 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, tariffs 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 an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**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 each 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. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of 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 may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**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 BFA 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 Statements 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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

**Geographic/Asset Class 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 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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. 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.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Canada |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 27300000 | &nbsp;&nbsp;&nbsp; $1138268426 | &nbsp;&nbsp;&nbsp; 13400000 | &nbsp;&nbsp;&nbsp; $483592011 |
| Shares redeemed | &nbsp;&nbsp; (25600000)<br>| &nbsp;&nbsp;&nbsp; (1071966047)<br>| &nbsp;&nbsp;&nbsp; (36700000)<br>| &nbsp;&nbsp;&nbsp; (1341788430)<br>|
|  | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; $66302379 | &nbsp;&nbsp;&nbsp; (23300000)<br>| &nbsp;&nbsp;&nbsp; $(858196419)<br>|
| MSCI Japan |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 39150000 | &nbsp;&nbsp;&nbsp; $2742665611 | &nbsp;&nbsp;&nbsp; 55950000 | &nbsp;&nbsp;&nbsp; $3672604949 |
| Shares redeemed | &nbsp;&nbsp; (60900000)<br>| &nbsp;&nbsp;&nbsp; (4370491674)<br>| &nbsp;&nbsp;&nbsp; (61350000)<br>| &nbsp;&nbsp;&nbsp; (4085194646)<br>|
|  | &nbsp;&nbsp; (21750000)<br>| &nbsp;&nbsp;&nbsp; $(1627826063)<br>| &nbsp;&nbsp;&nbsp; (5400000)<br>| &nbsp;&nbsp;&nbsp; $(412589697)<br>|
| MSCI South Korea |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 21500000 | &nbsp;&nbsp;&nbsp; $1455984802 | &nbsp;&nbsp;&nbsp; 26650000 | &nbsp;&nbsp;&nbsp; $1726061386 |
| Shares redeemed | &nbsp;&nbsp; (28500000)<br>| &nbsp;&nbsp;&nbsp; (1656210618)<br>| &nbsp;&nbsp;&nbsp; (7800000)<br>| &nbsp;&nbsp;&nbsp; (486611031)<br>|
|  | &nbsp;&nbsp; (7000000)<br>| &nbsp;&nbsp;&nbsp; $(200225816)<br>| &nbsp;&nbsp;&nbsp; 18850000 | &nbsp;&nbsp;&nbsp; $1239450355 |

---

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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 Company's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***12. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the three funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI Canada ETF <br> iShares MSCI Japan ETF <br> iShares MSCI South Korea ETF

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

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

2025 iShares Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI Canada | &nbsp;&nbsp; $77846255 |
| MSCI Japan | &nbsp;&nbsp; 324820480 |
| MSCI South Korea | &nbsp;&nbsp; 74807366 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| MSCI Canada | &nbsp;&nbsp; $78555369 | &nbsp;&nbsp;&nbsp;&nbsp; $11773209 |
| MSCI Japan | &nbsp;&nbsp; 346047108 | &nbsp;&nbsp;&nbsp;&nbsp; 34590351 |
| MSCI South Korea | &nbsp;&nbsp; 83212666 | &nbsp;&nbsp;&nbsp;&nbsp; 12786950 |

---

Important Tax Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Regulation under the Alternative Investment Fund Managers Directive**

The Alternative Investment Fund Managers Directive, and its United Kingdom ("UK") equivalent, (the "AIFMD") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI Canada ETF, iShares MSCI Japan ETF and iShares MSCI South Korea ETF (the "Funds") to be marketed to investors in the EU and/or UK.

**Report on Remuneration**

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Remuneration information at an individual Fund level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Funds; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Funds is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals' portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF and iShares MSCI South Korea ETF (the "Funds") are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

Each Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, each Fund's investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts ("PAIs") on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

**Electronic Delivery**

Shareholders can sign up for e-mail 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

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, when available, at **iShares.com**.

Additional Information

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Board Review and Approval of Investment Advisory Contract

**iShares MSCI Canada ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Japan ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also considered the tradability, liquidity and developed capital markets ecosystem associated with the Fund in relation to comparison funds in the Fund's Peer Group that do not have similar attributes. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI South Korea ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also considered the tradability, liquidity and developed capital markets ecosystem associated with the Fund in relation to comparison funds in the Fund's Peer Group that do not have similar attributes. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

2025 iShares Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| NVS | Non-Voting Shares |

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Glossary of Terms Used in this Report

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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.©2025 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.

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August 31, 2025

![](g19235img2f665b0c1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares, Inc.** |
| • iShares Currency Hedged MSCI Emerging Markets ETF \| HEEM \| Cboe BZX Exchange |
| • iShares MSCI Emerging Markets ETF \| EEM \| NYSE Arca |

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------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_19c06758-3b99-43d3-87c7-556ffc7ccbcd_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_19c06758-3b99-43d3-87c7-556ffc7ccbcd_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 23 |
| [Statements of Operations](#xx_19c06758-3b99-43d3-87c7-556ffc7ccbcd_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 24 |
| [Statements of Changes in Net Assets](#xx_19c06758-3b99-43d3-87c7-556ffc7ccbcd_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 25 |
| [Financial Highlights](#xx_19c06758-3b99-43d3-87c7-556ffc7ccbcd_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 26 |
| [Notes to Financial Statements](#xx_19c06758-3b99-43d3-87c7-556ffc7ccbcd_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 28 |
| [Report of Independent Registered Public Accounting Firm](#xx_19c06758-3b99-43d3-87c7-556ffc7ccbcd_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 38 |
| [Important Tax Information](#xx_19c06758-3b99-43d3-87c7-556ffc7ccbcd_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 39 |
| [Additional Information](#xx_19c06758-3b99-43d3-87c7-556ffc7ccbcd_SAI-Footer-iSharesReport-5_1)  | &nbsp;&nbsp; 40 |
| [Board Review and Approval of Investment Advisory Contract](#xx_19c06758-3b99-43d3-87c7-556ffc7ccbcd_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 42 |
| [Glossary of Terms Used in these Financial Statements](#xx_19c06758-3b99-43d3-87c7-556ffc7ccbcd_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 47 |

---

------

Schedule of Investments

August 31, 2025

**iShares® Currency Hedged MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** |
| iShares MSCI Emerging Markets ETF<sup>(a)(b)</sup> | &nbsp;&nbsp; 3524930 | $175753010 |
| **Total Investment Companies** <br>**(Cost: $158,637,732)** | **Total Investment Companies** <br>**(Cost: $158,637,732)** | 175753010 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 10.5%** | **Money Market Funds — 10.5%** | **Money Market Funds — 10.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, <br>4.44%<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp; 18291744 | 18300889 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br>4.26%<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 130000 | 130000 |
| **Total Short-Term Securities — 10.5%** <br>**(Cost: $18,429,332)** | **Total Short-Term Securities — 10.5%** <br>**(Cost: $18,429,332)** | 18430889 |
| **Total Investments in Securities — 110.4%** <br>**(Cost: $177,067,064)** | **Total Investments in Securities — 110.4%** <br>**(Cost: $177,067,064)** | 194183899 |
| **Liabilities in Excess of Other Assets — (10.4)%** | **Liabilities in Excess of Other Assets — (10.4)%** | (18339617)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $175844282 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $— | $18305356 <br><sup>(a)</sup><br>| $— | $(6024)<br>| $1557 | $18300889 | 18291744 | $52973 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>|  | 130000 <br><sup>(a)</sup><br>|  |  |  | 130000 | 130000 | 28440 |  |
| iShares MSCI Emerging Markets ETF | 163431431 | 64623939 | &nbsp;&nbsp; (74878234)<br>| 3021392 | 19554482 | 175753010 | 3524930 | 4307237 |  |
|  |  |  |  | $3015368 | $19556039 | $194183899 |  | $4388650 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CNH | 1268000 | USD | 176737 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1313 |
| CNH | 254000 | USD | 35520 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 |
| CNH | 47680320 | USD | 6692343 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2827 |
| CNH | 144000 | USD | 20017 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 |
| EUR | 30000 | USD | 34773 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324 |
| EUR | 90000 | USD | 105204 | Morgan Stanley & Co. International PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| EUR | 18000 | USD | 20959 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Currency Hedged MSCI Emerging Markets ETF**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| HKD | 5120000 | USD | 654041 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2749 |
| HKD | 11589000 | USD | 1479534 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7093 |
| MXN | 555000 | USD | 29295 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440 |
| MXN | 641000 | USD | 33934 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409 |
| MXN | 333000 | USD | 17830 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| THB | 891000 | USD | 27469 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| TRY | 550000 | USD | 13250 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| TRY | 1031000 | USD | 24886 | Goldman Sachs & Co. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 |
| TRY | 38430000 | USD | 933922 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| USD | 744120 | HKD | 5794000 | Goldman Sachs & Co. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870 |
| ZAR | 201000 | USD | 11023 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 |
| ZAR | 537000 | USD | 30438 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| ZAR | 100079000 | USD | 5659072 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14340 |
| ZAR | 895000 | USD | 49476 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261 |
| BRL | 16911500 | USD | 3116345 | Goldman Sachs & Co. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1968 |
| BRL | 303000 | USD | 54215 | JPMorgan Chase Bank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1655 |
| BRL | 636000 | USD | 113919 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3353 |
| CLP | 8093000 | USD | 8355 | JPMorgan Chase Bank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| CLP | 4433000 | USD | 4561 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| IDR | 273978000 | USD | 16591 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| KRW | 146370000 | USD | 105015 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 |
| MYR | 18000 | USD | 4212 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| MYR | 80000 | USD | 18747 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| USD | 35420 | IDR | 580004000 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 |
| USD | 15621248 | INR | 1370412500 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87941 |
| USD | 15100429 | INR | 1324739500 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84815 |
| USD | 16247775 | TWD | 485286500 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371098 |
| USD | 17651423 | TWD | 527071500 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407705 |
| EUR | 2000 | USD | 2343 | Barclays Bank PLC | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| KRW | 368517000 | USD | 265489 | Goldman Sachs & Co. | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| TRY | 1584000 | USD | 37469 | BNP Paribas SA | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| USD | 3918511 | EUR | 3343000 | Societe Generale | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243 |
| USD | 41601422 | HKD | 323912000 | HSBC Bank PLC | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8611 |
| USD | 173079 | KRW | 240033000 | Morgan Stanley & Co. International PLC | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| USD | 89023 | MXN | 1665000 | Barclays Bank PLC | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| USD | 58566 | MXN | 1096000 | Morgan Stanley & Co. International PLC | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| USD | 3316870 | MXN | 62061000 | Societe Generale | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1986 |
| USD | 9083 | THB | 293000 | Barclays Bank PLC | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| USD | 1931435 | THB | 62305000 | HSBC Bank PLC | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3644 |
| TWD | 13429000 | USD | 440613 | Goldman Sachs & Co. | 10/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| USD | 3096199 | BRL | 16911500 | JPMorgan Chase Bank N.A. | 10/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1292 |
| USD | 610739 | CLP | 588572500 | Goldman Sachs & Co. | 10/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1917 |
| USD | 469329 | CLP | 452419500 | JPMorgan Chase Bank N.A. | 10/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1345 |
| USD | 14451638 | INR | 1276571000 | Goldman Sachs & Co. | 10/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2617 |
| USD | 14450002 | INR | 1276571000 | JPMorgan Chase Bank N.A. | 10/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 981 |
| USD | 2198013 | MYR | 9259000 | Goldman Sachs & Co. | 10/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3937 |
| USD | 16237486 | TWD | 494675000 | Goldman Sachs & Co. | 10/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3996 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023331 |
| EUR | 3343000 | USD | 3910976 | Societe Generale | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| HKD | 323912000 | USD | 41559255 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8103)<br>|
| HKD | 1738000 | USD | 223033 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84)<br>|
| MXN | 1665000 | USD | 89410 | Goldman Sachs & Co. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (203)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Currency Hedged MSCI Emerging Markets ETF**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MXN | 62061000 | USD | 3327492 | Societe Generale | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2410)<br>|
| THB | 1672000 | USD | 51654 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41)<br>|
| THB | 62305000 | USD | 1928171 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4881)<br>|
| USD | 118199 | CNH | 845000 | Goldman Sachs & Co. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (455)<br>|
| USD | 6740962 | CNH | 48501320 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69491)<br>|
| USD | 3660486 | EUR | 3195000 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77344)<br>|
| USD | 259140 | EUR | 226000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5257)<br>|
| USD | 69829 | EUR | 60000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (365)<br>|
| USD | 39715164 | HKD | 310899000 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (166691)<br>|
| USD | 3278571 | HKD | 25666000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13841)<br>|
| USD | 59464 | MXN | 1110000 | Goldman Sachs & Co. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| USD | 46802 | MXN | 884000 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (561)<br>|
| USD | 3341498 | MXN | 63261000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47878)<br>|
| USD | 1650139 | THB | 54031000 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17742)<br>|
| USD | 16910 | THB | 554000 | JPMorgan Chase Bank N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (191)<br>|
| USD | 34346 | THB | 1115000 | Morgan Stanley & Co. International PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73)<br>|
| USD | 280121 | THB | 9168000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2886)<br>|
| USD | 7808 | TRY | 326000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (115)<br>|
| USD | 16671 | TRY | 687000 | Goldman Sachs & Co. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| USD | 934167 | TRY | 38998000 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13594)<br>|
| USD | 316513 | ZAR | 5735000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8600)<br>|
| USD | 101180 | ZAR | 1790000 | Goldman Sachs & Co. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (294)<br>|
| USD | 5336122 | ZAR | 96873000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (155544)<br>|
| ZAR | 2686000 | USD | 152581 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (314)<br>|
| BRL | 908000 | USD | 167573 | Goldman Sachs & Co. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147)<br>|
| BRL | 16911500 | USD | 3118718 | JPMorgan Chase Bank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (406)<br>|
| CLP | 452419500 | USD | 469441 | Goldman Sachs & Co. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1505)<br>|
| CLP | 452419500 | USD | 469344 | JPMorgan Chase Bank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1407)<br>|
| CLP | 29136000 | USD | 30446 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (310)<br>|
| IDR | 16211101000 | USD | 985957 | Goldman Sachs & Co. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2342)<br>|
| IDR | 16501103000 | USD | 1003635 | JPMorgan Chase Bank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2424)<br>|
| IDR | 1044006000 | USD | 64171 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (826)<br>|
| INR | 1276571000 | USD | 14474579 | Goldman Sachs & Co. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4943)<br>|
| INR | 1299408000 | USD | 14734813 | JPMorgan Chase Bank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6325)<br>|
| INR | 4923000 | USD | 56122 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (321)<br>|
| INR | 114250000 | USD | 1302645 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7648)<br>|
| KRW | 13636759500 | USD | 9812010 | Goldman Sachs & Co. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (989)<br>|
| KRW | 13880708500 | USD | 9988123 | JPMorgan Chase Bank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1591)<br>|
| KRW | 731848000 | USD | 529402 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2871)<br>|
| MYR | 8994000 | USD | 2132543 | Goldman Sachs & Co. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3714)<br>|
| MYR | 241000 | USD | 57377 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (334)<br>|
| MYR | 48000 | USD | 11414 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52)<br>|
| TWD | 494675000 | USD | 16192838 | Goldman Sachs & Co. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9006)<br>|
| TWD | 503524000 | USD | 16484056 | JPMorgan Chase Bank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10719)<br>|
| TWD | 31858000 | USD | 1062982 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20713)<br>|
| USD | 3225857 | BRL | 18228000 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (135205)<br>|
| USD | 3081707 | BRL | 17442000 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (134424)<br>|
| USD | 482243 | CLP | 473161500 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7148)<br>|
| USD | 482625 | CLP | 473339500 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6949)<br>|
| USD | 980006 | IDR | 16195573000 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2667)<br>|
| USD | 1044314 | IDR | 17254611000 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2617)<br>|
| USD | 9853862 | KRW | 13733713000 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26914)<br>|
| USD | 10514575 | KRW | 14661973000 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34040)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Currency Hedged MSCI Emerging Markets ETF**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 1102670 | MYR | 4711500 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(12516)<br>|
| USD | 1094289 | MYR | 4669500 | State Street Bank & Trust Company | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10955)<br>|
| USD | 578463 | TWD | 17699000 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (579)<br>|
| EUR | 19000 | USD | 22283 | HSBC Bank PLC | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| HKD | 1380000 | USD | 177216 | State Street Bank & Trust Company | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| THB | 1677000 | USD | 52035 | State Street Bank & Trust Company | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147)<br>|
| USD | 1992810 | HKD | 15520000 | JPMorgan Chase Bank N.A. | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78)<br>|
| USD | 9826242 | KRW | 13636759500 | Goldman Sachs & Co. | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6376)<br>|
| USD | 9826383 | KRW | 13636759500 | JPMorgan Chase Bank N.A. | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6235)<br>|
| USD | 8163 | TRY | 345000 | Goldman Sachs & Co. | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| USD | 909315 | TRY | 38430000 | HSBC Bank PLC | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (875)<br>|
| USD | 37282 | ZAR | 659000 | Bank of New York | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| USD | 203896 | ZAR | 3615000 | Morgan Stanley & Co. International PLC | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (637)<br>|
| USD | 5647647 | ZAR | 100079000 | State Street Bank & Trust Company | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14709)<br>|
| INR | 19764000 | USD | 223817 | Goldman Sachs & Co. | 10/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (115)<br>|
| USD | 3265098 | BRL | 17848500 | Goldman Sachs & Co. | 10/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1285)<br>|
| USD | 137119 | BRL | 750000 | Morgan Stanley & Co. International PLC | 10/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (136)<br>|
| USD | 1226812 | IDR | 20198774000 | Goldman Sachs & Co. | 10/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1675)<br>|
| USD | 984633 | IDR | 16211101000 | JPMorgan Chase Bank N.A. | 10/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1324)<br>|
| USD | 1489225 | TWD | 45402000 | Goldman Sachs & Co. | 10/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (709)<br>|
| USD | 16228430 | TWD | 494675000 | JPMorgan Chase Bank N.A. | 10/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5059)<br>|
| USD | 191349 | CNH | 1359000 | Bank of America N.A. | 10/09/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| USD | 7088795 | CNH | 50359320 | BNP Paribas SA | 10/09/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2419)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1091429)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(68098)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1023331 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1023331 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1091429 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1091429 |

---

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(204666)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(204666)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1573306 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1573306 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Currency Hedged MSCI Emerging Markets ETF**

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $159517994 |
| Average amounts sold — in USD | &nbsp;&nbsp; $307760701 |

---

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

**Derivative Financial Instruments - Offsetting as of Period End**

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $1023331 | &nbsp;&nbsp;&nbsp; $1091429 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 1023331 | &nbsp;&nbsp;&nbsp; 1091429 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $1023331 | &nbsp;&nbsp;&nbsp; $1091429 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $4062 | &nbsp;&nbsp; $(4062)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 626 | &nbsp;&nbsp; (355)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 271 |
| BNP Paribas SA | &nbsp;&nbsp; 3434 | &nbsp;&nbsp; (3434)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. | &nbsp;&nbsp; 15782 | &nbsp;&nbsp; (15782)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 12290 | &nbsp;&nbsp; (12290)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 6021 | &nbsp;&nbsp; (6021)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 459490 | &nbsp;&nbsp; (186530)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 272960 |
| Societe Generale | &nbsp;&nbsp; 2229 | &nbsp;&nbsp; (2229)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Company | &nbsp;&nbsp; 519194 | &nbsp;&nbsp; (519194)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 203 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 203 |
|  | &nbsp;&nbsp; $1023331 | &nbsp;&nbsp; $(749897)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $273434 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)(e)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $77359 | &nbsp;&nbsp; $(4062)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $73297 |
| Bank of New York | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| Barclays Bank PLC | &nbsp;&nbsp; 355 | &nbsp;&nbsp; (355)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 16391 | &nbsp;&nbsp; (3434)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12957 |
| Goldman Sachs & Co. | &nbsp;&nbsp; 33798 | &nbsp;&nbsp; (15782)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18016 |
| HSBC Bank PLC | &nbsp;&nbsp; 212460 | &nbsp;&nbsp; (12290)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 200170 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 35759 | &nbsp;&nbsp; (6021)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29738 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 186530 | &nbsp;&nbsp; (186530)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 2410 | &nbsp;&nbsp; (2229)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 181 |
| State Street Bank & Trust Company | &nbsp;&nbsp; 526364 | &nbsp;&nbsp; (519194)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7170 |
|  | &nbsp;&nbsp; $1091429 | &nbsp;&nbsp; $(749897)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $341532 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(d)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Currency Hedged MSCI Emerging Markets ETF**

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $175753010 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $175753010 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 18430889 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18430889 |
|  | &nbsp;&nbsp; $194183899 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $194183899 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1023331 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1023331 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (1091429)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1091429)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(68098)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(68098)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 3.2%** | **Brazil — 3.2%** | **Brazil — 3.2%** |
| Ambev SA | &nbsp;&nbsp; 9829253 | $22389272 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 10961729 | 26242563 |
| Banco Bradesco SA | &nbsp;&nbsp; 3232178 | 8608252 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 2461819 | 20368915 |
| Banco do Brasil SA | &nbsp;&nbsp; 3576039 | 14108003 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 1445680 | 8751112 |
| BRF SA | &nbsp;&nbsp; 1125798 | 4283633 |
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 1268784 | 3299585 |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 2478365 | 20578952 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 986623 | 22289708 |
| CPFL Energia SA | &nbsp;&nbsp; 454923 | 3303359 |
| Embraer SA | &nbsp;&nbsp; 1460567 | 20527164 |
| Energisa SA | &nbsp;&nbsp; 554105 | 4988309 |
| Eneva SA<sup>(a)</sup> | &nbsp;&nbsp; 1594290 | 4443082 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 438685 | 3231568 |
| Equatorial Energia SA | &nbsp;&nbsp; 2458168 | 16580172 |
| JBS NV<sup>(a)</sup> | &nbsp;&nbsp; 771136 | 12500115 |
| Klabin SA | &nbsp;&nbsp; 1684654 | 5751348 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 1913701 | 12650118 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 2102469 | 5583990 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 7029026 | 104029585 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 7803903 | 48577834 |
| Porto Seguro SA | &nbsp;&nbsp; 405023 | 3865828 |
| PRIO SA<sup>(a)</sup> | &nbsp;&nbsp; 1736785 | 12130924 |
| Raia Drogasil SA | &nbsp;&nbsp; 2687498 | 8699169 |
| Rede D'Or Sao Luiz SA<sup>(b)</sup> | &nbsp;&nbsp; 1661995 | 12065277 |
| Rumo SA | &nbsp;&nbsp; 2633560 | 7067384 |
| Suzano SA | &nbsp;&nbsp; 1446540 | 13993567 |
| Telefonica Brasil SA | &nbsp;&nbsp; 1696597 | 10598549 |
| TIM SA/Brazil | &nbsp;&nbsp; 1745500 | 7324091 |
| TOTVS SA | &nbsp;&nbsp; 1148054 | 9126244 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 1508442 | 5469714 |
| Vale SA | &nbsp;&nbsp; 7513818 | 76997285 |
| Vibra Energia SA | &nbsp;&nbsp; 2064735 | 9154851 |
| WEG SA | &nbsp;&nbsp; 3490762 | 24246723 |
| XP Inc., Class A | &nbsp;&nbsp; 751952 | 13640409 |
|  |  | 607466654 |
| **Chile — 0.4%** | **Chile — 0.4%** | **Chile — 0.4%** |
| Banco de Chile | &nbsp;&nbsp; 94585192 | 13553259 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 176913 | 7154726 |
| Banco Santander Chile | &nbsp;&nbsp; 138874047 | 8345313 |
| Cencosud SA | &nbsp;&nbsp; 2710785 | 8590433 |
| Empresas CMPC SA | &nbsp;&nbsp; 2374845 | 3723744 |
| Empresas Copec SA | &nbsp;&nbsp; 810799 | 6037972 |
| Enel Americas SA | &nbsp;&nbsp; 44967039 | 4674183 |
| Enel Chile SA | &nbsp;&nbsp; 60427107 | 4237473 |
| Falabella SA | &nbsp;&nbsp; 1312302 | 7469279 |
| Latam Airlines Group SA | &nbsp;&nbsp; 497411740 | 12522239 |
|  |  | 76308621 |
| **China — 30.7%** | **China — 30.7%** | **China — 30.7%** |
| 360 Security Technology Inc., Class A | &nbsp;&nbsp; 927706 | 1511421 |
| 37 Interactive Entertainment Network Technology <br> Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 271288 | 749954 |
| 3SBio Inc.<sup>(b)</sup> | &nbsp;&nbsp; 3754000 | 14121386 |
| AAC Technologies Holdings Inc. | &nbsp;&nbsp; 1620500 | 9038085 |
| Accelink Technologies Co. Ltd., Class A | &nbsp;&nbsp; 109400 | 1054188 |
| ACM Research Shanghai Inc., Class A | &nbsp;&nbsp; 35096 | 763806 |
| Advanced Micro-Fabrication <br> Equipment Inc./China, Class A<br>| &nbsp;&nbsp; 78732 | 2368403 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 348973 | $1978632 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 10730823 | 10580872 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 57539000 | 38909517 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 1170117 | 2200741 |
| Air China Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1395893 | 1480149 |
| Akeso Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 1309000 | 26365294 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 35674756 | 590690611 |
| Alibaba Health Information Technology Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 11738000 | 8323032 |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp; 1668400 | 1835229 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 7894000 | 7072132 |
| Amlogic Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 43282 | 607473 |
| Angel Yeast Co. Ltd., Class A | &nbsp;&nbsp; 40500 | 225353 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 526586 | 1801334 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 2531500 | 7995153 |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 46685 | 1124177 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 249600 | 3563441 |
| Anhui Jianghuai Automobile Group Corp. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 271400 | 2071271 |
| Anker Innovations Technology Co. Ltd., Class A | &nbsp;&nbsp; 70100 | 1380297 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 2625202 | 32663950 |
| APT Medical Inc., Class A | &nbsp;&nbsp; 17442 | 696607 |
| Autohome Inc., ADR | &nbsp;&nbsp; 134458 | 3883147 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 287804 | 2409326 |
| AviChina Industry & Technology Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 5562000 | 3161080 |
| Avicopter PLC, Class A | &nbsp;&nbsp; 120853 | 686092 |
| BAIC BluePark New Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 670100 | 830818 |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4619680 | 54676605 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 2690306 | 2267384 |
| Bank of Changsha Co. Ltd., Class A | &nbsp;&nbsp; 497600 | 671786 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 505795 | 1311974 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 4898300 | 3798729 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 148031933 | 81250893 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 6641893 | 6782798 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 18272600 | 15843602 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 851845 | 1898791 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 2326710 | 3539413 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 1412514 | 2205594 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 830379 | 3291316 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 1846142 | 2473482 |
| Bank of Suzhou Co. Ltd., Class A | &nbsp;&nbsp; 553200 | 630865 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 2768673 | 2694594 |
| Beijing Compass Technology Development Co. <br> Ltd., Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 74900 | 1579083 |
| Beijing Enlight Media Co. Ltd., Class A | &nbsp;&nbsp; 363000 | 1007429 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 1065500 | 4436859 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 8424000 | 2811158 |
| Beijing Kingsoft Office Software Inc., Class A | &nbsp;&nbsp; 57811 | 2715840 |
| Beijing New Building Materials PLC, Class A | &nbsp;&nbsp; 204513 | 767171 |
| Beijing Roborock Technology Co. Ltd., Class A | &nbsp;&nbsp; 33419 | 1008173 |
| Beijing Tiantan Biological Products Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 252840 | 711852 |
| Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp; 172600 | 864993 |
| Beijing Wantai Biological Pharmacy Enterprise <br> Co. Ltd., Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 132430 | 1091007 |
| Beijing Yanjing Brewery Co. Ltd., Class A | &nbsp;&nbsp; 348800 | 617651 |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 6041800 | 4531405 |
| BeOne Medicines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1767622 | 42049934 |
| Bestechnic Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 23520 | 934207 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Bethel Automotive Safety Systems Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 83700 | $559549 |
| Bilibili Inc., Class Z<sup>(a)(c)</sup> | &nbsp;&nbsp; 481754 | 11231164 |
| BOC Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 432900 | 3885637 |
| BOC International China Co. Ltd., Class A | &nbsp;&nbsp; 334000 | 757166 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 4357000 | 2588401 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 9766000 | 5652337 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 673735 | 10778853 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 7655500 | 108002317 |
| BYD Electronic International Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1639000 | 8713382 |
| C&D International Investment Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1670000 | 3982894 |
| Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp; 753874 | 917877 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 52113 | 10913697 |
| Capital Securities Co. Ltd., Class A | &nbsp;&nbsp; 235000 | 705556 |
| CCOOP Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2184600 | 730046 |
| CGN Power Co. Ltd., Class A | &nbsp;&nbsp; 1507100 | 812444 |
| CGN Power Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 22922000 | 8660835 |
| Changchun High-Tech Industry Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 50294 | 727848 |
| Changjiang Securities Co. Ltd., Class A | &nbsp;&nbsp; 851235 | 1022090 |
| Changzhou Xingyu Automotive Lighting Systems <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 34600 | 587923 |
| Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp; 250830 | 1554485 |
| Chifeng Jilong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 186700 | 689606 |
| China CITIC Bank Corp. Ltd., Class A | &nbsp;&nbsp; 1532000 | 1701186 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 17456800 | 15609268 |
| China CITIC Financial Asset Management Co. <br> Ltd., Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 29535000 | 4374616 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 3955000 | 4806332 |
| China Communications Services Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 5054000 | 3014377 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 2490168 | 3148154 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 200438760 | 193985020 |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 940600 | 4936359 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2344197 | 1339878 |
| China Energy Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 3758352 | 1293630 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 6415103 | 3406970 |
| China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp; 5762000 | 2587005 |
| China Feihe Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7518000 | 4255162 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 893400 | 2322297 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 7285500 | 10517212 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 5759200 | 5767693 |
| China Great Wall Securities Co. Ltd., Class A | &nbsp;&nbsp; 505000 | 867205 |
| China Greatwall Technology Group Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 423873 | 1065368 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 5815500 | 19142058 |
| China International Capital Corp. Ltd., Class A | &nbsp;&nbsp; 352400 | 1907376 |
| China International Capital Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 3386000 | 9288357 |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 484240 | 1061961 |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 353712 | 2091613 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 15461000 | 48094725 |
| China Literature Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 865400 | 4539402 |
| China Longyuan Power Group Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 5460000 | 4723330 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 6529000 | 12854302 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 2563789 | 15449835 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 8122467 | 50486642 |
| China Merchants Energy Shipping Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 986500 | 899285 |
| China Merchants Expressway Network & <br> Technology Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 706900 | 1033570 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 2734000 | 5257220 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 952879 | $2538423 |
| China Merchants Shekou Industrial Zone <br> Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 1104890 | 1420030 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 4411555 | 2850202 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 13564548 | 7734877 |
| China National Building Material Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 8220000 | 5972796 |
| China National Chemical Engineering Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 806067 | 889912 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 2403700 | 3007039 |
| China National Software & Service Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 108900 | 819110 |
| China Northern Rare Earth Group High-Tech Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 455954 | 3641246 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 3762000 | 3427435 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 7916960 | 14263701 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 889607 | 5037362 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 5406000 | 24813314 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 3860489 | 3095367 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 47826800 | 26562332 |
| China Power International Development Ltd. | &nbsp;&nbsp; 8226000 | 3306977 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 2846700 | 2271787 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 8147000 | 4144246 |
| China Railway Signal & Communication Corp. <br> Ltd., Class A<br>| &nbsp;&nbsp; 932321 | 730548 |
| China Rare Earth Resources & Technology Co. <br> Ltd., Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 130400 | 1068055 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 3351500 | 12141233 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 1933000 | 4989250 |
| China Resources Land Ltd. | &nbsp;&nbsp; 6625333 | 26205960 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 170616 | 1255247 |
| China Resources Mixc Lifestyle Services <br> Ltd.<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 1420000 | 7122718 |
| China Resources Pharmaceutical Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3751500 | 2353386 |
| China Resources Power Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4170999 | 9631577 |
| China Resources Sanjiu Medical & <br> Pharmaceutical Co. Ltd., Class A<br>| &nbsp;&nbsp; 211422 | 903650 |
| China Ruyi Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 17680000 | 6544982 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 812839 | 4278331 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 7001500 | 31463493 |
| China Southern Airlines Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1339300 | 1135731 |
| China State Construction Engineering Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 5028171 | 3948675 |
| China State Construction International Holdings <br> Ltd.<sup>(c)</sup><br>| &nbsp;&nbsp; 3094000 | 4241325 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 2986860 | 6240529 |
| China Three Gorges Renewables Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 3777525 | 2254555 |
| China Tourism Group Duty Free Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 240932 | 2345861 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 9191200 | 13884802 |
| China United Network Communications Ltd., <br> Class A<br>| &nbsp;&nbsp; 3999800 | 3202520 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1200566 | 1145031 |
| China Vanke Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 4542631 | 3113350 |
| China XD Electric Co. Ltd., Class A | &nbsp;&nbsp; 661600 | 609642 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 3018515 | 11908830 |
| China Zheshang Bank Co. Ltd., Class A | &nbsp;&nbsp; 3056630 | 1390861 |
| Chongqing Changan Automobile Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1094717 | 1932492 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1137100 | 1004572 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 4665000 | $3450979 |
| Chongqing Zhifei Biological Products Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 286613 | 905483 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4185600 | 7865279 |
| CITIC Ltd. | &nbsp;&nbsp; 8450000 | 12131052 |
| Citic Pacific Special Steel Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 431800 | 792299 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 1500793 | 6635802 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 3336600 | 12358246 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 2343198 | 4071095 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 7641000 | 11755382 |
| CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp; 121000 | 635497 |
| CNPC Capital Co. Ltd., Class A | &nbsp;&nbsp; 1072500 | 1910110 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 546334 | 23474032 |
| Contemporary Amperex Technology Co. Ltd., <br> Class H<sup>(c)</sup><br>| &nbsp;&nbsp; 150100 | 8162003 |
| Cosco Shipping Energy Transportation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 408300 | 593549 |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 1676164 | 3595134 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 5377849 | 9370714 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 2842400 | 3061720 |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 9267000 | 7468979 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 569233 | 2267160 |
| CSPC Innovation Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 185620 | 1391764 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 16780479 | 21813637 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 2344900 | 2078443 |
| Datang International Power Generation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1591000 | 779340 |
| Dong-E-E-Jiao Co. Ltd., Class A | &nbsp;&nbsp; 84300 | 614133 |
| Dongfang Electric Corp. Ltd., Class A | &nbsp;&nbsp; 399400 | 1109285 |
| Dongxing Securities Co. Ltd., Class A | &nbsp;&nbsp; 487397 | 835957 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 1966398 | 7982204 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 66400 | 2879914 |
| Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp; 76453 | 1040542 |
| Empyrean Technology Co. Ltd., Class A | &nbsp;&nbsp; 54900 | 947519 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 1633500 | 13221701 |
| ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp; 313300 | 827222 |
| Eoptolink Technology Inc. Ltd., Class A | &nbsp;&nbsp; 123240 | 6137885 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 251353 | 2017555 |
| Everbright Securities Co. Ltd., Class A | &nbsp;&nbsp; 541683 | 1524893 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 3957000 | 3781624 |
| Flat Glass Group Co. Ltd., Class A | &nbsp;&nbsp; 237100 | 591044 |
| Focus Media Information Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1829478 | 2134458 |
| Foshan Haitian Flavouring & Food Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 583416 | 3397986 |
| Fosun International Ltd. | &nbsp;&nbsp; 5443500 | 3707955 |
| Founder Securities Co. Ltd., Class A | &nbsp;&nbsp; 1270700 | 1541525 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 1647297 | 12432078 |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 259272 | 2390111 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 1252800 | 11055932 |
| GalaxyCore Inc., Class A | &nbsp;&nbsp; 281852 | 682667 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 201773 | 1131037 |
| GCL Technology Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 47143000 | 7587014 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 2296000 | 1544916 |
| GDS Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2181600 | 9452842 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 12601000 | 31784043 |
| GEM Co. Ltd., Class A | &nbsp;&nbsp; 629300 | 658129 |
| Genscript Biotech Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2492000 | 5534239 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| GF Securities Co. Ltd., Class A | &nbsp;&nbsp; 833894 | $2561957 |
| Giant Biogene Holding Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 759600 | 5290709 |
| Giant Network Group Co. Ltd., Class A | &nbsp;&nbsp; 242200 | 1074571 |
| GigaDevice Semiconductor Inc., Class A | &nbsp;&nbsp; 85394 | 1906263 |
| GoerTek Inc., Class A | &nbsp;&nbsp; 422400 | 2171788 |
| Goldwind Science & Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 325693 | 522637 |
| Goneo Group Co. Ltd., Class A | &nbsp;&nbsp; 120939 | 800749 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 229323 | 1174812 |
| Great Wall Motor Co. Ltd., Class A | &nbsp;&nbsp; 356600 | 1294514 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 4739000 | 11362558 |
| Gree Electric Appliances Inc. of Zhuhai, Class A | &nbsp;&nbsp; 336600 | 2014487 |
| Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp; 209527 | 1809671 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 6056110 | 5696145 |
| Guanghui Energy Co. Ltd., Class A | &nbsp;&nbsp; 906800 | 674830 |
| Guangzhou Automobile Group Co. Ltd., Class A | &nbsp;&nbsp; 776100 | 854576 |
| Guangzhou Baiyunshan Pharmaceutical <br> Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 181396 | 676146 |
| Guangzhou Tinci Materials Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 236800 | 715614 |
| Guolian Securities Co. Ltd., Class A | &nbsp;&nbsp; 356160 | 611513 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 916351 | 1907659 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 1750772 | 5156733 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 4074480 | 8556546 |
| Guoyuan Securities Co. Ltd., Class A | &nbsp;&nbsp; 555300 | 720621 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 413820 | 15249267 |
| Haidilao International Holding Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3466000 | 6190346 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 815541 | 3007595 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 4943400 | 16786450 |
| Hainan Airlines Holding Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5478500 | 1224138 |
| Hainan Airport Infrastructure Co. Ltd., Class A | &nbsp;&nbsp; 1528600 | 839329 |
| Haisco Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp; 115300 | 897605 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 1366000 | 3872428 |
| Hangzhou First Applied Material Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 342908 | 722396 |
| Hangzhou Silan Microelectronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 195700 | 891821 |
| Hangzhou Tigermed Consulting Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 53100 | 473266 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2470000 | 11473703 |
| Henan Shenhuo Coal Industry & Electricity <br> Power Co. Ltd., Class A<br>| &nbsp;&nbsp; 313400 | 849749 |
| Henan Shuanghui Investment & Development <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 424400 | 1503245 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 1275500 | 4069337 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 868791 | 2149017 |
| Hengtong Optic-Electric Co. Ltd., Class A | &nbsp;&nbsp; 315400 | 906737 |
| Hithink RoyalFlush Information Network Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 66200 | 3839404 |
| HLA Group Corp. Ltd., Class A | &nbsp;&nbsp; 618400 | 605365 |
| Horizon Robotics<sup>(a)</sup> | &nbsp;&nbsp; 8592000 | 10701400 |
| Hoshine Silicon Industry Co. Ltd., Class A | &nbsp;&nbsp; 112800 | 835327 |
| Hua Hong Semiconductor Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 1494000 | 10343846 |
| Huadian Power International Corp. Ltd., Class A | &nbsp;&nbsp; 1221400 | 909589 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 221005 | 1374491 |
| Huafon Chemical Co. Ltd., Class A | &nbsp;&nbsp; 669200 | 755706 |
| Huagong Tech Co. Ltd., Class A | &nbsp;&nbsp; 131600 | 1263110 |
| Huaibei Mining Holdings Co. Ltd., Class A | &nbsp;&nbsp; 345600 | 605098 |
| Hualan Biological Engineering Inc., Class A | &nbsp;&nbsp; 251583 | 604115 |
| Huaneng Power International Inc., Class A | &nbsp;&nbsp; 1353300 | 1403079 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 8396000 | 6032768 |
| Huaqin Technology Co. Ltd., Class A | &nbsp;&nbsp; 103800 | 1432327 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 1070909 | $3261057 |
| Huatai Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 2610800 | 6658340 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 1741560 | 1851416 |
| Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp; 384768 | 1033601 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | &nbsp;&nbsp; 63900 | 1139403 |
| Humanwell Healthcare Group Co. Ltd., Class A | &nbsp;&nbsp; 192100 | 550086 |
| Hunan Valin Steel Co. Ltd., Class A | &nbsp;&nbsp; 986000 | 823075 |
| Hundsun Technologies Inc., Class A | &nbsp;&nbsp; 251744 | 1325432 |
| Hwatsing Technology Co. Ltd., Class A | &nbsp;&nbsp; 47766 | 844879 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 291952 | 7968254 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 189590 | 1787280 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 287819 | 2156719 |
| Imeik Technology Development Co. Ltd., Class A | &nbsp;&nbsp; 37660 | 1026229 |
| Industrial & Commercial Bank of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 7712262 | 8049490 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 135686085 | 100937323 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 2628842 | 8274738 |
| Industrial Securities Co. Ltd., Class A | &nbsp;&nbsp; 1296876 | 1240670 |
| Ingenic Semiconductor Co. Ltd., Class A | &nbsp;&nbsp; 67200 | 708851 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 5851200 | 2292050 |
| Inner Mongolia Dian Tou Energy Corp. Ltd., <br> Class A <br>| &nbsp;&nbsp; 292700 | 851641 |
| Inner Mongolia Junzheng Energy & Chemical <br> Industry Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 1064300 | 835921 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 804470 | 3229915 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 1921600 | 3890170 |
| Innovent Biologics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3005500 | 37562603 |
| Isoftstone Information Technology Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 111400 | 936351 |
| J&T Global Express Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5015000 | 6736176 |
| JA Solar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 404460 | 719069 |
| JCET Group Co. Ltd., Class A | &nbsp;&nbsp; 234600 | 1314390 |
| JD Health International Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2326450 | 18958278 |
| JD Logistics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4125500 | 6854522 |
| JD.com Inc., Class A | &nbsp;&nbsp; 5069104 | 78546547 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 856100 | 1181778 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 2564000 | 3026659 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 164788 | 2064659 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 797741 | 7414204 |
| Jiangsu Hoperun Software Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 99000 | 910275 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp; 151286 | 920105 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 183350 | 1903626 |
| Jiangsu Yuyue Medical Equipment & Supply Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 136200 | 715634 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | &nbsp;&nbsp; 468024 | 1067430 |
| Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp; 207400 | 812818 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 2308000 | 6796133 |
| Jinko Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1144881 | 911561 |
| Kanzhun Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 758280 | 17910574 |
| KE Holdings Inc., Class A | &nbsp;&nbsp; 4291724 | 25159175 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6261000 | 13228688 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 1997800 | 8799838 |
| Kuaishou Technology<sup>(a)(b)</sup> | &nbsp;&nbsp; 5580600 | 54697347 |
| Kuang-Chi Technologies Co. Ltd., Class A | &nbsp;&nbsp; 261800 | 1995385 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 7996000 | 7443158 |
| Kunlun Tech Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 157900 | 931489 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 155587 | 32365183 |
| Laopu Gold Co. Ltd., Class H | &nbsp;&nbsp; 58200 | 5337177 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| LB Group Co. Ltd., Class A | &nbsp;&nbsp; 335400 | $875047 |
| Legend Biotech Corp., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 150635 | 5231554 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 14316000 | 20551848 |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 626700 | 2731670 |
| Li Auto Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2597290 | 30434990 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 4792000 | 11734330 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 901880 | 1963360 |
| Longfor Group Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 4312000 | 5912799 |
| LONGi Green Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 971671 | 2343157 |
| Loongson Technology Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 49003 | 979753 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 906286 | 5844482 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 183389 | 3535524 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 243400 | 891631 |
| Maxscend Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 66644 | 773598 |
| Meitu Inc.<sup>(b)</sup> | &nbsp;&nbsp; 7150500 | 10895008 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 10340400 | 137723102 |
| Metallurgical Corp. of China Ltd., Class A | &nbsp;&nbsp; 2446790 | 1171805 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 455600 | 4715099 |
| Midea Group Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 715500 | 7542156 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 1006280 | 6142572 |
| MMG Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8861600 | 5920651 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 140800 | 2428944 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 669739 | 5173315 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 1005654 | 3074146 |
| National Silicon Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 348313 | 1013361 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 89505 | 4677775 |
| NetEase Cloud Music Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 181600 | 6548867 |
| NetEase Inc. | &nbsp;&nbsp; 3619950 | 99261867 |
| New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 285602 | 2737761 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 1919600 | 11943621 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 432097 | 599768 |
| New Oriental Education & Technology <br> Group Inc.<br>| &nbsp;&nbsp; 2561400 | 12256109 |
| Nexchip Semiconductor Corp., Class A | &nbsp;&nbsp; 243135 | 827378 |
| Ninestar Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 179638 | 629562 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 112588 | 1021537 |
| Ningbo Orient Wires & Cables Co. Ltd., Class A | &nbsp;&nbsp; 89600 | 663335 |
| Ningbo Sanxing Medical Electric Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 182600 | 590458 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 212005 | 1855405 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 930400 | 2266397 |
| NIO Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 3257475 | 20862491 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 4172200 | 26986287 |
| OFILM Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 429500 | 799752 |
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 151670 | 3045139 |
| Oppein Home Group Inc., Class A | &nbsp;&nbsp; 66300 | 515418 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 274000 | 4801153 |
| Orient Securities Co. Ltd., Class A | &nbsp;&nbsp; 1119034 | 1806956 |
| PDD Holdings Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 1473330 | 177123733 |
| People's Insurance Co. Group of China Ltd. <br> (The), Class A<br>| &nbsp;&nbsp; 1178000 | 1485720 |
| People's Insurance Co. Group of China Ltd. <br> (The), Class H<br>| &nbsp;&nbsp; 18115000 | 16289202 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 2663200 | 3261363 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 43786000 | 42398323 |
| Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp; 205900 | 873542 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 14299192 | 34557833 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 2512067 | 4252759 |
| Ping An Insurance Group Co. of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 1342184 | 11293383 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 13933000 | $101441203 |
| Piotech Inc., Class A | &nbsp;&nbsp; 35728 | 952363 |
| Poly Developments and Holdings Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1428584 | 1597435 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1117600 | 46455693 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 4018000 | 3409537 |
| Postal Savings Bank of China Co. Ltd., <br> Class H<sup>(b)</sup><br>| &nbsp;&nbsp; 18056000 | 12574279 |
| Power Construction Corp. of China Ltd., Class A | &nbsp;&nbsp; 2144900 | 1783828 |
| Qfin Holdings Inc. | &nbsp;&nbsp; 210525 | 6130488 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 741200 | 2112674 |
| Range Intelligent Computing Technology Group <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 173200 | 1435016 |
| Rockchip Electronics Co. Ltd., Class A | &nbsp;&nbsp; 52100 | 1799521 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 1353258 | 1904854 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 970406 | 2556798 |
| Sailun Group Co. Ltd., Class A | &nbsp;&nbsp; 420200 | 836348 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 645000 | 1371372 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 975652 | 2880374 |
| Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp; 418984 | 1180855 |
| SDIC Capital Co. Ltd., Class A | &nbsp;&nbsp; 1018800 | 1193353 |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 943200 | 1898794 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 202400 | 3885883 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 597235 | 3739175 |
| SG Micro Corp., Class A | &nbsp;&nbsp; 76077 | 829151 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 1208076 | 3457199 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 465036 | 2198345 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 1644500 | 6282104 |
| Shandong Himile Mechanical Science & <br> Technology Co. Ltd., Class A<br>| &nbsp;&nbsp; 103600 | 871744 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 251880 | 970350 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp; 1507000 | 858860 |
| Shandong Sun Paper Industry JSC Ltd., Class A | &nbsp;&nbsp; 361000 | 778676 |
| Shandong Weigao Group Medical Polymer Co. <br> Ltd., Class H<br>| &nbsp;&nbsp; 5205200 | 3933288 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 266259 | 946891 |
| Shanghai BOCHU Electronic Technology Corp. <br> Ltd., Class A<br>| &nbsp;&nbsp; 38173 | 820617 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1628791 | 2027548 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 280089 | 1133654 |
| Shanghai International Airport Co. Ltd., Class A | &nbsp;&nbsp; 153198 | 695394 |
| Shanghai Pharmaceuticals Holding Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 336000 | 880637 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3702095 | 7087535 |
| Shanghai Putailai New Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 258566 | 813704 |
| Shanghai RAAS Blood Products Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 642700 | 621108 |
| Shanghai Rural Commercial Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1268800 | 1550011 |
| Shanghai United Imaging Healthcare Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 99102 | 1972772 |
| Shanghai Zhangjiang High-Tech Park <br> Development Co. Ltd., Class A<br>| &nbsp;&nbsp; 205300 | 1094942 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 359600 | 995124 |
| Shanxi Coking Coal Energy Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 734200 | 727924 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Shanxi Lu'an Environmental Energy <br> Development Co. Ltd., Class A<br>| &nbsp;&nbsp; 377500 | $687819 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 153100 | 4348055 |
| Shenergy Co. Ltd., Class A | &nbsp;&nbsp; 551900 | 626191 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 300300 | 2238849 |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 84482 | 2343387 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 3244870 | 2487478 |
| Shenzhen Goodix Technology Co. Ltd., Class A | &nbsp;&nbsp; 62200 | 719421 |
| Shenzhen Inovance Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 177597 | 1871798 |
| Shenzhen Kinwong Electronic Co. Ltd. | &nbsp;&nbsp; 117400 | 1050921 |
| Shenzhen Mindray Bio-Medical Electronics Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 148932 | 5080084 |
| Shenzhen New Industries Biomedical <br> Engineering Co. Ltd., Class A<br>| &nbsp;&nbsp; 100100 | 877333 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 138100 | 976028 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 146946 | 1857130 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 1695500 | 13491001 |
| Sichuan Biokin Pharmaceutical Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 27244 | 1280665 |
| Sichuan Changhong Electric Co. Ltd., Class A | &nbsp;&nbsp; 558800 | 897544 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 593860 | 1241851 |
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 245578 | 1257202 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. <br> Ltd., Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 102000 | 5943603 |
| Sichuan Road & Bridge Group Co. Ltd., Class A | &nbsp;&nbsp; 719680 | 875160 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 21416750 | 22465444 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 2796000 | 6737884 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 1439500 | 4197035 |
| Smoore International Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 3838000 | 9345569 |
| SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp; 753300 | 1068965 |
| Spring Airlines Co. Ltd., Class A | &nbsp;&nbsp; 121700 | 911681 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 258680 | 3627252 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 1475900 | 15896611 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 273700 | 943116 |
| SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp; 98243 | 717192 |
| Suzhou Dongshan Precision Manufacturing Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 221900 | 2050862 |
| Suzhou TFC Optical Communication Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 98332 | 2729383 |
| TAL Education Group, ADR<sup>(a)</sup> | &nbsp;&nbsp; 856947 | 9100777 |
| TBEA Co. Ltd., Class A | &nbsp;&nbsp; 688680 | 1369762 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 2197030 | 1433226 |
| TCL Zhonghuan Renewable Energy Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 532116 | 626276 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 13327200 | 1032117736 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 1198050 | 29376186 |
| Tianfeng Securities Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1092900 | 896521 |
| Tianqi Lithium Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 186300 | 1149965 |
| Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp; 588200 | 833293 |
| Tianshui Huatian Technology Co. Ltd., Class A | &nbsp;&nbsp; 410300 | 682487 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 4058000 | 5766815 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 2678800 | 7578839 |
| TongFu Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 200000 | 929799 |
| Tongling Nonferrous Metals Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1622800 | 1028431 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 541484 | 1675125 |
| TravelSky Technology Ltd., Class H | &nbsp;&nbsp; 1915000 | 2679683 |
| Trina Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 256997 | 597739 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 1290612 | 95540523 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Tsingtao Brewery Co. Ltd., Class A | &nbsp;&nbsp; 46990 | $458612 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 1354000 | 8805050 |
| Unigroup Guoxin Microelectronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 100439 | 1149462 |
| Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp; 345254 | 1352578 |
| Verisilicon Microelectronics Shanghai Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 66977 | 1443651 |
| Victory Giant Technology Huizhou Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 109000 | 4061418 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 680361 | 11389243 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 394891 | 3804534 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 9916000 | 6894335 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 940444 | 1999971 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 3964800 | 8334692 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 825170 | 2108805 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp; 314100 | 823682 |
| Western Securities Co. Ltd., Class A | &nbsp;&nbsp; 666710 | 837861 |
| Western Superconducting Technologies Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 104612 | 916466 |
| Wingtech Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 168400 | 1026735 |
| Wintime Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 2812100 | 572550 |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 587232 | 1035823 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 483028 | 8789109 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 240723 | 2311024 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 306529 | 4440030 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 720170 | 10035527 |
| Wuxi Biologics Cayman Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7208000 | 31007872 |
| WuXi XDC Cayman Inc.<sup>(a)</sup> | &nbsp;&nbsp; 628000 | 4579162 |
| XCMG Construction Machinery Co. Ltd., Class A | &nbsp;&nbsp; 1501669 | 2015087 |
| Xiamen C & D Inc., Class A | &nbsp;&nbsp; 170200 | 278395 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 35630600 | 243173372 |
| Xinjiang Daqo New Energy Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 236942 | 1069856 |
| Xinyi Solar Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 9384000 | 4086452 |
| XPeng Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2593976 | 27386362 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2560000 | 4465315 |
| Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 727130 | 1322974 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 6714660 | 7810869 |
| Yantai Jereh Oilfield Services Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 145998 | 972610 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 164542 | 872786 |
| Yifeng Pharmacy Chain Co. Ltd., Class A | &nbsp;&nbsp; 149028 | 496988 |
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | &nbsp;&nbsp; 227700 | 1076295 |
| Yonghui Superstores Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1097900 | 800502 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 419251 | 970155 |
| Youngor Fashion Co. Ltd., Class A | &nbsp;&nbsp; 592000 | 622733 |
| YTO Express Group Co. Ltd., Class A | &nbsp;&nbsp; 418300 | 995526 |
| Yum China Holdings Inc. | &nbsp;&nbsp; 776910 | 34743415 |
| Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp; 484200 | 1317232 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 228982 | 1851916 |
| Yunnan Yuntianhua Co. Ltd., Class A | &nbsp;&nbsp; 240200 | 917430 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 288600 | 1119648 |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 226110 | 1711322 |
| Zhangzhou Pientzehuang Pharmaceutical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 69364 | 2038676 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 3525500 | 11073642 |
| Zhejiang China Commodities City Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 683300 | 2161373 |
| Zhejiang Chint Electrics Co. Ltd., Class A | &nbsp;&nbsp; 269123 | 1035607 |
| Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp; 475784 | 1297761 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 3296640 | 2913401 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 219115 | 1478676 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Zhejiang Jingsheng Mechanical & Electrical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 170484 | $722048 |
| Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp; 348900 | 1894666 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1048900 | 8754917 |
| Zhejiang Longsheng Group Co. Ltd., Class A | &nbsp;&nbsp; 128000 | 189776 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 387887 | 1356127 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 247600 | 1106871 |
| Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | &nbsp;&nbsp; 268900 | 713288 |
| Zhejiang Weiming Environment Protection Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 219100 | 593107 |
| Zhejiang Zheneng Electric Power Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1502700 | 1071734 |
| Zheshang Securities Co. Ltd., Class A | &nbsp;&nbsp; 586300 | 994444 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 139740 | 6938352 |
| Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp; 596100 | 1349270 |
| Zhongtai Securities Co. Ltd., Class A | &nbsp;&nbsp; 1105800 | 1119370 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class A | &nbsp;&nbsp; 17 | 116 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 1062300 | 5430266 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 2648700 | 8629092 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 11748000 | 39008897 |
| Zoomlion Heavy Industry Science and <br> Technology Co. Ltd., Class A<br>| &nbsp;&nbsp; 912254 | 941176 |
| ZTE Corp., Class A | &nbsp;&nbsp; 492800 | 3144093 |
| ZTE Corp., Class H<sup>(c)</sup> | &nbsp;&nbsp; 1556600 | 7035397 |
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 873284 | 15838243 |
|  |  | 5821026802 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Grupo Cibest SA | &nbsp;&nbsp; 525358 | 7715756 |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 946875 | 5138310 |
|  |  | 12854066 |
| **Czech Republic — 0.2%** | **Czech Republic — 0.2%** | **Czech Republic — 0.2%** |
| CEZ AS | &nbsp;&nbsp; 283849 | 17750192 |
| Komercni Banka AS | &nbsp;&nbsp; 159551 | 7795391 |
| Moneta Money Bank AS<sup>(b)</sup> | &nbsp;&nbsp; 571121 | 4187687 |
|  |  | 29733270 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Commercial International Bank - Egypt (CIB) | &nbsp;&nbsp; 4739915 | 9478172 |
| Eastern Co. SAE | &nbsp;&nbsp; 3326260 | 2650324 |
| Talaat Moustafa Group | &nbsp;&nbsp; 1546374 | 1765904 |
|  |  | 13894400 |
| **Greece — 0.6%** | **Greece — 0.6%** | **Greece — 0.6%** |
| Alpha Bank SA | &nbsp;&nbsp; 4535588 | 17993211 |
| Eurobank Ergasias Services and Holdings SA | &nbsp;&nbsp; 5311232 | 19519104 |
| FF Group, NVS<sup>(d)</sup> | &nbsp;&nbsp; 246892 | 3 |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 344180 | 6402233 |
| Jumbo SA | &nbsp;&nbsp; 245664 | 8760022 |
| National Bank of Greece SA | &nbsp;&nbsp; 1796889 | 24884806 |
| OPAP SA | &nbsp;&nbsp; 389735 | 8746523 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 2269198 | 17561339 |
| Public Power Corp. SA | &nbsp;&nbsp; 376892 | 6301994 |
|  |  | 110169235 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 832406 | 7163669 |
| OTP Bank Nyrt | &nbsp;&nbsp; 467678 | 40792851 |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 286403 | 8687551 |
|  |  | 56644071 |
| **India — 16.1%** | **India — 16.1%** | **India — 16.1%** |
| ABB India Ltd. | &nbsp;&nbsp; 109910 | 6234615 |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 333784 | 8496348 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 1115076 | $16612045 |
| Adani Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1206076 | 8223304 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 86530 | 5200547 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 1266051 | 8091284 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 372654 | 6782682 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 210094 | 18142934 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 6105964 | 8785311 |
| Asian Paints Ltd. | &nbsp;&nbsp; 704877 | 20135168 |
| Astral Ltd. | &nbsp;&nbsp; 257160 | 3968158 |
| AU Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 773118 | 6295066 |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 543436 | 6331749 |
| Avenue Supermarts Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 338206 | 18243583 |
| Axis Bank Ltd. | &nbsp;&nbsp; 4753198 | 56355987 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 138491 | 13553695 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 5816471 | 57941994 |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 792650 | 17206033 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 56044 | 8113094 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 158499 | 4119560 |
| Bank of Baroda | &nbsp;&nbsp; 2155824 | 5695058 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 7599020 | 31842175 |
| Bharat Forge Ltd. | &nbsp;&nbsp; 548165 | 6881277 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 2166492 | 5111602 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 3179358 | 11115700 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 5335661 | 114368154 |
| Bosch Ltd. | &nbsp;&nbsp; 15380 | 6973080 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 227110 | 14992535 |
| BSE Ltd. | &nbsp;&nbsp; 286992 | 6826585 |
| Canara Bank | &nbsp;&nbsp; 3777385 | 4448479 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 1399867 | 11033618 |
| Cholamandalam Investment and Finance <br> Co. Ltd.<br>| &nbsp;&nbsp; 873919 | 14096473 |
| Cipla Ltd. | &nbsp;&nbsp; 1176301 | 21203094 |
| Coal India Ltd. | &nbsp;&nbsp; 3830915 | 16280544 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 278983 | 7379771 |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 638231 | 3816093 |
| Coromandel International Ltd. | &nbsp;&nbsp; 249402 | 6528724 |
| Cummins India Ltd. | &nbsp;&nbsp; 288330 | 12502384 |
| Dabur India Ltd. | &nbsp;&nbsp; 1108399 | 6550131 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 248692 | 17284138 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 75819 | 14363299 |
| DLF Ltd. | &nbsp;&nbsp; 1553185 | 13021782 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 1216178 | 17392852 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 284516 | 19689244 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5074874 | 18081861 |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2358738 | 6154100 |
| GAIL India Ltd. | &nbsp;&nbsp; 4789331 | 9405061 |
| GMR Airports Infrastructure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5415015 | 5290750 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 854647 | 12045605 |
| Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 311604 | 6883256 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 561473 | 17669627 |
| Havells India Ltd. | &nbsp;&nbsp; 475029 | 8226266 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 1970118 | 32484490 |
| HDFC Asset Management Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 197774 | 12252703 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 23595460 | 254675829 |
| HDFC Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2000832 | 17526527 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 248233 | 14314490 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 2813879 | 22486738 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 416775 | 20492709 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 2012671 | 8582850 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 1705700 | 51436517 |
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 27920 | 6059085 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 337071 | 9414509 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| ICICI Bank Ltd. | &nbsp;&nbsp; 10981721 | $174003883 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 498028 | 10398288 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 753853 | 5127080 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 7508020 | 5787347 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 1776957 | 15291656 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 5903646 | 9148289 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 505029 | 3964689 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2729378 | 10486139 |
| IndusInd Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1212939 | 10165353 |
| Info Edge India Ltd. | &nbsp;&nbsp; 746035 | 11488399 |
| Infosys Ltd. | &nbsp;&nbsp; 6902528 | 115775971 |
| InterGlobe Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 394388 | 25284752 |
| ITC Ltd. | &nbsp;&nbsp; 6241305 | 29011166 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 699302 | 6054246 |
| Jindal Steel Ltd. | &nbsp;&nbsp; 760346 | 8156669 |
| Jio Financial Services Ltd. | &nbsp;&nbsp; 5969977 | 21120328 |
| JSW Energy Ltd. | &nbsp;&nbsp; 891040 | 4937151 |
| JSW Steel Ltd. | &nbsp;&nbsp; 1271256 | 14819206 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 761972 | 5424409 |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 853999 | 4886876 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 2276259 | 50626859 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 1402495 | 57262572 |
| Lodha Developers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 618805 | 8376839 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 153481 | 8928836 |
| Lupin Ltd. | &nbsp;&nbsp; 471110 | 10132199 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 1939174 | 70360527 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 262517 | 7362978 |
| Marico Ltd. | &nbsp;&nbsp; 1102747 | 9071615 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 261359 | 43863209 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 1612977 | 21103977 |
| Mphasis Ltd. | &nbsp;&nbsp; 216146 | 6819614 |
| MRF Ltd. | &nbsp;&nbsp; 4894 | 7820983 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 250395 | 7498172 |
| Nestle India Ltd. | &nbsp;&nbsp; 1403348 | 18406836 |
| NHPC Ltd. | &nbsp;&nbsp; 6132638 | 5373922 |
| NMDC Ltd. | &nbsp;&nbsp; 6370292 | 4976233 |
| NTPC Ltd. | &nbsp;&nbsp; 9077497 | 33730837 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 263826 | 4821403 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 6535118 | 17320381 |
| Oil India Ltd. | &nbsp;&nbsp; 1027584 | 4549691 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 45871 | 4314557 |
| Page Industries Ltd. | &nbsp;&nbsp; 12806 | 6441590 |
| PB Fintech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 711618 | 14290860 |
| Persistent Systems Ltd. | &nbsp;&nbsp; 228048 | 13702899 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 1580232 | 4827876 |
| Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 408040 | 6965603 |
| PI Industries Ltd. | &nbsp;&nbsp; 157903 | 6619603 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 317502 | 10980408 |
| Polycab India Ltd. | &nbsp;&nbsp; 109656 | 8825156 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 3081563 | 13270650 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 9624786 | 30077570 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 357816 | 6341687 |
| Punjab National Bank | &nbsp;&nbsp; 4788881 | 5480995 |
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 1080243 | 3706438 |
| REC Ltd. | &nbsp;&nbsp; 2732246 | 10853926 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 12649651 | 194812519 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 9902566 | 10406599 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 600143 | 5465854 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 939460 | 19228689 |
| Shree Cement Ltd. | &nbsp;&nbsp; 19100 | 6339664 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 2932351 | 19312783 |
| Siemens Ltd. | &nbsp;&nbsp; 184977 | 6426264 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Solar Industries India Ltd. | &nbsp;&nbsp; 56206 | $8785497 |
| SRF Ltd. | &nbsp;&nbsp; 277020 | 8910246 |
| State Bank of India | &nbsp;&nbsp; 3728555 | 33939244 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 1994130 | 36075591 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 138116 | 7044246 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 130924 | 6637188 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 20012625 | 12831088 |
| Swiggy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1822362 | 8473288 |
| Tata Communications Ltd. | &nbsp;&nbsp; 236812 | 4158458 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 1877681 | 65665310 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 1231055 | 14873939 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 71263 | 4229013 |
| Tata Motors Ltd. | &nbsp;&nbsp; 4204095 | 31900494 |
| Tata Power Co. Ltd. (The) | &nbsp;&nbsp; 3337464 | 14170169 |
| Tata Steel Ltd. | &nbsp;&nbsp; 15564728 | 27288347 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 1120095 | 18798213 |
| Titan Co. Ltd. | &nbsp;&nbsp; 738200 | 30387644 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 248218 | 10014673 |
| Torrent Power Ltd. | &nbsp;&nbsp; 366878 | 5107976 |
| Trent Ltd. | &nbsp;&nbsp; 378010 | 22720151 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 222649 | 7475095 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 495916 | 18429383 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 245681 | 35216046 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 3183963 | 4508217 |
| United Spirits Ltd. | &nbsp;&nbsp; 610316 | 9077168 |
| UPL Ltd. | &nbsp;&nbsp; 934161 | 7584910 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 2810513 | 15534141 |
| Vedanta Ltd. | &nbsp;&nbsp; 2844175 | 13577324 |
| Vishal Mega Mart Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4379835 | 7416467 |
| Vodafone Idea Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 57560428 | 4243913 |
| Voltas Ltd. | &nbsp;&nbsp; 477482 | 7439266 |
| WAAREE Energies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 179955 | 6954462 |
| Wipro Ltd. | &nbsp;&nbsp; 5407251 | 15289060 |
| Yes Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 29336273 | 6357150 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 519783 | 5789176 |
|  |  | 3057047245 |
| **Indonesia — 1.2%** | **Indonesia — 1.2%** | **Indonesia — 1.2%** |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 30074700 | 14333866 |
| Astra International Tbk PT | &nbsp;&nbsp; 41831200 | 13955468 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 114942200 | 56311289 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 77834400 | 22307551 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 30790952 | 8174572 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 141589208 | 34757646 |
| Barito Pacific Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 47763587 | 6339563 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 17862500 | 8918954 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 15930145 | 4123816 |
| Dian Swastatika Sentosa Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 2091600 | 12582578 |
| GoTo Gojek Tokopedia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 1865841666 | 6554635 |
| Indofood CBP Sukses Makmur Tbk PT | &nbsp;&nbsp; 4857300 | 2644501 |
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 9207600 | 4161377 |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 44541815 | 3287321 |
| Petrindo Jaya Kreasi Tbk PT | &nbsp;&nbsp; 46946300 | 4435029 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 39063700 | 5211568 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 101718700 | 19457102 |
| United Tractors Tbk PT | &nbsp;&nbsp; 3122753 | 4618915 |
|  |  | 232175751 |
| **Kuwait — 0.8%** | **Kuwait — 0.8%** | **Kuwait — 0.8%** |
| Boubyan Bank KSCP | &nbsp;&nbsp; 3191703 | 7220386 |
| Gulf Bank KSCP | &nbsp;&nbsp; 4226707 | 4716919 |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 23034587 | 58115558 |
| Mabanee Co. KPSC | &nbsp;&nbsp; 1438845 | 4517799 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Kuwait (continued)** | **Kuwait (continued)** | **Kuwait (continued)** |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 4087277 | $6845456 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 17271070 | 57719978 |
| Warba Bank KSCP<sup>(a)</sup> | &nbsp;&nbsp; 4696150 | 4310326 |
|  |  | 143446422 |
| **Malaysia — 1.2%** | **Malaysia — 1.2%** | **Malaysia — 1.2%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 5022875 | 6410988 |
| Axiata Group Bhd | &nbsp;&nbsp; 6017200 | 3446806 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 7568900 | 6592557 |
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 16668700 | 29282432 |
| Gamuda Bhd | &nbsp;&nbsp; 9412800 | 12373049 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 1308700 | 6218466 |
| IHH Healthcare Bhd | &nbsp;&nbsp; 4444700 | 7143080 |
| IOI Corp. Bhd | &nbsp;&nbsp; 5386620 | 4925893 |
| Kuala Lumpur Kepong Bhd<sup>(c)</sup> | &nbsp;&nbsp; 1074900 | 5006871 |
| Malayan Banking Bhd | &nbsp;&nbsp; 12546200 | 29397902 |
| Maxis Bhd | &nbsp;&nbsp; 5123700 | 4245015 |
| MISC Bhd | &nbsp;&nbsp; 2797100 | 4912303 |
| MR DIY Group M Bhd<sup>(b)(c)</sup> | &nbsp;&nbsp; 6698200 | 2344525 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 148600 | 3342944 |
| Petronas Chemicals Group Bhd | &nbsp;&nbsp; 5489100 | 5614557 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 648700 | 3251486 |
| Petronas Gas Bhd<sup>(c)</sup> | &nbsp;&nbsp; 1642000 | 7244232 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 8023200 | 10560928 |
| Public Bank Bhd | &nbsp;&nbsp; 29809150 | 30109048 |
| QL Resources Bhd<sup>(c)</sup> | &nbsp;&nbsp; 3494800 | 3391404 |
| RHB Bank Bhd | &nbsp;&nbsp; 3097025 | 4792867 |
| SD Guthrie Bhd | &nbsp;&nbsp; 4461373 | 5338501 |
| Sunway Bhd | &nbsp;&nbsp; 5176700 | 6030439 |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 2660400 | 4422531 |
| Tenaga Nasional Bhd | &nbsp;&nbsp; 5785950 | 18065968 |
| YTL Corp. Bhd | &nbsp;&nbsp; 6538640 | 3963038 |
| YTL Power International Bhd<sup>(c)</sup> | &nbsp;&nbsp; 6144600 | 5859667 |
|  |  | 234287497 |
| **Mexico — 1.9%** | **Mexico — 1.9%** | **Mexico — 1.9%** |
| Alfa SAB de CV, Class A | &nbsp;&nbsp; 7598138 | 5703336 |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 37749950 | 37579044 |
| Arca Continental SAB de CV | &nbsp;&nbsp; 1062736 | 10840027 |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 31410915 | 28424568 |
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 1077269 | 9145921 |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 5826381 | 8191178 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 3629472 | 31438117 |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 350151 | 6019607 |
| Grupo Aeroportuario del Centro Norte SAB de <br> CV, Class B<br>| &nbsp;&nbsp; 588054 | 7520928 |
| Grupo Aeroportuario del Pacifico SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 800125 | 19242096 |
| Grupo Aeroportuario del Sureste SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 373257 | 12179123 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 2678846 | 8331700 |
| Grupo Carso SAB de CV, Series A1, Class A1 | &nbsp;&nbsp; 1189341 | 7879874 |
| Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp; 613719 | 4961508 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 5256112 | 48070847 |
| Grupo Financiero Inbursa SAB de CV, Class O | &nbsp;&nbsp; 3880049 | 10225809 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 6469688 | 42410262 |
| Industrias Penoles SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 419503 | 13676187 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 3084163 | 5791739 |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 2267669 | 8362595 |
| Promotora y Operadora de Infraestructura SAB <br> de CV<br>| &nbsp;&nbsp; 401865 | 5027699 |
| Qualitas Controladora SAB de CV | &nbsp;&nbsp; 407675 | 3676054 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 10748500 | $32087997 |
|  |  | 366786216 |
| **Peru — 0.3%** | **Peru — 0.3%** | **Peru — 0.3%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 344720 | 6597941 |
| Credicorp Ltd. | &nbsp;&nbsp; 140247 | 36071528 |
| Southern Copper Corp. | &nbsp;&nbsp; 188400 | 18103338 |
|  |  | 60772807 |
| **Philippines — 0.4%** | **Philippines — 0.4%** | **Philippines — 0.4%** |
| Ayala Corp. | &nbsp;&nbsp; 535686 | 5108914 |
| Ayala Land Inc. | &nbsp;&nbsp; 13986900 | 6853317 |
| Bank of the Philippine Islands | &nbsp;&nbsp; 4369208 | 8639785 |
| BDO Unibank Inc. | &nbsp;&nbsp; 5149382 | 12182981 |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 2140230 | 18089543 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 968619 | 3932446 |
| Manila Electric Co. | &nbsp;&nbsp; 520400 | 4872062 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 4014115 | 4913488 |
| PLDT Inc. | &nbsp;&nbsp; 163248 | 3311344 |
| SM Investments Corp. | &nbsp;&nbsp; 476312 | 6293036 |
| SM Prime Holdings Inc. | &nbsp;&nbsp; 21570125 | 8719396 |
|  |  | 82916312 |
| **Poland — 1.1%** | **Poland — 1.1%** | **Poland — 1.1%** |
| Allegro.eu SA <sup>(a)(b)</sup> | &nbsp;&nbsp; 1429170 | 14361952 |
| Bank Millennium SA<sup>(a)</sup> | &nbsp;&nbsp; 1250949 | 4845951 |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 383299 | 19306284 |
| Budimex SA<sup>(c)</sup> | &nbsp;&nbsp; 26326 | 3850822 |
| CCC SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 112659 | 5168793 |
| CD Projekt SA | &nbsp;&nbsp; 135285 | 9365712 |
| Dino Polska SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 1022170 | 12754135 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 293070 | 10294840 |
| LPP SA | &nbsp;&nbsp; 2318 | 10982246 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 31354 | 7573723 |
| ORLEN SA | &nbsp;&nbsp; 1202558 | 25697509 |
| PGE Polska Grupa Energetyczna SA<sup>(a)</sup> | &nbsp;&nbsp; 1850189 | 5766387 |
| Powszechna Kasa Oszczednosci Bank <br> Polski SA<br>| &nbsp;&nbsp; 1820964 | 35519354 |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 1244128 | 20706401 |
| Santander Bank Polska SA | &nbsp;&nbsp; 84440 | 11754089 |
| Zabka Group SA<sup>(a)</sup> | &nbsp;&nbsp; 605064 | 3621130 |
|  |  | 201569328 |
| **Qatar — 0.8%** | **Qatar — 0.8%** | **Qatar — 0.8%** |
| Al Rayan Bank | &nbsp;&nbsp; 12834662 | 8472232 |
| Barwa Real Estate Co. | &nbsp;&nbsp; 4198031 | 3148736 |
| Commercial Bank PSQC (The) | &nbsp;&nbsp; 6770994 | 8720091 |
| Dukhan Bank | &nbsp;&nbsp; 4025144 | 4047890 |
| Industries Qatar QSC | &nbsp;&nbsp; 3076908 | 10846071 |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 11689863 | 4359295 |
| Ooredoo QPSC | &nbsp;&nbsp; 1677899 | 5936040 |
| Qatar Electricity & Water Co. QSC | &nbsp;&nbsp; 905515 | 3924710 |
| Qatar Fuel QSC | &nbsp;&nbsp; 1217732 | 5000672 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 5611838 | 7281504 |
| Qatar International Islamic Bank QSC | &nbsp;&nbsp; 2016409 | 6243764 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 3693400 | 24781119 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 9639226 | 50240109 |
|  |  | 143002233 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 9805890 | 1220 |
| Mobile TeleSystems PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 3162662 | 393 |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 5279850 | 657 |
| Ozon Holdings PLC, ADR<sup>(a)(d)</sup> | &nbsp;&nbsp; 197078 | 25 |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 3367 | 34 |
| PhosAgro PJSC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 2 |  |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Russia (continued)** | **Russia (continued)** | **Russia (continued)** |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 1264900 | $16 |
| Rosneft Oil Co. PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 4281715 | 533 |
| Sberbank of Russia PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 39606181 | 4926 |
| Severstal PAO<sup>(a)(d)</sup> | &nbsp;&nbsp; 805849 | 100 |
| TCS Group Holding PLC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 445207 | 55 |
| United Co. RUSAL International PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 11428270 | 1421 |
| VK Co. Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 404870 | 50 |
| VTB Bank PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 2356794 |  |
| X5 Retail Group NV, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 424766 | 53 |
|  |  | 9483 |
| **Saudi Arabia — 3.2%** | **Saudi Arabia — 3.2%** | **Saudi Arabia — 3.2%** |
| ACWA Power Co.<sup>(a)</sup> | &nbsp;&nbsp; 317179 | 17933282 |
| Ades Holding Co. | &nbsp;&nbsp; 694025 | 2757872 |
| Al Rajhi Bank | &nbsp;&nbsp; 4094673 | 102745553 |
| Al Rajhi Co. for Co-operative Insurance<sup>(a)</sup> | &nbsp;&nbsp; 84270 | 2618956 |
| Alinma Bank | &nbsp;&nbsp; 2570110 | 17259649 |
| Almarai Co. JSC | &nbsp;&nbsp; 1033159 | 13074597 |
| Arab National Bank | &nbsp;&nbsp; 1878880 | 11748501 |
| Arabian Internet & Communications <br> Services Co.<br>| &nbsp;&nbsp; 47241 | 3039886 |
| Bank AlBilad | &nbsp;&nbsp; 1528496 | 10640062 |
| Bank Al-Jazira<sup>(a)</sup> | &nbsp;&nbsp; 1292275 | 4182305 |
| Banque Saudi Fransi | &nbsp;&nbsp; 2552821 | 11008434 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 171587 | 6675986 |
| Co. for Cooperative Insurance (The) | &nbsp;&nbsp; 151249 | 4715793 |
| Dallah Healthcare Co. | &nbsp;&nbsp; 73818 | 2550685 |
| Dar Al Arkan Real Estate Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 1083583 | 5397295 |
| Dr Sulaiman Al Habib Medical Services <br> Group Co.<br>| &nbsp;&nbsp; 180727 | 11607912 |
| Elm Co. | &nbsp;&nbsp; 50500 | 11540896 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 784658 | 13381975 |
| Jabal Omar Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 1192487 | 6080908 |
| Jarir Marketing Co. | &nbsp;&nbsp; 1216491 | 4132780 |
| Makkah Construction & Development Co. | &nbsp;&nbsp; 202113 | 4047970 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 203596 | 3927214 |
| Nahdi Medical Co. | &nbsp;&nbsp; 78112 | 2406521 |
| Riyad Bank | &nbsp;&nbsp; 3053851 | 21095035 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 475345 | 15364254 |
| Sahara International Petrochemical Co. | &nbsp;&nbsp; 728196 | 3907194 |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 75767 | 3422242 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | &nbsp;&nbsp; 2779731 | 38517721 |
| Saudi Arabian Oil Co.<sup>(b)</sup> | &nbsp;&nbsp; 12573272 | 79386467 |
| Saudi Aramco Base Oil Co. | &nbsp;&nbsp; 103874 | 2383478 |
| Saudi Awwal Bank | &nbsp;&nbsp; 2079086 | 16686257 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 1867770 | 30364578 |
| Saudi Electricity Co. | &nbsp;&nbsp; 1714328 | 6642823 |
| Saudi Investment Bank (The) | &nbsp;&nbsp; 1298325 | 4698577 |
| Saudi National Bank (The) | &nbsp;&nbsp; 6099876 | 56535698 |
| Saudi Research & Media Group<sup>(a)</sup> | &nbsp;&nbsp; 76497 | 3526069 |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 100811 | 4574586 |
| Saudi Telecom Co. | &nbsp;&nbsp; 4157262 | 46506766 |
| Yanbu National Petrochemical Co. | &nbsp;&nbsp; 566947 | 4960144 |
|  |  | 612046921 |
| **South Africa — 3.3%** | **South Africa — 3.3%** | **South Africa — 3.3%** |
| Absa Group Ltd. | &nbsp;&nbsp; 1774399 | 18999447 |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 1048567 | 59008686 |
| Bid Corp. Ltd. | &nbsp;&nbsp; 694737 | 18166349 |
| Bidvest Group Ltd. (The) | &nbsp;&nbsp; 677966 | 9104884 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 181316 | 36675769 |
| Clicks Group Ltd. | &nbsp;&nbsp; 499342 | 10562046 |
| Discovery Ltd. | &nbsp;&nbsp; 1127534 | 13870458 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| FirstRand Ltd. | &nbsp;&nbsp; 10473897 | $44147714 |
| Gold Fields Ltd. | &nbsp;&nbsp; 1865307 | 62091309 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 1184720 | 15773222 |
| Impala Platinum Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1878236 | 17043329 |
| MTN Group Ltd. | &nbsp;&nbsp; 3579901 | 30411143 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 325565 | 107410815 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 950323 | 12179243 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 1186990 | 9858611 |
| Old Mutual Ltd. | &nbsp;&nbsp; 8977836 | 7074372 |
| OUTsurance Group Ltd. | &nbsp;&nbsp; 1745997 | 7518477 |
| Pepkor Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7293203 | 10492246 |
| Reinet Investments SCA | &nbsp;&nbsp; 291183 | 8838659 |
| Remgro Ltd. | &nbsp;&nbsp; 1041574 | 10019773 |
| Sanlam Ltd. | &nbsp;&nbsp; 3751929 | 19397728 |
| Sasol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1190688 | 8030498 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 1033347 | 15402377 |
| Sibanye Stillwater Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5910240 | 11243028 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 2746207 | 38636343 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 439539 | 20156434 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 1288327 | 10383302 |
|  |  | 632496262 |
| **South Korea — 10.1%** | **South Korea — 10.1%** | **South Korea — 10.1%** |
| Alteogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 83460 | 26248222 |
| Amorepacific Corp.<sup>(c)</sup> | &nbsp;&nbsp; 59117 | 5100262 |
| Celltrion Inc. | &nbsp;&nbsp; 338283 | 40701185 |
| Coway Co. Ltd. | &nbsp;&nbsp; 114580 | 8554161 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 98053 | 9270416 |
| Doosan Bobcat Inc. | &nbsp;&nbsp; 115892 | 4427362 |
| Doosan Co. Ltd. | &nbsp;&nbsp; 15526 | 6161759 |
| Doosan Enerbility Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 932002 | 40984790 |
| Ecopro BM Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 100820 | 8751162 |
| Ecopro Co. Ltd. | &nbsp;&nbsp; 208686 | 7563808 |
| Hana Financial Group Inc. | &nbsp;&nbsp; 593757 | 35002840 |
| Hanjin Kal Corp. | &nbsp;&nbsp; 49229 | 3954875 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 151348 | 4362724 |
| Hanmi Semiconductor Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 89570 | 5526755 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 68626 | 43520677 |
| Hanwha Ocean Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 252633 | 20303860 |
| Hanwha Systems Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 155153 | 5669432 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 91377 | 8997974 |
| HD Hyundai Electric Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 48928 | 17157699 |
| HD Hyundai Heavy Industries Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 46073 | 17187486 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 88529 | 25799827 |
| HLB Inc.<sup>(a)</sup> | &nbsp;&nbsp; 244263 | 6596514 |
| HMM Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 539566 | 8569561 |
| HYBE Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 47533 | 9804900 |
| Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 11682 | 10356607 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 77849 | 10295462 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 124361 | 28399175 |
| Hyundai Motor Co. | &nbsp;&nbsp; 276181 | 43478595 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 158820 | 21908952 |
| Industrial Bank of Korea | &nbsp;&nbsp; 572684 | 7829276 |
| Kakao Corp. | &nbsp;&nbsp; 643202 | 28799685 |
| KakaoBank Corp. | &nbsp;&nbsp; 344550 | 6088933 |
| KB Financial Group Inc. | &nbsp;&nbsp; 756551 | 59090614 |
| Kia Corp. | &nbsp;&nbsp; 494784 | 37437068 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 150941 | 10313004 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 529013 | 13870793 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 87639 | 8455141 |
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 8397 | 4958775 |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 378528 | 6443083 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Krafton Inc.<sup>(a)</sup> | &nbsp;&nbsp; 59727 | $14044006 |
| KT&G Corp. | &nbsp;&nbsp; 201545 | 19494189 |
| LG Chem Ltd. | &nbsp;&nbsp; 102439 | 20346244 |
| LG Corp. | &nbsp;&nbsp; 183765 | 9825672 |
| LG Display Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 626612 | 5383272 |
| LG Electronics Inc. | &nbsp;&nbsp; 215596 | 11424159 |
| LG Energy Solution Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 97169 | 24505418 |
| LG H&H Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 18737 | 3977973 |
| LG Uplus Corp. | &nbsp;&nbsp; 443380 | 4728751 |
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 27545 | 9680959 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 31094 | 6286963 |
| Meritz Financial Group Inc. | &nbsp;&nbsp; 173264 | 15762077 |
| Mirae Asset Securities Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 481124 | 6613816 |
| NAVER Corp. | &nbsp;&nbsp; 295943 | 45493480 |
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 315279 | 4403392 |
| Orion Corp./Republic of Korea<sup>(c)</sup> | &nbsp;&nbsp; 48619 | 3762894 |
| POSCO Future M Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 71423 | 7224862 |
| POSCO Holdings Inc. | &nbsp;&nbsp; 150825 | 30787022 |
| Posco International Corp. | &nbsp;&nbsp; 110744 | 3815949 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 37070 | 26602666 |
| Samsung C&T Corp. | &nbsp;&nbsp; 177238 | 21332773 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 115888 | 13294940 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 9823538 | 490781963 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 62622 | 19930724 |
| Samsung Heavy Industries Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1456839 | 22269765 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 164521 | 16901750 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 132355 | 19614569 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 86913 | 9182404 |
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 8727 | 9771704 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 894327 | 41906704 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 64990 | 4591779 |
| SK Hynix Inc. | &nbsp;&nbsp; 1133737 | 216019220 |
| SK Inc. | &nbsp;&nbsp; 74898 | 11107150 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 140726 | 10184968 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 193384 | 20509836 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 104616 | 4078538 |
| S-Oil Corp. | &nbsp;&nbsp; 89972 | 3891329 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 1380785 | 24632587 |
| Yuhan Corp. | &nbsp;&nbsp; 116344 | 9476449 |
|  |  | 1911586330 |
| **Taiwan — 18.8%** | **Taiwan — 18.8%** | **Taiwan — 18.8%** |
| Accton Technology Corp. | &nbsp;&nbsp; 1052000 | 34634327 |
| Acer Inc.<sup>(c)</sup> | &nbsp;&nbsp; 6072121 | 5839556 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 988213 | 11042631 |
| Airtac International Group | &nbsp;&nbsp; 292526 | 7493444 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 161000 | 21070519 |
| ASE Technology Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6893110 | 33476186 |
| Asia Cement Corp. | &nbsp;&nbsp; 4724077 | 5710727 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 684000 | 22328938 |
| Asustek Computer Inc.<sup>(c)</sup> | &nbsp;&nbsp; 1469968 | 30240651 |
| AUO Corp.<sup>(c)</sup> | &nbsp;&nbsp; 13574200 | 5671260 |
| Caliway Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2105000 | 13802401 |
| Catcher Technology Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1205210 | 7405581 |
| Cathay Financial Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 19792000 | 39633212 |
| Chailease Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3169671 | 12029231 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 13336780 | 8360115 |
| Cheng Shin Rubber Industry Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3660128 | 4535219 |
| China Airlines Ltd. | &nbsp;&nbsp; 5941000 | 4103139 |
| China Steel Corp.<sup>(c)</sup> | &nbsp;&nbsp; 24274313 | 15918743 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 7835410 | 33960873 |
| Compal Electronics Inc. | &nbsp;&nbsp; 8574908 | 7712912 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 34781772 | 46653466 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Delta Electronics Inc. | &nbsp;&nbsp; 4052000 | $93348978 |
| E Ink Holdings Inc. | &nbsp;&nbsp; 1786000 | 15239026 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 29975845 | 32715518 |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 409427 | 5336611 |
| Elite Material Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 616000 | 24382417 |
| eMemory Technology Inc. | &nbsp;&nbsp; 130000 | 8713624 |
| Eva Airways Corp.<sup>(c)</sup> | &nbsp;&nbsp; 5575000 | 7060462 |
| Evergreen Marine Corp. Taiwan Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2246324 | 13576416 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 6007038 | 5412292 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 3635000 | 9989291 |
| Feng TAY Enterprise Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 995593 | 3809346 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 23937666 | 22149255 |
| Formosa Chemicals & Fibre Corp.<sup>(c)</sup> | &nbsp;&nbsp; 7233090 | 7089973 |
| Formosa Plastics Corp.<sup>(c)</sup> | &nbsp;&nbsp; 8131280 | 10325977 |
| Fortune Electric Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 328190 | 6875462 |
| Fubon Financial Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 17026826 | 46521372 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 1112000 | 9998439 |
| Global Unichip Corp. | &nbsp;&nbsp; 181000 | 7805835 |
| Globalwafers Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 553000 | 6688995 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 25958873 | 171379152 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 637380 | 11431692 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 18589576 | 16931619 |
| Innolux Corp.<sup>(c)</sup> | &nbsp;&nbsp; 15747809 | 7190591 |
| International Games System Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 479000 | 11939779 |
| Inventec Corp.<sup>(c)</sup> | &nbsp;&nbsp; 5583281 | 7467746 |
| Jentech Precision Industrial Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 179000 | 12128893 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 33343730 | 16556197 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 119000 | 11665041 |
| Largan Precision Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 207000 | 16183159 |
| Lite-On Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 4384246 | 18547328 |
| Lotes Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 174000 | 8180266 |
| MediaTek Inc. | &nbsp;&nbsp; 3160338 | 140432801 |
| Mega Financial Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 24707623 | 32304114 |
| Micro-Star International Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1491000 | 6549468 |
| Nan Ya Plastics Corp.<sup>(c)</sup> | &nbsp;&nbsp; 10673160 | 15023356 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 375000 | 5278687 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 1202000 | 17035270 |
| Pegatron Corp. | &nbsp;&nbsp; 4127414 | 9441199 |
| PharmaEssentia Corp.<sup>(c)</sup> | &nbsp;&nbsp; 553000 | 8943638 |
| President Chain Store Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1182000 | 9820804 |
| Quanta Computer Inc.<sup>(c)</sup> | &nbsp;&nbsp; 5643000 | 48052357 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 1019637 | 17715219 |
| Shanghai Commercial & Savings Bank Ltd. <br> (The)<br>| &nbsp;&nbsp; 8153229 | 10911978 |
| Silergy Corp.<sup>(c)</sup> | &nbsp;&nbsp; 675000 | 6747659 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 23317614 | 17794700 |
| Synnex Technology International Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2636834 | 5656630 |
| Taiwan Business Bank | &nbsp;&nbsp; 15082485 | 7428730 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 22749702 | 17609051 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 3911000 | 3526099 |
| Taiwan Mobile Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3627600 | 12619173 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 51167000 | 1916275027 |
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 14087748 | 10318814 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 44542443 | 23615118 |
| Unimicron Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2710000 | 12647099 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 9935839 | 25083445 |
| United Microelectronics Corp.<sup>(c)</sup> | &nbsp;&nbsp; 23468000 | 30876425 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 2195157 | 6517593 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 145000 | 4659131 |
| Wan Hai Lines Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1454090 | 3925852 |
| Wistron Corp. | &nbsp;&nbsp; 6210000 | 22776366 |
| Wiwynn Corp.<sup>(c)</sup> | &nbsp;&nbsp; 232000 | 22266817 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| WPG Holdings Ltd. | &nbsp;&nbsp; 3289449 | $7171320 |
| Yageo Corp. | &nbsp;&nbsp; 3426720 | 15517256 |
| Yang Ming Marine Transport Corp.<sup>(c)</sup> | &nbsp;&nbsp; 3623000 | 6811881 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 22135054 | 23431411 |
| Zhen Ding Technology Holding Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1411075 | 9003407 |
|  |  | 3552051778 |
| **Thailand — 1.1%** | **Thailand — 1.1%** | **Thailand — 1.1%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 2163300 | 19671651 |
| Airports of Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 8917200 | 9929388 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 23014100 | 14711928 |
| Bumrungrad Hospital PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 1250000 | 6864779 |
| Central Pattana PCL, NVDR | &nbsp;&nbsp; 4064600 | 6473154 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 7832400 | 5298990 |
| CP ALL PCL, NVDR | &nbsp;&nbsp; 11315200 | 15392806 |
| CP Axtra PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 4345202 | 2405484 |
| Delta Electronics Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 6445000 | 29831736 |
| Gulf Development PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 9476664 | 13748213 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 1224200 | 6367814 |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 7116100 | 5411877 |
| Minor International PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 6980220 | 5048961 |
| PTT Exploration & Production PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 2877739 | 9951653 |
| PTT PCL, NVDR | &nbsp;&nbsp; 20956100 | 20065215 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 1759500 | 6981812 |
| Siam Cement PCL (The), NVDR<sup>(c)</sup> | &nbsp;&nbsp; 1597400 | 10633016 |
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 52043800 | 3056215 |
| True Corp. PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 21681820 | 7645401 |
|  |  | 199490093 |
| **Turkey — 0.5%** | **Turkey — 0.5%** | **Turkey — 0.5%** |
| Akbank TAS | &nbsp;&nbsp; 6463301 | 10729501 |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 2867083 | 12778039 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 941379 | 12125424 |
| Coca-Cola Icecek A/S | &nbsp;&nbsp; 395200 | 473769 |
| Enka Insaat ve Sanayi AS | &nbsp;&nbsp; 2 | 3 |
| Eregli Demir ve Celik Fabrikalari TAS<sup>(c)</sup> | &nbsp;&nbsp; 7490754 | 5439449 |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 1466390 | 3985216 |
| Haci Omer Sabanci Holding AS | &nbsp;&nbsp; 2355434 | 5396695 |
| KOC Holding AS | &nbsp;&nbsp; 1572859 | 7011963 |
| Sasa Polyester Sanayi AS<sup>(a)</sup> | &nbsp;&nbsp; 1787509 | 203741 |
| Turk Hava Yollari AO | &nbsp;&nbsp; 1139914 | 9285129 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 2507654 | 5781352 |
| Turkiye Is Bankasi AS, Class C | &nbsp;&nbsp; 18118176 | 6632561 |
| Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp; 1982584 | 8301111 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 7000392 | 5598144 |
|  |  | 93742097 |
| **United Arab Emirates — 1.6%** | **United Arab Emirates — 1.6%** | **United Arab Emirates — 1.6%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 6095915 | 25116194 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 3009302 | 17474122 |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 6233073 | 6380799 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 6745930 | 10119951 |
| Adnoc Gas PLC | &nbsp;&nbsp; 12553891 | 11372671 |
| Aldar Properties PJSC | &nbsp;&nbsp; 8008853 | 20948032 |
| Americana Restaurants International PLC - <br> Foreign Co.<br>| &nbsp;&nbsp; 6200814 | 3275182 |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 12374236 | 9262621 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 5987663 | 15755715 |
| Emaar Development PJSC | &nbsp;&nbsp; 2109415 | 8459632 |
| Emaar Properties PJSC | &nbsp;&nbsp; 13790849 | 54064040 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 3955746 | 27194104 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 7221314 | 35546729 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 9218672 | 41637629 |
| Multiply Group PJSC<sup>(a)</sup> | &nbsp;&nbsp; 6913627 | 5658481 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Arab Emirates (continued)** | **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |
| Salik Co. PJSC | &nbsp;&nbsp; 3866949 | $6948601 |
|  |  | 299214503 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |
| Metlen Energy & Metals PLC<sup>(a)</sup> | &nbsp;&nbsp; 212974 | 13653872 |
| **Total Common Stocks — 98.1%** <br>**(Cost: $13,324,282,594)** | **Total Common Stocks — 98.1%** <br>**(Cost: $13,324,282,594)** | 18564392269 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 1.1%** | **Brazil — 1.1%** | **Brazil — 1.1%** |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 11077313 | 34385160 |
| Centrais Eletricas Brasileiras SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 531756 | 4680210 |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 3581032 | 7337950 |
| Cia Paranaense de Energia - Copel, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 2215654 | 4912006 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 2764750 | 8495391 |
| Itau Unibanco Holding SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 11138703 | 79074242 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 12154881 | 25153364 |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 9519533 | 54604512 |
|  |  | 218642835 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Sociedad Quimica y Minera de Chile SA, <br> Class B, Preference Shares<br>| &nbsp;&nbsp; 295558 | 13479614 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Grupo Cibest SA, Preference Shares | &nbsp;&nbsp; 933121 | 11683611 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 2002504 | 226982 |
| **South Korea — 0.4%** | **South Korea — 0.4%** | **South Korea — 0.4%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 46114 | 5451695 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 73324 | 8935533 |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1709921 | 69426032 |
|  |  | 83813260 |
| **Total Preferred Stocks — 1.7%** <br>**(Cost: $168,396,931)** | **Total Preferred Stocks — 1.7%** <br>**(Cost: $168,396,931)** | 327846302 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Rights** | **Rights** | **Rights** |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Kangmei Pharmaceutical Co. Ltd., NVS, (Expires <br> 12/31/49)<sup>(d)</sup><br>| &nbsp;&nbsp; 244577 | $— |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $13,492,679,525)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $13,492,679,525)** | 18892238571 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.9%** | **Money Market Funds — 2.9%** | **Money Market Funds — 2.9%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 447123295 | 447346856 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 106080000 | 106080000 |
| **Total Short-Term Securities — 2.9%** <br>**(Cost: $553,137,924)** | **Total Short-Term Securities — 2.9%** <br>**(Cost: $553,137,924)** | 553426856 |
| **Total Investments — 102.7%** <br>**(Cost: $14,045,817,449)** | **Total Investments — 102.7%** <br>**(Cost: $14,045,817,449)** | 19445665427 |
| **Liabilities in Excess of Other Assets — (2.7)%** | **Liabilities in Excess of Other Assets — (2.7)%** | (514259993)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $18931405434 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| $417941352<br> $29441525 <br><sup>(a)</sup><br>| $— | $60300 | $(96321)<br>| $447346856 | 447123295 | $6584901 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| —<br> 106080000 <br><sup>(a)</sup><br>|  |  |  | 106080000 | 106080000 | 5127030 |  |
|  |  |  | $60300 | $(96321) | $553426856 |  | $11711931 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 344 | 09/19/25 | &nbsp;&nbsp; $21756 | $(727) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $727 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $727 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2819368 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2819368 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(345403)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(345403)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $37005513 |

---

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ETF**

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $2006691396 | &nbsp;&nbsp; $16557691387 | &nbsp;&nbsp; $9486 | &nbsp;&nbsp; $18564392269 |
| Preferred Stocks | &nbsp;&nbsp; 243806060 | &nbsp;&nbsp; 84040242 | &nbsp;&nbsp; — | &nbsp;&nbsp; 327846302 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 553426856 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 553426856 |
|  | &nbsp;&nbsp; $2803924312 | &nbsp;&nbsp; $16641731629 | &nbsp;&nbsp; $9486 | &nbsp;&nbsp; $19445665427 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(727)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(727)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Currency <br> Hedged <br> MSCI <br> Emerging <br> Markets ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Emerging <br> Markets ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $— | $18892238571 |
| Investments, at value—affiliated<sup>(c)</sup> | 194183899 | 553426856 |
| Cash | 349 | 2479650 |
| Cash pledged for futures contracts |  | 707000 |
| Foreign currency, at value<sup>(d)</sup> |  | 26345418 |
| Receivables: |  |  |
| Investments sold | 13560 | 1628268 |
| Securities lending income—affiliated | 4179 | 705487 |
| Dividends—unaffiliated |  | 28206777 |
| Dividends—affiliated | 4153 | 378622 |
| Tax reclaims |  | 1710167 |
| Foreign withholding tax claims |  | 1304560 |
| Unrealized appreciation on forward foreign currency exchange contracts | 1023331 |  |
| Total assets | 195229471 | 19509131376 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 18293760 | 446556623 |
| Payables: |  |  |
| Investments purchased |  | 157264 |
| Deferred foreign capital gain tax |  | 119454917 |
| Foreign taxes |  | 21281 |
| Investment advisory fees |  | 11489440 |
| Variation margin on futures contracts |  | 46417 |
| Unrealized depreciation on forward foreign currency exchange contracts | 1091429 |  |
| Total liabilities | 19385189 | 577725942 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $175844282 | $18931405434 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $167131571 | $26926336111 |
| Accumulated earnings (loss) | 8712711 | (7994930677) |
| NET ASSETS | $175844282 | $18931405434 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 5590000 | 380250000 |
| Net asset value | $31.46 | $49.79 |
| Shares authorized | 250 million | 5 billion |
| Par value | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $— | $13492679525 |
| <sup>(b)</sup> Securities loaned, at value | $17814978 | $398012571 |
| <sup>(c)</sup> Investments, at cost—affiliated | $177067064 | $553137924 |
| <sup>(d)</sup> Foreign currency, at cost | $— | $26325963 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>Currency <br> Hedged <br> MSCI <br> Emerging <br> Markets ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Emerging <br> Markets ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $498740561 |
| Dividends—affiliated | &nbsp;&nbsp; 4335677 | &nbsp;&nbsp;&nbsp; 5127030 |
| Interest—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 200425 |
| Securities lending income—affiliated—net<sup>(a)</sup> | &nbsp;&nbsp; 52973 | &nbsp;&nbsp;&nbsp; 6584901 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 268144 |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (53548188)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2173628 |
| Total investment income | &nbsp;&nbsp; 4388650 | &nbsp;&nbsp;&nbsp; 459546501 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 1283157 | &nbsp;&nbsp;&nbsp; 125570583 |
| Interest expense | &nbsp;&nbsp; 15880 | &nbsp;&nbsp;&nbsp; 53461 |
| Commitment costs | &nbsp;&nbsp; 1638 | &nbsp;&nbsp;&nbsp; 39896 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14131 |
| Mauritius income taxes | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 115 |
| Total expenses | &nbsp;&nbsp; 1300675 | &nbsp;&nbsp;&nbsp; 125678186 |
| Less: |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (1300675)<br>| &nbsp;&nbsp;&nbsp; — |
| Total expenses after fees waived | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 125678186 |
| Net investment income | &nbsp;&nbsp; 4388650 | &nbsp;&nbsp;&nbsp; 333868315 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (523134689)<br>|
| Investments—affiliated | &nbsp;&nbsp; (1054616)<br>| &nbsp;&nbsp;&nbsp; 60300 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (204666)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; (2321898)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2819368 |
| In-kind redemptions—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1063387 |
| In-kind redemptions—affiliated<sup>(c)</sup> | &nbsp;&nbsp; 4069984 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 2810834 | &nbsp;&nbsp;&nbsp; (521513532)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated<sup>(d)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2972600961 |
| Investments—affiliated | &nbsp;&nbsp; 19556039 | &nbsp;&nbsp;&nbsp; (96321)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 1573306 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 388518 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (345403)<br>|
|  | &nbsp;&nbsp; 21129345 | &nbsp;&nbsp;&nbsp; 2972547755 |
| Net realized and unrealized gain | &nbsp;&nbsp; 23940179 | &nbsp;&nbsp;&nbsp; 2451034223 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $28328829 | &nbsp;&nbsp;&nbsp; $2784902538 |
| <sup>(a)</sup> Net of securities lending income tax paid of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $717484 |
| <sup>(b)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(15538268)<br>|
| <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(d)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $38795792 |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Currency Hedged MSCI Emerging Markets <br> ETF  | iShares <br>Currency Hedged MSCI Emerging Markets <br> ETF  | iShares <br>MSCI Emerging Markets ETF  | iShares <br>MSCI Emerging Markets ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $4388650 | &nbsp;&nbsp;&nbsp; $3568247 | &nbsp;&nbsp;&nbsp; $333868315 | &nbsp;&nbsp;&nbsp; $374544419 |
| Net realized gain (loss) | &nbsp;&nbsp; 2810834 | &nbsp;&nbsp;&nbsp; 3062939 | &nbsp;&nbsp;&nbsp; (521513532)<br>| &nbsp;&nbsp;&nbsp; 38758755 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 21129345 | &nbsp;&nbsp;&nbsp; 13621675 | &nbsp;&nbsp;&nbsp; 2972547755 | &nbsp;&nbsp;&nbsp; 1564765803 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 28328829 | &nbsp;&nbsp;&nbsp; 20252861 | &nbsp;&nbsp;&nbsp; 2784902538 | &nbsp;&nbsp;&nbsp; 1978068977 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (4363734)<br>| &nbsp;&nbsp;&nbsp; (3572285)<br>| &nbsp;&nbsp;&nbsp; (464352674)<br>| &nbsp;&nbsp;&nbsp; (454769148)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (11765442)<br>| &nbsp;&nbsp;&nbsp; 12667041 | &nbsp;&nbsp;&nbsp; (1073274862)<br>| &nbsp;&nbsp;&nbsp; (5197547032)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 12199653 | &nbsp;&nbsp;&nbsp; 29347617 | &nbsp;&nbsp;&nbsp; 1247275002 | &nbsp;&nbsp;&nbsp; (3674247203)<br>|
| Beginning of year | &nbsp;&nbsp; 163644629 | &nbsp;&nbsp;&nbsp; 134297012 | &nbsp;&nbsp;&nbsp; 17684130432 | &nbsp;&nbsp;&nbsp; 21358377635 |
| End of year | &nbsp;&nbsp; $175844282 | &nbsp;&nbsp;&nbsp; $163644629 | &nbsp;&nbsp;&nbsp; $18931405434 | &nbsp;&nbsp;&nbsp; $17684130432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Currency Hedged MSCI Emerging Markets ETF  | iShares Currency Hedged MSCI Emerging Markets ETF  | iShares Currency Hedged MSCI Emerging Markets ETF  | iShares Currency Hedged MSCI Emerging Markets ETF  | iShares Currency Hedged MSCI Emerging Markets ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $27.14 | &nbsp;&nbsp;&nbsp; $24.20 | &nbsp;&nbsp;&nbsp; $25.20 | &nbsp;&nbsp;&nbsp; $31.31 | &nbsp;&nbsp;&nbsp; $27.41 |
| Net investment income<sup>(a)</sup> | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 4.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp; (6.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.92 |
| Net increase (decrease) from investment operations | 5.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.36 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $31.46 | &nbsp;&nbsp;&nbsp; $27.14 | &nbsp;&nbsp;&nbsp; $24.20 | &nbsp;&nbsp;&nbsp; $25.20 | &nbsp;&nbsp;&nbsp; $31.31 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 19.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.93<br> %<br>| &nbsp;&nbsp;&nbsp; (17.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.96<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>|
| Total expenses after fees waived | 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(f)</sup><br>|
| Net investment income | 2.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $175844 | &nbsp;&nbsp;&nbsp; $163645 | &nbsp;&nbsp;&nbsp; $134297 | &nbsp;&nbsp;&nbsp; $153993 | &nbsp;&nbsp;&nbsp; $203180 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Rounds to less than 0.01%. | <sup>(f)</sup> Rounds to less than 0.01%. | <sup>(f)</sup> Rounds to less than 0.01%. | <sup>(f)</sup> Rounds to less than 0.01%. | <sup>(f)</sup> Rounds to less than 0.01%. | <sup>(f)</sup> Rounds to less than 0.01%. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Emerging Markets ETF  | iShares MSCI Emerging Markets ETF  | iShares MSCI Emerging Markets ETF  | iShares MSCI Emerging Markets ETF  | iShares MSCI Emerging Markets ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>08/31/21<sup>(a)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $43.42 | &nbsp;&nbsp;&nbsp; $39.26 | &nbsp;&nbsp;&nbsp; $39.68 | &nbsp;&nbsp;&nbsp; $52.56 | &nbsp;&nbsp;&nbsp; $44.56 |
| Net investment income<sup>(b)</sup> | 0.86 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | 6.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (12.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.01 |
| Net increase (decrease) from investment operations | 7.55 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp; (11.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.76 |
| Distributions from net investment income<sup>(e)</sup> | &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $49.79 | &nbsp;&nbsp;&nbsp; $43.42 | &nbsp;&nbsp;&nbsp; $39.26 | &nbsp;&nbsp;&nbsp; $39.68 | &nbsp;&nbsp;&nbsp; $52.56 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.69 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp; (22.73 )%<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.72<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>|
| Net investment income | 1.91 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $18931405 | &nbsp;&nbsp;&nbsp; $17684130 | &nbsp;&nbsp;&nbsp; $21358378 | &nbsp;&nbsp;&nbsp; $25870381 | &nbsp;&nbsp;&nbsp; $30983302 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|
| <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2022.:<br> • Net investment income per share by $0.01 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2022.:<br> • Net investment income per share by $0.01 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2022.:<br> • Net investment income per share by $0.01 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2022.:<br> • Net investment income per share by $0.01 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2022.:<br> • Net investment income per share by $0.01 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2022.:<br> • Net investment income per share by $0.01 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. |
| <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

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

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

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> Currency Hedged MSCI Emerging Markets Diversified <br> MSCI Emerging Markets<sup>(a)</sup> Diversified

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index. 

Currently the iShares Currency Hedged MSCI Emerging Markets ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI Emerging Markets ETF (the "underlying fund"). The financial statements, including the accounting policies, and Schedule of Investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI Emerging Markets ETF.

**Basis of Consolidation:** The accompanying consolidated financial statements for the iShares MSCI Emerging Markets ETF included the accounts of its subsidiary in the Republic of Mauritius, which was a wholly-owned subsidiary (the "Subsidiary") of the Fund that invested in Indian securities. On June 16, 2023, the Fund filed to liquidate its Subsidiary with the Mauritius Financial Services Commission.

***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.

Certain Russian securities held by iShares MSCI Emerging Markets ETF declared dividends during the period. However, there is no assurance these dividends can be collected by the Fund due to restrictions imposed by the Russian government. As a result, the Fund has not recognized investment income associated with these Russian securities. Any future recognition of these dividend payments, or other dividends of Russian securities declared in prior periods subject to the same or similar restrictions imposed by Russia or other government agencies, could have a material accretive effect on the Fund's net asset value per share.

**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 exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). 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 Statements 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. However, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

**Foreign Taxes:** Certain 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 Statements 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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

are presented as "Foreign taxes withheld", 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 August 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

Certain 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 Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** 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.

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

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from 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.

**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.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that 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. The Board of Directors of the Company (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. 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 BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange ("NYSE") based on that day's prevailing forward exchange rate for the underlying currencies.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., 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 Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the 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 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. SECURITIES AND OTHER INVESTMENTS***

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Currency Hedged MSCI Emerging Markets |  |  |  |  |
| UBS AG | &nbsp;&nbsp; $17814978 | &nbsp;&nbsp;&nbsp; $(17814978) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Emerging Markets |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $10197361 | &nbsp;&nbsp;&nbsp; $(10197361) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 54788 | &nbsp;&nbsp;&nbsp; (54788) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 67278537 | &nbsp;&nbsp;&nbsp; (67278537) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; 28650736 | &nbsp;&nbsp;&nbsp; (28650736) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 12102165 | &nbsp;&nbsp;&nbsp; (12102165) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 24656659 | &nbsp;&nbsp;&nbsp; (24656659) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 27757712 | &nbsp;&nbsp;&nbsp; (27757712) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 6209203 | &nbsp;&nbsp;&nbsp; (6209203) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 16919612 | &nbsp;&nbsp;&nbsp; (16919612) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; 13930769 | &nbsp;&nbsp;&nbsp; (13930769) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 3714902 | &nbsp;&nbsp;&nbsp; (3714902) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 4283909 | &nbsp;&nbsp;&nbsp; (4283909) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp; 6842291 | &nbsp;&nbsp;&nbsp; (6842291) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 161221443 | &nbsp;&nbsp;&nbsp; (161221443) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 4682507 | &nbsp;&nbsp;&nbsp; (4682507) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 3695917 | &nbsp;&nbsp;&nbsp; (3695917) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 861671 | &nbsp;&nbsp;&nbsp; (861671) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 2132524 | &nbsp;&nbsp;&nbsp; (2132524) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 362379 | &nbsp;&nbsp;&nbsp; (362379) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Europe SE | &nbsp;&nbsp; 2457486 | &nbsp;&nbsp;&nbsp; (2457486) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $398012571 | &nbsp;&nbsp;&nbsp; $(398012571) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

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

***5. 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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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.

**Forward Foreign Currency Exchange Contracts:** Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter ("OTC") and not on an organized exchange.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund's assets. BFA is a 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 directors).

For its investment advisory services to the iShares Currency Hedged MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.78%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $14 billion | 0.75% |
| Over $14 billion, up to and including $28 billion | 0.68 |
| Over $28 billion, up to and including $42 billion | 0.61 |
| Over $42 billion, up to and including $56 billion | 0.54 |
| Over $56 billion, up to and including $70 billion | 0.47 |
| Over $70 billion, up to and including $84 billion | 0.41 |
| Over $84 billion | 0.35 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares Currency Hedged MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in the iShares MSCI Emerging Markets ETF ("EEM"), after taking into account any fee waivers by EEM.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended August 31, 2025, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| Currency Hedged MSCI Emerging Markets | &nbsp;&nbsp; $1300675 |

---

**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.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Currency Hedged MSCI Emerging Markets | &nbsp;&nbsp; $21835 |
| MSCI Emerging Markets | &nbsp;&nbsp; 1772397 |

---

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

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

For the year ended August 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI Emerging Markets | &nbsp;&nbsp; $49933875 | &nbsp;&nbsp;&nbsp; $33573001 | &nbsp;&nbsp;&nbsp; $(18966345) |

---

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 Statements 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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Currency Hedged MSCI Emerging Markets | &nbsp;&nbsp; $13846888 | &nbsp;&nbsp;&nbsp; $12081065 |
| MSCI Emerging Markets | &nbsp;&nbsp; 1468819520 | &nbsp;&nbsp;&nbsp; 2163056572 |

---

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Currency Hedged MSCI Emerging Markets | &nbsp;&nbsp; $50777051 | &nbsp;&nbsp;&nbsp; $62797169 |
| MSCI Emerging Markets | &nbsp;&nbsp; 54196240 | &nbsp;&nbsp;&nbsp; 556148686 |

---

***8. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Company's other funds for federal income tax purposes. It is 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 of 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 August 31, 2025, 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' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to non-deductible expenses and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| Currency Hedged MSCI Emerging Markets | &nbsp;&nbsp; $3599789 | &nbsp;&nbsp;&nbsp; $(3599789) |
| MSCI Emerging Markets | &nbsp;&nbsp; (14919387) | &nbsp;&nbsp;&nbsp; 14919387 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| Currency Hedged MSCI Emerging Markets |  |  |
| Ordinary income | &nbsp;&nbsp; $4363734 | &nbsp;&nbsp;&nbsp; $3572285 |
| MSCI Emerging Markets |  |  |
| Ordinary income | &nbsp;&nbsp; $464352674 | &nbsp;&nbsp;&nbsp; $454769148 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| Currency Hedged MSCI Emerging Markets | &nbsp;&nbsp; $25754 | &nbsp;&nbsp;&nbsp; $(7556574) | &nbsp;&nbsp;&nbsp; $16243531 | &nbsp;&nbsp;&nbsp; $8712711 |
| MSCI Emerging Markets | &nbsp;&nbsp; 184646252 | &nbsp;&nbsp;&nbsp; (13708605422) | &nbsp;&nbsp;&nbsp; 5529028493 | &nbsp;&nbsp;&nbsp; (7994930677) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, the timing and recognition of partnership income, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains / losses for tax purposes. 

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

As of August 31, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Currency Hedged MSCI Emerging Markets | &nbsp;&nbsp; $178447700 | &nbsp;&nbsp;&nbsp; $18426389 | &nbsp;&nbsp;&nbsp; $(2182858) | &nbsp;&nbsp;&nbsp; $16243531 |
| MSCI Emerging Markets | &nbsp;&nbsp; 13797405870 | &nbsp;&nbsp;&nbsp; 7905060542 | &nbsp;&nbsp;&nbsp; (2256800985) | &nbsp;&nbsp;&nbsp; 5648259557 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the year ended August 31, 2025, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Maximum* <br>*Amount* <br>*Borrowed*<br>| &nbsp;&nbsp; *Average* <br>*Borrowing*<br>| &nbsp;&nbsp; *Weighted* <br>*Average* <br>*Interest Rates* <br>|
| Currency Hedged MSCI Emerging Markets | &nbsp;&nbsp; $1400000 | &nbsp;&nbsp;&nbsp; $46027 | &nbsp;&nbsp;&nbsp;&nbsp;5.45% |
| MSCI Emerging Markets | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp;&nbsp; 821918 | &nbsp;&nbsp;&nbsp;&nbsp;6.41 |

---

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each 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, tariffs 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 an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

**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 each 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. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of 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 may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**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 BFA 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 Statements 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.

**Geographic/Asset Class 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 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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. 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. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund's investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

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.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Currency Hedged MSCI Emerging Markets |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp; $50834893 | &nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; $39079331 |
| Shares redeemed | &nbsp;&nbsp; (2230000)<br>| &nbsp;&nbsp;&nbsp; (62600335)<br>| &nbsp;&nbsp;&nbsp; (1070000)<br>| &nbsp;&nbsp;&nbsp; (26412290)<br>|
|  | &nbsp;&nbsp; (440000)<br>| &nbsp;&nbsp;&nbsp; $(11765442)<br>| &nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp; $12667041 |
| MSCI Emerging Markets |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 13500000 | &nbsp;&nbsp;&nbsp; $612342314 | &nbsp;&nbsp;&nbsp; 43200000 | &nbsp;&nbsp;&nbsp; $1823162304 |
| Shares redeemed | &nbsp;&nbsp; (40500000)<br>| &nbsp;&nbsp;&nbsp; (1685617176)<br>| &nbsp;&nbsp;&nbsp; (180000000)<br>| &nbsp;&nbsp;&nbsp; (7020709336)<br>|
|  | &nbsp;&nbsp; (27000000)<br>| &nbsp;&nbsp;&nbsp; $(1073274862)<br>| &nbsp;&nbsp;&nbsp; (136800000)<br>| &nbsp;&nbsp;&nbsp; $(5197547032)<br>|

---

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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 Company's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***12. FOREIGN WITHHOLDING TAX CLAIMS***

The iShares MSCI Emerging Markets ETF has filed European Union Discrimination Claims ("ECJ Claims") to recover taxes withheld by Poland (the "ECJ Paying Countries") on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by the ECJ Paying Countries based upon previous determinations made by the local tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding ECJ Claims, ECJ Paying Countries' tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the local tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of August 31, 2025, is $1,304,560 or $0.00 per share.

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares MSCI Emerging Markets ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

***13. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

2025 iShares Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the two funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

iShares Currency Hedged MSCI Emerging Markets ETF<sup>(1)</sup> <br> iShares MSCI Emerging Markets ETF<sup>(2)</sup>

<sup>(1)</sup> Statement of operations for the year ended August 31, 2025, statement of changes in net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025

<sup>(2)</sup> Statement of operations for the year ended August 31, 2025, statement of changes in net assets for each of the two years in the period ended August 31, 2025, the financial highlights for each of the three years in the period ended August 31, 2025 and the consolidated financial highlights for each of the two years in the period ended August 31, 2022

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

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

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| Currency Hedged MSCI Emerging Markets | &nbsp;&nbsp; $2194288 |
| MSCI Emerging Markets | &nbsp;&nbsp; 232678785 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| Currency Hedged MSCI Emerging Markets | &nbsp;&nbsp; $4970591 | &nbsp;&nbsp;&nbsp;&nbsp; $659870 |
| MSCI Emerging Markets | &nbsp;&nbsp; 497952960 | &nbsp;&nbsp;&nbsp;&nbsp; 70859911 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Regulation under the Alternative Investment Fund Managers Directive**

The Alternative Investment Fund Managers Directive, and its United Kingdom ("UK") equivalent, (the "AIFMD") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI Emerging Markets ETF (the "Fund") to be marketed to investors in the EU and/or UK.

**Report on Remuneration**

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Remuneration information at an individual Fund level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Fund is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals' portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

Additional Information

------

Additional Information (continued)

**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares MSCI Emerging Markets ETF (the "Fund") is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

The Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, the Fund's investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts ("PAIs") on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

**Electronic Delivery**

Shareholders can sign up for e-mail 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

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, when available, at **iShares.com**.

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares Currency Hedged MSCI Emerging Markets ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Emerging Markets ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also considered the tradability, liquidity and developed capital markets ecosystem associated with the Fund in relation to comparison funds in the Fund's Peer Group that do not have similar attributes. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNH | Chinese Yuan |
| EUR | Euro |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |

---

2025 iShares Annual Financial Statements and Additional Information

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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.©2025 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.

![](g19235img8fd970672.gif)

![](g19235imgfc92060d3.gif)

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August 31, 2025

![](g19235imgb2cabcc11.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares, Inc.** |
| • iShares MSCI Hong Kong ETF \| EWH \| NYSE Arca |
| • iShares MSCI Japan Small-Cap ETF \| SCJ \| NYSE Arca |
| • iShares MSCI Malaysia ETF \| EWM \| NYSE Arca |
| • iShares MSCI Pacific ex Japan ETF \| EPP \| NYSE Arca |
| • iShares MSCI Singapore ETF \| EWS \| NYSE Arca |
| • iShares MSCI Taiwan ETF \| EWT \| NYSE Arca |
| • iShares MSCI Thailand ETF \| THD \| NYSE Arca |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_03d5eb0f-a5b2-4261-9e49-5c4f8dec7a55_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_03d5eb0f-a5b2-4261-9e49-5c4f8dec7a55_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 34 |
| [Statements of Operations](#xx_03d5eb0f-a5b2-4261-9e49-5c4f8dec7a55_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 36 |
| [Statements of Changes in Net Assets](#xx_03d5eb0f-a5b2-4261-9e49-5c4f8dec7a55_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 38 |
| [Financial Highlights](#xx_03d5eb0f-a5b2-4261-9e49-5c4f8dec7a55_FS-Footer-iSharesReport_9)  | &nbsp;&nbsp; 42 |
| [Notes to Financial Statements](#xx_03d5eb0f-a5b2-4261-9e49-5c4f8dec7a55_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 49 |
| [Report of Independent Registered Public Accounting Firm](#xx_03d5eb0f-a5b2-4261-9e49-5c4f8dec7a55_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 61 |
| [Important Tax Information](#xx_03d5eb0f-a5b2-4261-9e49-5c4f8dec7a55_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 62 |
| [Additional Information](#xx_03d5eb0f-a5b2-4261-9e49-5c4f8dec7a55_SAI-Footer-iSharesReport-26_1)  | &nbsp;&nbsp; 63 |
| [Board Review and Approval of Investment Advisory Contract](#xx_03d5eb0f-a5b2-4261-9e49-5c4f8dec7a55_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 65 |
| [Glossary of Terms Used in these Financial Statements](#xx_03d5eb0f-a5b2-4261-9e49-5c4f8dec7a55_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 77 |

---

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Hong Kong ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 7.0%** | **Banks — 7.0%** | **Banks — 7.0%** |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 6666500 | $30266741 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 1398300 | 20050180 |
|  |  | 50316921 |
| **Capital Markets — 19.4%** | **Capital Markets — 19.4%** | **Capital Markets — 19.4%** |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 111601 | 20713146 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 2035226 | 119240170 |
|  |  | 139953316 |
| **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 7426500 | 11265267 |
| **Electric Utilities — 6.9%** | **Electric Utilities — 6.9%** | **Electric Utilities — 6.9%** |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 1160000 | 7788846 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 2947700 | 24947289 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 2593500 | 16911164 |
|  |  | 49647299 |
| **Food Products — 2.4%** | **Food Products — 2.4%** | **Food Products — 2.4%** |
| WH Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15965000 | 17155993 |
| **Gas Utilities — 2.6%** | **Gas Utilities — 2.6%** | **Gas Utilities — 2.6%** |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 20975495 | 18914031 |
| **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** | **Ground Transportation — 1.4%** |
| MTR Corp. Ltd. | &nbsp;&nbsp; 3036083 | 10293470 |
| **Hotels, Restaurants & Leisure — 4.7%** | **Hotels, Restaurants & Leisure — 4.7%** | **Hotels, Restaurants & Leisure — 4.7%** |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 4109000 | 21783816 |
| Sands China Ltd. | &nbsp;&nbsp; 4698800 | 12374974 |
|  |  | 34158790 |
| **Industrial Conglomerates — 8.0%** | **Industrial Conglomerates — 8.0%** | **Industrial Conglomerates — 8.0%** |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 4796267 | 31733043 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 306000 | 18527839 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 825000 | 7071603 |
|  |  | 57332485 |
| **Insurance — 21.8%** | **Insurance — 21.8%** | **Insurance — 21.8%** |
| AIA Group Ltd. | &nbsp;&nbsp; 16536600 | 157169733 |
| **Machinery — 4.5%** | **Machinery — 4.5%** | **Machinery — 4.5%** |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 2483647 | 32119493 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Marine Transportation — 1.4%** | **Marine Transportation — 1.4%** | **Marine Transportation — 1.4%** |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 2767000 | $9753981 |
| **Real Estate Management & Development — 13.5%** | **Real Estate Management & Development — 13.5%** | **Real Estate Management & Development — 13.5%** |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 3619767 | 17126921 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 2901762 | 10069539 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 2160300 | 13394556 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 7936000 | 9454864 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 2595000 | 30653145 |
| Wharf Holdings Ltd. (The) | &nbsp;&nbsp; 2291570 | 6576764 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 3321150 | 9700722 |
|  |  | 96976511 |
| **Retail REITs — 3.5%** | **Retail REITs — 3.5%** | **Retail REITs — 3.5%** |
| Link REIT | &nbsp;&nbsp; 4751400 | 25378033 |
| **Total Long-Term Investments — 98.7%** <br>**(Cost: $724,497,865)** | **Total Long-Term Investments — 98.7%** <br>**(Cost: $724,497,865)** | 710435323 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 560000 | 560000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $560,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $560,000)** | 560000 |
| **Total Investments — 98.8%** <br>**(Cost: $725,057,865)** | **Total Investments — 98.8%** <br>**(Cost: $725,057,865)** | 710995323 |
| **Other Assets Less Liabilities — 1.2%** | **Other Assets Less Liabilities — 1.2%** | 8495887 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $719491210 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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 registration to qualified institutional investors. 

<sup>(b)</sup> Affiliate of the Fund.

<sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $4733617 | $—<br> $(4734032 )<sup>(b)</sup><br>| $154 | $261 | $— |  | $4565 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 590000 | —<br> (30000 )<sup>(b)</sup><br>|  |  | 560000 | 560000 | 46498 |  |
|  |  |  | $154 | $261 | $560000 |  | $51063 | $— |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Hong Kong ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Hong Kong Index | 38 | 09/19/25 | &nbsp;&nbsp; $2801 | $65464 |

---

**Equity Swap contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| Hong Kong Exchanges & Clearing Ltd. | BNP Paribas | &nbsp;&nbsp; $5523 | 08/20/27 | 0.30% | HONIA | Monthly | &nbsp;&nbsp; $336 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; Goldman Sachs Bank <br> USA | &nbsp;&nbsp; 1809344 | 08/19/26 | 0.55% | HONIA | Monthly | &nbsp;&nbsp; 71336 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; JPMorgan Chase Bank <br> NA | &nbsp;&nbsp; 3924227 | 02/10/26 | 0.55% | HONIA | Monthly | &nbsp;&nbsp; 176945 |
| Hong Kong Exchanges & Clearing Ltd. | Merrill Lynch International | &nbsp;&nbsp; 93238 | 02/15/28 | 0.30% | HONIA | Monthly | &nbsp;&nbsp; 503 |
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  | 249120 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; (6857)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $242263 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency. 

**Balances Reported in the Statements of Assets and Liabilities for OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $249120 | &nbsp;&nbsp;&nbsp; $(6857)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $65464 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $65464 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $249120 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $249120 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $314584 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $314584 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6857 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6857 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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). 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Hong Kong ETF**

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1018582 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1018582 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56670 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56670 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1075252 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1075252 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18059 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18059 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 242263 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 242263 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $260322 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $260322 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $3599726 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; $1922719 |

---

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

**Derivative Financial Instruments - Offsetting as of Period End**

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Futures contracts | &nbsp;&nbsp; $8837 | &nbsp;&nbsp;&nbsp; $— |
| Swaps - OTC | &nbsp;&nbsp; 249120 | &nbsp;&nbsp;&nbsp; 6857 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 257957 | &nbsp;&nbsp;&nbsp; 6857 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (8837)<br>| &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $249120 | &nbsp;&nbsp;&nbsp; $6857 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| BNP Paribas | &nbsp;&nbsp; $336 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $336 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 71336 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71336 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 176945 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 176945 |
| Merrill Lynch International | &nbsp;&nbsp; 503 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 503 |
|  | &nbsp;&nbsp; $249120 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $249120 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Hong Kong ETF**

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $30467127 | &nbsp;&nbsp; $679968196 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $710435323 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 560000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 560000 |
|  | &nbsp;&nbsp; $31027127 | &nbsp;&nbsp; $679968196 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $710995323 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $314584 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $314584 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (6857)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6857)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $307727 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $307727 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Japan Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 1.4%** | **Air Freight & Logistics — 1.4%** | **Air Freight & Logistics — 1.4%** |
| AZ-COM MARUWA Holdings Inc. | &nbsp;&nbsp; 6400 | $51418 |
| Hamakyorex Co. Ltd. | &nbsp;&nbsp; 6400 | 65299 |
| Konoike Transport Co. Ltd. | &nbsp;&nbsp; 3200 | 73719 |
| Mitsui-Soko Holdings Co. Ltd. | &nbsp;&nbsp; 7000 | 198449 |
| Nippon Express Holdings Inc. | &nbsp;&nbsp; 25600 | 560051 |
| Sankyu Inc. | &nbsp;&nbsp; 5400 | 300024 |
| SBS Holdings Inc. | &nbsp;&nbsp; 1600 | 38545 |
| Senko Group Holdings Co. Ltd. | &nbsp;&nbsp; 16000 | 219696 |
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 28800 | 485926 |
|  |  | 1993127 |
| **Automobile Components — 3.5%** | **Automobile Components — 3.5%** | **Automobile Components — 3.5%** |
| Aisan Industry Co. Ltd. | &nbsp;&nbsp; 3200 | 42250 |
| Eagle Industry Co. Ltd. | &nbsp;&nbsp; 1600 | 27254 |
| Exedy Corp. | &nbsp;&nbsp; 3200 | 115148 |
| FCC Co. Ltd. | &nbsp;&nbsp; 4800 | 102012 |
| GS Yuasa Corp. | &nbsp;&nbsp; 9600 | 215199 |
| JTEKT Corp. | &nbsp;&nbsp; 24000 | 234459 |
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 22400 | 318599 |
| KYB Corp. | &nbsp;&nbsp; 4800 | 123614 |
| Musashi Seimitsu Industry Co. Ltd. | &nbsp;&nbsp; 4800 | 105790 |
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 22400 | 279938 |
| Nifco Inc./Japan | &nbsp;&nbsp; 9600 | 275588 |
| Niterra Co. Ltd. | &nbsp;&nbsp; 17600 | 626920 |
| NOK Corp. | &nbsp;&nbsp; 9600 | 167084 |
| Pacific Industrial Co. Ltd. | &nbsp;&nbsp; 4800 | 74379 |
| Piolax Inc. | &nbsp;&nbsp; 2000 | 24810 |
| Seiren Co. Ltd. | &nbsp;&nbsp; 6400 | 131830 |
| Shoei Co. Ltd. | &nbsp;&nbsp; 6400 | 80227 |
| Stanley Electric Co. Ltd. | &nbsp;&nbsp; 12800 | 259247 |
| Sumitomo Riko Co. Ltd. | &nbsp;&nbsp; 4800 | 71466 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 22400 | 261710 |
| Tokai Rika Co. Ltd. | &nbsp;&nbsp; 6400 | 113963 |
| Topre Corp. | &nbsp;&nbsp; 4800 | 70599 |
| Toyo Tire Corp. | &nbsp;&nbsp; 14400 | 365844 |
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 6400 | 154936 |
| Toyota Boshoku Corp. | &nbsp;&nbsp; 9600 | 156580 |
| TS Tech Co. Ltd. | &nbsp;&nbsp; 9600 | 120720 |
| Yokohama Rubber Co. Ltd. (The) | &nbsp;&nbsp; 14400 | 529855 |
|  |  | 5050021 |
| **Automobiles — 0.5%** | **Automobiles — 0.5%** | **Automobiles — 0.5%** |
| Mazda Motor Corp. | &nbsp;&nbsp; 73600 | 491049 |
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 80000 | 217924 |
| Nissan Shatai Co. Ltd. | &nbsp;&nbsp; 8000 | 61629 |
|  |  | 770602 |
| **Banks — 6.3%** | **Banks — 6.3%** | **Banks — 6.3%** |
| 77 Bank Ltd. (The) | &nbsp;&nbsp; 8000 | 306896 |
| Aichi Financial Group Inc., NVS | &nbsp;&nbsp; 4800 | 94643 |
| Aozora Bank Ltd. | &nbsp;&nbsp; 12800 | 198580 |
| Awa Bank Ltd. (The) | &nbsp;&nbsp; 3200 | 74794 |
| Bank of Nagoya Ltd. (The) | &nbsp;&nbsp; 1600 | 109105 |
| Chugin Financial Group Inc., NVS | &nbsp;&nbsp; 17600 | 250667 |
| Daishi Hokuetsu Financial Group Inc. | &nbsp;&nbsp; 8000 | 213869 |
| Fukuoka Financial Group Inc. | &nbsp;&nbsp; 20800 | 623254 |
| Gunma Bank Ltd. (The) | &nbsp;&nbsp; 38400 | 401316 |
| Hachijuni Bank Ltd. (The) | &nbsp;&nbsp; 44800 | 436327 |
| Hirogin Holdings Inc. | &nbsp;&nbsp; 30400 | 288871 |
| Hokkoku Financial Holdings Inc. | &nbsp;&nbsp; 1600 | 66448 |
| Hokuhoku Financial Group Inc. | &nbsp;&nbsp; 12800 | 322418 |
| Hyakugo Bank Ltd. (The) | &nbsp;&nbsp; 24000 | 134393 |
| Hyakujushi Bank Ltd. (The) | &nbsp;&nbsp; 3200 | 107505 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Iyogin Holdings Inc., NVS | &nbsp;&nbsp; 28800 | $397592 |
| Juroku Financial Group Inc. | &nbsp;&nbsp; 3200 | 117513 |
| Keiyo Bank Ltd. (The) | &nbsp;&nbsp; 11200 | 91419 |
| Kiyo Bank Ltd. (The) | &nbsp;&nbsp; 6400 | 125263 |
| Kyoto Financial Group Inc. | &nbsp;&nbsp; 27200 | 537001 |
| Kyushu Financial Group Inc. | &nbsp;&nbsp; 40000 | 236281 |
| Mebuki Financial Group Inc. | &nbsp;&nbsp; 102400 | 629466 |
| Musashino Bank Ltd. (The) | &nbsp;&nbsp; 3200 | 83167 |
| Nanto Bank Ltd. (The) | &nbsp;&nbsp; 3200 | 107169 |
| Nishi-Nippon Financial Holdings Inc. | &nbsp;&nbsp; 14400 | 240781 |
| North Pacific Bank Ltd. | &nbsp;&nbsp; 32000 | 150063 |
| Ogaki Kyoritsu Bank Ltd. (The) | &nbsp;&nbsp; 4800 | 101600 |
| Rakuten Bank Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 11200 | 629697 |
| San-In Godo Bank Ltd. (The) | &nbsp;&nbsp; 17600 | 159550 |
| Senshu Ikeda Holdings Inc. | &nbsp;&nbsp; 27200 | 118749 |
| Seven Bank Ltd. | &nbsp;&nbsp; 72000 | 141728 |
| Shiga Bank Ltd. (The) | &nbsp;&nbsp; 4800 | 212327 |
| Shizuoka Financial Group Inc., NVS | &nbsp;&nbsp; 52800 | 700839 |
| Suruga Bank Ltd. | &nbsp;&nbsp; 16000 | 159897 |
| Toho Bank Ltd. (The) | &nbsp;&nbsp; 22400 | 60051 |
| Tokyo Kiraboshi Financial Group Inc. | &nbsp;&nbsp; 3200 | 151976 |
| TOMONY Holdings Inc. | &nbsp;&nbsp; 20800 | 89229 |
| Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 20800 | 248721 |
|  |  | 9119165 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Coca-Cola Bottlers Japan Holdings Inc. | &nbsp;&nbsp; 16000 | 280185 |
| Ito En Ltd. | &nbsp;&nbsp; 6400 | 146968 |
| Lifedrink Co. Inc. | &nbsp;&nbsp; 4800 | 85374 |
| Sapporo Holdings Ltd. | &nbsp;&nbsp; 8000 | 409375 |
| Takara Holdings Inc. | &nbsp;&nbsp; 17600 | 202671 |
|  |  | 1124573 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| GNI Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6497 | 117668 |
| PeptiDream Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11200 | 113281 |
| SanBio Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6400 | 100087 |
| Takara Bio Inc. | &nbsp;&nbsp; 6400 | 39372 |
|  |  | 370408 |
| **Broadline Retail — 1.3%** | **Broadline Retail — 1.3%** | **Broadline Retail — 1.3%** |
| ASKUL Corp. | &nbsp;&nbsp; 4800 | 49139 |
| Belluna Co. Ltd. | &nbsp;&nbsp; 4800 | 32646 |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp; 40000 | 665430 |
| Izumi Co. Ltd. | &nbsp;&nbsp; 4800 | 105558 |
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 28800 | 445900 |
| Mercari Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14400 | 242647 |
| Seria Co. Ltd. | &nbsp;&nbsp; 4800 | 98316 |
| Takashimaya Co. Ltd. | &nbsp;&nbsp; 35200 | 310097 |
|  |  | 1949733 |
| **Building Products — 1.9%** | **Building Products — 1.9%** | **Building Products — 1.9%** |
| Bunka Shutter Co. Ltd. | &nbsp;&nbsp; 6400 | 112817 |
| Central Glass Co. Ltd. | &nbsp;&nbsp; 3200 | 72935 |
| Lixil Corp. | &nbsp;&nbsp; 33600 | 437118 |
| Nichias Corp. | &nbsp;&nbsp; 6400 | 246400 |
| Nichiha Corp. | &nbsp;&nbsp; 3200 | 62944 |
| Nitto Boseki Co. Ltd. | &nbsp;&nbsp; 3200 | 115023 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 22400 | 721185 |
| Shin Nippon Air Technologies Co. Ltd. | &nbsp;&nbsp; 3200 | 67016 |
| Sinko Industries Ltd. | &nbsp;&nbsp; 6400 | 54453 |
| Takara Standard Co. Ltd. | &nbsp;&nbsp; 4800 | 86024 |
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 4800 | 290962 |
| TOTO Ltd. | &nbsp;&nbsp; 16000 | 413164 |
|  |  | 2680041 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Capital Markets — 0.6%** | **Capital Markets — 0.6%** | **Capital Markets — 0.6%** |
| GMO Financial Holdings Inc. | &nbsp;&nbsp; 4800 | $32364 |
| Integral Corp.<sup>(b)</sup> | &nbsp;&nbsp; 1600 | 41146 |
| JAFCO Group Co. Ltd. | &nbsp;&nbsp; 6400 | 111748 |
| M&A Capital Partners Co. Ltd. | &nbsp;&nbsp; 1600 | 33882 |
| M&A Research Institute Holdings Inc., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 3200 | 29443 |
| Matsui Securities Co. Ltd. | &nbsp;&nbsp; 12800 | 67459 |
| Monex Group Inc. | &nbsp;&nbsp; 22400 | 129064 |
| Nihon M&A Center Holdings Inc. | &nbsp;&nbsp; 35200 | 179175 |
| Okasan Securities Group Inc. | &nbsp;&nbsp; 17600 | 80958 |
| Tokai Tokyo Financial Holdings Inc. | &nbsp;&nbsp; 25600 | 100892 |
|  |  | 806131 |
| **Chemicals — 6.9%** | **Chemicals — 6.9%** | **Chemicals — 6.9%** |
| ADEKA Corp. | &nbsp;&nbsp; 9600 | 213601 |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 6400 | 164456 |
| Air Water Inc. | &nbsp;&nbsp; 22400 | 389433 |
| Artience Co. Ltd. | &nbsp;&nbsp; 4800 | 99584 |
| Asahi Yukizai Corp. | &nbsp;&nbsp; 1600 | 48393 |
| C Uyemura & Co. Ltd. | &nbsp;&nbsp; 1600 | 113284 |
| Chugoku Marine Paints Ltd. | &nbsp;&nbsp; 4800 | 114600 |
| Daicel Corp. | &nbsp;&nbsp; 25600 | 235609 |
| Denka Co. Ltd. | &nbsp;&nbsp; 9600 | 145188 |
| DIC Corp. | &nbsp;&nbsp; 9600 | 222019 |
| Fujimi Inc. | &nbsp;&nbsp; 6700 | 94037 |
| Fuso Chemical Co. Ltd. | &nbsp;&nbsp; 3200 | 100961 |
| JCU Corp. | &nbsp;&nbsp; 3200 | 92380 |
| Kaneka Corp. | &nbsp;&nbsp; 4800 | 140398 |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 17600 | 296430 |
| KeePer Technical Laboratory Co. Ltd. | &nbsp;&nbsp; 1600 | 36422 |
| KH Neochem Co. Ltd. | &nbsp;&nbsp; 3200 | 60640 |
| Konishi Co. Ltd. | &nbsp;&nbsp; 6400 | 56126 |
| Kumiai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 9649 | 54928 |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 35200 | 419398 |
| Kureha Corp. | &nbsp;&nbsp; 3200 | 82846 |
| Lintec Corp. | &nbsp;&nbsp; 4800 | 111700 |
| Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 17600 | 317543 |
| Mitsui Chemicals Inc. | &nbsp;&nbsp; 22400 | 548473 |
| Nihon Parkerizing Co. Ltd. | &nbsp;&nbsp; 11200 | 107617 |
| Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 16000 | 155036 |
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 12800 | 160924 |
| Nippon Soda Co. Ltd. | &nbsp;&nbsp; 4800 | 114464 |
| Nissan Chemical Corp. | &nbsp;&nbsp; 14400 | 507988 |
| NOF Corp. | &nbsp;&nbsp; 24000 | 445773 |
| Okamoto Industries Inc. | &nbsp;&nbsp; 1600 | 55041 |
| Osaka Soda Co. Ltd. | &nbsp;&nbsp; 9600 | 123090 |
| PILLAR Corp./Japan | &nbsp;&nbsp; 1600 | 43505 |
| Resonac Holdings Corp. | &nbsp;&nbsp; 20800 | 540585 |
| Sakata INX Corp. | &nbsp;&nbsp; 4800 | 73080 |
| Sanyo Chemical Industries Ltd. | &nbsp;&nbsp; 1600 | 46442 |
| Shikoku Kasei Holdings Corp. | &nbsp;&nbsp; 3200 | 46714 |
| Shin-Etsu Polymer Co. Ltd. | &nbsp;&nbsp; 4800 | 60570 |
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 9600 | 321252 |
| Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 182400 | 547131 |
| T Hasegawa Co. Ltd. | &nbsp;&nbsp; 3200 | 64574 |
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 4800 | 250536 |
| Takasago International Corp. | &nbsp;&nbsp; 1600 | 91968 |
| Teijin Ltd. | &nbsp;&nbsp; 22400 | 190534 |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 9600 | 100019 |
| Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 24000 | 164797 |
| Tokuyama Corp. | &nbsp;&nbsp; 8000 | 182327 |
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 11200 | 355742 |
| Tosoh Corp. | &nbsp;&nbsp; 33600 | 529684 |
| Toyobo Co. Ltd. | &nbsp;&nbsp; 9600 | 70646 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| UBE Corp. | &nbsp;&nbsp; 11200 | $176813 |
| Zacros Corp. | &nbsp;&nbsp; 1600 | 45307 |
| Zeon Corp. | &nbsp;&nbsp; 17600 | 202088 |
|  |  | 9932696 |
| **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** |
| ALSOK Co. Ltd. | &nbsp;&nbsp; 43200 | 330480 |
| Daiei Kankyo Co. Ltd. | &nbsp;&nbsp; 4800 | 109464 |
| Daiseki Co. Ltd. | &nbsp;&nbsp; 4812 | 116238 |
| Duskin Co. Ltd. | &nbsp;&nbsp; 4800 | 128147 |
| Itoki Corp. | &nbsp;&nbsp; 4800 | 75877 |
| Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp; 8000 | 209542 |
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 40000 | 247955 |
| Matsuda Sangyo Co. Ltd. | &nbsp;&nbsp; 1660 | 43058 |
| Mitsubishi Pencil Co. Ltd. | &nbsp;&nbsp; 3200 | 42930 |
| Nippon Kanzai Holdings Co. Ltd. | &nbsp;&nbsp; 1600 | 30035 |
| Okamura Corp. | &nbsp;&nbsp; 6400 | 103382 |
| Park24 Co. Ltd. | &nbsp;&nbsp; 16000 | 219470 |
| Pilot Corp. | &nbsp;&nbsp; 3200 | 97907 |
| Prestige International Inc. | &nbsp;&nbsp; 11200 | 51982 |
| TRE Holdings Corp. | &nbsp;&nbsp; 4800 | 49916 |
|  |  | 1856383 |
| **Construction & Engineering — 4.1%** | **Construction & Engineering — 4.1%** | **Construction & Engineering — 4.1%** |
| Chiyoda Corp.<sup>(a)</sup> | &nbsp;&nbsp; 19200 | 52233 |
| Chudenko Corp. | &nbsp;&nbsp; 3200 | 83881 |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 14400 | 360705 |
| Dai-Dan Co. Ltd. | &nbsp;&nbsp; 3200 | 124690 |
| EXEO Group Inc. | &nbsp;&nbsp; 22400 | 330442 |
| Hazama Ando Corp. | &nbsp;&nbsp; 17600 | 204734 |
| Infroneer Holdings Inc. | &nbsp;&nbsp; 24040 | 239921 |
| JGC Holdings Corp. | &nbsp;&nbsp; 27200 | 259080 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 12800 | 344964 |
| Kinden Corp. | &nbsp;&nbsp; 14400 | 513621 |
| Kumagai Gumi Co. Ltd. | &nbsp;&nbsp; 3200 | 102609 |
| Kyudenko Corp. | &nbsp;&nbsp; 4800 | 231028 |
| Mirait One Corp. | &nbsp;&nbsp; 9600 | 184634 |
| Nippon Densetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 4800 | 88285 |
| Nishimatsu Construction Co. Ltd. | &nbsp;&nbsp; 3200 | 110826 |
| Okumura Corp. | &nbsp;&nbsp; 3200 | 104876 |
| Penta-Ocean Construction Co. Ltd. | &nbsp;&nbsp; 33600 | 242531 |
| Raito Kogyo Co. Ltd. | &nbsp;&nbsp; 4800 | 107535 |
| Raiznext Corp. | &nbsp;&nbsp; 3200 | 41132 |
| Sanki Engineering Co. Ltd. | &nbsp;&nbsp; 4800 | 162204 |
| Shimizu Corp. | &nbsp;&nbsp; 60800 | 816805 |
| Shinnihon Corp. | &nbsp;&nbsp; 3200 | 40848 |
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 4800 | 166289 |
| Sumitomo Densetsu Co. Ltd. | &nbsp;&nbsp; 1600 | 72629 |
| Taihei Dengyo Kaisha Ltd. | &nbsp;&nbsp; 1600 | 68163 |
| Taikisha Ltd. | &nbsp;&nbsp; 4800 | 94606 |
| Takamatsu Construction Group Co. Ltd. | &nbsp;&nbsp; 1600 | 35480 |
| Toa Corp./Tokyo | &nbsp;&nbsp; 6400 | 93747 |
| Toda Corp. | &nbsp;&nbsp; 25600 | 181597 |
| Toenec Corp. | &nbsp;&nbsp; 4800 | 46288 |
| Tokyu Construction Co. Ltd. | &nbsp;&nbsp; 10140 | 77290 |
| Totetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 3200 | 94865 |
| Toyo Construction Co. Ltd. | &nbsp;&nbsp; 6400 | 75677 |
| West Holdings Corp.<sup>(b)</sup> | &nbsp;&nbsp; 3280 | 35796 |
| Yokogawa Bridge Holdings Corp. | &nbsp;&nbsp; 3200 | 60288 |
| Yurtec Corp. | &nbsp;&nbsp; 4800 | 85888 |
|  |  | 5936187 |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| Krosaki Harima Corp. | &nbsp;&nbsp; 1600 | 44629 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Construction Materials (continued)** | **Construction Materials (continued)** | **Construction Materials (continued)** |
| Maeda Kosen Co. Ltd. | &nbsp;&nbsp; 4800 | $58182 |
| Mitani Sekisan Co. Ltd. | &nbsp;&nbsp; 1600 | 95049 |
| Shinagawa Refractories Co. Ltd. | &nbsp;&nbsp; 3200 | 41912 |
| Sumitomo Osaka Cement Co. Ltd. | &nbsp;&nbsp; 3200 | 85195 |
| Taiheiyo Cement Corp. | &nbsp;&nbsp; 14400 | 389483 |
|  |  | 714450 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| Acom Co. Ltd. | &nbsp;&nbsp; 48000 | 150083 |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 12800 | 128639 |
| Aiful Corp. | &nbsp;&nbsp; 38400 | 121811 |
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 16000 | 406300 |
| Jaccs Co. Ltd. | &nbsp;&nbsp; 3200 | 92806 |
| Marui Group Co. Ltd. | &nbsp;&nbsp; 19200 | 412687 |
| Orient Corp. | &nbsp;&nbsp; 8000 | 54616 |
|  |  | 1366942 |
| **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** |
| Aeon Hokkaido Corp. | &nbsp;&nbsp; 4800 | 29784 |
| Ain Holdings Inc. | &nbsp;&nbsp; 3200 | 132481 |
| Arcs Co. Ltd. | &nbsp;&nbsp; 4800 | 98355 |
| Axial Retailing Inc. | &nbsp;&nbsp; 8000 | 62574 |
| Belc Co. Ltd. | &nbsp;&nbsp; 1600 | 79976 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 4800 | 290772 |
| Create SD Holdings Co. Ltd. | &nbsp;&nbsp; 3200 | 74656 |
| Daikokutenbussan Co. Ltd. | &nbsp;&nbsp; 500 | 25326 |
| Fuji Co. Ltd./Ehime | &nbsp;&nbsp; 3200 | 43623 |
| Genky DrugStores Co. Ltd. | &nbsp;&nbsp; 1600 | 49131 |
| H2O Retailing Corp. | &nbsp;&nbsp; 11235 | 158076 |
| Halows Co. Ltd. | &nbsp;&nbsp; 1600 | 55588 |
| Heiwado Co. Ltd. | &nbsp;&nbsp; 3200 | 61757 |
| Kato Sangyo Co. Ltd. | &nbsp;&nbsp; 3200 | 124578 |
| Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 4800 | 127388 |
| Life Corp. | &nbsp;&nbsp; 4600 | 76771 |
| Maxvalu Tokai Co. Ltd. | &nbsp;&nbsp; 1600 | 35768 |
| Mitsubishi Shokuhin Co. Ltd. | &nbsp;&nbsp; 1600 | 68475 |
| San-A Co. Ltd. | &nbsp;&nbsp; 4800 | 92916 |
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 12800 | 323495 |
| Sundrug Co. Ltd. | &nbsp;&nbsp; 8000 | 251996 |
| Trial Holdings Inc.<sup>(b)</sup> | &nbsp;&nbsp; 4800 | 90048 |
| Tsuruha Holdings Inc. | &nbsp;&nbsp; 16000 | 246846 |
| United Super Markets Holdings Inc. | &nbsp;&nbsp; 11200 | 73165 |
| Valor Holdings Co. Ltd. | &nbsp;&nbsp; 4800 | 91709 |
| Welcia Holdings Co. Ltd. | &nbsp;&nbsp; 11200 | 197470 |
| Yaoko Co. Ltd. | &nbsp;&nbsp; 3200 | 199238 |
|  |  | 3161962 |
| **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| FP Corp. | &nbsp;&nbsp; 6400 | 114061 |
| Fuji Seal International Inc. | &nbsp;&nbsp; 4800 | 93830 |
| Rengo Co. Ltd. | &nbsp;&nbsp; 22400 | 139743 |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 12800 | 311029 |
|  |  | 658663 |
| **Distributors — 0.2%** | **Distributors — 0.2%** | **Distributors — 0.2%** |
| Arata Corp. | &nbsp;&nbsp; 3200 | 66121 |
| Central Automotive Products Ltd. | &nbsp;&nbsp; 4800 | 61112 |
| Doshisha Co. Ltd. | &nbsp;&nbsp; 3200 | 56695 |
| Happinet Corp. | &nbsp;&nbsp; 1600 | 74921 |
| PALTAC Corp. | &nbsp;&nbsp; 3200 | 98211 |
|  |  | 357060 |
| **Diversified REITs — 2.6%** | **Diversified REITs — 2.6%** | **Diversified REITs — 2.6%** |
| Activia Properties Inc. | &nbsp;&nbsp; 240 | 220654 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 544 | 468969 |
| Hankyu Hanshin REIT Inc. | &nbsp;&nbsp; 80 | 93118 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Heiwa Real Estate REIT Inc. | &nbsp;&nbsp; 128 | $130994 |
| Hulic REIT Inc. | &nbsp;&nbsp; 160 | 180468 |
| KDX Realty Investment Corp. | &nbsp;&nbsp; 496 | 570231 |
| Mirai Corp. | &nbsp;&nbsp; 224 | 72945 |
| Mori Trust REIT Inc. | &nbsp;&nbsp; 320 | 162704 |
| Nippon REIT Investment Corp. | &nbsp;&nbsp; 208 | 138986 |
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 480 | 525411 |
| NTT UD REIT Investment Corp. | &nbsp;&nbsp; 176 | 162798 |
| Sekisui House REIT Inc. | &nbsp;&nbsp; 496 | 272485 |
| Star Asia Investment Corp. | &nbsp;&nbsp; 304 | 126245 |
| Takara Leben Real Estate Investment Corp. | &nbsp;&nbsp; 112 | 71773 |
| Tokyu REIT Inc. | &nbsp;&nbsp; 96 | 131124 |
| United Urban Investment Corp. | &nbsp;&nbsp; 352 | 424281 |
|  |  | 3753186 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| Internet Initiative Japan Inc. | &nbsp;&nbsp; 12800 | 240857 |
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 8000 | 112757 |
|  |  | 353614 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| Chugoku Electric Power Co. Inc. (The) | &nbsp;&nbsp; 38400 | 230321 |
| Hokkaido Electric Power Co. Inc. | &nbsp;&nbsp; 20800 | 163479 |
| Hokuriku Electric Power Co. | &nbsp;&nbsp; 20800 | 127397 |
| Kyushu Electric Power Co. Inc. | &nbsp;&nbsp; 51200 | 538589 |
| Shikoku Electric Power Co. Inc. | &nbsp;&nbsp; 19200 | 179794 |
| Tohoku Electric Power Co. Inc. | &nbsp;&nbsp; 57600 | 442397 |
| Tokyo Electric Power Co. Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 185600 | 940681 |
|  |  | 2622658 |
| **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** |
| Daihen Corp. | &nbsp;&nbsp; 1600 | 84142 |
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 8000 | 498681 |
| Idec Corp./Japan | &nbsp;&nbsp; 3200 | 52800 |
| Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 9600 | 164275 |
| Mirai Industry Co. Ltd. | &nbsp;&nbsp; 1600 | 41644 |
| Nitto Kogyo Corp. | &nbsp;&nbsp; 3200 | 76325 |
| Sanyo Denki Co. Ltd. | &nbsp;&nbsp; 1600 | 108016 |
| Sinfonia Technology Co. Ltd. | &nbsp;&nbsp; 3200 | 170039 |
| SWCC Corp. | &nbsp;&nbsp; 3200 | 176898 |
| Toyo Tanso Co. Ltd. | &nbsp;&nbsp; 1600 | 42050 |
| Ushio Inc. | &nbsp;&nbsp; 8000 | 116371 |
|  |  | 1531241 |
| **Electronic Equipment, Instruments & Components — 5.1%** | **Electronic Equipment, Instruments & Components — 5.1%** | **Electronic Equipment, Instruments & Components — 5.1%** |
| Ai Holdings Corp. | &nbsp;&nbsp; 4800 | 83836 |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp; 20800 | 253781 |
| Amano Corp. | &nbsp;&nbsp; 6400 | 182824 |
| Anritsu Corp. | &nbsp;&nbsp; 16000 | 187754 |
| Azbil Corp. | &nbsp;&nbsp; 56000 | 560485 |
| Canon Electronics Inc. | &nbsp;&nbsp; 1600 | 28302 |
| Canon Marketing Japan Inc. | &nbsp;&nbsp; 6400 | 248095 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 24000 | 164466 |
| Daiwabo Holdings Co. Ltd. | &nbsp;&nbsp; 9600 | 203539 |
| Dexerials Corp. | &nbsp;&nbsp; 20800 | 280050 |
| Furuno Electric Co. Ltd. | &nbsp;&nbsp; 3200 | 121316 |
| Furuya Metal Co. Ltd. | &nbsp;&nbsp; 1600 | 26606 |
| Hakuto Co. Ltd. | &nbsp;&nbsp; 1600 | 42785 |
| Hamamatsu Photonics KK | &nbsp;&nbsp; 35200 | 369438 |
| Hioki EE Corp | &nbsp;&nbsp; 1600 | 65496 |
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 3200 | 414329 |
| Horiba Ltd. | &nbsp;&nbsp; 4800 | 356411 |
| Hosiden Corp. | &nbsp;&nbsp; 4800 | 74556 |
| Ibiden Co. Ltd. | &nbsp;&nbsp; 14400 | 691552 |
| Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp; 4800 | 81845 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Jeol Ltd. | &nbsp;&nbsp; 4800 | $150150 |
| Kaga Electronics Co. Ltd. | &nbsp;&nbsp; 4800 | 112239 |
| Macnica Holdings Inc. | &nbsp;&nbsp; 17600 | 239445 |
| Maruwa Co. Ltd./Aichi | &nbsp;&nbsp; 1100 | 296813 |
| Maxell Ltd. | &nbsp;&nbsp; 4800 | 67055 |
| Meiko Electronics Co. Ltd. | &nbsp;&nbsp; 2300 | 149756 |
| Nichicon Corp. | &nbsp;&nbsp; 4800 | 44634 |
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 8000 | 243619 |
| Nissha Co. Ltd. | &nbsp;&nbsp; 4800 | 43909 |
| Nohmi Bosai Ltd. | &nbsp;&nbsp; 3200 | 88156 |
| Oki Electric Industry Co. Ltd. | &nbsp;&nbsp; 9600 | 99571 |
| Omron Corp. | &nbsp;&nbsp; 20800 | 530221 |
| Restar Corp. | &nbsp;&nbsp; 1600 | 28196 |
| Rigaku Holdings Corp. | &nbsp;&nbsp; 14400 | 80425 |
| Riken Keiki Co. Ltd. | &nbsp;&nbsp; 3200 | 70742 |
| Ryoyo Ryosan Holdings Inc. | &nbsp;&nbsp; 3276 | 65582 |
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 14400 | 291907 |
| Tokyo Electron Device Ltd. | &nbsp;&nbsp; 1600 | 31175 |
| Topcon Corp. | &nbsp;&nbsp; 12800 | 284457 |
|  |  | 7355518 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Modec Inc. | &nbsp;&nbsp; 6400 | 342180 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| Anycolor Inc. | &nbsp;&nbsp; 3200 | 103004 |
| Cover Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4800 | 69061 |
| Daiichikosho Co. Ltd. | &nbsp;&nbsp; 8000 | 91607 |
| DeNA Co. Ltd. | &nbsp;&nbsp; 9600 | 145342 |
| Gree Inc. | &nbsp;&nbsp; 8000 | 24108 |
| GungHo Online Entertainment Inc. | &nbsp;&nbsp; 4800 | 90130 |
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 9600 | 125882 |
| Mixi Inc. | &nbsp;&nbsp; 3200 | 70916 |
| Shochiku Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1600 | 154194 |
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 9600 | 659395 |
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 7000 | 148837 |
| Toei Co. Ltd. | &nbsp;&nbsp; 3200 | 110244 |
|  |  | 1792720 |
| **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** |
| eGuarantee Inc. | &nbsp;&nbsp; 4800 | 48202 |
| Financial Products Group Co. Ltd. | &nbsp;&nbsp; 6400 | 106310 |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 6400 | 189547 |
| GMO Payment Gateway Inc. | &nbsp;&nbsp; 4800 | 274794 |
| Japan Securities Finance Co. Ltd. | &nbsp;&nbsp; 9600 | 119293 |
| Mizuho Leasing Co. Ltd. | &nbsp;&nbsp; 17600 | 152348 |
| Ricoh Leasing Co. Ltd. | &nbsp;&nbsp; 1600 | 61069 |
| Tokyo Century Corp. | &nbsp;&nbsp; 17600 | 220030 |
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 12800 | 292714 |
|  |  | 1464307 |
| **Food Products — 3.4%** | **Food Products — 3.4%** | **Food Products — 3.4%** |
| Ariake Japan Co. Ltd. | &nbsp;&nbsp; 1600 | 65555 |
| Calbee Inc. | &nbsp;&nbsp; 9600 | 174494 |
| DyDo Group Holdings Inc. | &nbsp;&nbsp; 1600 | 26795 |
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 6400 | 213464 |
| Fuji Oil Co. Ltd. | &nbsp;&nbsp; 4800 | 118740 |
| House Foods Group Inc. | &nbsp;&nbsp; 8000 | 153980 |
| Itoham Yonekyu Holdings Inc. | &nbsp;&nbsp; 3240 | 124325 |
| Kagome Co. Ltd. | &nbsp;&nbsp; 9600 | 187533 |
| Kameda Seika Co. Ltd. | &nbsp;&nbsp; 1600 | 45029 |
| Kewpie Corp. | &nbsp;&nbsp; 12800 | 359774 |
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 12800 | 157853 |
| Maruha Nichiro Corp. | &nbsp;&nbsp; 4800 | 107238 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Megmilk Snow Brand Co. Ltd. | &nbsp;&nbsp; 4800 | $92512 |
| Mitsui DM Sugar Co. Ltd. | &nbsp;&nbsp; 1600 | 35262 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 8000 | 145172 |
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 8000 | 179553 |
| NH Foods Ltd. | &nbsp;&nbsp; 9600 | 362741 |
| Nichirei Corp. | &nbsp;&nbsp; 25600 | 295278 |
| Nippn Corp., New | &nbsp;&nbsp; 6400 | 98795 |
| Nisshin Oillio Group Ltd. (The) | &nbsp;&nbsp; 3200 | 112454 |
| Nisshin Seifun Group Inc. | &nbsp;&nbsp; 24000 | 291822 |
| Nissui Corp. | &nbsp;&nbsp; 33600 | 228179 |
| Prima Meat Packers Ltd. | &nbsp;&nbsp; 3200 | 51273 |
| Riken Vitamin Co. Ltd. | &nbsp;&nbsp; 1600 | 31756 |
| S Foods Inc. | &nbsp;&nbsp; 1600 | 29304 |
| Sakata Seed Corp. | &nbsp;&nbsp; 3200 | 77770 |
| Showa Sangyo Co. Ltd. | &nbsp;&nbsp; 1600 | 32516 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 11200 | 770399 |
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 14400 | 334168 |
|  |  | 4903734 |
| **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** |
| K&O Energy Group Inc. | &nbsp;&nbsp; 1600 | 35005 |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 12800 | 245894 |
| Shizuoka Gas Co. Ltd. | &nbsp;&nbsp; 4800 | 36724 |
| Toho Gas Co. Ltd. | &nbsp;&nbsp; 8000 | 242835 |
|  |  | 560458 |
| **Ground Transportation — 3.5%** | **Ground Transportation — 3.5%** | **Ground Transportation — 3.5%** |
| Fukuyama Transporting Co. Ltd. | &nbsp;&nbsp; 1600 | 38047 |
| Keikyu Corp. | &nbsp;&nbsp; 25600 | 269344 |
| Keio Corp. | &nbsp;&nbsp; 11200 | 281362 |
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 46400 | 426969 |
| Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 22400 | 449408 |
| Kyushu Railway Co. | &nbsp;&nbsp; 17600 | 486132 |
| Maruzen Showa Unyu Co. Ltd. | &nbsp;&nbsp; 1600 | 78904 |
| Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 22400 | 255798 |
| Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp; 12800 | 229201 |
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 11200 | 241699 |
| Nishi-Nippon Railroad Co. Ltd. | &nbsp;&nbsp; 8000 | 121073 |
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 38400 | 439387 |
| Sakai Moving Service Co. Ltd. | &nbsp;&nbsp; 3200 | 63345 |
| Seibu Holdings Inc. | &nbsp;&nbsp; 25600 | 928905 |
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; 11200 | 174770 |
| Sotetsu Holdings Inc. | &nbsp;&nbsp; 9600 | 168839 |
| Tobu Railway Co. Ltd. | &nbsp;&nbsp; 22400 | 406577 |
|  |  | 5059760 |
| **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 25600 | 438256 |
| Eiken Chemical Co. Ltd. | &nbsp;&nbsp; 3200 | 52770 |
| Fukuda Denshi Co. Ltd. | &nbsp;&nbsp; 1600 | 73126 |
| Hogy Medical Co. Ltd. | &nbsp;&nbsp; 3200 | 114974 |
| Japan Lifeline Co. Ltd. | &nbsp;&nbsp; 6400 | 62717 |
| Mani Inc. | &nbsp;&nbsp; 9600 | 80235 |
| Menicon Co. Ltd. | &nbsp;&nbsp; 8000 | 65001 |
| Nakanishi Inc. | &nbsp;&nbsp; 8000 | 113835 |
| Nihon Kohden Corp. | &nbsp;&nbsp; 19200 | 213601 |
| Nipro Corp. | &nbsp;&nbsp; 17600 | 179534 |
| Paramount Bed Holdings Co. Ltd. | &nbsp;&nbsp; 4800 | 84983 |
| PHC Holdings Corp. | &nbsp;&nbsp; 3200 | 21285 |
|  |  | 1500317 |
| **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 19200 | 288931 |
| As One Corp. | &nbsp;&nbsp; 6400 | 109394 |
| BML Inc. | &nbsp;&nbsp; 3200 | 77013 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| H.U. Group Holdings Inc. | &nbsp;&nbsp; 6400 | $159156 |
| Medipal Holdings Corp. | &nbsp;&nbsp; 22400 | 396892 |
| Ship Healthcare Holdings Inc. | &nbsp;&nbsp; 9600 | 145088 |
| Suzuken Co. Ltd. | &nbsp;&nbsp; 6400 | 253117 |
| Toho Holdings Co. Ltd. | &nbsp;&nbsp; 6400 | 236467 |
| Tokai Corp./Gifu | &nbsp;&nbsp; 1600 | 23504 |
|  |  | 1689562 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| JMDC Inc. | &nbsp;&nbsp; 3200 | 89780 |
| Medley Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3200 | 53596 |
|  |  | 143376 |
| **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** |
| Hoshino Resorts REIT Inc. | &nbsp;&nbsp; 72 | 136346 |
| Invincible Investment Corp. | &nbsp;&nbsp; 928 | 420574 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 608 | 356874 |
|  |  | 913794 |
| **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** |
| Atom Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 14400 | 63895 |
| Colowide Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11200 | 148315 |
| Create Restaurants Holdings Inc. | &nbsp;&nbsp; 28800 | 155463 |
| Doutor Nichires Holdings Co. Ltd. | &nbsp;&nbsp; 3200 | 55795 |
| Food & Life Companies Ltd. | &nbsp;&nbsp; 12800 | 738299 |
| Fuji Kyuko Co. Ltd. | &nbsp;&nbsp; 3200 | 46294 |
| Fujita Kanko Inc. | &nbsp;&nbsp; 1600 | 126752 |
| GENDA Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11200 | 62807 |
| Heiwa Corp. | &nbsp;&nbsp; 6416 | 94945 |
| Hiday Hidaka Corp. | &nbsp;&nbsp; 3284 | 83004 |
| HIS Co. Ltd. | &nbsp;&nbsp; 6400 | 64755 |
| Ichibanya Co. Ltd. | &nbsp;&nbsp; 8000 | 52769 |
| Imperial Hotel Ltd. | &nbsp;&nbsp; 4800 | 32750 |
| KOMEDA Holdings Co. Ltd. | &nbsp;&nbsp; 4800 | 98904 |
| Koshidaka Holdings Co. Ltd. | &nbsp;&nbsp; 6400 | 59835 |
| Kura Sushi Inc. | &nbsp;&nbsp; 3200 | 82008 |
| Kyoritsu Maintenance Co. Ltd. | &nbsp;&nbsp; 8060 | 183234 |
| McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp; 11200 | 498132 |
| Metaplanet Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 59200 | 344978 |
| Monogatari Corp. (The) | &nbsp;&nbsp; 3200 | 90788 |
| MOS Food Services Inc. | &nbsp;&nbsp; 3200 | 86357 |
| Ohsho Food Service Corp. | &nbsp;&nbsp; 4800 | 124097 |
| Resorttrust Inc. | &nbsp;&nbsp; 20800 | 265611 |
| Round One Corp. | &nbsp;&nbsp; 20800 | 212228 |
| Royal Holdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4800 | 86976 |
| Saizeriya Co. Ltd. | &nbsp;&nbsp; 4800 | 173389 |
| Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 27200 | 545033 |
| Tokyotokeiba Co. Ltd. | &nbsp;&nbsp; 1600 | 57442 |
| Toridoll Holdings Corp. | &nbsp;&nbsp; 6400 | 214763 |
| Yoshinoya Holdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8000 | 172734 |
|  |  | 5022352 |
| **Household Durables — 2.5%** | **Household Durables — 2.5%** | **Household Durables — 2.5%** |
| Casio Computer Co. Ltd. | &nbsp;&nbsp; 22400 | 183565 |
| ES-Con Japan Ltd. | &nbsp;&nbsp; 4800 | 32961 |
| Haseko Corp. | &nbsp;&nbsp; 28800 | 475989 |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 19200 | 301158 |
| JVCKenwood Corp. | &nbsp;&nbsp; 17600 | 146892 |
| Nagawa Co. Ltd. | &nbsp;&nbsp; 1600 | 70435 |
| Nikon Corp. | &nbsp;&nbsp; 30400 | 341261 |
| Noritz Corp. | &nbsp;&nbsp; 4800 | 63388 |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 8000 | 408815 |
| Rinnai Corp. | &nbsp;&nbsp; 12800 | 317173 |
| Sangetsu Corp. | &nbsp;&nbsp; 6400 | 133666 |
| Sharp Corp./Japan<sup>(a)</sup> | &nbsp;&nbsp; 32000 | 191730 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 56000 | $635112 |
| Tama Home Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1800 | 43906 |
| Tamron Co. Ltd. | &nbsp;&nbsp; 16000 | 109474 |
| Token Corp. | &nbsp;&nbsp; 600 | 57753 |
| Zojirushi Corp. | &nbsp;&nbsp; 4800 | 54859 |
|  |  | 3568137 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Earth Corp. | &nbsp;&nbsp; 1600 | 56349 |
| Lion Corp. | &nbsp;&nbsp; 30400 | 324615 |
| Pigeon Corp. | &nbsp;&nbsp; 14400 | 175956 |
|  |  | 556920 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Electric Power Development Co. Ltd. | &nbsp;&nbsp; 17600 | 335545 |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 11200 | 244387 |
| Nisshinbo Holdings Inc. | &nbsp;&nbsp; 17600 | 137903 |
| TOKAI Holdings Corp. | &nbsp;&nbsp; 11200 | 79729 |
|  |  | 462019 |
| **Industrial REITs — 1.5%** | **Industrial REITs — 1.5%** | **Industrial REITs — 1.5%** |
| CRE Logistics REIT Inc. | &nbsp;&nbsp; 64 | 67805 |
| GLP J-REIT | &nbsp;&nbsp; 560 | 523023 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 288 | 253690 |
| Japan Logistics Fund Inc. | &nbsp;&nbsp; 304 | 202442 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 224 | 217099 |
| Mitsubishi Estate Logistics REIT Investment Corp. | &nbsp;&nbsp; 176 | 145764 |
| Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 384 | 286042 |
| Nippon Prologis REIT Inc. | &nbsp;&nbsp; 816 | 474138 |
| SOSiLA Logistics REIT Inc. | &nbsp;&nbsp; 80 | 65351 |
|  |  | 2235354 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| Lifenet Insurance Co.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8000 | 122132 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Kakaku.com Inc. | &nbsp;&nbsp; 16000 | 297441 |
| **IT Services — 1.5%** | **IT Services — 1.5%** | **IT Services — 1.5%** |
| Argo Graphics Inc. | &nbsp;&nbsp; 1600 | 51019 |
| BIPROGY Inc. | &nbsp;&nbsp; 9600 | 413403 |
| Change Holdings Inc. | &nbsp;&nbsp; 4800 | 38230 |
| Dentsu Soken Inc. | &nbsp;&nbsp; 3200 | 143289 |
| Digital Garage Inc. | &nbsp;&nbsp; 3200 | 79309 |
| DTS Corp. | &nbsp;&nbsp; 3200 | 112829 |
| Future Corp. | &nbsp;&nbsp; 4800 | 74354 |
| GMO internet group Inc. | &nbsp;&nbsp; 8000 | 214056 |
| Mitsubishi Research Institute Inc. | &nbsp;&nbsp; 1600 | 51893 |
| NS Solutions Corp. | &nbsp;&nbsp; 8000 | 189477 |
| NSD Co. Ltd. | &nbsp;&nbsp; 8000 | 180112 |
| Sakura Internet Inc.<sup>(b)</sup> | &nbsp;&nbsp; 3200 | 64511 |
| SHIFT Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22400 | 231323 |
| Simplex Holdings Inc. | &nbsp;&nbsp; 4800 | 148323 |
| TechMatrix Corp. | &nbsp;&nbsp; 4800 | 64711 |
| Zuken Inc. | &nbsp;&nbsp; 1600 | 53647 |
|  |  | 2110486 |
| **Leisure Products — 1.3%** | **Leisure Products — 1.3%** | **Leisure Products — 1.3%** |
| Mizuno Corp. | &nbsp;&nbsp; 6400 | 111626 |
| Noritsu Koki Co. Ltd. | &nbsp;&nbsp; 6400 | 72450 |
| Roland Corp. | &nbsp;&nbsp; 1600 | 35925 |
| Sankyo Co. Ltd. | &nbsp;&nbsp; 22400 | 450901 |
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 19200 | 399469 |
| Tomy Co. Ltd. | &nbsp;&nbsp; 9600 | 219374 |
| Tsuburaya Fields Holdings Inc. | &nbsp;&nbsp; 4800 | 68409 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Leisure Products (continued)** | **Leisure Products (continued)** | **Leisure Products (continued)** |
| Yamaha Corp. | &nbsp;&nbsp; 48000 | $315827 |
| Yonex Co. Ltd. | &nbsp;&nbsp; 6400 | 180916 |
|  |  | 1854897 |
| **Machinery — 7.7%** | **Machinery — 7.7%** | **Machinery — 7.7%** |
| Aichi Corp. | &nbsp;&nbsp; 3200 | 28613 |
| Amada Co. Ltd. | &nbsp;&nbsp; 38400 | 487957 |
| CKD Corp. | &nbsp;&nbsp; 6400 | 105008 |
| Daiwa Industries Ltd. | &nbsp;&nbsp; 3200 | 36467 |
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 16000 | 332734 |
| Ebara Corp. | &nbsp;&nbsp; 56000 | 1151489 |
| Fuji Corp./Aichi | &nbsp;&nbsp; 9600 | 178697 |
| Fujitec Co. Ltd. | &nbsp;&nbsp; 8000 | 304178 |
| Galilei Co. Ltd. | &nbsp;&nbsp; 3200 | 79286 |
| Glory Ltd. | &nbsp;&nbsp; 4800 | 124446 |
| Harmonic Drive Systems Inc. | &nbsp;&nbsp; 8000 | 137830 |
| Hino Motors Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 34900 | 90490 |
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 11200 | 344314 |
| Hoshizaki Corp. | &nbsp;&nbsp; 12800 | 492119 |
| Japan Steel Works Ltd. (The) | &nbsp;&nbsp; 8000 | 480938 |
| Kanadevia Corp. | &nbsp;&nbsp; 19200 | 128187 |
| Kitz Corp. | &nbsp;&nbsp; 6400 | 64983 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 12800 | 433150 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | &nbsp;&nbsp; 3200 | 59545 |
| Makino Milling Machine Co. Ltd. | &nbsp;&nbsp; 3200 | 249902 |
| Max Co. Ltd. | &nbsp;&nbsp; 3200 | 122580 |
| Meidensha Corp. | &nbsp;&nbsp; 4800 | 188582 |
| METAWATER Co. Ltd. | &nbsp;&nbsp; 3200 | 65073 |
| MISUMI Group Inc. | &nbsp;&nbsp; 35200 | 533859 |
| Mitsubishi Logisnext Co. Ltd. | &nbsp;&nbsp; 3200 | 39934 |
| Mitsuboshi Belting Ltd. | &nbsp;&nbsp; 3200 | 81221 |
| Mitsui E&S Co. Ltd. | &nbsp;&nbsp; 11200 | 344998 |
| Miura Co. Ltd. | &nbsp;&nbsp; 11200 | 214388 |
| Morita Holdings Corp. | &nbsp;&nbsp; 3200 | 47717 |
| Nabtesco Corp. | &nbsp;&nbsp; 12800 | 269176 |
| Nachi-Fujikoshi Corp. | &nbsp;&nbsp; 1600 | 37299 |
| Namura Shipbuilding Co. Ltd. | &nbsp;&nbsp; 4800 | 113510 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 27200 | 429321 |
| Nitta Corp. | &nbsp;&nbsp; 1600 | 44534 |
| Nomura Micro Science Co. Ltd. | &nbsp;&nbsp; 3600 | 77311 |
| Noritake Co. Ltd. | &nbsp;&nbsp; 1600 | 48797 |
| NSK Ltd. | &nbsp;&nbsp; 46400 | 243497 |
| NTN Corp. | &nbsp;&nbsp; 56000 | 124176 |
| Obara Group Inc. | &nbsp;&nbsp; 1600 | 45775 |
| Oiles Corp. | &nbsp;&nbsp; 1696 | 25838 |
| OKUMA Corp. | &nbsp;&nbsp; 4800 | 112908 |
| Organo Corp. | &nbsp;&nbsp; 3200 | 241737 |
| OSG Corp. | &nbsp;&nbsp; 8000 | 109443 |
| Shibaura Machine Co. Ltd. | &nbsp;&nbsp; 3200 | 90041 |
| Shibuya Corp. | &nbsp;&nbsp; 1600 | 38554 |
| Shinmaywa Industries Ltd. | &nbsp;&nbsp; 6400 | 76516 |
| Star Micronics Co. Ltd. | &nbsp;&nbsp; 3200 | 36524 |
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 12800 | 282904 |
| Tadano Ltd. | &nbsp;&nbsp; 11200 | 78619 |
| Takeuchi Manufacturing Co. Ltd. | &nbsp;&nbsp; 4800 | 166002 |
| Takuma Co. Ltd. | &nbsp;&nbsp; 6400 | 98005 |
| THK Co. Ltd. | &nbsp;&nbsp; 12800 | 344270 |
| Tocalo Co. Ltd. | &nbsp;&nbsp; 6400 | 91664 |
| Tsubakimoto Chain Co. | &nbsp;&nbsp; 9600 | 143304 |
| Tsugami Corp. | &nbsp;&nbsp; 4800 | 69114 |
| Tsurumi Manufacturing Co. Ltd. | &nbsp;&nbsp; 1600 | 42506 |
| Union Tool Co. | &nbsp;&nbsp; 1600 | 96920 |
| Yamabiko Corp. | &nbsp;&nbsp; 3200 | 50268 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 27200 | $538500 |
|  |  | 11115718 |
| **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| Iino Kaiun Kaisha Ltd. | &nbsp;&nbsp; 8000 | 64821 |
| NS United Kaiun Kaisha Ltd. | &nbsp;&nbsp; 1600 | 53892 |
|  |  | 118713 |
| **Media — 1.6%** | **Media — 1.6%** | **Media — 1.6%** |
| CyberAgent Inc. | &nbsp;&nbsp; 52800 | 638420 |
| Dentsu Group Inc. | &nbsp;&nbsp; 24000 | 473904 |
| Fuji Media Holdings Inc. | &nbsp;&nbsp; 6400 | 143856 |
| Hakuhodo DY Holdings Inc. | &nbsp;&nbsp; 25600 | 205201 |
| Kadokawa Corp. | &nbsp;&nbsp; 9616 | 220899 |
| Nippon Television Holdings Inc. | &nbsp;&nbsp; 6400 | 167545 |
| Septeni Holdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9600 | 26947 |
| SKY Perfect JSAT Holdings Inc. | &nbsp;&nbsp; 19200 | 182108 |
| TBS Holdings Inc. | &nbsp;&nbsp; 4800 | 175250 |
| TV Asahi Holdings Corp. | &nbsp;&nbsp; 3200 | 67189 |
|  |  | 2301319 |
| **Metals & Mining — 2.4%** | **Metals & Mining — 2.4%** | **Metals & Mining — 2.4%** |
| Aichi Steel Corp. | &nbsp;&nbsp; 3200 | 62552 |
| ARE Holdings Inc. | &nbsp;&nbsp; 9600 | 133311 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 16000 | 136887 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 6400 | 224703 |
| JX Advanced Metals Corp. | &nbsp;&nbsp; 67200 | 618663 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 43200 | 530143 |
| Kyoei Steel Ltd. | &nbsp;&nbsp; 1600 | 24672 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 6400 | 164847 |
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 14400 | 246711 |
| Mitsui Mining & Smelting Co. Ltd. | &nbsp;&nbsp; 6400 | 451266 |
| Nippon Light Metal Holdings Co. Ltd. | &nbsp;&nbsp; 6400 | 89080 |
| Nittetsu Mining Co. Ltd. | &nbsp;&nbsp; 1600 | 91589 |
| Osaka Steel Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1600 | 28468 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 6400 | 71992 |
| UACJ Corp. | &nbsp;&nbsp; 4814 | 205477 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 4800 | 314363 |
| Yodogawa Steel Works Ltd. | &nbsp;&nbsp; 11200 | 104092 |
|  |  | 3498816 |
| **Office REITs — 1.4%** | **Office REITs — 1.4%** | **Office REITs — 1.4%** |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 64 | 159178 |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 128 | 128632 |
| Ichigo Office REIT Investment Corp. | &nbsp;&nbsp; 128 | 83825 |
| Japan Excellent Inc. | &nbsp;&nbsp; 128 | 127430 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 384 | 270057 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 768 | 667569 |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 176 | 170158 |
| Orix JREIT Inc. | &nbsp;&nbsp; 640 | 426614 |
|  |  | 2033463 |
| **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 6400 | 307570 |
| Itochu Enex Co. Ltd. | &nbsp;&nbsp; 6400 | 83949 |
| Iwatani Corp. | &nbsp;&nbsp; 22400 | 244082 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 19200 | 157498 |
| Mitsuuroko Group Holdings Co. Ltd. | &nbsp;&nbsp; 3200 | 46759 |
| San-Ai Obbli Co. Ltd. | &nbsp;&nbsp; 6400 | 90323 |
|  |  | 930181 |
| **Paper & Forest Products — 0.5%** | **Paper & Forest Products — 0.5%** | **Paper & Forest Products — 0.5%** |
| Daio Paper Corp. | &nbsp;&nbsp; 9600 | 56796 |
| Hokuetsu Corp.<sup>(b)</sup> | &nbsp;&nbsp; 12800 | 88675 |
| Nippon Paper Industries Co. Ltd. | &nbsp;&nbsp; 12800 | 105135 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Paper & Forest Products (continued)** | **Paper & Forest Products (continued)** | **Paper & Forest Products (continued)** |
| Oji Holdings Corp. | &nbsp;&nbsp; 92800 | $511408 |
|  |  | 762014 |
| **Personal Care Products — 0.7%** | **Personal Care Products — 0.7%** | **Personal Care Products — 0.7%** |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 6400 | 231094 |
| Kose Corp. | &nbsp;&nbsp; 4800 | 184976 |
| Milbon Co. Ltd. | &nbsp;&nbsp; 3200 | 54220 |
| MTG Co. Ltd. | &nbsp;&nbsp; 1600 | 49975 |
| Noevir Holdings Co. Ltd. | &nbsp;&nbsp; 1600 | 49845 |
| Pola Orbis Holdings Inc. | &nbsp;&nbsp; 11200 | 98187 |
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 22400 | 381488 |
|  |  | 1049785 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| Hisamitsu Pharmaceutical Co. Inc. | &nbsp;&nbsp; 6400 | 182730 |
| Kaken Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 3200 | 82644 |
| Kissei Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 3200 | 93980 |
| Kyorin Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4800 | 49456 |
| Mochida Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 3200 | 67326 |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 6400 | 135567 |
| Nxera Pharma Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9600 | 59866 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 44800 | 504593 |
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 36800 | 389906 |
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 12800 | 162530 |
| Sumitomo Pharma Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 22400 | 229685 |
| Towa Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 3200 | 62758 |
| Tsumura & Co. | &nbsp;&nbsp; 6400 | 153907 |
| ZERIA Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 3200 | 43892 |
|  |  | 2218840 |
| **Professional Services — 2.2%** | **Professional Services — 2.2%** | **Professional Services — 2.2%** |
| BayCurrent Inc. | &nbsp;&nbsp; 17600 | 998588 |
| Bell System24 Holdings Inc. | &nbsp;&nbsp; 3200 | 28681 |
| Dip Corp. | &nbsp;&nbsp; 3200 | 50893 |
| en Japan Inc. | &nbsp;&nbsp; 3200 | 38196 |
| Funai Soken Holdings Inc. | &nbsp;&nbsp; 4800 | 82285 |
| Infomart Corp. | &nbsp;&nbsp; 24000 | 60076 |
| Insource Co. Ltd. | &nbsp;&nbsp; 6400 | 41162 |
| JAC Recruitment Co. Ltd. | &nbsp;&nbsp; 8000 | 59433 |
| MEITEC Group Holdings Inc. | &nbsp;&nbsp; 8000 | 177273 |
| Nomura Co. Ltd. | &nbsp;&nbsp; 9600 | 67467 |
| Open Up Group Inc. | &nbsp;&nbsp; 6416 | 79472 |
| Pasona Group Inc. | &nbsp;&nbsp; 3200 | 45022 |
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 208000 | 387920 |
| SMS Co. Ltd. | &nbsp;&nbsp; 8000 | 85359 |
| Synspective Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 3200 | 19498 |
| TechnoPro Holdings Inc. | &nbsp;&nbsp; 12800 | 417900 |
| Timee Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4800 | 75224 |
| TKC Corp. | &nbsp;&nbsp; 3200 | 95742 |
| Transcosmos Inc. | &nbsp;&nbsp; 3200 | 78110 |
| UT Group Co. Ltd. | &nbsp;&nbsp; 3200 | 58642 |
| Visional Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3200 | 254675 |
|  |  | 3201618 |
| **Real Estate Management & Development — 1.6%** | **Real Estate Management & Development — 1.6%** | **Real Estate Management & Development — 1.6%** |
| Goldcrest Co. Ltd. | &nbsp;&nbsp; 1600 | 36526 |
| Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp; 4800 | 73849 |
| Ichigo Inc. | &nbsp;&nbsp; 24000 | 70652 |
| Kasumigaseki Capital Co. Ltd. | &nbsp;&nbsp; 1800 | 111780 |
| Katitas Co. Ltd. | &nbsp;&nbsp; 6400 | 116741 |
| Keihanshin Building Co. Ltd. | &nbsp;&nbsp; 3200 | 33968 |
| Leopalace21 Corp. | &nbsp;&nbsp; 19200 | 90344 |
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 67200 | 415215 |
| Relo Group Inc. | &nbsp;&nbsp; 11200 | 132054 |
| Starts Corp. Inc. | &nbsp;&nbsp; 3200 | 108104 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| Sun Frontier Fudousan Co. Ltd. | &nbsp;&nbsp; 3200 | $50780 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 22400 | 421064 |
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 70400 | 564711 |
| Tosei Corp. | &nbsp;&nbsp; 3200 | 69084 |
|  |  | 2294872 |
| **Residential REITs — 0.7%** | **Residential REITs — 0.7%** | **Residential REITs — 0.7%** |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 352 | 390432 |
| Comforia Residential REIT Inc. | &nbsp;&nbsp; 80 | 169590 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 224 | 163861 |
| Mitsui Fudosan Accommodations Fund Inc. | &nbsp;&nbsp; 288 | 241743 |
| Samty Residential Investment Corp. | &nbsp;&nbsp; 48 | 36572 |
|  |  | 1002198 |
| **Retail REITs — 0.8%** | **Retail REITs — 0.8%** | **Retail REITs — 0.8%** |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 192 | 171672 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 288 | 171333 |
| Fukuoka REIT Corp. | &nbsp;&nbsp; 80 | 100360 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp; 864 | 657714 |
|  |  | 1101079 |
| **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** |
| Ferrotec Corp. | &nbsp;&nbsp; 4800 | 125458 |
| Japan Material Co. Ltd. | &nbsp;&nbsp; 8000 | 80194 |
| Kokusai Electric Corp., NVS | &nbsp;&nbsp; 22400 | 426133 |
| Megachips Corp. | &nbsp;&nbsp; 1600 | 62163 |
| Micronics Japan Co. Ltd. | &nbsp;&nbsp; 3200 | 99451 |
| Mitsui High-Tec Inc. | &nbsp;&nbsp; 11200 | 64170 |
| Optorun Co. Ltd. | &nbsp;&nbsp; 3200 | 35965 |
| Rohm Co. Ltd. | &nbsp;&nbsp; 41600 | 608933 |
| Rorze Corp. | &nbsp;&nbsp; 11200 | 136724 |
| RS Technologies Co. Ltd. | &nbsp;&nbsp; 1600 | 39043 |
| Sanken Electric Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3200 | 177127 |
| Shibaura Mechatronics Corp. | &nbsp;&nbsp; 1600 | 118109 |
| Socionext Inc. | &nbsp;&nbsp; 22400 | 424502 |
| SUMCO Corp. | &nbsp;&nbsp; 43200 | 359433 |
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 4800 | 268190 |
| Towa Corp. | &nbsp;&nbsp; 8000 | 93176 |
| Tri Chemical Laboratories Inc. | &nbsp;&nbsp; 3200 | 69720 |
| Ulvac Inc. | &nbsp;&nbsp; 6400 | 258095 |
|  |  | 3446586 |
| **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
| Appier Group Inc. | &nbsp;&nbsp; 8000 | 83429 |
| Cybozu Inc. | &nbsp;&nbsp; 3200 | 82704 |
| Digital Arts Inc. | &nbsp;&nbsp; 1600 | 83642 |
| Freee KK<sup>(a)(b)</sup> | &nbsp;&nbsp; 4800 | 100978 |
| Justsystems Corp. | &nbsp;&nbsp; 3200 | 100049 |
| Money Forward Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4800 | 208997 |
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 3200 | 185240 |
| PKSHA Technology Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1600 | 39443 |
| Plus Alpha Consulting Co. Ltd. | &nbsp;&nbsp; 3200 | 53048 |
| Rakus Co. Ltd. | &nbsp;&nbsp; 9600 | 170381 |
| Sansan Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8000 | 103619 |
| Systena Corp. | &nbsp;&nbsp; 30400 | 102046 |
| WingArc1st Inc. | &nbsp;&nbsp; 1600 | 36242 |
|  |  | 1349818 |
| **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** |
| ABC-Mart Inc. | &nbsp;&nbsp; 12800 | 254269 |
| Alpen Co. Ltd. | &nbsp;&nbsp; 1600 | 25764 |
| and ST HD Co Ltd. | &nbsp;&nbsp; 3200 | 65476 |
| AOKI Holdings Inc. | &nbsp;&nbsp; 4800 | 58161 |
| Aoyama Trading Co. Ltd. | &nbsp;&nbsp; 4800 | 79678 |
| Arclands Corp. | &nbsp;&nbsp; 6479 | 79518 |
| Autobacs Seven Co. Ltd. | &nbsp;&nbsp; 8000 | 84866 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Bic Camera Inc. | &nbsp;&nbsp; 11200 | $120086 |
| DCM Holdings Co. Ltd. | &nbsp;&nbsp; 11200 | 112198 |
| EDION Corp. | &nbsp;&nbsp; 9600 | 131969 |
| IDOM Inc. | &nbsp;&nbsp; 8000 | 54376 |
| JINS Holdings Inc. | &nbsp;&nbsp; 1600 | 86775 |
| Joyful Honda Co. Ltd. | &nbsp;&nbsp; 6400 | 92538 |
| Kohnan Shoji Co. Ltd. | &nbsp;&nbsp; 1600 | 43217 |
| Komeri Co. Ltd. | &nbsp;&nbsp; 3200 | 72224 |
| K's Holdings Corp. | &nbsp;&nbsp; 14400 | 146746 |
| Nextage Co. Ltd. | &nbsp;&nbsp; 4800 | 70664 |
| Nishimatsuya Chain Co. Ltd. | &nbsp;&nbsp; 4800 | 69299 |
| Nojima Corp. | &nbsp;&nbsp; 8000 | 179617 |
| PAL GROUP Holdings Co. Ltd. | &nbsp;&nbsp; 4800 | 168384 |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 4800 | 354336 |
| USS Co. Ltd. | &nbsp;&nbsp; 46400 | 562105 |
| Workman Co. Ltd. | &nbsp;&nbsp; 3200 | 115916 |
| Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 65600 | 206853 |
| Yellow Hat Ltd. | &nbsp;&nbsp; 8000 | 89951 |
|  |  | 3324986 |
| **Technology Hardware, Storage & Peripherals — 1.5%** | **Technology Hardware, Storage & Peripherals — 1.5%** | **Technology Hardware, Storage & Peripherals — 1.5%** |
| Brother Industries Ltd. | &nbsp;&nbsp; 28800 | 485303 |
| Eizo Corp. | &nbsp;&nbsp; 3200 | 48487 |
| Elecom Co. Ltd. | &nbsp;&nbsp; 4800 | 59937 |
| Konica Minolta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 57600 | 195700 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 8000 | 77153 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 65600 | 579839 |
| Riso Kagaku Corp. | &nbsp;&nbsp; 4800 | 39065 |
| Seiko Epson Corp. | &nbsp;&nbsp; 36800 | 467966 |
| Sun Corp. | &nbsp;&nbsp; 1600 | 72804 |
| Toshiba TEC Corp. | &nbsp;&nbsp; 3200 | 62296 |
| Wacom Co. Ltd. | &nbsp;&nbsp; 14400 | 70561 |
|  |  | 2159111 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Goldwin Inc. | &nbsp;&nbsp; 1600 | 78476 |
| Gunze Ltd. | &nbsp;&nbsp; 3200 | 81229 |
| Japan Wool Textile Co. Ltd. (The) | &nbsp;&nbsp; 4800 | 51950 |
| Kurabo Industries Ltd. | &nbsp;&nbsp; 1600 | 82413 |
| Onward Holdings Co. Ltd. | &nbsp;&nbsp; 12800 | 55648 |
| Seiko Group Corp. | &nbsp;&nbsp; 3200 | 138996 |
| Wacoal Holdings Corp. | &nbsp;&nbsp; 4800 | 177711 |
|  |  | 666423 |
| **Trading Companies & Distributors — 1.5%** | **Trading Companies & Distributors — 1.5%** | **Trading Companies & Distributors — 1.5%** |
| Hanwa Co. Ltd. | &nbsp;&nbsp; 4800 | 206076 |
| Inaba Denki Sangyo Co. Ltd. | &nbsp;&nbsp; 6400 | 179965 |
| Inabata & Co. Ltd. | &nbsp;&nbsp; 4800 | 112454 |
| Japan Pulp & Paper Co. Ltd. | &nbsp;&nbsp; 11200 | 52676 |
| Kanamoto Co. Ltd. | &nbsp;&nbsp; 3200 | 75977 |
| Kanematsu Corp. | &nbsp;&nbsp; 9600 | 202047 |
| Nagase & Co. Ltd. | &nbsp;&nbsp; 9600 | 205258 |
| Nichiden Corp. | &nbsp;&nbsp; 1600 | 30344 |
| Nishio Holdings Co. Ltd. | &nbsp;&nbsp; 1600 | 45324 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| Senshu Electric Co. Ltd. | &nbsp;&nbsp; 1600 | $48575 |
| Sojitz Corp. | &nbsp;&nbsp; 27200 | 716547 |
| Totech Corp. | &nbsp;&nbsp; 3200 | 69246 |
| Trusco Nakayama Corp. | &nbsp;&nbsp; 4800 | 78778 |
| Wakita & Co. Ltd. | &nbsp;&nbsp; 3200 | 39929 |
| Yamazen Corp. | &nbsp;&nbsp; 6400 | 59473 |
| Yuasa Trading Co. Ltd. | &nbsp;&nbsp; 1600 | 53308 |
|  |  | 2175977 |
| **Transportation Infrastructure — 0.7%** | **Transportation Infrastructure — 0.7%** | **Transportation Infrastructure — 0.7%** |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 8000 | 274177 |
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 9600 | 287954 |
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 30400 | 252099 |
| Sumitomo Warehouse Co. Ltd. (The) | &nbsp;&nbsp; 6400 | 133620 |
|  |  | 947850 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| Okinawa Cellular Telephone Co. | &nbsp;&nbsp; 1600 | 54597 |
| **Total Common Stocks — 99.7%** <br>**(Cost: $133,088,718)** | **Total Common Stocks — 99.7%** <br>**(Cost: $133,088,718)** | 144153816 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| Ito En Ltd., 0.00% | &nbsp;&nbsp; 3200 | 39135 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost: $39,737)** | **Total Preferred Stocks — 0.0%** <br>**(Cost: $39,737)** | 39135 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $133,128,455)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $133,128,455)** | 144192951 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.2%** | **Money Market Funds — 1.2%** | **Money Market Funds — 1.2%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 1724527 | 1725389 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 50000 | 50000 |
| **Total Short-Term Securities — 1.2%** <br>**(Cost: $1,775,344)** | **Total Short-Term Securities — 1.2%** <br>**(Cost: $1,775,344)** | 1775389 |
| **Total Investments — 100.9%** <br>**(Cost: $134,903,799)** | **Total Investments — 100.9%** <br>**(Cost: $134,903,799)** | 145968340 |
| **Liabilities in Excess of Other Assets — (0.9)%** | **Liabilities in Excess of Other Assets — (0.9)%** | (1317249)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $144651091 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan Small-Cap ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $3191320 | $— | &nbsp;&nbsp; $(1465750 )<sup>(a)</sup><br>| $411 | $(592)<br>| $1725389 | 1724527 | $51775 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 40000 | 10000 <br><sup>(a)</sup><br>|  |  |  | 50000 | 50000 | 1812 |  |
|  |  |  |  | $411 | $(592) | $1775389 |  | $53587 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Mini TOPIX Index | 24 | 09/11/25 | &nbsp;&nbsp; $496 | $26362 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26362 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $141885 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $141885 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(29659)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(29659)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $967124 |

---

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan Small-Cap ETF**

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1774890 | &nbsp;&nbsp; $142378926 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $144153816 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 39135 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39135 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1775389 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1775389 |
|  | &nbsp;&nbsp; $3550279 | &nbsp;&nbsp; $142418061 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $145968340 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26362 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Malaysia ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 46.4%** | **Banks — 46.4%** | **Banks — 46.4%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 5269837 | $6726200 |
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 17106512 | 30051550 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 1380740 | 6560774 |
| Malayan Banking Bhd | &nbsp;&nbsp; 12811181 | 30018798 |
| Public Bank Bhd | &nbsp;&nbsp; 30875600 | 31186227 |
| RHB Bank Bhd | &nbsp;&nbsp; 3698102 | 5723077 |
|  |  | 110266626 |
| **Chemicals — 2.2%** | **Chemicals — 2.2%** | **Chemicals — 2.2%** |
| Petronas Chemicals Group Bhd | &nbsp;&nbsp; 5095500 | 5211961 |
| **Construction & Engineering — 4.7%** | **Construction & Engineering — 4.7%** | **Construction & Engineering — 4.7%** |
| Gamuda Bhd | &nbsp;&nbsp; 8580918 | 11279547 |
| **Diversified Telecommunication Services — 1.7%** | **Diversified Telecommunication Services — 1.7%** | **Diversified Telecommunication Services — 1.7%** |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 2438600 | 4053821 |
| **Electric Utilities — 7.3%** | **Electric Utilities — 7.3%** | **Electric Utilities — 7.3%** |
| Tenaga Nasional Bhd<sup>(a)</sup> | &nbsp;&nbsp; 5563212 | 17370494 |
| **Food Products — 9.2%** | **Food Products — 9.2%** | **Food Products — 9.2%** |
| IOI Corp. Bhd | &nbsp;&nbsp; 5327030 | 4871400 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 1066389 | 4967227 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 148900 | 3349693 |
| QL Resources Bhd | &nbsp;&nbsp; 3487675 | 3384489 |
| SD Guthrie Bhd | &nbsp;&nbsp; 4396755 | 5261179 |
|  |  | 21833988 |
| **Gas Utilities — 3.1%** | **Gas Utilities — 3.1%** | **Gas Utilities — 3.1%** |
| Petronas Gas Bhd<sup>(a)</sup> | &nbsp;&nbsp; 1678200 | 7403940 |
| **Health Care Providers & Services — 3.2%** | **Health Care Providers & Services — 3.2%** | **Health Care Providers & Services — 3.2%** |
| IHH Healthcare Bhd | &nbsp;&nbsp; 4684000 | 7527659 |
| **Industrial Conglomerates — 2.6%** | **Industrial Conglomerates — 2.6%** | **Industrial Conglomerates — 2.6%** |
| Sunway Bhd | &nbsp;&nbsp; 5316500 | 6193295 |
| **Marine Transportation — 2.1%** | **Marine Transportation — 2.1%** | **Marine Transportation — 2.1%** |
| MISC Bhd | &nbsp;&nbsp; 2843220 | 4993300 |
| **Metals & Mining — 4.4%** | **Metals & Mining — 4.4%** | **Metals & Mining — 4.4%** |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 7863800 | 10351110 |
| **Multi-Utilities — 4.1%** | **Multi-Utilities — 4.1%** | **Multi-Utilities — 4.1%** |
| YTL Corp. Bhd | &nbsp;&nbsp; 6056200 | 3670633 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |
| YTL Power International Bhd<sup>(a)</sup> | &nbsp;&nbsp; 6325180 | $6031873 |
|  |  | 9702506 |
| **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 632800 | 3171790 |
| **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** |
| MR DIY Group M Bhd<sup>(b)</sup> | &nbsp;&nbsp; 7038100 | 2463498 |
| **Wireless Telecommunication Services — 5.9%** | **Wireless Telecommunication Services — 5.9%** | **Wireless Telecommunication Services — 5.9%** |
| Axiata Group Bhd<sup>(a)</sup> | &nbsp;&nbsp; 5850600 | 3351373 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 7461200 | 6498750 |
| Maxis Bhd | &nbsp;&nbsp; 4990500 | 4134658 |
|  |  | 13984781 |
| **Total Long-Term Investments — 99.2%** <br>**(Cost: $132,380,970)** | **Total Long-Term Investments — 99.2%** <br>**(Cost: $132,380,970)** | 235808316 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.7%** | **Money Market Funds — 1.7%** | **Money Market Funds — 1.7%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 3791914 | 3793810 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 310000 | 310000 |
| **Total Short-Term Securities — 1.7%** <br>**(Cost: $4,103,810)** | **Total Short-Term Securities — 1.7%** <br>**(Cost: $4,103,810)** | 4103810 |
| **Total Investments — 100.9%** <br>**(Cost: $136,484,780)** | **Total Investments — 100.9%** <br>**(Cost: $136,484,780)** | 239912126 |
| **Liabilities in Excess of Other Assets — (0.9)%** | **Liabilities in Excess of Other Assets — (0.9)%** | (2085854)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $237826272 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> 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 registration to qualified institutional investors. 

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Malaysia ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $12018508 | $—<br> $(8226097 )<sup>(a)</sup><br>| $1804 | $(405)<br>| $3793810 | 3791914 | $109329 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 330000 | —<br> (20000 )<sup>(a)</sup><br>|  |  | 310000 | 310000 | 18342 |  |
|  |  |  | $1804 | $(405) | $4103810 |  | $127671 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 30 | 09/19/25 | &nbsp;&nbsp; $1897 | $2649 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2649 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2649 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $294210 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $294210 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $577 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $577 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $710788 |

---

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

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Malaysia ETF**

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $34775365 | &nbsp;&nbsp; $201032951 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $235808316 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 4103810 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4103810 |
|  | &nbsp;&nbsp; $38879175 | &nbsp;&nbsp; $201032951 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $239912126 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $2649 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2649 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Pacific ex Japan ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 62.5%** | **Australia — 62.5%** | **Australia — 62.5%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 2568366 | $56437617 |
| APA Group | &nbsp;&nbsp; 1118055 | 6438992 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 484143 | 22956390 |
| ASX Ltd. | &nbsp;&nbsp; 166991 | 6821373 |
| BHP Group Ltd. | &nbsp;&nbsp; 4369672 | 121795714 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 375925 | 5631995 |
| Brambles Ltd. | &nbsp;&nbsp; 1176554 | 19939224 |
| CAR Group Ltd. | &nbsp;&nbsp; 326479 | 8611847 |
| Cochlear Ltd. | &nbsp;&nbsp; 56425 | 11110950 |
| Coles Group Ltd. | &nbsp;&nbsp; 1155015 | 18030948 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 1440601 | 160119895 |
| Computershare Ltd. | &nbsp;&nbsp; 448114 | 11151709 |
| CSL Ltd. | &nbsp;&nbsp; 416834 | 57984794 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 1730142 | 9925613 |
| Fortescue Ltd. | &nbsp;&nbsp; 1458122 | 18391545 |
| Goodman Group | &nbsp;&nbsp; 1747123 | 39097745 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 2040240 | 11606762 |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp; 497424 | 10102192 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 1926897 | 7402783 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 311698 | 45715868 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 2360408 | 7863657 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 2636814 | 73589741 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 1170275 | 14604759 |
| Origin Energy Ltd. | &nbsp;&nbsp; 1485180 | 12529634 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 49641 | 9641999 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 635500 | 4869344 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 1298766 | 18349928 |
| REA Group Ltd. | &nbsp;&nbsp; 45298 | 7418388 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 319160 | 24108406 |
| Santos Ltd. | &nbsp;&nbsp; 2798128 | 14649152 |
| Scentre Group | &nbsp;&nbsp; 4463846 | 11897395 |
| SGH Ltd. | &nbsp;&nbsp; 174419 | 5743529 |
| Sigma Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3997091 | 8144167 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 404192 | 6348835 |
| South32 Ltd. | &nbsp;&nbsp; 3867101 | 6828154 |
| Stockland | &nbsp;&nbsp; 2056843 | 8330533 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 933185 | 12968641 |
| Telstra Group Ltd. | &nbsp;&nbsp; 3450508 | 11039141 |
| Transurban Group | &nbsp;&nbsp; 2679087 | 25553382 |
| Vicinity Ltd. | &nbsp;&nbsp; 3333319 | 5643798 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 204873 | 5856412 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 976877 | 58513501 |
| Westpac Banking Corp. | &nbsp;&nbsp; 2945869 | 74203690 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 173026 | 11463294 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 1636110 | 28202432 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 1050301 | 19770718 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 141712 | 15111159 |
|  |  | 1152517745 |
| **China — 0.1%** | **China — 0.1%** | **China — 0.1%** |
| Wharf Holdings Ltd. (The) | &nbsp;&nbsp; 911850 | 2616993 |
| **Hong Kong — 18.7%** | **Hong Kong — 18.7%** | **Hong Kong — 18.7%** |
| AIA Group Ltd. | &nbsp;&nbsp; 9150814 | 86972594 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 3192500 | 14494348 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 1652732 | 7819899 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 2301232 | 15225402 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 540708 | 3630596 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 1409500 | 11929031 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 52809 | 9801350 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 1884000 | 9988004 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 650400 | $9326065 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 1264442 | 4387799 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 3249338 | 4928925 |
| Hong Kong & China Gas Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9599253 | 8655842 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 1035400 | 60662193 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 945500 | 5862405 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 139700 | 8458625 |
| Link REIT | &nbsp;&nbsp; 2241663 | 11973102 |
| MTR Corp. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1335286 | 4527125 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 1199500 | 7821454 |
| Sands China Ltd. | &nbsp;&nbsp; 2084800 | 5490625 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 3136800 | 3737149 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 1171000 | 4127905 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 1246000 | 14718234 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 310000 | 2657208 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 1263207 | 16336286 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 7222000 | 7760763 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 1433600 | 4187391 |
|  |  | 345480320 |
| **New Zealand — 1.7%** | **New Zealand — 1.7%** | **New Zealand — 1.7%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 1461530 | 6509833 |
| Contact Energy Ltd. | &nbsp;&nbsp; 719414 | 3832728 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 505612 | 10917259 |
| Infratil Ltd. | &nbsp;&nbsp; 801116 | 5364633 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 1120840 | 3773601 |
|  |  | 30398054 |
| **Singapore — 16.4%** | **Singapore — 16.4%** | **Singapore — 16.4%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 3370480 | 7144385 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 5056199 | 8984197 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 2007200 | 4314208 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 1830510 | 72054145 |
| Genting Singapore Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5183100 | 2907496 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2048665 | 10222838 |
| Keppel Ltd. | &nbsp;&nbsp; 1248800 | 8510592 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 2915024 | 38010366 |
| Sea Ltd., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 329314 | 61430234 |
| Sembcorp Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 766300 | 3623190 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 1303350 | 6682650 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 744700 | 9613851 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 1339400 | 8015765 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 6391928 | 21481855 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 1084700 | 29706306 |
| Wilmar International Ltd. | &nbsp;&nbsp; 1646700 | 3784513 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 2210700 | 5009032 |
|  |  | 301495623 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $1,607,939,034)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $1,607,939,034)** | 1832508735 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 11011722 | 11017227 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Pacific ex Japan ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 640000 | $640000 |
| **Total Short-Term Securities — 0.6%** <br>**(Cost: $11,655,580)** | **Total Short-Term Securities — 0.6%** <br>**(Cost: $11,655,580)** | 11657227 |
| **Total Investments — 100.0%** <br>**(Cost: $1,619,594,614)** | **Total Investments — 100.0%** <br>**(Cost: $1,619,594,614)** | 1844165962 |
| **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 409731 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1844575693 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> 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 registration to qualified institutional investors. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Pacific ex Japan ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $11641346 | $—<br> $(624421 )<sup>(a)</sup><br>| $1586 | $(1284)<br>| $11017227 | 11011722 | $61159 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 780000 | —<br> (140000 )<sup>(a)</sup><br>|  |  | 640000 | 640000 | 41998 |  |
|  |  |  | $1586 | $(1284) | $11657227 |  | $103157 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| SPI 200 Index | 61 | 09/18/25 | &nbsp;&nbsp; $8919 | $115457 |
| MSCI Singapore Index | 92 | 09/29/25 | &nbsp;&nbsp; 3183 | (9847) |
|  |  |  |  | $105610 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $115457 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $115457 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9847 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9847 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1256920 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1256920 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(108312)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(108312)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Pacific ex Japan ETF**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $12198297 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $103009419 | &nbsp;&nbsp; $1729499316 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1832508735 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 11657227 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11657227 |
|  | &nbsp;&nbsp; $114666646 | &nbsp;&nbsp; $1729499316 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1844165962 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $115457 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $115457 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (9847)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9847)<br>|
|  | &nbsp;&nbsp; $115457 | &nbsp;&nbsp; $(9847)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $105610 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Singapore ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 4.1%** | **Aerospace & Defense — 4.1%** | **Aerospace & Defense — 4.1%** |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 5361500 | $32086398 |
| **Banks — 33.4%** | **Banks — 33.4%** | **Banks — 33.4%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 3985450 | 156878789 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 5607050 | 73112956 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 1238600 | 33921113 |
|  |  | 263912858 |
| **Broadline Retail — 16.3%** | **Broadline Retail — 16.3%** | **Broadline Retail — 16.3%** |
| Sea Ltd., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 690542 | 128813705 |
| **Capital Markets — 4.5%** | **Capital Markets — 4.5%** | **Capital Markets — 4.5%** |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 2766077 | 35709215 |
| **Diversified REITs — 3.0%** | **Diversified REITs — 3.0%** | **Diversified REITs — 3.0%** |
| CapitaLand Integrated Commercial Trust<sup>(b)</sup> | &nbsp;&nbsp; 13536201 | 24052039 |
| **Diversified Telecommunication Services — 4.7%** | **Diversified Telecommunication Services — 4.7%** | **Diversified Telecommunication Services — 4.7%** |
| Singapore Telecommunications Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11065468 | 37188588 |
| **Food Products — 3.4%** | **Food Products — 3.4%** | **Food Products — 3.4%** |
| Wilmar International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11711100 | 26914930 |
| **Ground Transportation — 4.3%** | **Ground Transportation — 4.3%** | **Ground Transportation — 4.3%** |
| Grab Holdings Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 6838341 | 34123322 |
| **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** |
| Genting Singapore Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 42271242 | 23712352 |
| **Industrial Conglomerates — 4.6%** | **Industrial Conglomerates — 4.6%** | **Industrial Conglomerates — 4.6%** |
| Keppel Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5323500 | 36279738 |
| **Industrial REITs — 4.4%** | **Industrial REITs — 4.4%** | **Industrial REITs — 4.4%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 16618194 | 35225481 |
| **Machinery — 4.3%** | **Machinery — 4.3%** | **Machinery — 4.3%** |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 14900600 | 33761965 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Multi-Utilities — 3.6%** | **Multi-Utilities — 3.6%** | **Multi-Utilities — 3.6%** |
| Sembcorp Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5975200 | $28251706 |
| **Passenger Airlines — 4.3%** | **Passenger Airlines — 4.3%** | **Passenger Airlines — 4.3%** |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 6665967 | 34178326 |
| **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 5549000 | 11926834 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $613,915,126)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $613,915,126)** | 786137457 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.3%** | **Money Market Funds — 4.3%** | **Money Market Funds — 4.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 33863883 | 33880815 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 160000 | 160000 |
| **Total Short-Term Securities — 4.3%** <br>**(Cost: $34,040,815)** | **Total Short-Term Securities — 4.3%** <br>**(Cost: $34,040,815)** | 34040815 |
| **Total Investments — 103.7%** <br>**(Cost: $647,955,941)** | **Total Investments — 103.7%** <br>**(Cost: $647,955,941)** | 820178272 |
| **Liabilities in Excess of Other Assets — (3.7)%** | **Liabilities in Excess of Other Assets — (3.7)%** | (29061183)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $791117089 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $6945783<br> $26937853 <br><sup>(a)</sup><br>| $— | $(813)<br>| $(2008)<br>| $33880815 | 33863883 | $91099 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| —<br> 160000 <br><sup>(a)</sup><br>|  |  |  | 160000 | 160000 | 28554 |  |
|  |  |  | $(813) | $(2008) | $34040815 |  | $119653 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Singapore ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Singapore Index | 135 | 09/29/25 | &nbsp;&nbsp; $4670 | $(20646) |

---

**Equity Swap contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| Singapore Exchange Ltd. | HSBC Bank PLC | &nbsp;&nbsp; $83050 | 02/10/28 | 0.55% | SORA | Monthly | &nbsp;&nbsp; $863 |
| Singapore Exchange Ltd. | Merrill Lynch International | &nbsp;&nbsp; 95510 | 02/15/28 | 0.30% | SORA | Monthly | &nbsp;&nbsp; 1313 |
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  | 2176 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; (1871)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $305 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency. 

**Balances Reported in the Statements of Assets and Liabilities for OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2176 | &nbsp;&nbsp;&nbsp; $(1871)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2176 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2176 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20646 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20646 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1871 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1871 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22517 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22517 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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). 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Singapore ETF**

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1553679 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1553679 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (196907)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (196907)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1356772 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1356772 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36862)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36862)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 305 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 305 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36557)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36557)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $3207993 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; $1576799 |

---

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

**Derivative Financial Instruments - Offsetting as of Period End**

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Futures contracts | &nbsp;&nbsp; $12621 | &nbsp;&nbsp;&nbsp; $— |
| Swaps - OTC<sup>(a)</sup> | &nbsp;&nbsp; 2176 | &nbsp;&nbsp;&nbsp; 1871 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 14797 | &nbsp;&nbsp;&nbsp; 1871 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (12621)<br>| &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $2176 | &nbsp;&nbsp;&nbsp; $1871 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| HSBC Bank PLC | &nbsp;&nbsp; $863 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $863 |
| Merrill Lynch International | &nbsp;&nbsp; 1313 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1313 |
|  | &nbsp;&nbsp; $2176 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2176 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Singapore ETF**

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $162937027 | &nbsp;&nbsp; $623200430 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $786137457 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 34040815 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34040815 |
|  | &nbsp;&nbsp; $196977842 | &nbsp;&nbsp; $623200430 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $820178272 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2176 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2176 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (22517)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (22517)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(20341)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(20341)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Taiwan ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Automobile Components — 0.4%** | **Automobile Components — 0.4%** | **Automobile Components — 0.4%** |
| Cheng Shin Rubber Industry Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 20120670 | $24931271 |
| **Banks — 11.0%** | **Banks — 11.0%** | **Banks — 11.0%** |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 54179970 | 33962530 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 84405325 | 113214501 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 77087010 | 84132457 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 64371865 | 59562568 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 56419694 | 51387765 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 61996297 | 81057392 |
| Shanghai Commercial & Savings Bank Ltd. (The)<sup>(a)</sup> | &nbsp;&nbsp; 26859218 | 35947377 |
| SinoPac Financial Holdings Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 72636488 | 55432108 |
| Taiwan Business Bank<sup>(a)</sup> | &nbsp;&nbsp; 61621696 | 30351163 |
| Taiwan Cooperative Financial Holding Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 62734020 | 48558286 |
| TS Financial Holding Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 143166483 | 75902739 |
|  |  | 669508886 |
| **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** |
| PharmaEssentia Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2038000 | 32960460 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| Formosa Chemicals & Fibre Corp.<sup>(a)</sup> | &nbsp;&nbsp; 31430610 | 30808712 |
| Formosa Plastics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 28365518 | 36021597 |
| Nan Ya Plastics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 34062938 | 47946403 |
|  |  | 114776712 |
| **Communications Equipment — 1.7%** | **Communications Equipment — 1.7%** | **Communications Equipment — 1.7%** |
| Accton Technology Corp. | &nbsp;&nbsp; 3208000 | 105614944 |
| **Construction Materials — 1.0%** | **Construction Materials — 1.0%** | **Construction Materials — 1.0%** |
| Asia Cement Corp. | &nbsp;&nbsp; 21834136 | 26394319 |
| TCC Group Holdings Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 46548645 | 34095359 |
|  |  | 60489678 |
| **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |
| President Chain Store Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4123215 | 34258279 |
| **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 18990648 | 82310815 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| Fortune Electric Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1616980 | 33875149 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 744000 | 23906160 |
| Ya Hsin Industrial Co. Ltd., NVS<sup>(b)</sup> | &nbsp;&nbsp; 6845461 | 2 |
|  |  | 57781311 |
| **Electronic Equipment, Instruments & Components — 16.6%** | **Electronic Equipment, Instruments & Components — 16.6%** | **Electronic Equipment, Instruments & Components — 16.6%** |
| AUO Corp. | &nbsp;&nbsp; 65207664 | 27243568 |
| Delta Electronics Inc. | &nbsp;&nbsp; 9568180 | 220429374 |
| E Ink Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5238000 | 44693179 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 1889000 | 74770106 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 52047296 | 343613587 |
| Innolux Corp.<sup>(a)</sup> | &nbsp;&nbsp; 70973296 | 32407046 |
| Largan Precision Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 578794 | 45249833 |
| Lotes Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 707000 | 33238207 |
| Pacific Electric Wire & Cable Co. Ltd., NVS<sup>(b)</sup> | &nbsp;&nbsp; 197 |  |
| Synnex Technology International Corp.<sup>(a)</sup> | &nbsp;&nbsp; 13536364 | 29038690 |
| Unimicron Technology Corp.<sup>(a)</sup> | &nbsp;&nbsp; 8960000 | 41814761 |
| WPG Holdings Ltd. | &nbsp;&nbsp; 14485604 | 31580033 |
| Yageo Corp. | &nbsp;&nbsp; 10263836 | 46477847 |
| Zhen Ding Technology Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6558072 | 41843980 |
|  |  | 1012400211 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
| International Games System Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1498000 | 37339852 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Financial Services — 1.7%** | **Financial Services — 1.7%** | **Financial Services — 1.7%** |
| Chailease Holding Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9935304 | $37705511 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 62845838 | 66526454 |
|  |  | 104231965 |
| **Food Products — 1.0%** | **Food Products — 1.0%** | **Food Products — 1.0%** |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 25151189 | 63495237 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| Nien Made Enterprise Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1804000 | 25394005 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 29843843 | 26889057 |
| **Insurance — 4.1%** | **Insurance — 4.1%** | **Insurance — 4.1%** |
| Cathay Financial Holding Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 45288798 | 90690204 |
| Fubon Financial Holding Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 41898434 | 114476569 |
| KGI Financial Holding Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 94319460 | 46832541 |
|  |  | 251999314 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| Airtac International Group | &nbsp;&nbsp; 1177826 | 30171586 |
| **Marine Transportation — 1.5%** | **Marine Transportation — 1.5%** | **Marine Transportation — 1.5%** |
| Evergreen Marine Corp. Taiwan Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6596013 | 39865227 |
| Wan Hai Lines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9032000 | 24385213 |
| Yang Ming Marine Transport Corp.<sup>(a)</sup> | &nbsp;&nbsp; 15040000 | 28277859 |
|  |  | 92528299 |
| **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** | **Metals & Mining — 0.8%** |
| China Steel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 69256977 | 45417724 |
| **Passenger Airlines — 0.9%** | **Passenger Airlines — 0.9%** | **Passenger Airlines — 0.9%** |
| China Airlines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 35946000 | 24826031 |
| Eva Airways Corp. | &nbsp;&nbsp; 24734000 | 31324390 |
|  |  | 56150421 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| Caliway Biopharmaceuticals Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 7547000 | 49485376 |
| **Semiconductors & Semiconductor Equipment — 35.2%** | **Semiconductors & Semiconductor Equipment — 35.2%** | **Semiconductors & Semiconductor Equipment — 35.2%** |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 508279 | 66519890 |
| ASE Technology Holding Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16666432 | 80940037 |
| eMemory Technology Inc. | &nbsp;&nbsp; 480000 | 32173380 |
| Global Unichip Corp.<sup>(a)</sup> | &nbsp;&nbsp; 760000 | 32775883 |
| Globalwafers Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2441000 | 29525926 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 674000 | 45669686 |
| MediaTek Inc. | &nbsp;&nbsp; 6305175 | 280176799 |
| Novatek Microelectronics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3322544 | 47088549 |
| Realtek Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2829063 | 49152268 |
| Silergy Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2827000 | 28260197 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 36003467 | 1348379711 |
| United Microelectronics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 55816501 | 73436764 |
| Vanguard International Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 9696539 | 28789785 |
|  |  | 2142888875 |
| **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 2039500 | 36579335 |
| **Technology Hardware, Storage & Peripherals — 12.3%** | **Technology Hardware, Storage & Peripherals — 12.3%** | **Technology Hardware, Storage & Peripherals — 12.3%** |
| Acer Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28585737 | 27490890 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 3402021 | 38015348 |
| Asia Vital Components Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2068000 | 67509128 |
| Asustek Computer Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4094857 | 84240704 |
| Catcher Technology Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4746743 | 29167024 |
| Compal Electronics Inc. | &nbsp;&nbsp; 34117554 | 30687871 |
| Gigabyte Technology Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4071000 | 36603998 |
| Inventec Corp.<sup>(a)</sup> | &nbsp;&nbsp; 22563868 | 30179610 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 376000 | 36857609 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Taiwan ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
| Lite-On Technology Corp.<sup>(a)</sup> | &nbsp;&nbsp; 12729071 | $53849681 |
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 6284000 | 27603526 |
| Pegatron Corp. | &nbsp;&nbsp; 14590037 | 33373787 |
| Quanta Computer Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13499240 | 114951320 |
| Wistron Corp. | &nbsp;&nbsp; 16751000 | 61437505 |
| Wiwynn Corp.<sup>(a)</sup> | &nbsp;&nbsp; 822000 | 78893636 |
|  |  | 750861637 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| Eclat Textile Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1999601 | 26063479 |
| Feng TAY Enterprise Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6076916 | 23251543 |
|  |  | 49315022 |
| **Transportation Infrastructure — 0.4%** | **Transportation Infrastructure — 0.4%** | **Transportation Infrastructure — 0.4%** |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 26197000 | 23618821 |
| **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** |
| Far EasTone Telecommunications Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 13190259 | 36247961 |
| Taiwan Mobile Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11578609 | 40278000 |
|  |  | 76525961 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $2,826,565,380)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $2,826,565,380)** | 6057925054 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 10.2%** | **Money Market Funds — 10.2%** | **Money Market Funds — 10.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 618985426 | 619294919 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 4560000 | $4560000 |
| **Total Short-Term Securities — 10.2%** <br>**(Cost: $623,802,835)** | **Total Short-Term Securities — 10.2%** <br>**(Cost: $623,802,835)** | 623854919 |
| **Total Investments — 109.6%** <br>**(Cost: $3,450,368,215)** | **Total Investments — 109.6%** <br>**(Cost: $3,450,368,215)** | 6681779973 |
| **Liabilities in Excess of Other Assets — (9.6)%** | **Liabilities in Excess of Other Assets — (9.6)%** | (586200540)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6095579433 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $613674237<br> $5652007 <br><sup>(a)</sup><br>| $— | $63600 | $(94925)<br>| $619294919 | 618985426 | $7991809 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| —<br> 4560000 <br><sup>(a)</sup><br>|  |  |  | 4560000 | 4560000 | 124146 |  |
|  |  |  | $63600 | $(94925) | $623854919 |  | $8115955 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| FTSE Taiwan Index | 448 | 09/26/25 | &nbsp;&nbsp; $35669 | $(351035) |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Taiwan ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $351035 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $351035 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8032631 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8032631 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(637454)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(637454)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $17713898 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6057925052 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $6057925054 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 623854919 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 623854919 |
|  | &nbsp;&nbsp; $623854919 | &nbsp;&nbsp; $6057925052 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $6681779973 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(351035)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(351035)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Thailand ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Sri Trang Agro-Industry PCL, NVDR | &nbsp;&nbsp; 1322945 | $494935 |
| **Banks — 8.8%** | **Banks — 8.8%** | **Banks — 8.8%** |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 964800 | 5018516 |
| Kiatnakin Phatra Bank PCL, NVDR | &nbsp;&nbsp; 332073 | 609754 |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 5683500 | 4322368 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 1371300 | 5441409 |
| Thanachart Capital PCL, NVDR | &nbsp;&nbsp; 415600 | 651636 |
| Tisco Financial Group PCL, NVDR | &nbsp;&nbsp; 319400 | 996220 |
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 39457800 | 2317116 |
|  |  | 19357019 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Carabao Group PCL, NVDR | &nbsp;&nbsp; 559400 | 885049 |
| Osotspa PCL, NVDR | &nbsp;&nbsp; 1912500 | 970413 |
|  |  | 1855462 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| PTT Global Chemical PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 3646207 | 2957395 |
| TOA Paint Thailand PCL, NVDR | &nbsp;&nbsp; 957400 | 407845 |
|  |  | 3365240 |
| **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** |
| CH Karnchang PCL, NVDR | &nbsp;&nbsp; 1748000 | 782387 |
| **Construction Materials — 4.3%** | **Construction Materials — 4.3%** | **Construction Materials — 4.3%** |
| Siam Cement PCL (The), NVDR<sup>(a)</sup> | &nbsp;&nbsp; 1274200 | 8481651 |
| Siam City Cement PCL, NVDR | &nbsp;&nbsp; 93000 | 426250 |
| Tipco Asphalt PCL, NVDR | &nbsp;&nbsp; 992500 | 438138 |
| TPI Polene PCL, NVDR | &nbsp;&nbsp; 3534300 | 80734 |
|  |  | 9426773 |
| **Consumer Finance — 3.0%** | **Consumer Finance — 3.0%** | **Consumer Finance — 3.0%** |
| AEON Thana Sinsap Thailand PCL, NVDR | &nbsp;&nbsp; 137000 | 463081 |
| Bangkok Commercial Asset Management PCL, NVDR | &nbsp;&nbsp; 2792300 | 703315 |
| JMT Network Services PCL, NVDR | &nbsp;&nbsp; 1033800 | 374147 |
| Krungthai Card PCL, NVDR | &nbsp;&nbsp; 1634500 | 1378191 |
| Muangthai Capital PCL, NVDR | &nbsp;&nbsp; 1195200 | 1376500 |
| Srisawad Corp. PCL, NVDR | &nbsp;&nbsp; 1320202 | 1022180 |
| TIDLOR Holdings PCL, NVDR | &nbsp;&nbsp; 2332092 | 1357991 |
|  |  | 6675405 |
| **Consumer Staples Distribution & Retail — 6.9%** | **Consumer Staples Distribution & Retail — 6.9%** | **Consumer Staples Distribution & Retail — 6.9%** |
| Berli Jucker PCL, NVDR | &nbsp;&nbsp; 1604000 | 853205 |
| CP ALL PCL, NVDR | &nbsp;&nbsp; 9144700 | 12440133 |
| CP Axtra PCL, NVDR | &nbsp;&nbsp; 3376911 | 1869442 |
|  |  | 15162780 |
| **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| SCG Packaging PCL, NVDR | &nbsp;&nbsp; 2057700 | 1090475 |
| **Diversified Telecommunication Services — 2.9%** | **Diversified Telecommunication Services — 2.9%** | **Diversified Telecommunication Services — 2.9%** |
| Jasmine Technology Solution PCL, NVDR<sup>(a)(b)</sup> | &nbsp;&nbsp; 332209 | 325191 |
| True Corp. PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 16902248 | 5960038 |
|  |  | 6285229 |
| **Electronic Equipment, Instruments & Components — 12.0%** | **Electronic Equipment, Instruments & Components — 12.0%** | **Electronic Equipment, Instruments & Components — 12.0%** |
| Cal-Comp Electronics Thailand PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 5851300 | 1047825 |
| Delta Electronics Thailand PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 5117108 | 23685370 |
| Hana Microelectronics PCL, NVDR | &nbsp;&nbsp; 970200 | 725037 |
| KCE Electronics PCL, NVDR | &nbsp;&nbsp; 1396000 | 1099891 |
|  |  | 26558123 |
| **Food Products — 3.4%** | **Food Products — 3.4%** | **Food Products — 3.4%** |
| Betagro PCL, NVDR | &nbsp;&nbsp; 1075100 | 568067 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 6166700 | 4172065 |
| I-TAIL Corp. PCL, NVDR | &nbsp;&nbsp; 1178600 | 527570 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Thai Union Group PCL, NVDR | &nbsp;&nbsp; 4620200 | $1756984 |
| Thai Vegetable Oil PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 698388 | 532495 |
|  |  | 7557181 |
| **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |
| BTS Group Holdings PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 12997300 | 1269999 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| Sri Trang Gloves Thailand PCL, NVDR | &nbsp;&nbsp; 1580800 | 312682 |
| **Health Care Providers & Services — 8.2%** | **Health Care Providers & Services — 8.2%** | **Health Care Providers & Services — 8.2%** |
| Bangkok Chain Hospital PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 1782325 | 715241 |
| Bangkok Dusit Medical Services PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 18212400 | 11642407 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 970976 | 5332429 |
| Chularat Hospital PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 7794800 | 380101 |
|  |  | 18070178 |
| **Hotels, Restaurants & Leisure — 2.6%** | **Hotels, Restaurants & Leisure — 2.6%** | **Hotels, Restaurants & Leisure — 2.6%** |
| Asset World Corp. PCL, NVDR | &nbsp;&nbsp; 12667100 | 869872 |
| Central Plaza Hotel PCL, NVDR | &nbsp;&nbsp; 932100 | 828156 |
| Minor International PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 5536710 | 4004835 |
|  |  | 5702863 |
| **Independent Power and Renewable Electricity Producers — 7.5%** | **Independent Power and Renewable Electricity Producers — 7.5%** | **Independent Power and Renewable Electricity Producers — 7.5%** |
| B Grimm Power PCL, NVDR | &nbsp;&nbsp; 1436500 | 564374 |
| BCPG PCL, NVDR | &nbsp;&nbsp; 2125650 | 561617 |
| CK Power PCL, NVDR | &nbsp;&nbsp; 3240260 | 276125 |
| Electricity Generating PCL, NVDR | &nbsp;&nbsp; 380400 | 1385621 |
| Energy Absolute PCL, NVDR<sup>(a)(b)</sup> | &nbsp;&nbsp; 8470600 | 659827 |
| Global Power Synergy PCL, NVDR | &nbsp;&nbsp; 1129300 | 1469857 |
| Gulf Development PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 6848988 | 9936128 |
| Ratch Group PCL, NVDR | &nbsp;&nbsp; 1749300 | 1459379 |
| TPI Polene Power PCL, NVDR | &nbsp;&nbsp; 3909500 | 267914 |
|  |  | 16580842 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Bangkok Life Assurance PCL, NVDR | &nbsp;&nbsp; 938600 | 507207 |
| Thai Life Insurance PCL, NVDR | &nbsp;&nbsp; 3681100 | 1086505 |
|  |  | 1593712 |
| **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** |
| Regional Container Lines PCL, NVDR | &nbsp;&nbsp; 587600 | 498811 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| Plan B Media PCL, NVDR | &nbsp;&nbsp; 2709360 | 367706 |
| VGI PCL, NVDR | &nbsp;&nbsp; 19275250 | 1251473 |
|  |  | 1619179 |
| **Oil, Gas & Consumable Fuels — 13.5%** | **Oil, Gas & Consumable Fuels — 13.5%** | **Oil, Gas & Consumable Fuels — 13.5%** |
| Bangchak Corp. PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 1402700 | 1397724 |
| Banpu PCL, NVDR | &nbsp;&nbsp; 13769824 | 2025229 |
| IRPC PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 17664900 | 561642 |
| PTT Exploration & Production PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 2270084 | 7850291 |
| PTT PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 16385700 | 15689112 |
| Star Petroleum Refining PCL, NVDR | &nbsp;&nbsp; 2726500 | 376789 |
| Thai Oil PCL, NVDR | &nbsp;&nbsp; 1980700 | 1959167 |
|  |  | 29859954 |
| **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| Asia Aviation PCL, NVDR<sup>(a)(b)</sup> | &nbsp;&nbsp; 8144147 | 309505 |
| Bangkok Airways PCL, NVDR | &nbsp;&nbsp; 990500 | 413672 |
|  |  | 723177 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| Mega Lifesciences PCL, NVDR | &nbsp;&nbsp; 548000 | 473129 |
| **Real Estate Management & Development — 5.8%** | **Real Estate Management & Development — 5.8%** | **Real Estate Management & Development — 5.8%** |
| Amata Corp. PCL, NVDR | &nbsp;&nbsp; 1260000 | 614788 |
| AP Thailand PCL, NVDR | &nbsp;&nbsp; 3713686 | 843685 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Thailand ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| Central Pattana PCL, NVDR | &nbsp;&nbsp; 3289300 | $5238436 |
| Land & Houses PCL, NVDR | &nbsp;&nbsp; 13110000 | 1578616 |
| MBK PCL, NVDR | &nbsp;&nbsp; 1390600 | 738540 |
| Quality Houses PCL, NVDR | &nbsp;&nbsp; 10928732 | 458793 |
| Sansiri PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 23146737 | 1029294 |
| Supalai PCL, NVDR | &nbsp;&nbsp; 1843100 | 870487 |
| WHA Corp. PCL, NVDR | &nbsp;&nbsp; 13203840 | 1467924 |
|  |  | 12840563 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| Com7 PCL, NVDR | &nbsp;&nbsp; 1925000 | 1517894 |
| Home Product Center PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 9584073 | 2102514 |
| Siam Global House PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 2925281 | 642569 |
|  |  | 4262977 |
| **Transportation Infrastructure — 4.3%** | **Transportation Infrastructure — 4.3%** | **Transportation Infrastructure — 4.3%** |
| Airports of Thailand PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 6992200 | 7785882 |
| Bangkok Expressway & Metro PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 10779853 | 1766017 |
|  |  | 9551899 |
| **Water Utilities — 0.3%** | **Water Utilities — 0.3%** | **Water Utilities — 0.3%** |
| TTW PCL, NVDR | &nbsp;&nbsp; 2193366 | 616133 |
| **Wireless Telecommunication Services — 7.7%** | **Wireless Telecommunication Services — 7.7%** | **Wireless Telecommunication Services — 7.7%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 1855719 | 16874708 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $297,546,212)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $297,546,212)** | 219461815 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.7%** | **Money Market Funds — 4.7%** | **Money Market Funds — 4.7%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 10185124 | $10190217 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 190000 | 190000 |
| **Total Short-Term Securities — 4.7%** <br>**(Cost: $10,371,526)** | **Total Short-Term Securities — 4.7%** <br>**(Cost: $10,371,526)** | 10380217 |
| **Total Investments — 104.1%** <br>**(Cost: $307,917,738)** | **Total Investments — 104.1%** <br>**(Cost: $307,917,738)** | 229842032 |
| **Liabilities in Excess of Other Assets — (4.1)%** | **Liabilities in Excess of Other Assets — (4.1)%** | (9047347)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $220794685 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $28695288 | $—<br> $(18503841 )<sup>(a)</sup><br>| $5424 | $(6654)<br>| $10190217 | 10185124 | $895536 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 520000 | —<br> (330000 )<sup>(a)</sup><br>|  |  | 190000 | 190000 | 16215 |  |
|  |  |  | $5424 | $(6654) | $10380217 |  | $911751 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 19 | 09/19/25 | &nbsp;&nbsp; $1202 | $732 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Thailand ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $732 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $732 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $164805 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $164805 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6625 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6625 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $604444 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $5838362 | &nbsp;&nbsp; $213623453 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $219461815 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 10380217 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10380217 |
|  | &nbsp;&nbsp; $16218579 | &nbsp;&nbsp; $213623453 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $229842032 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $732 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $732 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Hong Kong <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Japan <br> Small-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Malaysia <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Pacific ex <br> Japan ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $710435323 | $144192951 | $235808316 | $1832508735 |
| Investments, at value—affiliated<sup>(c)</sup> | 560000 | 1775389 | 4103810 | 11657227 |
| Cash | 2600 | 5927 | 297 | 8481 |
| Cash pledged for futures contracts | 175500 |  | 11000 |  |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  | 26900 |  | 785960 |
| Foreign currency, at value<sup>(e)</sup> | 5992450 | 74846 | 5996 | 4405373 |
| Receivables: |  |  |  |  |
| Investments sold |  |  | 1597005 |  |
| Securities lending income—affiliated |  | 2530 | 13727 | 2072 |
| Swaps | 6956 |  |  |  |
| Dividends—unaffiliated | 2386952 | 368981 | 179467 | 7103107 |
| Dividends—affiliated | 3193 | 107 | 1255 | 2080 |
| Tax reclaims |  | 1429 |  |  |
| Variation margin on futures contracts | 8837 |  |  |  |
| Unrealized appreciation on OTC swaps | 249120 |  |  |  |
| Total assets | 719820931 | 146449060 | 241720873 | 1856473035 |
| **LIABILITIES** |  |  |  |  |
| Cash received for futures contracts |  | 6813 |  | 106196 |
| Collateral on securities loaned, at value |  | 1725016 | 3795666 | 11041406 |
| Payables: |  |  |  |  |
| Swaps | 31723 |  |  |  |
| Investment advisory fees | 291141 | 59627 | 98701 | 745939 |
| Variation margin on futures contracts |  | 6513 | 234 | 3801 |
| Unrealized depreciation on OTC swaps | 6857 |  |  |  |
| Total liabilities | 329721 | 1797969 | 3894601 | 11897342 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $719491210 | $144651091 | $237826272 | $1844575693 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $1393466646 | $154429965 | $280705773 | $2436277714 |
| Accumulated loss | (673975436) | (9778874) | (42879501) | (591702021) |
| NET ASSETS | $719491210 | $144651091 | $237826272 | $1844575693 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 33600000 | 1600000 | 9600000 | 35700000 |
| Net asset value | $21.41 | $90.41 | $24.77 | $51.67 |
| Shares authorized | 375 million | 500 million | 300 million | 1 billion |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $724497865 | $133128455 | $132380970 | $1607939034 |
| <sup>(b)</sup> Securities loaned, at value | $— | $1350933 | $3597083 | $10494826 |
| <sup>(c)</sup> Investments, at cost—affiliated | $560000 | $1775344 | $4103810 | $11655580 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $27048 | $— | $794535 |
| <sup>(e)</sup> Foreign currency, at cost | $5976987 | $74877 | $5996 | $4390673 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (continued)

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI <br> Singapore <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Taiwan ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Thailand ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $786137457 | $6057925054 | $219461815 |
| Investments, at value—affiliated<sup>(c)</sup> | 34040815 | 623854919 | 10380217 |
| Cash | 1665 | 10209 | 41036 |
| Cash pledged for futures contracts |  | 2738000 | 30000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 356948 |  |  |
| Foreign currency, at value<sup>(e)</sup> | 4740448 | 13934039 | 143715 |
| Receivables: |  |  |  |
| Investments sold |  |  | 8164 |
| Securities lending income—affiliated | 3344 | 839902 | 48448 |
| Swaps | 62221 |  |  |
| Dividends—unaffiliated | 1658043 | 19002162 | 1038842 |
| Dividends—affiliated | 2687 | 16776 | 764 |
| Variation margin on futures contracts | 12621 |  |  |
| Unrealized appreciation on OTC swaps | 2176 |  |  |
| Total assets | 827018425 | 6718321061 | 231153001 |
| **LIABILITIES** |  |  |  |
| Collateral on securities loaned, at value | 33869065 | 619323630 | 10191069 |
| Payables: |  |  |  |
| Investments purchased | 1706396 | 221 |  |
| Capital shares redeemed | 5 |  | 39137 |
| Foreign taxes |  | 140392 |  |
| Investment advisory fees | 323999 | 3034572 | 118471 |
| Variation margin on futures contracts |  | 242813 | 9639 |
| Unrealized depreciation on OTC swaps | 1871 |  |  |
| Total liabilities | 35901336 | 622741628 | 10358316 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $791117089 | $6095579433 | $220794685 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $980424853 | $2707349580 | $481771638 |
| Accumulated earnings (loss) | (189307764) | 3388229853 | (260976953) |
| NET ASSETS | $791117089 | $6095579433 | $220794685 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 28200000 | 103800000 | 3850000 |
| Net asset value | $28.05 | $58.72 | $57.35 |
| Shares authorized | 300 million | 900 million | 200 million |
| Par value | $0.001 | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $613915126 | $2826565380 | $297546212 |
| <sup>(b)</sup> Securities loaned, at value | $31069835 | $567604163 | $9505634 |
| <sup>(c)</sup> Investments, at cost—affiliated | $34040815 | $623802835 | $10371526 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $356074 | $— | $— |
| <sup>(e)</sup> Foreign currency, at cost | $4741837 | $13931518 | $143514 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Hong <br> Kong ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Japan <br> Small-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Malaysia <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Pacific <br> ex Japan <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $27109478 | &nbsp;&nbsp;&nbsp; $3342776 | &nbsp;&nbsp;&nbsp; $11609145 | &nbsp;&nbsp;&nbsp; $76936889 |
| Dividends—affiliated | &nbsp;&nbsp; 46498 | &nbsp;&nbsp;&nbsp; 1812 | &nbsp;&nbsp;&nbsp; 18342 | &nbsp;&nbsp;&nbsp; 41998 |
| Interest—unaffiliated | &nbsp;&nbsp; 3620 | &nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; 7803 | &nbsp;&nbsp;&nbsp; 19728 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 4565 | &nbsp;&nbsp;&nbsp; 51775 | &nbsp;&nbsp;&nbsp; 109329 | &nbsp;&nbsp;&nbsp; 61159 |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (329981)<br>| &nbsp;&nbsp;&nbsp; (350)<br>| &nbsp;&nbsp;&nbsp; (613050)<br>|
| Total investment income | &nbsp;&nbsp; 27164161 | &nbsp;&nbsp;&nbsp; 3066558 | &nbsp;&nbsp;&nbsp; 11744269 | &nbsp;&nbsp;&nbsp; 76446724 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 3109967 | &nbsp;&nbsp;&nbsp; 607904 | &nbsp;&nbsp;&nbsp; 1360800 | &nbsp;&nbsp;&nbsp; 9017018 |
| Commitment costs | &nbsp;&nbsp; 6354 | &nbsp;&nbsp;&nbsp; 1172 | &nbsp;&nbsp;&nbsp; 2804 | &nbsp;&nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1807 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 3116872 | &nbsp;&nbsp;&nbsp; 609076 | &nbsp;&nbsp;&nbsp; 1365411 | &nbsp;&nbsp;&nbsp; 9017018 |
| Net investment income | &nbsp;&nbsp; 24047289 | &nbsp;&nbsp;&nbsp; 2457482 | &nbsp;&nbsp;&nbsp; 10378858 | &nbsp;&nbsp;&nbsp; 67429706 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (25380659)<br>| &nbsp;&nbsp;&nbsp; 616228 | &nbsp;&nbsp;&nbsp; 3252821 | &nbsp;&nbsp;&nbsp; (52408208)<br>|
| Investments—affiliated | &nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp; 1804 | &nbsp;&nbsp;&nbsp; 1586 |
| Foreign currency transactions | &nbsp;&nbsp; (5099)<br>| &nbsp;&nbsp;&nbsp; 23500 | &nbsp;&nbsp;&nbsp; (281436)<br>| &nbsp;&nbsp;&nbsp; 127339 |
| Futures contracts | &nbsp;&nbsp; 1018582 | &nbsp;&nbsp;&nbsp; 141885 | &nbsp;&nbsp;&nbsp; 294210 | &nbsp;&nbsp;&nbsp; 1256920 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 6798886 | &nbsp;&nbsp;&nbsp; 4279022 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 118389159 |
| Swaps | &nbsp;&nbsp; 56670 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (17511466)<br>| &nbsp;&nbsp;&nbsp; 5061046 | &nbsp;&nbsp;&nbsp; 3267399 | &nbsp;&nbsp;&nbsp; 67366796 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 183433275 | &nbsp;&nbsp;&nbsp; 14764155 | &nbsp;&nbsp;&nbsp; (30449693)<br>| &nbsp;&nbsp;&nbsp; 168551858 |
| Investments—affiliated | &nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp; (592)<br>| &nbsp;&nbsp;&nbsp; (405)<br>| &nbsp;&nbsp;&nbsp; (1284)<br>|
| Foreign currency translations | &nbsp;&nbsp; 18867 | &nbsp;&nbsp;&nbsp; (18390)<br>| &nbsp;&nbsp;&nbsp; (5158)<br>| &nbsp;&nbsp;&nbsp; 40390 |
| Futures contracts | &nbsp;&nbsp; 18059 | &nbsp;&nbsp;&nbsp; (29659)<br>| &nbsp;&nbsp;&nbsp; 577 | &nbsp;&nbsp;&nbsp; (108312)<br>|
| Swaps | &nbsp;&nbsp; 242263 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 183712725 | &nbsp;&nbsp;&nbsp; 14715514 | &nbsp;&nbsp;&nbsp; (30454679)<br>| &nbsp;&nbsp;&nbsp; 168482652 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 166201259 | &nbsp;&nbsp;&nbsp; 19776560 | &nbsp;&nbsp;&nbsp; (27187280)<br>| &nbsp;&nbsp;&nbsp; 235849448 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $190248548 | &nbsp;&nbsp;&nbsp; $22234042 | &nbsp;&nbsp;&nbsp; $(16808422)<br>| &nbsp;&nbsp;&nbsp; $303279154 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Operations (continued)

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>MSCI <br> Singapore <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Taiwan <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Thailand ETF <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $29395261 | &nbsp;&nbsp;&nbsp; $188078606 | &nbsp;&nbsp;&nbsp; $7729519 |
| Dividends—affiliated | &nbsp;&nbsp; 28554 | &nbsp;&nbsp;&nbsp; 124146 | &nbsp;&nbsp;&nbsp; 16215 |
| Interest—unaffiliated | &nbsp;&nbsp; 2538 | &nbsp;&nbsp;&nbsp; 99380 | &nbsp;&nbsp;&nbsp; 1980 |
| Securities lending income—affiliated—net<sup>(a)</sup> | &nbsp;&nbsp; 91099 | &nbsp;&nbsp;&nbsp; 7991809 | &nbsp;&nbsp;&nbsp; 895536 |
| Foreign taxes withheld | &nbsp;&nbsp; (259158)<br>| &nbsp;&nbsp;&nbsp; (32943993)<br>| &nbsp;&nbsp;&nbsp; (741514)<br>|
| Total investment income | &nbsp;&nbsp; 29258294 | &nbsp;&nbsp;&nbsp; 163349948 | &nbsp;&nbsp;&nbsp; 7901736 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 3293750 | &nbsp;&nbsp;&nbsp; 32033918 | &nbsp;&nbsp;&nbsp; 1223296 |
| Commitment costs | &nbsp;&nbsp; 6764 | &nbsp;&nbsp;&nbsp; 39896 | &nbsp;&nbsp;&nbsp; 2027 |
| Interest expense | &nbsp;&nbsp; 962 | &nbsp;&nbsp;&nbsp; 93539 | &nbsp;&nbsp;&nbsp; 533 |
| Total expenses | &nbsp;&nbsp; 3301476 | &nbsp;&nbsp;&nbsp; 32167353 | &nbsp;&nbsp;&nbsp; 1225856 |
| Net investment income | &nbsp;&nbsp; 25956818 | &nbsp;&nbsp;&nbsp; 131182595 | &nbsp;&nbsp;&nbsp; 6675880 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 10270217 | &nbsp;&nbsp;&nbsp; 172414953 | &nbsp;&nbsp;&nbsp; (23868201)<br>|
| Investments—affiliated | &nbsp;&nbsp; (813)<br>| &nbsp;&nbsp;&nbsp; 63600 | &nbsp;&nbsp;&nbsp; 5424 |
| Foreign currency transactions | &nbsp;&nbsp; 299553 | &nbsp;&nbsp;&nbsp; (2757828)<br>| &nbsp;&nbsp;&nbsp; 90222 |
| Futures contracts | &nbsp;&nbsp; 1553679 | &nbsp;&nbsp;&nbsp; 8032631 | &nbsp;&nbsp;&nbsp; 164805 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 58261872 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 946745 |
| Swaps | &nbsp;&nbsp; (196907)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 70187601 | &nbsp;&nbsp;&nbsp; 177753356 | &nbsp;&nbsp;&nbsp; (22661005)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 122509539 | &nbsp;&nbsp;&nbsp; 310197478 | &nbsp;&nbsp;&nbsp; 13213816 |
| Investments—affiliated | &nbsp;&nbsp; (2008)<br>| &nbsp;&nbsp;&nbsp; (94925)<br>| &nbsp;&nbsp;&nbsp; (6654)<br>|
| Foreign currency translations | &nbsp;&nbsp; (10440)<br>| &nbsp;&nbsp;&nbsp; (663777)<br>| &nbsp;&nbsp;&nbsp; (8608)<br>|
| Futures contracts | &nbsp;&nbsp; (36862)<br>| &nbsp;&nbsp;&nbsp; (637454)<br>| &nbsp;&nbsp;&nbsp; 6625 |
| Swaps | &nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 122460534 | &nbsp;&nbsp;&nbsp; 308801322 | &nbsp;&nbsp;&nbsp; 13205179 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 192648135 | &nbsp;&nbsp;&nbsp; 486554678 | &nbsp;&nbsp;&nbsp; (9455826)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $218604953 | &nbsp;&nbsp;&nbsp; $617737273 | &nbsp;&nbsp;&nbsp; $(2779946)<br>|
| <sup>(a)</sup> Net of securities lending income tax paid of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1985355 | &nbsp;&nbsp;&nbsp; $— |
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Hong Kong ETF  | iShares <br>MSCI Hong Kong ETF  | iShares <br>MSCI Japan Small-Cap ETF  | iShares <br>MSCI Japan Small-Cap ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $24047289 | &nbsp;&nbsp;&nbsp; $20725616 | &nbsp;&nbsp;&nbsp; $2457482 | &nbsp;&nbsp;&nbsp; $2313872 |
| Net realized gain (loss) | &nbsp;&nbsp; (17511466)<br>| &nbsp;&nbsp;&nbsp; (99622780)<br>| &nbsp;&nbsp;&nbsp; 5061046 | &nbsp;&nbsp;&nbsp; 3635680 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 183712725 | &nbsp;&nbsp;&nbsp; 32334786 | &nbsp;&nbsp;&nbsp; 14715514 | &nbsp;&nbsp;&nbsp; 6769791 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 190248548 | &nbsp;&nbsp;&nbsp; (46562378)<br>| &nbsp;&nbsp;&nbsp; 22234042 | &nbsp;&nbsp;&nbsp; 12719343 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (26363568)<br>| &nbsp;&nbsp;&nbsp; (25933938)<br>| &nbsp;&nbsp;&nbsp; (2347791)<br>| &nbsp;&nbsp;&nbsp; (2710304)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 46405486 | &nbsp;&nbsp;&nbsp; (46634759)<br>| &nbsp;&nbsp;&nbsp; 16629490 | &nbsp;&nbsp;&nbsp; (21206680)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 210290466 | &nbsp;&nbsp;&nbsp; (119131075)<br>| &nbsp;&nbsp;&nbsp; 36515741 | &nbsp;&nbsp;&nbsp; (11197641)<br>|
| Beginning of year | &nbsp;&nbsp; 509200744 | &nbsp;&nbsp;&nbsp; 628331819 | &nbsp;&nbsp;&nbsp; 108135350 | &nbsp;&nbsp;&nbsp; 119332991 |
| End of year | &nbsp;&nbsp; $719491210 | &nbsp;&nbsp;&nbsp; $509200744 | &nbsp;&nbsp;&nbsp; $144651091 | &nbsp;&nbsp;&nbsp; $108135350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Malaysia ETF  | iShares <br>MSCI Malaysia ETF  | iShares <br>MSCI Pacific ex Japan ETF  | iShares <br>MSCI Pacific ex Japan ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $10378858 | &nbsp;&nbsp;&nbsp; $8960292 | &nbsp;&nbsp;&nbsp; $67429706 | &nbsp;&nbsp;&nbsp; $68191796 |
| Net realized gain (loss) | &nbsp;&nbsp; 3267399 | &nbsp;&nbsp;&nbsp; 2580543 | &nbsp;&nbsp;&nbsp; 67366796 | &nbsp;&nbsp;&nbsp; (50276065)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (30454679)<br>| &nbsp;&nbsp;&nbsp; 54541164 | &nbsp;&nbsp;&nbsp; 168482652 | &nbsp;&nbsp;&nbsp; 249250243 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (16808422)<br>| &nbsp;&nbsp;&nbsp; 66081999 | &nbsp;&nbsp;&nbsp; 303279154 | &nbsp;&nbsp;&nbsp; 267165974 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (10801325)<br>| &nbsp;&nbsp;&nbsp; (8448335)<br>| &nbsp;&nbsp;&nbsp; (73127039)<br>| &nbsp;&nbsp;&nbsp; (73370730)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (56985436)<br>| &nbsp;&nbsp;&nbsp; 6946437 | &nbsp;&nbsp;&nbsp; (359416244)<br>| &nbsp;&nbsp;&nbsp; (62623096)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (84595183)<br>| &nbsp;&nbsp;&nbsp; 64580101 | &nbsp;&nbsp;&nbsp; (129264129)<br>| &nbsp;&nbsp;&nbsp; 131172148 |
| Beginning of year | &nbsp;&nbsp; 322421455 | &nbsp;&nbsp;&nbsp; 257841354 | &nbsp;&nbsp;&nbsp; 1973839822 | &nbsp;&nbsp;&nbsp; 1842667674 |
| End of year | &nbsp;&nbsp; $237826272 | &nbsp;&nbsp;&nbsp; $322421455 | &nbsp;&nbsp;&nbsp; $1844575693 | &nbsp;&nbsp;&nbsp; $1973839822 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Singapore ETF  | iShares <br>MSCI Singapore ETF  | iShares <br>MSCI Taiwan ETF  | iShares <br>MSCI Taiwan ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $25956818 | &nbsp;&nbsp;&nbsp; $20569575 | &nbsp;&nbsp;&nbsp; $131182595 | &nbsp;&nbsp;&nbsp; $93095012 |
| Net realized gain (loss) | &nbsp;&nbsp; 70187601 | &nbsp;&nbsp;&nbsp; (10273785)<br>| &nbsp;&nbsp;&nbsp; 177753356 | &nbsp;&nbsp;&nbsp; 153466663 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 122460534 | &nbsp;&nbsp;&nbsp; 57686753 | &nbsp;&nbsp;&nbsp; 308801322 | &nbsp;&nbsp;&nbsp; 881580860 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 218604953 | &nbsp;&nbsp;&nbsp; 67982543 | &nbsp;&nbsp;&nbsp; 617737273 | &nbsp;&nbsp;&nbsp; 1128142535 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (28256370)<br>| &nbsp;&nbsp;&nbsp; (21657062)<br>| &nbsp;&nbsp;&nbsp; (176076345)<br>| &nbsp;&nbsp;&nbsp; (408443157)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 88210193 | &nbsp;&nbsp;&nbsp; (21806753)<br>| &nbsp;&nbsp;&nbsp; 420414641 | &nbsp;&nbsp;&nbsp; 1231812925 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 278558776 | &nbsp;&nbsp;&nbsp; 24518728 | &nbsp;&nbsp;&nbsp; 862075569 | &nbsp;&nbsp;&nbsp; 1951512303 |
| Beginning of year | &nbsp;&nbsp; 512558313 | &nbsp;&nbsp;&nbsp; 488039585 | &nbsp;&nbsp;&nbsp; 5233503864 | &nbsp;&nbsp;&nbsp; 3281991561 |
| End of year | &nbsp;&nbsp; $791117089 | &nbsp;&nbsp;&nbsp; $512558313 | &nbsp;&nbsp;&nbsp; $6095579433 | &nbsp;&nbsp;&nbsp; $5233503864 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI Thailand ETF  | iShares <br>MSCI Thailand ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $6675880 | &nbsp;&nbsp;&nbsp; $7655063 |
| Net realized loss | &nbsp;&nbsp; (22661005)<br>| &nbsp;&nbsp;&nbsp; (25489512)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 13205179 | &nbsp;&nbsp;&nbsp; (9079350)<br>|
| Net decrease in net assets resulting from operations | &nbsp;&nbsp; (2779946)<br>| &nbsp;&nbsp;&nbsp; (26913799)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (7089815)<br>| &nbsp;&nbsp;&nbsp; (7662439)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (7692158)<br>| &nbsp;&nbsp;&nbsp; (35154195)<br>|
| *NET ASSETS* |  |  |
| Total decrease in net assets | &nbsp;&nbsp; (17561919)<br>| &nbsp;&nbsp;&nbsp; (69730433)<br>|
| Beginning of year | &nbsp;&nbsp; 238356604 | &nbsp;&nbsp;&nbsp; 308087037 |
| End of year | &nbsp;&nbsp; $220794685 | &nbsp;&nbsp;&nbsp; $238356604 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Hong Kong ETF  | iShares MSCI Hong Kong ETF  | iShares MSCI Hong Kong ETF  | iShares MSCI Hong Kong ETF  | iShares MSCI Hong Kong ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $16.13 | &nbsp;&nbsp;&nbsp; $18.17 | &nbsp;&nbsp;&nbsp; $20.46 | &nbsp;&nbsp;&nbsp; $25.80 | &nbsp;&nbsp;&nbsp; $22.91 |
| Net investment income<sup>(a)</sup> | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 5.35 | &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp; (5.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.92 |
| Net increase (decrease) from investment operations | 6.04 | &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp;&nbsp; (4.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.49 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $21.41 | &nbsp;&nbsp;&nbsp; $16.13 | &nbsp;&nbsp;&nbsp; $18.17 | &nbsp;&nbsp;&nbsp; $20.46 | &nbsp;&nbsp;&nbsp; $25.80 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 38.41<br> %<br>| &nbsp;&nbsp;&nbsp; (6.97)%<br>| &nbsp;&nbsp;&nbsp; (8.56)%<br>| &nbsp;&nbsp;&nbsp; (18.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.24<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 3.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $719491 | &nbsp;&nbsp;&nbsp; $509201 | &nbsp;&nbsp;&nbsp; $628332 | &nbsp;&nbsp;&nbsp; $728759 | &nbsp;&nbsp;&nbsp; $1023773 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Japan Small-Cap ETF  | iShares MSCI Japan Small-Cap ETF  | iShares MSCI Japan Small-Cap ETF  | iShares MSCI Japan Small-Cap ETF  | iShares MSCI Japan Small-Cap ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $77.24 | &nbsp;&nbsp;&nbsp; $70.20 | &nbsp;&nbsp;&nbsp; $62.37 | &nbsp;&nbsp;&nbsp; $81.49 | &nbsp;&nbsp;&nbsp; $69.91 |
| Net investment income<sup>(a)</sup> | 1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 13.09 | &nbsp;&nbsp;&nbsp;&nbsp;7.31 | &nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;&nbsp; (18.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.13 |
| Net increase (decrease) from investment operations | 14.66 | &nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;8.33 | &nbsp;&nbsp;&nbsp; (17.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.17 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $90.41 | &nbsp;&nbsp;&nbsp; $77.24 | &nbsp;&nbsp;&nbsp; $70.20 | &nbsp;&nbsp;&nbsp; $62.37 | &nbsp;&nbsp;&nbsp; $81.49 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 19.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.37<br> %<br>| &nbsp;&nbsp;&nbsp; (21.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.41<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $144651 | &nbsp;&nbsp;&nbsp; $108135 | &nbsp;&nbsp;&nbsp; $119333 | &nbsp;&nbsp;&nbsp; $62369 | &nbsp;&nbsp;&nbsp; $73337 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Malaysia ETF  | iShares MSCI Malaysia ETF  | iShares MSCI Malaysia ETF  | iShares MSCI Malaysia ETF  | iShares MSCI Malaysia ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $25.90 | &nbsp;&nbsp;&nbsp; $21.09 | &nbsp;&nbsp;&nbsp; $22.48 | &nbsp;&nbsp;&nbsp; $26.60 | &nbsp;&nbsp;&nbsp; $26.51 |
| Net investment income<sup>(a)</sup> | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $24.77 | &nbsp;&nbsp;&nbsp; $25.90 | &nbsp;&nbsp;&nbsp; $21.09 | &nbsp;&nbsp;&nbsp; $22.48 | &nbsp;&nbsp;&nbsp; $26.60 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.96<br> %<br>| &nbsp;&nbsp;&nbsp; (3.56)%<br>| &nbsp;&nbsp;&nbsp; (10.92)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.51<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 3.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.62<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $237826 | &nbsp;&nbsp;&nbsp; $322421 | &nbsp;&nbsp;&nbsp; $257841 | &nbsp;&nbsp;&nbsp; $234387 | &nbsp;&nbsp;&nbsp; $265299 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Pacific ex Japan ETF  | iShares MSCI Pacific ex Japan ETF  | iShares MSCI Pacific ex Japan ETF  | iShares MSCI Pacific ex Japan ETF  | iShares MSCI Pacific ex Japan ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $45.69 | &nbsp;&nbsp;&nbsp; $41.22 | &nbsp;&nbsp;&nbsp; $41.86 | &nbsp;&nbsp;&nbsp; $51.17 | &nbsp;&nbsp;&nbsp; $42.98 |
| Net investment income<sup>(a)</sup> | 1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 6.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; (8.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.06 |
| Net increase (decrease) from investment operations | 7.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp; (6.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.36 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (1.17)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $51.67 | &nbsp;&nbsp;&nbsp; $45.69 | &nbsp;&nbsp;&nbsp; $41.22 | &nbsp;&nbsp;&nbsp; $41.86 | &nbsp;&nbsp;&nbsp; $51.17 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp; (13.22)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.82<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| Net investment income | 3.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1844576 | &nbsp;&nbsp;&nbsp; $1973840 | &nbsp;&nbsp;&nbsp; $1842668 | &nbsp;&nbsp;&nbsp; $2135008 | &nbsp;&nbsp;&nbsp; $2440764 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Singapore ETF  | iShares MSCI Singapore ETF  | iShares MSCI Singapore ETF  | iShares MSCI Singapore ETF  | iShares MSCI Singapore ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $20.67 | &nbsp;&nbsp;&nbsp; $18.56 | &nbsp;&nbsp;&nbsp; $18.21 | &nbsp;&nbsp;&nbsp; $23.03 | &nbsp;&nbsp;&nbsp; $19.12 |
| Net investment income<sup>(a)</sup> | 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 7.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; (4.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.92 |
| Net increase (decrease) from investment operations | 8.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.55 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $28.05 | &nbsp;&nbsp;&nbsp; $20.67 | &nbsp;&nbsp;&nbsp; $18.56 | &nbsp;&nbsp;&nbsp; $18.21 | &nbsp;&nbsp;&nbsp; $23.03 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 41.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.84<br> %<br>| &nbsp;&nbsp;&nbsp; (15.92)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.91<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 3.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $791117 | &nbsp;&nbsp;&nbsp; $512558 | &nbsp;&nbsp;&nbsp; $488040 | &nbsp;&nbsp;&nbsp; $553489 | &nbsp;&nbsp;&nbsp; $618238 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Taiwan ETF  | iShares MSCI Taiwan ETF  | iShares MSCI Taiwan ETF  | iShares MSCI Taiwan ETF  | iShares MSCI Taiwan ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $53.95 | &nbsp;&nbsp;&nbsp; $45.77 | &nbsp;&nbsp;&nbsp; $50.47 | &nbsp;&nbsp;&nbsp; $64.79 | &nbsp;&nbsp;&nbsp; $44.08 |
| Net investment income<sup>(a)</sup> | 1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 5.18 | &nbsp;&nbsp;&nbsp;&nbsp;12.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp; (14.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.46 |
| Net increase (decrease) from investment operations | 6.49 | &nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp; (12.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.68 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>|
| From net realized gain | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp;&nbsp; (5.19)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp; (5.53)<br>| &nbsp;&nbsp;&nbsp; (7.56)<br>| &nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $58.72 | &nbsp;&nbsp;&nbsp; $53.95 | &nbsp;&nbsp;&nbsp; $45.77 | &nbsp;&nbsp;&nbsp; $50.47 | &nbsp;&nbsp;&nbsp; $64.79 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.17<br> %<br>| &nbsp;&nbsp;&nbsp; (19.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49.79<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $6095579 | &nbsp;&nbsp;&nbsp; $5233504 | &nbsp;&nbsp;&nbsp; $3281992 | &nbsp;&nbsp;&nbsp; $3750151 | &nbsp;&nbsp;&nbsp; $7555064 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Thailand ETF  | iShares MSCI Thailand ETF  | iShares MSCI Thailand ETF  | iShares MSCI Thailand ETF  | iShares MSCI Thailand ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $61.91 | &nbsp;&nbsp;&nbsp; $69.23 | &nbsp;&nbsp;&nbsp; $70.43 | &nbsp;&nbsp;&nbsp; $79.95 | &nbsp;&nbsp;&nbsp; $68.25 |
| Net investment income<sup>(a)</sup> | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (4.48)<br>| &nbsp;&nbsp;&nbsp; (7.33)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (9.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.73 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp; (5.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp; (7.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.43 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (2.35)<br>| &nbsp;&nbsp;&nbsp; (1.73)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $57.35 | &nbsp;&nbsp;&nbsp; $61.91 | &nbsp;&nbsp;&nbsp; $69.23 | &nbsp;&nbsp;&nbsp; $70.43 | &nbsp;&nbsp;&nbsp; $79.95 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (4.02)%<br>| &nbsp;&nbsp;&nbsp; (7.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp; (9.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.65<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 3.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $220795 | &nbsp;&nbsp;&nbsp; $238357 | &nbsp;&nbsp;&nbsp; $308087 | &nbsp;&nbsp;&nbsp; $334535 | &nbsp;&nbsp;&nbsp; $411738 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| MSCI Hong Kong | &nbsp;&nbsp; Non-diversified |
| MSCI Japan Small-Cap | &nbsp;&nbsp; Diversified |
| MSCI Malaysia | &nbsp;&nbsp; Non-diversified |
| MSCI Pacific ex Japan | &nbsp;&nbsp; Diversified |
| MSCI Singapore | &nbsp;&nbsp; Non-diversified |
| MSCI Taiwan | &nbsp;&nbsp; Non-diversified |
| MSCI Thailand | &nbsp;&nbsp; Non-diversified |

---

***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 exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). 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 Statements 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 Statements 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 "Foreign taxes withheld", 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 August 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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 Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** 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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from 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.

**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.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that 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. The Board of Directors of the Company (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. 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 BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., 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 Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the 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 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. SECURITIES AND OTHER INVESTMENTS***

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI Japan Small-Cap |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $246946 | &nbsp;&nbsp;&nbsp; $(246946) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 88550 | &nbsp;&nbsp;&nbsp; (88550) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 134919 | &nbsp;&nbsp;&nbsp; (134919) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 182635 | &nbsp;&nbsp;&nbsp; (182635) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 408214 | &nbsp;&nbsp;&nbsp; (408214) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 95622 | &nbsp;&nbsp;&nbsp; (95622) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 62495 | &nbsp;&nbsp;&nbsp; (62495) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 5628 | &nbsp;&nbsp;&nbsp; (5628) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 19985 | &nbsp;&nbsp;&nbsp; (19985) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 105939 | &nbsp;&nbsp;&nbsp; (105939) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1350933 | &nbsp;&nbsp;&nbsp; $(1350933) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Malaysia |  |  |  |  |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; $3597083 | &nbsp;&nbsp;&nbsp; $(3597083) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| MSCI Pacific ex Japan |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $1133133 | &nbsp;&nbsp;&nbsp; $(1133133) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 909806 | &nbsp;&nbsp;&nbsp; (909806) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 7982995 | &nbsp;&nbsp;&nbsp; (7982995) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 284110 | &nbsp;&nbsp;&nbsp; (284110) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 110166 | &nbsp;&nbsp;&nbsp; (110166) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 74616 | &nbsp;&nbsp;&nbsp; (74616) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $10494826 | &nbsp;&nbsp;&nbsp; $(10494826) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Singapore |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $1676140 | &nbsp;&nbsp;&nbsp; $(1676140) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 1551535 | &nbsp;&nbsp;&nbsp; (1551535) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 27609 | &nbsp;&nbsp;&nbsp; (27609) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 24895352 | &nbsp;&nbsp;&nbsp; (24895352) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1549924 | &nbsp;&nbsp;&nbsp; (1549924) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 182663 | &nbsp;&nbsp;&nbsp; (182663) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 197950 | &nbsp;&nbsp;&nbsp; (192674) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5276<sup>(b)</sup> <br>|
| Toronto-Dominion Bank | &nbsp;&nbsp; 988662 | &nbsp;&nbsp;&nbsp; (988662) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $31069835 | &nbsp;&nbsp;&nbsp; $(31064559) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5276 |
| MSCI Taiwan |  |  |  |  |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; $56118100 | &nbsp;&nbsp;&nbsp; $(56118100) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs International | &nbsp;&nbsp; 68184555 | &nbsp;&nbsp;&nbsp; (68184555) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; 37481016 | &nbsp;&nbsp;&nbsp; (37481016) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 6204192 | &nbsp;&nbsp;&nbsp; (6204192) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp; 11898509 | &nbsp;&nbsp;&nbsp; (11898509) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 379903200 | &nbsp;&nbsp;&nbsp; (379903200) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Europe SE | &nbsp;&nbsp; 7814591 | &nbsp;&nbsp;&nbsp; (7814591) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $567604163 | &nbsp;&nbsp;&nbsp; $(567604163) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Thailand |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $243345 | &nbsp;&nbsp;&nbsp; $(243345) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 2830878 | &nbsp;&nbsp;&nbsp; (2830878) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 1402504 | &nbsp;&nbsp;&nbsp; (1402504) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 977863 | &nbsp;&nbsp;&nbsp; (977863) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 269250 | &nbsp;&nbsp;&nbsp; (269250) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 3548088 | &nbsp;&nbsp;&nbsp; (3548088) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 233706 | &nbsp;&nbsp;&nbsp; (233706) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $9505634 | &nbsp;&nbsp;&nbsp; $(9505634) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of August 31, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. 

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

***5. 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 Statements of Assets and Liabilities.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the iShares MSCI Hong Kong ETF and iShares MSCI Singapore ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund's assets. BFA is a 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 directors).

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

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $7 billion | 0.59% |
| Over $7 billion, up to and including $11 billion | 0.54 |
| Over $11 billion, up to and including $24 billion | 0.49 |
| Over $24 billion, up to and including $48 billion | 0.44 |
| Over $48 billion, up to and including $72 billion | 0.40 |
| Over $72 billion, up to and including $96 billion | 0.36 |
| Over $96 billion | 0.32 |

---

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

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $46 billion | 0.5000% |
| Over $46 billion, up to and including $81 billion | 0.475000 |
| Over $81 billion, up to and including $111 billion | 0.451250 |
| Over $111 billion, up to and including $141 billion | 0.428687 |
| Over $141 billion, up to and including $171 billion | 0.407253 |
| Over $171 billion | 0.386890 |

---

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

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $2 billion | 0.7400% |
| Over $2 billion, up to and including $4 billion | 0.6900 |
| Over $4 billion, up to and including $8 billion | 0.6400 |
| Over $8 billion, up to and including $16 billion | 0.5700 |
| Over $16 billion, up to and including $24 billion | 0.5100 |
| Over $24 billion, up to and including $32 billion | 0.4800 |
| Over $32 billion, up to and including $40 billion | 0.4500 |
| Over $40 billion | 0.4275 |

---

**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.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be,

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Hong Kong | &nbsp;&nbsp; $1616 |
| MSCI Japan Small-Cap | &nbsp;&nbsp; 12166 |
| MSCI Malaysia | &nbsp;&nbsp; 25363 |
| MSCI Pacific ex Japan | &nbsp;&nbsp; 18235 |
| MSCI Singapore | &nbsp;&nbsp; 27616 |
| MSCI Taiwan | &nbsp;&nbsp; 2419341 |
| MSCI Thailand | &nbsp;&nbsp; 202992 |

---

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

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

For the year ended August 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI Hong Kong | &nbsp;&nbsp; $17694136 | &nbsp;&nbsp;&nbsp; $10415500 | &nbsp;&nbsp;&nbsp; $(4408243) |
| MSCI Japan Small-Cap | &nbsp;&nbsp; 10915068 | &nbsp;&nbsp;&nbsp; 6541707 | &nbsp;&nbsp;&nbsp; 3337730 |
| MSCI Pacific ex Japan | &nbsp;&nbsp; 17295545 | &nbsp;&nbsp;&nbsp; 17611125 | &nbsp;&nbsp;&nbsp; (7877913) |
| MSCI Singapore | &nbsp;&nbsp; 22447708 | &nbsp;&nbsp;&nbsp; 47714387 | &nbsp;&nbsp;&nbsp; 2593619 |

---

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 Statements 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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Hong Kong | &nbsp;&nbsp; $168545819 | &nbsp;&nbsp;&nbsp; $63656980 |
| MSCI Japan Small-Cap | &nbsp;&nbsp; 21086381 | &nbsp;&nbsp;&nbsp; 20222633 |
| MSCI Malaysia | &nbsp;&nbsp; 138499873 | &nbsp;&nbsp;&nbsp; 197130637 |
| MSCI Pacific ex Japan | &nbsp;&nbsp; 186338175 | &nbsp;&nbsp;&nbsp; 185389275 |
| MSCI Singapore | &nbsp;&nbsp; 152223973 | &nbsp;&nbsp;&nbsp; 138415685 |
| MSCI Taiwan | &nbsp;&nbsp; 2314089646 | &nbsp;&nbsp;&nbsp; 1924898997 |
| MSCI Thailand | &nbsp;&nbsp; 25791599 | &nbsp;&nbsp;&nbsp; 24540021 |

---

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Hong Kong | &nbsp;&nbsp; $7246006 | &nbsp;&nbsp;&nbsp; $73585506 |
| MSCI Japan Small-Cap | &nbsp;&nbsp; 53249913 | &nbsp;&nbsp;&nbsp; 36944914 |
| MSCI Pacific ex Japan | &nbsp;&nbsp; 132406887 | &nbsp;&nbsp;&nbsp; 495561966 |
| MSCI Singapore | &nbsp;&nbsp; 307569918 | &nbsp;&nbsp;&nbsp; 235361924 |
| MSCI Thailand | &nbsp;&nbsp; 95180255 | &nbsp;&nbsp;&nbsp; 104967804 |

---

***8. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Company's other funds for federal income tax purposes. It is 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 of 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 August 31, 2025, 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' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to distributions in connection with fund share redemptions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| MSCI Hong Kong | &nbsp;&nbsp; $(7017696) | &nbsp;&nbsp;&nbsp; $7017696 |
| MSCI Japan Small-Cap | &nbsp;&nbsp; 3962979 | &nbsp;&nbsp;&nbsp; (3962979) |
| MSCI Pacific ex Japan | &nbsp;&nbsp; 91705746 | &nbsp;&nbsp;&nbsp; (91705746) |
| MSCI Singapore | &nbsp;&nbsp; 57073112 | &nbsp;&nbsp;&nbsp; (57073112) |
| MSCI Taiwan | &nbsp;&nbsp; 15452981 | &nbsp;&nbsp;&nbsp; (15452981) |
| MSCI Thailand | &nbsp;&nbsp; (2122419) | &nbsp;&nbsp;&nbsp; 2122419 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| MSCI Hong Kong |  |  |
| Ordinary income | &nbsp;&nbsp; $26363568 | &nbsp;&nbsp;&nbsp; $25933938 |
| MSCI Japan Small-Cap |  |  |
| Ordinary income | &nbsp;&nbsp; $2347791 | &nbsp;&nbsp;&nbsp; $2710304 |
| MSCI Malaysia |  |  |
| Ordinary income | &nbsp;&nbsp; $10801325 | &nbsp;&nbsp;&nbsp; $8448335 |
| MSCI Pacific ex Japan |  |  |
| Ordinary income | &nbsp;&nbsp; $73127039 | &nbsp;&nbsp;&nbsp; $73370730 |
| MSCI Singapore |  |  |
| Ordinary income | &nbsp;&nbsp; $28256370 | &nbsp;&nbsp;&nbsp; $21657062 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended*<br> *08/31/25*<br>| &nbsp;&nbsp; *Year Ended*<br> *08/31/24*<br>|
| MSCI Taiwan |  |  |
| Ordinary income | &nbsp;&nbsp; $143844605 | &nbsp;&nbsp;&nbsp; $147189217 |
| Long-term capital gains | &nbsp;&nbsp; 32231740 | &nbsp;&nbsp;&nbsp; 261253940 |
|  | &nbsp;&nbsp; $176076345 | &nbsp;&nbsp;&nbsp; $408443157 |
| MSCI Thailand |  |  |
| Ordinary income | &nbsp;&nbsp; $7089815 | &nbsp;&nbsp;&nbsp; $7662439 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Undistributed* <br>*Long-Term Capital Gains*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| MSCI Hong Kong | &nbsp;&nbsp; $12252115 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(637529715) | &nbsp;&nbsp;&nbsp; $(48697836) | &nbsp;&nbsp;&nbsp; $(673975436) |
| MSCI Japan Small-Cap | &nbsp;&nbsp; 2665172 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20936414) | &nbsp;&nbsp;&nbsp; 8492368 | &nbsp;&nbsp;&nbsp; (9778874) |
| MSCI Malaysia | &nbsp;&nbsp; 157171 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (142957974) | &nbsp;&nbsp;&nbsp; 99921302 | &nbsp;&nbsp;&nbsp; (42879501) |
| MSCI Pacific ex Japan | &nbsp;&nbsp; 15801760 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (759674667) | &nbsp;&nbsp;&nbsp; 152170886 | &nbsp;&nbsp;&nbsp; (591702021) |
| MSCI Singapore | &nbsp;&nbsp; 8074309 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (360328048) | &nbsp;&nbsp;&nbsp; 162945975 | &nbsp;&nbsp;&nbsp; (189307764) |
| MSCI Taiwan | &nbsp;&nbsp; 107803052 | &nbsp;&nbsp;&nbsp; 194677463 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3085749338 | &nbsp;&nbsp;&nbsp; 3388229853 |
| MSCI Thailand | &nbsp;&nbsp; 1341667 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (180652538) | &nbsp;&nbsp;&nbsp; (81666082) | &nbsp;&nbsp;&nbsp; (260976953) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain futures contracts, the accounting for swap agreements, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

For the year ended August 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *iShares ETF* | *Utilized*  |
| MSCI Japan Small-Cap | &nbsp;&nbsp; $802516 |
| MSCI Singapore | &nbsp;&nbsp; 9321907 |

---

As of August 31, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI Hong Kong | &nbsp;&nbsp; $759711865 | &nbsp;&nbsp;&nbsp; $85845504 | &nbsp;&nbsp;&nbsp; $(134562046) | &nbsp;&nbsp;&nbsp; $(48716542) |
| MSCI Japan Small-Cap | &nbsp;&nbsp; 137500027 | &nbsp;&nbsp;&nbsp; 19062882 | &nbsp;&nbsp;&nbsp; (10568207) | &nbsp;&nbsp;&nbsp; 8494675 |
| MSCI Malaysia | &nbsp;&nbsp; 139990862 | &nbsp;&nbsp;&nbsp; 106287420 | &nbsp;&nbsp;&nbsp; (6366156) | &nbsp;&nbsp;&nbsp; 99921264 |
| MSCI Pacific ex Japan | &nbsp;&nbsp; 1692172535 | &nbsp;&nbsp;&nbsp; 326692147 | &nbsp;&nbsp;&nbsp; (174593110) | &nbsp;&nbsp;&nbsp; 152099037 |
| MSCI Singapore | &nbsp;&nbsp; 657214425 | &nbsp;&nbsp;&nbsp; 174844635 | &nbsp;&nbsp;&nbsp; (11901434) | &nbsp;&nbsp;&nbsp; 162943201 |
| MSCI Taiwan | &nbsp;&nbsp; 3595307946 | &nbsp;&nbsp;&nbsp; 3164407956 | &nbsp;&nbsp;&nbsp; (78286964) | &nbsp;&nbsp;&nbsp; 3086120992 |
| MSCI Thailand | &nbsp;&nbsp; 311510320 | &nbsp;&nbsp;&nbsp; 14565485 | &nbsp;&nbsp;&nbsp; (96233774) | &nbsp;&nbsp;&nbsp; (81668289) |

---

***9. LINE OF CREDIT***

The iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Singapore ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2025, the Funds did not borrow under the Syndicated Credit Agreement.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each 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, tariffs 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 an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**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 each 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. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of 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 may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**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 BFA 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 Statements 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.

**Geographic/Asset Class 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 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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. 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. Investment percentages in specific countries are presented in the Schedule of Investments.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Hong Kong |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 7125000 | &nbsp;&nbsp;&nbsp; $136902532 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $93103 |
| Shares redeemed | &nbsp;&nbsp; (5100000)<br>| &nbsp;&nbsp;&nbsp; (90497046)<br>| &nbsp;&nbsp;&nbsp; (3000000)<br>| &nbsp;&nbsp;&nbsp; (46727862)<br>|
|  | &nbsp;&nbsp; 2025000 | &nbsp;&nbsp;&nbsp; $46405486 | &nbsp;&nbsp;&nbsp; (3000000)<br>| &nbsp;&nbsp;&nbsp; $(46634759)<br>|
| MSCI Japan Small-Cap |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $54098005 | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; $43310981 |
| Shares redeemed | &nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; (37468515)<br>| &nbsp;&nbsp;&nbsp; (900000)<br>| &nbsp;&nbsp;&nbsp; (64517661)<br>|
|  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $16629490 | &nbsp;&nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; $(21206680)<br>|
| MSCI Malaysia |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3975000 | &nbsp;&nbsp;&nbsp; $101776467 | &nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; $30378434 |
| Shares redeemed | &nbsp;&nbsp; (6825000)<br>| &nbsp;&nbsp;&nbsp; (158761903)<br>| &nbsp;&nbsp;&nbsp; (1125000)<br>| &nbsp;&nbsp;&nbsp; (23431997)<br>|
|  | &nbsp;&nbsp; (2850000)<br>| &nbsp;&nbsp;&nbsp; $(56985436)<br>| &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; $6946437 |
| MSCI Pacific ex Japan |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp; $165275523 | &nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; $100763846 |
| Shares redeemed | &nbsp;&nbsp; (11100000)<br>| &nbsp;&nbsp;&nbsp; (524691767)<br>| &nbsp;&nbsp;&nbsp; (3900000)<br>| &nbsp;&nbsp;&nbsp; (163386942)<br>|
|  | &nbsp;&nbsp; (7500000)<br>| &nbsp;&nbsp;&nbsp; $(359416244)<br>| &nbsp;&nbsp;&nbsp; (1500000)<br>| &nbsp;&nbsp;&nbsp; $(62623096)<br>|
| MSCI Singapore |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 14950000 | &nbsp;&nbsp;&nbsp; $348558565 | &nbsp;&nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp; $138379549 |
| Shares redeemed | &nbsp;&nbsp; (11550000)<br>| &nbsp;&nbsp;&nbsp; (260348372)<br>| &nbsp;&nbsp;&nbsp; (8800000)<br>| &nbsp;&nbsp;&nbsp; (160186302)<br>|
|  | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp; $88210193 | &nbsp;&nbsp;&nbsp; (1500000)<br>| &nbsp;&nbsp;&nbsp; $(21806753)<br>|
| MSCI Taiwan |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 32700000 | &nbsp;&nbsp;&nbsp; $1753687518 | &nbsp;&nbsp;&nbsp; 32600000 | &nbsp;&nbsp;&nbsp; $1558347534 |
| Shares redeemed | &nbsp;&nbsp; (25900000)<br>| &nbsp;&nbsp;&nbsp; (1333272877)<br>| &nbsp;&nbsp;&nbsp; (7300000)<br>| &nbsp;&nbsp;&nbsp; (326534609)<br>|
|  | &nbsp;&nbsp; 6800000 | &nbsp;&nbsp;&nbsp; $420414641 | &nbsp;&nbsp;&nbsp; 25300000 | &nbsp;&nbsp;&nbsp; $1231812925 |
| MSCI Thailand |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; $98882781 | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; $36614422 |
| Shares redeemed | &nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp;&nbsp; (106574939)<br>| &nbsp;&nbsp;&nbsp; (1200000)<br>| &nbsp;&nbsp;&nbsp; (71768617)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $(7692158)<br>| &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; $(35154195)<br>|

---

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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 Company's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants 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,

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***12. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the seven funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seven of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares MSCI Hong Kong ETF |
| iShares MSCI Japan Small-Cap ETF |
| iShares MSCI Malaysia ETF |
| iShares MSCI Pacific ex Japan ETF |
| iShares MSCI Singapore ETF |
| iShares MSCI Taiwan ETF |
| iShares MSCI Thailand ETF |

---

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

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

2025 iShares Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI Japan Small-Cap | &nbsp;&nbsp; $2638075 |
| MSCI Pacific ex Japan | &nbsp;&nbsp; 48865075 |
| MSCI Thailand | &nbsp;&nbsp; 7221154 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *20% Rate Long-Term* <br>*Capital Gain Dividends*<br>|
| MSCI Taiwan | &nbsp;&nbsp; $47684721 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| MSCI Hong Kong | &nbsp;&nbsp; $27109478 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| MSCI Japan Small-Cap | &nbsp;&nbsp; 3342778 | &nbsp;&nbsp;&nbsp;&nbsp; 319353 |
| MSCI Malaysia | &nbsp;&nbsp; 11609145 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI Pacific ex Japan | &nbsp;&nbsp; 76936892 | &nbsp;&nbsp;&nbsp;&nbsp; 398510 |
| MSCI Singapore | &nbsp;&nbsp; 29395260 | &nbsp;&nbsp;&nbsp;&nbsp; 259152 |
| MSCI Taiwan | &nbsp;&nbsp; 188078615 | &nbsp;&nbsp;&nbsp;&nbsp; 35779943 |
| MSCI Thailand | &nbsp;&nbsp; 7729518 | &nbsp;&nbsp;&nbsp;&nbsp; 745104 |

---

The Funds hereby designates the following amount(s), or maximum amount(s) allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Short-Term* <br>*Capital Gains*<br>|
| MSCI Taiwan | &nbsp;&nbsp; $19712076 |

---

Important Tax Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Regulation under the Alternative Investment Fund Managers Directive**

The Alternative Investment Fund Managers Directive, and its United Kingdom ("UK") equivalent, (the "AIFMD") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF (the "Funds") to be marketed to investors in the EU and/or UK.

**Report on Remuneration**

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Remuneration information at an individual Fund level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Funds; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Funds is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals' portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF (the "Funds") are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

Each Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, each Fund's investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts ("PAIs") on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

**Electronic Delivery**

Shareholders can sign up for e-mail 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

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, when available, at **iShares.com**.

Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares MSCI Hong Kong ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Thailand ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Pacific ex Japan ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods. The Board also noted the revised investment advisory fee rate for the Fund adopted by the Board at a meeting held on December 9-11, 2024 to reflect calculation of the rate to the sixth decimal place on the same or lower basis than the prior fee rate.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Singapore ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA.

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c)

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Taiwan ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also considered the tradability, liquidity and developed capital markets ecosystem associated with the Fund in relation to comparison funds in the Fund's Peer Group that do not have similar attributes. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| HONIA | HKD - Overnight Index Average |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |
| SORA | SGD - Overnight Rate Average |

---

2025 iShares Annual Financial Statements and Additional Information

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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.©2025 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.

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August 31, 2025

![](g19235img79aad1fa1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares, Inc.** |
| • iShares MSCI Belgium ETF \| EWK \| NYSE Arca |
| • iShares MSCI France ETF \| EWQ \| NYSE Arca |
| • iShares MSCI Sweden ETF \| EWD \| NYSE Arca |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_3cb9fa00-ba17-4c4b-823a-e148937e6813_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_3cb9fa00-ba17-4c4b-823a-e148937e6813_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 13 |
| [Statements of Operations](#xx_3cb9fa00-ba17-4c4b-823a-e148937e6813_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 14 |
| [Statements of Changes in Net Assets](#xx_3cb9fa00-ba17-4c4b-823a-e148937e6813_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 15 |
| [Financial Highlights](#xx_3cb9fa00-ba17-4c4b-823a-e148937e6813_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 17 |
| [Notes to Financial Statements](#xx_3cb9fa00-ba17-4c4b-823a-e148937e6813_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 20 |
| [Report of Independent Registered Public Accounting Firm](#xx_3cb9fa00-ba17-4c4b-823a-e148937e6813_opinion-Footer-iSharesReport-22_1)  | &nbsp;&nbsp; 28 |
| [Important Tax Information](#xx_3cb9fa00-ba17-4c4b-823a-e148937e6813_Tax-annual-Footer-iSharesReport-22_1)  | &nbsp;&nbsp; 29 |
| [Additional Information](#xx_3cb9fa00-ba17-4c4b-823a-e148937e6813_SAI-Footer-iSharesReport-22_1)  | &nbsp;&nbsp; 30 |
| [Board Review and Approval of Investment Advisory Contract](#xx_3cb9fa00-ba17-4c4b-823a-e148937e6813_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 31 |
| [Glossary of Terms Used in these Financial Statements](#xx_3cb9fa00-ba17-4c4b-823a-e148937e6813_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 36 |

---

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Belgium ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 5.9%** | **Banks — 5.9%** | **Banks — 5.9%** |
| KBC Ancora | &nbsp;&nbsp; 7501 | $580949 |
| KBC Group NV | &nbsp;&nbsp; 13641 | 1607910 |
|  |  | 2188859 |
| **Beverages — 21.4%** | **Beverages — 21.4%** | **Beverages — 21.4%** |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 126386 | 7928940 |
| **Biotechnology — 15.6%** | **Biotechnology — 15.6%** | **Biotechnology — 15.6%** |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 7704 | 5485284 |
| Galapagos NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 9758 | 307152 |
|  |  | 5792436 |
| **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
| Recticel SA | &nbsp;&nbsp; 16714 | 183605 |
| **Chemicals — 6.5%** | **Chemicals — 6.5%** | **Chemicals — 6.5%** |
| Solvay SA | &nbsp;&nbsp; 14396 | 472843 |
| Syensqo SA | &nbsp;&nbsp; 12141 | 1073189 |
| Tessenderlo Group SA | &nbsp;&nbsp; 8392 | 255903 |
| Umicore SA | &nbsp;&nbsp; 38159 | 595548 |
|  |  | 2397483 |
| **Construction & Engineering — 3.5%** | **Construction & Engineering — 3.5%** | **Construction & Engineering — 3.5%** |
| Ackermans & van Haaren NV | &nbsp;&nbsp; 3914 | 1015365 |
| Deme Group NV | &nbsp;&nbsp; 1961 | 298969 |
|  |  | 1314334 |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
| Colruyt Group NV | &nbsp;&nbsp; 8052 | 354172 |
| **Distributors — 2.2%** | **Distributors — 2.2%** | **Distributors — 2.2%** |
| D'ieteren Group | &nbsp;&nbsp; 3798 | 823025 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
| Proximus SADP | &nbsp;&nbsp; 38305 | 332045 |
| **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** |
| Elia Group SA/NV, Class B | &nbsp;&nbsp; 7611 | 870895 |
| **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
| Barco NV | &nbsp;&nbsp; 19334 | 317200 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| Kinepolis Group NV | &nbsp;&nbsp; 4941 | 197195 |
| **Financial Services — 5.3%** | **Financial Services — 5.3%** | **Financial Services — 5.3%** |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 13208 | 1160951 |
| Sofina SA | &nbsp;&nbsp; 2713 | 820872 |
|  |  | 1981823 |
| **Food Products — 1.9%** | **Food Products — 1.9%** | **Food Products — 1.9%** |
| Lotus Bakeries NV | &nbsp;&nbsp; 73 | 715871 |
| **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** |
| Fagron | &nbsp;&nbsp; 15379 | 373830 |
| **Health Care REITs — 3.6%** | **Health Care REITs — 3.6%** | **Health Care REITs — 3.6%** |
| Aedifica SA | &nbsp;&nbsp; 8907 | 684736 |
| Cofinimmo SA | &nbsp;&nbsp; 7248 | 648869 |
|  |  | 1333605 |
| **Industrial REITs — 3.2%** | **Industrial REITs — 3.2%** | **Industrial REITs — 3.2%** |
| Montea NV | &nbsp;&nbsp; 4398 | 351777 |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 32126 | 824577 |
|  |  | 1176354 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Insurance — 4.3%** | **Insurance — 4.3%** | **Insurance — 4.3%** |
| Ageas SA | &nbsp;&nbsp; 22425 | $1580015 |
| **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** |
| Bekaert SA | &nbsp;&nbsp; 8337 | 374644 |
| **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** |
| CMB Tech NV | &nbsp;&nbsp; 8237 | 70522 |
| **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** | **Personal Care Products — 0.5%** |
| Ontex Group NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 23136 | 176365 |
| **Pharmaceuticals — 10.8%** | **Pharmaceuticals — 10.8%** | **Pharmaceuticals — 10.8%** |
| Financiere de Tubize SA | &nbsp;&nbsp; 2409 | 451473 |
| UCB SA | &nbsp;&nbsp; 15081 | 3537684 |
|  |  | 3989157 |
| **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** |
| VGP NV | &nbsp;&nbsp; 3404 | 388644 |
| **Residential REITs — 0.9%** | **Residential REITs — 0.9%** | **Residential REITs — 0.9%** |
| Xior Student Housing NV | &nbsp;&nbsp; 8906 | 315337 |
| **Retail REITs — 1.2%** | **Retail REITs — 1.2%** | **Retail REITs — 1.2%** |
| Retail Estates NV | &nbsp;&nbsp; 3604 | 292722 |
| Vastned NV | &nbsp;&nbsp; 4884 | 162931 |
|  |  | 455653 |
| **Semiconductors & Semiconductor Equipment — 1.0%** | **Semiconductors & Semiconductor Equipment — 1.0%** | **Semiconductors & Semiconductor Equipment — 1.0%** |
| Melexis NV | &nbsp;&nbsp; 4844 | 383506 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
| Shurgard Self Storage Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8347 | 328337 |
| **Trading Companies & Distributors — 1.2%** | **Trading Companies & Distributors — 1.2%** | **Trading Companies & Distributors — 1.2%** |
| Azelis Group NV | &nbsp;&nbsp; 28927 | 431449 |
| **Total Long-Term Investments — 99.2%** <br>**(Cost: $37,956,354)** | **Total Long-Term Investments — 99.2%** <br>**(Cost: $37,956,354)** | 36775301 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.1%** | **Money Market Funds — 2.1%** | **Money Market Funds — 2.1%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 765892 | 766275 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 10000 | 10000 |
| **Total Short-Term Securities — 2.1%** <br>**(Cost: $776,235)** | **Total Short-Term Securities — 2.1%** <br>**(Cost: $776,235)** | 776275 |
| **Total Investments — 101.3%** <br>**(Cost: $38,732,589)** | **Total Investments — 101.3%** <br>**(Cost: $38,732,589)** | 37551576 |
| **Liabilities in Excess of Other Assets — (1.3)%** | **Liabilities in Excess of Other Assets — (1.3)%** | (474306)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $37077270 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Belgium ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $—<br> $766218 <br><sup>(a)</sup><br>| $— | $17 | $40 | $766275 | 765892 | $1199 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | —<br> 10000 <br><sup>(a)</sup><br>|  |  |  | 10000 | 10000 | 275 |  |
|  |  |  | $17 | $40 | $776275 |  | $1474 | $— |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro Euro STOXX 50 Index | 47 | 09/19/25 | &nbsp;&nbsp; $295 | $3278 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3278 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3278 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26099 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26099 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2339)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2339)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $274359 |

---

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

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Belgium ETF**

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36775301 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36775301 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 776275 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 776275 |
|  | &nbsp;&nbsp; $776275 | &nbsp;&nbsp; $36775301 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37551576 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $3278 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3278 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI France ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 13.2%** | **Aerospace & Defense — 13.2%** | **Aerospace & Defense — 13.2%** |
| Airbus SE | &nbsp;&nbsp; 109305 | $22852283 |
| Dassault Aviation SA | &nbsp;&nbsp; 3626 | 1144634 |
| Safran SA | &nbsp;&nbsp; 66238 | 22012757 |
| Thales SA | &nbsp;&nbsp; 17047 | 4484032 |
|  |  | 50493706 |
| **Automobile Components — 1.2%** | **Automobile Components — 1.2%** | **Automobile Components — 1.2%** |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 123331 | 4466254 |
| **Automobiles — 0.4%** | **Automobiles — 0.4%** | **Automobiles — 0.4%** |
| Renault SA | &nbsp;&nbsp; 35468 | 1395868 |
| **Banks — 7.4%** | **Banks — 7.4%** | **Banks — 7.4%** |
| BNP Paribas SA | &nbsp;&nbsp; 187211 | 16823662 |
| Credit Agricole SA | &nbsp;&nbsp; 194815 | 3563558 |
| Societe Generale SA | &nbsp;&nbsp; 132496 | 8176172 |
|  |  | 28563392 |
| **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
| Pernod Ricard SA | &nbsp;&nbsp; 37124 | 4229005 |
| **Building Products — 2.3%** | **Building Products — 2.3%** | **Building Products — 2.3%** |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 82622 | 8919801 |
| **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** |
| Amundi SA<sup>(a)</sup> | &nbsp;&nbsp; 11413 | 843646 |
| Euronext NV<sup>(a)</sup> | &nbsp;&nbsp; 14381 | 2374013 |
|  |  | 3217659 |
| **Chemicals — 5.9%** | **Chemicals — 5.9%** | **Chemicals — 5.9%** |
| Air Liquide SA | &nbsp;&nbsp; 106411 | 21924635 |
| Arkema SA | &nbsp;&nbsp; 10406 | 738325 |
|  |  | 22662960 |
| **Construction & Engineering — 4.0%** | **Construction & Engineering — 4.0%** | **Construction & Engineering — 4.0%** |
| Bouygues SA | &nbsp;&nbsp; 35213 | 1510038 |
| Eiffage SA | &nbsp;&nbsp; 12620 | 1588170 |
| Vinci SA | &nbsp;&nbsp; 90971 | 12338523 |
|  |  | 15436731 |
| **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** |
| Carrefour SA | &nbsp;&nbsp; 108356 | 1568762 |
| **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** |
| Covivio SA/France | &nbsp;&nbsp; 10172 | 666795 |
| **Diversified Telecommunication Services — 1.5%** | **Diversified Telecommunication Services — 1.5%** | **Diversified Telecommunication Services — 1.5%** |
| Orange SA | &nbsp;&nbsp; 342522 | 5582825 |
| **Electrical Equipment — 8.4%** | **Electrical Equipment — 8.4%** | **Electrical Equipment — 8.4%** |
| Legrand SA | &nbsp;&nbsp; 48240 | 7346277 |
| Schneider Electric SE | &nbsp;&nbsp; 100853 | 24778206 |
|  |  | 32124483 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Bollore SE | &nbsp;&nbsp; 129084 | 753634 |
| **Financial Services — 0.3%** | **Financial Services — 0.3%** | **Financial Services — 0.3%** |
| Edenred SE | &nbsp;&nbsp; 44055 | 1274392 |
| **Food Products — 2.6%** | **Food Products — 2.6%** | **Food Products — 2.6%** |
| Danone SA | &nbsp;&nbsp; 119075 | 9938873 |
| **Health Care Equipment & Supplies — 4.7%** | **Health Care Equipment & Supplies — 4.7%** | **Health Care Equipment & Supplies — 4.7%** |
| BioMerieux | &nbsp;&nbsp; 7667 | 1066204 |
| EssilorLuxottica SA | &nbsp;&nbsp; 55377 | 16891942 |
|  |  | 17958146 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** |
| Accor SA | &nbsp;&nbsp; 36051 | $1788364 |
| FDJ UNITED | &nbsp;&nbsp; 20232 | 651222 |
| Sodexo SA | &nbsp;&nbsp; 16394 | 984393 |
|  |  | 3423979 |
| **Insurance — 4.0%** | **Insurance — 4.0%** | **Insurance — 4.0%** |
| AXA SA | &nbsp;&nbsp; 326035 | 15185941 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| Capgemini SE | &nbsp;&nbsp; 29943 | 4258775 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Eurofins Scientific SE | &nbsp;&nbsp; 21799 | 1655308 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 5328 | 1092628 |
|  |  | 2747936 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| Alstom SA<sup>(b)</sup> | &nbsp;&nbsp; 63764 | 1533011 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| Publicis Groupe SA | &nbsp;&nbsp; 42103 | 3887719 |
| **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** |
| ArcelorMittal SA | &nbsp;&nbsp; 86281 | 2874434 |
| **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** |
| Engie SA | &nbsp;&nbsp; 335977 | 6952484 |
| Veolia Environnement SA | &nbsp;&nbsp; 115829 | 3825339 |
|  |  | 10777823 |
| **Office REITs — 0.2%** | **Office REITs — 0.2%** | **Office REITs — 0.2%** |
| Gecina SA | &nbsp;&nbsp; 8506 | 835221 |
| **Oil, Gas & Consumable Fuels — 6.2%** | **Oil, Gas & Consumable Fuels — 6.2%** | **Oil, Gas & Consumable Fuels — 6.2%** |
| TotalEnergies SE | &nbsp;&nbsp; 377664 | 23710140 |
| **Personal Care Products — 5.4%** | **Personal Care Products — 5.4%** | **Personal Care Products — 5.4%** |
| L'Oreal SA | &nbsp;&nbsp; 44229 | 20649888 |
| **Pharmaceuticals — 5.5%** | **Pharmaceuticals — 5.5%** | **Pharmaceuticals — 5.5%** |
| Ipsen SA | &nbsp;&nbsp; 6884 | 935925 |
| Sanofi SA | &nbsp;&nbsp; 203261 | 20165920 |
|  |  | 21101845 |
| **Professional Services — 0.7%** | **Professional Services — 0.7%** | **Professional Services — 0.7%** |
| Bureau Veritas SA | &nbsp;&nbsp; 58452 | 1763297 |
| Teleperformance SE | &nbsp;&nbsp; 9831 | 758550 |
|  |  | 2521847 |
| **Retail REITs — 1.0%** | **Retail REITs — 1.0%** | **Retail REITs — 1.0%** |
| Klepierre SA | &nbsp;&nbsp; 39624 | 1547196 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 22337 | 2323935 |
|  |  | 3871131 |
| **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** |
| STMicroelectronics NV | &nbsp;&nbsp; 125723 | 3426123 |
| **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** |
| Dassault Systemes SE | &nbsp;&nbsp; 123649 | 3845508 |
| **Textiles, Apparel & Luxury Goods — 11.7%** | **Textiles, Apparel & Luxury Goods — 11.7%** | **Textiles, Apparel & Luxury Goods — 11.7%** |
| Hermes International SCA | &nbsp;&nbsp; 5826 | 14268789 |
| Kering SA | &nbsp;&nbsp; 13694 | 3669500 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 46000 | 27159945 |
|  |  | 45098234 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| Rexel SA | &nbsp;&nbsp; 41293 | 1336909 |
| **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** |
| Aeroports de Paris SA | &nbsp;&nbsp; 6319 | 831711 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI France ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** |
| Getlink SE | &nbsp;&nbsp; 55964 | $1058652 |
|  |  | 1890363 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $381,882,930)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $381,882,930)** | 382230113 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 140000 | 140000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $140,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $140,000)** | 140000 |
| **Total Investments — 99.7%** <br>**(Cost: $382,022,930)** | **Total Investments — 99.7%** <br>**(Cost: $382,022,930)** | 382370113 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 1319796 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $383689909 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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 registration to qualified institutional investors. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Affiliate of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $288220 | $—<br> $(288416 )<sup>(b)</sup><br>| $248 | $(52)<br>| $— |  | $7296 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 530000 | —<br> (390000 )<sup>(b)</sup><br>|  |  | 140000 | 140000 | 23411 |  |
|  |  |  | $248 | $(52) | $140000 |  | $30707 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| CAC 40 Index | 15 | 09/19/25 | &nbsp;&nbsp; $1355 | $(1956) |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI France ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1956 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1956 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $135332 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $135332 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(56678)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(56678)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1651492 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp; $382230113 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $382230113 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 140000 |
|  | &nbsp;&nbsp; $140000 | &nbsp;&nbsp; $382230113 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $382370113 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1956)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1956)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Sweden ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
| Saab AB, Class B | &nbsp;&nbsp; 140994 | $7967648 |
| **Banks — 9.7%** | **Banks — 9.7%** | **Banks — 9.7%** |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 666396 | 12323339 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 642043 | 8261734 |
| Swedbank AB, Class A | &nbsp;&nbsp; 373717 | 10517466 |
|  |  | 31102539 |
| **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 85980 | 2611688 |
| **Building Products — 5.7%** | **Building Products — 5.7%** | **Building Products — 5.7%** |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 441194 | 15589464 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 666108 | 2736662 |
|  |  | 18326126 |
| **Capital Markets — 1.8%** | **Capital Markets — 1.8%** | **Capital Markets — 1.8%** |
| EQT AB | &nbsp;&nbsp; 163288 | 5873490 |
| **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** |
| Securitas AB, Class B | &nbsp;&nbsp; 216486 | 3312915 |
| **Communications Equipment — 3.1%** | **Communications Equipment — 3.1%** | **Communications Equipment — 3.1%** |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 1231911 | 9752802 |
| **Construction & Engineering — 1.2%** | **Construction & Engineering — 1.2%** | **Construction & Engineering — 1.2%** |
| Skanska AB, Class B | &nbsp;&nbsp; 149795 | 3720027 |
| **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** |
| Telia Co. AB | &nbsp;&nbsp; 1038507 | 3876965 |
| **Electronic Equipment, Instruments & Components — 3.2%** | **Electronic Equipment, Instruments & Components — 3.2%** | **Electronic Equipment, Instruments & Components — 3.2%** |
| Hexagon AB, Class B | &nbsp;&nbsp; 913899 | 10184239 |
| **Entertainment — 14.3%** | **Entertainment — 14.3%** | **Entertainment — 14.3%** |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 67297 | 45888478 |
| **Financial Services — 9.4%** | **Financial Services — 9.4%** | **Financial Services — 9.4%** |
| Industrivarden AB, Class A | &nbsp;&nbsp; 52276 | 2080579 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 68616 | 2731283 |
| Investor AB, Class B | &nbsp;&nbsp; 761885 | 23471347 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 33546 | 1697965 |
|  |  | 29981174 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 63000 | 5457910 |
| **Household Products — 2.2%** | **Household Products — 2.2%** | **Household Products — 2.2%** |
| Essity AB, Class B | &nbsp;&nbsp; 265156 | 7168971 |
| **Industrial Conglomerates — 1.7%** | **Industrial Conglomerates — 1.7%** | **Industrial Conglomerates — 1.7%** |
| Investment AB Latour, Class B | &nbsp;&nbsp; 65343 | 1659280 |
| Lifco AB, Class B | &nbsp;&nbsp; 102488 | 3642161 |
|  |  | 5301441 |
| **Machinery — 27.3%** | **Machinery — 27.3%** | **Machinery — 27.3%** |
| Alfa Laval AB | &nbsp;&nbsp; 127357 | 5798028 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 1182357 | 18876289 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 687070 | $9770277 |
| Epiroc AB, Class A | &nbsp;&nbsp; 290086 | 6062138 |
| Epiroc AB, Class B | &nbsp;&nbsp; 171401 | 3189998 |
| Indutrade AB | &nbsp;&nbsp; 120070 | 2988491 |
| Sandvik AB | &nbsp;&nbsp; 469335 | 11869580 |
| SKF AB, Class B | &nbsp;&nbsp; 150162 | 3855635 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 89282 | 3454981 |
| Volvo AB, Class B | &nbsp;&nbsp; 699306 | 21516244 |
|  |  | 87381661 |
| **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 125111 | 4312320 |
| **Paper & Forest Products — 1.5%** | **Paper & Forest Products — 1.5%** | **Paper & Forest Products — 1.5%** |
| Holmen AB, Class B | &nbsp;&nbsp; 33644 | 1309935 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 267412 | 3638114 |
|  |  | 4948049 |
| **Real Estate Management & Development — 1.4%** | **Real Estate Management & Development — 1.4%** | **Real Estate Management & Development — 1.4%** |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 316784 | 2255288 |
| Sagax AB, Class B | &nbsp;&nbsp; 96428 | 2091011 |
|  |  | 4346299 |
| **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 248237 | 3648027 |
| **Trading Companies & Distributors — 2.2%** | **Trading Companies & Distributors — 2.2%** | **Trading Companies & Distributors — 2.2%** |
| AddTech AB, Class B | &nbsp;&nbsp; 114416 | 4012300 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 169129 | 2877010 |
|  |  | 6889310 |
| **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** |
| Tele2 AB, Class B | &nbsp;&nbsp; 240975 | 4244082 |
| **Total Long-Term Investments — 95.7%** <br>**(Cost: $303,288,219)** | **Total Long-Term Investments — 95.7%** <br>**(Cost: $303,288,219)** | 306296161 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 220000 | 220000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $220,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $220,000)** | 220000 |
| **Total Investments — 95.8%** <br>**(Cost: $303,508,219)** | **Total Investments — 95.8%** <br>**(Cost: $303,508,219)** | 306516161 |
| **Other Assets Less Liabilities — 4.2%** | **Other Assets Less Liabilities — 4.2%** | 13534303 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $320050464 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 registration to qualified institutional investors. 

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Sweden ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $—<br> $337 <br><sup>(b)</sup><br>| $— | $(337)<br>| $— | $— |  | $6604 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 130000<br> 90000 <br><sup>(b)</sup><br>|  |  |  | 220000 | 220000 | 11298 |  |
|  |  |  | $(337) | $— | $220000 |  | $17902 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| OMX Stockholm 30 Index | 496 | 09/19/25 | &nbsp;&nbsp; $13807 | $138711 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| SEK | 1369356 | USD | 145626 | Standard Chartered Bank | 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(794)<br>|
| USD | 2191320 | EUR | 1880122 | Standard Chartered Bank | 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10515)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11309)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(11309)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $138711 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $138711 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11309 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11309 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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). 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Sweden ETF**

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $714881 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $714881 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (209452)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (209452)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $714881 | &nbsp;&nbsp; $(209452)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $505429 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(476260)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(476260)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26921 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26921 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(476260)<br>| &nbsp;&nbsp; $26921 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(449339)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $12520493 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $1591656 |
| Average amounts sold — in USD | &nbsp;&nbsp; $3342360 |

---

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

**Derivative Financial Instruments - Offsetting as of Period End**

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $80498 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11309 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 91807 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (80498)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11309 |

---

The following table presents the Fund's derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(d)</sup> <br>|
| Standard Chartered Bank | &nbsp;&nbsp; $11309 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11309 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

<sup>(d)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Sweden ETF**

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $45888478 | &nbsp;&nbsp; $260407683 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $306296161 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 220000 |
|  | &nbsp;&nbsp; $46108478 | &nbsp;&nbsp; $260407683 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $306516161 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $138711 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $138711 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (11309)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (11309)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $127402 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $127402 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI <br> Belgium ETF <br>| &nbsp;&nbsp; iShares <br>MSCI France <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Sweden ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $36775301 | $382230113 | $306296161 |
| Investments, at value—affiliated<sup>(c)</sup> | 776275 | 140000 | 220000 |
| Cash | 3351 | 4312 | 2212 |
| Cash pledged for futures contracts |  |  | 795 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 21059 | 104121 | 1189498 |
| Foreign currency, at value<sup>(e)</sup> | 54646 | 418377 | 292962 |
| Receivables: |  |  |  |
| Securities lending income—affiliated | 358 |  | 476 |
| Dividends—unaffiliated | 6651 |  | 66694 |
| Dividends—affiliated | 20 | 355 | 689 |
| Tax reclaims | 223545 | 972232 | 1617672 |
| Foreign withholding tax claims |  |  | 11757700 |
| Total assets | 37861206 | 383869510 | 321444859 |
| **LIABILITIES** |  |  |  |
| Collateral on securities loaned, at value | 766200 |  |  |
| Payables: |  |  |  |
| Investment advisory fees | 15415 | 160593 | 136284 |
| Professional fees |  | 9500 | 1166304 |
| Variation margin on futures contracts | 2321 | 9508 | 80498 |
| Unrealized depreciation on forward foreign currency exchange contracts |  |  | 11309 |
| Total liabilities | 783936 | 179601 | 1394395 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $37077270 | $383689909 | $320050464 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $60058065 | $492066633 | $418199952 |
| Accumulated loss | (22980795) | (108376724) | (98149488) |
| NET ASSETS | $37077270 | $383689909 | $320050464 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 1600000 | 9000000 | 6900000 |
| Net asset value | $23.17 | $42.63 | $46.38 |
| Shares authorized | 136.2 million | 340.2 million | 100 million |
| Par value | $0.001 | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $37956354 | $381882930 | $303288219 |
| <sup>(b)</sup> Securities loaned, at value | $715641 | $— | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $776235 | $140000 | $220000 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $20679 | $108594 | $1217712 |
| <sup>(e)</sup> Foreign currency, at cost | $54488 | $410490 | $117506 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>MSCI <br> Belgium ETF <br>| &nbsp;&nbsp; iShares <br>MSCI France <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Sweden ETF <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $677165 | &nbsp;&nbsp;&nbsp; $13833344 | &nbsp;&nbsp;&nbsp; $10077124 |
| Dividends—affiliated | &nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp; 23411 | &nbsp;&nbsp;&nbsp; 11298 |
| Interest—unaffiliated | &nbsp;&nbsp; 638 | &nbsp;&nbsp;&nbsp; 2852 | &nbsp;&nbsp;&nbsp; — |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 1199 | &nbsp;&nbsp;&nbsp; 7296 | &nbsp;&nbsp;&nbsp; 6604 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46532 |
| Foreign taxes withheld | &nbsp;&nbsp; (100529)<br>| &nbsp;&nbsp;&nbsp; (93447)<br>| &nbsp;&nbsp;&nbsp; (147342)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 428221 |
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8130)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 578748 | &nbsp;&nbsp;&nbsp; 13765326 | &nbsp;&nbsp;&nbsp; 10422437 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 99341 | &nbsp;&nbsp;&nbsp; 2422561 | &nbsp;&nbsp;&nbsp; 1681170 |
| Commitment costs | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 5088 | &nbsp;&nbsp;&nbsp; 3338 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 55460 | &nbsp;&nbsp;&nbsp; 37904 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp; 31 |
| Total expenses | &nbsp;&nbsp; 99541 | &nbsp;&nbsp;&nbsp; 2483410 | &nbsp;&nbsp;&nbsp; 1722443 |
| Net investment income | &nbsp;&nbsp; 479207 | &nbsp;&nbsp;&nbsp; 11281916 | &nbsp;&nbsp;&nbsp; 8699994 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (920706)<br>| &nbsp;&nbsp;&nbsp; (4241076)<br>| &nbsp;&nbsp;&nbsp; (20341251)<br>|
| Investments—affiliated | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp; (337)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (209452)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 6271 | &nbsp;&nbsp;&nbsp; 53258 | &nbsp;&nbsp;&nbsp; (106276)<br>|
| Futures contracts | &nbsp;&nbsp; 26099 | &nbsp;&nbsp;&nbsp; 135332 | &nbsp;&nbsp;&nbsp; 714881 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 1047962 | &nbsp;&nbsp;&nbsp; 19517178 | &nbsp;&nbsp;&nbsp; 19910674 |
|  | &nbsp;&nbsp; 159643 | &nbsp;&nbsp;&nbsp; 15464940 | &nbsp;&nbsp;&nbsp; (31761)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 3374507 | &nbsp;&nbsp;&nbsp; (4683144)<br>| &nbsp;&nbsp;&nbsp; 27203253 |
| Investments—affiliated | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26921 |
| Foreign currency translations | &nbsp;&nbsp; 12397 | &nbsp;&nbsp;&nbsp; 65726 | &nbsp;&nbsp;&nbsp; 995127 |
| Futures contracts | &nbsp;&nbsp; (2339)<br>| &nbsp;&nbsp;&nbsp; (56678)<br>| &nbsp;&nbsp;&nbsp; (476260)<br>|
|  | &nbsp;&nbsp; 3384605 | &nbsp;&nbsp;&nbsp; (4674148)<br>| &nbsp;&nbsp;&nbsp; 27749041 |
| Net realized and unrealized gain | &nbsp;&nbsp; 3544248 | &nbsp;&nbsp;&nbsp; 10790792 | &nbsp;&nbsp;&nbsp; 27717280 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $4023455 | &nbsp;&nbsp;&nbsp; $22072708 | &nbsp;&nbsp;&nbsp; $36417274 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Belgium ETF  | iShares <br>MSCI Belgium ETF  | iShares <br>MSCI France ETF  | iShares <br>MSCI France ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $479207 | &nbsp;&nbsp;&nbsp; $387757 | &nbsp;&nbsp;&nbsp; $11281916 | &nbsp;&nbsp;&nbsp; $16669243 |
| Net realized gain | &nbsp;&nbsp; 159643 | &nbsp;&nbsp;&nbsp; 345293 | &nbsp;&nbsp;&nbsp; 15464940 | &nbsp;&nbsp;&nbsp; 39648839 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 3384605 | &nbsp;&nbsp;&nbsp; 1637944 | &nbsp;&nbsp;&nbsp; (4674148)<br>| &nbsp;&nbsp;&nbsp; 5328342 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 4023455 | &nbsp;&nbsp;&nbsp; 2370994 | &nbsp;&nbsp;&nbsp; 22072708 | &nbsp;&nbsp;&nbsp; 61646424 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (518220)<br>| &nbsp;&nbsp;&nbsp; (381107)<br>| &nbsp;&nbsp;&nbsp; (13075296)<br>| &nbsp;&nbsp;&nbsp; (18593590)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 17463699 | &nbsp;&nbsp;&nbsp; (6224832)<br>| &nbsp;&nbsp;&nbsp; (295220938)<br>| &nbsp;&nbsp;&nbsp; (312492339)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 20968934 | &nbsp;&nbsp;&nbsp; (4234945)<br>| &nbsp;&nbsp;&nbsp; (286223526)<br>| &nbsp;&nbsp;&nbsp; (269439505)<br>|
| Beginning of year | &nbsp;&nbsp; 16108336 | &nbsp;&nbsp;&nbsp; 20343281 | &nbsp;&nbsp;&nbsp; 669913435 | &nbsp;&nbsp;&nbsp; 939352940 |
| End of year | &nbsp;&nbsp; $37077270 | &nbsp;&nbsp;&nbsp; $16108336 | &nbsp;&nbsp;&nbsp; $383689909 | &nbsp;&nbsp;&nbsp; $669913435 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI Sweden ETF  | iShares <br>MSCI Sweden ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $8699994 | &nbsp;&nbsp;&nbsp; $7051095 |
| Net realized gain (loss) | &nbsp;&nbsp; (31761)<br>| &nbsp;&nbsp;&nbsp; 8940796 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 27749041 | &nbsp;&nbsp;&nbsp; 66834445 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 36417274 | &nbsp;&nbsp;&nbsp; 82826336 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (8184726)<br>| &nbsp;&nbsp;&nbsp; (13994475)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (15234838)<br>| &nbsp;&nbsp;&nbsp; (76668361)<br>|
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 12997710 | &nbsp;&nbsp;&nbsp; (7836500)<br>|
| Beginning of year | &nbsp;&nbsp; 307052754 | &nbsp;&nbsp;&nbsp; 314889254 |
| End of year | &nbsp;&nbsp; $320050464 | &nbsp;&nbsp;&nbsp; $307052754 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Belgium ETF  | iShares MSCI Belgium ETF  | iShares MSCI Belgium ETF  | iShares MSCI Belgium ETF  | iShares MSCI Belgium ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $20.14 | &nbsp;&nbsp;&nbsp; $18.16 | &nbsp;&nbsp;&nbsp; $15.93 | &nbsp;&nbsp;&nbsp; $22.28 | &nbsp;&nbsp;&nbsp; $17.76 |
| Net investment income<sup>(a)</sup> | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 3.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp; (5.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.64 |
| Net increase (decrease) from investment operations | 3.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp; (5.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.95 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $23.17 | &nbsp;&nbsp;&nbsp; $20.14 | &nbsp;&nbsp;&nbsp; $18.16 | &nbsp;&nbsp;&nbsp; $15.93 | &nbsp;&nbsp;&nbsp; $22.28 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.16<br> %<br>| &nbsp;&nbsp;&nbsp; (24.77)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.96 %<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $37077 | &nbsp;&nbsp;&nbsp; $16108 | &nbsp;&nbsp;&nbsp; $20343 | &nbsp;&nbsp;&nbsp; $17845 | &nbsp;&nbsp;&nbsp; $41002 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Includes payment received from a settlement of litigation, which impacted the Fund' total return. Excluding the payment from a settlement of litigation, the Fund's total return is 22.73%. | <sup>(e)</sup> Includes payment received from a settlement of litigation, which impacted the Fund' total return. Excluding the payment from a settlement of litigation, the Fund's total return is 22.73%. | <sup>(e)</sup> Includes payment received from a settlement of litigation, which impacted the Fund' total return. Excluding the payment from a settlement of litigation, the Fund's total return is 22.73%. | <sup>(e)</sup> Includes payment received from a settlement of litigation, which impacted the Fund' total return. Excluding the payment from a settlement of litigation, the Fund's total return is 22.73%. | <sup>(e)</sup> Includes payment received from a settlement of litigation, which impacted the Fund' total return. Excluding the payment from a settlement of litigation, the Fund's total return is 22.73%. | <sup>(e)</sup> Includes payment received from a settlement of litigation, which impacted the Fund' total return. Excluding the payment from a settlement of litigation, the Fund's total return is 22.73%. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI France ETF  | iShares MSCI France ETF  | iShares MSCI France ETF  | iShares MSCI France ETF  | iShares MSCI France ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $39.88 | &nbsp;&nbsp;&nbsp; $37.57 | &nbsp;&nbsp;&nbsp; $29.48 | &nbsp;&nbsp;&nbsp; $38.85 | &nbsp;&nbsp;&nbsp; $29.30 |
| Net investment income<sup>(a)</sup> | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 3.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;8.02 | &nbsp;&nbsp;&nbsp; (8.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.43 |
| Net increase (decrease) from investment operations | 3.98 | &nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;&nbsp; (7.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.15 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $42.63 | &nbsp;&nbsp;&nbsp; $39.88 | &nbsp;&nbsp;&nbsp; $37.57 | &nbsp;&nbsp;&nbsp; $29.48 | &nbsp;&nbsp;&nbsp; $38.85 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 10.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.30 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.82 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (19.71 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.74 %<sup>(b)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.62 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13 %<sup>(b)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $383690 | &nbsp;&nbsp;&nbsp; $669913 | &nbsp;&nbsp;&nbsp; $939353 | &nbsp;&nbsp;&nbsp; $790162 | &nbsp;&nbsp;&nbsp; $761536 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2024, <br> August 31, 2023, August 31, 2022 and August 31, 2021, respectively:<br> • Net investment income per share by $0.01, $0.07, $0.58 and $0.30.<br> • Total return by 0.07%, 0.27%,1.24% and 1.25%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.21%,1.66% and 0.89%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2024, <br> August 31, 2023, August 31, 2022 and August 31, 2021, respectively:<br> • Net investment income per share by $0.01, $0.07, $0.58 and $0.30.<br> • Total return by 0.07%, 0.27%,1.24% and 1.25%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.21%,1.66% and 0.89%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2024, <br> August 31, 2023, August 31, 2022 and August 31, 2021, respectively:<br> • Net investment income per share by $0.01, $0.07, $0.58 and $0.30.<br> • Total return by 0.07%, 0.27%,1.24% and 1.25%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.21%,1.66% and 0.89%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2024, <br> August 31, 2023, August 31, 2022 and August 31, 2021, respectively:<br> • Net investment income per share by $0.01, $0.07, $0.58 and $0.30.<br> • Total return by 0.07%, 0.27%,1.24% and 1.25%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.21%,1.66% and 0.89%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2024, <br> August 31, 2023, August 31, 2022 and August 31, 2021, respectively:<br> • Net investment income per share by $0.01, $0.07, $0.58 and $0.30.<br> • Total return by 0.07%, 0.27%,1.24% and 1.25%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.21%,1.66% and 0.89%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2024, <br> August 31, 2023, August 31, 2022 and August 31, 2021, respectively:<br> • Net investment income per share by $0.01, $0.07, $0.58 and $0.30.<br> • Total return by 0.07%, 0.27%,1.24% and 1.25%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.21%,1.66% and 0.89%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Sweden ETF  | iShares MSCI Sweden ETF  | iShares MSCI Sweden ETF  | iShares MSCI Sweden ETF  | iShares MSCI Sweden ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $42.21 | &nbsp;&nbsp;&nbsp; $33.32 | &nbsp;&nbsp;&nbsp; $30.10 | &nbsp;&nbsp;&nbsp; $47.87 | &nbsp;&nbsp;&nbsp; $35.73 |
| Net investment income<sup>(a)</sup> | 1.09 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 4.09 | &nbsp;&nbsp;&nbsp;&nbsp;9.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp; (16.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.57 |
| Net increase (decrease) from investment operations | 5.18 | &nbsp;&nbsp;&nbsp;&nbsp;10.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp; (15.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.56 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $46.38 | &nbsp;&nbsp;&nbsp; $42.21 | &nbsp;&nbsp;&nbsp; $33.32 | &nbsp;&nbsp;&nbsp; $30.10 | &nbsp;&nbsp;&nbsp; $47.87 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.37 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.89 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.35 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (33.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.09<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 2.56 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.27<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $320050 | &nbsp;&nbsp;&nbsp; $307053 | &nbsp;&nbsp;&nbsp; $314889 | &nbsp;&nbsp;&nbsp; $408555 | &nbsp;&nbsp;&nbsp; $653396 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024 and August 31, 2023, respectively:<br> • Net investment income per share by $0.05, $0.13 and $0.11.<br> • Total return by 0.14%, 0.46% and 0.36%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.34% and 0.32%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024 and August 31, 2023, respectively:<br> • Net investment income per share by $0.05, $0.13 and $0.11.<br> • Total return by 0.14%, 0.46% and 0.36%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.34% and 0.32%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024 and August 31, 2023, respectively:<br> • Net investment income per share by $0.05, $0.13 and $0.11.<br> • Total return by 0.14%, 0.46% and 0.36%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.34% and 0.32%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024 and August 31, 2023, respectively:<br> • Net investment income per share by $0.05, $0.13 and $0.11.<br> • Total return by 0.14%, 0.46% and 0.36%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.34% and 0.32%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024 and August 31, 2023, respectively:<br> • Net investment income per share by $0.05, $0.13 and $0.11.<br> • Total return by 0.14%, 0.46% and 0.36%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.34% and 0.32%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024 and August 31, 2023, respectively:<br> • Net investment income per share by $0.05, $0.13 and $0.11.<br> • Total return by 0.14%, 0.46% and 0.36%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.34% and 0.32%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

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*Notes to Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

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

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

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| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| MSCI Belgium | &nbsp;&nbsp; Non-diversified |
| MSCI France | &nbsp;&nbsp; Non-diversified |
| MSCI Sweden | &nbsp;&nbsp; Non-diversified |

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***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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**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 exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). 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 Statements 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 Statements 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 "Foreign taxes withheld", 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 August 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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 Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** 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.

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

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from 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.

**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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that 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. The Board of Directors of the Company (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. 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 BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange ("NYSE") based on that day's prevailing forward exchange rate for the underlying currencies.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., 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 Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the 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 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. SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

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| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI Belgium |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $242121 | &nbsp;&nbsp;&nbsp; $(242121) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 62576 | &nbsp;&nbsp;&nbsp; (62576) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 410944 | &nbsp;&nbsp;&nbsp; (410944) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $715641 | &nbsp;&nbsp;&nbsp; $(715641) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

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

***5. 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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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.

**Forward Foreign Currency Exchange Contracts:** Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter ("OTC") and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund's assets. BFA is a 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 directors).

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

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $7 billion | 0.59% |
| Over $7 billion, up to and including $11 billion | 0.54 |
| Over $11 billion, up to and including $24 billion | 0.49 |
| Over $24 billion, up to and including $48 billion | 0.44 |
| Over $48 billion, up to and including $72 billion | 0.40 |
| Over $72 billion, up to and including $96 billion | 0.36 |
| Over $96 billion | 0.32 |

---

**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.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Belgium | &nbsp;&nbsp; $335 |
| MSCI France | &nbsp;&nbsp; 1646 |
| MSCI Sweden | &nbsp;&nbsp; 2176 |

---

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

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

For the year ended August 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI Belgium | &nbsp;&nbsp; $376057 | &nbsp;&nbsp;&nbsp; $1193100 | &nbsp;&nbsp;&nbsp; $133674 |
| MSCI France | &nbsp;&nbsp; 2860265 | &nbsp;&nbsp;&nbsp; 1865253 | &nbsp;&nbsp;&nbsp; (3032206) |
| MSCI Sweden | &nbsp;&nbsp; 3238862 | &nbsp;&nbsp;&nbsp; 22405757 | &nbsp;&nbsp;&nbsp; (9617373) |

---

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 Statements 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.

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Belgium | &nbsp;&nbsp; $3757945 | &nbsp;&nbsp;&nbsp; $3406178 |
| MSCI France | &nbsp;&nbsp; 17580687 | &nbsp;&nbsp;&nbsp; 19488080 |
| MSCI Sweden | &nbsp;&nbsp; 64582838 | &nbsp;&nbsp;&nbsp; 64283554 |

---

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Belgium | &nbsp;&nbsp; $31518529 | &nbsp;&nbsp;&nbsp; $14447954 |
| MSCI France | &nbsp;&nbsp; 42188465 | &nbsp;&nbsp;&nbsp; 336716728 |
| MSCI Sweden | &nbsp;&nbsp; 217112464 | &nbsp;&nbsp;&nbsp; 232078727 |

---

***8. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Company's other funds for federal income tax purposes. It is 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 of 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 August 31, 2025, 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' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| MSCI Belgium | &nbsp;&nbsp; $875276 | &nbsp;&nbsp;&nbsp; $(875276) |
| MSCI France | &nbsp;&nbsp; 15382325 | &nbsp;&nbsp;&nbsp; (15382325) |
| MSCI Sweden | &nbsp;&nbsp; 15364537 | &nbsp;&nbsp;&nbsp; (15364537) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| MSCI Belgium |  |  |
| Ordinary income | &nbsp;&nbsp; $518220 | &nbsp;&nbsp;&nbsp; $381107 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended*<br> *08/31/25*<br>| &nbsp;&nbsp; *Year Ended*<br> *08/31/24*<br>|
| MSCI France |  |  |
| Ordinary income | &nbsp;&nbsp; $13075296 | &nbsp;&nbsp;&nbsp; $18593590 |
| MSCI Sweden |  |  |
| Ordinary income | &nbsp;&nbsp; $8184726 | &nbsp;&nbsp;&nbsp; $13994475 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| MSCI Belgium | &nbsp;&nbsp; $205467 | &nbsp;&nbsp;&nbsp; $(21565362) | &nbsp;&nbsp;&nbsp; $(1620900) | &nbsp;&nbsp;&nbsp; $(22980795) |
| MSCI France | &nbsp;&nbsp; 577152 | &nbsp;&nbsp;&nbsp; (106616643) | &nbsp;&nbsp;&nbsp; (2337233) | &nbsp;&nbsp;&nbsp; (108376724) |
| MSCI Sweden | &nbsp;&nbsp; 1895691 | &nbsp;&nbsp;&nbsp; (99861151) | &nbsp;&nbsp;&nbsp; (184028) | &nbsp;&nbsp;&nbsp; (98149488) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

As of August 31, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI Belgium | &nbsp;&nbsp; $39185999 | &nbsp;&nbsp;&nbsp; $2679602 | &nbsp;&nbsp;&nbsp; $(4314025) | &nbsp;&nbsp;&nbsp; $(1634423) |
| MSCI France | &nbsp;&nbsp; 384674456 | &nbsp;&nbsp;&nbsp; 51349758 | &nbsp;&nbsp;&nbsp; (53656057) | &nbsp;&nbsp;&nbsp; (2306299) |
| MSCI Sweden | &nbsp;&nbsp; 307119305 | &nbsp;&nbsp;&nbsp; 26954992 | &nbsp;&nbsp;&nbsp; (27419425) | &nbsp;&nbsp;&nbsp; (464433) |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2025, the Funds did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each 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, tariffs 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 an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**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 each 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. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

risk by entering into transactions only with counterparties that BFA 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 Statements 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.

**Geographic/Asset Class 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 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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. 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. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds' investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect**,** the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Belgium |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; $32175717 | &nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; $11872896 |
| Shares redeemed | &nbsp;&nbsp; (720000)<br>| &nbsp;&nbsp;&nbsp; (14712018)<br>| &nbsp;&nbsp;&nbsp; (960000)<br>| &nbsp;&nbsp;&nbsp; (18097728)<br>|
|  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; $17463699 | &nbsp;&nbsp;&nbsp; (320000)<br>| &nbsp;&nbsp;&nbsp; $(6224832)<br>|
| MSCI France |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; $42438484 | &nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; $45960949 |
| Shares redeemed | &nbsp;&nbsp; (8800000)<br>| &nbsp;&nbsp;&nbsp; (337659422)<br>| &nbsp;&nbsp;&nbsp; (9400000)<br>| &nbsp;&nbsp;&nbsp; (358453288)<br>|
|  | &nbsp;&nbsp; (7800000)<br>| &nbsp;&nbsp;&nbsp; $(295220938)<br>| &nbsp;&nbsp;&nbsp; (8200000)<br>| &nbsp;&nbsp;&nbsp; $(312492339)<br>|

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 08/31/25 | Year Ended<br> 08/31/25 | Year Ended<br> 08/31/24 | Year Ended<br> 08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Sweden |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp; $226106210 | &nbsp;&nbsp;&nbsp; 5925000 | &nbsp;&nbsp;&nbsp; $226597728 |
| Shares redeemed | &nbsp;&nbsp; (5775000)<br>| &nbsp;&nbsp;&nbsp; (241341048)<br>| &nbsp;&nbsp;&nbsp; (8100000)<br>| &nbsp;&nbsp;&nbsp; (303266089)<br>|
|  | &nbsp;&nbsp; (375000)<br>| &nbsp;&nbsp;&nbsp; $(15234838)<br>| &nbsp;&nbsp;&nbsp; (2175000)<br>| &nbsp;&nbsp;&nbsp; $(76668361)<br>|

---

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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 Company's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***12. FOREIGN WITHHOLDING TAX CLAIMS***

The iShares MSCI Sweden ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. Collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of August 31, 2025, is $10,591,396 or $1.53 per share.

During the year, iShares MSCI France ETF filed a closing agreement with the IRS related to the recovery of foreign taxes received in fiscal years 2023-2024, and the related tax compliance fee, including interest, was paid to the IRS.

***13. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

2025 iShares Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the three funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI Belgium ETF <br> iShares MSCI France ETF <br> iShares MSCI Sweden ETF

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

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

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

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| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI Belgium | &nbsp;&nbsp; $577783 |
| MSCI France | &nbsp;&nbsp; 14470130 |
| MSCI Sweden | &nbsp;&nbsp; 9393860 |

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The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| MSCI Belgium | &nbsp;&nbsp; $677166 | &nbsp;&nbsp;&nbsp;&nbsp; $99904 |
| MSCI France | &nbsp;&nbsp; 14523803 | &nbsp;&nbsp;&nbsp;&nbsp; 93447 |
| MSCI Sweden | &nbsp;&nbsp; 10131615 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Electronic Delivery**

Shareholders can sign up for e-mail 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

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, when available, at **iShares.com**.

Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares MSCI Belgium ETF, iShares MSCI France ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Sweden ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year

2025 iShares Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| EUR | Euro |
| SEK | Swedish Krona |
| USD | United States Dollar |

---

Glossary of Terms Used in this Report

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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.©2025 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.

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August 31, 2025

![](g19235img228b60371.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares, Inc.** |
| • iShares Core MSCI Emerging Markets ETF \| IEMG \| NYSE Arca |
| • iShares MSCI BIC ETF \| BKF \| NYSE Arca |
| • iShares MSCI Emerging Markets Asia ETF \| EEMA \| NASDAQ |
| • iShares MSCI Emerging Markets Small-Cap ETF \| EEMS \| NYSE Arca |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_2e80285d-dbae-42db-991e-caa893ba9350_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_2e80285d-dbae-42db-991e-caa893ba9350_FS-Footer-iSharesReport-172_1)  | &nbsp;&nbsp; 65 |
| [Statements of Operations](#xx_2e80285d-dbae-42db-991e-caa893ba9350_FS-Footer-iSharesReport-172_2)  | &nbsp;&nbsp; 66 |
| [Statements of Changes in Net Assets](#xx_2e80285d-dbae-42db-991e-caa893ba9350_FS-Footer-iSharesReport-172_3)  | &nbsp;&nbsp; 67 |
| [Financial Highlights](#xx_2e80285d-dbae-42db-991e-caa893ba9350_FS-Footer-iSharesReport-172_5)  | &nbsp;&nbsp; 69 |
| [Notes to Financial Statements](#xx_2e80285d-dbae-42db-991e-caa893ba9350_NTFS-Footer-iSharesReport-268_1)  | &nbsp;&nbsp; 73 |
| [Report of Independent Registered Public Accounting Firm](#xx_2e80285d-dbae-42db-991e-caa893ba9350_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 84 |
| [Important Tax Information](#xx_2e80285d-dbae-42db-991e-caa893ba9350_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 85 |
| [Additional Information](#xx_2e80285d-dbae-42db-991e-caa893ba9350_SAI-Footer-iSharesReport-268_1)  | &nbsp;&nbsp; 86 |
| [Board Review and Approval of Investment Advisory Contract](#xx_2e80285d-dbae-42db-991e-caa893ba9350_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 88 |
| [Glossary of Terms Used in these Financial Statements](#xx_2e80285d-dbae-42db-991e-caa893ba9350_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 97 |

---

------

Schedule of Investments

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 3.3%** | **Brazil — 3.3%** | **Brazil — 3.3%** |
| Allos SA | &nbsp;&nbsp; 3986316 | $17616152 |
| Alupar Investimento SA | &nbsp;&nbsp; 1926876 | 10590648 |
| Ambev SA | &nbsp;&nbsp; 44670245 | 101750791 |
| Auren Energia SA | &nbsp;&nbsp; 4244879 | 8502520 |
| Azzas 2154 SA | &nbsp;&nbsp; 1468331 | 9400070 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 50461652 | 120806043 |
| Banco Bradesco SA | &nbsp;&nbsp; 15113867 | 40252725 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 11279513 | 93325886 |
| Banco do Brasil SA | &nbsp;&nbsp; 15692944 | 61910985 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 6677349 | 40419893 |
| Brava Energia<sup>(a)</sup> | &nbsp;&nbsp; 3664840 | 13552577 |
| BRF SA | &nbsp;&nbsp; 5113518 | 19456801 |
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 5281565 | 13735176 |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 11264865 | 93537118 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 4585483 | 103594864 |
| Cia de Saneamento de Minas Gerais <br> Copasa MG<br>| &nbsp;&nbsp; 2542813 | 14018219 |
| Cia De Sanena Do Parana | &nbsp;&nbsp; 1748367 | 11121882 |
| Cia. Siderurgica Nacional SA | &nbsp;&nbsp; 6260392 | 8786961 |
| Cogna Educacao SA | &nbsp;&nbsp; 19084522 | 10278190 |
| Cosan SA<sup>(a)</sup> | &nbsp;&nbsp; 11438834 | 12342130 |
| CPFL Energia SA | &nbsp;&nbsp; 1448752 | 10519909 |
| Cury Construtora e Incorporadora SA | &nbsp;&nbsp; 1992047 | 12550758 |
| Cyrela Brazil Realty SA Empreendimentos <br> e Participacoes<br>| &nbsp;&nbsp; 2944418 | 15270993 |
| Dexco SA | &nbsp;&nbsp; 5058136 | 5354944 |
| Direcional Engenharia SA | &nbsp;&nbsp; 4607616 | 13129774 |
| EcoRodovias Infraestrutura e Logistica SA | &nbsp;&nbsp; 3537437 | 5291296 |
| Embraer SA | &nbsp;&nbsp; 6810467 | 95715961 |
| Energisa SA | &nbsp;&nbsp; 2606956 | 23469023 |
| Eneva SA<sup>(a)</sup> | &nbsp;&nbsp; 7304613 | 20357019 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 1436890 | 10584835 |
| Equatorial Energia SA | &nbsp;&nbsp; 11090824 | 74806834 |
| Fleury SA | &nbsp;&nbsp; 3494159 | 9595992 |
| GPS Participacoes e Empreendimentos SA<sup>(b)</sup> | &nbsp;&nbsp; 3482690 | 11099695 |
| Grendene SA | &nbsp;&nbsp; 5052866 | 5060461 |
| Grupo Mateus SA | &nbsp;&nbsp; 6301531 | 8484406 |
| Hapvida Participacoes e Investimentos SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 3133048 | 24102370 |
| Hypera SA | &nbsp;&nbsp; 2768942 | 12461094 |
| Iguatemi SA | &nbsp;&nbsp; 2761922 | 11965943 |
| Intelbras SA Industria de Telecomunicacao <br> Eletronica Brasileira<br>| &nbsp;&nbsp; 1185049 | 2712443 |
| Inter & Co. Inc., Class A | &nbsp;&nbsp; 2342244 | 20119876 |
| IRB-Brasil Resseguros SA<sup>(a)</sup> | &nbsp;&nbsp; 620101 | 5472640 |
| JBS NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 3578042 | 58000061 |
| Klabin SA | &nbsp;&nbsp; 7605122 | 25963612 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 8872369 | 58648931 |
| Lojas Renner SA | &nbsp;&nbsp; 10434514 | 31292861 |
| M Dias Branco SA | &nbsp;&nbsp; 942671 | 5158580 |
| Magazine Luiza SA | &nbsp;&nbsp; 3484325 | 5263263 |
| Marfrig Global Foods SA | &nbsp;&nbsp; 3087541 | 14196704 |
| Minerva SA<sup>(a)</sup> | &nbsp;&nbsp; 6206310 | 6902450 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 9611299 | 25526841 |
| MRV Engenharia e Participacoes SA<sup>(a)</sup> | &nbsp;&nbsp; 4020108 | 5627714 |
| Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp; 2493086 | 12806043 |
| Natura Cosmeticos SA<sup>(a)</sup> | &nbsp;&nbsp; 8461511 | 14061292 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 32106848 | 475181350 |
| Odontoprev SA | &nbsp;&nbsp; 3740536 | 9079088 |
| Pagseguro Digital Ltd., Class A | &nbsp;&nbsp; 1968315 | 17636102 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** |
| Patria Investments Ltd., Class A | &nbsp;&nbsp; 739984 | $10019383 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 35995855 | 224067450 |
| Petroreconcavo SA | &nbsp;&nbsp; 1623882 | 3872625 |
| Porto Seguro SA | &nbsp;&nbsp; 1836588 | 17529705 |
| PRIO SA<sup>(a)</sup> | &nbsp;&nbsp; 7914907 | 55283257 |
| Raia Drogasil SA | &nbsp;&nbsp; 12207968 | 39516003 |
| Rede D'Or Sao Luiz SA<sup>(b)</sup> | &nbsp;&nbsp; 7743416 | 56213443 |
| Rumo SA | &nbsp;&nbsp; 12316623 | 33052715 |
| Santos Brasil Participacoes SA | &nbsp;&nbsp; 5532841 | 14511098 |
| Sao Martinho SA | &nbsp;&nbsp; 1644780 | 5521177 |
| Sendas Distribuidora SA | &nbsp;&nbsp; 12500988 | 24255631 |
| Serena Energia SA<sup>(a)</sup> | &nbsp;&nbsp; 3795868 | 8520286 |
| Simpar SA | &nbsp;&nbsp; 4797954 | 4592783 |
| SLC Agricola SA | &nbsp;&nbsp; 2379445 | 7680088 |
| Smartfit Escola de Ginastica e Danca SA | &nbsp;&nbsp; 3436878 | 15473352 |
| StoneCo Ltd., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 2148794 | 35390637 |
| Suzano SA | &nbsp;&nbsp; 6427197 | 62175546 |
| Telefonica Brasil SA | &nbsp;&nbsp; 7354285 | 45941816 |
| TIM SA/Brazil | &nbsp;&nbsp; 7385604 | 30989882 |
| TOTVS SA | &nbsp;&nbsp; 5252885 | 41756844 |
| Transmissora Alianca de Energia Eletrica SA | &nbsp;&nbsp; 1430424 | 9199606 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 6874065 | 24925831 |
| Vale SA | &nbsp;&nbsp; 34486373 | 353396513 |
| Vamos Locacao de Caminhoes Maquinas e <br> Equipamentos SA<br>| &nbsp;&nbsp; 4659482 | 3721157 |
| Vibra Energia SA | &nbsp;&nbsp; 9652026 | 42796224 |
| Vivara Participacoes SA | &nbsp;&nbsp; 1418361 | 7586427 |
| WEG SA | &nbsp;&nbsp; 15776531 | 109583289 |
| Wilson Sons SA | &nbsp;&nbsp; 2281528 | 7570237 |
| XP Inc., Class A | &nbsp;&nbsp; 3404795 | 61762981 |
|  |  | 3325376775 |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Sigma Lithium Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 656191 | 4403042 |
| **Chile — 0.4%** | **Chile — 0.4%** | **Chile — 0.4%** |
| Aguas Andinas SA, Class A | &nbsp;&nbsp; 24955543 | 8827516 |
| Banco de Chile | &nbsp;&nbsp; 432027565 | 61905898 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 779099 | 31508367 |
| Banco Itau Chile SA | &nbsp;&nbsp; 896060 | 12790662 |
| Banco Santander Chile | &nbsp;&nbsp; 641362393 | 38541182 |
| CAP SA<sup>(a)</sup> | &nbsp;&nbsp; 873312 | 4695168 |
| Cencosud SA | &nbsp;&nbsp; 13061074 | 41390328 |
| Cia Cervecerias Unidas SA | &nbsp;&nbsp; 1338341 | 8281923 |
| Colbun SA | &nbsp;&nbsp; 83309500 | 12535545 |
| Empresa Nacional de Telecomunicaciones SA | &nbsp;&nbsp; 1915260 | 6640139 |
| Empresas CMPC SA | &nbsp;&nbsp; 10395245 | 16299689 |
| Empresas Copec SA | &nbsp;&nbsp; 3715620 | 27670001 |
| Enel Americas SA | &nbsp;&nbsp; 208605945 | 21683937 |
| Enel Chile SA | &nbsp;&nbsp; 264738453 | 18564878 |
| Engie Energia Chile SA | &nbsp;&nbsp; 4540490 | 5692284 |
| Falabella SA | &nbsp;&nbsp; 6422049 | 36552621 |
| Inversiones Aguas Metropolitanas SA | &nbsp;&nbsp; 6134702 | 5425065 |
| Latam Airlines Group SA | &nbsp;&nbsp; 2216810483 | 55807752 |
| Parque Arauco SA | &nbsp;&nbsp; 6817947 | 15725479 |
| SMU SA | &nbsp;&nbsp; 34741266 | 5937895 |
| Vina Concha y Toro SA | &nbsp;&nbsp; 6214434 | 7186026 |
|  |  | 443662355 |
| **China — 28.1%** | **China — 28.1%** | **China — 28.1%** |
| 360 Security Technology Inc., Class A | &nbsp;&nbsp; 4372988 | 7124483 |
| 361 Degrees International Ltd. | &nbsp;&nbsp; 10553000 | 8638296 |
| 37 Interactive Entertainment Network <br> Technology Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 1548337 | 4280256 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| 3SBio Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 17150500 | $64514872 |
| AAC Technologies Holdings Inc. | &nbsp;&nbsp; 7378500 | 41152427 |
| Accelink Technologies Co. Ltd., Class A | &nbsp;&nbsp; 515900 | 4971259 |
| ACM Research Shanghai Inc., Class A | &nbsp;&nbsp; 196514 | 4276800 |
| Advanced Micro-Fabrication <br> Equipment Inc./China, Class A<br>| &nbsp;&nbsp; 391833 | 11787057 |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 1485367 | 8421840 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 47159935 | 46500930 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 261446000 | 176797261 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 5465446 | 10279338 |
| Air China Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8614800 | 9134786 |
| AK Medical Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6258000 | 4523097 |
| Akeso Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 6018000 | 121211873 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 163038704 | 2699540023 |
| Alibaba Health Information Technology Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 54630000 | 38736346 |
| A-Living Smart City Services Co. Ltd., <br> Class H<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7542250 | 2983201 |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp; 4466800 | 4913449 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 39214000 | 35131312 |
| Amlogic Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 287186 | 4030721 |
| ANE Cayman Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7527000 | 8101024 |
| Angelalign Technology Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 708400 | 6591902 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 1219529 | 4171739 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 11772500 | 37180698 |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 210455 | 5067765 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 1050202 | 14993322 |
| Anhui Jianghuai Automobile Group Corp. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 1658600 | 12658104 |
| Anker Innovations Technology Co. Ltd., Class A | &nbsp;&nbsp; 385408 | 7588840 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 11941200 | 148577810 |
| Ascentage Pharma Group International<sup>(a)(b)</sup> | &nbsp;&nbsp; 2647900 | 28358284 |
| AsiaInfo Technologies Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 4354400 | 5785447 |
| Atour Lifestyle Holdings Ltd., ADR | &nbsp;&nbsp; 386909 | 15058498 |
| Autohome Inc., ADR | &nbsp;&nbsp; 577599 | 16681059 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 1400700 | 11725837 |
| AviChina Industry & Technology Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 25942000 | 14743752 |
| BAIC BluePark New Energy Technology Co. <br> Ltd., Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 4713200 | 5843622 |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 20725312 | 245296147 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 11539206 | 9725219 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 3010608 | 7809168 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 21983000 | 17048252 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 667733000 | 366501345 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 28981143 | 29595967 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 81459000 | 70630559 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 4307897 | 9602446 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 9801508 | 14910144 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 7186881 | 11222078 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 3491593 | 13839386 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 7830165 | 10490946 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 8778830 | 8543942 |
| Beijing Capital International Airport Co. Ltd., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 19502000 | 7407688 |
| Beijing Enlight Media Co. Ltd., Class A | &nbsp;&nbsp; 1882800 | 5225311 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 4404000 | 18338740 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 41130000 | 13725417 |
| Beijing Fourth Paradigm Technology Co. Ltd., <br> Class H<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 1214700 | 9536798 |
| Beijing Kingsoft Office Software Inc., Class A | &nbsp;&nbsp; 303558 | 14260520 |
| Beijing New Building Materials PLC, Class A | &nbsp;&nbsp; 1212719 | 4549161 |
| Beijing Roborock Technology Co. Ltd., Class A | &nbsp;&nbsp; 182156 | 5495222 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Beijing Tiantan Biological Products Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1094900 | $3082610 |
| Beijing Tong Ren Tang Chinese Medicine Co. <br> Ltd.<sup>(c)</sup><br>| &nbsp;&nbsp; 3863000 | 4550874 |
| Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp; 802400 | 4021266 |
| Beijing Wantai Biological Pharmacy Enterprise <br> Co. Ltd., Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 698998 | 5758604 |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 23718601 | 17789167 |
| BeOne Medicines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8081764 | 192256964 |
| Bestechnic Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 104827 | 4163697 |
| Bethel Automotive Safety Systems Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 562780 | 3762281 |
| Bilibili Inc., Class Z<sup>(a)(c)</sup> | &nbsp;&nbsp; 2267777 | 52868840 |
| Black Sesame International Holding Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2259300 | 5501905 |
| BOC Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1874700 | 16826988 |
| BOC International China Co. Ltd., Class A | &nbsp;&nbsp; 2203400 | 4995029 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 20915000 | 12425156 |
| BOE Varitronix Ltd. | &nbsp;&nbsp; 5547000 | 4341027 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 44024000 | 25480084 |
| Brilliance China Automotive Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 29604000 | 15164482 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 3068373 | 49089839 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 35028500 | 494175320 |
| BYD Electronic International Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 7573000 | 40260185 |
| C&D International Investment Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 7980000 | 19032031 |
| Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp; 4971750 | 6053340 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 241395 | 50553834 |
| Canggang Railway Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 12742000 | 2190274 |
| CanSino Biologics Inc., Class H<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 976000 | 6149788 |
| CGN Mining Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 28590000 | 10196675 |
| CGN New Energy Holdings Co. Ltd. | &nbsp;&nbsp; 17426000 | 5444908 |
| CGN Power Co. Ltd., Class A | &nbsp;&nbsp; 567700 | 306035 |
| CGN Power Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 107615000 | 40661186 |
| Changchun High-Tech Industry Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 249542 | 3611336 |
| Changjiang Securities Co. Ltd., Class A | &nbsp;&nbsp; 5579928 | 6699900 |
| Changzhou Xingyu Automotive Lighting <br> Systems Co. Ltd., Class A<br>| &nbsp;&nbsp; 222669 | 3783593 |
| Chaozhou Three-Circle Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1653853 | 10249528 |
| Chervon Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1503700 | 4328526 |
| China Animal Healthcare Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 1237000 | 2 |
| China BlueChemical Ltd., Class H | &nbsp;&nbsp; 18930000 | 5935798 |
| China CITIC Bank Corp. Ltd., Class A | &nbsp;&nbsp; 6337200 | 7037048 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 78374000 | 70079325 |
| China CITIC Financial Asset Management Co. <br> Ltd., Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 133926000 | 19836630 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 17931000 | 21790732 |
| China Communications Services Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 23900000 | 14254772 |
| China Conch Venture Holdings Ltd. | &nbsp;&nbsp; 13452000 | 17876755 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 10979892 | 13881148 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 911920000 | 882557942 |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 3995101 | 20966674 |
| China Datang Corp. Renewable Power Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 25793000 | 7928710 |
| China East Education Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 5978500 | 6204480 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11611175 | 6636624 |
| China Education Group Holdings Ltd. | &nbsp;&nbsp; 11494000 | 4220883 |
| China Energy Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 34152444 | 11755316 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 24142482 | 12821731 |
| China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp; 29032000 | 13034700 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Everbright Environment Group Ltd. | &nbsp;&nbsp; 33860148 | $19094669 |
| China Everbright Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 10200000 | 11703183 |
| China Feihe Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 35185000 | 19914588 |
| China Fiber Optic Network System Group Ltd., <br> NVS<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 10394800 | 13 |
| China Foods Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 12566000 | 6426630 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 3159400 | 8212520 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 34420000 | 49688073 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 22631000 | 22664374 |
| China Gold International Resources Corp. <br> Ltd.<sup>(c)</sup><br>| &nbsp;&nbsp; 2401000 | 34032863 |
| China Great Wall Securities Co. Ltd., Class A | &nbsp;&nbsp; 5800500 | 9960832 |
| China Greatwall Technology Group Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 2276500 | 5721783 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 26817000 | 88269720 |
| China Huiyuan Juice Group Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 10877000 | 14 |
| China International Capital Corp. Ltd., Class A | &nbsp;&nbsp; 2586312 | 13998492 |
| China International Capital Corp. Ltd., <br> Class H<sup>(b)</sup><br>| &nbsp;&nbsp; 15177200 | 41633566 |
| China Jinmao Holdings Group Ltd. | &nbsp;&nbsp; 58156000 | 10980506 |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 3096362 | 6790469 |
| China Lesso Group Holdings Ltd. | &nbsp;&nbsp; 12050000 | 7484309 |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 1144210 | 6766083 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 70994000 | 220841921 |
| China Lilang Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6478000 | 3149461 |
| China Literature Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 3844600 | 20166609 |
| China Longyuan Power Group Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 24462000 | 21161555 |
| China Medical System Holdings Ltd. | &nbsp;&nbsp; 12671000 | 21260558 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 29488000 | 58056007 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 10987482 | 66212463 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 37342464 | 232108742 |
| China Merchants Energy Shipping Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 5856100 | 5338373 |
| China Merchants Expressway Network & <br> Technology Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 3667939 | 5362956 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 11676270 | 22452349 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 4495541 | 11975899 |
| China Merchants Shekou Industrial Zone <br> Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 5217366 | 6705479 |
| China Metal Recycling Holdings Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 62400 |  |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 19113217 | 12348602 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 62347720 | 35552381 |
| China Modern Dairy Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 36998000 | 6228806 |
| China National Building Material Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 37026850 | 26904359 |
| China National Chemical Engineering Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4684422 | 5171685 |
| China National Nuclear Power Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 11088409 | 13871649 |
| China National Software & Service Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 865780 | 6512115 |
| China Nonferrous Mining Corp Ltd. | &nbsp;&nbsp; 19694000 | 26372101 |
| China Northern Rare Earth Group High-Tech <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 2321500 | 18539486 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 16088000 | 14657248 |
| China Overseas Grand Oceans Group Ltd. | &nbsp;&nbsp; 18952500 | 5519567 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 35357000 | 63701431 |
| China Overseas Property Holdings Ltd. | &nbsp;&nbsp; 13690000 | 9412454 |
| China Pacific Insurance Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3393742 | 19216922 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Pacific Insurance Group Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 25442600 | $116780470 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 15226700 | 12208873 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 216680200 | 120341134 |
| China Power International Development Ltd. | &nbsp;&nbsp; 35645000 | 14329830 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 6567666 | 5241276 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 40714000 | 20710549 |
| China Rare Earth Resources & Technology Co. <br> Ltd., Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 1092500 | 8948235 |
| China Renewable Energy Investment Ltd., <br> NVS<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 8046 |  |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 15261000 | 55284905 |
| China Resources Building Materials Technology <br> Holdings Ltd.<br>| &nbsp;&nbsp; 23914000 | 5703935 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 8011400 | 20678158 |
| China Resources Land Ltd. | &nbsp;&nbsp; 30044277 | 118837666 |
| China Resources Medical Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 11934500 | 5597088 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 797212 | 5865206 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6591000 | 33060448 |
| China Resources Pharmaceutical Group <br> Ltd.<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 15089500 | 9465924 |
| China Resources Power Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 18972000 | 43809715 |
| China Resources Sanjiu Medical & <br> Pharmaceutical Co. Ltd., Class A<br>| &nbsp;&nbsp; 1006625 | 4302467 |
| China Risun Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 17338000 | 5426813 |
| China Ruyi Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 80847200 | 29928927 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 3660029 | 19264349 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 31873500 | 143233830 |
| China Shineway Pharmaceutical Group Ltd. | &nbsp;&nbsp; 4865000 | 5402609 |
| China Southern Airlines Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8135184 | 6898665 |
| China State Construction Engineering Corp. <br> Ltd., Class A<br>| &nbsp;&nbsp; 18636519 | 14635451 |
| China State Construction International <br> Holdings Ltd.<br>| &nbsp;&nbsp; 14862000 | 20373164 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 13895708 | 29032687 |
| China Three Gorges Renewables Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 14852670 | 8864576 |
| China Tobacco International HK Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2785000 | 14673709 |
| China Tourism Group Duty Free Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1228979 | 11966088 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 41068100 | 62040041 |
| China Traditional Chinese Medicine Holdings <br> Co. Ltd.<br>| &nbsp;&nbsp; 28074000 | 7903669 |
| China Travel International Investment Hong <br> Kong Ltd.<sup>(c)</sup><br>| &nbsp;&nbsp; 28268000 | 5490599 |
| China United Network Communications Ltd., <br> Class A<br>| &nbsp;&nbsp; 16319125 | 13066235 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2593668 | 2473691 |
| China Vanke Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 20942687 | 14353339 |
| China Water Affairs Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 9536000 | 7616461 |
| China XLX Fertiliser Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5612000 | 5324032 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 13447341 | 53053274 |
| China Zheshang Bank Co. Ltd., Class A | &nbsp;&nbsp; 16074196 | 7314253 |
| China Zhongwang Holdings Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 2334641 | 104821 |
| Chinasoft International Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 21882000 | 18520441 |
| Chongqing Changan Automobile Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 5095064 | 8994262 |
| Chongqing Hongjiu Fruit Co. Ltd., <br> Class H<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp; 2296200 | 230636 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 5028800 | 4442699 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 21268000 | $15733207 |
| Chongqing Zhifei Biological Products Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1410213 | 4455222 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 19729800 | 37074821 |
| CIMC Enric Holdings Ltd. | &nbsp;&nbsp; 8638000 | 8000303 |
| CITIC Ltd. | &nbsp;&nbsp; 37624000 | 54014048 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 5572649 | 24639639 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 15363900 | 56905487 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 8077933 | 14034680 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 36627000 | 56349217 |
| CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp; 1022757 | 5371561 |
| CNPC Capital Co. Ltd., Class A | &nbsp;&nbsp; 5279000 | 9401838 |
| COFCO Joycome Foods Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 31411000 | 7264421 |
| Concord New Energy Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 89940000 | 4557283 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2384151 | 102438502 |
| Contemporary Amperex Technology Co. Ltd., <br> Class H<sup>(c)</sup><br>| &nbsp;&nbsp; 745035 | 40512844 |
| Cosco Shipping Energy Transportation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2085200 | 3031273 |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 4896046 | 10501323 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 27049100 | 47132114 |
| Cosco Shipping International Hong Kong <br> Co. Ltd.<br>| &nbsp;&nbsp; 11732000 | 9771080 |
| COSCO Shipping Ports Ltd. | &nbsp;&nbsp; 15752000 | 11436643 |
| Country Garden Services Holdings Co. Ltd. | &nbsp;&nbsp; 20357000 | 17040991 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 8861700 | 9545470 |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 44114000 | 35554820 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 2587594 | 10305954 |
| CSG Holding Co. Ltd., Class B | &nbsp;&nbsp; 3734481 | 890448 |
| CSPC Innovation Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 979840 | 7346762 |
| CSPC Pharmaceutical Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 76969760 | 100056166 |
| CStone Pharmaceuticals<sup>(a)(b)</sup> | &nbsp;&nbsp; 9548500 | 13237627 |
| Damai Entertainment Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 121530000 | 18213520 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 10006919 | 8869805 |
| Daqo New Energy Corp., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 490743 | 12440335 |
| Dong-E-E-Jiao Co. Ltd., Class A | &nbsp;&nbsp; 378900 | 2760318 |
| Dongfang Electric Corp. Ltd., Class A | &nbsp;&nbsp; 1927824 | 5354299 |
| Dongxing Securities Co. Ltd., Class A | &nbsp;&nbsp; 4399467 | 7545725 |
| Dongyue Group Ltd. | &nbsp;&nbsp; 13095000 | 21883567 |
| DPC Dash Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 890700 | 10175838 |
| Duality Biotherapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 174300 | 7056517 |
| East Buy Holding Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 4222500 | 14732182 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 8952088 | 36339231 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 338230 | 14669779 |
| Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp; 398900 | 5429116 |
| Empyrean Technology Co. Ltd., Class A | &nbsp;&nbsp; 369300 | 6373748 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 7345500 | 59455158 |
| ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp; 2126528 | 5614778 |
| Eoptolink Technology Inc. Ltd., Class A | &nbsp;&nbsp; 608380 | 30299957 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 1390077 | 11157843 |
| Everbright Securities Co. Ltd., Class A | &nbsp;&nbsp; 2622786 | 7383412 |
| Everdisplay Optronics Shanghai Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 7311200 | 2844007 |
| Everest Medicines Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 2472000 | 20233683 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 18355000 | 17541498 |
| Fenbi Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 15169000 | 6113308 |
| FinVolution Group, ADR | &nbsp;&nbsp; 1427012 | 11772849 |
| First Tractor Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 3122000 | 2997674 |
| Flat Glass Group Co. Ltd., Class A | &nbsp;&nbsp; 1374000 | 3425113 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Focus Media Information Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 9082399 | $10596466 |
| Foshan Haitian Flavouring & Food Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2161293 | 12588005 |
| Fosun International Ltd. | &nbsp;&nbsp; 24605500 | 16760558 |
| Founder Securities Co. Ltd., Class A | &nbsp;&nbsp; 6424700 | 7793998 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 7441725 | 56162371 |
| Fu Shou Yuan International Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 12346000 | 5286791 |
| Fufeng Group Ltd. | &nbsp;&nbsp; 16534400 | 19781266 |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 923047 | 8509153 |
| Fuyao Glass Industry Group Co. Ltd., <br> Class H<sup>(b)</sup><br>| &nbsp;&nbsp; 6017600 | 53105187 |
| GalaxyCore Inc., Class A | &nbsp;&nbsp; 1166200 | 2824627 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 1192157 | 6682628 |
| GCL Technology Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 216227000 | 34798748 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 11275000 | 7586639 |
| GDS Holdings Ltd., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 10192176 | 44162554 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 58038000 | 146391737 |
| Gemdale Properties & Investment Corp. <br> Ltd.<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 77656000 | 2558708 |
| Genertec Universal Medical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 13811500 | 10772281 |
| Genscript Biotech Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 11342000 | 25188339 |
| GF Securities Co. Ltd., Class A | &nbsp;&nbsp; 4745630 | 14579913 |
| Giant Biogene Holding Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 3711400 | 25850363 |
| GigaDevice Semiconductor Inc., Class A | &nbsp;&nbsp; 408547 | 9120053 |
| GoerTek Inc., Class A | &nbsp;&nbsp; 2114262 | 10870568 |
| Goldwind Science & Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3113937 | 4996908 |
| Goneo Group Co. Ltd., Class A | &nbsp;&nbsp; 628305 | 4160070 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 1472700 | 7544576 |
| Grand Pharmaceutical Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 13846500 | 16762874 |
| Great Wall Motor Co. Ltd., Class A | &nbsp;&nbsp; 1578 | 5728 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 23031500 | 55221935 |
| Gree Electric Appliances Inc. of Zhuhai, <br> Class A<br>| &nbsp;&nbsp; 1678200 | 10043709 |
| Greentown China Holdings Ltd. | &nbsp;&nbsp; 10319500 | 13036804 |
| Greentown Management Holdings Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 9208000 | 3422571 |
| Greentown Service Group Co. Ltd. | &nbsp;&nbsp; 14284000 | 9135790 |
| GRG Banking Equipment Co. Ltd., Class A | &nbsp;&nbsp; 2397100 | 4825934 |
| Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp; 1157520 | 9997425 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 28384000 | 26696904 |
| Guanghui Energy Co. Ltd., Class A | &nbsp;&nbsp; 4836680 | 3599402 |
| Guangzhou Automobile Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3399799 | 3743574 |
| Guangzhou Baiyunshan Pharmaceutical <br> Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 668688 | 2492506 |
| Guangzhou Haige Communications Group Inc. <br> Co., Class A<br>| &nbsp;&nbsp; 2538500 | 5210002 |
| Guangzhou Tinci Materials Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1325096 | 4004462 |
| Guolian Securities Co. Ltd., Class A | &nbsp;&nbsp; 4122400 | 7077997 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 5518367 | 11488133 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 6590612 | 19412022 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 19335792 | 40605818 |
| Guoyuan Securities Co. Ltd., Class A | &nbsp;&nbsp; 8227491 | 10676943 |
| Gushengtang Holdings Ltd. | &nbsp;&nbsp; 1831800 | 7678619 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 1865430 | 68741095 |
| Haichang Ocean Park Holdings Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 34784000 | 3313098 |
| Haidilao International Holding Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 15228000 | 27197517 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 2648737 | 9768152 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 22819800 | 77489870 |
| Hainan Airlines Holding Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 26905741 | 6011927 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Hainan Airport Infrastructure Co. Ltd., Class A | &nbsp;&nbsp; 12586603 | $6911099 |
| Hainan Meilan International Airport Co. Ltd., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 2024000 | 2713186 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 6072000 | 17213312 |
| Hangzhou First Applied Material Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1709331 | 3601006 |
| Hangzhou Silan Microelectronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1216800 | 5545055 |
| Hangzhou Tigermed Consulting Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 255574 | 2277860 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11244000 | 52230896 |
| Harbin Electric Co. Ltd., Class H | &nbsp;&nbsp; 8832000 | 9166076 |
| HBM Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5474000 | 10369739 |
| Hello Group Inc., ADR | &nbsp;&nbsp; 1293402 | 10735237 |
| Henan Shenhuo Coal Industry & Electricity <br> Power Co. Ltd., Class A<br>| &nbsp;&nbsp; 1704600 | 4621832 |
| Henan Shuanghui Investment & Development <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 2288432 | 8105734 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 5155000 | 16446438 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 4332030 | 10715590 |
| Hengtong Optic-Electric Co. Ltd., Class A | &nbsp;&nbsp; 1592800 | 4579106 |
| Hithink RoyalFlush Information Network Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 320502 | 18588169 |
| HLA Group Corp. Ltd., Class A | &nbsp;&nbsp; 3551300 | 3476446 |
| Hopson Development Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10715871 | 4866164 |
| Horizon Robotics<sup>(a)</sup> | &nbsp;&nbsp; 38960400 | 48525467 |
| Hoshine Silicon Industry Co. Ltd., Class A | &nbsp;&nbsp; 819923 | 6071844 |
| Hua Han Health Industry Holdings Ltd., <br> NVS<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 19424288 | 25 |
| Hua Hong Semiconductor Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 6744000 | 46692702 |
| Huabao International Holdings Ltd. | &nbsp;&nbsp; 9739000 | 5272090 |
| Huadian Power International Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 6015200 | 4479582 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 1112641 | 6919820 |
| Huafon Chemical Co. Ltd., Class A | &nbsp;&nbsp; 5343855 | 6034644 |
| Huagong Tech Co. Ltd., Class A | &nbsp;&nbsp; 1236100 | 11864213 |
| Huaibei Mining Holdings Co. Ltd., Class A | &nbsp;&nbsp; 1688700 | 2956682 |
| Hualan Biological Engineering Inc., Class A | &nbsp;&nbsp; 852970 | 2048197 |
| Huaneng Power International Inc., Class A | &nbsp;&nbsp; 2386326 | 2474103 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 42108000 | 30255809 |
| Huaqin Technology Co. Ltd., Class A | &nbsp;&nbsp; 640600 | 8839583 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 4161751 | 12673074 |
| Huatai Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 13626800 | 34752516 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 8369330 | 8897261 |
| Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp; 2235860 | 6006185 |
| Huizhou Desay Sv Automotive Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 491451 | 8763077 |
| Humanwell Healthcare Group Co. Ltd., Class A | &nbsp;&nbsp; 1227300 | 3514425 |
| Hunan Valin Steel Co. Ltd., Class A | &nbsp;&nbsp; 7228400 | 6033994 |
| Hundsun Technologies Inc., Class A | &nbsp;&nbsp; 1569049 | 8261040 |
| HUTCHMED China Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 5520580 | 16860555 |
| Hwatsing Technology Co. Ltd., Class A | &nbsp;&nbsp; 243644 | 4309545 |
| Hygeia Healthcare Holdings Co. Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 4168000 | 8024500 |
| Hygon Information Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1334053 | 36410345 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 1163272 | 10966259 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 1995996 | 14956630 |
| Imeik Technology Development Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 172692 | 4705829 |
| Industrial & Commercial Bank of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 34440580 | 35946538 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 616648000 | $458726468 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 11352691 | 35734572 |
| Industrial Securities Co. Ltd., Class A | &nbsp;&nbsp; 6847898 | 6551115 |
| INESA Intelligent Tech Inc., Class B | &nbsp;&nbsp; 3680152 | 2944898 |
| Ingenic Semiconductor Co. Ltd., Class A | &nbsp;&nbsp; 324203 | 3419814 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 31685800 | 12412059 |
| Inner Mongolia Junzheng Energy & Chemical <br> Industry Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 6600700 | 5184312 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3110662 | 12489184 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 8883595 | 17984332 |
| InnoCare Pharma Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 8059000 | 17533968 |
| Innovent Biologics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 13734500 | 171653161 |
| iQIYI Inc., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 4395344 | 11647662 |
| Isoftstone Information Technology Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 641700 | 5393686 |
| J&T Global Express Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 22929000 | 30798360 |
| JA Solar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1993180 | 3543576 |
| JCET Group Co. Ltd., Class A | &nbsp;&nbsp; 1240200 | 6948450 |
| JD Health International Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10870250 | 88581841 |
| JD Logistics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 19412800 | 32254387 |
| JD.com Inc., Class A | &nbsp;&nbsp; 23104104 | 358001649 |
| JF SmartInvest Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1131500 | 11156838 |
| Jiangsu Eastern Shenghong Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 4321801 | 5965905 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 11648000 | 13749813 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 893596 | 11196029 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3466842 | 32220825 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp; 933956 | 5680221 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1899507 | 3009248 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 736751 | 7649294 |
| Jiangsu Yuyue Medical Equipment & Supply <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 862300 | 4530775 |
| Jiangsu Zhongtian Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1948300 | 4443521 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 10408000 | 30647378 |
| Jinchuan Group International Resources Co. <br> Ltd.<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 36676000 | 2709945 |
| Jinduicheng Molybdenum Co. Ltd., Class A | &nbsp;&nbsp; 1828400 | 3853928 |
| Jinko Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5810818 | 4626608 |
| JinkoSolar Holding Co. Ltd., ADR | &nbsp;&nbsp; 362060 | 8352724 |
| Jinxin Fertility Group Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 21199000 | 7885816 |
| Jiumaojiu International Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 9493000 | 2954211 |
| JL Mag Rare-Earth Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 1582800 | 4692193 |
| JNBY Design Ltd. | &nbsp;&nbsp; 3181000 | 8240288 |
| JOYY Inc., ADR | &nbsp;&nbsp; 278129 | 15035654 |
| Kangji Medical Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5364500 | 5972353 |
| Kanzhun Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 3419672 | 80772653 |
| KE Holdings Inc., Class A | &nbsp;&nbsp; 19637707 | 115121221 |
| Keymed Biosciences Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2127500 | 18890280 |
| Kingboard Holdings Ltd. | &nbsp;&nbsp; 6290700 | 23154409 |
| Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 9487000 | 16174834 |
| Kingdee International Software Group Co. <br> Ltd.<sup>(a)</sup><br>| &nbsp;&nbsp; 28921000 | 61106354 |
| Kingsoft Cloud Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 22355760 | 22254086 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 9037800 | 39809376 |
| Kuaishou Technology<sup>(a)(b)</sup> | &nbsp;&nbsp; 25505300 | 249986068 |
| Kuang-Chi Technologies Co. Ltd., Class A | &nbsp;&nbsp; 1407230 | 10725615 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 34664000 | $32267339 |
| Kunlun Tech Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1269896 | 7491411 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 696748 | 144937410 |
| Laopu Gold Co. Ltd., Class H | &nbsp;&nbsp; 264100 | 24219046 |
| LB Group Co. Ltd., Class A | &nbsp;&nbsp; 2267007 | 5914540 |
| Lee & Man Paper Manufacturing Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 15951000 | 6046253 |
| Legend Biotech Corp., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 663525 | 23044223 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 64930000 | 93212593 |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 3301915 | 14392440 |
| Lepu Biopharma Co. Ltd., Class H<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 9108000 | 10189176 |
| Li Auto Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11936204 | 139868187 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 21562500 | 52800811 |
| Lifetech Scientific Corp. <sup>(a)(c)</sup> | &nbsp;&nbsp; 36300000 | 9110022 |
| Lingbao Gold Group Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 4875000 | 9024929 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 5491233 | 11954215 |
| LK Technology Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5657500 | 3911572 |
| Longfor Group Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 19814500 | 27170492 |
| LONGi Green Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 4252569 | 10254950 |
| Lonking Holdings Ltd. | &nbsp;&nbsp; 25813000 | 8974550 |
| Lufax Holding Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 2430614 | 7146005 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 4024589 | 25953882 |
| Luye Pharma Group Ltd. <sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 20004500 | 9287831 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 746684 | 14395187 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 1253232 | 4590882 |
| Maoyan Entertainment<sup>(b)(c)</sup> | &nbsp;&nbsp; 5509200 | 5504848 |
| Maxscend Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 339712 | 3943350 |
| Medlive Technology Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 2724500 | 4937337 |
| Meitu Inc.<sup>(b)</sup> | &nbsp;&nbsp; 32570000 | 49625959 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 47219860 | 628918187 |
| Metallurgical Corp. of China Ltd., Class A | &nbsp;&nbsp; 12929700 | 6192233 |
| MH Development Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 3308000 | 4 |
| Microport Scientific Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 9251800 | 14471617 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 1750000 | 18111115 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 3353200 | 35346413 |
| Ming Yuan Cloud Group Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 11074000 | 5648639 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 4453704 | 27186464 |
| Minth Group Ltd. | &nbsp;&nbsp; 7202000 | 30596257 |
| MMG Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 39639198 | 26483917 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 866400 | 14946288 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 2845183 | 21977258 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 3739980 | 11432603 |
| National Silicon Industry Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1875000 | 5455013 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 417926 | 21841949 |
| NetDragon Websoft Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3260000 | 4373828 |
| NetEase Cloud Music Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 902550 | 32547798 |
| NetEase Inc. | &nbsp;&nbsp; 16524435 | 453112964 |
| New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 999301 | 9579229 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 9180000 | 57117336 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 4185244 | 5809287 |
| New Horizon Health Ltd.<sup>(a)(b)(c)(d)</sup> | &nbsp;&nbsp; 2592000 | 3291080 |
| New Oriental Education & Technology <br> Group Inc.<br>| &nbsp;&nbsp; 11572890 | 55375418 |
| Newborn Town Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5862000 | 9305247 |
| Nexteer Automotive Group Ltd. | &nbsp;&nbsp; 9291000 | 8214366 |
| Nine Dragons Paper Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 17132000 | 12457123 |
| Ninestar Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1078934 | 3781247 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 668449 | 6064993 |
| Ningbo Orient Wires & Cables Co. Ltd., Class A | &nbsp;&nbsp; 572000 | 4234685 |
| Ningbo Sanxing Medical Electric Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1163600 | 3762633 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 1152850 | $10089400 |
| Ningxia Baofeng Energy Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4738309 | 11542229 |
| NIO Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 15149335 | 97023880 |
| Noah Holdings Ltd., ADR | &nbsp;&nbsp; 422268 | 5257237 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 19266200 | 124616078 |
| OFILM Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2293900 | 4271364 |
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 670169 | 13455251 |
| Oppein Home Group Inc., Class A | &nbsp;&nbsp; 380280 | 2956307 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 1292000 | 22639015 |
| Orient Securities Co. Ltd., Class A | &nbsp;&nbsp; 5395967 | 8713115 |
| PDD Holdings Inc., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 6728360 | 808883439 |
| People's Insurance Co. Group of China Ltd. <br> (The), Class A<br>| &nbsp;&nbsp; 1162900 | 1466675 |
| People's Insurance Co. Group of China Ltd. <br> (The), Class H<br>| &nbsp;&nbsp; 90951000 | 81784112 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 10454437 | 12802535 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 200062000 | 193721583 |
| Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp; 1411925 | 5990172 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 65171040 | 157503301 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 9294536 | 15735019 |
| Ping An Healthcare and Technology Co. <br> Ltd.<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 8449900 | 22567743 |
| Ping An Insurance Group Co. of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 5635454 | 47417748 |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 63734000 | 464024521 |
| Piotech Inc., Class A | &nbsp;&nbsp; 195288 | 5205581 |
| Poly Developments and Holdings Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 6888611 | 7702808 |
| Poly Property Group Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 23502000 | 4846212 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5205800 | 216391417 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 15245300 | 12936640 |
| Postal Savings Bank of China Co. Ltd., <br> Class H<sup>(b)</sup><br>| &nbsp;&nbsp; 83141000 | 57899764 |
| Power Construction Corp. of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 10717144 | 8913023 |
| Q Technology Group Co. Ltd. | &nbsp;&nbsp; 5346000 | 11073192 |
| Qfin Holdings Inc. | &nbsp;&nbsp; 993238 | 28923091 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3395750 | 9679052 |
| Range Intelligent Computing Technology Group <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 984439 | 8156384 |
| Remegen Co. Ltd., Class H<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 1767500 | 22373918 |
| RLX Technology Inc., ADR | &nbsp;&nbsp; 3474322 | 8824778 |
| RoboSense Technology Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2932800 | 15150982 |
| Rockchip Electronics Co. Ltd., Class A | &nbsp;&nbsp; 255700 | 8831816 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 5887821 | 8287733 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 4490890 | 11832468 |
| Sailun Group Co. Ltd., Class A | &nbsp;&nbsp; 2645400 | 5265288 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 2981100 | 6338291 |
| Sany Heavy Equipment International Holdings <br> Co. Ltd.<sup>(c)</sup><br>| &nbsp;&nbsp; 12025000 | 10633662 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 3361956 | 9925354 |
| Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp; 2375607 | 6695357 |
| SDIC Capital Co. Ltd., Class A | &nbsp;&nbsp; 5368200 | 6287945 |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 4441900 | 8942167 |
| Seazen Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 22940000 | 7346403 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 939310 | 18033836 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 2353792 | 14736643 |
| SG Micro Corp., Class A | &nbsp;&nbsp; 417205 | 4547051 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 5011281 | 14340980 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Shandong BoAn Biotechnology Co. Ltd., <br> Class H<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2839400 | $5053095 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 2000786 | 9458233 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 7368750 | 28149134 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1562099 | 6017875 |
| Shandong Nanshan Aluminum Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 9527300 | 5429737 |
| Shandong Weigao Group Medical Polymer Co. <br> Ltd., Class H<br>| &nbsp;&nbsp; 23582400 | 17819945 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 1346953 | 4790138 |
| Shanghai BOCHU Electronic Technology Corp. <br> Ltd., Class A<br>| &nbsp;&nbsp; 195392 | 4200403 |
| Shanghai Chicmax Cosmetic Co. Ltd. | &nbsp;&nbsp; 737200 | 8599979 |
| Shanghai Chlor-Alkali Chemical Co. Ltd., <br> Class B<br>| &nbsp;&nbsp; 8403609 | 5597778 |
| Shanghai Conant Optical Co. Ltd., Class H | &nbsp;&nbsp; 1817500 | 11244710 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7588700 | 9446548 |
| Shanghai Fosun Pharmaceutical Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 1059800 | 4289516 |
| Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp; 6270000 | 11649850 |
| Shanghai International Airport Co. Ltd., Class A | &nbsp;&nbsp; 1001203 | 4544647 |
| Shanghai MicroPort MedBot Group Co. Ltd., <br> Class H<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 4016500 | 10525979 |
| Shanghai Pharmaceuticals Holding Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1591700 | 4171756 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 16211706 | 31036760 |
| Shanghai Putailai New Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 1415918 | 4455877 |
| Shanghai RAAS Blood Products Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3928634 | 3796649 |
| Shanghai Rural Commercial Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 6709700 | 8196808 |
| Shanghai United Imaging Healthcare Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 479224 | 9539662 |
| Shanghai Zhangjiang High-Tech Park <br> Development Co. Ltd., Class A<br>| &nbsp;&nbsp; 841800 | 4489636 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 1823900 | 5047292 |
| Shanxi Coking Coal Energy Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3974600 | 3940626 |
| Shanxi Lu'an Environmental Energy <br> Development Co. Ltd., Class A<br>| &nbsp;&nbsp; 2075600 | 3781821 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 667339 | 18952493 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 1691008 | 12607097 |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 430262 | 11934734 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 16077692 | 12324966 |
| Shenzhen Goodix Technology Co. Ltd., Class A | &nbsp;&nbsp; 313100 | 3621395 |
| Shenzhen Inovance Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 895242 | 9435473 |
| Shenzhen International Holdings Ltd. | &nbsp;&nbsp; 12119250 | 12226799 |
| Shenzhen Investment Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 31460000 | 3395481 |
| Shenzhen Mindray Bio-Medical Electronics Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 571446 | 19492076 |
| Shenzhen New Industries Biomedical <br> Engineering Co. Ltd., Class A<br>| &nbsp;&nbsp; 463900 | 4065883 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 717900 | 5073790 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 675714 | 8539795 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 7549300 | 60069367 |
| Shoucheng Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 26236800 | 6381612 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Shougang Fushan Resources Group Ltd. | &nbsp;&nbsp; 24396000 | $8631412 |
| Shui On Land Ltd. | &nbsp;&nbsp; 54518666 | 5325639 |
| Sichuan Biokin Pharmaceutical Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 162780 | 7651835 |
| Sichuan Changhong Electric Co. Ltd., Class A | &nbsp;&nbsp; 3073500 | 4936652 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 3336678 | 6977496 |
| Sichuan Kelun Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1097320 | 5617576 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. <br> Ltd., Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 467700 | 27253168 |
| Sichuan Road & Bridge Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 5000460 | 6080763 |
| Sihuan Pharmaceutical Holdings Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 53689000 | 10094111 |
| Simcere Pharmaceutical Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8392000 | 15218879 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 97257000 | 102019293 |
| Sinofert Holdings Ltd. | &nbsp;&nbsp; 30016000 | 5443132 |
| Sinolink Securities Co. Ltd., Class A | &nbsp;&nbsp; 5706900 | 8262232 |
| Sinopec Engineering Group Co. Ltd., Class H | &nbsp;&nbsp; 16929500 | 15153556 |
| Sinopec Kantons Holdings Ltd. | &nbsp;&nbsp; 15590000 | 8499455 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 12108800 | 29180147 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 6501000 | 18954446 |
| Skyworth Group Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 9242000 | 4120205 |
| Smoore International Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 17813000 | 43374837 |
| SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp; 7627640 | 10823951 |
| Southwest Securities Co. Ltd., Class A | &nbsp;&nbsp; 9016600 | 6177965 |
| Spring Airlines Co. Ltd., Class A | &nbsp;&nbsp; 718980 | 5386037 |
| SSY Group Ltd. | &nbsp;&nbsp; 14356411 | 5243299 |
| Sun Art Retail Group Ltd. | &nbsp;&nbsp; 25842000 | 6745665 |
| Sunac China Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 79176837 | 15606821 |
| Sunac Services Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 13266000 | 2852844 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 1188420 | 16664215 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 6763300 | 72846091 |
| Sunshine Lake Pharma Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 770754 | 5136383 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 1547300 | 5331688 |
| SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp; 794906 | 5802958 |
| Superb Summit International Group Ltd., <br> NVS<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 998771 | 1 |
| Suzhou Dongshan Precision Manufacturing Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 1158486 | 10707053 |
| Suzhou TFC Optical Communication Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 500596 | 13894951 |
| SY Holdings Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6510500 | 9962931 |
| TAL Education Group, ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 3915071 | 41578054 |
| TBEA Co. Ltd., Class A | &nbsp;&nbsp; 3088987 | 6143894 |
| TCL Electronics Holdings Ltd. | &nbsp;&nbsp; 10690000 | 14806705 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 13904512 | 9070564 |
| TCL Zhonghuan Renewable Energy Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 2335038 | 2748234 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 60911700 | 4717273387 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 5558492 | 136294224 |
| Tiangong International Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 15968000 | 5145477 |
| Tianli International Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 15087000 | 7334966 |
| Tianneng Power International Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 7732000 | 8057435 |
| Tianqi Lithium Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 930600 | 5744271 |
| Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp; 3278700 | 4644879 |
| Tianshui Huatian Technology Co. Ltd., Class A | &nbsp;&nbsp; 2800136 | 4657706 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 18850000 | 26787694 |
| Tong Ren Tang Technologies Co. Ltd., Class H | &nbsp;&nbsp; 7556000 | 4814186 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 12710800 | 35961292 |
| TongFu Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 917700 | 4266385 |
| Tongling Nonferrous Metals Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 10754100 | 6815289 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2469477 | $7639530 |
| Topsports International Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 20971000 | 8723081 |
| Towngas Smart Energy Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 12379000 | 6382929 |
| TravelSky Technology Ltd., Class H | &nbsp;&nbsp; 8823000 | 12346131 |
| Trina Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1285416 | 2989696 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 5908491 | 437389641 |
| Tsingtao Brewery Co. Ltd., Class A | &nbsp;&nbsp; 186594 | 1821117 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 6076000 | 39512174 |
| Tuya Inc. | &nbsp;&nbsp; 2731552 | 7265928 |
| UBTech Robotics Corp. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 1260350 | 15584580 |
| Unigroup Guoxin Microelectronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 501933 | 5744312 |
| Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp; 1885635 | 7387223 |
| Untrade Cteg, NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 33362000 | 43 |
| Untrade SMI Holdings, NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 12466353 | 16 |
| Untradelumena Newmat, NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 43450 |  |
| Up Fintech Holding Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 1095156 | 13689450 |
| Victory Giant Technology Huizhou Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 547500 | 20400240 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 3024228 | 50625577 |
| Vnet Group Inc., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 1406900 | 12183754 |
| Wanguo Gold Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2772000 | 10817252 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 1414786 | 13630602 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 45310000 | 31502856 |
| Wasion Holdings Ltd. | &nbsp;&nbsp; 3940000 | 5854350 |
| Weibo Corp., ADR | &nbsp;&nbsp; 825051 | 9455084 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 1157280 | 2461099 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 19075000 | 40098931 |
| Weimob Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 34690000 | 11784770 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 3582641 | 9155801 |
| West China Cement Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 25578000 | 8739910 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp; 1727900 | 4531167 |
| Western Securities Co. Ltd., Class A | &nbsp;&nbsp; 6121591 | 7693064 |
| Western Superconducting Technologies Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 772320 | 6766001 |
| Wingtech Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 752900 | 4590432 |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4718342 | 8322720 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 1998774 | 36369409 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 1403896 | 13477889 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 1383479 | 20039500 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 3302107 | 46014667 |
| Wuxi Biologics Cayman Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 33096500 | 142376808 |
| WuXi XDC Cayman Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2858000 | 20839564 |
| XCMG Construction Machinery Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 8570959 | 11501354 |
| XD Inc. | &nbsp;&nbsp; 3102600 | 32381646 |
| Xiamen C & D Inc., Class A | &nbsp;&nbsp; 2190400 | 3582826 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 162953800 | 1112134653 |
| Xinjiang Daqo New Energy Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 982650 | 4436925 |
| Xinyi Solar Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 40398800 | 17592474 |
| XPeng Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11922650 | 125875495 |
| XtalPi Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 12843000 | 17000252 |
| Xtep International Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 14247500 | 12177733 |
| XXF Group Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 8605000 | 7726894 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11704000 | 20414860 |
| Yangtze Optical Fibre & Cable Joint Stock Co. <br> Ltd., Class H<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 2492000 | 16915148 |
| Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 1573621 | 2863119 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 31768700 | 36955134 |
| Yantai Jereh Oilfield Services Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 912068 | 6076018 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 855906 | 4540010 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Yidu Tech Inc. <sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 7083200 | $5531182 |
| Yifeng Pharmacy Chain Co. Ltd., Class A | &nbsp;&nbsp; 1055150 | 3518778 |
| Yihai International Holding Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5311000 | 9377329 |
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | &nbsp;&nbsp; 1178001 | 5568188 |
| Yixin Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 21390500 | 8776707 |
| Yonyou Network Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 2188283 | 5063729 |
| Youngor Fashion Co. Ltd., Class A | &nbsp;&nbsp; 2487832 | 2616985 |
| Youyuan International Holdings Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 4800100 | 6 |
| YTO Express Group Co. Ltd., Class A | &nbsp;&nbsp; 2356053 | 5607249 |
| Yuexiu Property Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 13666576 | 8717159 |
| Yuexiu REIT | &nbsp;&nbsp; 30926751 | 3738326 |
| Yuexiu Transport Infrastructure Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 12904000 | 7101297 |
| Yum China Holdings Inc. | &nbsp;&nbsp; 3569147 | 159612254 |
| Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp; 2963853 | 8062952 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 975632 | 7890528 |
| Yunnan Yuntianhua Co. Ltd., Class A | &nbsp;&nbsp; 1393100 | 5320863 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 1584300 | 6146423 |
| Zai Lab Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 9570690 | 31857392 |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 1608246 | 12172066 |
| Zhangzhou Pientzehuang Pharmaceutical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 308569 | 9069145 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 16685500 | 52409375 |
| Zhejiang China Commodities City Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 3198920 | 10118631 |
| Zhejiang Chint Electrics Co. Ltd., Class A | &nbsp;&nbsp; 1594573 | 6136045 |
| Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp; 2031058 | 5539969 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 16027800 | 14164547 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 1146591 | 7737657 |
| Zhejiang Jingsheng Mechanical & Electrical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 781594 | 3310273 |
| Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp; 2068400 | 11232238 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4984500 | 41604428 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 2497658 | 8732292 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1430500 | 6394905 |
| Zhejiang Weiming Environment Protection Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 1888873 | 5113210 |
| Zhejiang Zheneng Electric Power Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 7391600 | 5271732 |
| Zheshang Securities Co. Ltd., Class A | &nbsp;&nbsp; 3889600 | 6597284 |
| ZhongAn Online P&C Insurance Co. Ltd., <br> Class H<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 9159500 | 23354158 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 669963 | 33264916 |
| Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp; 2979818 | 6744808 |
| Zhongsheng Group Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 7043000 | 14612161 |
| Zhongtai Securities Co. Ltd., Class A | &nbsp;&nbsp; 5658800 | 5728245 |
| Zhou Hei Ya International Holdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10972500 | 3452178 |
| Zhuzhou CRRC Times Electric Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 5036200 | 25744053 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 10904900 | 35526629 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 54146000 | 179790239 |
| Zonqing Environmental Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1818000 | 1105422 |
| Zoomlion Heavy Industry Science and <br> Technology Co. Ltd., Class A<br>| &nbsp;&nbsp; 5383700 | 5554385 |
| ZTE Corp., Class A | &nbsp;&nbsp; 1801639 | 11494563 |
| ZTE Corp., Class H<sup>(c)</sup> | &nbsp;&nbsp; 7672040 | 34675476 |
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 3920279 | 71099815 |
|  |  | 28466582117 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Cementos Argos SA | &nbsp;&nbsp; 6069804 | 15064023 |
| Grupo Argos SA | &nbsp;&nbsp; 3191109 | 13726396 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Colombia (continued)** | **Colombia (continued)** | **Colombia (continued)** |
| Grupo Cibest SA | &nbsp;&nbsp; 2426544 | $35637836 |
| Grupo de Inversiones Suramericana SA | &nbsp;&nbsp; 1190799 | 13742097 |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 4635167 | 25153187 |
|  |  | 103323539 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| CEZ AS | &nbsp;&nbsp; 1415156 | 88495261 |
| Komercni Banka AS | &nbsp;&nbsp; 768120 | 37529037 |
| Moneta Money Bank AS<sup>(b)</sup> | &nbsp;&nbsp; 2610267 | 19139517 |
|  |  | 145163815 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Commercial International Bank - Egypt (CIB) | &nbsp;&nbsp; 20189777 | 40372490 |
| Eastern Co. SAE | &nbsp;&nbsp; 13335084 | 10625237 |
| EFG Holding S.A.E.<sup>(a)</sup> | &nbsp;&nbsp; 14783837 | 7940526 |
| E-Finance for Digital & Financial Investments | &nbsp;&nbsp; 10327194 | 2953469 |
| Fawry for Banking & Payment Technology <br> Services SAE<sup>(a)</sup><br>| &nbsp;&nbsp; 18270257 | 5191018 |
| Talaat Moustafa Group | &nbsp;&nbsp; 7750786 | 8851122 |
| Telecom Egypt Co. | &nbsp;&nbsp; 4706598 | 4489548 |
|  |  | 80423410 |
| **Greece — 0.6%** | **Greece — 0.6%** | **Greece — 0.6%** |
| Aegean Airlines SA | &nbsp;&nbsp; 329247 | 5528174 |
| Aktor SA Holding Co. Technical & Energy <br> Projects<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 872041 | 7944589 |
| Alpha Bank SA | &nbsp;&nbsp; 20739424 | 82275735 |
| Athens International Airport SA | &nbsp;&nbsp; 431263 | 5358157 |
| Athens Water Supply & Sewage Co. SA | &nbsp;&nbsp; 444043 | 3764359 |
| Autohellas Tourist and Trading SA | &nbsp;&nbsp; 43676 | 582501 |
| Eurobank Ergasias Services and Holdings SA | &nbsp;&nbsp; 24776240 | 91054205 |
| FF Group, NVS<sup>(d)</sup> | &nbsp;&nbsp; 343633 | 4 |
| GEK TERNA SA | &nbsp;&nbsp; 609784 | 15985076 |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 1576215 | 29319819 |
| HELLENiQ ENERGY Holdings SA | &nbsp;&nbsp; 675973 | 6793150 |
| Holding Co. ADMIE IPTO SA | &nbsp;&nbsp; 1946341 | 7769691 |
| Intralot SA-Integrated Information Systems & <br> Gaming Services<sup>(a)</sup><br>| &nbsp;&nbsp; 2933846 | 4119903 |
| Jumbo SA | &nbsp;&nbsp; 1097023 | 39118248 |
| LAMDA Development SA<sup>(a)</sup> | &nbsp;&nbsp; 856665 | 7411095 |
| Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp; 534055 | 15740808 |
| National Bank of Greece SA | &nbsp;&nbsp; 8276661 | 114622054 |
| OPAP SA | &nbsp;&nbsp; 1814375 | 40718622 |
| Optima bank SA | &nbsp;&nbsp; 1481831 | 13539368 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 10303306 | 79737358 |
| Public Power Corp. SA | &nbsp;&nbsp; 1798450 | 30071800 |
| Sarantis SA | &nbsp;&nbsp; 254153 | 4341070 |
| Titan SA | &nbsp;&nbsp; 415588 | 18047228 |
|  |  | 623843014 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| Magyar Telekom Telecommunications PLC | &nbsp;&nbsp; 4044105 | 22974669 |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 3649546 | 31407917 |
| OTP Bank Nyrt | &nbsp;&nbsp; 2138555 | 186533803 |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 1214485 | 36839351 |
|  |  | 277755740 |
| **India — 17.4%** | **India — 17.4%** | **India — 17.4%** |
| 360 ONE WAM Ltd. | &nbsp;&nbsp; 1800442 | 20803420 |
| 3M India Ltd. | &nbsp;&nbsp; 34813 | 12131283 |
| Aarti Industries Ltd. | &nbsp;&nbsp; 1895780 | 8079637 |
| Aarti Pharmalabs Ltd. | &nbsp;&nbsp; 600258 | 5728910 |
| ABB India Ltd. | &nbsp;&nbsp; 513543 | 29130585 |
| Action Construction Equipment Ltd. | &nbsp;&nbsp; 493431 | 5885784 |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 1531429 | 38981959 |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 5105622 | 76061921 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Adani Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5550141 | $37842139 |
| Aditya Birla Fashion and Retail Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6443775 | 5653730 |
| Aditya Birla Lifestyle Brands Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4254500 | 6510763 |
| Aditya Birla Real Estate Ltd. | &nbsp;&nbsp; 591891 | 11754999 |
| Advent Hotels International Pvt Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 181979 | 645010 |
| Aegis Logistics Ltd. | &nbsp;&nbsp; 1533932 | 11699089 |
| Afcons Infrastructure Ltd. | &nbsp;&nbsp; 1678292 | 7954317 |
| Affle 3i Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 783531 | 16948123 |
| AGI Greenpac Ltd. | &nbsp;&nbsp; 219057 | 2218654 |
| AIA Engineering Ltd. | &nbsp;&nbsp; 451844 | 15648398 |
| Ajanta Pharma Ltd. | &nbsp;&nbsp; 481586 | 13532438 |
| Alembic Pharmaceuticals Ltd. | &nbsp;&nbsp; 657025 | 6979912 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 414632 | 24919832 |
| Alkyl Amines Chemicals | &nbsp;&nbsp; 212661 | 4834580 |
| Alok Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14664654 | 2901257 |
| Amara Raja Energy & Mobility Ltd. | &nbsp;&nbsp; 1102899 | 12400450 |
| Amber Enterprises India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 212740 | 17521500 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 6008035 | 38397122 |
| Anand Rathi Wealth Ltd. | &nbsp;&nbsp; 411716 | 13040982 |
| Anant Raj Ltd. | &nbsp;&nbsp; 1460969 | 8562596 |
| Angel One Ltd. | &nbsp;&nbsp; 435845 | 10925058 |
| Apar Industries Ltd. | &nbsp;&nbsp; 177979 | 15612538 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 1806823 | 32886017 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 992653 | 85721810 |
| Apollo Tyres Ltd. | &nbsp;&nbsp; 2952959 | 15467809 |
| Aptus Value Housing Finance India Ltd. | &nbsp;&nbsp; 2943246 | 10605449 |
| Archean Chemical Industries Ltd. | &nbsp;&nbsp; 575852 | 4286776 |
| Arvind Ltd. | &nbsp;&nbsp; 1393625 | 4443318 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 28512869 | 41024550 |
| Ashoka Buildcon Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1777538 | 3484799 |
| Asian Paints Ltd. | &nbsp;&nbsp; 3220055 | 91982498 |
| Aster DM Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2234385 | 15230372 |
| Astra Microwave Products Ltd. | &nbsp;&nbsp; 560487 | 6504199 |
| Astral Ltd. | &nbsp;&nbsp; 1214188 | 18735768 |
| AstraZeneca Pharma India Ltd. | &nbsp;&nbsp; 87609 | 8414206 |
| Atul Ltd. | &nbsp;&nbsp; 136817 | 9738119 |
| AU Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3569776 | 29066682 |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 2472996 | 28813676 |
| Authum Investment & Infrastucture Ltd. | &nbsp;&nbsp; 346584 | 12719208 |
| Avanti Feeds Ltd. | &nbsp;&nbsp; 785315 | 5725921 |
| Avenue Supermarts Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1568836 | 84626499 |
| AWL Agri Business Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3481212 | 9928228 |
| Axis Bank Ltd. | &nbsp;&nbsp; 21698538 | 257267324 |
| Azad Engineering Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 320405 | 5560938 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 656245 | 64224711 |
| Bajaj Electricals Ltd. | &nbsp;&nbsp; 581378 | 3757027 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 26722273 | 266199518 |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 3714168 | 80623347 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 289077 | 41847638 |
| Balaji Amines Ltd. | &nbsp;&nbsp; 135333 | 2237870 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 768461 | 19973131 |
| Balrampur Chini Mills Ltd. | &nbsp;&nbsp; 1836473 | 11170590 |
| Bandhan Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7424954 | 13624463 |
| Bank of Baroda | &nbsp;&nbsp; 10023506 | 26479176 |
| BASF India Ltd. | &nbsp;&nbsp; 143590 | 7495793 |
| Bata India Ltd. | &nbsp;&nbsp; 635456 | 7910720 |
| Bayer CropScience Ltd. | &nbsp;&nbsp; 170475 | 10116007 |
| BEML Ltd., (Acquired 02/10/22, Cost: <br> $6,914,550)<sup>(e)</sup><br>| &nbsp;&nbsp; 223197 | 9713566 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 35189153 | 147453114 |
| Bharat Forge Ltd. | &nbsp;&nbsp; 2545649 | 31956285 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 10276347 | 24245920 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 14385138 | $50293447 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 24507174 | 525303283 |
| Biocon Ltd. | &nbsp;&nbsp; 5086957 | 20095783 |
| Birla Corp. Ltd. | &nbsp;&nbsp; 363913 | 5166213 |
| Birlasoft Ltd. | &nbsp;&nbsp; 1787896 | 7457108 |
| BLS International Services Ltd. | &nbsp;&nbsp; 1828996 | 7611833 |
| Blue Dart Express Ltd. | &nbsp;&nbsp; 82027 | 5215537 |
| Blue Star Ltd. | &nbsp;&nbsp; 1303581 | 27838747 |
| Borosil Renewables Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 790888 | 4946440 |
| Bosch Ltd. | &nbsp;&nbsp; 75663 | 34304562 |
| Brigade Enterprises Ltd. | &nbsp;&nbsp; 1366890 | 14313097 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 1056393 | 69737170 |
| Brookfield India Real Estate Trust<sup>(b)</sup> | &nbsp;&nbsp; 3173645 | 11498227 |
| BSE Ltd. | &nbsp;&nbsp; 1743584 | 41474061 |
| Can Fin Homes Ltd. | &nbsp;&nbsp; 1131535 | 9217241 |
| Canara Bank | &nbsp;&nbsp; 17119305 | 20160739 |
| Carborundum Universal Ltd. | &nbsp;&nbsp; 1092757 | 11308319 |
| Cartrade Tech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 539505 | 14675573 |
| Castrol India Ltd. | &nbsp;&nbsp; 3818266 | 8541634 |
| CCL Products India Ltd. | &nbsp;&nbsp; 770344 | 7622086 |
| Ceat Ltd. | &nbsp;&nbsp; 310817 | 11044330 |
| Central Depository Services India Ltd. | &nbsp;&nbsp; 1050548 | 16975806 |
| Century Plyboards India Ltd. | &nbsp;&nbsp; 627059 | 5308235 |
| CESC Ltd. | &nbsp;&nbsp; 7755119 | 13386949 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 6510945 | 51318647 |
| Chalet Hotels Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 868022 | 9939145 |
| Chambal Fertilisers and Chemicals Ltd. | &nbsp;&nbsp; 2076125 | 12715071 |
| Chennai Petroleum Corp. Ltd. | &nbsp;&nbsp; 587837 | 4303149 |
| Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp; 1036252 | 20275474 |
| Cholamandalam Investment and Finance <br> Co. Ltd.<br>| &nbsp;&nbsp; 4070369 | 65655795 |
| CIE Automotive India Ltd. | &nbsp;&nbsp; 1574368 | 6872210 |
| Cipla Ltd. | &nbsp;&nbsp; 5338140 | 96221190 |
| City Union Bank Ltd. | &nbsp;&nbsp; 5207417 | 11578410 |
| Clean Science & Technology Ltd. | &nbsp;&nbsp; 336804 | 4488017 |
| CMS Info Systems Ltd. | &nbsp;&nbsp; 1465255 | 6817034 |
| Coal India Ltd. | &nbsp;&nbsp; 17262181 | 73360462 |
| Coforge Ltd. | &nbsp;&nbsp; 3105468 | 60674434 |
| Cohance Lifesciences Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1306288 | 13026206 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 1284017 | 33965336 |
| Computer Age Management Services Ltd. | &nbsp;&nbsp; 473661 | 19916450 |
| Concord Biotech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 222906 | 4256781 |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 2937692 | 17564964 |
| Coromandel International Ltd. | &nbsp;&nbsp; 1156939 | 30285784 |
| Craftsman Automation Ltd. | &nbsp;&nbsp; 119032 | 9326449 |
| CreditAccess Grameen Ltd. | &nbsp;&nbsp; 585215 | 9286249 |
| CRISIL Ltd. | &nbsp;&nbsp; 197721 | 11177519 |
| Crompton Greaves Consumer Electricals Ltd. | &nbsp;&nbsp; 6001861 | 22465563 |
| Cummins India Ltd. | &nbsp;&nbsp; 1367186 | 59283061 |
| Cyient Ltd. | &nbsp;&nbsp; 877664 | 11630557 |
| Dabur India Ltd. | &nbsp;&nbsp; 5205244 | 30760611 |
| Data Patterns India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 267883 | 7304327 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | &nbsp;&nbsp; 788326 | 12406406 |
| Deepak Nitrite Ltd. | &nbsp;&nbsp; 628891 | 12771449 |
| Delhivery Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5065734 | 26899652 |
| Devyani International Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5099298 | 10082856 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 1146566 | 79686540 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 353097 | 66891385 |
| DLF Ltd. | &nbsp;&nbsp; 7217214 | 60508560 |
| Dodla Dairy Ltd. | &nbsp;&nbsp; 233694 | 3613813 |
| Dr Lal PathLabs Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 372835 | 13986944 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 5494528 | 78578556 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| eClerx Services Ltd. | &nbsp;&nbsp; 229008 | $10963258 |
| Edelweiss Financial Services Ltd. | &nbsp;&nbsp; 6285903 | 7636246 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 1320179 | 91359804 |
| EID Parry India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1120071 | 14303919 |
| EIH Ltd. | &nbsp;&nbsp; 2503254 | 11337258 |
| Elecon Engineering Co. Ltd. | &nbsp;&nbsp; 842429 | 5279490 |
| Electrosteel Castings Ltd. | &nbsp;&nbsp; 3245345 | 3589157 |
| Elgi Equipments Ltd. | &nbsp;&nbsp; 1959264 | 10485585 |
| Emami Ltd. | &nbsp;&nbsp; 2029174 | 13210920 |
| Embassy Developments Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5802778 | 6162959 |
| Embassy Office Parks REIT | &nbsp;&nbsp; 8275171 | 36412461 |
| Endurance Technologies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 424092 | 13798566 |
| Engineers India Ltd. | &nbsp;&nbsp; 3442036 | 7743542 |
| Equitas Small Finance Bank Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5929063 | 3380545 |
| Eris Lifesciences Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 515356 | 10520810 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24143145 | 86022428 |
| Exide Industries Ltd. | &nbsp;&nbsp; 4337336 | 19503026 |
| Federal Bank Ltd. | &nbsp;&nbsp; 18094969 | 39355981 |
| Fine Organic Industries Ltd. | &nbsp;&nbsp; 112139 | 5973018 |
| Finolex Cables Ltd. | &nbsp;&nbsp; 836283 | 7783359 |
| Finolex Industries Ltd. | &nbsp;&nbsp; 3342592 | 8042015 |
| Firstsource Solutions Ltd. | &nbsp;&nbsp; 4090909 | 16281622 |
| Five-Star Business Finance Ltd. | &nbsp;&nbsp; 1871966 | 11574218 |
| Force Motors Ltd. | &nbsp;&nbsp; 55676 | 12299896 |
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 5076165 | 52456604 |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11747144 | 30649060 |
| Gabriel India Ltd. | &nbsp;&nbsp; 685506 | 8964264 |
| GAIL India Ltd. | &nbsp;&nbsp; 21736420 | 42684950 |
| Garden Reach Shipbuilders & Engineers Ltd. | &nbsp;&nbsp; 298400 | 7953483 |
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 1220979 | 38463202 |
| Genus Power Infrastructures Ltd. | &nbsp;&nbsp; 999247 | 3715480 |
| GHCL Ltd. | &nbsp;&nbsp; 964722 | 6050214 |
| Gillette India Ltd. | &nbsp;&nbsp; 73008 | 8357596 |
| Gland Pharma Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 401663 | 8518176 |
| GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp; 418290 | 13207824 |
| Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp; 1418450 | 30929115 |
| Global Health Ltd. | &nbsp;&nbsp; 840254 | 13086119 |
| GMM Pfaudler Ltd. | &nbsp;&nbsp; 433612 | 5792186 |
| GMR Airports Infrastructure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26341756 | 25737260 |
| Go Digit General Insurance Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2638148 | 10698789 |
| Godawari Power and Ispat Ltd. | &nbsp;&nbsp; 2330168 | 6148845 |
| Godfrey Phillips India Ltd. | &nbsp;&nbsp; 131731 | 16423478 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 3964878 | 55881965 |
| Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1502505 | 33189966 |
| Gokaldas Exports Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 614179 | 4697513 |
| Granules India Ltd. | &nbsp;&nbsp; 1732090 | 9671977 |
| Graphite India Ltd. | &nbsp;&nbsp; 1133076 | 6566234 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 2641364 | 83124063 |
| Great Eastern Shipping Co. Ltd. (The) | &nbsp;&nbsp; 1167344 | 12272939 |
| Grindwell Norton Ltd. | &nbsp;&nbsp; 472641 | 8380658 |
| Gujarat Fluorochemicals Ltd. | &nbsp;&nbsp; 305610 | 11832029 |
| Gujarat Gas Ltd. | &nbsp;&nbsp; 1839474 | 8755875 |
| Gujarat Mineral Development Corp. Ltd. | &nbsp;&nbsp; 878318 | 4027581 |
| Gujarat Narmada Valley Fertilizers & <br> Chemicals Ltd.<br>| &nbsp;&nbsp; 1152350 | 6828775 |
| Gujarat Pipavav Port Ltd. | &nbsp;&nbsp; 4615767 | 7805197 |
| Gujarat State Fertilizers & Chemicals Ltd. | &nbsp;&nbsp; 2733581 | 6123612 |
| Gujarat State Petronet Ltd. | &nbsp;&nbsp; 2814006 | 9249613 |
| Happiest Minds Technologies Ltd. | &nbsp;&nbsp; 1123768 | 7200252 |
| Havells India Ltd. | &nbsp;&nbsp; 2143403 | 37118161 |
| HBL Engineering Ltd. | &nbsp;&nbsp; 1181652 | 10833145 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 9007547 | 148521851 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| HDFC Asset Management Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 902201 | $55894104 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 108203382 | 1167885096 |
| HDFC Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9153104 | 80177706 |
| HEG Ltd. | &nbsp;&nbsp; 735550 | 3852725 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 1148440 | 66225411 |
| Hexaware Technologies Ltd. | &nbsp;&nbsp; 1199002 | 10300142 |
| HFCL Ltd. | &nbsp;&nbsp; 8559392 | 6817373 |
| Himadri Speciality Chemical Ltd. | &nbsp;&nbsp; 1948588 | 9852707 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 12665738 | 101216554 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 1935845 | 95184953 |
| Hindustan Construction Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14608698 | 4196274 |
| Hindustan Copper Ltd. | &nbsp;&nbsp; 2868648 | 7485965 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 9330704 | 39789930 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 7837570 | 236347131 |
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 126605 | 27475305 |
| Home First Finance Co. India Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 779622 | 10777818 |
| Honasa Consumer Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1104614 | 3668887 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 1590298 | 44417570 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 50215267 | 795654107 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2369690 | 49476575 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3594820 | 24448970 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 35253296 | 27174016 |
| IFCI Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7065260 | 4096334 |
| IIFL Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2236671 | 10840514 |
| India Cements Ltd. (The)<sup>(a)</sup> | &nbsp;&nbsp; 430398 | 1864182 |
| IndiaMART Intermesh Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 362438 | 10677404 |
| Indian Energy Exchange Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5500195 | 8722550 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 8550576 | 73582235 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 26607043 | 41230270 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 2599603 | 20407972 |
| Indraprastha Gas Ltd. | &nbsp;&nbsp; 5484223 | 12864113 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12523183 | 48113466 |
| IndusInd Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5405275 | 45300325 |
| Infibeam Avenues Ltd. | &nbsp;&nbsp; 15130951 | 2683499 |
| Info Edge India Ltd. | &nbsp;&nbsp; 3734407 | 57507163 |
| Infosys Ltd. | &nbsp;&nbsp; 31485635 | 528107959 |
| Inox India Ltd. | &nbsp;&nbsp; 229630 | 2916222 |
| Inox Wind Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7142059 | 11198752 |
| Intellect Design Arena Ltd. | &nbsp;&nbsp; 973764 | 10793244 |
| InterGlobe Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1825797 | 117054333 |
| Ipca Laboratories Ltd. | &nbsp;&nbsp; 1358408 | 21322697 |
| IRB Infrastructure Developers Ltd. | &nbsp;&nbsp; 19968520 | 9717692 |
| IRCON International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3670008 | 6681754 |
| ITC Hotels Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6721485 | 18187322 |
| ITC Ltd. | &nbsp;&nbsp; 28745067 | 133614349 |
| Jai Balaji Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1487231 | 1745785 |
| Jaiprakash Power Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 34386695 | 7170786 |
| Jammu & Kashmir Bank Ltd. (The) | &nbsp;&nbsp; 4951632 | 5556342 |
| JB Chemicals & Pharmaceuticals Ltd. | &nbsp;&nbsp; 659037 | 12884440 |
| JBM Auto Ltd. | &nbsp;&nbsp; 607858 | 4102189 |
| Jindal Saw Ltd. | &nbsp;&nbsp; 2333046 | 5224656 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 3161407 | 27370059 |
| Jindal Steel Ltd. | &nbsp;&nbsp; 3560412 | 38194586 |
| Jio Financial Services Ltd. | &nbsp;&nbsp; 27638112 | 97776924 |
| JK Cement Ltd. | &nbsp;&nbsp; 358577 | 28269660 |
| JK Lakshmi Cement Ltd. | &nbsp;&nbsp; 485046 | 5070388 |
| JK Paper Ltd. | &nbsp;&nbsp; 1253799 | 5329456 |
| JK Tyre & Industries Ltd. | &nbsp;&nbsp; 1251950 | 4555920 |
| JM Financial Ltd. | &nbsp;&nbsp; 5598368 | 11259381 |
| JSW Energy Ltd. | &nbsp;&nbsp; 4283061 | 23731952 |
| JSW Steel Ltd. | &nbsp;&nbsp; 5952773 | 69392294 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 3706688 | 26387575 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Jubilant Ingrevia Ltd. | &nbsp;&nbsp; 1008335 | $8277069 |
| Jubilant Pharmova Ltd. | &nbsp;&nbsp; 802663 | 9314698 |
| Jupiter Wagons Ltd. | &nbsp;&nbsp; 1597500 | 5758303 |
| Just Dial Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 411889 | 3776174 |
| Jyothy Labs Ltd. | &nbsp;&nbsp; 2072114 | 7999837 |
| Kajaria Ceramics Ltd. | &nbsp;&nbsp; 902339 | 12398509 |
| Kalpataru Projects International Ltd. | &nbsp;&nbsp; 1123213 | 15936309 |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 4153473 | 23767601 |
| Kansai Nerolac Paints Ltd. | &nbsp;&nbsp; 2470109 | 6723427 |
| Karnataka Bank Ltd. (The) | &nbsp;&nbsp; 1840977 | 3582191 |
| Karur Vysya Bank Ltd. (The) | &nbsp;&nbsp; 6723756 | 16319783 |
| Kaveri Seed Co. Ltd. | &nbsp;&nbsp; 400693 | 5298366 |
| Kaynes Technology India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 289711 | 20074560 |
| KEC International Ltd. | &nbsp;&nbsp; 1477689 | 13529489 |
| KEI Industries Ltd. | &nbsp;&nbsp; 606463 | 26238390 |
| Kfin Technologies Ltd. | &nbsp;&nbsp; 995777 | 11549663 |
| Kirloskar Brothers Ltd. | &nbsp;&nbsp; 250758 | 5518490 |
| Kirloskar Oil Engines Ltd. | &nbsp;&nbsp; 777106 | 7937875 |
| Kirloskar Pneumatic Co. Ltd. | &nbsp;&nbsp; 326041 | 4510200 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 10389942 | 231085358 |
| KPI Green Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1049181 | 5726063 |
| KPIT Technologies Ltd. | &nbsp;&nbsp; 1669871 | 22534842 |
| KPR Mill Ltd. | &nbsp;&nbsp; 1149620 | 12877457 |
| Krishna Institute of Medical Sciences Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2245200 | 18422605 |
| KSB Ltd. | &nbsp;&nbsp; 268796 | 2521172 |
| L&T Finance Ltd. | &nbsp;&nbsp; 7673415 | 18901750 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 6400986 | 261346329 |
| Laurus Labs Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3517755 | 34177543 |
| Lemon Tree Hotels Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6689956 | 12584624 |
| LIC Housing Finance Ltd. | &nbsp;&nbsp; 2921885 | 18404874 |
| Lloyds Engineering Works Ltd. | &nbsp;&nbsp; 6662088 | 4761219 |
| LMW Ltd. | &nbsp;&nbsp; 63699 | 10186808 |
| Lodha Developers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2892544 | 39156722 |
| LT Foods Ltd. | &nbsp;&nbsp; 1873180 | 8959397 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 743348 | 43244652 |
| Lupin Ltd. | &nbsp;&nbsp; 2192027 | 47144094 |
| Mahanagar Gas Ltd. | &nbsp;&nbsp; 609739 | 8653424 |
| Maharashtra Seamless Ltd. | &nbsp;&nbsp; 370171 | 2694000 |
| Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp; 5493058 | 15821771 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 8900842 | 322956030 |
| Mahindra Lifespace Developers Ltd. | &nbsp;&nbsp; 994487 | 3948608 |
| Man Infraconstruction Ltd. | &nbsp;&nbsp; 928181 | 1659051 |
| Manappuram Finance Ltd. | &nbsp;&nbsp; 5459444 | 16180286 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 1204153 | 33773630 |
| Marico Ltd. | &nbsp;&nbsp; 5114708 | 42075528 |
| Marksans Pharma Ltd. | &nbsp;&nbsp; 1995624 | 3817291 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 1199401 | 201292384 |
| Mastek Ltd. | &nbsp;&nbsp; 246958 | 6792373 |
| Max Financial Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2715742 | 49327008 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 7551530 | 98803218 |
| Medplus Health Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 668829 | 6385063 |
| Metropolis Healthcare Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 363483 | 9026069 |
| Mindspace Business Parks REIT<sup>(b)</sup> | &nbsp;&nbsp; 2124049 | 10187284 |
| MOIL Ltd. | &nbsp;&nbsp; 718994 | 2696589 |
| Motherson Sumi Wiring India Ltd. | &nbsp;&nbsp; 35200285 | 16614586 |
| Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 1519684 | 14783406 |
| Mphasis Ltd. | &nbsp;&nbsp; 1010758 | 31890387 |
| MRF Ltd. | &nbsp;&nbsp; 23603 | 37719383 |
| Mrs Bectors Food Specialities Ltd. | &nbsp;&nbsp; 300229 | 4693267 |
| MTAR Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 313441 | 4963120 |
| Multi Commodity Exchange of India Ltd. | &nbsp;&nbsp; 238313 | 19990283 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 1256376 | 37622652 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Narayana Hrudayalaya Ltd. | &nbsp;&nbsp; 876059 | $17413833 |
| Natco Pharma Ltd. | &nbsp;&nbsp; 921322 | 9008107 |
| National Aluminium Co. Ltd. | &nbsp;&nbsp; 8155527 | 17244693 |
| Nava Ltd. | &nbsp;&nbsp; 1282739 | 9999254 |
| Navin Fluorine International Ltd. | &nbsp;&nbsp; 321318 | 17071020 |
| Nazara Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 549841 | 7240725 |
| NBCC India Ltd. | &nbsp;&nbsp; 9689733 | 10802332 |
| NCC Ltd./India | &nbsp;&nbsp; 4969868 | 11535013 |
| Nestle India Ltd. | &nbsp;&nbsp; 6421693 | 84229320 |
| Netweb Technologies India Ltd. | &nbsp;&nbsp; 222618 | 5569202 |
| Network18 Media & Investments Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5168256 | 3096994 |
| Neuland Laboratories Ltd. | &nbsp;&nbsp; 79980 | 12201281 |
| Newgen Software Technologies Ltd. | &nbsp;&nbsp; 705582 | 7063001 |
| Nexus Select Trust | &nbsp;&nbsp; 7577695 | 12733543 |
| NHPC Ltd. | &nbsp;&nbsp; 29789727 | 26104212 |
| NIIT Learning Systems Ltd. | &nbsp;&nbsp; 900275 | 3349666 |
| Nippon Life India Asset Management Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1755531 | 15625871 |
| NLC India Ltd. | &nbsp;&nbsp; 3104983 | 7922538 |
| NMDC Ltd. | &nbsp;&nbsp; 29615228 | 23134305 |
| NMDC Steel Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8198289 | 3520049 |
| NTPC Ltd. | &nbsp;&nbsp; 41306266 | 153488887 |
| Nuvama Wealth Management Ltd. | &nbsp;&nbsp; 162236 | 11743882 |
| Nuvoco Vistas Corp. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1296812 | 6705781 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 1287347 | 23526182 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 29403014 | 77928419 |
| Oil India Ltd. | &nbsp;&nbsp; 4807194 | 21284146 |
| Ola Electric Mobility Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 13065373 | 8003025 |
| Olectra Greentech Ltd. | &nbsp;&nbsp; 527189 | 9225544 |
| One 97 Communications Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 3054435 | 41828043 |
| Onesource Specialty Pharma Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 466899 | 10013996 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 218730 | 20573413 |
| Orient Cement Ltd. | &nbsp;&nbsp; 1259572 | 3099882 |
| Orient Electric Ltd. | &nbsp;&nbsp; 1460958 | 3560738 |
| Page Industries Ltd. | &nbsp;&nbsp; 60429 | 30396598 |
| Paradeep Phosphates Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4027910 | 9927704 |
| PB Fintech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3397299 | 68225260 |
| PCBL Ltd. | &nbsp;&nbsp; 1771345 | 7463176 |
| Persistent Systems Ltd. | &nbsp;&nbsp; 1058614 | 63609769 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 7235232 | 22104858 |
| PG Electroplast Ltd. | &nbsp;&nbsp; 1602548 | 9704108 |
| Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 1962999 | 33510126 |
| PI Industries Ltd. | &nbsp;&nbsp; 764876 | 32065101 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 1498746 | 51832250 |
| Piramal Enterprises Ltd. | &nbsp;&nbsp; 1072339 | 13626686 |
| Piramal Pharma Ltd. | &nbsp;&nbsp; 6077776 | 12639010 |
| PNB Housing Finance Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1721161 | 14709702 |
| Poly Medicure Ltd. | &nbsp;&nbsp; 367451 | 8693215 |
| Polycab India Ltd. | &nbsp;&nbsp; 513532 | 41329250 |
| Poonawalla Fincorp Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2596033 | 12710229 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 14170154 | 61023303 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 43756594 | 136739871 |
| Praj Industries Ltd. | &nbsp;&nbsp; 1636700 | 7267966 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 1733539 | 30724064 |
| Procter & Gamble Health Ltd. | &nbsp;&nbsp; 77769 | 5615176 |
| PTC India Ltd. | &nbsp;&nbsp; 2225332 | 4419842 |
| Punjab National Bank | &nbsp;&nbsp; 21664151 | 24795166 |
| PVR Inox Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 770417 | 9783633 |
| Quess Corp. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 969626 | 2946032 |
| Radico Khaitan Ltd. | &nbsp;&nbsp; 832402 | 26937423 |
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 5019704 | 17223183 |
| Railtel Corp. of India Ltd. | &nbsp;&nbsp; 1402332 | 5218731 |
| Rain Industries Ltd. | &nbsp;&nbsp; 2817721 | 4342968 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Rainbow Children's Medicare Ltd. | &nbsp;&nbsp; 508094 | $8651781 |
| Rajesh Exports Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 796722 | 1582700 |
| Rallis India Ltd. | &nbsp;&nbsp; 1524482 | 6017919 |
| Ramco Cements Ltd. (The) | &nbsp;&nbsp; 1196213 | 14204875 |
| Ramkrishna Forgings Ltd. | &nbsp;&nbsp; 913205 | 5870094 |
| Ratnamani Metals & Tubes Ltd. | &nbsp;&nbsp; 245498 | 6652015 |
| RattanIndia Enterprises Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4583001 | 3189090 |
| RattanIndia Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26428594 | 3686513 |
| Raymond Lifestyle Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 370036 | 4647987 |
| Raymond Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 459067 | 3124615 |
| Raymond Realty Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 445188 | 3061252 |
| RBL Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4810949 | 14254036 |
| REC Ltd. | &nbsp;&nbsp; 12402415 | 49268950 |
| Redington Ltd. | &nbsp;&nbsp; 6090901 | 16640686 |
| Relaxo Footwears Ltd. | &nbsp;&nbsp; 803731 | 4359318 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 57776523 | 889794507 |
| Reliance Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26598976 | 13269934 |
| Religare Enterprises Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1388900 | 3740032 |
| Rhi Magnesita India Ltd. | &nbsp;&nbsp; 578401 | 3108776 |
| RITES Ltd. | &nbsp;&nbsp; 1306137 | 3615587 |
| RR Kabel Ltd. | &nbsp;&nbsp; 321742 | 4263900 |
| Safari Industries India Ltd. | &nbsp;&nbsp; 220225 | 5354184 |
| Sagility Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15226813 | 7574143 |
| SAI Life Sciences Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1019925 | 9533342 |
| Sammaan Capital Ltd. | &nbsp;&nbsp; 5728046 | 8048840 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 46577291 | 48948040 |
| Sanofi India Ltd. | &nbsp;&nbsp; 108881 | 6348434 |
| Sansera Engineering Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 460927 | 6639305 |
| Sapphire Foods India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2016876 | 7485769 |
| Sarda Energy & Minerals Ltd. | &nbsp;&nbsp; 1083480 | 7349179 |
| Saregama India Ltd. | &nbsp;&nbsp; 864698 | 4725966 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 2726771 | 24834304 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4373885 | 89523849 |
| Sheela Foam Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 405610 | 3185452 |
| Shipping Corp. of India Ltd. | &nbsp;&nbsp; 2000624 | 4795177 |
| Shree Cement Ltd. | &nbsp;&nbsp; 89258 | 29626479 |
| Shree Renuka Sugars Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9246366 | 2973533 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 13545532 | 89212347 |
| Siemens Ltd. | &nbsp;&nbsp; 869731 | 30215222 |
| SJVN Ltd. | &nbsp;&nbsp; 8576826 | 9114433 |
| SKF India Ltd. | &nbsp;&nbsp; 232824 | 11723597 |
| Sobha Ltd. | &nbsp;&nbsp; 514026 | 8347992 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 263808 | 41235532 |
| Sona Blw Precision Forgings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4398932 | 22112047 |
| Sonata Software Ltd. | &nbsp;&nbsp; 1836532 | 7311174 |
| South Indian Bank Ltd. (The) | &nbsp;&nbsp; 16386892 | 5442997 |
| SRF Ltd. | &nbsp;&nbsp; 1297696 | 41739913 |
| Star Health & Allied Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2517836 | 12761657 |
| State Bank of India | &nbsp;&nbsp; 16731136 | 152295488 |
| Sterling and Wilson Renewable<sup>(a)</sup> | &nbsp;&nbsp; 1468295 | 4331905 |
| Sterlite Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2753618 | 3579768 |
| STL Networks Ltd., NVS | &nbsp;&nbsp; 2620466 | 768112 |
| Strides Pharma Science Ltd. | &nbsp;&nbsp; 884264 | 8658889 |
| Sumitomo Chemical India Ltd. | &nbsp;&nbsp; 1325195 | 8505681 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 9070873 | 164100186 |
| Sun TV Network Ltd. | &nbsp;&nbsp; 1192259 | 7348006 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 606515 | 30933713 |
| Sundram Fasteners Ltd. | &nbsp;&nbsp; 928645 | 10735518 |
| Sunteck Realty Ltd. | &nbsp;&nbsp; 725588 | 3130550 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 611196 | 30984562 |
| Surya Roshni Ltd. | &nbsp;&nbsp; 971746 | 3129274 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 92249066 | 59145461 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Swan Energy Ltd. | &nbsp;&nbsp; 1198726 | $6045177 |
| Swiggy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8263561 | 38422407 |
| Symphony Ltd. | &nbsp;&nbsp; 227100 | 2402321 |
| Syngene International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1720651 | 12217112 |
| Syrma SGS Technology Ltd. | &nbsp;&nbsp; 864514 | 7373131 |
| Tanla Platforms Ltd. | &nbsp;&nbsp; 784226 | 5492869 |
| Tata Chemicals Ltd. | &nbsp;&nbsp; 1364991 | 14262760 |
| Tata Communications Ltd. | &nbsp;&nbsp; 1120984 | 19684666 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 8511113 | 297646336 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 5740899 | 69363090 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 342554 | 20328436 |
| Tata Investment Corp. Ltd. | &nbsp;&nbsp; 125761 | 9706861 |
| Tata Motors Ltd. | &nbsp;&nbsp; 18974306 | 143976227 |
| Tata Power Co. Ltd. (The) | &nbsp;&nbsp; 15530774 | 65940394 |
| Tata Steel Ltd. | &nbsp;&nbsp; 70786450 | 124104014 |
| Tata Technologies Ltd. | &nbsp;&nbsp; 1569273 | 11696181 |
| Tata Teleservices Maharashtra Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6277068 | 3993269 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 5166484 | 86707528 |
| Techno Electric & Engineering Co. Ltd. | &nbsp;&nbsp; 571576 | 9807927 |
| Tejas Networks Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 786360 | 5205339 |
| Texmaco Rail & Engineering Ltd. | &nbsp;&nbsp; 2432656 | 3776670 |
| Thermax Ltd. | &nbsp;&nbsp; 382819 | 13930498 |
| Tilaknagar Industries Ltd. | &nbsp;&nbsp; 1244448 | 6687464 |
| Timken India Ltd. | &nbsp;&nbsp; 327313 | 10714350 |
| Titagarh Rail System Ltd. | &nbsp;&nbsp; 882583 | 8259115 |
| Titan Co. Ltd. | &nbsp;&nbsp; 3412882 | 140489630 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 1134683 | 45780240 |
| Torrent Power Ltd. | &nbsp;&nbsp; 1690049 | 23530247 |
| Transformers & Rectifiers India Ltd. | &nbsp;&nbsp; 1136811 | 6326321 |
| Trent Ltd. | &nbsp;&nbsp; 1754446 | 105450329 |
| Trident Ltd. | &nbsp;&nbsp; 17003427 | 5282044 |
| Triveni Turbine Ltd. | &nbsp;&nbsp; 1492360 | 8790726 |
| TTK Prestige Ltd. | &nbsp;&nbsp; 687705 | 5123155 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 1068330 | 35867522 |
| TVS Holdings Ltd. | &nbsp;&nbsp; 41847 | 5626959 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 2330788 | 86617459 |
| Ujjivan Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10175809 | 4924458 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 1125239 | 161292359 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 14506576 | 20540059 |
| United Spirits Ltd. | &nbsp;&nbsp; 3050314 | 45367013 |
| UNO Minda Ltd. | &nbsp;&nbsp; 1929810 | 27947406 |
| UPL Ltd. | &nbsp;&nbsp; 4355012 | 35360472 |
| Usha Martin Ltd. | &nbsp;&nbsp; 1466686 | 6354302 |
| UTI Asset Management Co. Ltd. | &nbsp;&nbsp; 595593 | 8709176 |
| VA Tech Wabag Ltd. | &nbsp;&nbsp; 541219 | 8948687 |
| Valor Estate Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1819793 | 3493032 |
| Vardhman Textiles Ltd. | &nbsp;&nbsp; 1456891 | 7019244 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 13192998 | 72919744 |
| Vedant Fashions Ltd. | &nbsp;&nbsp; 516901 | 4347634 |
| Vedanta Ltd. | &nbsp;&nbsp; 13170398 | 62871927 |
| Vesuvius India Ltd. | &nbsp;&nbsp; 694684 | 3964078 |
| V-Guard Industries Ltd. | &nbsp;&nbsp; 2385278 | 9830007 |
| Vinati Organics Ltd. | &nbsp;&nbsp; 369868 | 7174793 |
| VIP Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 886705 | 4217731 |
| Vishal Mega Mart Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 19860510 | 33630222 |
| V-Mart Retail Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 539180 | 4538435 |
| Vodafone Idea Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 262348012 | 19342842 |
| Voltamp Transformers Ltd. | &nbsp;&nbsp; 62952 | 5578228 |
| Voltas Ltd. | &nbsp;&nbsp; 2240067 | 34900696 |
| WAAREE Energies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 816010 | 31535167 |
| Waaree Renewable Technologies Ltd. | &nbsp;&nbsp; 305233 | 3548326 |
| Welspun Corp. Ltd. | &nbsp;&nbsp; 1453041 | 13911372 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Welspun Living Ltd. | &nbsp;&nbsp; 3634613 | $4511871 |
| Westlife Foodworld Ltd. | &nbsp;&nbsp; 768415 | 6256253 |
| Whirlpool of India Ltd. | &nbsp;&nbsp; 626391 | 9251838 |
| Wipro Ltd. | &nbsp;&nbsp; 25026089 | 70761534 |
| Wockhardt Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 735004 | 11912102 |
| Wonderla Holidays Ltd. | &nbsp;&nbsp; 68444 | 475612 |
| Yes Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 133151288 | 28853793 |
| Zee Entertainment Enterprises Ltd. | &nbsp;&nbsp; 7215401 | 9486049 |
| Zen Technologies Ltd. | &nbsp;&nbsp; 481060 | 7972511 |
| Zensar Technologies Ltd. | &nbsp;&nbsp; 1371696 | 11940135 |
| ZF Commercial Vehicle Control Systems <br> India Ltd.<br>| &nbsp;&nbsp; 69341 | 11067701 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 2328543 | 25934562 |
|  |  | 17617204864 |
| **Indonesia — 1.3%** | **Indonesia — 1.3%** | **Indonesia — 1.3%** |
| Adaro Andalan Indonesia PT<sup>(a)</sup> | &nbsp;&nbsp; 18431800 | 7712518 |
| AKR Corporindo Tbk PT | &nbsp;&nbsp; 121355400 | 8790683 |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 107759100 | 11474633 |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 137814428 | 65683566 |
| Aneka Tambang Tbk | &nbsp;&nbsp; 87335343 | 16188205 |
| Aspirasi Hidup Indonesia Tbk PT | &nbsp;&nbsp; 79762600 | 2207593 |
| Astra Agro Lestari Tbk PT | &nbsp;&nbsp; 6852700 | 3033639 |
| Astra International Tbk PT | &nbsp;&nbsp; 194052400 | 64738570 |
| Bank Aladin Syariah Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 56975200 | 2815936 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 534200300 | 261709862 |
| Bank Jago Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 40923100 | 5632956 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 358518200 | 102752291 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 142690900 | 37882461 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 652963495 | 160290989 |
| Bank Tabungan Negara Persero Tbk PT | &nbsp;&nbsp; 58726876 | 4624017 |
| Barito Pacific Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 238863488 | 31703860 |
| BFI Finance Indonesia Tbk PT | &nbsp;&nbsp; 87453900 | 4030622 |
| Bukalapak.com PT Tbk<sup>(a)</sup> | &nbsp;&nbsp; 657807700 | 6939686 |
| Bukit Asam Tbk PT | &nbsp;&nbsp; 57899700 | 8424295 |
| Bumi Resources Minerals Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 595395700 | 17057539 |
| Bumi Resources Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 1312095500 | 8675884 |
| Bumi Serpong Damai Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 103637300 | 6816493 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 82105933 | 40996446 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 75621300 | 19575987 |
| Ciputra Development Tbk PT | &nbsp;&nbsp; 110316727 | 6794543 |
| Dian Swastatika Sentosa Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 8933000 | 53738848 |
| ESSA Industries Indonesia Tbk PT | &nbsp;&nbsp; 86085200 | 2947212 |
| GoTo Gojek Tokopedia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 8648772500 | 30382826 |
| Hanson International Tbk PT, NVS<sup>(d)</sup> | &nbsp;&nbsp; 783666700 |  |
| Indah Kiat Pulp & Paper Tbk PT | &nbsp;&nbsp; 27629300 | 12811038 |
| Indo Tambangraya Megah Tbk PT | &nbsp;&nbsp; 4610900 | 6183002 |
| Indocement Tunggal Prakarsa Tbk PT | &nbsp;&nbsp; 16043800 | 6812059 |
| Indofood CBP Sukses Makmur Tbk PT | &nbsp;&nbsp; 23067400 | 12558781 |
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 42537300 | 19224743 |
| Industri Jamu Dan Farmasi Sido Muncul <br> Tbk PT<br>| &nbsp;&nbsp; 53531000 | 1688061 |
| Inti Agri Resources Tbk PT<sup>(a)(d)</sup> | &nbsp;&nbsp; 291349000 |  |
| Japfa Comfeed Indonesia Tbk PT | &nbsp;&nbsp; 61886200 | 6150406 |
| Jasa Marga Persero Tbk PT | &nbsp;&nbsp; 25543180 | 5204680 |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 198383700 | 14641319 |
| Medco Energi Internasional Tbk PT | &nbsp;&nbsp; 81398480 | 5744414 |
| Medikaloka Hermina Tbk PT | &nbsp;&nbsp; 78559300 | 7897752 |
| Merdeka Copper Gold Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 102518988 | 15454429 |
| Mitra Adiperkasa Tbk PT | &nbsp;&nbsp; 107277100 | 7831407 |
| Mitra Keluarga Karyasehat Tbk PT | &nbsp;&nbsp; 22205879 | 2962579 |
| MNC Tourism Indonesia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 762537000 | 8554842 |
| Pabrik Kertas Tjiwi Kimia Tbk PT | &nbsp;&nbsp; 16640300 | 7254640 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** |
| Pakuwon Jati Tbk PT | &nbsp;&nbsp; 223734800 | $5049149 |
| Perusahaan Gas Negara Tbk PT | &nbsp;&nbsp; 118134300 | 12250140 |
| Petrindo Jaya Kreasi Tbk PT | &nbsp;&nbsp; 187564500 | 17719265 |
| Pool Advista Indonesia Tbk PT<sup>(a)(d)</sup> | &nbsp;&nbsp; 12679400 |  |
| Sarana Menara Nusantara Tbk PT | &nbsp;&nbsp; 228863600 | 8535544 |
| Semen Indonesia Persero Tbk PT | &nbsp;&nbsp; 33510309 | 5379530 |
| Sugih Energy Tbk PT<sup>(a)(d)</sup> | &nbsp;&nbsp; 27492211 |  |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 178787700 | 23852435 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 473726700 | 90616068 |
| Trada Alam Minera Tbk PT<sup>(a)(d)</sup> | &nbsp;&nbsp; 280960700 |  |
| Transcoal Pacific Tbk PT | &nbsp;&nbsp; 12114000 | 4224106 |
| United Tractors Tbk PT | &nbsp;&nbsp; 15557600 | 23011502 |
| Waskita Karya Persero Tbk PT<sup>(a)(d)</sup> | &nbsp;&nbsp; 135029644 | 827046 |
| XLSMART Telecom Sejahtera Tbk. PT | &nbsp;&nbsp; 47002700 | 7838534 |
|  |  | 1333899631 |
| **Kuwait — 0.8%** | **Kuwait — 0.8%** | **Kuwait — 0.8%** |
| Agility Public Warehousing Co. KSC | &nbsp;&nbsp; 16411761 | 7360980 |
| Al Ahli Bank of Kuwait KSCP | &nbsp;&nbsp; 13053401 | 12391735 |
| Arabi Group Holding KSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 2201842 | 2775280 |
| Arzan Financial Group for Financing & <br> Investment KPSC<br>| &nbsp;&nbsp; 6307227 | 7034566 |
| Boubyan Bank KSCP | &nbsp;&nbsp; 14999590 | 33932613 |
| Boubyan Petrochemicals Co. KSCP | &nbsp;&nbsp; 4883887 | 10239214 |
| Boursa Kuwait Securities Co. KPSC | &nbsp;&nbsp; 799847 | 8903191 |
| Burgan Bank SAK | &nbsp;&nbsp; 10609420 | 8437103 |
| Commercial Real Estate Co. KSC | &nbsp;&nbsp; 10856019 | 6894967 |
| Gulf Bank KSCP | &nbsp;&nbsp; 18882482 | 21072467 |
| Gulf Cable & Electrical Industries Co. KSCP | &nbsp;&nbsp; 1153013 | 7704369 |
| Humansoft Holding Co. KSC | &nbsp;&nbsp; 997562 | 8128767 |
| Jazeera Airways Co. KSCP | &nbsp;&nbsp; 1145163 | 5215000 |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 104155439 | 262780984 |
| Kuwait International Bank KSCP | &nbsp;&nbsp; 12923406 | 11113452 |
| Kuwait Projects Co. Holding KSCP<sup>(a)</sup> | &nbsp;&nbsp; 23203488 | 6594060 |
| Kuwait Real Estate Co. KSC<sup>(a)</sup> | &nbsp;&nbsp; 9540050 | 11386000 |
| Mabanee Co. KPSC | &nbsp;&nbsp; 7758427 | 24360521 |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 18277580 | 30611670 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 78398619 | 262008467 |
| National Industries Group Holding SAK | &nbsp;&nbsp; 23055746 | 19223110 |
| National Investments Co. KSCP | &nbsp;&nbsp; 4971345 | 4004484 |
| National Real Estate Co. KPSC<sup>(a)</sup> | &nbsp;&nbsp; 12418064 | 3354036 |
| Salhia Real Estate Co. KSCP | &nbsp;&nbsp; 5925123 | 7681613 |
| Shamal Az-Zour Al-Oula for the First Phase of <br> Az-Zour Power Plant KSC<br>| &nbsp;&nbsp; 7206046 | 3892610 |
| Warba Bank KSCP<sup>(a)</sup> | &nbsp;&nbsp; 29624250 | 27190397 |
|  |  | 814291656 |
| **Malaysia — 1.4%** | **Malaysia — 1.4%** | **Malaysia — 1.4%** |
| AFFIN Bank Bhd<sup>(a)(c)</sup> | &nbsp;&nbsp; 4504795 | 2390545 |
| Alliance Bank Malaysia Bhd | &nbsp;&nbsp; 10070300 | 10741351 |
| AMMB Holdings Bhd | &nbsp;&nbsp; 23527400 | 30029393 |
| Axiata Group Bhd<sup>(c)</sup> | &nbsp;&nbsp; 27317100 | 15647933 |
| Bursa Malaysia Bhd<sup>(c)</sup> | &nbsp;&nbsp; 6663200 | 12285521 |
| Carlsberg Brewery Malaysia Bhd | &nbsp;&nbsp; 2065100 | 7898702 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 35372000 | 30809221 |
| Chin Hin Group Bhd<sup>(a)(c)</sup> | &nbsp;&nbsp; 12189900 | 6318552 |
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 76195500 | 133855042 |
| CTOS Digital Bhd<sup>(c)</sup> | &nbsp;&nbsp; 16088600 | 3310569 |
| Dialog Group Bhd<sup>(c)</sup> | &nbsp;&nbsp; 34607396 | 15308772 |
| Fraser & Neave Holdings Bhd<sup>(c)</sup> | &nbsp;&nbsp; 1672300 | 10671055 |
| Frontken Corp. Bhd<sup>(c)</sup> | &nbsp;&nbsp; 14308900 | 14481643 |
| Gamuda Bhd | &nbsp;&nbsp; 45419200 | 59703168 |
| Gas Malaysia Bhd | &nbsp;&nbsp; 1194700 | 1243613 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** |
| Genting Bhd | &nbsp;&nbsp; 21375800 | $14461045 |
| Genting Malaysia Bhd<sup>(c)</sup> | &nbsp;&nbsp; 27638400 | 13340006 |
| Greatech Technology Bhd<sup>(a)</sup> | &nbsp;&nbsp; 10542400 | 5190384 |
| Hartalega Holdings Bhd<sup>(c)</sup> | &nbsp;&nbsp; 15281000 | 4261146 |
| Heineken Malaysia Bhd | &nbsp;&nbsp; 1575300 | 7539069 |
| Hong Leong Bank Bhd<sup>(c)</sup> | &nbsp;&nbsp; 6415800 | 30485546 |
| IGB Real Estate Investment Trust | &nbsp;&nbsp; 17301200 | 11056388 |
| IHH Healthcare Bhd | &nbsp;&nbsp; 21777200 | 34998151 |
| IJM Corp. Bhd<sup>(c)</sup> | &nbsp;&nbsp; 24374200 | 16551403 |
| Inari Amertron Bhd | &nbsp;&nbsp; 26690000 | 12776961 |
| IOI Corp. Bhd | &nbsp;&nbsp; 24217400 | 22146041 |
| IOI Properties Group Bhd | &nbsp;&nbsp; 14085600 | 7437130 |
| Kossan Rubber Industries Bhd | &nbsp;&nbsp; 13858500 | 3965122 |
| KPJ Healthcare Bhd | &nbsp;&nbsp; 18508400 | 11382640 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 4997200 | 23276899 |
| Malayan Banking Bhd<sup>(c)</sup> | &nbsp;&nbsp; 57364100 | 134413943 |
| Malaysian Pacific Industries Bhd | &nbsp;&nbsp; 1025700 | 6503671 |
| Malaysian Resources Corp. Bhd | &nbsp;&nbsp; 35688900 | 4011998 |
| Maxis Bhd | &nbsp;&nbsp; 23586300 | 19541386 |
| MBSB Bhd | &nbsp;&nbsp; 38961700 | 6450425 |
| Mega First Corp. Bhd<sup>(c)</sup> | &nbsp;&nbsp; 8946400 | 7167483 |
| MISC Bhd | &nbsp;&nbsp; 13260900 | 23288965 |
| MR DIY Group M Bhd<sup>(b)(c)</sup> | &nbsp;&nbsp; 27749450 | 9712951 |
| Nationgate Holdings Bhd<sup>(c)</sup> | &nbsp;&nbsp; 14508700 | 4448852 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 610800 | 13740716 |
| Petronas Chemicals Group Bhd<sup>(c)</sup> | &nbsp;&nbsp; 26210400 | 26809455 |
| Petronas Dagangan Bhd<sup>(c)</sup> | &nbsp;&nbsp; 2902600 | 14548733 |
| Petronas Gas Bhd | &nbsp;&nbsp; 7730200 | 34104362 |
| PPB Group Bhd | &nbsp;&nbsp; 6983920 | 15463467 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 36014900 | 47406366 |
| Public Bank Bhd | &nbsp;&nbsp; 132367000 | 133698690 |
| QL Resources Bhd | &nbsp;&nbsp; 19015965 | 18453363 |
| RHB Bank Bhd | &nbsp;&nbsp; 15090166 | 23353109 |
| Sam Engineering & Equipment M Bhd | &nbsp;&nbsp; 1076200 | 958841 |
| Scientex Bhd | &nbsp;&nbsp; 9686500 | 7153108 |
| SD Guthrie Bhd | &nbsp;&nbsp; 20299400 | 24290363 |
| Sime Darby Bhd | &nbsp;&nbsp; 25974500 | 12727327 |
| Sime Darby Property Bhd<sup>(c)</sup> | &nbsp;&nbsp; 41944900 | 14689054 |
| SP Setia Bhd Group | &nbsp;&nbsp; 23507000 | 5839428 |
| Sunway Bhd | &nbsp;&nbsp; 24589200 | 28644439 |
| Sunway REIT | &nbsp;&nbsp; 26998900 | 13103055 |
| Supermax Corp. Bhd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 21128033 | 2321378 |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 11793200 | 19604494 |
| Tenaga Nasional Bhd | &nbsp;&nbsp; 27020200 | 84367489 |
| TIME dotCom Bhd<sup>(c)</sup> | &nbsp;&nbsp; 13913200 | 17058077 |
| Top Glove Corp. Bhd<sup>(a)(c)</sup> | &nbsp;&nbsp; 48857600 | 6768853 |
| UEM Sunrise Bhd | &nbsp;&nbsp; 16401400 | 2875913 |
| United Plantations Bhd<sup>(c)</sup> | &nbsp;&nbsp; 2445700 | 13170002 |
| ViTrox Corp. Bhd<sup>(c)</sup> | &nbsp;&nbsp; 8124200 | 7519798 |
| VS Industry Bhd | &nbsp;&nbsp; 36971607 | 5813836 |
| Yinson Holdings Bhd | &nbsp;&nbsp; 17703060 | 10265064 |
| YTL Corp. Bhd | &nbsp;&nbsp; 33168960 | 20103546 |
| YTL Power International Bhd<sup>(c)</sup> | &nbsp;&nbsp; 29400900 | 28037540 |
| Zetrix Ai Bhd | &nbsp;&nbsp; 59600700 | 12113881 |
|  |  | 1454106432 |
| **Mexico — 1.9%** | **Mexico — 1.9%** | **Mexico — 1.9%** |
| Alfa SAB de CV, Class A | &nbsp;&nbsp; 32778538 | 24604319 |
| Alsea SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 5171359 | 14873077 |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 169031632 | 168266373 |
| Arca Continental SAB de CV | &nbsp;&nbsp; 4661130 | 47544050 |
| Banco del Bajio SA<sup>(b)</sup> | &nbsp;&nbsp; 7661959 | 18275894 |
| Bolsa Mexicana de Valores SAB de CV | &nbsp;&nbsp; 4052178 | 8254376 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 144248750 | $130534511 |
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 4871800 | 41361163 |
| Controladora Alpek SAB de CV, NVS<sup>(a)</sup> | &nbsp;&nbsp; 31934549 | 4448543 |
| Controladora Vuela Cia. de Aviacion SAB de <br> CV, Class A<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 9145159 | 5624926 |
| Corp Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp; 7211525 | 19871346 |
| FIBRA Macquarie Mexico<sup>(b)</sup> | &nbsp;&nbsp; 11556020 | 19280156 |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 28575864 | 40174163 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 16366574 | 141765599 |
| GCC SAB de CV | &nbsp;&nbsp; 1736057 | 16184410 |
| Genomma Lab Internacional SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 8903024 | 10670559 |
| Gentera SAB de CV | &nbsp;&nbsp; 11768664 | 28752502 |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 1622545 | 27893917 |
| Grupo Aeroportuario del Centro Norte SAB de <br> CV, Class B<br>| &nbsp;&nbsp; 2758020 | 35273753 |
| Grupo Aeroportuario del Pacifico SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 3729194 | 89682875 |
| Grupo Aeroportuario del Sureste SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 1736477 | 56660069 |
| Grupo Bimbo SAB de CV, Series A, Class A<sup>(c)</sup> | &nbsp;&nbsp; 12771944 | 39723076 |
| Grupo Carso SAB de CV, Series A1, Class A1 | &nbsp;&nbsp; 5373236 | 35599902 |
| Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp; 2794840 | 22594412 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 24004692 | 219539818 |
| Grupo Financiero Inbursa SAB de CV, Class O | &nbsp;&nbsp; 19355606 | 51011399 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 29004601 | 190131690 |
| Grupo Televisa SAB, CPO<sup>(c)</sup> | &nbsp;&nbsp; 22789956 | 12576632 |
| Industrias Penoles SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 1859270 | 60613925 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 13568139 | 25479561 |
| La Comer SAB de CV | &nbsp;&nbsp; 6118197 | 13783931 |
| Megacable Holdings SAB de CV, CPO | &nbsp;&nbsp; 2527076 | 7323504 |
| Operadora De Sites Mexicanos SAB de CV, <br> Class A1<sup>(c)</sup><br>| &nbsp;&nbsp; 13859395 | 12608563 |
| Orbia Advance Corp. SAB de CV | &nbsp;&nbsp; 9110363 | 7243579 |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 10603506 | 39103074 |
| Promotora y Operadora de Infraestructura SAB <br> de CV<br>| &nbsp;&nbsp; 1978400 | 24751597 |
| Qualitas Controladora SAB de CV | &nbsp;&nbsp; 1957878 | 17654417 |
| Regional SAB de CV | &nbsp;&nbsp; 2352547 | 18305361 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 48346887 | 144332211 |
|  |  | 1892373233 |
| **Peru — 0.3%** | **Peru — 0.3%** | **Peru — 0.3%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 1587974 | 30393822 |
| Credicorp Ltd. | &nbsp;&nbsp; 643813 | 165588704 |
| Intercorp Financial Services Inc. | &nbsp;&nbsp; 324676 | 12896131 |
| Southern Copper Corp. | &nbsp;&nbsp; 812309 | 78054788 |
|  |  | 286933445 |
| **Philippines — 0.5%** | **Philippines — 0.5%** | **Philippines — 0.5%** |
| ACEN Corp. | &nbsp;&nbsp; 50875541 | 1976441 |
| Alliance Global Group Inc. | &nbsp;&nbsp; 44278600 | 5656379 |
| Ayala Corp. | &nbsp;&nbsp; 2464845 | 23507578 |
| Ayala Land Inc. | &nbsp;&nbsp; 67273340 | 32962667 |
| Bank of the Philippine Islands | &nbsp;&nbsp; 19231468 | 38028802 |
| BDO Unibank Inc. | &nbsp;&nbsp; 23558418 | 55737127 |
| Century Pacific Food Inc. | &nbsp;&nbsp; 11422200 | 7335633 |
| Converge Information and Communications <br> Technology Solutions Inc.<br>| &nbsp;&nbsp; 22693700 | 5560226 |
| DigiPlus Interactive Corp. | &nbsp;&nbsp; 13053600 | 5253877 |
| DMCI Holdings Inc. | &nbsp;&nbsp; 41427400 | 7800487 |
| GT Capital Holdings Inc. | &nbsp;&nbsp; 978980 | 11823648 |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 9999180 | 84514562 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Philippines (continued)** | **Philippines (continued)** | **Philippines (continued)** |
| JG Summit Holdings Inc. | &nbsp;&nbsp; 30737701 | $12790775 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 4713000 | 19134062 |
| Manila Electric Co. | &nbsp;&nbsp; 2678070 | 25072490 |
| Manila Water Co. Inc. | &nbsp;&nbsp; 14228600 | 10457629 |
| Megaworld Corp. | &nbsp;&nbsp; 129683200 | 4678751 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 17598943 | 21542030 |
| PLDT Inc. | &nbsp;&nbsp; 722795 | 14661270 |
| Puregold Price Club Inc. | &nbsp;&nbsp; 10983150 | 7928164 |
| Robinsons Land Corp. | &nbsp;&nbsp; 25974913 | 6681796 |
| Semirara Mining & Power Corp., Class A | &nbsp;&nbsp; 8976300 | 5167911 |
| SM Investments Corp. | &nbsp;&nbsp; 2116172 | 27958874 |
| SM Prime Holdings Inc. | &nbsp;&nbsp; 101700096 | 41110722 |
| Universal Robina Corp. | &nbsp;&nbsp; 9067690 | 12843560 |
|  |  | 490185461 |
| **Poland — 1.1%** | **Poland — 1.1%** | **Poland — 1.1%** |
| Alior Bank SA | &nbsp;&nbsp; 894054 | 25471134 |
| Allegro.eu SA <sup>(a)(b)</sup> | &nbsp;&nbsp; 6574717 | 66070357 |
| AmRest Holdings SE | &nbsp;&nbsp; 897171 | 3577053 |
| Asseco Poland SA<sup>(c)</sup> | &nbsp;&nbsp; 602190 | 31256493 |
| Bank Handlowy w Warszawie SA | &nbsp;&nbsp; 300866 | 8513333 |
| Bank Millennium SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 7046368 | 27296360 |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 1749993 | 88144924 |
| Benefit Systems SA | &nbsp;&nbsp; 23600 | 21122508 |
| Budimex SA<sup>(c)</sup> | &nbsp;&nbsp; 129015 | 18871600 |
| CCC SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 524994 | 24086714 |
| CD Projekt SA | &nbsp;&nbsp; 629268 | 43563903 |
| Cyfrowy Polsat SA<sup>(a)</sup> | &nbsp;&nbsp; 2615153 | 10278983 |
| Diagnostyka SA, NVS | &nbsp;&nbsp; 85223 | 4742614 |
| Dino Polska SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 4716060 | 58844680 |
| Enea SA<sup>(a)</sup> | &nbsp;&nbsp; 3028279 | 15242030 |
| Grupa Azoty SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 554646 | 2777669 |
| Grupa Kety SA | &nbsp;&nbsp; 63650 | 16100266 |
| Jastrzebska Spolka Weglowa SA, Class S<sup>(a)(c)</sup> | &nbsp;&nbsp; 594809 | 3700367 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 1201853 | 42218189 |
| KRUK SA | &nbsp;&nbsp; 183171 | 22887713 |
| LPP SA | &nbsp;&nbsp; 10935 | 51807963 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 153881 | 37170764 |
| Orange Polska SA | &nbsp;&nbsp; 6118102 | 15568527 |
| ORLEN SA | &nbsp;&nbsp; 5426878 | 115967170 |
| Pepco Group NV<sup>(c)</sup> | &nbsp;&nbsp; 1556232 | 9159606 |
| PGE Polska Grupa Energetyczna SA<sup>(a)</sup> | &nbsp;&nbsp; 8680017 | 27052555 |
| Powszechna Kasa Oszczednosci Bank <br> Polski SA<br>| &nbsp;&nbsp; 8282250 | 161551886 |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 5682870 | 94581736 |
| Santander Bank Polska SA | &nbsp;&nbsp; 379759 | 52862635 |
| Tauron Polska Energia SA<sup>(a)</sup> | &nbsp;&nbsp; 11214102 | 26029966 |
| XTB SA<sup>(b)(c)</sup> | &nbsp;&nbsp; 676606 | 14309853 |
| Zabka Group SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 2964496 | 17741638 |
|  |  | 1158571189 |
| **Qatar — 0.7%** | **Qatar — 0.7%** | **Qatar — 0.7%** |
| Al Meera Consumer Goods Co. QSC | &nbsp;&nbsp; 1534113 | 6123398 |
| Al Rayan Bank | &nbsp;&nbsp; 56578896 | 37348047 |
| Baladna<sup>(a)</sup> | &nbsp;&nbsp; 12598758 | 5526553 |
| Barwa Real Estate Co. | &nbsp;&nbsp; 17134163 | 12851492 |
| Commercial Bank PSQC (The) | &nbsp;&nbsp; 32786425 | 42224318 |
| Doha Bank QPSC | &nbsp;&nbsp; 17418121 | 12384860 |
| Dukhan Bank | &nbsp;&nbsp; 12949904 | 13023083 |
| Estithmar Holding QPSC<sup>(a)</sup> | &nbsp;&nbsp; 11493052 | 13093390 |
| Gulf International Services QSC | &nbsp;&nbsp; 9968978 | 8704670 |
| Industries Qatar QSC | &nbsp;&nbsp; 14327934 | 50505830 |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 47710363 | 17791788 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Qatar (continued)** | **Qatar (continued)** | **Qatar (continued)** |
| Ooredoo QPSC | &nbsp;&nbsp; 7557759 | $26737699 |
| Qatar Aluminum Manufacturing Co. | &nbsp;&nbsp; 29679104 | 11612033 |
| Qatar Electricity & Water Co. QSC | &nbsp;&nbsp; 5039447 | 21842119 |
| Qatar Fuel QSC | &nbsp;&nbsp; 4014631 | 16486264 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 24729706 | 32087428 |
| Qatar International Islamic Bank QSC | &nbsp;&nbsp; 10161752 | 31465631 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 17232720 | 115624110 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 44863203 | 233829170 |
| Qatar Navigation QSC | &nbsp;&nbsp; 7379524 | 23179558 |
| United Development Co. QSC | &nbsp;&nbsp; 23993964 | 6680635 |
| Vodafone Qatar QSC | &nbsp;&nbsp; 28020299 | 18793447 |
|  |  | 757915523 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Aeroflot PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 12448217 | 1548 |
| Alrosa PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 22555750 | 2806 |
| Credit Bank of Moscow PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 131641331 | 16373 |
| Federal Grid Co. Rosseti PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 2175770000 | 271 |
| Mobile TeleSystems PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 7617292 | 948 |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 12320031 | 1532 |
| Ozon Holdings PLC, ADR<sup>(a)(d)</sup> | &nbsp;&nbsp; 453223 | 56 |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 7905 | 79 |
| PhosAgro PJSC, GDR<sup>(a)(d)(f)</sup> | &nbsp;&nbsp; 1 |  |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 2907870 | 36 |
| Ros Agro PLC, GDR<sup>(a)(d)(f)</sup> | &nbsp;&nbsp; 300309 | 37 |
| Rosneft Oil Co. PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 9721202 | 1209 |
| Sberbank of Russia PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 91862230 | 11426 |
| Segezha Group PJSC<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 34454100 | 4285 |
| Severstal PAO<sup>(a)(d)</sup> | &nbsp;&nbsp; 1835503 | 228 |
| Sistema AFK PAO<sup>(a)(d)</sup> | &nbsp;&nbsp; 30748700 | 3825 |
| Sovcomflot PJSC<sup>(d)</sup> | &nbsp;&nbsp; 4464400 | 555 |
| TCS Group Holding PLC, GDR<sup>(a)(d)(f)</sup> | &nbsp;&nbsp; 1042828 | 130 |
| United Co. RUSAL International PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 26465860 | 3292 |
| VK Co. Ltd.<sup>(a)(d)(f)</sup> | &nbsp;&nbsp; 956753 | 119 |
| VTB Bank PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 5137107 | 1 |
| X5 Retail Group NV, GDR<sup>(a)(d)(f)</sup> | &nbsp;&nbsp; 1023928 | 127 |
|  |  | 48883 |
| **Saudi Arabia — 3.3%** | **Saudi Arabia — 3.3%** | **Saudi Arabia — 3.3%** |
| Abdullah Al Othaim Markets Co. | &nbsp;&nbsp; 4395841 | 8786527 |
| ACWA Power Co.<sup>(a)</sup> | &nbsp;&nbsp; 1464788 | 82819025 |
| Ades Holding Co. | &nbsp;&nbsp; 3067598 | 12189826 |
| Advanced Petrochemical Co.<sup>(a)</sup> | &nbsp;&nbsp; 1268943 | 11836524 |
| Al Babtain Power & Telecommunication Co. | &nbsp;&nbsp; 394797 | 6015511 |
| Al Hammadi Holding | &nbsp;&nbsp; 806155 | 7236788 |
| Al Masane Al Kobra Mining Co. | &nbsp;&nbsp; 622164 | 10206095 |
| Al Moammar Information Systems Co. | &nbsp;&nbsp; 225109 | 7920571 |
| Al Rajhi Bank | &nbsp;&nbsp; 18716304 | 469638726 |
| Al Rajhi Co. for Co-operative Insurance<sup>(a)</sup> | &nbsp;&nbsp; 381541 | 11857587 |
| Al-Dawaa Medical Services Co. | &nbsp;&nbsp; 214490 | 3738187 |
| Aldrees Petroleum and Transport Services Co. | &nbsp;&nbsp; 477778 | 15148434 |
| Alinma Bank | &nbsp;&nbsp; 11719031 | 78699496 |
| AlKhorayef Water & Power Technologies Co. | &nbsp;&nbsp; 169388 | 5715812 |
| Almarai Co. JSC | &nbsp;&nbsp; 4699046 | 59466292 |
| Almunajem Foods Co. | &nbsp;&nbsp; 191938 | 2912438 |
| Alujain Corp. | &nbsp;&nbsp; 609876 | 5971912 |
| Arab National Bank | &nbsp;&nbsp; 8486676 | 53066571 |
| Arabian Cement Co./Saudi Arabia | &nbsp;&nbsp; 896535 | 5238636 |
| Arabian Centres Co.<sup>(b)</sup> | &nbsp;&nbsp; 2317325 | 12603633 |
| Arabian Contracting Services Co.<sup>(a)</sup> | &nbsp;&nbsp; 198570 | 4690798 |
| Arabian Drilling Co. | &nbsp;&nbsp; 254130 | 5075940 |
| Arabian Internet & Communications <br> Services Co.<br>| &nbsp;&nbsp; 219347 | 14114643 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| Arriyadh Development Co. | &nbsp;&nbsp; 1634725 | $14405610 |
| Astra Industrial Group | &nbsp;&nbsp; 410463 | 15624076 |
| Bank AlBilad | &nbsp;&nbsp; 7081787 | 49297251 |
| Bank Al-Jazira<sup>(a)</sup> | &nbsp;&nbsp; 5930874 | 19194619 |
| Banque Saudi Fransi | &nbsp;&nbsp; 11753665 | 50684888 |
| BinDawood Holding Co. | &nbsp;&nbsp; 1741118 | 2566004 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 798779 | 31078328 |
| Catrion Catering Holding Co. | &nbsp;&nbsp; 456700 | 12217423 |
| City Cement Co. | &nbsp;&nbsp; 1065146 | 4601572 |
| Co. for Cooperative Insurance (The) | &nbsp;&nbsp; 733107 | 22857546 |
| Dallah Healthcare Co. | &nbsp;&nbsp; 361874 | 12504087 |
| Dar Al Arkan Real Estate Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 5174203 | 25772553 |
| Dr Sulaiman Al Habib Medical Services <br> Group Co.<br>| &nbsp;&nbsp; 840769 | 54001740 |
| East Pipes Integrated Co. for Industry | &nbsp;&nbsp; 125234 | 3542741 |
| Eastern Province Cement Co. | &nbsp;&nbsp; 729857 | 5059778 |
| Electrical Industries Co. | &nbsp;&nbsp; 5693790 | 13646094 |
| Elm Co. | &nbsp;&nbsp; 231722 | 52956030 |
| Emaar Economic City<sup>(a)</sup> | &nbsp;&nbsp; 2058699 | 7120934 |
| Etihad Atheeb Telecommunication Co. | &nbsp;&nbsp; 202056 | 5742382 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 3646244 | 62184985 |
| First Milling Co. | &nbsp;&nbsp; 170943 | 2367388 |
| Jabal Omar Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 5565167 | 28378731 |
| Jahez International Co.<sup>(a)</sup> | &nbsp;&nbsp; 1007568 | 5983686 |
| Jamjoom Pharmaceuticals Factory Co. | &nbsp;&nbsp; 203377 | 8594849 |
| Jarir Marketing Co. | &nbsp;&nbsp; 5368830 | 18239506 |
| Leejam Sports Co. JSC | &nbsp;&nbsp; 292572 | 11549369 |
| Lumi Rental Co.<sup>(a)</sup> | &nbsp;&nbsp; 178755 | 2913067 |
| Maharah Human Resources Co. | &nbsp;&nbsp; 2301306 | 2934320 |
| Makkah Construction & Development Co. | &nbsp;&nbsp; 948392 | 18994632 |
| Mediterranean and Gulf Cooperative Insurance <br> and Reinsurance Co. (The)<sup>(a)</sup><br>| &nbsp;&nbsp; 496643 | 2186819 |
| Middle East Healthcare Co. | &nbsp;&nbsp; 417875 | 6379175 |
| Middle East Paper Co.<sup>(a)</sup> | &nbsp;&nbsp; 548356 | 4119322 |
| Mobile Telecommunications Co. Saudi Arabia | &nbsp;&nbsp; 4308745 | 12259689 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 945681 | 18241477 |
| Nahdi Medical Co. | &nbsp;&nbsp; 334871 | 10316904 |
| National Agriculture Development Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 1591539 | 8836264 |
| National Co. for Learning & Education | &nbsp;&nbsp; 122650 | 5543798 |
| National Gas & Industrialization Co. | &nbsp;&nbsp; 497912 | 9975794 |
| National Industrialization Co.<sup>(a)</sup> | &nbsp;&nbsp; 3271176 | 9485186 |
| National Medical Care Co. | &nbsp;&nbsp; 258040 | 11866478 |
| Perfect Presentation For Commercial Services <br> Co.<sup>(a)</sup><br>| &nbsp;&nbsp; 943901 | 2598875 |
| Power & Water Utility Co. for Jubail & Yanbu | &nbsp;&nbsp; 710110 | 7504028 |
| Qassim Cement Co. (The) | &nbsp;&nbsp; 598895 | 6880819 |
| Rasan Information Technology Co.<sup>(a)</sup> | &nbsp;&nbsp; 388737 | 10296781 |
| Retal Urban Development Co. | &nbsp;&nbsp; 2262631 | 7514729 |
| Riyad Bank | &nbsp;&nbsp; 13882289 | 95894455 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 2176473 | 70348660 |
| Sahara International Petrochemical Co. | &nbsp;&nbsp; 3207808 | 17211752 |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 317819 | 14355242 |
| Saudi Advanced Industries Co. | &nbsp;&nbsp; 313753 | 2023095 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | &nbsp;&nbsp; 12763414 | 176857983 |
| Saudi Arabian Oil Co.<sup>(b)</sup> | &nbsp;&nbsp; 56824363 | 358783731 |
| Saudi Aramco Base Oil Co. | &nbsp;&nbsp; 427381 | 9806624 |
| Saudi Automotive Services Co. | &nbsp;&nbsp; 334803 | 4600992 |
| Saudi Awwal Bank | &nbsp;&nbsp; 9534864 | 76524582 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 8411715 | 136750337 |
| Saudi Cement Co. | &nbsp;&nbsp; 773411 | 8009879 |
| Saudi Ceramic Co. | &nbsp;&nbsp; 709696 | 5512748 |
| Saudi Chemical Co. Holding | &nbsp;&nbsp; 4236345 | 7714641 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| Saudi Electricity Co. | &nbsp;&nbsp; 7589647 | $29409006 |
| Saudi Ground Services Co. | &nbsp;&nbsp; 954312 | 11484596 |
| Saudi Industrial Investment Group | &nbsp;&nbsp; 2854656 | 14607123 |
| Saudi Investment Bank (The) | &nbsp;&nbsp; 5774075 | 20896105 |
| Saudi Kayan Petrochemical Co.<sup>(a)</sup> | &nbsp;&nbsp; 6989769 | 9526285 |
| Saudi National Bank (The) | &nbsp;&nbsp; 27982023 | 259346781 |
| Saudi Paper Manufacturing Co. | &nbsp;&nbsp; 151990 | 2077773 |
| Saudi Pharmaceutical Industries & Medical <br> Appliances Corp.<sup>(a)</sup><br>| &nbsp;&nbsp; 733719 | 5241247 |
| Saudi Real Estate Co.<sup>(a)</sup> | &nbsp;&nbsp; 2283475 | 11044895 |
| Saudi Reinsurance Co.<sup>(a)</sup> | &nbsp;&nbsp; 576509 | 7103874 |
| Saudi Research & Media Group<sup>(a)</sup> | &nbsp;&nbsp; 370820 | 17092654 |
| Saudi Steel Pipe Co. | &nbsp;&nbsp; 201156 | 2653231 |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 471332 | 21388030 |
| Saudi Telecom Co. | &nbsp;&nbsp; 19268451 | 215553730 |
| Saudia Dairy & Foodstuff Co. | &nbsp;&nbsp; 190025 | 13542105 |
| Savola Group (The)<sup>(a)</sup> | &nbsp;&nbsp; 1414202 | 9083276 |
| Seera Group Holding<sup>(a)</sup> | &nbsp;&nbsp; 1774602 | 13751483 |
| Southern Province Cement Co. | &nbsp;&nbsp; 774200 | 5336343 |
| Taiba Investments Co. | &nbsp;&nbsp; 1208362 | 12128062 |
| Theeb Rent A Car Co. | &nbsp;&nbsp; 371445 | 6219425 |
| United Electronics Co. | &nbsp;&nbsp; 566349 | 13652417 |
| United International Transportation Co. | &nbsp;&nbsp; 541171 | 9982942 |
| Yamama Cement Co. | &nbsp;&nbsp; 1377572 | 12050174 |
| Yanbu Cement Co. | &nbsp;&nbsp; 1093410 | 4826821 |
| Yanbu National Petrochemical Co. | &nbsp;&nbsp; 2429730 | 21257386 |
|  |  | 3327620784 |
| **South Africa — 3.4%** | **South Africa — 3.4%** | **South Africa — 3.4%** |
| Absa Group Ltd. | &nbsp;&nbsp; 7943520 | 85055553 |
| AECI Ltd. | &nbsp;&nbsp; 1545334 | 9420931 |
| African Rainbow Minerals Ltd. | &nbsp;&nbsp; 1189047 | 12341375 |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 4828767 | 271741526 |
| Aspen Pharmacare Holdings Ltd. | &nbsp;&nbsp; 3372093 | 20238293 |
| AVI Ltd. | &nbsp;&nbsp; 2790834 | 14794268 |
| Barloworld Ltd. | &nbsp;&nbsp; 1853392 | 12342948 |
| Bid Corp. Ltd. | &nbsp;&nbsp; 3162196 | 82686765 |
| Bidvest Group Ltd. (The) | &nbsp;&nbsp; 2858307 | 38386220 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 827150 | 167312107 |
| Clicks Group Ltd. | &nbsp;&nbsp; 2301637 | 48684059 |
| Coronation Fund Managers Ltd. | &nbsp;&nbsp; 3303626 | 8163059 |
| DataTec Ltd. | &nbsp;&nbsp; 2336566 | 8340790 |
| Dis-Chem Pharmacies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4829346 | 9321952 |
| Discovery Ltd. | &nbsp;&nbsp; 5179494 | 63715998 |
| DRDGOLD Ltd. | &nbsp;&nbsp; 5952662 | 10891795 |
| Equites Property Fund Ltd. | &nbsp;&nbsp; 10426236 | 9812372 |
| Exxaro Resources Ltd. | &nbsp;&nbsp; 2235235 | 24419055 |
| FirstRand Ltd. | &nbsp;&nbsp; 46576416 | 196320652 |
| Fortress Real Estate Investments Ltd., Series B, <br> Class B<br>| &nbsp;&nbsp; 13283025 | 16957694 |
| Foschini Group Ltd. (The) | &nbsp;&nbsp; 3162240 | 19507651 |
| Gold Fields Ltd. | &nbsp;&nbsp; 8542742 | 284366077 |
| Grindrod Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 7909766 | 6888940 |
| Growthpoint Properties Ltd. | &nbsp;&nbsp; 32340506 | 26438932 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 5476030 | 72907217 |
| Hyprop Investments Ltd. | &nbsp;&nbsp; 4161768 | 11036364 |
| Impala Platinum Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8621596 | 78233351 |
| Investec Ltd. | &nbsp;&nbsp; 2358279 | 17458484 |
| JSE Ltd. | &nbsp;&nbsp; 1175374 | 8435419 |
| Life Healthcare Group Holdings Ltd. | &nbsp;&nbsp; 13838240 | 10676783 |
| Momentum Group Ltd. | &nbsp;&nbsp; 11466516 | 23206044 |
| Motus Holdings Ltd. | &nbsp;&nbsp; 1632764 | 9579993 |
| Mr. Price Group Ltd. | &nbsp;&nbsp; 2541938 | 29923820 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| MTN Group Ltd. | &nbsp;&nbsp; 16309201 | $138546136 |
| MultiChoice Group<sup>(a)</sup> | &nbsp;&nbsp; 2147230 | 14935664 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 1489342 | 491365589 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 4135926 | 53005607 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 5512977 | 45788337 |
| Netcare Ltd. | &nbsp;&nbsp; 11742011 | 9232685 |
| Ninety One Ltd. | &nbsp;&nbsp; 2753909 | 6911504 |
| Northam Platinum Holdings Ltd. | &nbsp;&nbsp; 3388200 | 37963812 |
| Old Mutual Ltd. | &nbsp;&nbsp; 41669974 | 32835184 |
| Omnia Holdings Ltd. | &nbsp;&nbsp; 1656223 | 6890364 |
| OUTsurance Group Ltd. | &nbsp;&nbsp; 8173393 | 35195631 |
| Pepkor Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 33454279 | 48128447 |
| Pick n Pay Stores Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5660825 | 8850655 |
| Redefine Properties Ltd. | &nbsp;&nbsp; 63271020 | 18165576 |
| Reinet Investments SCA | &nbsp;&nbsp; 1332754 | 40454826 |
| Remgro Ltd. | &nbsp;&nbsp; 4603710 | 44286944 |
| Resilient REIT Ltd. | &nbsp;&nbsp; 4998937 | 19035122 |
| Reunert Ltd. | &nbsp;&nbsp; 2166436 | 6801480 |
| Sanlam Ltd. | &nbsp;&nbsp; 16794755 | 86830026 |
| Santam Ltd. | &nbsp;&nbsp; 298632 | 7415012 |
| Sappi Ltd. | &nbsp;&nbsp; 5568588 | 9149849 |
| Sasol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5389432 | 36348586 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 4676183 | 69700045 |
| Sibanye Stillwater Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 27269771 | 51875188 |
| SPAR Group Ltd. (The)<sup>(a)</sup> | &nbsp;&nbsp; 1754080 | 10765119 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 12225879 | 172005697 |
| Telkom SA SOC Ltd. | &nbsp;&nbsp; 3541026 | 10172931 |
| Thungela Resources Ltd. | &nbsp;&nbsp; 1296860 | 6840128 |
| Tiger Brands Ltd. | &nbsp;&nbsp; 1537094 | 27099560 |
| Truworths International Ltd. | &nbsp;&nbsp; 3566958 | 12176996 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 2011568 | 92246736 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 5770127 | 46504476 |
| Vukile Property Fund Ltd. | &nbsp;&nbsp; 12790485 | 15519191 |
| We Buy Cars Holdings Ltd. | &nbsp;&nbsp; 2708267 | 8557755 |
| Wilson Bayly Holmes-Ovcon Ltd. | &nbsp;&nbsp; 751370 | 7258558 |
| Woolworths Holdings Ltd./South Africa | &nbsp;&nbsp; 8666009 | 25516582 |
|  |  | 3463982485 |
| **South Korea — 10.5%** | **South Korea — 10.5%** | **South Korea — 10.5%** |
| ABLBio Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 344728 | 22707291 |
| Advanced Nano Products Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 93433 | 3509744 |
| Alteogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 381939 | 120120053 |
| Amorepacific Corp.<sup>(c)</sup> | &nbsp;&nbsp; 273327 | 23581021 |
| Amorepacific Holdings Corp. | &nbsp;&nbsp; 308070 | 6016873 |
| APR Corp./Korea<sup>(c)</sup> | &nbsp;&nbsp; 229036 | 37358513 |
| Asiana Airlines Inc.<sup>(a)</sup> | &nbsp;&nbsp; 486354 | 3313058 |
| BGF retail Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 80632 | 6797862 |
| BNK Financial Group Inc. | &nbsp;&nbsp; 2254859 | 23315832 |
| Boryung<sup>(c)</sup> | &nbsp;&nbsp; 445783 | 2667699 |
| Cafe24 Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 143691 | 3948809 |
| Caregen Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 126541 | 5058397 |
| Celltrion Inc.<sup>(c)</sup> | &nbsp;&nbsp; 1547497 | 186190148 |
| Celltrion Pharm Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 178271 | 6617410 |
| Chabiotech Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 736401 | 5493065 |
| Cheil Worldwide Inc. | &nbsp;&nbsp; 574762 | 8175405 |
| Chong Kun Dang Pharmaceutical Corp.<sup>(c)</sup> | &nbsp;&nbsp; 99135 | 5682180 |
| CJ CGV Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 771176 | 2562770 |
| CJ CheilJedang Corp. | &nbsp;&nbsp; 70724 | 11631500 |
| CJ Corp.<sup>(c)</sup> | &nbsp;&nbsp; 129002 | 14789574 |
| CJ ENM Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 106281 | 5448225 |
| CJ Logistics Corp.<sup>(c)</sup> | &nbsp;&nbsp; 96911 | 5807739 |
| Classys Inc. | &nbsp;&nbsp; 229591 | 8596466 |
| Cosmax Inc.<sup>(c)</sup> | &nbsp;&nbsp; 91462 | 14203300 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| CosmoAM&T Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 251639 | $7708771 |
| Coway Co. Ltd. | &nbsp;&nbsp; 505723 | 37755594 |
| CS Wind Corp.<sup>(c)</sup> | &nbsp;&nbsp; 248901 | 7445308 |
| Daeduck Electronics Co. Ltd./New<sup>(c)</sup> | &nbsp;&nbsp; 378540 | 6499701 |
| Daejoo Electronic Materials Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 111649 | 5546646 |
| Daesang Corp. | &nbsp;&nbsp; 336621 | 5456232 |
| Daewoo Engineering & Construction Co. <br> Ltd.<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2101939 | 5595829 |
| Daewoong Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 222961 | 3957937 |
| Daewoong Pharmaceutical Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 59651 | 5825183 |
| Daishin Securities Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 479317 | 9620334 |
| Daou Technology Inc.<sup>(c)</sup> | &nbsp;&nbsp; 346858 | 8508062 |
| DB HiTek Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 293940 | 9641850 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 428073 | 40472141 |
| Dear U Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 89941 | 3189524 |
| Dentium Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 74705 | 3077999 |
| DI Dong Il Corp.<sup>(c)</sup> | &nbsp;&nbsp; 139952 | 4129837 |
| DL E&C Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 296346 | 9032391 |
| DL Holdings Co. Ltd. | &nbsp;&nbsp; 129305 | 3619770 |
| Dongjin Semichem Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 337488 | 7222699 |
| DongKook Pharmaceutical Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 337821 | 4118280 |
| Dongsuh Companies Inc. | &nbsp;&nbsp; 386683 | 7572380 |
| Doosan Bobcat Inc. | &nbsp;&nbsp; 522499 | 19960758 |
| Doosan Co. Ltd. | &nbsp;&nbsp; 72042 | 28591099 |
| Doosan Enerbility Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4273010 | 187905625 |
| Doosan Fuel Cell Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 471693 | 9667272 |
| Doosan Robotics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 215409 | 9626673 |
| DoubleUGames Co. Ltd. | &nbsp;&nbsp; 143503 | 5424880 |
| Douzone Bizon Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 189806 | 10824965 |
| Duk San Neolux Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 157046 | 5312747 |
| Ecopro BM Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 466465 | 40489097 |
| Ecopro Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 966443 | 35028652 |
| Ecopro Materials Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 232741 | 8403529 |
| E-MART Inc. | &nbsp;&nbsp; 179426 | 9212111 |
| EMRO Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 66114 | 1981854 |
| Enchem Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 133524 | 7149233 |
| Eo Technics Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 88163 | 12968781 |
| ESR Kendall Square REIT Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1278150 | 4031424 |
| Eugene Technology Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 175887 | 6006970 |
| F&F Co. Ltd./New<sup>(c)</sup> | &nbsp;&nbsp; 149426 | 7132645 |
| GemVax & Kael Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 217186 | 7787608 |
| Genesis Development Holdings Co. Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 49111 |  |
| Grand Korea Leisure Co. Ltd. | &nbsp;&nbsp; 440225 | 5285728 |
| Green Cross Corp. | &nbsp;&nbsp; 61466 | 5717503 |
| Green Cross Holdings Corp. | &nbsp;&nbsp; 235117 | 2558270 |
| GS Engineering & Construction Corp. | &nbsp;&nbsp; 644994 | 8633204 |
| GS Holdings Corp. | &nbsp;&nbsp; 382925 | 12512139 |
| GS Retail Co. Ltd. | &nbsp;&nbsp; 344135 | 4004623 |
| Hana Financial Group Inc. | &nbsp;&nbsp; 2702962 | 159343549 |
| Hana Micron Inc.<sup>(c)</sup> | &nbsp;&nbsp; 492994 | 4886671 |
| Hana Tour Service Inc. | &nbsp;&nbsp; 166005 | 6133032 |
| Hanall Biopharma Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 316133 | 6749220 |
| Hanil Cement Co. Ltd./New<sup>(c)</sup> | &nbsp;&nbsp; 324328 | 4505609 |
| Hanjin Kal Corp.<sup>(c)</sup> | &nbsp;&nbsp; 222607 | 17883421 |
| Hankook & Co. Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 338661 | 5923254 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 674818 | 19452155 |
| Hanmi Pharm Co. Ltd. | &nbsp;&nbsp; 54780 | 11907752 |
| Hanmi Science Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 197394 | 5815118 |
| Hanmi Semiconductor Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 419417 | 25879370 |
| Hanon Systems<sup>(a)(c)</sup> | &nbsp;&nbsp; 1888539 | 4832219 |
| Hansol Chemical Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 87459 | 11083668 |
| Hanssem Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 108918 | 3299783 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Hanwha Aerospace Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 317088 | $201088280 |
| Hanwha Corp. | &nbsp;&nbsp; 309719 | 18583276 |
| Hanwha Engine<sup>(a)</sup> | &nbsp;&nbsp; 556428 | 18906360 |
| Hanwha Investment & Securities Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1271830 | 5062240 |
| Hanwha Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3407221 | 7662474 |
| Hanwha Ocean Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1156978 | 92985156 |
| Hanwha Solutions Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1063187 | 21593912 |
| Hanwha Systems Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 733640 | 26807873 |
| Hanwha Vision Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 345030 | 13115100 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 408097 | 40185673 |
| HD Hyundai Construction Equipment Co. Ltd<sup>(c)</sup> | &nbsp;&nbsp; 125630 | 7850099 |
| HD Hyundai Electric Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 228952 | 80287147 |
| HD Hyundai Heavy Industries Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 212777 | 79376245 |
| HD Hyundai Infracore Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1308408 | 13143969 |
| HD Hyundai Mipo<sup>(c)</sup> | &nbsp;&nbsp; 233097 | 34265999 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<sup>(c)</sup><br>| &nbsp;&nbsp; 409124 | 119230177 |
| HDC Hyundai Development Co-Engineering & <br> Construction, Class E<sup>(c)</sup><br>| &nbsp;&nbsp; 416843 | 5942486 |
| HD-Hyundai Marine Engine<sup>(a)(c)</sup> | &nbsp;&nbsp; 201389 | 13265510 |
| Hite Jinro Co. Ltd. | &nbsp;&nbsp; 403897 | 5541601 |
| HK inno N Corp. | &nbsp;&nbsp; 125293 | 4318522 |
| HL Mando Co. Ltd. | &nbsp;&nbsp; 309170 | 7893134 |
| HLB Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1130732 | 30536304 |
| HLB Life Science Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1012410 | 2549116 |
| Hlb Pharma Ceutical Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 307311 | 2991197 |
| HMM Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2488802 | 39527953 |
| Hotel Shilla Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 290240 | 9768210 |
| HPSP Co. Ltd. | &nbsp;&nbsp; 429476 | 8167769 |
| HS Hyosung Advanced Materials Corp.<sup>(c)</sup> | &nbsp;&nbsp; 28196 | 3847488 |
| Hugel Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 57959 | 13103950 |
| HYBE Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 218398 | 45050187 |
| Hyosung Corp. | &nbsp;&nbsp; 93181 | 5799756 |
| Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 55630 | 49318444 |
| Hyosung TNC Corp.<sup>(c)</sup> | &nbsp;&nbsp; 24966 | 3920062 |
| Hyundai Department Store Co. Ltd. | &nbsp;&nbsp; 167654 | 8941168 |
| Hyundai Elevator Co. Ltd. | &nbsp;&nbsp; 273323 | 15395120 |
| Hyundai Engineering & Construction Co. Ltd. | &nbsp;&nbsp; 745626 | 33165140 |
| Hyundai Feed Inc.<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; 709241 | 611424 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 363749 | 48105485 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 508939 | 10192242 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 572101 | 130645429 |
| Hyundai Motor Co. | &nbsp;&nbsp; 1259533 | 198285637 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 736653 | 101620043 |
| Hyundai Steel Co.<sup>(c)</sup> | &nbsp;&nbsp; 715586 | 16445255 |
| Hyundai Wia Corp. | &nbsp;&nbsp; 193111 | 6952786 |
| Iljin Electric Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 270397 | 6950068 |
| iM Financial Group Co. Ltd. | &nbsp;&nbsp; 1392568 | 13704954 |
| Industrial Bank of Korea | &nbsp;&nbsp; 2242037 | 30651330 |
| Innocean Worldwide Inc. | &nbsp;&nbsp; 227834 | 3004574 |
| ISC Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 113681 | 4707080 |
| ISU Specialty Chemical<sup>(a)(c)</sup> | &nbsp;&nbsp; 196825 | 6281258 |
| IsuPetasys Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 529300 | 25002097 |
| JB Financial Group Co. Ltd. | &nbsp;&nbsp; 1219209 | 20580029 |
| JNTC Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 247902 | 3143998 |
| Jusung Engineering Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 297700 | 5810199 |
| JYP Entertainment Corp.<sup>(c)</sup> | &nbsp;&nbsp; 271341 | 14188771 |
| Kakao Corp. | &nbsp;&nbsp; 2959023 | 132491705 |
| Kakao Games Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 405450 | 4713204 |
| KakaoBank Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1586743 | 28041130 |
| Kangwon Land Inc. | &nbsp;&nbsp; 754229 | 9776118 |
| KB Financial Group Inc. | &nbsp;&nbsp; 3479464 | 271764449 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| KCC Corp. | &nbsp;&nbsp; 46849 | $13365313 |
| KEPCO Engineering & Construction Co. Inc.<sup>(c)</sup> | &nbsp;&nbsp; 151262 | 9994947 |
| KEPCO Plant Service & Engineering Co. Ltd. | &nbsp;&nbsp; 267475 | 9642001 |
| Kia Corp. | &nbsp;&nbsp; 2247141 | 170026456 |
| KIWOOM Securities Co. Ltd. | &nbsp;&nbsp; 125283 | 18453020 |
| Koh Young Technology Inc.<sup>(c)</sup> | &nbsp;&nbsp; 583901 | 6093590 |
| Kolmar Korea Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 173792 | 9684044 |
| Kolon Industries Inc. | &nbsp;&nbsp; 208664 | 5509308 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 704664 | 48145982 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 2425921 | 63607977 |
| Korea Gas Corp. | &nbsp;&nbsp; 285555 | 8117882 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 384933 | 37137149 |
| Korea Zinc Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 40484 | 23907473 |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 1601075 | 27252565 |
| Korean Reinsurance Co. | &nbsp;&nbsp; 1891647 | 14727908 |
| Krafton Inc.<sup>(a)</sup> | &nbsp;&nbsp; 274400 | 64521493 |
| KT&G Corp. | &nbsp;&nbsp; 926294 | 89594635 |
| Kum Yang Co. Ltd.<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; 390785 | 2504510 |
| Kumho Petrochemical Co. Ltd. | &nbsp;&nbsp; 142866 | 11235233 |
| Kumho Tire Co. Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1441487 | 5133588 |
| Kyung Dong Navien Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 92923 | 5155106 |
| L&F Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 243294 | 11514565 |
| Lake Materials Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 391562 | 3377523 |
| LEENO Industrial Inc. | &nbsp;&nbsp; 455663 | 15249000 |
| LG Chem Ltd. | &nbsp;&nbsp; 455128 | 90396678 |
| LG Corp. | &nbsp;&nbsp; 820267 | 43858594 |
| LG Display Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2601894 | 22353070 |
| LG Electronics Inc. | &nbsp;&nbsp; 956312 | 50673760 |
| LG Energy Solution Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 443731 | 111906202 |
| LG H&H Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 81237 | 17247084 |
| LG Innotek Co. Ltd. | &nbsp;&nbsp; 121171 | 14644499 |
| LG Uplus Corp. | &nbsp;&nbsp; 2032601 | 21678161 |
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 127319 | 44747506 |
| LigaChem Biosciences Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 250688 | 26557573 |
| Lotte Chemical Corp.<sup>(c)</sup> | &nbsp;&nbsp; 169421 | 7720500 |
| Lotte Chilsung Beverage Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 49920 | 4287777 |
| Lotte Corp.<sup>(c)</sup> | &nbsp;&nbsp; 348098 | 7301713 |
| Lotte Energy Materials Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 240630 | 4465856 |
| Lotte Fine Chemical Co. Ltd. | &nbsp;&nbsp; 193268 | 5784679 |
| LOTTE REIT Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2376508 | 6527036 |
| Lotte Rental Co. Ltd. | &nbsp;&nbsp; 130216 | 2694554 |
| Lotte Shopping Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 118313 | 5617359 |
| Lotte Wellfood Co. Ltd. | &nbsp;&nbsp; 32126 | 2683424 |
| LS Corp. | &nbsp;&nbsp; 166644 | 21086938 |
| LS Electric Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 144428 | 29202211 |
| LS Materials Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 222804 | 1577036 |
| Lunit Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 233471 | 6357888 |
| LX International Corp. | &nbsp;&nbsp; 319648 | 6815932 |
| LX Semicon Co. Ltd. | &nbsp;&nbsp; 118776 | 4574482 |
| Medytox Inc.<sup>(c)</sup> | &nbsp;&nbsp; 52940 | 4520962 |
| Meritz Financial Group Inc. | &nbsp;&nbsp; 843280 | 76714403 |
| Mezzion Pharma Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 225205 | 6551574 |
| Mirae Asset Securities Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2196279 | 30191355 |
| Misto Holdings Corp. | &nbsp;&nbsp; 467225 | 13997667 |
| Naturecell Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 564482 | 8546913 |
| NAVER Corp. | &nbsp;&nbsp; 1356442 | 208517407 |
| NCSoft Corp. | &nbsp;&nbsp; 123701 | 18003770 |
| Netmarble Corp.<sup>(b)(c)</sup> | &nbsp;&nbsp; 265578 | 11411876 |
| Nexon Games Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 298086 | 2977957 |
| Nextin Inc.<sup>(c)</sup> | &nbsp;&nbsp; 52658 | 1606518 |
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 958205 | 13382915 |
| NICE Information Service Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 436274 | 4944667 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| NKMax Co. Ltd.<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; 172974 | $835663 |
| NongShim Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 31130 | 9175383 |
| OCI Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 129788 | 8131602 |
| OliX Pharmaceuticals Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 149760 | 6649907 |
| Orion Corp./Republic of Korea<sup>(c)</sup> | &nbsp;&nbsp; 210978 | 16328759 |
| Orion Holdings Corp. | &nbsp;&nbsp; 305526 | 4549428 |
| Oscotec Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 324661 | 8573323 |
| Otoki Corp. | &nbsp;&nbsp; 20194 | 5566458 |
| Pan Ocean Co. Ltd. | &nbsp;&nbsp; 2584589 | 7229213 |
| Paradise Co. Ltd. | &nbsp;&nbsp; 550157 | 8300939 |
| Park Systems Corp.<sup>(c)</sup> | &nbsp;&nbsp; 68738 | 12617301 |
| Pearl Abyss Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 326833 | 7678436 |
| People & Technology Inc.<sup>(c)</sup> | &nbsp;&nbsp; 194887 | 5357721 |
| Peptron Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 217697 | 48489984 |
| PharmaResearch Co. Ltd. | &nbsp;&nbsp; 69306 | 33719637 |
| Poongsan Corp. | &nbsp;&nbsp; 179420 | 15277401 |
| Posco DX Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 527861 | 8471927 |
| POSCO Future M Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 332729 | 33657522 |
| POSCO Holdings Inc. | &nbsp;&nbsp; 683501 | 139519048 |
| Posco International Corp.<sup>(c)</sup> | &nbsp;&nbsp; 504711 | 17391023 |
| PSK Holdings Inc.<sup>(c)</sup> | &nbsp;&nbsp; 79628 | 1937148 |
| Rainbow Robotics<sup>(a)(c)</sup> | &nbsp;&nbsp; 88259 | 17315025 |
| S-1 Corp. | &nbsp;&nbsp; 176013 | 10118885 |
| Sam Chun Dang Pharm Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 144580 | 19954926 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 170087 | 122060095 |
| Samsung C&T Corp. | &nbsp;&nbsp; 797360 | 95972081 |
| Samsung E&A Co. Ltd. | &nbsp;&nbsp; 1418057 | 29571120 |
| Samsung Electro-Mechanics Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 513875 | 58952931 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 44962237 | 2246304227 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 289490 | 92136073 |
| Samsung Heavy Industries Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6713861 | 102630496 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 756994 | 77768331 |
| Samsung SDI Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 595705 | 88281494 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 391557 | 41368201 |
| Samsung Securities Co. Ltd. | &nbsp;&nbsp; 542184 | 26765810 |
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 39964 | 44748068 |
| Sanil Electric Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 106378 | 8456627 |
| SD Biosensor Inc. | &nbsp;&nbsp; 411987 | 2965938 |
| Sebang Global Battery Co. Ltd. | &nbsp;&nbsp; 76215 | 3395985 |
| Seegene Inc. | &nbsp;&nbsp; 381705 | 7117648 |
| Seojin System Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 315314 | 4355406 |
| SFA Engineering Corp. | &nbsp;&nbsp; 283426 | 4678281 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 4050379 | 189794153 |
| Shinsegae Inc.<sup>(c)</sup> | &nbsp;&nbsp; 66334 | 7869687 |
| Shinsung Delta Tech Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 167010 | 7169618 |
| Shinyoung Securities Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 18726 | 2006820 |
| Silicon2 Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 346218 | 11120727 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 295894 | 20905985 |
| SK Bioscience Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 235167 | 7967932 |
| SK Chemicals Co. Ltd. | &nbsp;&nbsp; 124827 | 5333480 |
| SK Discovery Co. Ltd. | &nbsp;&nbsp; 133172 | 5067289 |
| SK Gas Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 42816 | 7923994 |
| SK Hynix Inc. | &nbsp;&nbsp; 5183858 | 987718459 |
| SK IE Technology Co. Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 253827 | 5051304 |
| SK Inc. | &nbsp;&nbsp; 336579 | 49913662 |
| SK Innovation Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 635111 | 45965814 |
| SK Networks Co. Ltd. | &nbsp;&nbsp; 1445525 | 4548132 |
| SK oceanplant Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 450342 | 6742886 |
| SK REITs Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 924945 | 3296603 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 898950 | 95340446 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 406233 | 15837316 |
| SKC Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 179171 | 12014059 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| SL Corp.<sup>(c)</sup> | &nbsp;&nbsp; 191599 | $4649226 |
| SM Entertainment Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 114502 | 11414979 |
| SNT Motiv Co. Ltd. | &nbsp;&nbsp; 213078 | 5685866 |
| S-Oil Corp.<sup>(c)</sup> | &nbsp;&nbsp; 362164 | 15663754 |
| SOLUM Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 462843 | 5517122 |
| Solus Advanced Materials Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 387993 | 2068611 |
| Soop Co. Ltd. | &nbsp;&nbsp; 88045 | 4923996 |
| Soulbrain Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 50466 | 7903595 |
| ST Pharm Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 129740 | 8614180 |
| Studio Dragon Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 139561 | 4513815 |
| Taihan Electric Wire Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 863060 | 9649098 |
| TechWing Inc. | &nbsp;&nbsp; 302261 | 6996930 |
| TKG Huchems Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 314847 | 3979187 |
| Tokai Carbon Korea Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 58804 | 4610050 |
| Voronoi Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 110578 | 9775318 |
| VT Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 254022 | 6680878 |
| Wemade Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 200675 | 4028884 |
| Wonik Holdings Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1 | 6 |
| WONIK IPS Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 325948 | 9453157 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 6339715 | 113097681 |
| YC Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 274890 | 2148836 |
| YG Entertainment Inc.<sup>(c)</sup> | &nbsp;&nbsp; 134723 | 9839090 |
| Youlchon Chemical Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 144948 | 3134613 |
| Youngone Corp.<sup>(c)</sup> | &nbsp;&nbsp; 227931 | 9588332 |
| Youngone Holdings Co. Ltd. | &nbsp;&nbsp; 76063 | 7221950 |
| Yuhan Corp. | &nbsp;&nbsp; 538878 | 43892678 |
|  |  | 10603453408 |
| **Taiwan — 18.8%** | **Taiwan — 18.8%** | **Taiwan — 18.8%** |
| Ability Opto-Electronics Technology Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 744000 | 2986805 |
| AcBel Polytech Inc. | &nbsp;&nbsp; 6089565 | 5683502 |
| Accton Technology Corp. | &nbsp;&nbsp; 4799000 | 157994425 |
| Acer Inc.<sup>(c)</sup> | &nbsp;&nbsp; 26379872 | 25369511 |
| Acter Group Corp. Ltd. | &nbsp;&nbsp; 966000 | 28011563 |
| ADATA Technology Co. Ltd. | &nbsp;&nbsp; 3247725 | 10832294 |
| Advanced Echem Materials Co. Ltd., NVS | &nbsp;&nbsp; 682000 | 17732112 |
| Advanced Energy Solution Holding Co. Ltd. | &nbsp;&nbsp; 342000 | 14990347 |
| Advanced Wireless Semiconductor Co.<sup>(c)</sup> | &nbsp;&nbsp; 1330000 | 4857351 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 4438584 | 49598258 |
| Airoha Technology Corp., NVS<sup>(c)</sup> | &nbsp;&nbsp; 404000 | 7464535 |
| Airtac International Group | &nbsp;&nbsp; 1295292 | 33180634 |
| Alchip Technologies Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 731000 | 95668009 |
| All Ring Tech Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 852000 | 10738193 |
| Allied Supreme Corp.<sup>(c)</sup> | &nbsp;&nbsp; 447000 | 4175371 |
| Allis Electric Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2106065 | 7754666 |
| Ambassador Hotel (The) | &nbsp;&nbsp; 1064000 | 1517138 |
| Andes Technology Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 418000 | 3859158 |
| AP Memory Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1093000 | 10950989 |
| Arcadyan Technology Corp. | &nbsp;&nbsp; 1690391 | 13039439 |
| Ardentec Corp.<sup>(c)</sup> | &nbsp;&nbsp; 4413546 | 10665765 |
| ASE Technology Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 31313222 | 152071742 |
| Asia Cement Corp. | &nbsp;&nbsp; 20582050 | 24880728 |
| Asia Optical Co. Inc.<sup>(c)</sup> | &nbsp;&nbsp; 2203000 | 11793578 |
| Asia Vital Components Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3157884 | 103088005 |
| ASMedia Technology Inc. | &nbsp;&nbsp; 354000 | 18881356 |
| ASPEED Technology Inc. | &nbsp;&nbsp; 287800 | 46780373 |
| ASROCK Inc. | &nbsp;&nbsp; 531000 | 4801614 |
| Asustek Computer Inc.<sup>(c)</sup> | &nbsp;&nbsp; 6724000 | 138328273 |
| AUO Corp.<sup>(c)</sup> | &nbsp;&nbsp; 57466400 | 24009291 |
| AURAS Technology Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 660000 | 14668289 |
| Bank of Kaohsiung Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 29991125 | 11410769 |
| BES Engineering Corp.<sup>(c)</sup> | &nbsp;&nbsp; 19335000 | 7065548 |
| Bizlink Holding Inc.<sup>(c)</sup> | &nbsp;&nbsp; 1655388 | 57612293 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Bora Pharmaceuticals Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 648006 | $15366152 |
| Brighton-Best International Taiwan Inc.<sup>(c)</sup> | &nbsp;&nbsp; 5545000 | 6212150 |
| C Sun Manufacturing Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1081000 | 7131770 |
| Caliway Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9580000 | 62815675 |
| Capital Securities Corp.<sup>(c)</sup> | &nbsp;&nbsp; 19308050 | 13721601 |
| Catcher Technology Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5257000 | 32302369 |
| Cathay Financial Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 90162951 | 180550086 |
| Cathay Real Estate Development Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6585900 | 4531715 |
| Center Laboratories Inc.<sup>(c)</sup> | &nbsp;&nbsp; 5310770 | 6448499 |
| Century Iron & Steel Industrial Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1893000 | 11320835 |
| Chailease Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 14326206 | 54369440 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 60452036 | 37894153 |
| Channel Well Technology Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2034000 | 6229901 |
| Charoen Pokphand Enterprise | &nbsp;&nbsp; 3308700 | 14379911 |
| Chenbro Micom Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 694000 | 13721841 |
| Cheng Loong Corp.<sup>(c)</sup> | &nbsp;&nbsp; 10064000 | 5879183 |
| Cheng Shin Rubber Industry Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 16825650 | 20848453 |
| Cheng Uei Precision Industry Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3781000 | 5861517 |
| Chicony Electronics Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5926787 | 26626702 |
| Chicony Power Technology Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1534000 | 5240288 |
| Chief Telecom Inc. | &nbsp;&nbsp; 370300 | 5172328 |
| China Airlines Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 26600000 | 18371235 |
| China Bills Finance Corp. | &nbsp;&nbsp; 18017000 | 9774493 |
| China Motor Corp. | &nbsp;&nbsp; 2430800 | 4600742 |
| China Petrochemical Development Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 35361490 | 8248375 |
| China Steel Chemical Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1663000 | 4453781 |
| China Steel Corp.<sup>(c)</sup> | &nbsp;&nbsp; 108776529 | 71334075 |
| Chipbond Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 6336000 | 11078186 |
| ChipMOS Technologies Inc.<sup>(c)</sup> | &nbsp;&nbsp; 5324000 | 4217709 |
| Chong Hong Construction Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1923122 | 4743898 |
| Chroma ATE Inc.<sup>(c)</sup> | &nbsp;&nbsp; 3613000 | 68438932 |
| Chung Hung Steel Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 10286000 | 5382890 |
| Chung-Hsin Electric & Machinery <br> Manufacturing Corp.<br>| &nbsp;&nbsp; 3685000 | 20566439 |
| Chunghwa Precision Test Tech Co. Ltd. | &nbsp;&nbsp; 254000 | 10260978 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 35617000 | 154374106 |
| Cleanaway Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1365000 | 8873591 |
| Clevo Co.<sup>(c)</sup> | &nbsp;&nbsp; 4131175 | 5650674 |
| Compal Electronics Inc.<sup>(c)</sup> | &nbsp;&nbsp; 37453000 | 33688020 |
| Compeq Manufacturing Co. Ltd. | &nbsp;&nbsp; 9036000 | 23806215 |
| Continental Holdings Corp.<sup>(c)</sup> | &nbsp;&nbsp; 6598600 | 5019207 |
| Coretronic Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2457200 | 9808956 |
| CSBC Corp. Taiwan<sup>(a)</sup> | &nbsp;&nbsp; 9497541 | 6379937 |
| CTBC Financial Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 157832599 | 211703930 |
| CTCI Corp.<sup>(c)</sup> | &nbsp;&nbsp; 7322853 | 7388226 |
| CyberPower Systems Inc.<sup>(c)</sup> | &nbsp;&nbsp; 530000 | 3854381 |
| Da-Li Development Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2342895 | 3239702 |
| Delta Electronics Inc. | &nbsp;&nbsp; 18511000 | 426451858 |
| Depo Auto Parts Ind Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1094000 | 5132967 |
| Dynapack International Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1416000 | 16695323 |
| E Ink Holdings Inc. | &nbsp;&nbsp; 8201000 | 69974945 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 136502156 | 148977911 |
| Eclat Textile Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1712683 | 22323692 |
| EirGenix Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1954000 | 3880422 |
| Elan Microelectronics Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2691100 | 10457737 |
| Elite Advanced Laser Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1404000 | 9201367 |
| Elite Material Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2826000 | 111858295 |
| Elite Semiconductor Microelectronics <br> Technology Inc.<sup>(c)</sup><br>| &nbsp;&nbsp; 2800000 | 5183790 |
| eMemory Technology Inc. | &nbsp;&nbsp; 605000 | 40551865 |
| Ennoconn Corp. | &nbsp;&nbsp; 1041219 | 10908183 |
| Ennostar Inc.<sup>(c)</sup> | &nbsp;&nbsp; 5727185 | 7253027 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Eternal Materials Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 8862369 | $12649299 |
| Eva Airways Corp.<sup>(c)</sup> | &nbsp;&nbsp; 25942326 | 32854675 |
| Evergreen International Storage & <br> Transport Corp.<br>| &nbsp;&nbsp; 5679000 | 6325002 |
| Evergreen Marine Corp. Taiwan Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 10314979 | 62342051 |
| Evergreen Steel Corp. | &nbsp;&nbsp; 1697000 | 4948482 |
| Everlight Electronics Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4038000 | 8983995 |
| Far Eastern Department Stores Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 11636167 | 7917650 |
| Far Eastern International Bank<sup>(c)</sup> | &nbsp;&nbsp; 35023219 | 15428586 |
| Far Eastern New Century Corp.<sup>(c)</sup> | &nbsp;&nbsp; 26304916 | 23700513 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 16435000 | 45164787 |
| Faraday Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2111828 | 10801321 |
| Farglory Land Development Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3048782 | 6117553 |
| Feng Hsin Steel Co. Ltd. | &nbsp;&nbsp; 5045000 | 11006253 |
| Feng TAY Enterprise Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4554833 | 17427737 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 108309112 | 100217212 |
| Fitipower Integrated Technology Inc.<sup>(c)</sup> | &nbsp;&nbsp; 997504 | 5762861 |
| FLEXium Interconnect Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2543616 | 5635250 |
| FocalTech Systems Co. Ltd. | &nbsp;&nbsp; 1881000 | 4203233 |
| Formosa Chemicals & Fibre Corp.<sup>(c)</sup> | &nbsp;&nbsp; 31491210 | 30868113 |
| Formosa International Hotels Corp.<sup>(c)</sup> | &nbsp;&nbsp; 810000 | 5080942 |
| Formosa Plastics Corp.<sup>(c)</sup> | &nbsp;&nbsp; 35875800 | 45558965 |
| Formosa Sumco Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 773000 | 2108415 |
| Formosa Taffeta Co. Ltd. | &nbsp;&nbsp; 9189000 | 4719556 |
| Fortune Electric Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1505790 | 31545758 |
| Fositek Corp.<sup>(c)</sup> | &nbsp;&nbsp; 488341 | 17956582 |
| Foxconn Technology Co. Ltd. | &nbsp;&nbsp; 8313424 | 19161310 |
| Foxsemicon Integrated Technology Inc.<sup>(c)</sup> | &nbsp;&nbsp; 951000 | 8943817 |
| Fubon Financial Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 76828753 | 209914578 |
| Fulgent Sun International Holding Co. Ltd. | &nbsp;&nbsp; 1569221 | 5441412 |
| Fusheng Precision Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1204000 | 10417795 |
| General Interface Solution GIS Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2790000 | 5715465 |
| Genius Electronic Optical Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 790287 | 11683878 |
| Getac Holdings Corp. | &nbsp;&nbsp; 3835000 | 19120906 |
| Giant Manufacturing Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2910575 | 9961262 |
| Gigabyte Technology Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5132000 | 46143876 |
| Global Brands Manufacture Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2920744 | 13641885 |
| Global Mixed Mode Technology Inc. | &nbsp;&nbsp; 726000 | 5501538 |
| Global Unichip Corp. | &nbsp;&nbsp; 822000 | 35449705 |
| Globalwafers Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2416000 | 29223530 |
| Gloria Material Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 5963000 | 7441139 |
| Gold Circuit Electronics Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3317800 | 54374207 |
| Goldsun Building Materials Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 9783425 | 11898637 |
| Gourmet Master Co. Ltd. | &nbsp;&nbsp; 1165471 | 3107552 |
| Grand Process Technology Corp. | &nbsp;&nbsp; 225000 | 11015661 |
| Grape King Bio Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1432000 | 6029271 |
| Great Tree Pharmacy Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1079894 | 4931872 |
| Great Wall Enterprise Co. Ltd. | &nbsp;&nbsp; 6328412 | 10974893 |
| Greatek Electronics Inc.<sup>(c)</sup> | &nbsp;&nbsp; 3458000 | 6746587 |
| Gudeng Precision Industrial Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 785797 | 8169362 |
| Hannstar Board Corp. | &nbsp;&nbsp; 2529640 | 7380594 |
| HannStar Display Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 24066640 | 5942579 |
| Highwealth Construction Corp.<sup>(c)</sup> | &nbsp;&nbsp; 12633233 | 17229224 |
| Hiwin Technologies Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2580498 | 17881519 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 118448928 | 781993766 |
| Hota Industrial Manufacturing Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3258261 | 7277308 |
| Hotai Finance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2884620 | 6508118 |
| Hotai Motor Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3084560 | 55322948 |
| Hsin Kuang Steel Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3353000 | 4780673 |
| HTC Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6778000 | 15518089 |
| Hu Lane Associate Inc.<sup>(c)</sup> | &nbsp;&nbsp; 738700 | 3626092 |
| HUA ENG Wire & Cable Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3180829 | 3126530 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Hua Nan Financial Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 86126488 | $78445085 |
| Huaku Development Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3239840 | 10578457 |
| Hwang Chang General Contractor Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2075000 | 5697421 |
| IBF Financial Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 24876463 | 12580625 |
| I-Chiun Precision Industry Co. Ltd. | &nbsp;&nbsp; 2471000 | 6306047 |
| Innodisk Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1018150 | 9628034 |
| Innolux Corp. | &nbsp;&nbsp; 71029297 | 32432617 |
| International Games System Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2250000 | 56084558 |
| Inventec Corp.<sup>(c)</sup> | &nbsp;&nbsp; 25428000 | 34010442 |
| ITE Technology Inc. | &nbsp;&nbsp; 1672000 | 7288920 |
| ITEQ Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2131604 | 9466819 |
| ITH Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2283000 | 3254215 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 822670 | 55743443 |
| Jinan Acetate Chemical Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5339600 | 12666253 |
| Johnson Health Tech Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1142000 | 5347181 |
| JSL Construction & Development Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1694355 | 4312346 |
| Kaori Heat Treatment Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 811000 | 10164215 |
| Kenda Rubber Industrial Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6843913 | 4598378 |
| Kenmec Mechanical Engineering Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1755641 | 4546520 |
| KGI Financial Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 156021445 | 77469492 |
| Kindom Development Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4437230 | 5101173 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 550000 | 53914056 |
| King Yuan Electronics Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 10941000 | 55359943 |
| King's Town Bank Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7245000 | 13084775 |
| Kinik Co.<sup>(c)</sup> | &nbsp;&nbsp; 1067000 | 12031286 |
| Kinpo Electronics | &nbsp;&nbsp; 10490000 | 6421910 |
| Kinsus Interconnect Technology Corp. | &nbsp;&nbsp; 2752000 | 10127717 |
| L&K Engineering Co. Ltd. | &nbsp;&nbsp; 1597543 | 18282196 |
| Lai Yih Footwear Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 502000 | 3800447 |
| LandMark Optoelectronics Corp. | &nbsp;&nbsp; 917900 | 14234352 |
| Largan Precision Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 934000 | 73019665 |
| Lien Hwa Industrial Holdings Corp.<sup>(c)</sup> | &nbsp;&nbsp; 11604516 | 18780745 |
| Lite-On Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 20155238 | 85265699 |
| Lotes Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 804849 | 37838385 |
| Lotus Pharmaceutical Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1395000 | 8795943 |
| Lumosa Therapeutics Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 877000 | 5479547 |
| LuxNet Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1237957 | 8238601 |
| M31 Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 275484 | 4581259 |
| Machvision Inc. | &nbsp;&nbsp; 369089 | 7642656 |
| Macronix International Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 18215554 | 11916536 |
| Makalot Industrial Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1959120 | 17134182 |
| Marketech International Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1291000 | 11071543 |
| MediaTek Inc. | &nbsp;&nbsp; 14416572 | 640614891 |
| Medigen Vaccine Biologics Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2826607 | 3586328 |
| Mega Financial Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 111284575 | 145499615 |
| Mercuries Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 37397283 | 6786551 |
| Merida Industry Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1946850 | 7183823 |
| Merry Electronics Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2273234 | 7953377 |
| Microbio Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 4641140 | 3657088 |
| Micro-Star International Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6943000 | 30498294 |
| Mitac Holdings Corp.<sup>(c)</sup> | &nbsp;&nbsp; 9098158 | 28680395 |
| momo.com Inc<sup>(c)</sup> | &nbsp;&nbsp; 779100 | 6422703 |
| MPI Corp.<sup>(c)</sup> | &nbsp;&nbsp; 812000 | 36502891 |
| Nan Kang Rubber Tire Co. Ltd. | &nbsp;&nbsp; 4583000 | 5978561 |
| Nan Pao Resins Chemical Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 562000 | 7445380 |
| Nan Ya Plastics Corp.<sup>(c)</sup> | &nbsp;&nbsp; 47645440 | 67064898 |
| Nan Ya Printed Circuit Board Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2041000 | 14527437 |
| Nanya Technology Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11681000 | 17833106 |
| Nien Made Enterprise Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1624000 | 22860235 |
| North-Star International Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1409392 | 1789909 |
| Novatek Microelectronics Corp.<sup>(c)</sup> | &nbsp;&nbsp; 5208000 | 73810057 |
| Nuvoton Technology Corp. | &nbsp;&nbsp; 1772000 | 3609953 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Oneness Biotech Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3046827 | $6948054 |
| Orient Semiconductor Electronics Ltd. | &nbsp;&nbsp; 4482000 | 6474792 |
| Pan Jit International Inc.<sup>(c)</sup> | &nbsp;&nbsp; 3639200 | 7610676 |
| Pan-International Industrial Corp.<sup>(c)</sup> | &nbsp;&nbsp; 4857366 | 9269255 |
| Parade Technologies Ltd. | &nbsp;&nbsp; 665000 | 16855768 |
| Pegatron Corp.<sup>(c)</sup> | &nbsp;&nbsp; 17789000 | 40691212 |
| Pegavision Corp.<sup>(c)</sup> | &nbsp;&nbsp; 409166 | 4250092 |
| PharmaEssentia Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2519000 | 40739646 |
| Pharmally International Holding Co. Ltd., <br> NVS<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 597543 |  |
| Phison Electronics Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1538000 | 24377623 |
| Phoenix Silicon International Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1321000 | 6900709 |
| Pixart Imaging Inc.<sup>(c)</sup> | &nbsp;&nbsp; 1381000 | 8837868 |
| Polaris Group<sup>(a)</sup> | &nbsp;&nbsp; 3168025 | 4035760 |
| Pou Chen Corp. | &nbsp;&nbsp; 20158000 | 18950569 |
| Powerchip Semiconductor Manufacturing <br> Corp.<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 28231000 | 14588299 |
| Powertech Technology Inc.<sup>(c)</sup> | &nbsp;&nbsp; 6128000 | 23646873 |
| Poya International Co. Ltd. | &nbsp;&nbsp; 735456 | 11223652 |
| President Chain Store Corp.<sup>(c)</sup> | &nbsp;&nbsp; 5308000 | 44102222 |
| President Securities Corp.<sup>(c)</sup> | &nbsp;&nbsp; 10304463 | 7008266 |
| Primax Electronics Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4717000 | 12755873 |
| Prince Housing & Development Corp.<sup>(c)</sup> | &nbsp;&nbsp; 12548995 | 3759851 |
| Promate Electronic Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2044447 | 3436003 |
| Qisda Corp. | &nbsp;&nbsp; 13832000 | 14294002 |
| Quanta Computer Inc.<sup>(c)</sup> | &nbsp;&nbsp; 25743000 | 219211736 |
| Quanta Storage Inc.<sup>(c)</sup> | &nbsp;&nbsp; 2301000 | 9261365 |
| Radiant Opto-Electronics Corp. | &nbsp;&nbsp; 4057000 | 18965288 |
| Raydium Semiconductor Corp.<sup>(c)</sup> | &nbsp;&nbsp; 595000 | 5753685 |
| Realtek Semiconductor Corp.<sup>(c)</sup> | &nbsp;&nbsp; 4590110 | 79748777 |
| Ritek Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1 |  |
| Ruentex Development Co. Ltd. | &nbsp;&nbsp; 14565812 | 14322270 |
| Ruentex Industries Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5862788 | 10351516 |
| Run Long Construction Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3671000 | 3604007 |
| Sanyang Motor Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5132000 | 10902458 |
| Scientech Corp.<sup>(c)</sup> | &nbsp;&nbsp; 620192 | 7813130 |
| Sercomm Corp. | &nbsp;&nbsp; 2890000 | 9914276 |
| Shanghai Commercial & Savings Bank Ltd. <br> (The)<sup>(c)</sup><br>| &nbsp;&nbsp; 36441542 | 48772002 |
| Shihlin Electric & Engineering Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2151000 | 13994491 |
| Shin Zu Shing Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1554149 | 13299074 |
| Shinfox Energy Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1543265 | 2792574 |
| Shinkong Synthetic Fibers Corp.<sup>(c)</sup> | &nbsp;&nbsp; 15562000 | 7547065 |
| Shiny Chemical Industrial Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1052100 | 4813041 |
| ShunSin Technology Holding Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 535000 | 2851549 |
| Sigurd Microelectronics Corp.<sup>(c)</sup> | &nbsp;&nbsp; 4762700 | 13103838 |
| Silergy Corp.<sup>(c)</sup> | &nbsp;&nbsp; 3159000 | 31579046 |
| Silicon Integrated Systems Corp.<sup>(c)</sup> | &nbsp;&nbsp; 4064750 | 7393424 |
| Simplo Technology Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1484400 | 19096061 |
| Sinbon Electronics Co. Ltd. | &nbsp;&nbsp; 2017809 | 15275556 |
| Sino-American Silicon Products Inc.<sup>(c)</sup> | &nbsp;&nbsp; 5287000 | 17768058 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 107592578 | 82108643 |
| Sinyi Realty Inc.<sup>(c)</sup> | &nbsp;&nbsp; 5466704 | 4302221 |
| Sitronix Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1138000 | 7777945 |
| Soft-World International Corp.<sup>(c)</sup> | &nbsp;&nbsp; 753000 | 2517486 |
| Solar Applied Materials Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 5528710 | 10573791 |
| Solomon Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1007000 | 5131532 |
| Sporton International Inc.<sup>(c)</sup> | &nbsp;&nbsp; 906252 | 5212000 |
| Standard Foods Corp. | &nbsp;&nbsp; 5129096 | 5049554 |
| Starlux Airlines Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 13134000 | 10730368 |
| Sunonwealth Electric Machine Industry Co. Ltd. | &nbsp;&nbsp; 2192000 | 9695976 |
| Supreme Electronics Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5236009 | 7373749 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Synnex Technology International Corp.<sup>(c)</sup> | &nbsp;&nbsp; 11740250 | $25185602 |
| Systex Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1944000 | 7450163 |
| TA Chen Stainless Pipe<sup>(c)</sup> | &nbsp;&nbsp; 18473076 | 23454521 |
| Ta Ya Electric Wire & Cable<sup>(c)</sup> | &nbsp;&nbsp; 7523581 | 10399375 |
| Taichung Commercial Bank Co. Ltd. | &nbsp;&nbsp; 37797279 | 26286187 |
| TaiMed Biologics Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1935224 | 5112605 |
| Tainan Spinning Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 12223894 | 5424481 |
| Taiwan Business Bank | &nbsp;&nbsp; 73514395 | 36208796 |
| Taiwan Cogeneration Corp. | &nbsp;&nbsp; 6902199 | 10550088 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 103836411 | 80372949 |
| Taiwan Fertilizer Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6363000 | 11077302 |
| Taiwan Glass Industry Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 11473053 | 13182667 |
| Taiwan High Speed Rail Corp.<sup>(c)</sup> | &nbsp;&nbsp; 16739000 | 15091630 |
| Taiwan Hon Chuan Enterprise Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2969288 | 13415569 |
| Taiwan Mobile Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 16622000 | 57822224 |
| Taiwan Paiho Ltd. | &nbsp;&nbsp; 3103000 | 5425645 |
| Taiwan Secom Co. Ltd. | &nbsp;&nbsp; 3350185 | 12235992 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 234117123 | 8768010555 |
| Taiwan Shin Kong Security Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6833577 | 9110977 |
| Taiwan Speciality Chemicals Corp.<sup>(c)</sup> | &nbsp;&nbsp; 809000 | 7672652 |
| Taiwan Surface Mounting Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2367000 | 8272264 |
| Taiwan Union Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2221000 | 26507661 |
| Tatung Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 11877650 | 15371569 |
| TCC Group Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 63597182 | 46582854 |
| Teco Electric and Machinery Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 11243000 | 24930417 |
| Test Research Inc.<sup>(c)</sup> | &nbsp;&nbsp; 1722400 | 12028005 |
| Thinking Electronic Industrial Co. Ltd. | &nbsp;&nbsp; 880000 | 4335226 |
| Tigerair Taiwan Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1644000 | 4478282 |
| Ton Yi Industrial Corp.<sup>(c)</sup> | &nbsp;&nbsp; 13746000 | 8226858 |
| Tong Hsing Electronic Industries Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1684600 | 6178575 |
| Tong Yang Industry Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3753400 | 12400985 |
| Topco Scientific Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1447342 | 13749228 |
| Transcend Information Inc.<sup>(c)</sup> | &nbsp;&nbsp; 3253000 | 10673676 |
| Tripod Technology Corp. | &nbsp;&nbsp; 4142000 | 43314933 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 200269969 | 106177360 |
| TSRC Corp.<sup>(c)</sup> | &nbsp;&nbsp; 6822900 | 3806426 |
| TTY Biopharm Co. Ltd. | &nbsp;&nbsp; 2241124 | 5622781 |
| Tung Ho Steel Enterprise Corp. | &nbsp;&nbsp; 5472560 | 11348336 |
| TXC Corp.<sup>(c)</sup> | &nbsp;&nbsp; 3374000 | 9693847 |
| U-Ming Marine Transport Corp.<sup>(c)</sup> | &nbsp;&nbsp; 4641000 | 8516104 |
| Unimicron Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 12233000 | 57089283 |
| Union Bank of Taiwan<sup>(c)</sup> | &nbsp;&nbsp; 17712293 | 9597335 |
| Uni-President Enterprises Corp.<sup>(c)</sup> | &nbsp;&nbsp; 45626369 | 115185693 |
| Unitech Printed Circuit Board Corp.<sup>(c)</sup> | &nbsp;&nbsp; 6843438 | 6833163 |
| United Integrated Services Co. Ltd. | &nbsp;&nbsp; 1648400 | 65939112 |
| United Microelectronics Corp.<sup>(c)</sup> | &nbsp;&nbsp; 104952000 | 138083454 |
| Universal Microwave Technology Inc.<sup>(c)</sup> | &nbsp;&nbsp; 536000 | 6900676 |
| Universal Vision Biotechnology Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 612007 | 3623435 |
| UPI Semiconductor Corp.<sup>(c)</sup> | &nbsp;&nbsp; 464000 | 2834838 |
| Vanguard International Semiconductor Corp.<sup>(c)</sup> | &nbsp;&nbsp; 9658585 | 28677096 |
| Via Technologies Inc.<sup>(c)</sup> | &nbsp;&nbsp; 2665000 | 5437876 |
| VisEra Technologies Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1050000 | 8972713 |
| Visual Photonics Epitaxy Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1883000 | 9544876 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 638493 | 20516016 |
| Wah Lee Industrial Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2832580 | 9181706 |
| Walsin Lihwa Corp.<sup>(c)</sup> | &nbsp;&nbsp; 27706968 | 20524545 |
| Walsin Technology Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2753597 | 7365577 |
| Wan Hai Lines Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6939620 | 18736062 |
| Win Semiconductors Corp.<sup>(c)</sup> | &nbsp;&nbsp; 3108427 | 9341558 |
| Winbond Electronics Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 29546946 | 18874518 |
| WinWay Technology Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 281000 | 12490001 |
| Wisdom Marine Lines Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4661000 | 9202387 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Wistron Corp. | &nbsp;&nbsp; 28507004 | $104554904 |
| Wiwynn Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1063000 | 102024252 |
| WNC Corp. | &nbsp;&nbsp; 3076565 | 12703369 |
| Wowprime Corp. | &nbsp;&nbsp; 825361 | 5917375 |
| WPG Holdings Ltd. | &nbsp;&nbsp; 14765200 | 32189579 |
| WT Microelectronics Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6317206 | 25262391 |
| XinTec Inc.<sup>(c)</sup> | &nbsp;&nbsp; 1729000 | 7677228 |
| XPEC Entertainment Inc., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 31000 |  |
| Yageo Corp. | &nbsp;&nbsp; 15277032 | 69179161 |
| Yang Ming Marine Transport Corp.<sup>(c)</sup> | &nbsp;&nbsp; 16447677 | 30924541 |
| Yankey Engineering Co. Ltd. | &nbsp;&nbsp; 699200 | 11187323 |
| YFY Inc.<sup>(c)</sup> | &nbsp;&nbsp; 11355000 | 9257049 |
| Yieh Phui Enterprise Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 12663558 | 6221053 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 100280922 | 106153954 |
| Yulon Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2264002 | 7824139 |
| Yulon Motor Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5558276 | 5963717 |
| Yungshin Construction & Development Co. <br> Ltd.<sup>(c)</sup><br>| &nbsp;&nbsp; 656628 | 1560787 |
| Zhen Ding Technology Holding Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5976950 | 38136113 |
|  |  | 19085926937 |
| **Thailand — 1.3%** | **Thailand — 1.3%** | **Thailand — 1.3%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 10719400 | 97475291 |
| Airports of Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 40005800 | 44546843 |
| Amata Corp. PCL, NVDR | &nbsp;&nbsp; 13032830 | 6359071 |
| AP Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 32106590 | 7294062 |
| B Grimm Power PCL, NVDR | &nbsp;&nbsp; 9373500 | 3682670 |
| Bangchak Corp. PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 9530700 | 9496893 |
| Bangkok Airways PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 16428000 | 6860974 |
| Bangkok Chain Hospital PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 17888150 | 7178452 |
| Bangkok Commercial Asset Management PCL, <br> NVDR<sup>(c)</sup><br>| &nbsp;&nbsp; 19194000 | 4834520 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 106306500 | 67957189 |
| Bangkok Expressway & Metro PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 72993985 | 11958289 |
| Banpu PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 74797900 | 11001073 |
| BCPG PCL, NVDR | &nbsp;&nbsp; 19923525 | 5263982 |
| Betagro PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 8120900 | 4290966 |
| BTS Group Holdings PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 94548320 | 9238554 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 5660900 | 31088663 |
| Carabao Group PCL, NVDR | &nbsp;&nbsp; 3827800 | 6056116 |
| Central Pattana PCL, NVDR | &nbsp;&nbsp; 19101800 | 30420926 |
| Central Plaza Hotel PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 6064100 | 5387854 |
| CH Karnchang PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 16218000 | 7259016 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 35136300 | 23771372 |
| Chularat Hospital PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 96032900 | 4682899 |
| CK Power PCL, NVDR | &nbsp;&nbsp; 32983400 | 2810746 |
| Com7 PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 12175500 | 9600581 |
| CP ALL PCL, NVDR | &nbsp;&nbsp; 52182400 | 70987130 |
| CP Axtra PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 17670293 | 9782193 |
| Delta Electronics Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 29764000 | 137767537 |
| Electricity Generating PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 2705200 | 9853792 |
| Gulf Development PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 43904371 | 63694002 |
| Hana Microelectronics PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 5797200 | 4332287 |
| Home Product Center PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 60731875 | 13323107 |
| IRPC PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 116519400 | 3704648 |
| Jasmine Technology Solution PCL, NVDR<sup>(a)(c)</sup> | &nbsp;&nbsp; 2123123 | 2078270 |
| JMT Network Services PCL, NVDR | &nbsp;&nbsp; 6129200 | 2218244 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 5280200 | 27465554 |
| KCE Electronics PCL, NVDR | &nbsp;&nbsp; 6795700 | 5354247 |
| Kiatnakin Phatra Bank PCL, NVDR | &nbsp;&nbsp; 4067800 | 7469316 |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 31565800 | 24006161 |
| Land & Houses PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 69223200 | 8335381 |
| MBK PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 13021600 | 6915704 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** |
| Mega Lifesciences PCL, NVDR | &nbsp;&nbsp; 5499000 | $4747694 |
| Minor International PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 33694360 | 24371939 |
| Muangthai Capital PCL, NVDR | &nbsp;&nbsp; 7822400 | 9008981 |
| Osotspa PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 14227300 | 7219006 |
| Plan B Media PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 33022488 | 4481707 |
| PTT Exploration & Production PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 12322901 | 42614440 |
| PTT Global Chemical PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 20466400 | 16600054 |
| PTT PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 95352300 | 91298687 |
| Quality Houses PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 120936417 | 5076959 |
| Ratch Group PCL, NVDR | &nbsp;&nbsp; 8920700 | 7442224 |
| Regional Container Lines PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 5411100 | 4593464 |
| Sansiri PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 165469200 | 7358116 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 8328400 | 33047639 |
| Siam Cement PCL (The), NVDR<sup>(c)</sup> | &nbsp;&nbsp; 7198400 | 47915802 |
| Sri Trang Agro-Industry PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 9456660 | 3537886 |
| Sri Trang Gloves Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 11882400 | 2350341 |
| Srisawad Corp. PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 9177757 | 7105976 |
| Supalai PCL, NVDR | &nbsp;&nbsp; 17610100 | 8317164 |
| Thai Oil PCL, NVDR | &nbsp;&nbsp; 11092100 | 10971512 |
| Thai Union Group PCL, NVDR | &nbsp;&nbsp; 26182800 | 9956879 |
| Thai Vegetable Oil PCL, NVDR | &nbsp;&nbsp; 8853910 | 6750782 |
| Thanachart Capital PCL, NVDR | &nbsp;&nbsp; 5221100 | 8186367 |
| TIDLOR Holdings PCL, NVDR | &nbsp;&nbsp; 13973404 | 8136799 |
| Tisco Financial Group PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 4251700 | 13261210 |
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 178113300 | 10459509 |
| TPI Polene PCL, NVDR | &nbsp;&nbsp; 26457600 | 604372 |
| True Corp. PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 101981956 | 35960679 |
| TTW PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 30140900 | 8466806 |
| VGI PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 120488100 | 7822863 |
| WHA Corp. PCL, NVDR | &nbsp;&nbsp; 93404600 | 10384167 |
|  |  | 1273854599 |
| **Turkey — 0.7%** | **Turkey — 0.7%** | **Turkey — 0.7%** |
| Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS | &nbsp;&nbsp; 7007099 | 5823994 |
| Akbank TAS | &nbsp;&nbsp; 30078935 | 49932994 |
| Akcansa Cimento A/S | &nbsp;&nbsp; 180804 | 597017 |
| Aksa Akrilik Kimya Sanayii AS | &nbsp;&nbsp; 22242026 | 5718953 |
| Alarko Holding A/S<sup>(c)</sup> | &nbsp;&nbsp; 2283664 | 4872332 |
| Anadolu Anonim Turk Sigorta Sirketi | &nbsp;&nbsp; 8875905 | 4818949 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S<sup>(c)</sup> | &nbsp;&nbsp; 21419813 | 8813646 |
| Aselsan Elektronik Sanayi Ve Ticaret A/S<sup>(c)</sup> | &nbsp;&nbsp; 13590612 | 60570752 |
| Astor Transformator Enerji Turizm Insaat Ve <br> Petrol Sanayi Ticaret AS<sup>(c)</sup><br>| &nbsp;&nbsp; 3268225 | 9387399 |
| Baticim Bati Anadolu Cimento Sanayii A/S<sup>(a)</sup> | &nbsp;&nbsp; 30353286 | 2965434 |
| BIM Birlesik Magazalar A/S<sup>(c)</sup> | &nbsp;&nbsp; 4419016 | 56919095 |
| Cimsa Cimento Sanayi VE Ticaret AS | &nbsp;&nbsp; 5775037 | 6798846 |
| Coca-Cola Icecek A/S | &nbsp;&nbsp; 1173415 | 1406699 |
| Destek Finans Faktoring AS<sup>(a)</sup> | &nbsp;&nbsp; 901761 | 16655650 |
| Dogan Sirketler Grubu Holding AS<sup>(c)</sup> | &nbsp;&nbsp; 17677123 | 8272793 |
| Dogus Otomotiv Servis ve Ticaret AS | &nbsp;&nbsp; 1081917 | 4972125 |
| EGE Endustri VE Ticaret AS<sup>(c)</sup> | &nbsp;&nbsp; 12214 | 2578967 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi <br> AS<sup>(c)</sup><br>| &nbsp;&nbsp; 27268615 | 13729085 |
| Enerjisa Enerji AS<sup>(b)(c)</sup> | &nbsp;&nbsp; 4670423 | 8969405 |
| Enerya Enerji A/S | &nbsp;&nbsp; 27865889 | 7461630 |
| Eregli Demir ve Celik Fabrikalari TAS | &nbsp;&nbsp; 34910285 | 25350282 |
| Europower Enerji VE Otomasyon Teknolojileri <br> Sanayi Ticaret A/S<sup>(a)</sup><br>| &nbsp;&nbsp; 2603461 | 1848191 |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 6833894 | 18572510 |
| Girsim Elektrik Sanayi Taahut Ve Ticaret AS<sup>(a)</sup> | &nbsp;&nbsp; 1863465 | 2159494 |
| Gubre Fabrikalari TAS<sup>(a)</sup> | &nbsp;&nbsp; 999075 | 7078793 |
| Haci Omer Sabanci Holding AS<sup>(c)</sup> | &nbsp;&nbsp; 11201411 | 25664313 |
| Hektas Ticaret TAS<sup>(a)(c)</sup> | &nbsp;&nbsp; 53454671 | 5692504 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| Is Yatirim Menkul Degerler AS | &nbsp;&nbsp; 5961257 | $6316564 |
| Kardemir Karabuk Demir Celik Sanayi ve <br> Ticaret A/S, Class D<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 12156542 | 8696062 |
| KOC Holding AS | &nbsp;&nbsp; 7513689 | 33496778 |
| Kocaer Celik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 5049634 | 1884599 |
| Kontrolmatik Enerji Ve Muhendislik AS | &nbsp;&nbsp; 1868178 | 1252187 |
| Konya Cimento Sanayii A/S<sup>(a)</sup> | &nbsp;&nbsp; 2585 | 343859 |
| Koza Anadolu Metal Madencilik Isletmeleri <br> AS<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2430247 | 4669464 |
| Mavi Giyim Sanayi Ve Ticaret AS, Class B<sup>(b)(c)</sup> | &nbsp;&nbsp; 8868480 | 9636905 |
| Migros Ticaret AS<sup>(c)</sup> | &nbsp;&nbsp; 1054753 | 12453597 |
| MLP Saglik Hizmetleri AS<sup>(a)(b)</sup> | &nbsp;&nbsp; 1156117 | 10053258 |
| Nuh Cimento Sanayi AS | &nbsp;&nbsp; 463985 | 2672445 |
| Otokar Otomotiv Ve Savunma Sanayi AS<sup>(a)(c)</sup> | &nbsp;&nbsp; 366798 | 5034706 |
| Oyak Cimento Fabrikalari AS<sup>(a)(c)</sup> | &nbsp;&nbsp; 13034295 | 7749625 |
| Pegasus Hava Tasimaciligi AS<sup>(a)</sup> | &nbsp;&nbsp; 2544696 | 15403178 |
| Petkim Petrokimya Holding AS<sup>(a)(c)</sup> | &nbsp;&nbsp; 13925808 | 6771197 |
| Sasa Polyester Sanayi AS<sup>(a)</sup> | &nbsp;&nbsp; 8550653 | 974605 |
| Smart Gunes Enerjisi Teknolojileri ArGE Uretim <br> Sanayi ve Ticaret AS<sup>(a)</sup><br>| &nbsp;&nbsp; 1104547 | 829467 |
| Sok Marketler Ticaret AS<sup>(c)</sup> | &nbsp;&nbsp; 3938635 | 3862862 |
| TAB Gida Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 652600 | 3420233 |
| TAV Havalimanlari Holding AS<sup>(a)(c)</sup> | &nbsp;&nbsp; 2230419 | 13744656 |
| Tekfen Holding AS<sup>(a)(c)</sup> | &nbsp;&nbsp; 1678593 | 4263029 |
| Tofas Turk Otomobil Fabrikasi AS<sup>(c)</sup> | &nbsp;&nbsp; 1295462 | 7889815 |
| Torunlar Gayrimenkul Yatirim Ortakligi A/S | &nbsp;&nbsp; 1894719 | 3270324 |
| Turk Altin Isletmeleri AS<sup>(a)(c)</sup> | &nbsp;&nbsp; 13837645 | 8101308 |
| Turk Hava Yollari AO<sup>(c)</sup> | &nbsp;&nbsp; 5354902 | 43618163 |
| Turkcell Iletisim Hizmetleri AS<sup>(c)</sup> | &nbsp;&nbsp; 11861780 | 27347127 |
| Turkiye Is Bankasi AS, Class C | &nbsp;&nbsp; 85071959 | 31142484 |
| Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp; 9229847 | 38645517 |
| Turkiye Sigorta A/S | &nbsp;&nbsp; 25306028 | 6150077 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(a)</sup> | &nbsp;&nbsp; 18623290 | 6571273 |
| Turkiye Sise ve Cam Fabrikalari AS<sup>(c)</sup> | &nbsp;&nbsp; 12566540 | 12441221 |
| Ulker Biskuvi Sanayi AS<sup>(c)</sup> | &nbsp;&nbsp; 2239433 | 6175438 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 32888180 | 26300354 |
|  |  | 738814229 |
| **United Arab Emirates — 1.5%** | **United Arab Emirates — 1.5%** | **United Arab Emirates — 1.5%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 28621785 | 117926562 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 14146964 | 82147215 |
| Abu Dhabi National Hotels | &nbsp;&nbsp; 62462727 | 7873540 |
| Abu Dhabi National Oil Co. for <br> Distribution PJSC<br>| &nbsp;&nbsp; 31406338 | 32150677 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 30970240 | 46460208 |
| Adnoc Gas PLC | &nbsp;&nbsp; 56655833 | 51324976 |
| Agility Global PLC | &nbsp;&nbsp; 43473517 | 13729912 |
| Agthia Group PJSC | &nbsp;&nbsp; 3873953 | 4271556 |
| Air Arabia PJSC | &nbsp;&nbsp; 27417588 | 28143220 |
| Ajman Bank PJSC | &nbsp;&nbsp; 13422883 | 5262514 |
| Aldar Properties PJSC | &nbsp;&nbsp; 37922064 | 99189312 |
| Amanat Holdings PJSC | &nbsp;&nbsp; 27554335 | 8477218 |
| Americana Restaurants International PLC - <br> Foreign Co.<br>| &nbsp;&nbsp; 25305062 | 13365774 |
| Apex Investment Co. PSC<sup>(a)</sup> | &nbsp;&nbsp; 7822272 | 9439588 |
| Dana Gas PJSC | &nbsp;&nbsp; 49680150 | 10185043 |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 56696176 | 42439402 |
| Dubai Financial Market PJSC | &nbsp;&nbsp; 17827979 | 8154482 |
| Dubai Investments PJSC | &nbsp;&nbsp; 24982880 | 19454841 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 27770756 | 73074942 |
| Emaar Development PJSC | &nbsp;&nbsp; 9993137 | 40076638 |
| Emaar Properties PJSC | &nbsp;&nbsp; 63205003 | 247781543 |
| Emirates Central Cooling Systems Corp. | &nbsp;&nbsp; 20073929 | 9072468 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Arab Emirates (continued)** | **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 18281040 | $125674529 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 33203654 | 163444115 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 42125249 | 190265526 |
| Gulf Navigation Holding PJSC<sup>(a)</sup> | &nbsp;&nbsp; 4660082 | 9135052 |
| Multiply Group PJSC<sup>(a)</sup> | &nbsp;&nbsp; 32574673 | 26660848 |
| NMDC Energy | &nbsp;&nbsp; 11514832 | 7865154 |
| Parkin Co. PJSC | &nbsp;&nbsp; 8780767 | 14452314 |
| Phoenix Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 10776725 | 4339699 |
| RAK Properties PJSC<sup>(a)</sup> | &nbsp;&nbsp; 16076063 | 6910201 |
| Salik Co. PJSC | &nbsp;&nbsp; 18466077 | 33182077 |
| Space42 PLC<sup>(a)</sup> | &nbsp;&nbsp; 12927538 | 6780472 |
| Taaleem Holdings PJSC | &nbsp;&nbsp; 3616739 | 4667459 |
|  |  | 1563379077 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |
| Metlen Energy & Metals PLC<sup>(a)</sup> | &nbsp;&nbsp; 964148 | 61812023 |
| **United States — 0.0%** | **United States — 0.0%** | **United States — 0.0%** |
| Aura Minerals Inc. | &nbsp;&nbsp; 312940 | 9139712 |
| **Total Common Stocks — 98.0%** <br>**(Cost: $72,077,789,544)** | **Total Common Stocks — 98.0%** <br>**(Cost: $72,077,789,544)** | 99404047378 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 1.0%** | **Brazil — 1.0%** | **Brazil — 1.0%** |
| Alpargatas SA, Preference Shares, NVS | &nbsp;&nbsp; 2564184 | 4492885 |
| Banco ABC Brasil SA, Preference Shares, NVS | &nbsp;&nbsp; 2139715 | 8698012 |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 50162586 | 155710011 |
| Banco do Estado do Rio Grande do Sul SA, <br> Class B, Preference Shares, NVS<br>| &nbsp;&nbsp; 3051458 | 6466659 |
| Banco Pan SA, Preference Shares, NVS | &nbsp;&nbsp; 4005034 | 5717414 |
| Bradespar SA, Preference Shares, NVS | &nbsp;&nbsp; 2354835 | 7114213 |
| Centrais Eletricas Brasileiras SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 2517841 | 22160586 |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 16667902 | 34154466 |
| Cia Paranaense de Energia - Copel, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 8496483 | 18836324 |
| Cia. de Ferro Ligas da Bahia FERBASA, <br> Preference Shares, NVS<br>| &nbsp;&nbsp; 2444896 | 2904014 |
| Cia. De Sanena Do Parana, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1793854 | 2216738 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 11960952 | 36753038 |
| Itau Unibanco Holding SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 50360524 | 357512024 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 53822683 | 111380895 |
| Marcopolo SA, Preference Shares, NVS | &nbsp;&nbsp; 8675918 | 14833638 |
| Metalurgica Gerdau SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 6186403 | 10793986 |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 42908684 | 246126336 |
| Unipar Carbocloro SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 658202 | 7858096 |
| Usinas Siderurgicas de Minas Gerais SA <br> Usiminas, Class A, Preference Shares, NVS<br>| &nbsp;&nbsp; 5336458 | 4301174 |
|  |  | 1058030509 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Embotelladora Andina SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 3610948 | 14304260 |
| Sociedad Quimica y Minera de Chile SA, <br> Class B, Preference Shares<br>| &nbsp;&nbsp; 1355701 | 61829916 |
|  |  | 76134176 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Grupo Cibest SA, Preference Shares | &nbsp;&nbsp; 4478666 | $56077391 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 9323152 | 1056769 |
| **South Korea — 0.4%** | **South Korea — 0.4%** | **South Korea — 0.4%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 212160 | 25082007 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 341643 | 41633873 |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 7706405 | 312894643 |
|  |  | 379610523 |
| **Total Preferred Stocks — 1.6%** <br>**(Cost: $1,268,625,307)** | **Total Preferred Stocks — 1.6%** <br>**(Cost: $1,268,625,307)** | 1570909368 |
| **Rights** | **Rights** | **Rights** |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Kangmei Pharmaceutical Co. Ltd., NVS, <br> (Expires 12/31/49)<sup>(d)</sup><br>| &nbsp;&nbsp; 513530 | 1 |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** | 1 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $73,346,414,851)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $73,346,414,851)** | 100974956747 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.2%** | **Money Market Funds — 5.2%** | **Money Market Funds — 5.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp; 4541014826 | 4543285333 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(g)(h)</sup><br>| &nbsp;&nbsp; 732040000 | $732040000 |
| **Total Short-Term Securities — 5.2%** <br>**(Cost: $5,273,559,106)** | **Total Short-Term Securities — 5.2%** <br>**(Cost: $5,273,559,106)** | 5275325333 |
| **Total Investments — 104.8%** <br>**(Cost: $78,619,973,957)** | **Total Investments — 104.8%** <br>**(Cost: $78,619,973,957)** | 106250282080 |
| **Liabilities in Excess of Other Assets — (4.8)%** | **Liabilities in Excess of Other Assets — (4.8)%** | (4854341866)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $101395940214 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $9,713,566, representing less than 0.05% of its net assets as of period end, and an original cost of $6,914,550. 

<sup>(f)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(g)</sup> Affiliate of the Fund.

<sup>(h)</sup> Annualized 7-day yield as of period end.

<sup>(i)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Insti-<br> tutional, SL Agency <br> Shares<br>| $3027086874<br> $1516345852 <br><sup>(a)</sup><br>| $— | $91702 | $(239095)<br>| $4543285333 | 4541014826 | $83342863 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Trea-<br> sury, SL Agency Shares<br>| 172060000<br> 559980000 <br><sup>(a)</sup><br>|  |  |  | 732040000 | 732040000 | 29149502 |  |
|  |  |  | $91702 | $(239095) | $5275325333 |  | $112492365 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 5504 | 09/19/25 | &nbsp;&nbsp; $348100 | $1569553 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1569553 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1569553 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22593148 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22593148 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5758560)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5758560)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $362469490 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $11402159674 | &nbsp;&nbsp; $87987948288 | &nbsp;&nbsp; $13939416 | &nbsp;&nbsp; $99404047378 |
| Preferred Stocks | &nbsp;&nbsp; 1190242076 | &nbsp;&nbsp; 380667292 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1570909368 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 5275325333 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5275325333 |
|  | &nbsp;&nbsp; $17867727083 | &nbsp;&nbsp; $88368615580 | &nbsp;&nbsp; $13939417 | &nbsp;&nbsp; $106250282080 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Core MSCI Emerging Markets ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $1569553 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1569553 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI BIC ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 6.3%** | **Brazil — 6.3%** | **Brazil — 6.3%** |
| Ambev SA | &nbsp;&nbsp; 89082 | $202913 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 101815 | 243747 |
| Banco Bradesco SA | &nbsp;&nbsp; 30618 | 81545 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 23371 | 193370 |
| Banco do Brasil SA | &nbsp;&nbsp; 32298 | 127420 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 12983 | 78590 |
| BRF SA | &nbsp;&nbsp; 9750 | 37099 |
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 11592 | 30146 |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 24449 | 203011 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 9391 | 212161 |
| CPFL Energia SA | &nbsp;&nbsp; 3150 | 22873 |
| Embraer SA | &nbsp;&nbsp; 13999 | 196745 |
| Energisa SA | &nbsp;&nbsp; 4587 | 41294 |
| Eneva SA<sup>(a)</sup> | &nbsp;&nbsp; 14658 | 40850 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 3780 | 27845 |
| Equatorial Energia SA | &nbsp;&nbsp; 23669 | 159646 |
| JBS NV<sup>(a)</sup> | &nbsp;&nbsp; 7350 | 119144 |
| Klabin SA | &nbsp;&nbsp; 15236 | 52015 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 18040 | 119250 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 22470 | 59679 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 65653 | 971665 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 73025 | 454567 |
| Porto Seguro SA | &nbsp;&nbsp; 3755 | 35840 |
| PRIO SA<sup>(a)</sup> | &nbsp;&nbsp; 16842 | 117636 |
| Raia Drogasil SA | &nbsp;&nbsp; 24444 | 79123 |
| Rede D'Or Sao Luiz SA<sup>(b)</sup> | &nbsp;&nbsp; 15750 | 114337 |
| Rumo SA | &nbsp;&nbsp; 23982 | 64358 |
| Suzano SA | &nbsp;&nbsp; 13219 | 127878 |
| Telefonica Brasil SA | &nbsp;&nbsp; 16240 | 101450 |
| TIM SA/Brazil | &nbsp;&nbsp; 17100 | 71751 |
| TOTVS SA | &nbsp;&nbsp; 11424 | 90813 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 13440 | 48734 |
| Vale SA | &nbsp;&nbsp; 69384 | 711007 |
| Vibra Energia SA | &nbsp;&nbsp; 19110 | 84732 |
| WEG SA | &nbsp;&nbsp; 31979 | 222125 |
| XP Inc., Class A | &nbsp;&nbsp; 6913 | 125402 |
|  |  | 5670761 |
| **China — 59.8%** | **China — 59.8%** | **China — 59.8%** |
| 360 Security Technology Inc., Class A | &nbsp;&nbsp; 9531 | 15528 |
| 3SBio Inc.<sup>(b)</sup> | &nbsp;&nbsp; 35000 | 131659 |
| AAC Technologies Holdings Inc. | &nbsp;&nbsp; 14500 | 80871 |
| ACM Research Shanghai Inc., Class A | &nbsp;&nbsp; 781 | 16997 |
| Advanced Micro-Fabrication Equipment Inc./China, <br> Class A<br>| &nbsp;&nbsp; 867 | 26081 |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 23813 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 92400 | 91109 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 556000 | 375983 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 12612 | 23720 |
| Air China Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16800 | 17814 |
| Akeso Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 12000 | 241699 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 331820 | 5494164 |
| Alibaba Health Information Technology Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 118000 | 83670 |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp; 12600 | 13860 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 84000 | 75255 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 14367 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 21000 | 66324 |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 600 | 14448 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 2300 | 32836 |
| Anhui Jianghuai Automobile Group Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4200 | 32054 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 25240 | $314047 |
| Autohome Inc., ADR | &nbsp;&nbsp; 1218 | 35176 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 35160 |
| AviChina Industry & Technology Co. Ltd., Class H | &nbsp;&nbsp; 42000 | 23870 |
| BAIC BluePark New Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 8400 | 10415 |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 43306 | 512552 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 25290 | 21314 |
| Bank of Changsha Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 5670 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 10894 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 46200 | 35829 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 1373000 | 753604 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 63000 | 64337 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 168200 | 145841 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 8499 | 18945 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 21060 | 32037 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 12600 | 19674 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 8410 | 33334 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 16190 | 21692 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 25200 | 24526 |
| Beijing Enlight Media Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 11656 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 8500 | 35395 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 84000 | 28031 |
| Beijing Kingsoft Office Software Inc., Class A | &nbsp;&nbsp; 578 | 27153 |
| Beijing New Building Materials PLC, Class A | &nbsp;&nbsp; 3100 | 11629 |
| Beijing Tiantan Biological Products Corp. Ltd., Class A | &nbsp;&nbsp; 5020 | 14133 |
| Beijing Yanjing Brewery Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 7437 |
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A | &nbsp;&nbsp; 58800 | 44101 |
| BeOne Medicines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16886 | 401701 |
| Bilibili Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 4345 | 101295 |
| BOC Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4200 | 37698 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 36900 | 21921 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 84000 | 48617 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 6300 | 100792 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 72000 | 1015762 |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 14500 | 77086 |
| C&D International Investment Group Ltd. | &nbsp;&nbsp; 13000 | 31005 |
| Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp; 8420 | 10252 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 500 | 104712 |
| Capital Securities Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 12610 |
| CCOOP Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 21000 | 7018 |
| CGN Power Co. Ltd., Class A | &nbsp;&nbsp; 15900 | 8571 |
| CGN Power Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 210000 | 79346 |
| Changchun High-Tech Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 710 | 10275 |
| Changjiang Securities Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 10086 |
| Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 26029 |
| Chifeng Jilong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 15513 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 168000 | 150220 |
| China CITIC Financial Asset Management Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 274000 | 40584 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 42000 | 51041 |
| China Communications Services Corp. Ltd., Class H | &nbsp;&nbsp; 46800 | 27913 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 25156 | 31803 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 1841370 | 1782081 |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 8800 | 46183 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 25321 | 14473 |
| China Energy Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 25200 | 8674 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 67200 | 35689 |
| China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp; 42000 | 18857 |
| China Feihe Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 86000 | 48676 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 12600 | 32752 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 63000 | 90946 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI BIC ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 42000 | $42062 |
| China Great Wall Securities Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 14425 |
| China Greatwall Technology Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4200 | 10556 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 54500 | 179390 |
| China International Capital Corp. Ltd., Class A | &nbsp;&nbsp; 4200 | 22733 |
| China International Capital Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 33600 | 92170 |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 2373 | 5204 |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 4293 | 25386 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 144000 | 447943 |
| China Literature Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8400 | 44062 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 42000 | 36333 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 60000 | 118128 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 23400 | 141012 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 76956 | 478334 |
| China Merchants Energy Shipping Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 7657 |
| China Merchants Expressway Network & Technology <br> Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 8400 | 12282 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 22000 | 42304 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 10650 | 28371 |
| China Merchants Shekou Industrial Zone Holdings Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 9581 | 12314 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 54600 | 35276 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 105000 | 59874 |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 66942 | 48641 |
| China National Chemical Engineering Co. Ltd., Class A | &nbsp;&nbsp; 9400 | 10378 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 25200 | 31525 |
| China Northern Rare Earth Group High-Tech Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4200 | 33541 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 36000 | 32798 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 63300 | 114045 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 47565 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 50400 | 231334 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 37800 | 30308 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 448600 | 249146 |
| China Power International Development Ltd. | &nbsp;&nbsp; 42000 | 16885 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 38400 | 30645 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 55000 | 27978 |
| China Railway Signal & Communication Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 16800 | 13164 |
| China Renewable Energy Investment Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 7709 |  |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 32500 | 117735 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 16800 | 43362 |
| China Resources Land Ltd. | &nbsp;&nbsp; 65944 | 260836 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 1600 | 11771 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 16800 | 84269 |
| China Resources Pharmaceutical Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 21000 | 13174 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 42200 | 97447 |
| China Ruyi Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 168000 | 62192 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 8800 | 46318 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 63500 | 285358 |
| China Southern Airlines Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16800 | 14246 |
| China State Construction Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 50400 | 39580 |
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 40000 | 54833 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 25240 | 52735 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 29400 | 17547 |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 2000 | 19473 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 84000 | 126896 |
| China United Network Communications Ltd., Class A | &nbsp;&nbsp; 37900 | 30345 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12638 | 12053 |
| China Vanke Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 42001 | 28786 |
| China XD Electric Co. Ltd., Class A | &nbsp;&nbsp; 4400 | 4054 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 29456 | $116212 |
| China Zheshang Bank Co. Ltd., Class A | &nbsp;&nbsp; 21140 | 9619 |
| Chongqing Changan Automobile Co. Ltd., Class A | &nbsp;&nbsp; 6952 | 12272 |
| Chongqing Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 12600 | 11131 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | &nbsp;&nbsp; 42000 | 31070 |
| Chongqing Zhifei Biological Products Co. Ltd., Class A | &nbsp;&nbsp; 4250 | 13427 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 42000 | 78923 |
| CITIC Ltd. | &nbsp;&nbsp; 84000 | 120593 |
| Citic Pacific Special Steel Group Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 7706 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 18675 | 82572 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 30550 | 113152 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 25200 | 43783 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 69000 | 106154 |
| CNPC Capital Co. Ltd., Class A | &nbsp;&nbsp; 12600 | 22440 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp; 5140 | 220848 |
| Contemporary Amperex Technology Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 1600 | 87003 |
| Cosco Shipping Energy Transportation Co. Ltd., Class A | &nbsp;&nbsp; 3500 | 5088 |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 14770 | 31680 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 42349 | 73792 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 29400 | 31669 |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 84000 | 67702 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 16728 |
| CSPC Innovation Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 3548 | 26603 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 172160 | 223798 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 21000 | 18614 |
| Dongfang Electric Corp. Ltd., Class A | &nbsp;&nbsp; 4200 | 11665 |
| Dongxing Securities Co. Ltd., Class A | &nbsp;&nbsp; 8499 | 14577 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 21088 | 85603 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 910 | 39469 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 16800 | 135981 |
| ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 11089 |
| Eoptolink Technology Inc. Ltd., Class A | &nbsp;&nbsp; 1200 | 59765 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 4400 | 35318 |
| Everbright Securities Co. Ltd., Class A | &nbsp;&nbsp; 6297 | 17727 |
| Everdisplay Optronics Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16800 | 6535 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 42000 | 40139 |
| Focus Media Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 18739 | 21863 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 5841 | 34020 |
| Fosun International Ltd. | &nbsp;&nbsp; 42000 | 28609 |
| Founder Securities Co. Ltd., Class A | &nbsp;&nbsp; 12600 | 15285 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 16800 | 126789 |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 2225 | 20511 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 12400 | 109430 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 23543 |
| GCL Technology Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 462000 | 74353 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 19500 | 13121 |
| GDS Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 20200 | 87526 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 126000 | 317815 |
| GEM Co. Ltd., Class A | &nbsp;&nbsp; 4499 | 4705 |
| Genscript Biotech Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 26000 | 57741 |
| GF Securities Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 25807 |
| Giant Biogene Holding Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8400 | 58507 |
| GigaDevice Semiconductor Inc., Class A | &nbsp;&nbsp; 1400 | 31252 |
| GoerTek Inc., Class A | &nbsp;&nbsp; 4200 | 21594 |
| Goldwind Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 5653 | 9071 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 21516 |
| Great Wall Motor Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 15247 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 42000 | 100702 |
| Gree Electric Appliances Inc. of Zhuhai, Class A | &nbsp;&nbsp; 4200 | 25136 |
| GRG Banking Equipment Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 16911 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 58000 | 54553 |
| Guanghui Energy Co. Ltd., Class A | &nbsp;&nbsp; 12600 | 9377 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI BIC ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Guangzhou Haige Communications Group Inc. Co., <br> Class A<br>| &nbsp;&nbsp; 8400 | $17240 |
| Guangzhou Tinci Materials Technology Co. Ltd., Class A | &nbsp;&nbsp; 3000 | 9066 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 17487 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 15282 | 45012 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 37928 | 79650 |
| Guoyuan Securities Co. Ltd., Class A | &nbsp;&nbsp; 8420 | 10927 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 3639 | 134097 |
| Haidilao International Holding Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 32000 | 57153 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 8479 | 31269 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 42000 | 142621 |
| Hainan Airlines Holding Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 50400 | 11262 |
| Hainan Airport Infrastructure Co. Ltd., Class A | &nbsp;&nbsp; 16800 | 9225 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 12000 | 34018 |
| Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp; 4440 | 9354 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 24000 | 111485 |
| Henan Shenhuo Coal Industry & Electricity Power Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 4200 | 11388 |
| Henan Shuanghui Investment & Development Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4200 | 14877 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 14000 | 44665 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 20778 |
| Hengtong Optic-Electric Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 12074 |
| Hithink RoyalFlush Information Network Co. Ltd., Class A | &nbsp;&nbsp; 600 | 34798 |
| HLA Group Corp. Ltd., Class A | &nbsp;&nbsp; 4200 | 4111 |
| Horizon Robotics<sup>(a)</sup> | &nbsp;&nbsp; 79800 | 99391 |
| Hua Hong Semiconductor Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11345 | 78548 |
| Huadian Power International Corp. Ltd., Class A | &nbsp;&nbsp; 9000 | 6702 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 2900 | 18036 |
| Huafon Chemical Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 9486 |
| Huaibei Mining Holdings Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 7354 |
| Hualan Biological Engineering Inc., Class A | &nbsp;&nbsp; 5950 | 14287 |
| Huaneng Power International Inc., Class A | &nbsp;&nbsp; 7700 | 7983 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 84000 | 60356 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 25579 |
| Huatai Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 25200 | 64268 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 16800 | 17860 |
| Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp; 4299 | 11548 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | &nbsp;&nbsp; 1700 | 30313 |
| Humanwell Healthcare Group Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 12027 |
| Hundsun Technologies Inc., Class A | &nbsp;&nbsp; 3100 | 16321 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 2729 | 74483 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 1983 | 18694 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 3129 | 23447 |
| Industrial & Commercial Bank of China Ltd., Class A | &nbsp;&nbsp; 74300 | 77549 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp; 1260050 | 937355 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 25200 | 79321 |
| Industrial Securities Co. Ltd., Class A | &nbsp;&nbsp; 12600 | 12054 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | &nbsp;&nbsp; 63000 | 24679 |
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A  | &nbsp;&nbsp; 4200 | 12220 |
| Inner Mongolia Junzheng Energy & Chemical Industry <br> Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 8400 | 6598 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 33726 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 17000 | 34416 |
| Innovent Biologics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 28000 | 349943 |
| J&T Global Express Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 50400 | 67698 |
| JA Solar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4800 | 8534 |
| JCET Group Co. Ltd., Class A | &nbsp;&nbsp; 2400 | 13446 |
| JD Health International Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 21000 | 171129 |
| JD Logistics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 37800 | 62805 |
| JD.com Inc., Class A | &nbsp;&nbsp; 48320 | 748726 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8400 | 11596 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 18000 | $21248 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 1400 | 17541 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 8568 | 79631 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp; 2200 | 13380 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | &nbsp;&nbsp; 4200 | 6654 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 1900 | 19727 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 9579 |
| Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 16460 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 12000 | 35335 |
| Jinduicheng Molybdenum Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 8853 |
| Jinko Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16800 | 13376 |
| Kanzhun Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 7147 | 168812 |
| KE Holdings Inc., Class A | &nbsp;&nbsp; 40962 | 240130 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 54000 | 114095 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 17000 | 74881 |
| Kuaishou Technology<sup>(a)(b)</sup> | &nbsp;&nbsp; 50800 | 497908 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 84000 | 78192 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 1500 | 312030 |
| Laopu Gold Co. Ltd., Class H | &nbsp;&nbsp; 500 | 45852 |
| Legend Biotech Corp., ADR<sup>(a)</sup> | &nbsp;&nbsp; 1260 | 43760 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 134000 | 192368 |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 9200 | 40101 |
| Li Auto Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 23818 | 279099 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 42000 | 102847 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 12600 | 27430 |
| Longfor Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 42000 | 57592 |
| LONGi Green Energy Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12648 | 30500 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 8902 | 57407 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 1600 | 30846 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 3200 | 11722 |
| Maxscend Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 1400 | 16251 |
| Meitu Inc.<sup>(b)</sup> | &nbsp;&nbsp; 66500 | 101324 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 96860 | 1290072 |
| Metallurgical Corp. of China Ltd., Class A | &nbsp;&nbsp; 21000 | 10057 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 4100 | 42432 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 8400 | 88545 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 8420 | 51398 |
| MMG Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 84000 | 56122 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 1350 | 23289 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 8478 | 65487 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 9188 | 28086 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 810 | 42333 |
| NetEase Cloud Music Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1700 | 61305 |
| NetEase Inc. | &nbsp;&nbsp; 33675 | 923395 |
| New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 2200 | 21089 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 18100 | 112617 |
| New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 25230 | 120724 |
| Ninestar Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2500 | 8762 |
| Ningbo Sanxing Medical Electric Co. Ltd., Class A | &nbsp;&nbsp; 4400 | 14228 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 36757 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 9100 | 22167 |
| NIO Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 30242 | 193685 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 42000 | 271661 |
| OFILM Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4400 | 8193 |
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 1475 | 29614 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 2500 | 43806 |
| Orient Securities Co. Ltd., Class A | &nbsp;&nbsp; 8788 | 14190 |
| PDD Holdings Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 13927 | 1674304 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class A<br>| &nbsp;&nbsp; 12600 | 15891 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 168000 | 151067 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI BIC ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 16100 | $19716 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 430000 | 416372 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 130322 | 314958 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 21000 | 35552 |
| Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp; 12600 | 106019 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 133000 | 968326 |
| Piotech Inc., Class A | &nbsp;&nbsp; 599 | 15967 |
| Poly Developments and Holdings Group Co. Ltd., Class A | &nbsp;&nbsp; 12600 | 14089 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10400 | 432301 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 29400 | 24948 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 168000 | 116996 |
| Power Construction Corp. of China Ltd., Class A | &nbsp;&nbsp; 21000 | 17465 |
| Qfin Holdings Inc. | &nbsp;&nbsp; 1890 | 55037 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4200 | 11971 |
| Range Intelligent Computing Technology Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 200 | 1657 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 9850 | 13865 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 8400 | 22132 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 12653 | 37355 |
| Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 11837 |
| SDIC Capital Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 9839 |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 16910 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 2700 | 51837 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 5600 | 35061 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 11705 | 33497 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 2880 | 13614 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 11000 | 42021 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | &nbsp;&nbsp; 2040 | 7859 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp; 16800 | 9575 |
| Shandong Weigao Group Medical Polymer Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 50400 | 38085 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 4220 | 15007 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 15900 | 19793 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp; 4600 | 18618 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 11008 |
| Shanghai Pudong Development Bank Co. Ltd., Class A | &nbsp;&nbsp; 37800 | 72367 |
| Shanghai Putailai New Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4200 | 13217 |
| Shanghai RAAS Blood Products Co. Ltd., Class A | &nbsp;&nbsp; 13000 | 12563 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 12600 | 15393 |
| Shanghai United Imaging Healthcare Co. Ltd., Class A | &nbsp;&nbsp; 1215 | 24186 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 11623 |
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 3500 | 3470 |
| Shanxi Lu'an Environmental Energy Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 3652 | 6654 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | &nbsp;&nbsp; 1360 | 38624 |
| Shenergy Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 9531 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 2500 | 18638 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 31494 | 24143 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 1497 | 15778 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1400 | 47754 |
| Shenzhen New Industries Biomedical Engineering Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 800 | 7012 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 1297 | 16392 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 16800 | 133677 |
| Sichuan Changhong Electric Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 13492 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 8405 | 17576 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 900 | 52444 |
| Sichuan Road & Bridge Group Co. Ltd., Class A | &nbsp;&nbsp; 9788 | 11903 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 185000 | 194059 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 16800 | $40485 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 13500 | 39361 |
| Smoore International Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 42000 | 102270 |
| SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp; 12652 | 17954 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 2450 | 34354 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 12700 | 136789 |
| TAL Education Group, ADR<sup>(a)</sup> | &nbsp;&nbsp; 7812 | 82963 |
| TBEA Co. Ltd., Class A | &nbsp;&nbsp; 6660 | 13247 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 31650 | 20647 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 10550 | 12417 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 124224 | 9620460 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 11261 | 276120 |
| Tianfeng Securities Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17200 | 14109 |
| Tianqi Lithium Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3600 | 22222 |
| Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 11900 |
| Tianshui Huatian Technology Co. Ltd., Class A | &nbsp;&nbsp; 10900 | 18131 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 38000 | 54002 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 27200 | 76954 |
| TongFu Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 2800 | 13017 |
| Tongling Nonferrous Metals Group Co. Ltd., Class A | &nbsp;&nbsp; 21000 | 13309 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5895 | 18237 |
| TravelSky Technology Ltd., Class H | &nbsp;&nbsp; 18000 | 25188 |
| Trina Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3100 | 7210 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 11950 | 884626 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 12000 | 78036 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 1100 | 12589 |
| Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp; 2980 | 11675 |
| Victory Giant Technology Huizhou Co. Ltd., Class A | &nbsp;&nbsp; 1000 | 37261 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 6678 | 111790 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 40464 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 84000 | 58403 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 8932 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 44100 | 92706 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 6040 | 15436 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp; 4356 | 11423 |
| Western Securities Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 10556 |
| Wingtech Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2300 | 14023 |
| Wintime Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 29400 | 5986 |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 13224 | 23326 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 4500 | 81881 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 3160 | 30337 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 4228 | 61242 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 6787 | 94576 |
| Wuxi Biologics Cayman Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 63000 | 271018 |
| WuXi XDC Cayman Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6000 | 43750 |
| XCMG Construction Machinery Co. Ltd., Class A | &nbsp;&nbsp; 15200 | 20397 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 336400 | 2295878 |
| Xinyi Solar Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 96000 | 41805 |
| XPeng Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 23326 | 246268 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 24000 | 41862 |
| Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 6460 | 11754 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 55900 | 65026 |
| Yifeng Pharmacy Chain Co. Ltd., Class A | &nbsp;&nbsp; 820 | 2735 |
| Yonghui Superstores Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12600 | 9187 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4530 | 10483 |
| Yum China Holdings Inc. | &nbsp;&nbsp; 7415 | 331599 |
| Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp; 4375 | 11902 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 4208 | 34033 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 16294 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 900 | 26452 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI BIC ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 42000 | $131923 |
| Zhejiang China Commodities City Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4200 | 13285 |
| Zhejiang Chint Electrics Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 16162 |
| Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 11456 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 30000 | 26512 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2300 | 9741 |
| Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 22808 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9400 | 78460 |
| Zhejiang Longsheng Group Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 6227 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 4243 | 14834 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 18776 |
| Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 11141 |
| Zhejiang Weiming Environment Protection Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4200 | 11369 |
| Zhejiang Zheneng Electric Power Co. Ltd., Class A | &nbsp;&nbsp; 12600 | 8986 |
| Zheshang Securities Co. Ltd., Class A | &nbsp;&nbsp; 5200 | 8820 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 1240 | 61568 |
| Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp; 4200 | 9507 |
| Zhongtai Securities Co. Ltd., Class A | &nbsp;&nbsp; 11900 | 12046 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 8400 | 42939 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 21000 | 68415 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 113000 | 375213 |
| Zoomlion Heavy Industry Science and Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 11500 | 11865 |
| ZTE Corp., Class A | &nbsp;&nbsp; 4200 | 26796 |
| ZTE Corp., Class H<sup>(c)</sup> | &nbsp;&nbsp; 16848 | 76148 |
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 8490 | 153978 |
|  |  | 54306152 |
| **India — 31.5%** | **India — 31.5%** | **India — 31.5%** |
| ABB India Ltd. | &nbsp;&nbsp; 1050 | 59561 |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 2982 | 75906 |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 10458 | 155800 |
| Adani Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11285 | 76944 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 832 | 50004 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 12096 | 77305 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 3495 | 63613 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 2006 | 173231 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 58800 | 84602 |
| Asian Paints Ltd. | &nbsp;&nbsp; 6413 | 183191 |
| Astral Ltd. | &nbsp;&nbsp; 2496 | 38515 |
| AU Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7084 | 57681 |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 4746 | 55297 |
| Avenue Supermarts Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3108 | 167652 |
| Axis Bank Ltd. | &nbsp;&nbsp; 44051 | 522288 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 1260 | 123312 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 54132 | 539247 |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 7522 | 163280 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 546 | 79041 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 1495 | 38857 |
| Bank of Baroda | &nbsp;&nbsp; 20202 | 53368 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 72036 | 301852 |
| Bharat Forge Ltd. | &nbsp;&nbsp; 5027 | 63105 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 20832 | 49151 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 29820 | 104257 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 49827 | 1068025 |
| Bosch Ltd. | &nbsp;&nbsp; 143 | 64834 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 2058 | 135858 |
| BSE Ltd. | &nbsp;&nbsp; 2331 | 55447 |
| Canara Bank | &nbsp;&nbsp; 36498 | 42982 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 12867 | 101416 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 8232 | $132784 |
| Cipla Ltd. | &nbsp;&nbsp; 10806 | 194781 |
| Coal India Ltd. | &nbsp;&nbsp; 35271 | 149894 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 2509 | 66369 |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 5554 | 33208 |
| Coromandel International Ltd. | &nbsp;&nbsp; 2478 | 64868 |
| Cummins India Ltd. | &nbsp;&nbsp; 2688 | 116555 |
| Dabur India Ltd. | &nbsp;&nbsp; 9996 | 59072 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 2377 | 165202 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 714 | 135262 |
| DLF Ltd. | &nbsp;&nbsp; 14457 | 121206 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 11172 | 159773 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 2721 | 188300 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 47401 | 168891 |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24066 | 62790 |
| GAIL India Ltd. | &nbsp;&nbsp; 44899 | 88170 |
| GMR Airports Infrastructure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 51324 | 50146 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 7686 | 108328 |
| Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2825 | 62404 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 5379 | 169278 |
| Havells India Ltd. | &nbsp;&nbsp; 4395 | 76110 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 18522 | 305402 |
| HDFC Asset Management Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1848 | 114489 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 222668 | 2403350 |
| HDFC Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 18577 | 162727 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 2328 | 134245 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 25795 | 206137 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 3919 | 192696 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 18858 | 80418 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 15792 | 476218 |
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 259 | 56207 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 3108 | 86807 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 102310 | 1621088 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4578 | 95584 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6846 | 46561 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 71324 | 54978 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 16907 | 145494 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 53844 | 83437 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 4935 | 38742 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 25690 | 98700 |
| IndusInd Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11298 | 94686 |
| Info Edge India Ltd. | &nbsp;&nbsp; 7504 | 115556 |
| Infosys Ltd. | &nbsp;&nbsp; 64313 | 1078721 |
| InterGlobe Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3796 | 243367 |
| ITC Ltd. | &nbsp;&nbsp; 56774 | 263900 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 6804 | 58906 |
| Jindal Steel Ltd. | &nbsp;&nbsp; 7056 | 75694 |
| Jio Financial Services Ltd. | &nbsp;&nbsp; 55197 | 195274 |
| JSW Energy Ltd. | &nbsp;&nbsp; 8585 | 47568 |
| JSW Steel Ltd. | &nbsp;&nbsp; 12096 | 141005 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 6972 | 49633 |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 8234 | 47118 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 21151 | 470425 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 13020 | 531594 |
| Lodha Developers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5779 | 78231 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1454 | 84587 |
| Lupin Ltd. | &nbsp;&nbsp; 4369 | 93964 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 18222 | 661163 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 2520 | 70680 |
| Marico Ltd. | &nbsp;&nbsp; 9786 | 80503 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 2413 | 404968 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 15309 | 200301 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI BIC ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Mphasis Ltd. | &nbsp;&nbsp; 2061 | $65026 |
| MRF Ltd. | &nbsp;&nbsp; 42 | 67119 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 2436 | 72947 |
| Nestle India Ltd. | &nbsp;&nbsp; 12606 | 165345 |
| NHPC Ltd. | &nbsp;&nbsp; 57759 | 50613 |
| NMDC Ltd. | &nbsp;&nbsp; 59850 | 46753 |
| NTPC Ltd. | &nbsp;&nbsp; 84000 | 312133 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 2479 | 45304 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 60954 | 161550 |
| Oil India Ltd. | &nbsp;&nbsp; 9660 | 42770 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 462 | 43455 |
| Page Industries Ltd. | &nbsp;&nbsp; 126 | 63380 |
| PB Fintech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7014 | 140857 |
| Persistent Systems Ltd. | &nbsp;&nbsp; 2198 | 132073 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 14406 | 44013 |
| Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 3948 | 67396 |
| PI Industries Ltd. | &nbsp;&nbsp; 1470 | 61625 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 2982 | 103129 |
| Polycab India Ltd. | &nbsp;&nbsp; 1053 | 84746 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 29445 | 126804 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 89442 | 279507 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 3435 | 60880 |
| Punjab National Bank | &nbsp;&nbsp; 42714 | 48887 |
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 10332 | 35450 |
| REC Ltd. | &nbsp;&nbsp; 25788 | 102444 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 117792 | 1814070 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 90412 | 95014 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 5628 | 51257 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8736 | 178807 |
| Shree Cement Ltd. | &nbsp;&nbsp; 179 | 59414 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 27552 | 181460 |
| Siemens Ltd. | &nbsp;&nbsp; 1848 | 64201 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 546 | 85345 |
| SRF Ltd. | &nbsp;&nbsp; 2604 | 83757 |
| State Bank of India | &nbsp;&nbsp; 34152 | 310869 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 18452 | 333813 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 1260 | 64263 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 1260 | 63876 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 190169 | 121927 |
| Swiggy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16897 | 78565 |
| Tata Communications Ltd. | &nbsp;&nbsp; 2109 | 37034 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 17375 | 607630 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 11321 | 136783 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 716 | 42490 |
| Tata Motors Ltd. | &nbsp;&nbsp; 38832 | 294656 |
| Tata Power Co. Ltd. (The) | &nbsp;&nbsp; 31164 | 132316 |
| Tata Steel Ltd. | &nbsp;&nbsp; 144564 | 253452 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 10542 | 176923 |
| Titan Co. Ltd. | &nbsp;&nbsp; 6888 | 283541 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 2268 | 91505 |
| Torrent Power Ltd. | &nbsp;&nbsp; 3360 | 46781 |
| Trent Ltd. | &nbsp;&nbsp; 3519 | 211508 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 2016 | 67684 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 4746 | 176372 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 2297 | 329253 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 30450 | 43115 |
| United Spirits Ltd. | &nbsp;&nbsp; 5502 | 81831 |
| UPL Ltd. | &nbsp;&nbsp; 8619 | 69982 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 26040 | 143927 |
| Vedanta Ltd. | &nbsp;&nbsp; 26840 | 128127 |
| Vishal Mega Mart Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 35958 | 60888 |
| Vodafone Idea Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 512652 | 37798 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Voltas Ltd. | &nbsp;&nbsp; 4620 | $71980 |
| WAAREE Energies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1668 | 64461 |
| Wipro Ltd. | &nbsp;&nbsp; 51132 | 144576 |
| Yes Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 274512 | 59487 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 4998 | 55666 |
|  |  | 28550747 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 83790 | 10 |
| Mobile TeleSystems PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 16644 | 2 |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 41040 | 5 |
| Ozon Holdings PLC, ADR<sup>(a)(d)</sup> | &nbsp;&nbsp; 1881 |  |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 28 |  |
| PhosAgro PJSC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 1 |  |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 10830 |  |
| Rosneft Oil Co. PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 37278 | 5 |
| Sberbank of Russia PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 331170 | 41 |
| Severstal PAO<sup>(a)(d)</sup> | &nbsp;&nbsp; 6669 | 1 |
| TCS Group Holding PLC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 3884 | 1 |
| United Co. RUSAL International PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 95760 | 12 |
| VK Co. Ltd.<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 4446 | 1 |
| VTB Bank PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 30668 |  |
| X5 Retail Group NV, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 2622 |  |
|  |  | 78 |
| **Total Common Stocks — 97.6%** <br>**(Cost: $82,807,312)** | **Total Common Stocks — 97.6%** <br>**(Cost: $82,807,312)** | 88527738 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 2.2%** | **Brazil — 2.2%** | **Brazil — 2.2%** |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 103104 | 320046 |
| Centrais Eletricas Brasileiras SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 4116 | 36227 |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 31122 | 63772 |
| Cia Paranaense de Energia - Copel, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 24360 | 54005 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 24088 | 74016 |
| Itau Unibanco Holding SA, Preference Shares, NVS | &nbsp;&nbsp; 104327 | 740623 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 118204 | 244612 |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 88270 | 506321 |
|  |  | 2039622 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 18984 | 2152 |
| **Total Preferred Stocks — 2.2%** <br>**(Cost: $1,246,411)** | **Total Preferred Stocks — 2.2%** <br>**(Cost: $1,246,411)** | 2041774 |
| **Rights** | **Rights** | **Rights** |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Kangmei Pharmaceutical Co. Ltd., NVS, (Expires <br> 12/31/49)<sup>(d)</sup><br>| &nbsp;&nbsp; 2185 |  |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $84,053,723)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $84,053,723)** | 90569512 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI BIC ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.4%** | **Money Market Funds — 2.4%** | **Money Market Funds — 2.4%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 595983 | $596281 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 1560000 | 1560000 |
| **Total Short-Term Securities — 2.4%** <br>**(Cost: $2,156,162)** | **Total Short-Term Securities — 2.4%** <br>**(Cost: $2,156,162)** | 2156281 |
| **Total Investments — 102.2%** <br>**(Cost: $86,209,885)** | **Total Investments — 102.2%** <br>**(Cost: $86,209,885)** | 92725793 |
| **Liabilities in Excess of Other Assets — (2.2)%** | **Liabilities in Excess of Other Assets — (2.2)%** | (1975229)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $90750564 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $408673<br> $187591 <br><sup>(a)</sup><br>| $— | $302 | $(285)<br>| $596281 | 595983 | $8379 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 730000<br> 830000 <br><sup>(a)</sup><br>|  |  |  | 1560000 | 1560000 | 70315 |  |
|  |  |  | $302 | $(285) | $2156281 |  | $78694 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI China Index | 1 | 09/19/25 | &nbsp;&nbsp; $34 | $2051 |
| MSCI Emerging Markets Index | 1 | 09/19/25 | &nbsp;&nbsp; 63 | (292) |
|  |  |  |  | $1759 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI BIC ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2051 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2051 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $292 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $292 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50601 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50601 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3010)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3010)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $177380 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $9088528 | &nbsp;&nbsp; $79439132 | &nbsp;&nbsp; $78 | &nbsp;&nbsp; $88527738 |
| Preferred Stocks | &nbsp;&nbsp; 2039622 | &nbsp;&nbsp; 2152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2041774 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2156281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2156281 |
|  | &nbsp;&nbsp; $13284431 | &nbsp;&nbsp; $79441284 | &nbsp;&nbsp; $78 | &nbsp;&nbsp; $92725793 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2051 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2051 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI BIC ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(292)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(292)<br>|
|  | &nbsp;&nbsp; $(292)<br>| &nbsp;&nbsp; $2051 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1759 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Emerging Markets Asia ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **China — 38.2%** | **China — 38.2%** | **China — 38.2%** |
| 360 Security Technology Inc., Class A | &nbsp;&nbsp; 70699 | $115183 |
| 37 Interactive Entertainment Network Technology <br> Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 66176 | 182938 |
| 3SBio Inc.<sup>(a)</sup> | &nbsp;&nbsp; 330000 | 1241358 |
| AAC Technologies Holdings Inc. | &nbsp;&nbsp; 165500 | 923050 |
| ACM Research Shanghai Inc., Class A | &nbsp;&nbsp; 1401 | 30490 |
| Advanced Micro-Fabrication Equipment Inc./China, <br> Class A<br>| &nbsp;&nbsp; 2483 | 74693 |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 36000 | 204115 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 973500 | 959896 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 5280000 | 3570487 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 132226 | 248689 |
| Air China Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 150000 | 159054 |
| Akeso Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 119000 | 2396845 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 3297020 | 54590948 |
| Alibaba Health Information Technology Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 990000 | 701977 |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp; 201600 | 221759 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 660000 | 591285 |
| Amlogic Shanghai Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 2875 | 40351 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 67200 | 229876 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 253000 | 799042 |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 1600 | 38528 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 16825 | 240204 |
| Anhui Jianghuai Automobile Group Corp. Ltd., <br> Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 33000 | 251849 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 231000 | 2874206 |
| Autohome Inc., ADR | &nbsp;&nbsp; 12877 | 371888 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 33500 | 280442 |
| AviChina Industry & Technology Co. Ltd., Class H | &nbsp;&nbsp; 495000 | 281326 |
| BAIC BluePark New Energy Technology Co. Ltd., <br> Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 66000 | 81830 |
| Baidu Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 432992 | 5124713 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 267800 | 225701 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 49700 | 128916 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 561000 | 435067 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 13530000 | 7426266 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 610500 | 623452 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 1650000 | 1430664 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 82700 | 184341 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 198058 | 301288 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 132100 | 206270 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 82500 | 327000 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 132870 | 178021 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 247500 | 240878 |
| Beijing Compass Technology Development Co. Ltd., <br> Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 16500 | 347862 |
| Beijing Enlight Media Co. Ltd., Class A | &nbsp;&nbsp; 33000 | 91584 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 82500 | 343539 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 990000 | 330371 |
| Beijing Kingsoft Office Software Inc., Class A | &nbsp;&nbsp; 1849 | 86862 |
| Beijing New Building Materials PLC, Class A | &nbsp;&nbsp; 19500 | 73149 |
| Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp; 16600 | 83192 |
| Beijing Wantai Biological Pharmacy Enterprise Co. <br> Ltd., Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 16660 | 137251 |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 511500 | 383630 |
| BeOne Medicines Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 165075 | 3926967 |
| Bilibili Inc., Class Z<sup>(b)(c)</sup> | &nbsp;&nbsp; 46207 | 1077227 |
| BOC Aviation Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33000 | 296202 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 446600 | 265316 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 840000 | $486173 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 70400 | 1126305 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 709000 | 10002435 |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 165000 | 877186 |
| C&D International Investment Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 166000 | 395904 |
| Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp; 84280 | 102615 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 4836 | 1012773 |
| CCOOP Group Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 247500 | 82709 |
| CGN Power Co. Ltd., Class A | &nbsp;&nbsp; 165000 | 88948 |
| CGN Power Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 2145000 | 810465 |
| Changjiang Securities Co. Ltd., Class A | &nbsp;&nbsp; 134600 | 161616 |
| Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp; 33099 | 205127 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 1650000 | 1475373 |
| China CITIC Financial Asset Management Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 2805000 | 415466 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 333000 | 404680 |
| China Communications Services Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 330000 | 196823 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 231050 | 292101 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 18480000 | 17884980 |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 87200 | 457634 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 165072 | 94351 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 629000 | 334053 |
| China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp; 500000 | 224488 |
| China Feihe Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 660000 | 373558 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 99000 | 257340 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 660500 | 953486 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 561000 | 561827 |
| China Great Wall Securities Co. Ltd., Class A | &nbsp;&nbsp; 82500 | 141672 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 593500 | 1953540 |
| China International Capital Corp. Ltd., Class A | &nbsp;&nbsp; 33100 | 179155 |
| China International Capital Corp. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 330000 | 905244 |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 99800 | 218866 |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 18100 | 107031 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 1485000 | 4619408 |
| China Literature Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 81800 | 429077 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 544000 | 470603 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 660000 | 1299409 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 247500 | 1491478 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 742831 | 4617199 |
| China Merchants Energy Shipping Co. Ltd., Class A | &nbsp;&nbsp; 115700 | 105471 |
| China Merchants Expressway Network & <br> Technology Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 66000 | 96500 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 330000 | 634558 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 115570 | 307873 |
| China Merchants Shekou Industrial Zone Holdings <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 103275 | 132731 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 528200 | 341258 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 1155160 | 658704 |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 660000 | 479568 |
| China National Chemical Engineering Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 68600 | 75736 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 231000 | 288982 |
| China Northern Rare Earth Group High-Tech Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 52200 | 416869 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 330000 | 300652 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 743500 | 1339537 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 84900 | 480743 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 495000 | 2272029 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 445500 | 357205 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 4290600 | 2382939 |
| China Power International Development Ltd. | &nbsp;&nbsp; 660000 | 265330 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Asia ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 231096 | $184424 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 827000 | 420681 |
| China Renewable Energy Investment Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 2513 |  |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 332000 | 1202712 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 181500 | 468468 |
| China Resources Land Ltd. | &nbsp;&nbsp; 579277 | 2291283 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 8542 | 62845 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 132000 | 662112 |
| China Resources Pharmaceutical Group Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 331000 | 207642 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 330000 | 762029 |
| China Resources Sanjiu Medical & Pharmaceutical <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 20910 | 89372 |
| China Ruyi Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1528000 | 565652 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 75100 | 395284 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 660000 | 2965922 |
| China Southern Airlines Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 149100 | 126437 |
| China State Construction Engineering Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 463540 | 364023 |
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 330000 | 452371 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 279900 | 584803 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 280500 | 167412 |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 16500 | 160654 |
| China Tower Corp. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 846200 | 1278323 |
| China United Network Communications Ltd., <br> Class A<br>| &nbsp;&nbsp; 412500 | 330276 |
| China Vanke Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 99000 | 94420 |
| China Vanke Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 396000 | 271404 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 297100 | 1172137 |
| China Zheshang Bank Co. Ltd., Class A | &nbsp;&nbsp; 198010 | 90101 |
| Chongqing Changan Automobile Co. Ltd., Class A | &nbsp;&nbsp; 77812 | 137361 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 150300 | 132783 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 363000 | 268533 |
| Chongqing Zhifei Biological Products Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 18550 | 58604 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 396000 | 744135 |
| CITIC Ltd. | &nbsp;&nbsp; 825000 | 1184393 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 198090 | 875861 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 248725 | 921239 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 296400 | 514968 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 624000 | 960000 |
| CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp; 16454 | 86417 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 49520 | 2127699 |
| Contemporary Amperex Technology Co. Ltd., <br> Class H<sup>(c)</sup><br>| &nbsp;&nbsp; 16500 | 897222 |
| Cosco Shipping Energy Transportation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 33000 | 47972 |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 165650 | 355296 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 495950 | 864176 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 297000 | 319917 |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 831000 | 669766 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 62200 | 247732 |
| CSPC Innovation Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 17700 | 132713 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 1651200 | 2146463 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 247500 | 219376 |
| Dong-E-E-Jiao Co. Ltd., Class A | &nbsp;&nbsp; 8200 | 59738 |
| Dongfang Electric Corp. Ltd., Class A | &nbsp;&nbsp; 49500 | 137480 |
| Dongxing Securities Co. Ltd., Class A | &nbsp;&nbsp; 82500 | 141499 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 181598 | 737161 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 2000 | $86744 |
| Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp; 3600 | 48997 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 149300 | 1208448 |
| ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp; 21700 | 57296 |
| Eoptolink Technology Inc. Ltd., Class A | &nbsp;&nbsp; 10600 | 527926 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 33500 | 268897 |
| Everbright Securities Co. Ltd., Class A | &nbsp;&nbsp; 74400 | 209444 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 339000 | 323975 |
| Flat Glass Group Co. Ltd., Class A | &nbsp;&nbsp; 19500 | 48610 |
| Focus Media Information Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 202600 | 236374 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 66048 | 384683 |
| Fosun International Ltd. | &nbsp;&nbsp; 412500 | 280983 |
| Founder Securities Co. Ltd., Class A | &nbsp;&nbsp; 115500 | 140117 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 148700 | 1122232 |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 16500 | 152106 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 132000 | 1164897 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 33020 | 185093 |
| GCL Technology Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4125000 | 663862 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 231800 | 155972 |
| GDS Holdings Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 198000 | 857931 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 1161000 | 2928440 |
| GEM Co. Ltd., Class A | &nbsp;&nbsp; 117800 | 123197 |
| Genscript Biotech Corp.<sup>(b)(c)</sup> | &nbsp;&nbsp; 244000 | 541876 |
| GF Securities Co. Ltd., Class A | &nbsp;&nbsp; 95900 | 294632 |
| Giant Biogene Holding Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 66000 | 459698 |
| Giant Network Group Co. Ltd., Class A | &nbsp;&nbsp; 33000 | 146411 |
| GoerTek Inc., Class A | &nbsp;&nbsp; 49500 | 254506 |
| Goldwind Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 66302 | 106394 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 31500 | 161373 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 499500 | 1197636 |
| Gree Electric Appliances Inc. of Zhuhai, Class A | &nbsp;&nbsp; 33000 | 197499 |
| Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp; 19300 | 166693 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 668000 | 628295 |
| Guanghui Energy Co. Ltd., Class A | &nbsp;&nbsp; 101700 | 75684 |
| Guangzhou Automobile Group Co. Ltd., Class A | &nbsp;&nbsp; 66300 | 73004 |
| Guangzhou Haige Communications Group Inc. Co., <br> Class A<br>| &nbsp;&nbsp; 82500 | 169323 |
| Guangzhou Tinci Materials Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 66000 | 199453 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 83000 | 172789 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 151650 | 446671 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 397728 | 835242 |
| Guoyuan Securities Co. Ltd., Class A | &nbsp;&nbsp; 83540 | 108411 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 38115 | 1404538 |
| Haidilao International Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 330000 | 589387 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 99000 | 365097 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 444800 | 1510421 |
| Hainan Airlines Holding Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 693000 | 154847 |
| Hainan Airport Infrastructure Co. Ltd., Class A | &nbsp;&nbsp; 225400 | 123763 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 165000 | 467753 |
| Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp; 19389 | 40846 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 41800 | 190486 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 232000 | 1077692 |
| Henan Shuanghui Investment & Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 51756 | 183322 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 82500 | 263207 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 99100 | 245131 |
| Hithink RoyalFlush Information Network Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2400 | 139193 |
| HLA Group Corp. Ltd., Class A | &nbsp;&nbsp; 49500 | 48457 |
| Horizon Robotics<sup>(b)</sup> | &nbsp;&nbsp; 792000 | 986442 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Asia ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Hua Hong Semiconductor Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 165000 | $1142393 |
| Huadian Power International Corp. Ltd., Class A | &nbsp;&nbsp; 101000 | 75216 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 33072 | 205684 |
| Hualan Biological Engineering Inc., Class A | &nbsp;&nbsp; 33200 | 79722 |
| Huaneng Power International Inc., Class A | &nbsp;&nbsp; 199200 | 206527 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 692000 | 497222 |
| Huaqin Technology Co. Ltd., Class A | &nbsp;&nbsp; 16500 | 227682 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 132000 | 401957 |
| Huatai Securities Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 233400 | 595242 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 181500 | 192949 |
| Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp; 52400 | 140762 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | &nbsp;&nbsp; 2100 | 37445 |
| Hunan Valin Steel Co. Ltd., Class A | &nbsp;&nbsp; 66100 | 55178 |
| Hundsun Technologies Inc., Class A | &nbsp;&nbsp; 26975 | 142023 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 27779 | 758173 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 33000 | 311094 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 44400 | 332703 |
| Industrial & Commercial Bank of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 775500 | 809410 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 12540000 | 9328547 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 247700 | 779679 |
| Industrial Securities Co. Ltd., Class A | &nbsp;&nbsp; 148940 | 142485 |
| Ingenic Semiconductor Co. Ltd., Class A | &nbsp;&nbsp; 20100 | 212022 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 577500 | 226220 |
| Inner Mongolia Junzheng Energy & Chemical <br> Industry Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 76800 | 60320 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 82600 | 331636 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 165000 | 334033 |
| Innovent Biologics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 279500 | 3493178 |
| J&T Global Express Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 437600 | 587787 |
| JA Solar Technology Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 34088 | 60603 |
| JCET Group Co. Ltd., Class A | &nbsp;&nbsp; 40600 | 227469 |
| JD Health International Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 224550 | 1829862 |
| JD Logistics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 379500 | 630540 |
| JD.com Inc., Class A | &nbsp;&nbsp; 470294 | 7287278 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 115500 | 159439 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 336000 | 396629 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 16620 | 208235 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 85876 | 798131 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp; 16500 | 100351 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 16503 | 171342 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | &nbsp;&nbsp; 82500 | 188159 |
| Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp; 49700 | 194779 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 181000 | 532972 |
| Jinko Solar Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 33193 | 26428 |
| Kanzhun Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 70785 | 1671942 |
| KE Holdings Inc., Class A | &nbsp;&nbsp; 390158 | 2287205 |
| Kingdee International Software Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 534000 | 1128273 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 180800 | 796381 |
| Kuaishou Technology<sup>(a)(b)</sup> | &nbsp;&nbsp; 514800 | 5045729 |
| Kuang-Chi Technologies Co. Ltd., Class A | &nbsp;&nbsp; 16500 | 125760 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 662000 | 616229 |
| Kunlun Tech Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 28900 | 170488 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 14118 | 2936824 |
| Laopu Gold Co. Ltd., Class H | &nbsp;&nbsp; 5600 | 513543 |
| LB Group Co. Ltd., Class A | &nbsp;&nbsp; 16600 | 43309 |
| Legend Biotech Corp., ADR<sup>(b)(c)</sup> | &nbsp;&nbsp; 14033 | 487366 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 1320000 | 1894973 |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 69700 | 303809 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Li Auto Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 247548 | $2900762 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 452000 | 1106827 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 110500 | 240554 |
| Longfor Group Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 412500 | 565638 |
| LONGi Green Energy Technology Co. Ltd., <br> Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 74656 | 180031 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 90441 | 583238 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 16500 | 318101 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 33100 | 121253 |
| Maxscend Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 2820 | 32734 |
| Meitu Inc.<sup>(a)</sup> | &nbsp;&nbsp; 660000 | 1005623 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 957050 | 12746886 |
| Metallurgical Corp. of China Ltd., Class A | &nbsp;&nbsp; 148500 | 71119 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 41200 | 426387 |
| Midea Group Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 75900 | 800069 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 81940 | 500181 |
| MMG Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 660000 | 440962 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 4400 | 75905 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 70411 | 543881 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 85293 | 260729 |
| National Silicon Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 57400 | 166996 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 8320 | 434826 |
| NetEase Cloud Music Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 16500 | 595024 |
| NetEase Inc. | &nbsp;&nbsp; 330100 | 9051601 |
| New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 33200 | 318253 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 173400 | 1078883 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 66100 | 91749 |
| New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 232260 | 1111347 |
| Ninestar Corp., Class A<sup>(b)</sup> | &nbsp;&nbsp; 17500 | 61331 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 11872 | 107717 |
| Ningbo Orient Wires & Cables Co. Ltd., Class A | &nbsp;&nbsp; 16500 | 122154 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 19745 | 172802 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 82600 | 201209 |
| NIO Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 307489 | 1969313 |
| Nongfu Spring Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 396000 | 2561375 |
| OFILM Group Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 33000 | 61448 |
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 16530 | 331879 |
| Oppein Home Group Inc., Class A | &nbsp;&nbsp; 3800 | 29541 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 23500 | 411778 |
| Orient Securities Co. Ltd., Class A | &nbsp;&nbsp; 99244 | 160254 |
| PDD Holdings Inc., ADR<sup>(b)</sup> | &nbsp;&nbsp; 136125 | 16364947 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class A<br>| &nbsp;&nbsp; 66300 | 83619 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 1816000 | 1632967 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 280500 | 343501 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 3996000 | 3869358 |
| Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp; 33000 | 140004 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 1320740 | 3191923 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 231336 | 391636 |
| Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp; 99000 | 833004 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 1320000 | 9610449 |
| Poly Developments and Holdings Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 135800 | 151851 |
| Pop Mart International Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 99000 | 4115170 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 330000 | 280027 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 1650000 | 1149067 |
| Power Construction Corp. of China Ltd., Class A | &nbsp;&nbsp; 165400 | 137557 |
| Qfin Holdings Inc. | &nbsp;&nbsp; 18480 | 538138 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 49500 | 141092 |
| Range Intelligent Computing Technology Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 16500 | 136708 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Asia ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Rockchip Electronics Co. Ltd., Class A | &nbsp;&nbsp; 1600 | $55264 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 82628 | 116308 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 82522 | 217427 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 70600 | 150107 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 99200 | 292864 |
| Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp; 49512 | 139543 |
| SDIC Capital Co. Ltd., Class A | &nbsp;&nbsp; 127676 | 149551 |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 99000 | 199301 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 16500 | 316784 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 62000 | 388170 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 115673 | 331026 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 33060 | 156283 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 165000 | 630311 |
| Shandong Himile Mechanical Science & Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 16500 | 138840 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 33100 | 127515 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp; 170400 | 97113 |
| Shandong Weigao Group Medical Polymer Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 529200 | 399888 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 33048 | 117528 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 165000 | 205395 |
| Shanghai International Airport Co. Ltd., Class A | &nbsp;&nbsp; 17200 | 78074 |
| Shanghai Pharmaceuticals Holding Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 49800 | 130523 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 363000 | 694951 |
| Shanghai Putailai New Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 54575 | 171747 |
| Shanghai RAAS Blood Products Co. Ltd., Class A | &nbsp;&nbsp; 115500 | 111620 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 99000 | 120942 |
| Shanghai United Imaging Healthcare Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3696 | 73574 |
| Shanghai Zhangjiang High-Tech Park Development <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 16500 | 88001 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 49500 | 136982 |
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 66280 | 65713 |
| Shanxi Lu'an Environmental Energy Development <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 49500 | 90191 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 16520 | 469170 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 45200 | 336983 |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 2600 | 72120 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 379500 | 290920 |
| Shenzhen Goodix Technology Co. Ltd., Class A | &nbsp;&nbsp; 16500 | 190843 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 16950 | 178646 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 16700 | 569639 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 16600 | 117321 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 4496 | 56821 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 172900 | 1375756 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 99100 | 207233 |
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 17600 | 90101 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., <br> Class H<sup>(b)</sup><br>| &nbsp;&nbsp; 9800 | 571052 |
| Sichuan Road & Bridge Group Co. Ltd., Class A | &nbsp;&nbsp; 85220 | 103631 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 1982250 | 2079313 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 264000 | 636195 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 165000 | 481077 |
| Smoore International Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 330000 | 803553 |
| SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp; 165236 | 234477 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Spring Airlines Co. Ltd., Class A | &nbsp;&nbsp; 16645 | $124691 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 24860 | 348591 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 139900 | 1506834 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 34200 | 117846 |
| SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp; 2391 | 17455 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 24400 | 225512 |
| Suzhou TFC Optical Communication Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 16500 | 457987 |
| TAL Education Group, ADR<sup>(b)</sup> | &nbsp;&nbsp; 80355 | 853370 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 220070 | 143562 |
| TCL Zhonghuan Renewable Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 17375 | 20450 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 1230999 | 95334046 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 111210 | 2726869 |
| Tianqi Lithium Corp., Class A<sup>(b)</sup> | &nbsp;&nbsp; 17600 | 108639 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 330000 | 468962 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 264400 | 748038 |
| Tongling Nonferrous Metals Group Co. Ltd., Class A | &nbsp;&nbsp; 151300 | 95885 |
| Tongwei Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 49800 | 154060 |
| TravelSky Technology Ltd., Class H | &nbsp;&nbsp; 183000 | 256074 |
| Trina Solar Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 33385 | 77649 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 116646 | 8634989 |
| Tsingtao Brewery Co. Ltd., Class A | &nbsp;&nbsp; 24664 | 240715 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 80000 | 520239 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 16559 | 189507 |
| Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp; 49580 | 194236 |
| Victory Giant Technology Huizhou Co. Ltd., Class A | &nbsp;&nbsp; 16500 | 614802 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 61875 | 1035787 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 33000 | 317935 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 825000 | 573601 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 132624 | 282041 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 330200 | 694137 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 82860 | 211757 |
| Western Securities Co. Ltd., Class A | &nbsp;&nbsp; 120400 | 151308 |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 70905 | 125070 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 50000 | 909793 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 21100 | 202567 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 33204 | 480955 |
| WuXi AppTec Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 66796 | 930798 |
| Wuxi Biologics Cayman Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 660000 | 2839234 |
| WuXi XDC Cayman Inc.<sup>(b)</sup> | &nbsp;&nbsp; 82500 | 601562 |
| XCMG Construction Machinery Co. Ltd., Class A | &nbsp;&nbsp; 115900 | 155526 |
| Xiamen C & D Inc., Class A | &nbsp;&nbsp; 35300 | 57740 |
| Xiamen Tungsten Co. Ltd., Class A | &nbsp;&nbsp; 16500 | 71341 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 3300000 | 22521993 |
| Xinjiang Daqo New Energy Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 33056 | 149257 |
| Xinyi Solar Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 818000 | 356215 |
| XPeng Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 247552 | 2613574 |
| Yadea Group Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 330000 | 575607 |
| Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 21285 | 38727 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 660700 | 768563 |
| Yantai Jereh Oilfield Services Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 15200 | 101259 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 17080 | 90598 |
| Yifeng Pharmacy Chain Co. Ltd., Class A | &nbsp;&nbsp; 18468 | 61588 |
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | &nbsp;&nbsp; 34100 | 161184 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 16518 | 38223 |
| YTO Express Group Co. Ltd., Class A | &nbsp;&nbsp; 49500 | 117807 |
| Yum China Holdings Inc. | &nbsp;&nbsp; 71280 | 3187642 |
| Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp; 49500 | 134661 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 33080 | 267538 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Asia ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 33000 | $249762 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2300 | 67599 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 330000 | 1036534 |
| Zhejiang China Commodities City Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 66000 | 208767 |
| Zhejiang Chint Electrics Co. Ltd., Class A | &nbsp;&nbsp; 36600 | 140840 |
| Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp; 36600 | 99831 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 330320 | 291920 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 38395 | 259105 |
| Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp; 33000 | 179203 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 94266 | 786816 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 49960 | 174670 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 33000 | 147523 |
| Zhejiang Weiming Environment Protection Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 33300 | 90144 |
| Zheshang Securities Co. Ltd., Class A | &nbsp;&nbsp; 66400 | 112623 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 12140 | 602774 |
| Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp; 82500 | 186738 |
| Zhongtai Securities Co. Ltd., Class A | &nbsp;&nbsp; 198600 | 201037 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 99200 | 507091 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 276000 | 899169 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 1030000 | 3420085 |
| Zoomlion Heavy Industry Science and Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 152200 | 157025 |
| ZTE Corp., Class A | &nbsp;&nbsp; 33000 | 210542 |
| ZTE Corp., Class H<sup>(c)</sup> | &nbsp;&nbsp; 173160 | 782635 |
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 82585 | 1497796 |
|  |  | 537973435 |
| **India — 20.1%** | **India — 20.1%** | **India — 20.1%** |
| ABB India Ltd. | &nbsp;&nbsp; 10443 | 592376 |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 30375 | 773184 |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 102135 | 1521574 |
| Adani Power Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 109243 | 744844 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 7425 | 446251 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 117316 | 749762 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 33660 | 612646 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 19305 | 1667108 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 565620 | 813819 |
| Asian Paints Ltd. | &nbsp;&nbsp; 63855 | 1824050 |
| Astral Ltd. | &nbsp;&nbsp; 26400 | 407370 |
| AU Small Finance Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 68032 | 553946 |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 51977 | 605601 |
| Avenue Supermarts Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 30855 | 1664387 |
| Axis Bank Ltd. | &nbsp;&nbsp; 430353 | 5102453 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 12870 | 1259548 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 534088 | 5320429 |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 75075 | 1629651 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 5445 | 788234 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 14190 | 368813 |
| Bank of Baroda | &nbsp;&nbsp; 189750 | 501264 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 709830 | 2974401 |
| Bharat Forge Ltd. | &nbsp;&nbsp; 50833 | 638122 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 196384 | 463347 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 294875 | 1030945 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 497805 | 10670288 |
| Bosch Ltd. | &nbsp;&nbsp; 1485 | 673279 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 21120 | 1394225 |
| BSE Ltd. | &nbsp;&nbsp; 9393 | 223428 |
| Canara Bank | &nbsp;&nbsp; 352605 | 415249 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 139590 | 1100235 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 80355 | $1296141 |
| Cipla Ltd. | &nbsp;&nbsp; 107250 | 1933206 |
| Coal India Ltd. | &nbsp;&nbsp; 348810 | 1482366 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 25740 | 680885 |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 59192 | 353919 |
| Coromandel International Ltd. | &nbsp;&nbsp; 22620 | 592135 |
| Cummins India Ltd. | &nbsp;&nbsp; 26730 | 1159049 |
| Dabur India Ltd. | &nbsp;&nbsp; 99825 | 589920 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 23595 | 1639857 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 7306 | 1384063 |
| DLF Ltd. | &nbsp;&nbsp; 147373 | 1235564 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 113025 | 1616397 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 25905 | 1792693 |
| Eternal Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 469425 | 1672569 |
| FSN E-Commerce Ventures Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 237277 | 619071 |
| GAIL India Ltd. | &nbsp;&nbsp; 446325 | 876472 |
| GMR Airports Infrastructure Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 512539 | 500777 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 77220 | 1088358 |
| Godrej Properties Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 28003 | 618579 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 52305 | 1646045 |
| Havells India Ltd. | &nbsp;&nbsp; 42098 | 729028 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 183480 | 3025329 |
| HDFC Asset Management Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18480 | 1144892 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 2179650 | 23525889 |
| HDFC Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 182985 | 1602879 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 22935 | 1322559 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 259710 | 2075438 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 38445 | 1890330 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 184635 | 787359 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 157740 | 4756754 |
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 2640 | 572922 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 31232 | 872320 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 1007526 | 15964113 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 45375 | 947381 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 69960 | 475810 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 710528 | 547691 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 164835 | 1418492 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 530970 | 822791 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 50105 | 393345 |
| Indus Towers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 253144 | 972567 |
| IndusInd Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 110715 | 927876 |
| Info Edge India Ltd. | &nbsp;&nbsp; 70477 | 1085295 |
| Infosys Ltd. | &nbsp;&nbsp; 644490 | 10810019 |
| InterGlobe Aviation Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 37125 | 2380134 |
| ITC Ltd. | &nbsp;&nbsp; 588390 | 2734986 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 66651 | 577035 |
| Jindal Steel Ltd. | &nbsp;&nbsp; 70809 | 759609 |
| Jio Financial Services Ltd. | &nbsp;&nbsp; 554565 | 1961916 |
| JSW Energy Ltd. | &nbsp;&nbsp; 85222 | 472205 |
| JSW Steel Ltd. | &nbsp;&nbsp; 117810 | 1373327 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 70458 | 501584 |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 80685 | 461707 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 209385 | 4656985 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 129195 | 5274912 |
| Lodha Developers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 58978 | 798392 |
| LTIMindtree Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15840 | 921500 |
| Lupin Ltd. | &nbsp;&nbsp; 45210 | 972335 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 179685 | 6519648 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 23760 | 666412 |
| Marico Ltd. | &nbsp;&nbsp; 98670 | 811697 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 24255 | 4070654 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 151024 | 1975978 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Asia ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Mphasis Ltd. | &nbsp;&nbsp; 20504 | $646921 |
| MRF Ltd. | &nbsp;&nbsp; 444 | 709546 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 22440 | 671974 |
| Nestle India Ltd. | &nbsp;&nbsp; 128040 | 1679420 |
| NHPC Ltd. | &nbsp;&nbsp; 587895 | 515162 |
| NMDC Ltd. | &nbsp;&nbsp; 577500 | 451121 |
| NTPC Ltd. | &nbsp;&nbsp; 836880 | 3109741 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 24486 | 447480 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 594330 | 1575185 |
| Oil India Ltd. | &nbsp;&nbsp; 95370 | 422257 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 4290 | 403511 |
| Page Industries Ltd. | &nbsp;&nbsp; 1323 | 665487 |
| PB Fintech Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 68215 | 1369908 |
| Persistent Systems Ltd. | &nbsp;&nbsp; 21780 | 1308712 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 155760 | 475873 |
| Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 37483 | 639868 |
| PI Industries Ltd. | &nbsp;&nbsp; 14025 | 587955 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 28875 | 998606 |
| Polycab India Ltd. | &nbsp;&nbsp; 10067 | 810196 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 285945 | 1231413 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 892155 | 2787995 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 33830 | 599580 |
| Punjab National Bank | &nbsp;&nbsp; 430010 | 492157 |
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 101970 | 349871 |
| REC Ltd. | &nbsp;&nbsp; 252450 | 1002865 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 1168200 | 17991009 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 913521 | 960019 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 56637 | 515826 |
| SBI Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 85635 | 1752761 |
| Shree Cement Ltd. | &nbsp;&nbsp; 1657 | 549991 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 271425 | 1787635 |
| Siemens Ltd. | &nbsp;&nbsp; 17325 | 601886 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 5445 | 851102 |
| SRF Ltd. | &nbsp;&nbsp; 26400 | 849146 |
| State Bank of India | &nbsp;&nbsp; 341880 | 3111969 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 184965 | 3346182 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 12540 | 639570 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 12540 | 635715 |
| Suzlon Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1875555 | 1202512 |
| Swiggy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 166485 | 774092 |
| Tata Communications Ltd. | &nbsp;&nbsp; 21780 | 382460 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 174900 | 6116514 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 113355 | 1369586 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 6769 | 401698 |
| Tata Motors Ltd. | &nbsp;&nbsp; 387750 | 2942231 |
| Tata Power Co. Ltd. (The) | &nbsp;&nbsp; 309068 | 1312238 |
| Tata Steel Ltd. | &nbsp;&nbsp; 1434840 | 2515586 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 104280 | 1750099 |
| Titan Co. Ltd. | &nbsp;&nbsp; 68310 | 2811948 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 22770 | 918685 |
| Torrent Power Ltd. | &nbsp;&nbsp; 33941 | 472554 |
| Trent Ltd. | &nbsp;&nbsp; 35145 | 2112377 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 21013 | 705479 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 45377 | 1686314 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 22275 | 3192910 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 291069 | 412129 |
| United Spirits Ltd. | &nbsp;&nbsp; 56763 | 844230 |
| UPL Ltd. | &nbsp;&nbsp; 90257 | 732841 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 259545 | 1434545 |
| Vedanta Ltd. | &nbsp;&nbsp; 265983 | 1269731 |
| Vishal Mega Mart Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 401775 | 680334 |
| Vodafone Idea Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5062400 | 373249 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Voltas Ltd. | &nbsp;&nbsp; 44715 | $696669 |
| WAAREE Energies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 16830 | 650405 |
| Wipro Ltd. | &nbsp;&nbsp; 515134 | 1456547 |
| Yes Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2659305 | 576270 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 49170 | 547640 |
|  |  | 282758478 |
| **Indonesia — 1.5%** | **Indonesia — 1.5%** | **Indonesia — 1.5%** |
| Amman Mineral Internasional PT<sup>(b)</sup> | &nbsp;&nbsp; 2783600 | 1326688 |
| Astra International Tbk PT | &nbsp;&nbsp; 3762000 | 1255055 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 10725000 | 5254281 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 7243500 | 2076007 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 2838000 | 753450 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 13084577 | 3212032 |
| Barito Pacific Tbk PT<sup>(b)</sup> | &nbsp;&nbsp; 4389020 | 582546 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 1650000 | 823864 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 1452000 | 375877 |
| Dian Swastatika Sentosa Tbk PT<sup>(b)</sup> | &nbsp;&nbsp; 172400 | 1037118 |
| GoTo Gojek Tokopedia Tbk PT<sup>(b)</sup> | &nbsp;&nbsp; 172194000 | 604911 |
| Indofood CBP Sukses Makmur Tbk PT | &nbsp;&nbsp; 478500 | 260514 |
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 775500 | 350488 |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 3929600 | 290016 |
| Petrindo Jaya Kreasi Tbk PT | &nbsp;&nbsp; 4570500 | 431776 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 3531000 | 471078 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 9586500 | 1833739 |
| United Tractors Tbk PT | &nbsp;&nbsp; 280500 | 414892 |
|  |  | 21354332 |
| **Malaysia — 1.5%** | **Malaysia — 1.5%** | **Malaysia — 1.5%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 466700 | 595676 |
| Axiata Group Bhd | &nbsp;&nbsp; 495000 | 283549 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 693300 | 603868 |
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 1551000 | 2724691 |
| Gamuda Bhd | &nbsp;&nbsp; 957000 | 1257969 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 133200 | 632918 |
| IHH Healthcare Bhd | &nbsp;&nbsp; 384600 | 618091 |
| IOI Corp. Bhd | &nbsp;&nbsp; 478700 | 437756 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 99000 | 461141 |
| Malayan Banking Bhd<sup>(c)</sup> | &nbsp;&nbsp; 1138500 | 2667701 |
| Maxis Bhd | &nbsp;&nbsp; 512100 | 424278 |
| MISC Bhd | &nbsp;&nbsp; 218200 | 383206 |
| MR DIY Group M Bhd<sup>(a)</sup> | &nbsp;&nbsp; 594000 | 207914 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 16600 | 373438 |
| Petronas Chemicals Group Bhd<sup>(c)</sup> | &nbsp;&nbsp; 465600 | 476241 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 49500 | 248109 |
| Petronas Gas Bhd | &nbsp;&nbsp; 153200 | 675893 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 726600 | 956423 |
| Public Bank Bhd | &nbsp;&nbsp; 2777350 | 2805292 |
| QL Resources Bhd | &nbsp;&nbsp; 347775 | 337486 |
| RHB Bank Bhd | &nbsp;&nbsp; 297162 | 459879 |
| SD Guthrie Bhd | &nbsp;&nbsp; 431700 | 516574 |
| Sunway Bhd | &nbsp;&nbsp; 523300 | 609602 |
| Telekom Malaysia Bhd<sup>(c)</sup> | &nbsp;&nbsp; 247800 | 411932 |
| Tenaga Nasional Bhd | &nbsp;&nbsp; 511500 | 1597100 |
| YTL Corp. Bhd | &nbsp;&nbsp; 568280 | 344432 |
| YTL Power International Bhd<sup>(c)</sup> | &nbsp;&nbsp; 593600 | 566074 |
|  |  | 21677233 |
| **Philippines — 0.6%** | **Philippines — 0.6%** | **Philippines — 0.6%** |
| Ayala Corp. | &nbsp;&nbsp; 48200 | 459690 |
| Ayala Land Inc. | &nbsp;&nbsp; 1241160 | 608145 |
| Bank of the Philippine Islands | &nbsp;&nbsp; 429104 | 848521 |
| BDO Unibank Inc. | &nbsp;&nbsp; 460850 | 1090330 |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 193060 | 1631772 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Asia ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Philippines (continued)** | **Philippines (continued)** | **Philippines (continued)** |
| Jollibee Foods Corp. | &nbsp;&nbsp; 92550 | $375739 |
| Manila Electric Co. | &nbsp;&nbsp; 49820 | 466422 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 382802 | 468570 |
| PLDT Inc. | &nbsp;&nbsp; 13200 | 267750 |
| SM Investments Corp. | &nbsp;&nbsp; 44554 | 588648 |
| SM Prime Holdings Inc. | &nbsp;&nbsp; 1980150 | 800446 |
|  |  | 7606033 |
| **South Korea — 12.6%** | **South Korea — 12.6%** | **South Korea — 12.6%** |
| Alteogen Inc.<sup>(b)</sup> | &nbsp;&nbsp; 7789 | 2449645 |
| Amorepacific Corp. | &nbsp;&nbsp; 6110 | 527134 |
| Celltrion Inc. | &nbsp;&nbsp; 31134 | 3745948 |
| Coway Co. Ltd. | &nbsp;&nbsp; 10258 | 765828 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 8910 | 842395 |
| Doosan Bobcat Inc. | &nbsp;&nbsp; 10746 | 410524 |
| Doosan Co. Ltd. | &nbsp;&nbsp; 1485 | 589348 |
| Doosan Enerbility Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 84856 | 3731543 |
| Ecopro BM Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9620 | 835015 |
| Ecopro Co. Ltd. | &nbsp;&nbsp; 20149 | 730299 |
| Hana Financial Group Inc. | &nbsp;&nbsp; 55275 | 3258542 |
| Hanjin Kal Corp.<sup>(c)</sup> | &nbsp;&nbsp; 4290 | 344643 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 14892 | 429273 |
| Hanmi Semiconductor Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 7847 | 484185 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 6293 | 3990843 |
| Hanwha Ocean Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 23595 | 1896306 |
| Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 14521 | 530611 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 8580 | 844880 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 4624 | 1621509 |
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 4326 | 1613810 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 8086 | 2356487 |
| HLB Inc.<sup>(b)</sup> | &nbsp;&nbsp; 22440 | 606010 |
| HMM Co. Ltd. | &nbsp;&nbsp; 50655 | 804519 |
| HYBE Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4620 | 952993 |
| Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 1106 | 980518 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 6766 | 894798 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 11385 | 2599887 |
| Hyundai Motor Co. | &nbsp;&nbsp; 25575 | 4026219 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 14305 | 1973351 |
| Industrial Bank of Korea | &nbsp;&nbsp; 49335 | 674468 |
| Kakao Corp. | &nbsp;&nbsp; 59235 | 2652276 |
| KakaoBank Corp.<sup>(c)</sup> | &nbsp;&nbsp; 32507 | 574468 |
| KB Financial Group Inc. | &nbsp;&nbsp; 69795 | 5451357 |
| Kia Corp. | &nbsp;&nbsp; 45210 | 3420745 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 15016 | 1025964 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 47850 | 1254633 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 8779 | 846971 |
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 670 | 395663 |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 36326 | 618320 |
| Krafton Inc.<sup>(b)</sup> | &nbsp;&nbsp; 5814 | 1367084 |
| KT&G Corp. | &nbsp;&nbsp; 18826 | 1820921 |
| LG Chem Ltd. | &nbsp;&nbsp; 9077 | 1802857 |
| LG Corp. | &nbsp;&nbsp; 15840 | 846944 |
| LG Display Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 57606 | 494898 |
| LG Electronics Inc. | &nbsp;&nbsp; 19800 | 1049177 |
| LG Energy Solution Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 8910 | 2247047 |
| LG H&H Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1701 | 361132 |
| LG Uplus Corp. | &nbsp;&nbsp; 36465 | 388908 |
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 2475 | 869863 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 2970 | 600511 |
| Meritz Financial Group Inc. | &nbsp;&nbsp; 16005 | 1455998 |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 42902 | 589756 |
| NAVER Corp. | &nbsp;&nbsp; 27225 | 4185130 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 29700 | $414810 |
| Orion Corp./Republic of Korea<sup>(c)</sup> | &nbsp;&nbsp; 4785 | 370338 |
| POSCO Future M Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6160 | 623121 |
| POSCO Holdings Inc. | &nbsp;&nbsp; 13983 | 2854268 |
| Posco International Corp. | &nbsp;&nbsp; 10565 | 364042 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3471 | 2490905 |
| Samsung C&T Corp. | &nbsp;&nbsp; 16335 | 1966118 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 10398 | 1192883 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 908985 | 45412706 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 5775 | 1838011 |
| Samsung Heavy Industries Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 135135 | 2065722 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 14689 | 1509046 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 12330 | 1827265 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 8085 | 854184 |
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 829 | 928239 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 84480 | 3958595 |
| SK Biopharmaceuticals Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6600 | 466314 |
| SK Hynix Inc. | &nbsp;&nbsp; 104940 | 19994987 |
| SK Inc. | &nbsp;&nbsp; 7097 | 1052464 |
| SK Innovation Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 13430 | 971989 |
| SK Square Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 18360 | 1947217 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 8745 | 340931 |
| S-Oil Corp. | &nbsp;&nbsp; 8609 | 372343 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 123981 | 2211766 |
| Yuhan Corp. | &nbsp;&nbsp; 11220 | 913891 |
|  |  | 176774309 |
| **Taiwan — 23.3%** | **Taiwan — 23.3%** | **Taiwan — 23.3%** |
| Accton Technology Corp. | &nbsp;&nbsp; 97000 | 3193469 |
| Acer Inc. | &nbsp;&nbsp; 574062 | 552075 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 68158 | 761621 |
| Airtac International Group | &nbsp;&nbsp; 20161 | 516451 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 15000 | 1963092 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 660484 | 3207621 |
| Asia Cement Corp. | &nbsp;&nbsp; 418229 | 505579 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 64000 | 2089257 |
| Asustek Computer Inc. | &nbsp;&nbsp; 137000 | 2818408 |
| AUO Corp. | &nbsp;&nbsp; 1579200 | 659785 |
| Caliway Biopharmaceuticals Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 165000 | 1081898 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 86000 | 528439 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 1815888 | 3636291 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 336852 | 1278388 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 1386552 | 869155 |
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 343776 | 425969 |
| China Airlines Ltd. | &nbsp;&nbsp; 701000 | 484144 |
| China Steel Corp. | &nbsp;&nbsp; 2224867 | 1459036 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 683000 | 2960314 |
| Compal Electronics Inc. | &nbsp;&nbsp; 990000 | 890480 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 3214265 | 4311356 |
| Delta Electronics Inc. | &nbsp;&nbsp; 365000 | 8408780 |
| E Ink Holdings Inc. | &nbsp;&nbsp; 165000 | 1407861 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 2834386 | 3093438 |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 32604 | 424972 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 57142 | 2261786 |
| eMemory Technology Inc. | &nbsp;&nbsp; 12000 | 804334 |
| Eva Airways Corp. | &nbsp;&nbsp; 495000 | 626893 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 175746 | 1062180 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 617460 | 556326 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 285000 | 783204 |
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 33391 | 127761 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 2369088 | 2192091 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 708950 | 694922 |
| Formosa Plastics Corp. | &nbsp;&nbsp; 825400 | 1048182 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Asia ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 32780 | $686729 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 1513806 | 4136081 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 80000 | 719312 |
| Global Unichip Corp. | &nbsp;&nbsp; 17000 | 733145 |
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 39000 | 471737 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 2371845 | 15658799 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 58600 | 1051017 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 1865361 | 1698994 |
| Innolux Corp. | &nbsp;&nbsp; 1526592 | 697056 |
| International Games System Co. Ltd. | &nbsp;&nbsp; 51000 | 1271250 |
| Inventec Corp. | &nbsp;&nbsp; 660980 | 884074 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 18000 | 1219665 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 3333404 | 1655139 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 10000 | 980256 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 20000 | 1563590 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 366032 | 1548480 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 13222 | 621606 |
| MediaTek Inc. | &nbsp;&nbsp; 294176 | 13072007 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 2278110 | 2978527 |
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 165000 | 724790 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 992090 | 1396449 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 37000 | 520830 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 113000 | 1601485 |
| Pegatron Corp. | &nbsp;&nbsp; 354000 | 809753 |
| PharmaEssentia Corp. | &nbsp;&nbsp; 38000 | 614572 |
| President Chain Store Corp. | &nbsp;&nbsp; 106000 | 880715 |
| Quanta Computer Inc. | &nbsp;&nbsp; 507000 | 4317304 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 95140 | 1652967 |
| Shanghai Commercial & Savings Bank Ltd. (The) | &nbsp;&nbsp; 849981 | 1137583 |
| Silergy Corp. | &nbsp;&nbsp; 63000 | 629782 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 2218216 | 1692818 |
| Synnex Technology International Corp. | &nbsp;&nbsp; 287050 | 615790 |
| Taiwan Business Bank | &nbsp;&nbsp; 1400238 | 689674 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 2057308 | 1592427 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 330000 | 297523 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 333000 | 1158393 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 4727004 | 177032847 |
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 1234754 | 904417 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 4194755 | 2223938 |
| Unimicron Technology Corp. | &nbsp;&nbsp; 206000 | 961366 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 990650 | 2500938 |
| United Microelectronics Corp. | &nbsp;&nbsp; 2261000 | 2974757 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 169850 | 504298 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 10000 | 321319 |
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 165000 | 445478 |
| Wistron Corp. | &nbsp;&nbsp; 574000 | 2105255 |
| Wiwynn Corp. | &nbsp;&nbsp; 21000 | 2015531 |
| WPG Holdings Ltd. | &nbsp;&nbsp; 330320 | 720130 |
| Yageo Corp. | &nbsp;&nbsp; 309616 | 1402038 |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 330000 | 620458 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 2270908 | 2403906 |
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 166455 | 1062071 |
|  |  | 327864624 |
| **Thailand — 1.3%** | **Thailand — 1.3%** | **Thailand — 1.3%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 214600 | 1951434 |
| Airports of Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 810700 | 902722 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 2080100 | 1329719 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 116500 | 639797 |
| Central Pattana PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 412500 | 656934 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 693000 | 468847 |
| CP ALL PCL, NVDR | &nbsp;&nbsp; 1056000 | 1436546 |
| CP Axtra PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 284479 | 157486 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 594000 | $2749426 |
| Gulf Development PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 830100 | 1204263 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 115500 | 600786 |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 677050 | 514904 |
| Minor International PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 727780 | 526421 |
| PTT Exploration & Production PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 247510 | 855927 |
| PTT PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 1898300 | 1817600 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 165500 | 656715 |
| Siam Cement PCL (The), NVDR | &nbsp;&nbsp; 148500 | 988483 |
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 4834500 | 283901 |
| True Corp. PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 2062542 | 727290 |
|  |  | 18469201 |
| **Total Common Stocks — 99.1%** <br>**(Cost: $1,236,596,018)** | **Total Common Stocks — 99.1%** <br>**(Cost: $1,236,596,018)** | 1394477645 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 188108 | 21322 |
| **South Korea — 0.5%** | **South Korea — 0.5%** | **South Korea — 0.5%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 3960 | 468160 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 6600 | 804300 |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 157575 | 6397844 |
|  |  | 7670304 |
| **Total Preferred Stocks — 0.5%** <br>**(Cost: $7,179,698)** | **Total Preferred Stocks — 0.5%** <br>**(Cost: $7,179,698)** | 7691626 |
| **Rights** | **Rights** | **Rights** |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Kangmei Pharmaceutical Co. Ltd., NVS, (Expires <br> 12/31/49)<sup>(d)</sup><br>| &nbsp;&nbsp; 1330 |  |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $1,243,775,716)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $1,243,775,716)** | 1402169271 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.6%** | **Money Market Funds — 1.6%** | **Money Market Funds — 1.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 17223290 | 17231901 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 5140000 | 5140000 |
| **Total Short-Term Securities — 1.6%** <br>**(Cost: $22,368,629)** | **Total Short-Term Securities — 1.6%** <br>**(Cost: $22,368,629)** | 22371901 |
| **Total Investments — 101.2%** <br>**(Cost: $1,266,144,345)** | **Total Investments — 101.2%** <br>**(Cost: $1,266,144,345)** | 1424541172 |
| **Liabilities in Excess of Other Assets — (1.2)%** | **Liabilities in Excess of Other Assets — (1.2)%** | (17329806)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1407211366 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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 registration to qualified institutional investors. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security is on loan.

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Asia ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. <br> <sup>(e)</sup> Affiliate of the Fund. <br> <sup>(f)</sup> Annualized 7-day yield as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $2861232<br> $14370321 <br><sup>(a)</sup><br>| $— | $44 | $304 | $17231901 | 17223290 | $136528 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 490000<br> 4650000 <br><sup>(a)</sup><br>|  |  |  | 5140000 | 5140000 | 158021 |  |
|  |  |  | $44 | $304 | $22371901 |  | $294549 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI China Index | 11 | 09/19/25 | &nbsp;&nbsp; $370 | $18721 |
| MSCI Emerging Markets Index | 52 | 09/19/25 | &nbsp;&nbsp; 3289 | 23628 |
|  |  |  |  | $42349 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42349 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42349 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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). 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Asia ETF**

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $180442 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $180442 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34426 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34426 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1675441 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $43315672 | &nbsp;&nbsp; $1351161973 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1394477645 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 7691626 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7691626 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 22371901 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22371901 |
|  | &nbsp;&nbsp; $65687573 | &nbsp;&nbsp; $1358853599 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1424541172 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $23628 | &nbsp;&nbsp; $18721 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42349 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 3.7%** | **Brazil — 3.7%** | **Brazil — 3.7%** |
| Allos SA | &nbsp;&nbsp; 110409 | $487915 |
| Alupar Investimento SA | &nbsp;&nbsp; 41356 | 227304 |
| Auren Energia SA | &nbsp;&nbsp; 128962 | 258312 |
| Azzas 2154 SA | &nbsp;&nbsp; 31360 | 200763 |
| Brava Energia<sup>(a)</sup> | &nbsp;&nbsp; 98497 | 364242 |
| Cia de Saneamento de Minas Gerais Copasa MG | &nbsp;&nbsp; 54870 | 302492 |
| Cia De Sanena Do Parana | &nbsp;&nbsp; 38704 | 246208 |
| Cia. Siderurgica Nacional SA | &nbsp;&nbsp; 152869 | 214564 |
| Cogna Educacao SA | &nbsp;&nbsp; 474419 | 255504 |
| Cosan SA<sup>(a)</sup> | &nbsp;&nbsp; 312110 | 336757 |
| Cury Construtora e Incorporadora SA | &nbsp;&nbsp; 46592 | 293550 |
| Cyrela Brazil Realty SA Empreendimentos <br> e Participacoes<br>| &nbsp;&nbsp; 77467 | 401776 |
| Dexco SA | &nbsp;&nbsp; 112395 | 118990 |
| Direcional Engenharia SA | &nbsp;&nbsp; 145410 | 414358 |
| EcoRodovias Infraestrutura e Logistica SA | &nbsp;&nbsp; 78909 | 118032 |
| Fleury SA | &nbsp;&nbsp; 56345 | 154740 |
| GPS Participacoes e Empreendimentos SA<sup>(b)</sup> | &nbsp;&nbsp; 114342 | 364420 |
| Grupo Mateus SA | &nbsp;&nbsp; 156946 | 211313 |
| Hapvida Participacoes e Investimentos SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 82961 | 638214 |
| Hypera SA | &nbsp;&nbsp; 91981 | 413943 |
| Iguatemi SA | &nbsp;&nbsp; 63956 | 277087 |
| Intelbras SA Industria de Telecomunicacao <br> Eletronica Brasileira<br>| &nbsp;&nbsp; 28488 | 65206 |
| Inter & Co. Inc., Class A | &nbsp;&nbsp; 63661 | 546848 |
| IRB-Brasil Resseguros SA<sup>(a)</sup> | &nbsp;&nbsp; 15910 | 140412 |
| Lojas Renner SA | &nbsp;&nbsp; 280301 | 840616 |
| M Dias Branco SA | &nbsp;&nbsp; 15805 | 86490 |
| Magazine Luiza SA | &nbsp;&nbsp; 93443 | 141151 |
| Marfrig Global Foods SA | &nbsp;&nbsp; 84724 | 389566 |
| MRV Engenharia e Participacoes SA<sup>(a)</sup> | &nbsp;&nbsp; 112750 | 157838 |
| Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp; 86561 | 444631 |
| Natura Cosmeticos SA<sup>(a)</sup> | &nbsp;&nbsp; 224200 | 372574 |
| Odontoprev SA | &nbsp;&nbsp; 69207 | 167980 |
| Orizon Valorizacao de Residuos SA<sup>(a)</sup> | &nbsp;&nbsp; 13456 | 136375 |
| Pagseguro Digital Ltd., Class A | &nbsp;&nbsp; 50248 | 450222 |
| Patria Investments Ltd., Class A | &nbsp;&nbsp; 16048 | 217290 |
| Petroreconcavo SA | &nbsp;&nbsp; 35305 | 84195 |
| Santos Brasil Participacoes SA | &nbsp;&nbsp; 111569 | 292614 |
| Sao Martinho SA | &nbsp;&nbsp; 41369 | 138867 |
| Sendas Distribuidora SA | &nbsp;&nbsp; 347830 | 674893 |
| Serena Energia SA<sup>(a)</sup> | &nbsp;&nbsp; 94341 | 211760 |
| SLC Agricola SA | &nbsp;&nbsp; 48734 | 157298 |
| Smartfit Escola de Ginastica e Danca SA | &nbsp;&nbsp; 96452 | 434242 |
| StoneCo Ltd., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 62894 | 1035864 |
| Transmissora Alianca de Energia Eletrica SA | &nbsp;&nbsp; 42775 | 275102 |
| Tres Tentos Agroindustrial SA | &nbsp;&nbsp; 47710 | 128738 |
| Tupy SA | &nbsp;&nbsp; 20591 | 54688 |
| Vamos Locacao de Caminhoes Maquinas e <br> Equipamentos SA<br>| &nbsp;&nbsp; 131334 | 104886 |
| Vivara Participacoes SA | &nbsp;&nbsp; 43483 | 232579 |
| VTEX, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 19244 | 78515 |
| Wilson Sons SA | &nbsp;&nbsp; 40002 | 132729 |
|  |  | 14494653 |
| **Chile — 0.7%** | **Chile — 0.7%** | **Chile — 0.7%** |
| Aguas Andinas SA, Class A | &nbsp;&nbsp; 705947 | 249714 |
| Banco Itau Chile SA | &nbsp;&nbsp; 18231 | 260235 |
| CAP SA<sup>(a)</sup> | &nbsp;&nbsp; 20774 | 111687 |
| Cia Cervecerias Unidas SA | &nbsp;&nbsp; 42775 | 264700 |
| Cia. Sud Americana de Vapores SA | &nbsp;&nbsp; 3892407 | 194814 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chile (continued)** | **Chile (continued)** | **Chile (continued)** |
| Colbun SA | &nbsp;&nbsp; 2260576 | $340148 |
| Empresa Nacional de Telecomunicaciones SA | &nbsp;&nbsp; 49876 | 172918 |
| Engie Energia Chile SA | &nbsp;&nbsp; 156586 | 196307 |
| Inversiones La Construccion SA | &nbsp;&nbsp; 10208 | 134172 |
| Parque Arauco SA | &nbsp;&nbsp; 177216 | 408746 |
| SMU SA | &nbsp;&nbsp; 994150 | 169918 |
| Vina Concha y Toro SA | &nbsp;&nbsp; 134271 | 155264 |
|  |  | 2658623 |
| **China — 12.5%** | **China — 12.5%** | **China — 12.5%** |
| 361 Degrees International Ltd. | &nbsp;&nbsp; 288000 | 235746 |
| Abbisko Cayman Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 118000 | 259694 |
| AK Medical Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 236000 | 170574 |
| Alphamab Oncology<sup>(a)(b)</sup> | &nbsp;&nbsp; 118000 | 140523 |
| ANE Cayman Inc.<sup>(a)</sup> | &nbsp;&nbsp; 177000 | 190498 |
| Angelalign Technology Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 23600 | 219606 |
| Anhui Expressway Co. Ltd., Class H | &nbsp;&nbsp; 118000 | 178120 |
| Anxin-China Holdings Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 1084000 | 1 |
| Ascentage Pharma Group International<sup>(a)(b)</sup> | &nbsp;&nbsp; 64900 | 695061 |
| AsiaInfo Technologies Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 94400 | 125424 |
| Atour Lifestyle Holdings Ltd., ADR | &nbsp;&nbsp; 9553 | 371807 |
| BAIC Motor Corp. Ltd., Class H<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 472025 | 124523 |
| BBMG Corp., Class H | &nbsp;&nbsp; 590000 | 63003 |
| Beijing Capital International Airport Co. Ltd., <br> Class H<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 590000 | 224107 |
| Beijing Fourth Paradigm Technology Co. Ltd., <br> Class H<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 29500 | 231609 |
| Beijing Jingneng Clean Energy Co. Ltd., Class H | &nbsp;&nbsp; 590000 | 180427 |
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | &nbsp;&nbsp; 118000 | 139012 |
| Blue Moon Group Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 330000 | 141191 |
| BOE Varitronix Ltd. | &nbsp;&nbsp; 295000 | 230864 |
| Boshiwa International Holding Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 32000 |  |
| Brilliance China Automotive Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 826000 | 423114 |
| Canggang Railway Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 354000 | 60850 |
| CGN Mining Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 885000 | 315637 |
| CGN New Energy Holdings Co. Ltd. | &nbsp;&nbsp; 590000 | 184351 |
| Chervon Holdings Ltd. | &nbsp;&nbsp; 76700 | 220787 |
| China Animal Healthcare Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 126000 |  |
| China BlueChemical Ltd., Class H | &nbsp;&nbsp; 458000 | 143613 |
| China Bohai Bank Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 708000 | 92908 |
| China Conch Venture Holdings Ltd. | &nbsp;&nbsp; 383500 | 509644 |
| China Datang Corp. Renewable Power Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 685000 | 210567 |
| China East Education Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 177000 | 183690 |
| China Education Group Holdings Ltd. | &nbsp;&nbsp; 295000 | 108331 |
| China Everbright Environment Group Ltd. | &nbsp;&nbsp; 1031000 | 581409 |
| China Everbright Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 242000 | 277664 |
| China Foods Ltd. | &nbsp;&nbsp; 236000 | 120697 |
| China Gold International Resources Corp. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 66000 | 935514 |
| China Huiyuan Juice Group Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 379000 |  |
| China Jinmao Holdings Group Ltd. | &nbsp;&nbsp; 1476000 | 278685 |
| China Lesso Group Holdings Ltd. | &nbsp;&nbsp; 295000 | 183226 |
| China Lilang Ltd. | &nbsp;&nbsp; 413000 | 200791 |
| China Medical System Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 373000 | 625853 |
| China Metal Recycling Holdings Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 12000 |  |
| China Modern Dairy Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 767000 | 129128 |
| China Nonferrous Mining Corp Ltd. | &nbsp;&nbsp; 413000 | 553046 |
| China Overseas Grand Oceans Group Ltd. | &nbsp;&nbsp; 354000 | 103096 |
| China Overseas Property Holdings Ltd. | &nbsp;&nbsp; 295000 | 202825 |
| China Resources Building Materials Technology <br> Holdings Ltd.<br>| &nbsp;&nbsp; 708000 | 168871 |
| China Resources Medical Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 295000 | 138350 |
| China Risun Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 514000 | 160883 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Shineway Pharmaceutical Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 59000 | $65520 |
| China Tobacco International HK Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 59000 | 310861 |
| China Traditional Chinese Medicine Holdings Co. Ltd. | &nbsp;&nbsp; 708000 | 199323 |
| China Travel International Investment Hong Kong <br> Ltd.<sup>(c)</sup><br>| &nbsp;&nbsp; 472000 | 91678 |
| China Water Affairs Group Ltd. | &nbsp;&nbsp; 236000 | 188495 |
| China XLX Fertiliser Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 250000 | 237172 |
| China Youran Dairy Group Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 236000 | 118201 |
| Chinasoft International Ltd. | &nbsp;&nbsp; 590000 | 499363 |
| CIMC Enric Holdings Ltd. | &nbsp;&nbsp; 118000 | 109289 |
| COFCO Joycome Foods Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 708000 | 163739 |
| Concord New Energy Group Ltd. | &nbsp;&nbsp; 1770000 | 89686 |
| Consun Pharmaceutical Group Ltd. | &nbsp;&nbsp; 118000 | 226087 |
| COSCO Shipping Ports Ltd. | &nbsp;&nbsp; 354000 | 257020 |
| Country Garden Services Holdings Co. Ltd. | &nbsp;&nbsp; 590000 | 493893 |
| CSG Holding Co. Ltd., Class B | &nbsp;&nbsp; 442500 | 105509 |
| CStone Pharmaceuticals<sup>(a)(b)</sup> | &nbsp;&nbsp; 236000 | 327180 |
| Damai Entertainment Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3450000 | 517046 |
| Daqo New Energy Corp., ADR<sup>(a)</sup> | &nbsp;&nbsp; 14081 | 356953 |
| Dongyue Group Ltd. | &nbsp;&nbsp; 354000 | 591583 |
| DPC Dash Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17700 | 202214 |
| Duality Biotherapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5900 | 238861 |
| East Buy Holding Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 118000 | 411699 |
| Everest Medicines Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 59000 | 482924 |
| Evergrande Property Services Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1440000 | 165088 |
| Fenbi Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 324500 | 130778 |
| FIH Mobile Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 88500 | 174150 |
| FinVolution Group, ADR | &nbsp;&nbsp; 36757 | 303245 |
| First Tractor Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 354000 | 339903 |
| Fu Shou Yuan International Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 401000 | 171716 |
| Fufeng Group Ltd. | &nbsp;&nbsp; 413400 | 494580 |
| Gemdale Properties & Investment Corp. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1534000 | 50544 |
| Genertec Universal Medical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 265500 | 207077 |
| Global New Material International Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 236000 | 142320 |
| Grand Pharmaceutical Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 295000 | 357133 |
| Greentown China Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 265500 | 335411 |
| Greentown Service Group Co. Ltd. | &nbsp;&nbsp; 420000 | 268624 |
| Gushengtang Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 53100 | 222587 |
| Haichang Ocean Park Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 826000 | 78675 |
| Hangzhou SF Intra-City Industrial Co. Ltd., <br> Class H<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 70800 | 136777 |
| Harbin Electric Co. Ltd., Class H | &nbsp;&nbsp; 236000 | 244927 |
| HBM Holdings Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 177000 | 335302 |
| Hello Group Inc., ADR | &nbsp;&nbsp; 38222 | 317243 |
| Hopson Development Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 289187 | 131322 |
| Hua Han Health Industry Holdings Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 1112400 | 1 |
| HUTCHMED China Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 147500 | 450484 |
| Hygeia Healthcare Holdings Co. Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 106200 | 204463 |
| InnoCare Pharma Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 177000 | 385099 |
| iQIYI Inc., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 120550 | 319458 |
| JF SmartInvest Holdings Ltd. | &nbsp;&nbsp; 29500 | 290876 |
| Jinchuan Group International Resources Co. Ltd.<sup>(c)(d)</sup> | &nbsp;&nbsp; 1096000 | 80982 |
| JinkoSolar Holding Co. Ltd., ADR | &nbsp;&nbsp; 9322 | 215059 |
| Jinxin Fertility Group Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 531000 | 197527 |
| Jiumaojiu International Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 240000 | 74688 |
| JOYY Inc., ADR | &nbsp;&nbsp; 7670 | 414640 |
| Kangji Medical Holdings Ltd. | &nbsp;&nbsp; 236000 | 262741 |
| Keymed Biosciences Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 59000 | 523867 |
| Kinetic Development Group Ltd. | &nbsp;&nbsp; 590000 | 91145 |
| Kingboard Holdings Ltd. | &nbsp;&nbsp; 184000 | 677256 |
| Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 265500 | 452664 |
| Kingsoft Cloud Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 590900 | 588213 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Lee & Man Paper Manufacturing Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 402000 | $152379 |
| Legend Holdings Corp., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 177000 | 267032 |
| Lepu Biopharma Co. Ltd., Class H<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 236000 | 264015 |
| Lifetech Scientific Corp. <sup>(a)</sup> | &nbsp;&nbsp; 826000 | 207297 |
| Lingbao Gold Group Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 118000 | 218450 |
| Lonking Holdings Ltd. | &nbsp;&nbsp; 708000 | 246154 |
| Lufax Holding Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 64637 | 190033 |
| Luye Pharma Group Ltd. <sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 560500 | 260233 |
| Maanshan Iron & Steel Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 354000 | 109789 |
| Maoyan Entertainment<sup>(b)(c)</sup> | &nbsp;&nbsp; 118000 | 117907 |
| MH Development Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 32500 |  |
| MicroPort NeuroScientific Corp.<sup>(c)</sup> | &nbsp;&nbsp; 59000 | 99158 |
| Microport Scientific Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 264300 | 413417 |
| Ming Yuan Cloud Group Holdings Ltd. | &nbsp;&nbsp; 295000 | 150474 |
| Minth Group Ltd. | &nbsp;&nbsp; 216000 | 917633 |
| National Agricultural Holdings Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 354000 |  |
| NetDragon Websoft Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 88500 | 118737 |
| New Horizon Health Ltd.<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 91000 | 115546 |
| Newborn Town Inc.<sup>(a)</sup> | &nbsp;&nbsp; 118000 | 187311 |
| Nexteer Automotive Group Ltd. | &nbsp;&nbsp; 236000 | 208652 |
| Nine Dragons Paper Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 453000 | 329388 |
| Noah Holdings Ltd., ADR | &nbsp;&nbsp; 11022 | 137224 |
| Onewo Inc., Class H | &nbsp;&nbsp; 59000 | 190968 |
| Ping An Healthcare and Technology Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 230100 | 614544 |
| Poly Property Group Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 531000 | 109494 |
| Poly Property Services Co. Ltd., Class H | &nbsp;&nbsp; 35400 | 160171 |
| Q Technology Group Co. Ltd. | &nbsp;&nbsp; 118000 | 244414 |
| Radiance Holdings Group Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 236000 | 82457 |
| Remegen Co. Ltd., Class H<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 59000 | 746852 |
| RLX Technology Inc., ADR | &nbsp;&nbsp; 84606 | 214899 |
| RoboSense Technology Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 59000 | 304797 |
| Sany Heavy Equipment International Holdings <br> Co. Ltd.<br>| &nbsp;&nbsp; 354000 | 313041 |
| Seazen Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 690000 | 220969 |
| Shandong BoAn Biotechnology Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 59000 | 104998 |
| Shanghai Chicmax Cosmetic Co. Ltd. | &nbsp;&nbsp; 17700 | 206483 |
| Shanghai Conant Optical Co. Ltd., Class H | &nbsp;&nbsp; 48500 | 300065 |
| Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp; 118000 | 219248 |
| Shanghai MicroPort MedBot Group Co. Ltd., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 90000 | 235862 |
| Shenzhen International Holdings Ltd. | &nbsp;&nbsp; 383500 | 386903 |
| Shenzhen Investment Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 804000 | 86776 |
| Shoucheng Holdings Ltd. | &nbsp;&nbsp; 591200 | 143798 |
| Shougang Fushan Resources Group Ltd. | &nbsp;&nbsp; 590000 | 208745 |
| Shui On Land Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 917500 | 89626 |
| Sihuan Pharmaceutical Holdings Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1180000 | 221853 |
| Simcere Pharmaceutical Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 177000 | 320989 |
| Sinofert Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 826000 | 149788 |
| Sinopec Engineering Group Co. Ltd., Class H | &nbsp;&nbsp; 383500 | 343270 |
| Sinopec Kantons Holdings Ltd. | &nbsp;&nbsp; 354000 | 192996 |
| Skyworth Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 226800 | 101110 |
| SSY Group Ltd. | &nbsp;&nbsp; 354000 | 129289 |
| Sun Art Retail Group Ltd. | &nbsp;&nbsp; 610000 | 159231 |
| Sunac China Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1888000 | 372150 |
| Superb Summit International Group Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 11913 |  |
| SY Holdings Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 147500 | 225717 |
| TCL Electronics Holdings Ltd. | &nbsp;&nbsp; 295000 | 408604 |
| Tiangong International Co. Ltd. | &nbsp;&nbsp; 472000 | 152096 |
| Tianli International Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 354000 | 172107 |
| Tianneng Power International Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 236000 | 245933 |
| Tong Ren Tang Technologies Co. Ltd., Class H | &nbsp;&nbsp; 177000 | 112773 |
| Tongguan Gold Group Ltd. | &nbsp;&nbsp; 224000 | 57742 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Topsports International Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 531000 | $220874 |
| Towngas Smart Energy Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 286000 | 147469 |
| Tuhu Car Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 54000 | 139579 |
| Tuya Inc. | &nbsp;&nbsp; 61246 | 162914 |
| UBTech Robotics Corp. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 29500 | 364776 |
| Untrade SMI Holdings, NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 468800 | 1 |
| Untradelumena Newmat, NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 5249 |  |
| Up Fintech Holding Ltd., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 29323 | 366538 |
| Vnet Group Inc., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 20213 | 175045 |
| Wanguo Gold Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 54000 | 210726 |
| Wasion Holdings Ltd. | &nbsp;&nbsp; 118000 | 175333 |
| Weibo Corp., ADR | &nbsp;&nbsp; 23600 | 270456 |
| Weifu High-Technology Group Co. Ltd., Class B | &nbsp;&nbsp; 53116 | 92430 |
| Weimob Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 885000 | 300649 |
| West China Cement Ltd. | &nbsp;&nbsp; 590000 | 201601 |
| XD Inc. | &nbsp;&nbsp; 82600 | 862091 |
| Xinte Energy Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 118000 | 103209 |
| XtalPi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 354000 | 468589 |
| Xtep International Holdings Ltd. | &nbsp;&nbsp; 413000 | 353003 |
| XXF Group Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 150000 | 134693 |
| Yangtze Optical Fibre & Cable Joint Stock Co. Ltd., <br> Class H<sup>(b)</sup><br>| &nbsp;&nbsp; 59000 | 400479 |
| Yidu Tech Inc. <sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 175500 | 137046 |
| Yihai International Holding Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 177000 | 312519 |
| Yixin Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 442500 | 181562 |
| Yuexiu Property Co. Ltd. | &nbsp;&nbsp; 354000 | 225797 |
| Yuexiu REIT | &nbsp;&nbsp; 944000 | 114108 |
| Yuexiu Transport Infrastructure Ltd. | &nbsp;&nbsp; 354000 | 194812 |
| Zai Lab Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 259600 | 864115 |
| ZhongAn Online P&C Insurance Co. Ltd., <br> Class H<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 253700 | 646864 |
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 177000 | 367223 |
| Zhongyu Energy Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 177000 | 84918 |
| Zhou Hei Ya International Holdings Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 383500 | 120657 |
| Zonqing Environmental Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 118000 | 71749 |
|  |  | 48889593 |
| **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** |
| Cementos Argos SA | &nbsp;&nbsp; 157294 | 390372 |
| Grupo Argos SA | &nbsp;&nbsp; 83426 | 358853 |
| Grupo de Inversiones Suramericana SA | &nbsp;&nbsp; 32096 | 370395 |
|  |  | 1119620 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| Colt CZ Group SE | &nbsp;&nbsp; 3894 | 134352 |
| Philip Morris CR AS | &nbsp;&nbsp; 135 | 115591 |
|  |  | 249943 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Abou Kir Fertilizers & Chemical Industries | &nbsp;&nbsp; 76260 | 82571 |
| EFG Holding S.A.E.<sup>(a)</sup> | &nbsp;&nbsp; 264792 | 142222 |
| Fawry for Banking & Payment Technology <br> Services SAE<sup>(a)</sup><br>| &nbsp;&nbsp; 464815 | 132065 |
| Telecom Egypt Co. | &nbsp;&nbsp; 154700 | 147566 |
|  |  | 504424 |
| **Greece — 0.8%** | **Greece — 0.8%** | **Greece — 0.8%** |
| Aegean Airlines SA | &nbsp;&nbsp; 9790 | 164378 |
| Aktor SA Holding Co. Technical & Energy Projects<sup>(a)</sup> | &nbsp;&nbsp; 10887 | 99184 |
| Athens International Airport SA | &nbsp;&nbsp; 15621 | 194081 |
| Athens Water Supply & Sewage Co. SA | &nbsp;&nbsp; 11091 | 94024 |
| GEK TERNA SA | &nbsp;&nbsp; 16472 | 431802 |
| HELLENiQ ENERGY Holdings SA | &nbsp;&nbsp; 23622 | 237388 |
| Holding Co. ADMIE IPTO SA | &nbsp;&nbsp; 31860 | 127184 |
| LAMDA Development SA<sup>(a)</sup> | &nbsp;&nbsp; 20274 | 175392 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Greece (continued)** | **Greece (continued)** | **Greece (continued)** |
| Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp; 15428 | $454727 |
| Optima bank SA | &nbsp;&nbsp; 52908 | 483416 |
| Sarantis SA | &nbsp;&nbsp; 10162 | 173572 |
| Titan SA | &nbsp;&nbsp; 10962 | 476033 |
|  |  | 3111181 |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |
| Xinyi Energy Holdings Ltd. | &nbsp;&nbsp; 590000 | 96303 |
| **Hungary — 0.2%** | **Hungary — 0.2%** | **Hungary — 0.2%** |
| Magyar Telekom Telecommunications PLC | &nbsp;&nbsp; 102275 | 581027 |
| Opus Global Nyrt | &nbsp;&nbsp; 71331 | 122192 |
|  |  | 703219 |
| **India — 24.8%** | **India — 24.8%** | **India — 24.8%** |
| 360 ONE WAM Ltd. | &nbsp;&nbsp; 48821 | 564108 |
| 3M India Ltd. | &nbsp;&nbsp; 826 | 287836 |
| Aadhar Housing Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 27789 | 158468 |
| Aarti Industries Ltd. | &nbsp;&nbsp; 50563 | 215495 |
| Aarti Pharmalabs Ltd. | &nbsp;&nbsp; 13334 | 127261 |
| Aavas Financiers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10797 | 186112 |
| Acme Solar Holdings Ltd. | &nbsp;&nbsp; 31152 | 100512 |
| Action Construction Equipment Ltd. | &nbsp;&nbsp; 13393 | 159755 |
| Acutaas Chemicals Ltd. | &nbsp;&nbsp; 13098 | 208852 |
| Aditya Birla Fashion and Retail Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 125679 | 110270 |
| Aditya Birla Lifestyle Brands Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 107616 | 164687 |
| Aditya Birla Real Estate Ltd. | &nbsp;&nbsp; 13865 | 275360 |
| Aditya Vision Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 41713 | 237969 |
| Advent Hotels International Pvt Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 2572 | 9116 |
| Aegis Logistics Ltd. | &nbsp;&nbsp; 40533 | 309140 |
| Afcons Infrastructure Ltd. | &nbsp;&nbsp; 42233 | 200165 |
| Affle 3i Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18843 | 407582 |
| AGI Greenpac Ltd. | &nbsp;&nbsp; 7552 | 76488 |
| Ahluwalia Contracts India Ltd. | &nbsp;&nbsp; 9381 | 97935 |
| AIA Engineering Ltd. | &nbsp;&nbsp; 11446 | 396401 |
| Ajanta Pharma Ltd. | &nbsp;&nbsp; 11020 | 309659 |
| Alembic Pharmaceuticals Ltd. | &nbsp;&nbsp; 14001 | 148740 |
| Alivus Life Sciences Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7257 | 77766 |
| Alkyl Amines Chemicals | &nbsp;&nbsp; 5723 | 130105 |
| Alok Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 441615 | 87369 |
| Amara Raja Energy & Mobility Ltd. | &nbsp;&nbsp; 30916 | 347604 |
| Amber Enterprises India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5297 | 436267 |
| Anand Rathi Wealth Ltd. | &nbsp;&nbsp; 9794 | 310222 |
| Anant Raj Ltd. | &nbsp;&nbsp; 33807 | 198139 |
| Angel One Ltd. | &nbsp;&nbsp; 12390 | 310572 |
| Anup Engineering Ltd. (The) | &nbsp;&nbsp; 5133 | 128715 |
| Apar Industries Ltd. | &nbsp;&nbsp; 4897 | 429571 |
| Apollo Tyres Ltd. | &nbsp;&nbsp; 77585 | 406396 |
| Aptus Value Housing Finance India Ltd. | &nbsp;&nbsp; 80358 | 289555 |
| Archean Chemical Industries Ltd. | &nbsp;&nbsp; 17346 | 129128 |
| Arvind Fashions Ltd. | &nbsp;&nbsp; 14042 | 82712 |
| Arvind Ltd. | &nbsp;&nbsp; 49090 | 156514 |
| Asahi India Glass Ltd. | &nbsp;&nbsp; 21650 | 205499 |
| Aster DM Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 62009 | 422676 |
| AstraZeneca Pharma India Ltd. | &nbsp;&nbsp; 1593 | 152996 |
| Atul Ltd. | &nbsp;&nbsp; 3540 | 251964 |
| AurionPro Solutions Ltd. | &nbsp;&nbsp; 5882 | 88411 |
| Authum Investment & Infrastucture Ltd. | &nbsp;&nbsp; 8555 | 313958 |
| Avanti Feeds Ltd. | &nbsp;&nbsp; 17169 | 125183 |
| AWL Agri Business Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 84208 | 240157 |
| Bajaj Electricals Ltd. | &nbsp;&nbsp; 11269 | 72823 |
| Balrampur Chini Mills Ltd. | &nbsp;&nbsp; 36799 | 223835 |
| Bandhan Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 188623 | 346115 |
| BASF India Ltd. | &nbsp;&nbsp; 3186 | 166318 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Bata India Ltd. | &nbsp;&nbsp; 12567 | $156445 |
| Bayer CropScience Ltd. | &nbsp;&nbsp; 4071 | 241574 |
| BEML Ltd., (Acquired 02/10/22, Cost: $118,754)<sup>(e)</sup> | &nbsp;&nbsp; 5487 | 238795 |
| Biocon Ltd. | &nbsp;&nbsp; 140479 | 554956 |
| Birla Corp. Ltd. | &nbsp;&nbsp; 8622 | 122400 |
| Birlasoft Ltd. | &nbsp;&nbsp; 47995 | 200182 |
| Black Box Ltd. | &nbsp;&nbsp; 9263 | 47459 |
| BLS International Services Ltd. | &nbsp;&nbsp; 34279 | 142661 |
| Blue Dart Express Ltd. | &nbsp;&nbsp; 1947 | 123796 |
| Blue Star Ltd. | &nbsp;&nbsp; 36757 | 784968 |
| Bombay Burmah Trading Co. | &nbsp;&nbsp; 4779 | 95106 |
| Bondada Engineering Ltd. | &nbsp;&nbsp; 23600 | 105492 |
| Borosil Renewables Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18479 | 115573 |
| Brigade Enterprises Ltd. | &nbsp;&nbsp; 38409 | 402192 |
| Brookfield India Real Estate Trust<sup>(b)</sup> | &nbsp;&nbsp; 90624 | 328334 |
| Campus Activewear Ltd. | &nbsp;&nbsp; 29382 | 88119 |
| Can Fin Homes Ltd. | &nbsp;&nbsp; 23836 | 194163 |
| Carborundum Universal Ltd. | &nbsp;&nbsp; 31093 | 321764 |
| Cartrade Tech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9514 | 258799 |
| Castrol India Ltd. | &nbsp;&nbsp; 106742 | 238787 |
| CCL Products India Ltd. | &nbsp;&nbsp; 25488 | 252188 |
| CE Info Systems Ltd. | &nbsp;&nbsp; 7316 | 136381 |
| Ceat Ltd. | &nbsp;&nbsp; 6608 | 234804 |
| Cello World Ltd. | &nbsp;&nbsp; 15517 | 94907 |
| Central Depository Services India Ltd. | &nbsp;&nbsp; 27789 | 449042 |
| Century Plyboards India Ltd. | &nbsp;&nbsp; 18054 | 152832 |
| Cera Sanitaryware Ltd. | &nbsp;&nbsp; 1593 | 114087 |
| CESC Ltd. | &nbsp;&nbsp; 179825 | 310415 |
| Chalet Hotels Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24308 | 278335 |
| Chambal Fertilisers and Chemicals Ltd. | &nbsp;&nbsp; 46913 | 287315 |
| Chemplast Sanmar Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 25524 | 123704 |
| Chennai Petroleum Corp. Ltd. | &nbsp;&nbsp; 14750 | 107975 |
| Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp; 26373 | 516018 |
| CIE Automotive India Ltd. | &nbsp;&nbsp; 43129 | 188261 |
| City Union Bank Ltd. | &nbsp;&nbsp; 104946 | 233342 |
| Clean Science & Technology Ltd. | &nbsp;&nbsp; 7198 | 95916 |
| CMS Info Systems Ltd. | &nbsp;&nbsp; 45017 | 209440 |
| Coforge Ltd. | &nbsp;&nbsp; 82895 | 1619597 |
| Cohance Lifesciences Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 28517 | 284369 |
| Computer Age Management Services Ltd. | &nbsp;&nbsp; 11988 | 504070 |
| Concord Biotech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6077 | 116051 |
| Craftsman Automation Ltd. | &nbsp;&nbsp; 3372 | 264204 |
| CreditAccess Grameen Ltd. | &nbsp;&nbsp; 16115 | 255714 |
| CRISIL Ltd. | &nbsp;&nbsp; 5310 | 300184 |
| Crompton Greaves Consumer Electricals Ltd. | &nbsp;&nbsp; 169566 | 634702 |
| Cyient Ltd. | &nbsp;&nbsp; 22361 | 296322 |
| Data Patterns India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7729 | 210746 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | &nbsp;&nbsp; 18264 | 287433 |
| Deepak Nitrite Ltd. | &nbsp;&nbsp; 16284 | 330694 |
| Delhivery Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 137116 | 728102 |
| Devyani International Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 120714 | 238688 |
| Doms Industries Ltd. | &nbsp;&nbsp; 3540 | 97640 |
| Dr Lal PathLabs Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10207 | 382917 |
| eClerx Services Ltd. | &nbsp;&nbsp; 6884 | 329556 |
| Edelweiss Financial Services Ltd. | &nbsp;&nbsp; 140783 | 171026 |
| EID Parry India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 31292 | 399616 |
| EIH Ltd. | &nbsp;&nbsp; 64487 | 292062 |
| Elecon Engineering Co. Ltd. | &nbsp;&nbsp; 24637 | 154400 |
| Electrosteel Castings Ltd. | &nbsp;&nbsp; 96111 | 106293 |
| Elgi Equipments Ltd. | &nbsp;&nbsp; 53553 | 286605 |
| Emami Ltd. | &nbsp;&nbsp; 52087 | 339112 |
| Embassy Developments Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 140774 | 149512 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Embassy Office Parks REIT | &nbsp;&nbsp; 219598 | $966277 |
| Endurance Technologies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9993 | 325139 |
| Engineers India Ltd. | &nbsp;&nbsp; 83839 | 188612 |
| Epigral Ltd. | &nbsp;&nbsp; 4071 | 83689 |
| EPL Ltd. | &nbsp;&nbsp; 44250 | 112733 |
| Equitas Small Finance Bank Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 143802 | 81991 |
| Eris Lifesciences Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 14042 | 286662 |
| Ethos Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3186 | 81684 |
| Exide Industries Ltd. | &nbsp;&nbsp; 115404 | 518919 |
| Federal Bank Ltd. | &nbsp;&nbsp; 495482 | 1077658 |
| Fine Organic Industries Ltd. | &nbsp;&nbsp; 2514 | 133907 |
| Finolex Cables Ltd. | &nbsp;&nbsp; 19411 | 180660 |
| Finolex Industries Ltd. | &nbsp;&nbsp; 71980 | 173178 |
| Firstsource Solutions Ltd. | &nbsp;&nbsp; 93574 | 372420 |
| Five-Star Business Finance Ltd. | &nbsp;&nbsp; 48734 | 301318 |
| Force Motors Ltd. | &nbsp;&nbsp; 1239 | 273719 |
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 134107 | 1385849 |
| Gabriel India Ltd. | &nbsp;&nbsp; 16697 | 218344 |
| Ganesha Ecosphere Ltd. | &nbsp;&nbsp; 4012 | 60587 |
| Garden Reach Shipbuilders & Engineers Ltd. | &nbsp;&nbsp; 7864 | 209605 |
| Garware Hi-Tech Films Ltd. | &nbsp;&nbsp; 2580 | 78931 |
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 31565 | 994359 |
| Genus Power Infrastructures Ltd. | &nbsp;&nbsp; 22326 | 83014 |
| GHCL Ltd. | &nbsp;&nbsp; 18644 | 116925 |
| Gillette India Ltd. | &nbsp;&nbsp; 2301 | 263407 |
| Gland Pharma Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10089 | 213960 |
| GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp; 11446 | 361416 |
| Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp; 38455 | 838506 |
| Global Health Ltd. | &nbsp;&nbsp; 21299 | 331711 |
| GMM Pfaudler Ltd. | &nbsp;&nbsp; 11151 | 148955 |
| Go Digit General Insurance Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 70741 | 286884 |
| Go Fashion India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11918 | 95410 |
| Godawari Power and Ispat Ltd. | &nbsp;&nbsp; 80771 | 213138 |
| Godfrey Phillips India Ltd. | &nbsp;&nbsp; 3363 | 419280 |
| Gokaldas Exports Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17641 | 134926 |
| Granules India Ltd. | &nbsp;&nbsp; 38822 | 216782 |
| Graphite India Ltd. | &nbsp;&nbsp; 25408 | 147241 |
| Gravita India Ltd. | &nbsp;&nbsp; 6726 | 123641 |
| Great Eastern Shipping Co. Ltd. (The) | &nbsp;&nbsp; 27553 | 289680 |
| Grindwell Norton Ltd. | &nbsp;&nbsp; 11889 | 210810 |
| Gujarat Ambuja Exports Ltd. | &nbsp;&nbsp; 59354 | 69633 |
| Gujarat Fluorochemicals Ltd. | &nbsp;&nbsp; 7434 | 287816 |
| Gujarat Gas Ltd. | &nbsp;&nbsp; 37052 | 176367 |
| Gujarat Mineral Development Corp. Ltd. | &nbsp;&nbsp; 26137 | 119853 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | &nbsp;&nbsp; 23010 | 136356 |
| Gujarat Pipavav Port Ltd. | &nbsp;&nbsp; 68464 | 115772 |
| Gujarat State Fertilizers & Chemicals Ltd. | &nbsp;&nbsp; 65018 | 145650 |
| Gujarat State Petronet Ltd. | &nbsp;&nbsp; 75933 | 249591 |
| Happiest Minds Technologies Ltd. | &nbsp;&nbsp; 23482 | 150455 |
| HBL Engineering Ltd. | &nbsp;&nbsp; 32091 | 294204 |
| Hexaware Technologies Ltd. | &nbsp;&nbsp; 30680 | 263559 |
| HFCL Ltd. | &nbsp;&nbsp; 220377 | 175526 |
| HG Infra Engineering Ltd. | &nbsp;&nbsp; 6903 | 76034 |
| Himadri Speciality Chemical Ltd. | &nbsp;&nbsp; 50386 | 254768 |
| Hindustan Construction Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 364797 | 104786 |
| Hindustan Copper Ltd. | &nbsp;&nbsp; 85255 | 222480 |
| Hindustan Foods Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18290 | 108908 |
| Home First Finance Co. India Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 18762 | 259374 |
| Honasa Consumer Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 41418 | 137567 |
| IFCI Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 173696 | 100706 |
| IIFL Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 62453 | 302692 |
| IIFL Securities Ltd. | &nbsp;&nbsp; 33258 | 111819 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Indegene Ltd. | &nbsp;&nbsp; 22243 | $136800 |
| India Cements Ltd. (The)<sup>(a)</sup> | &nbsp;&nbsp; 12095 | 52387 |
| IndiaMART Intermesh Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8614 | 253768 |
| Indian Energy Exchange Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 123871 | 196442 |
| Indraprastha Gas Ltd. | &nbsp;&nbsp; 147462 | 345895 |
| Infibeam Avenues Ltd. | &nbsp;&nbsp; 523920 | 92918 |
| Inox Wind Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 187679 | 294281 |
| Intellect Design Arena Ltd. | &nbsp;&nbsp; 23541 | 260929 |
| Inventurus Knowledge Solutions Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10974 | 188387 |
| ION Exchange India Ltd. | &nbsp;&nbsp; 25695 | 121712 |
| Ipca Laboratories Ltd. | &nbsp;&nbsp; 36795 | 577565 |
| IRB Infrastructure Developers Ltd. | &nbsp;&nbsp; 496308 | 241529 |
| IRCON International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 108324 | 197219 |
| ITC Hotels Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 165082 | 446687 |
| ITD Cementation India Ltd. | &nbsp;&nbsp; 16461 | 132312 |
| Jaiprakash Power Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1056749 | 220368 |
| Jammu & Kashmir Bank Ltd. (The) | &nbsp;&nbsp; 110389 | 123870 |
| JB Chemicals & Pharmaceuticals Ltd. | &nbsp;&nbsp; 18821 | 367958 |
| JBM Auto Ltd. | &nbsp;&nbsp; 17346 | 117061 |
| Jindal Saw Ltd. | &nbsp;&nbsp; 63838 | 142960 |
| JK Cement Ltd. | &nbsp;&nbsp; 9499 | 748887 |
| JK Lakshmi Cement Ltd. | &nbsp;&nbsp; 17582 | 183792 |
| JK Paper Ltd. | &nbsp;&nbsp; 23128 | 98309 |
| JK Tyre & Industries Ltd. | &nbsp;&nbsp; 34515 | 125602 |
| JM Financial Ltd. | &nbsp;&nbsp; 124726 | 250848 |
| JSW Holdings Ltd./India<sup>(a)</sup> | &nbsp;&nbsp; 828 | 163646 |
| Jubilant Ingrevia Ltd. | &nbsp;&nbsp; 23135 | 189907 |
| Jubilant Pharmova Ltd. | &nbsp;&nbsp; 20178 | 234160 |
| Jupiter Life Line Hospitals Ltd. | &nbsp;&nbsp; 4447 | 71093 |
| Jupiter Wagons Ltd. | &nbsp;&nbsp; 45784 | 165032 |
| Just Dial Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7257 | 66532 |
| Jyothy Labs Ltd. | &nbsp;&nbsp; 40474 | 156258 |
| Jyoti CNC Automation Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14868 | 153600 |
| Kajaria Ceramics Ltd. | &nbsp;&nbsp; 22985 | 315823 |
| Kalpataru Projects International Ltd. | &nbsp;&nbsp; 29559 | 419387 |
| Kansai Nerolac Paints Ltd. | &nbsp;&nbsp; 54988 | 149673 |
| Karnataka Bank Ltd. (The) | &nbsp;&nbsp; 38822 | 75540 |
| Karur Vysya Bank Ltd. (The) | &nbsp;&nbsp; 135844 | 329718 |
| Kaynes Technology India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6844 | 474232 |
| KEC International Ltd. | &nbsp;&nbsp; 35813 | 327898 |
| KEI Industries Ltd. | &nbsp;&nbsp; 17582 | 760678 |
| Kfin Technologies Ltd. | &nbsp;&nbsp; 23954 | 277834 |
| Kirloskar Brothers Ltd. | &nbsp;&nbsp; 6416 | 141198 |
| Kirloskar Ferrous Industries Ltd. | &nbsp;&nbsp; 17700 | 110229 |
| Kirloskar Oil Engines Ltd. | &nbsp;&nbsp; 23364 | 238655 |
| Kirloskar Pneumatic Co. Ltd. | &nbsp;&nbsp; 11878 | 164311 |
| KNR Constructions Ltd. | &nbsp;&nbsp; 51094 | 110554 |
| KPI Green Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 30177 | 164695 |
| KPIT Technologies Ltd. | &nbsp;&nbsp; 44545 | 601133 |
| KPR Mill Ltd. | &nbsp;&nbsp; 28234 | 316263 |
| KRBL Ltd. | &nbsp;&nbsp; 21653 | 105859 |
| Krishna Institute of Medical Sciences Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 67083 | 550438 |
| KSB Ltd. | &nbsp;&nbsp; 20060 | 188153 |
| L&T Finance Ltd. | &nbsp;&nbsp; 217887 | 536716 |
| Laurus Labs Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 92925 | 902834 |
| Laxmi Organic Industries Ltd. | &nbsp;&nbsp; 40415 | 92644 |
| Lemon Tree Hotels Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 142544 | 268143 |
| LIC Housing Finance Ltd. | &nbsp;&nbsp; 75402 | 474955 |
| Lloyds Engineering Works Ltd. | &nbsp;&nbsp; 163666 | 116968 |
| LMW Ltd. | &nbsp;&nbsp; 1003 | 160401 |
| LT Foods Ltd. | &nbsp;&nbsp; 48026 | 229708 |
| Mahanagar Gas Ltd. | &nbsp;&nbsp; 14219 | 201796 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Maharashtra Scooters Ltd. | &nbsp;&nbsp; 649 | $116718 |
| Maharashtra Seamless Ltd. | &nbsp;&nbsp; 15930 | 115934 |
| Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp; 139712 | 402415 |
| Mahindra Lifespace Developers Ltd. | &nbsp;&nbsp; 33630 | 133528 |
| Man Infraconstruction Ltd. | &nbsp;&nbsp; 29205 | 52202 |
| Manappuram Finance Ltd. | &nbsp;&nbsp; 142688 | 422888 |
| Marksans Pharma Ltd. | &nbsp;&nbsp; 54030 | 103350 |
| Mastek Ltd. | &nbsp;&nbsp; 5782 | 159029 |
| Max Estates Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16225 | 81591 |
| Max Financial Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 71036 | 1290253 |
| Medplus Health Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 19747 | 188517 |
| Metropolis Healthcare Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8622 | 214103 |
| Minda Corp. Ltd. | &nbsp;&nbsp; 21537 | 121960 |
| Mindspace Business Parks REIT<sup>(b)</sup> | &nbsp;&nbsp; 58882 | 282408 |
| Mishra Dhatu Nigam Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 19706 | 80809 |
| Motherson Sumi Wiring India Ltd. | &nbsp;&nbsp; 792606 | 374111 |
| Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 39766 | 386842 |
| Mrs Bectors Food Specialities Ltd. | &nbsp;&nbsp; 9064 | 141691 |
| MTAR Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6726 | 106501 |
| Multi Commodity Exchange of India Ltd. | &nbsp;&nbsp; 6669 | 559412 |
| Narayana Hrudayalaya Ltd. | &nbsp;&nbsp; 20119 | 399915 |
| Natco Pharma Ltd. | &nbsp;&nbsp; 21985 | 214955 |
| National Aluminium Co. Ltd. | &nbsp;&nbsp; 229569 | 485419 |
| Nava Ltd. | &nbsp;&nbsp; 31515 | 245667 |
| Navin Fluorine International Ltd. | &nbsp;&nbsp; 7965 | 423165 |
| Nazara Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5605 | 73811 |
| NBCC India Ltd. | &nbsp;&nbsp; 289218 | 322427 |
| NCC Ltd./India | &nbsp;&nbsp; 124195 | 288255 |
| Neogen Chemicals Ltd. | &nbsp;&nbsp; 5487 | 87362 |
| Neuland Laboratories Ltd. | &nbsp;&nbsp; 2124 | 324025 |
| Newgen Software Technologies Ltd. | &nbsp;&nbsp; 17169 | 171865 |
| Nexus Select Trust | &nbsp;&nbsp; 209332 | 351761 |
| NIIT Learning Systems Ltd. | &nbsp;&nbsp; 28733 | 106907 |
| Nippon Life India Asset Management Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 42126 | 374961 |
| NLC India Ltd. | &nbsp;&nbsp; 104666 | 267061 |
| NMDC Steel Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 305679 | 131247 |
| Nuvama Wealth Management Ltd. | &nbsp;&nbsp; 3312 | 239748 |
| Nuvoco Vistas Corp. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 29677 | 153459 |
| Ola Electric Mobility Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 281253 | 172278 |
| Olectra Greentech Ltd. | &nbsp;&nbsp; 12213 | 213721 |
| One 97 Communications Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 77155 | 1056576 |
| Onesource Specialty Pharma Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12744 | 273332 |
| Orient Cement Ltd. | &nbsp;&nbsp; 30857 | 75941 |
| Orient Electric Ltd. | &nbsp;&nbsp; 38881 | 94763 |
| Paradeep Phosphates Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 105360 | 259684 |
| PC Jeweller Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 761395 | 113328 |
| PCBL Ltd. | &nbsp;&nbsp; 47318 | 199364 |
| PDS Ltd. | &nbsp;&nbsp; 12154 | 44421 |
| Pearl Global Industries Ltd. | &nbsp;&nbsp; 4130 | 57945 |
| PG Electroplast Ltd. | &nbsp;&nbsp; 36527 | 221186 |
| Piramal Enterprises Ltd. | &nbsp;&nbsp; 30621 | 389115 |
| Piramal Pharma Ltd. | &nbsp;&nbsp; 162014 | 336915 |
| PNB Housing Finance Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 50268 | 429610 |
| PNC Infratech Ltd. | &nbsp;&nbsp; 36167 | 124823 |
| Poly Medicure Ltd. | &nbsp;&nbsp; 10308 | 243868 |
| Poonawalla Fincorp Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 78057 | 382169 |
| Praj Industries Ltd. | &nbsp;&nbsp; 34220 | 151958 |
| Pricol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33403 | 174131 |
| Procter & Gamble Health Ltd. | &nbsp;&nbsp; 1861 | 134370 |
| PTC India Ltd. | &nbsp;&nbsp; 61714 | 122573 |
| PTC Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1183 | 187876 |
| Puravankara Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16324 | 53215 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| PVR Inox Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 21004 | $266733 |
| Quess Corp. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 22678 | 68903 |
| Radico Khaitan Ltd. | &nbsp;&nbsp; 20355 | 658710 |
| Railtel Corp. of India Ltd. | &nbsp;&nbsp; 27435 | 102098 |
| Rain Industries Ltd. | &nbsp;&nbsp; 67024 | 103304 |
| Rainbow Children's Medicare Ltd. | &nbsp;&nbsp; 14977 | 255027 |
| Ramco Cements Ltd. (The) | &nbsp;&nbsp; 28910 | 343302 |
| Ramkrishna Forgings Ltd. | &nbsp;&nbsp; 23659 | 152080 |
| Ratnamani Metals & Tubes Ltd. | &nbsp;&nbsp; 8437 | 228609 |
| RattanIndia Enterprises Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 178106 | 123935 |
| RattanIndia Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 834850 | 116453 |
| Raymond Lifestyle Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8461 | 106278 |
| Raymond Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9558 | 65056 |
| Raymond Realty Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9558 | 65724 |
| RBL Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 117646 | 348565 |
| Redington Ltd. | &nbsp;&nbsp; 157825 | 431187 |
| Redtape Ltd./India | &nbsp;&nbsp; 78765 | 109185 |
| Refex Industries Ltd. | &nbsp;&nbsp; 13216 | 55079 |
| Reliance Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 707436 | 352932 |
| Restaurant Brands Asia Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 129977 | 117783 |
| Rhi Magnesita India Ltd. | &nbsp;&nbsp; 23240 | 124910 |
| Route Mobile Ltd. | &nbsp;&nbsp; 9551 | 91899 |
| RR Kabel Ltd. | &nbsp;&nbsp; 7434 | 98519 |
| Safari Industries India Ltd. | &nbsp;&nbsp; 8319 | 202254 |
| Sagility Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 421319 | 209573 |
| SAI Life Sciences Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 23541 | 220040 |
| Sammaan Capital Ltd. | &nbsp;&nbsp; 155472 | 218464 |
| Sanofi Consumer Healthcare India Ltd. | &nbsp;&nbsp; 1829 | 107628 |
| Sanofi India Ltd. | &nbsp;&nbsp; 1449 | 84486 |
| Sansera Engineering Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11033 | 158922 |
| Sapphire Foods India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 64015 | 237596 |
| Sarda Energy & Minerals Ltd. | &nbsp;&nbsp; 24072 | 163279 |
| Saregama India Ltd. | &nbsp;&nbsp; 25276 | 138145 |
| Schneider Electric Infrastructure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7847 | 76339 |
| Senco Gold Ltd. | &nbsp;&nbsp; 19470 | 81649 |
| Shaily Engineering Plastics Ltd. | &nbsp;&nbsp; 6549 | 165788 |
| Shakti Pumps India Ltd. | &nbsp;&nbsp; 12685 | 115912 |
| Sheela Foam Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 213 | 1673 |
| Shipping Corp. of India Ltd. | &nbsp;&nbsp; 42008 | 100686 |
| Shoppers Stop Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14927 | 91340 |
| Shree Renuka Sugars Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 315827 | 101567 |
| Shriram Pistons & Rings Ltd. | &nbsp;&nbsp; 3658 | 104060 |
| SignatureGlobal India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4720 | 58268 |
| SJVN Ltd. | &nbsp;&nbsp; 227532 | 241794 |
| SKF India Ltd. | &nbsp;&nbsp; 6844 | 344622 |
| Sobha Ltd. | &nbsp;&nbsp; 12253 | 198994 |
| Sona Blw Precision Forgings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 109327 | 549552 |
| Sonata Software Ltd. | &nbsp;&nbsp; 46256 | 184144 |
| South Indian Bank Ltd. (The) | &nbsp;&nbsp; 366921 | 121875 |
| SpiceJet Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 177000 | 74074 |
| Star Health & Allied Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 62304 | 315788 |
| Strides Pharma Science Ltd. | &nbsp;&nbsp; 20473 | 200476 |
| Sudarshan Chemical Industries Ltd. | &nbsp;&nbsp; 11210 | 189892 |
| Sumitomo Chemical India Ltd. | &nbsp;&nbsp; 35165 | 225704 |
| Sun TV Network Ltd. | &nbsp;&nbsp; 31329 | 193084 |
| Sundram Fasteners Ltd. | &nbsp;&nbsp; 30798 | 356038 |
| Suprajit Engineering Ltd. | &nbsp;&nbsp; 26432 | 135524 |
| Supreme Petrochem Ltd. | &nbsp;&nbsp; 22656 | 196335 |
| Surya Roshni Ltd. | &nbsp;&nbsp; 24190 | 77898 |
| Swan Energy Ltd. | &nbsp;&nbsp; 29653 | 149540 |
| Syngene International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 49897 | 354283 |
| Syrma SGS Technology Ltd. | &nbsp;&nbsp; 17700 | 150957 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Tamilnad Mercantile Bank Ltd. | &nbsp;&nbsp; 20001 | $96020 |
| Tanla Platforms Ltd. | &nbsp;&nbsp; 20178 | 141331 |
| Tata Chemicals Ltd. | &nbsp;&nbsp; 36049 | 376675 |
| Tata Investment Corp. Ltd. | &nbsp;&nbsp; 3717 | 286897 |
| Tata Technologies Ltd. | &nbsp;&nbsp; 35872 | 267363 |
| Tbo Tek Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9794 | 145262 |
| Techno Electric & Engineering Co. Ltd. | &nbsp;&nbsp; 16284 | 279424 |
| Tega Industries Ltd. | &nbsp;&nbsp; 3953 | 82807 |
| Tejas Networks Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 22833 | 151144 |
| Texmaco Rail & Engineering Ltd. | &nbsp;&nbsp; 75048 | 116511 |
| Thermax Ltd. | &nbsp;&nbsp; 10502 | 382160 |
| Thomas Cook India Ltd. | &nbsp;&nbsp; 53513 | 107849 |
| Tilaknagar Industries Ltd. | &nbsp;&nbsp; 26196 | 140773 |
| Time Technoplast Ltd. | &nbsp;&nbsp; 27671 | 143285 |
| Timken India Ltd. | &nbsp;&nbsp; 9867 | 322989 |
| Tips Industries Ltd. | &nbsp;&nbsp; 12399 | 81811 |
| Titagarh Rail System Ltd. | &nbsp;&nbsp; 22951 | 214773 |
| Transformers & Rectifiers India Ltd. | &nbsp;&nbsp; 28216 | 157021 |
| Transport Corp. of India Ltd. | &nbsp;&nbsp; 9440 | 122009 |
| Trident Ltd. | &nbsp;&nbsp; 354000 | 109969 |
| Triveni Engineering & Industries Ltd. | &nbsp;&nbsp; 29609 | 118107 |
| Triveni Turbine Ltd. | &nbsp;&nbsp; 36934 | 217559 |
| TTK Prestige Ltd. | &nbsp;&nbsp; 14692 | 109450 |
| TVS Holdings Ltd. | &nbsp;&nbsp; 1711 | 230070 |
| Ujjivan Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 254231 | 123032 |
| UNO Minda Ltd. | &nbsp;&nbsp; 52628 | 762156 |
| Usha Martin Ltd. | &nbsp;&nbsp; 41536 | 179951 |
| UTI Asset Management Co. Ltd. | &nbsp;&nbsp; 13761 | 201223 |
| VA Tech Wabag Ltd. | &nbsp;&nbsp; 11781 | 194791 |
| Valor Estate Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 41595 | 79840 |
| Vardhman Textiles Ltd. | &nbsp;&nbsp; 34633 | 166860 |
| Varroc Engineering Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 13924 | 84388 |
| Vedant Fashions Ltd. | &nbsp;&nbsp; 16048 | 134979 |
| Vesuvius India Ltd. | &nbsp;&nbsp; 24780 | 141402 |
| V-Guard Industries Ltd. | &nbsp;&nbsp; 53218 | 219318 |
| Vijaya Diagnostic Centre Pvt Ltd. | &nbsp;&nbsp; 15222 | 173984 |
| Vinati Organics Ltd. | &nbsp;&nbsp; 7965 | 154507 |
| VIP Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26373 | 125447 |
| V-Mart Retail Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14564 | 122589 |
| Voltamp Transformers Ltd. | &nbsp;&nbsp; 1786 | 158259 |
| Waaree Renewable Technologies Ltd. | &nbsp;&nbsp; 8826 | 102602 |
| Websol Energy System Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8378 | 126329 |
| Welspun Corp. Ltd. | &nbsp;&nbsp; 29677 | 284127 |
| Welspun Enterprises Ltd. | &nbsp;&nbsp; 16756 | 88852 |
| Welspun Living Ltd. | &nbsp;&nbsp; 75363 | 93553 |
| Westlife Foodworld Ltd. | &nbsp;&nbsp; 16122 | 131261 |
| Whirlpool of India Ltd. | &nbsp;&nbsp; 16520 | 244002 |
| Wockhardt Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 19765 | 320328 |
| Wonderla Holidays Ltd. | &nbsp;&nbsp; 9558 | 66418 |
| Zee Entertainment Enterprises Ltd. | &nbsp;&nbsp; 197355 | 259462 |
| Zen Technologies Ltd. | &nbsp;&nbsp; 12508 | 207293 |
| Zensar Technologies Ltd. | &nbsp;&nbsp; 32037 | 278871 |
| ZF Commercial Vehicle Control Systems India Ltd. | &nbsp;&nbsp; 1891 | 301827 |
|  |  | 97322474 |
| **Indonesia — 2.0%** | **Indonesia — 2.0%** | **Indonesia — 2.0%** |
| Adaro Andalan Indonesia PT<sup>(a)</sup> | &nbsp;&nbsp; 495600 | 207377 |
| AKR Corporindo Tbk PT | &nbsp;&nbsp; 2395400 | 173517 |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 2318700 | 246905 |
| Aneka Tambang Tbk | &nbsp;&nbsp; 2230200 | 413383 |
| Aspirasi Hidup Indonesia Tbk PT | &nbsp;&nbsp; 2171200 | 60092 |
| Astra Agro Lestari Tbk PT | &nbsp;&nbsp; 129800 | 57462 |
| Bank Aladin Syariah Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 1864400 | 92146 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** |
| Bank Tabungan Negara Persero Tbk PT | &nbsp;&nbsp; 1386500 | $109170 |
| BFI Finance Indonesia Tbk PT | &nbsp;&nbsp; 2743500 | 126444 |
| Bukalapak.com PT Tbk<sup>(a)</sup> | &nbsp;&nbsp; 14437300 | 152309 |
| Bukit Asam Tbk PT | &nbsp;&nbsp; 1097400 | 159670 |
| Bumi Resources Minerals Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 15251800 | 436950 |
| Bumi Resources Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 31236000 | 206540 |
| Bumi Serpong Damai Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 2684500 | 176567 |
| Ciputra Development Tbk PT | &nbsp;&nbsp; 2837963 | 174794 |
| Elang Mahkota Teknologi Tbk PT | &nbsp;&nbsp; 4242100 | 312544 |
| ESSA Industries Indonesia Tbk PT | &nbsp;&nbsp; 1770000 | 60598 |
| Gudang Garam Tbk PT | &nbsp;&nbsp; 112100 | 57953 |
| Hanson International Tbk PT, NVS<sup>(d)</sup> | &nbsp;&nbsp; 25794200 |  |
| Indah Kiat Pulp & Paper Tbk PT | &nbsp;&nbsp; 625400 | 289983 |
| Indo Tambangraya Megah Tbk PT | &nbsp;&nbsp; 64900 | 87028 |
| Indocement Tunggal Prakarsa Tbk PT | &nbsp;&nbsp; 300900 | 127760 |
| Industri Jamu Dan Farmasi Sido Muncul Tbk PT | &nbsp;&nbsp; 2112257 | 66608 |
| Inti Agri Resources Tbk PT<sup>(a)(d)</sup> | &nbsp;&nbsp; 12327500 |  |
| Japfa Comfeed Indonesia Tbk PT | &nbsp;&nbsp; 1528100 | 151866 |
| Jasa Marga Persero Tbk PT | &nbsp;&nbsp; 601800 | 122623 |
| Map Aktif Adiperkasa PT | &nbsp;&nbsp; 3309900 | 126134 |
| MD Entertainment Tbk PT | &nbsp;&nbsp; 831970 | 165990 |
| Medco Energi Internasional Tbk PT | &nbsp;&nbsp; 2023712 | 142816 |
| Medikaloka Hermina Tbk PT | &nbsp;&nbsp; 2354100 | 236663 |
| Merdeka Copper Gold Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 2637300 | 397565 |
| Mitra Adiperkasa Tbk PT | &nbsp;&nbsp; 2537000 | 185205 |
| Mitra Keluarga Karyasehat Tbk PT | &nbsp;&nbsp; 1315778 | 175543 |
| MNC Tourism Indonesia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 17410900 | 195332 |
| Pabrik Kertas Tjiwi Kimia Tbk PT | &nbsp;&nbsp; 477900 | 208349 |
| Pacific Strategic Financial Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 2278200 | 160952 |
| Pakuwon Jati Tbk PT | &nbsp;&nbsp; 4642200 | 104763 |
| Perusahaan Gas Negara Tbk PT | &nbsp;&nbsp; 2932300 | 304070 |
| Sarana Menara Nusantara Tbk PT | &nbsp;&nbsp; 5085800 | 189677 |
| Sariguna Primatirta Tbk. PT | &nbsp;&nbsp; 4177200 | 145674 |
| Sawit Sumbermas Sarana Tbk PT | &nbsp;&nbsp; 1286200 | 114268 |
| Selamat Sempurna Tbk PT | &nbsp;&nbsp; 590000 | 67623 |
| Semen Indonesia Persero Tbk PT | &nbsp;&nbsp; 831900 | 133548 |
| Sugih Energy Tbk PT<sup>(a)(d)</sup> | &nbsp;&nbsp; 1824800 |  |
| Transcoal Pacific Tbk PT | &nbsp;&nbsp; 660800 | 230418 |
| Vale Indonesia Tbk PT | &nbsp;&nbsp; 495600 | 112559 |
| Waskita Karya Persero Tbk PT<sup>(a)(d)</sup> | &nbsp;&nbsp; 3225094 | 19753 |
| XLSMART Telecom Sejahtera Tbk. PT | &nbsp;&nbsp; 1469100 | 244998 |
|  |  | 7732189 |
| **Kuwait — 1.0%** | **Kuwait — 1.0%** | **Kuwait — 1.0%** |
| Agility Public Warehousing Co. KSC | &nbsp;&nbsp; 432049 | 193782 |
| Al Ahli Bank of Kuwait KSCP | &nbsp;&nbsp; 335126 | 318139 |
| Ali Alghanim Sons Automotive Co. KSCC | &nbsp;&nbsp; 41523 | 149316 |
| Boubyan Petrochemicals Co. KSCP | &nbsp;&nbsp; 112044 | 234904 |
| Boursa Kuwait Securities Co. KPSC | &nbsp;&nbsp; 26912 | 299561 |
| Burgan Bank SAK | &nbsp;&nbsp; 245260 | 195042 |
| Commercial Real Estate Co. KSC | &nbsp;&nbsp; 496308 | 315219 |
| Gulf Cable & Electrical Industries Co. KSCP | &nbsp;&nbsp; 33748 | 225502 |
| Humansoft Holding Co. KSC | &nbsp;&nbsp; 25422 | 207155 |
| Jazeera Airways Co. KSCP | &nbsp;&nbsp; 12744 | 58035 |
| Kuwait International Bank KSCP | &nbsp;&nbsp; 267978 | 230447 |
| Kuwait Projects Co. Holding KSCP<sup>(a)</sup> | &nbsp;&nbsp; 435184 | 123672 |
| Kuwait Real Estate Co. KSC<sup>(a)</sup> | &nbsp;&nbsp; 335151 | 400001 |
| Kuwait Telecommunications Co. | &nbsp;&nbsp; 98884 | 186470 |
| National Industries Group Holding SAK | &nbsp;&nbsp; 600646 | 500798 |
| National Investments Co. KSCP | &nbsp;&nbsp; 172575 | 139011 |
| National Real Estate Co. KPSC<sup>(a)</sup> | &nbsp;&nbsp; 337244 | 91087 |
| Salhia Real Estate Co. KSCP | &nbsp;&nbsp; 111345 | 144353 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Kuwait (continued)** | **Kuwait (continued)** | **Kuwait (continued)** |
| Shamal Az-Zour Al-Oula for the First Phase of Az-Zour <br> Power Plant KSC<br>| &nbsp;&nbsp; 163371 | $88251 |
|  |  | 4100745 |
| **Malaysia — 2.7%** | **Malaysia — 2.7%** | **Malaysia — 2.7%** |
| AFFIN Bank Bhd<sup>(a)(c)</sup> | &nbsp;&nbsp; 211744 | 112366 |
| Alliance Bank Malaysia Bhd | &nbsp;&nbsp; 289100 | 308365 |
| Axis Real Estate Investment Trust | &nbsp;&nbsp; 407100 | 196564 |
| Bank Islam Malaysia Bhd | &nbsp;&nbsp; 206500 | 111890 |
| Bumi Armada Bhd<sup>(a)</sup> | &nbsp;&nbsp; 587100 | 50703 |
| Bursa Malaysia Bhd<sup>(c)</sup> | &nbsp;&nbsp; 159350 | 293807 |
| Carlsberg Brewery Malaysia Bhd | &nbsp;&nbsp; 57300 | 219164 |
| Chin Hin Group Bhd<sup>(a)</sup> | &nbsp;&nbsp; 317700 | 164678 |
| CTOS Digital Bhd<sup>(c)</sup> | &nbsp;&nbsp; 538700 | 110849 |
| Dialog Group Bhd<sup>(c)</sup> | &nbsp;&nbsp; 932200 | 412364 |
| Eco World Development Group Bhd | &nbsp;&nbsp; 300900 | 149523 |
| Fraser & Neave Holdings Bhd | &nbsp;&nbsp; 47200 | 301186 |
| Frontken Corp. Bhd<sup>(c)</sup> | &nbsp;&nbsp; 348150 | 352353 |
| Genting Bhd | &nbsp;&nbsp; 536900 | 363221 |
| Genting Malaysia Bhd<sup>(c)</sup> | &nbsp;&nbsp; 708000 | 341725 |
| Greatech Technology Bhd<sup>(a)</sup> | &nbsp;&nbsp; 189600 | 93347 |
| Guan Chong Bhd | &nbsp;&nbsp; 206500 | 44674 |
| HAP Seng Consolidated Bhd | &nbsp;&nbsp; 106200 | 61782 |
| Hartalega Holdings Bhd<sup>(c)</sup> | &nbsp;&nbsp; 413000 | 115166 |
| Heineken Malaysia Bhd | &nbsp;&nbsp; 46100 | 220625 |
| Hextar Global Bhd | &nbsp;&nbsp; 413000 | 87488 |
| IGB Real Estate Investment Trust | &nbsp;&nbsp; 359900 | 229995 |
| IJM Corp. Bhd<sup>(c)</sup> | &nbsp;&nbsp; 564300 | 383190 |
| Inari Amertron Bhd<sup>(c)</sup> | &nbsp;&nbsp; 678500 | 324810 |
| IOI Properties Group Bhd | &nbsp;&nbsp; 430700 | 227408 |
| Itmax System Bhd | &nbsp;&nbsp; 94400 | 95938 |
| Kossan Rubber Industries Bhd | &nbsp;&nbsp; 386500 | 110583 |
| KPJ Healthcare Bhd<sup>(c)</sup> | &nbsp;&nbsp; 519200 | 319307 |
| Lafarge Malaysia Bhd | &nbsp;&nbsp; 59000 | 81692 |
| Mah Sing Group Bhd | &nbsp;&nbsp; 300900 | 81945 |
| Malakoff Corp. Bhd<sup>(c)</sup> | &nbsp;&nbsp; 590000 | 132528 |
| Malaysian Pacific Industries Bhd | &nbsp;&nbsp; 23100 | 146471 |
| MBSB Bhd<sup>(c)</sup> | &nbsp;&nbsp; 967600 | 160194 |
| Nationgate Holdings Bhd | &nbsp;&nbsp; 271400 | 83220 |
| Pavilion REIT | &nbsp;&nbsp; 413000 | 168159 |
| PPB Group Bhd | &nbsp;&nbsp; 159300 | 352715 |
| Sam Engineering & Equipment M Bhd | &nbsp;&nbsp; 129800 | 115645 |
| Scientex Bhd | &nbsp;&nbsp; 241900 | 178634 |
| Sime Darby Bhd | &nbsp;&nbsp; 684400 | 335351 |
| Sime Darby Property Bhd<sup>(c)</sup> | &nbsp;&nbsp; 898700 | 314724 |
| SP Setia Bhd Group<sup>(c)</sup> | &nbsp;&nbsp; 619500 | 153891 |
| Sunway Construction Group Bhd | &nbsp;&nbsp; 123900 | 185665 |
| Sunway REIT<sup>(c)</sup> | &nbsp;&nbsp; 460200 | 223343 |
| Supermax Corp. Bhd.<sup>(a)</sup> | &nbsp;&nbsp; 672619 | 73902 |
| Syarikat Takaful Malaysia Keluarga Bhd | &nbsp;&nbsp; 88544 | 63519 |
| Tanco Holdings Bhd<sup>(a)(c)</sup> | &nbsp;&nbsp; 566400 | 94509 |
| TIME dotCom Bhd<sup>(c)</sup> | &nbsp;&nbsp; 353100 | 432913 |
| Top Glove Corp. Bhd<sup>(a)</sup> | &nbsp;&nbsp; 1451400 | 201081 |
| Unisem M Bhd | &nbsp;&nbsp; 141600 | 89085 |
| United Plantations Bhd<sup>(c)</sup> | &nbsp;&nbsp; 70800 | 381255 |
| ViTrox Corp. Bhd<sup>(c)</sup> | &nbsp;&nbsp; 142000 | 131436 |
| VS Industry Bhd<sup>(c)</sup> | &nbsp;&nbsp; 868341 | 136548 |
| Yinson Holdings Bhd | &nbsp;&nbsp; 336300 | 195002 |
| Zetrix Ai Bhd | &nbsp;&nbsp; 1667700 | 338961 |
|  |  | 10655459 |
| **Mexico — 1.5%** | **Mexico — 1.5%** | **Mexico — 1.5%** |
| Alsea SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 141600 | 407249 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Banco del Bajio SA<sup>(b)</sup> | &nbsp;&nbsp; 206500 | $492560 |
| Bolsa Mexicana de Valores SAB de CV | &nbsp;&nbsp; 102000 | 207776 |
| Controladora Alpek SAB de CV, NVS<sup>(a)</sup> | &nbsp;&nbsp; 934125 | 130125 |
| Controladora Vuela Cia. de Aviacion SAB de CV, <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 270000 | 166069 |
| Corp Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp; 230135 | 634137 |
| FIBRA Macquarie Mexico<sup>(b)</sup> | &nbsp;&nbsp; 212435 | 354428 |
| GCC SAB de CV | &nbsp;&nbsp; 47220 | 440209 |
| Genomma Lab Internacional SAB de CV, Class B | &nbsp;&nbsp; 212400 | 254568 |
| Gentera SAB de CV | &nbsp;&nbsp; 324500 | 792799 |
| Grupo Televisa SAB, CPO | &nbsp;&nbsp; 595900 | 328847 |
| La Comer SAB de CV | &nbsp;&nbsp; 83449 | 188006 |
| Megacable Holdings SAB de CV, CPO | &nbsp;&nbsp; 123900 | 359064 |
| Operadora De Sites Mexicanos SAB de CV, Class A1 | &nbsp;&nbsp; 306800 | 279111 |
| Orbia Advance Corp. SAB de CV | &nbsp;&nbsp; 230100 | 182951 |
| Regional SAB de CV | &nbsp;&nbsp; 64900 | 504992 |
|  |  | 5722891 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Intercorp Financial Services Inc. | &nbsp;&nbsp; 9494 | 377102 |
| **Philippines — 0.8%** | **Philippines — 0.8%** | **Philippines — 0.8%** |
| Aboitiz Equity Ventures Inc. | &nbsp;&nbsp; 418900 | 213317 |
| ACEN Corp. | &nbsp;&nbsp; 2773000 | 107727 |
| Alliance Global Group Inc. | &nbsp;&nbsp; 660800 | 84414 |
| AREIT Inc. | &nbsp;&nbsp; 259600 | 203064 |
| Century Pacific Food Inc. | &nbsp;&nbsp; 395300 | 253872 |
| Converge Information and Communications <br> Technology Solutions Inc.<br>| &nbsp;&nbsp; 571200 | 139951 |
| DigiPlus Interactive Corp. | &nbsp;&nbsp; 390200 | 157050 |
| DMCI Holdings Inc. | &nbsp;&nbsp; 879300 | 165566 |
| GT Capital Holdings Inc. | &nbsp;&nbsp; 28910 | 349161 |
| JG Summit Holdings Inc. | &nbsp;&nbsp; 672600 | 279887 |
| LT Group Inc. | &nbsp;&nbsp; 583100 | 143058 |
| Megaworld Corp. | &nbsp;&nbsp; 2891000 | 104302 |
| Monde Nissin Corp.<sup>(b)</sup> | &nbsp;&nbsp; 920400 | 113550 |
| Puregold Price Club Inc. | &nbsp;&nbsp; 324500 | 234240 |
| RL Commercial REIT Inc. | &nbsp;&nbsp; 1398300 | 196733 |
| Robinsons Land Corp. | &nbsp;&nbsp; 494100 | 127102 |
| Robinsons Retail Holdings Inc. | &nbsp;&nbsp; 53100 | 32941 |
| Semirara Mining & Power Corp., Class A | &nbsp;&nbsp; 247800 | 142666 |
| Universal Robina Corp. | &nbsp;&nbsp; 207090 | 293324 |
|  |  | 3341925 |
| **Poland — 1.6%** | **Poland — 1.6%** | **Poland — 1.6%** |
| Alior Bank SA | &nbsp;&nbsp; 22538 | 642096 |
| AmRest Holdings SE | &nbsp;&nbsp; 16505 | 65806 |
| Asseco Poland SA | &nbsp;&nbsp; 14074 | 730507 |
| Bank Handlowy w Warszawie SA | &nbsp;&nbsp; 8401 | 237715 |
| Benefit Systems SA | &nbsp;&nbsp; 767 | 686481 |
| Cyfrowy Polsat SA<sup>(a)</sup> | &nbsp;&nbsp; 66334 | 260729 |
| Diagnostyka SA, NVS | &nbsp;&nbsp; 4248 | 236399 |
| Enea SA<sup>(a)</sup> | &nbsp;&nbsp; 72157 | 363183 |
| Grupa Azoty SA<sup>(a)</sup> | &nbsp;&nbsp; 16781 | 84039 |
| Grupa Kety SA | &nbsp;&nbsp; 2419 | 611886 |
| Jastrzebska Spolka Weglowa SA, Class S<sup>(a)(c)</sup> | &nbsp;&nbsp; 13983 | 86990 |
| KRUK SA<sup>(c)</sup> | &nbsp;&nbsp; 4956 | 619265 |
| Orange Polska SA | &nbsp;&nbsp; 157707 | 401312 |
| Pepco Group NV | &nbsp;&nbsp; 42185 | 248291 |
| Tauron Polska Energia SA<sup>(a)</sup> | &nbsp;&nbsp; 269040 | 624491 |
| XTB SA<sup>(b)</sup> | &nbsp;&nbsp; 19550 | 413472 |
|  |  | 6312662 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Qatar — 0.7%** | **Qatar — 0.7%** | **Qatar — 0.7%** |
| Al Meera Consumer Goods Co. QSC | &nbsp;&nbsp; 27258 | $108800 |
| Baladna<sup>(a)</sup> | &nbsp;&nbsp; 290850 | 127584 |
| Doha Bank QPSC | &nbsp;&nbsp; 590354 | 419761 |
| Estithmar Holding QPSC<sup>(a)</sup> | &nbsp;&nbsp; 271464 | 309264 |
| Gulf International Services QSC | &nbsp;&nbsp; 276656 | 241569 |
| Gulf Warehousing Co. | &nbsp;&nbsp; 101067 | 74995 |
| Qatar Aluminum Manufacturing Co. | &nbsp;&nbsp; 656375 | 256809 |
| Qatar Navigation QSC | &nbsp;&nbsp; 266916 | 838400 |
| United Development Co. QSC | &nbsp;&nbsp; 409578 | 114039 |
| Vodafone Qatar QSC | &nbsp;&nbsp; 481381 | 322866 |
|  |  | 2814087 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Credit Bank of Moscow PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 4743600 | 590 |
| Federal Grid Co. Rosseti PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 142040000 | 18 |
| IPJSC United Medical Group, GDR, NVS<sup>(d)(f)</sup> | &nbsp;&nbsp; 11658 | 1 |
| Lenta PJSC, GDR<sup>(a)(d)</sup> | &nbsp;&nbsp; 58692 | 7 |
| Nanduq PLC, ADR<sup>(a)(d)</sup> | &nbsp;&nbsp; 20971 | 3 |
| Segezha Group PJSC<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 1675000 | 208 |
| Sistema AFK PAO<sup>(a)(d)</sup> | &nbsp;&nbsp; 1865280 | 232 |
| Sovcomflot PJSC<sup>(d)</sup> | &nbsp;&nbsp; 338350 | 42 |
|  |  | 1101 |
| **Saudi Arabia — 3.6%** | **Saudi Arabia — 3.6%** | **Saudi Arabia — 3.6%** |
| Abdullah Al Othaim Markets Co. | &nbsp;&nbsp; 118944 | 237749 |
| Advanced Petrochemical Co.<sup>(a)</sup> | &nbsp;&nbsp; 32931 | 307176 |
| Al Babtain Power & Telecommunication Co. | &nbsp;&nbsp; 5546 | 84504 |
| Al Hammadi Holding | &nbsp;&nbsp; 21126 | 189646 |
| Al Masane Al Kobra Mining Co. | &nbsp;&nbsp; 9499 | 155823 |
| Al Moammar Information Systems Co. | &nbsp;&nbsp; 5008 | 176209 |
| Al Rajhi REIT | &nbsp;&nbsp; 82069 | 179441 |
| Al-Dawaa Medical Services Co. | &nbsp;&nbsp; 9145 | 159381 |
| Aldrees Petroleum and Transport Services Co. | &nbsp;&nbsp; 13216 | 419027 |
| AlKhorayef Water & Power Technologies Co. | &nbsp;&nbsp; 4897 | 165244 |
| Almunajem Foods Co. | &nbsp;&nbsp; 5546 | 84154 |
| AlSaif Stores For Development & Investment Co.<sup>(a)</sup> | &nbsp;&nbsp; 101893 | 191042 |
| Alujain Corp. | &nbsp;&nbsp; 16092 | 157573 |
| Arabian Cement Co./Saudi Arabia | &nbsp;&nbsp; 14750 | 86187 |
| Arabian Centres Co.<sup>(b)</sup> | &nbsp;&nbsp; 55251 | 300503 |
| Arabian Contracting Services Co.<sup>(a)</sup> | &nbsp;&nbsp; 4930 | 116461 |
| Arriyadh Development Co. | &nbsp;&nbsp; 26432 | 232925 |
| Astra Industrial Group | &nbsp;&nbsp; 11033 | 419966 |
| Ataa Educational Co. | &nbsp;&nbsp; 5428 | 91933 |
| BinDawood Holding Co. | &nbsp;&nbsp; 75402 | 111125 |
| Catrion Catering Holding Co. | &nbsp;&nbsp; 12154 | 325138 |
| City Cement Co. | &nbsp;&nbsp; 26064 | 112600 |
| East Pipes Integrated Co. for Industry | &nbsp;&nbsp; 4130 | 116833 |
| Eastern Province Cement Co. | &nbsp;&nbsp; 14448 | 100162 |
| Electrical Industries Co. | &nbsp;&nbsp; 163017 | 390697 |
| Emaar Economic City<sup>(a)</sup> | &nbsp;&nbsp; 53797 | 186081 |
| Etihad Atheeb Telecommunication Co. | &nbsp;&nbsp; 4956 | 140848 |
| Jadwa REIT Saudi Fund | &nbsp;&nbsp; 58292 | 159859 |
| Jahez International Co.<sup>(a)</sup> | &nbsp;&nbsp; 27435 | 162929 |
| Jamjoom Pharmaceuticals Factory Co. | &nbsp;&nbsp; 6136 | 259312 |
| Leejam Sports Co. JSC | &nbsp;&nbsp; 7468 | 294802 |
| Maharah Human Resources Co. | &nbsp;&nbsp; 107911 | 137594 |
| Middle East Healthcare Co. | &nbsp;&nbsp; 12095 | 184639 |
| Middle East Paper Co.<sup>(a)</sup> | &nbsp;&nbsp; 13039 | 97951 |
| Mobile Telecommunications Co. Saudi Arabia | &nbsp;&nbsp; 103899 | 295624 |
| National Agriculture Development Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 42716 | 237160 |
| National Co. for Learning & Education | &nbsp;&nbsp; 5133 | 232012 |
| National Gas & Industrialization Co. | &nbsp;&nbsp; 11269 | 225777 |
| National Industrialization Co.<sup>(a)</sup> | &nbsp;&nbsp; 78730 | 228288 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| National Medical Care Co. | &nbsp;&nbsp; 6549 | $301169 |
| Perfect Presentation For Commercial Services Co.<sup>(a)</sup> | &nbsp;&nbsp; 98648 | 271611 |
| Power & Water Utility Co. for Jubail & Yanbu | &nbsp;&nbsp; 16597 | 175387 |
| Qassim Cement Co. (The) | &nbsp;&nbsp; 14337 | 164721 |
| Rasan Information Technology Co.<sup>(a)</sup> | &nbsp;&nbsp; 8173 | 216485 |
| Retal Urban Development Co. | &nbsp;&nbsp; 70279 | 233413 |
| Saudi Automotive Services Co. | &nbsp;&nbsp; 11290 | 155152 |
| Saudi Cement Co. | &nbsp;&nbsp; 18821 | 194921 |
| Saudi Ceramic Co. | &nbsp;&nbsp; 18220 | 141529 |
| Saudi Chemical Co. Holding | &nbsp;&nbsp; 122651 | 223355 |
| Saudi Ground Services Co. | &nbsp;&nbsp; 26373 | 317384 |
| Saudi Industrial Investment Group | &nbsp;&nbsp; 83603 | 427792 |
| Saudi Kayan Petrochemical Co.<sup>(a)</sup> | &nbsp;&nbsp; 184670 | 251685 |
| Saudi Manpower Solutions Co. | &nbsp;&nbsp; 59000 | 95131 |
| Saudi Pharmaceutical Industries & Medical Appliances <br> Corp.<sup>(a)</sup><br>| &nbsp;&nbsp; 14455 | 103258 |
| Saudi Public Transport Co.<sup>(a)</sup> | &nbsp;&nbsp; 26727 | 98331 |
| Saudi Real Estate Co.<sup>(a)</sup> | &nbsp;&nbsp; 46964 | 227159 |
| Saudi Reinsurance Co.<sup>(a)</sup> | &nbsp;&nbsp; 11269 | 138859 |
| Saudia Dairy & Foodstuff Co. | &nbsp;&nbsp; 4620 | 329244 |
| Savola Group (The)<sup>(a)</sup> | &nbsp;&nbsp; 38763 | 248971 |
| Seera Group Holding<sup>(a)</sup> | &nbsp;&nbsp; 47562 | 368560 |
| Southern Province Cement Co. | &nbsp;&nbsp; 18172 | 125254 |
| Sumou Real Estate Co. | &nbsp;&nbsp; 10797 | 110216 |
| Sustained Infrastructure Holding Co. | &nbsp;&nbsp; 15812 | 147012 |
| Taiba Investments Co. | &nbsp;&nbsp; 32037 | 321548 |
| Theeb Rent A Car Co. | &nbsp;&nbsp; 8496 | 142256 |
| United Electronics Co. | &nbsp;&nbsp; 12130 | 292406 |
| United International Transportation Co. | &nbsp;&nbsp; 11977 | 220939 |
| Yamama Cement Co. | &nbsp;&nbsp; 32718 | 286197 |
| Yanbu Cement Co. | &nbsp;&nbsp; 23241 | 102597 |
|  |  | 14186917 |
| **South Africa — 3.9%** | **South Africa — 3.9%** | **South Africa — 3.9%** |
| AECI Ltd. | &nbsp;&nbsp; 25851 | 157597 |
| African Rainbow Minerals Ltd. | &nbsp;&nbsp; 27848 | 289040 |
| Aspen Pharmacare Holdings Ltd. | &nbsp;&nbsp; 95285 | 571872 |
| AVI Ltd. | &nbsp;&nbsp; 88569 | 469506 |
| Barloworld Ltd. | &nbsp;&nbsp; 40311 | 268457 |
| Coronation Fund Managers Ltd. | &nbsp;&nbsp; 71829 | 177485 |
| Dis-Chem Pharmacies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 139594 | 269454 |
| DRDGOLD Ltd. | &nbsp;&nbsp; 134284 | 245704 |
| Equites Property Fund Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 227361 | 213975 |
| Exxaro Resources Ltd. | &nbsp;&nbsp; 62953 | 687737 |
| Fortress Real Estate Investments Ltd., Series B, <br> Class B<br>| &nbsp;&nbsp; 373175 | 476412 |
| Foschini Group Ltd. (The) | &nbsp;&nbsp; 88736 | 547407 |
| Grindrod Ltd. | &nbsp;&nbsp; 195009 | 169841 |
| Growthpoint Properties Ltd. | &nbsp;&nbsp; 875206 | 715496 |
| Hosken Consolidated Investments Ltd. | &nbsp;&nbsp; 11307 | 78259 |
| Hyprop Investments Ltd. | &nbsp;&nbsp; 113024 | 299722 |
| Investec Ltd. | &nbsp;&nbsp; 67496 | 499677 |
| JSE Ltd. | &nbsp;&nbsp; 22243 | 159633 |
| Life Healthcare Group Holdings Ltd. | &nbsp;&nbsp; 350283 | 270258 |
| Momentum Group Ltd. | &nbsp;&nbsp; 323084 | 653861 |
| Motus Holdings Ltd. | &nbsp;&nbsp; 42185 | 247514 |
| Mr. Price Group Ltd. | &nbsp;&nbsp; 70033 | 824432 |
| MultiChoice Group<sup>(a)</sup> | &nbsp;&nbsp; 65313 | 454303 |
| Netcare Ltd. | &nbsp;&nbsp; 314116 | 246988 |
| Ninety One Ltd. | &nbsp;&nbsp; 52595 | 131998 |
| Northam Platinum Holdings Ltd. | &nbsp;&nbsp; 92152 | 1032537 |
| Omnia Holdings Ltd. | &nbsp;&nbsp; 45253 | 188266 |
| Pick n Pay Stores Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 149133 | 233168 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| Redefine Properties Ltd. | &nbsp;&nbsp; 1916792 | $550325 |
| Resilient REIT Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 89016 | 338958 |
| Reunert Ltd. | &nbsp;&nbsp; 52510 | 164854 |
| Santam Ltd. | &nbsp;&nbsp; 10443 | 259299 |
| Sappi Ltd. | &nbsp;&nbsp; 155229 | 255060 |
| SPAR Group Ltd. (The)<sup>(a)</sup> | &nbsp;&nbsp; 52156 | 320091 |
| Telkom SA SOC Ltd. | &nbsp;&nbsp; 76663 | 220243 |
| Thungela Resources Ltd. | &nbsp;&nbsp; 26314 | 138790 |
| Tiger Brands Ltd. | &nbsp;&nbsp; 44958 | 792627 |
| Truworths International Ltd. | &nbsp;&nbsp; 99297 | 338983 |
| Vukile Property Fund Ltd. | &nbsp;&nbsp; 328630 | 398740 |
| We Buy Cars Holdings Ltd. | &nbsp;&nbsp; 75507 | 238592 |
| Wilson Bayly Holmes-Ovcon Ltd. | &nbsp;&nbsp; 14337 | 138502 |
| Woolworths Holdings Ltd./South Africa | &nbsp;&nbsp; 235941 | 694715 |
|  |  | 15430378 |
| **South Korea — 12.6%** | **South Korea — 12.6%** | **South Korea — 12.6%** |
| ABLBio Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9499 | 625701 |
| Advanced Nano Products Co. Ltd. | &nbsp;&nbsp; 3186 | 119680 |
| Amorepacific Holdings Corp. | &nbsp;&nbsp; 8909 | 174000 |
| APR Corp./Korea<sup>(c)</sup> | &nbsp;&nbsp; 6372 | 1039349 |
| Asiana Airlines Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12495 | 85116 |
| BGF retail Co. Ltd. | &nbsp;&nbsp; 2183 | 184043 |
| BHI Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4779 | 197610 |
| Binggrae Co. Ltd. | &nbsp;&nbsp; 1416 | 71820 |
| BNK Financial Group Inc. | &nbsp;&nbsp; 67555 | 698536 |
| Boryung<sup>(c)</sup> | &nbsp;&nbsp; 12508 | 74852 |
| Cafe24 Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3422 | 94041 |
| Caregen Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4854 | 194036 |
| Celltrion Pharm Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 5546 | 205867 |
| Chabiotech Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17712 | 132120 |
| Cheil Worldwide Inc. | &nbsp;&nbsp; 17051 | 242533 |
| Chong Kun Dang Pharmaceutical Corp. | &nbsp;&nbsp; 1809 | 103688 |
| CJ CheilJedang Corp. | &nbsp;&nbsp; 2065 | 339617 |
| CJ Corp.<sup>(c)</sup> | &nbsp;&nbsp; 3894 | 446432 |
| CJ ENM Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3141 | 161015 |
| CJ Logistics Corp. | &nbsp;&nbsp; 2124 | 127288 |
| Classys Inc. | &nbsp;&nbsp; 5841 | 218702 |
| Cosmax Inc. | &nbsp;&nbsp; 2242 | 348164 |
| CosmoAM&T Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6785 | 207853 |
| CS Wind Corp.<sup>(c)</sup> | &nbsp;&nbsp; 6667 | 199428 |
| Daeduck Electronics Co. Ltd./New | &nbsp;&nbsp; 9971 | 171206 |
| Daejoo Electronic Materials Co. Ltd. | &nbsp;&nbsp; 2950 | 146554 |
| Daesang Corp. | &nbsp;&nbsp; 7965 | 129103 |
| Daewoo Engineering & Construction Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 45135 | 120159 |
| Daewoong Co. Ltd. | &nbsp;&nbsp; 6726 | 119398 |
| Daewoong Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1365 | 133298 |
| Daishin Securities Co. Ltd. | &nbsp;&nbsp; 6956 | 139613 |
| Daou Technology Inc. | &nbsp;&nbsp; 6962 | 170771 |
| DB HiTek Co. Ltd. | &nbsp;&nbsp; 8791 | 288363 |
| Dear U Co. Ltd. | &nbsp;&nbsp; 2419 | 85784 |
| Dentium Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2242 | 92375 |
| DI Dong Il Corp. | &nbsp;&nbsp; 4012 | 118390 |
| DL E&C Co. Ltd. | &nbsp;&nbsp; 8378 | 255355 |
| DL Holdings Co. Ltd. | &nbsp;&nbsp; 3776 | 105706 |
| DN Automotive Corp. | &nbsp;&nbsp; 5192 | 98933 |
| Dongjin Semichem Co. Ltd. | &nbsp;&nbsp; 10915 | 233596 |
| DongKook Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 9563 | 116580 |
| Dongsuh Companies Inc. | &nbsp;&nbsp; 9756 | 191051 |
| Doosan Fuel Cell Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 11741 | 240630 |
| Doosan Robotics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5723 | 255762 |
| DoubleUGames Co. Ltd. | &nbsp;&nbsp; 3658 | 138284 |
| Douzone Bizon Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5015 | 286014 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Duk San Neolux Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3312 | $112042 |
| Ecopro Materials Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6136 | 221551 |
| E-MART Inc. | &nbsp;&nbsp; 5015 | 257481 |
| EMRO Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2065 | 61901 |
| Enchem Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3776 | 202177 |
| Eo Technics Co. Ltd. | &nbsp;&nbsp; 2419 | 355835 |
| ESR Kendall Square REIT Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 55848 | 176151 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp; 4366 | 149110 |
| F&F Co. Ltd./New | &nbsp;&nbsp; 4248 | 202772 |
| GemVax & Kael Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7440 | 266775 |
| Green Cross Corp. | &nbsp;&nbsp; 1593 | 148179 |
| GS Engineering & Construction Corp. | &nbsp;&nbsp; 18408 | 246390 |
| GS Holdings Corp. | &nbsp;&nbsp; 11859 | 387495 |
| Han Kuk Carbon Co. Ltd. | &nbsp;&nbsp; 8673 | 205124 |
| Hana Micron Inc. | &nbsp;&nbsp; 17346 | 171938 |
| Hana Tour Service Inc. | &nbsp;&nbsp; 3994 | 147558 |
| Hanall Biopharma Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8834 | 188600 |
| Hanil Cement Co. Ltd./New | &nbsp;&nbsp; 4543 | 63112 |
| Hanmi Pharm Co. Ltd. | &nbsp;&nbsp; 1534 | 333452 |
| Hanmi Science Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5470 | 161143 |
| Hanon Systems<sup>(a)</sup> | &nbsp;&nbsp; 43896 | 112317 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp; 2478 | 314037 |
| Hanssem Co. Ltd. | &nbsp;&nbsp; 1593 | 48262 |
| Hanwha Corp. | &nbsp;&nbsp; 7552 | 453123 |
| Hanwha Engine<sup>(a)</sup> | &nbsp;&nbsp; 13629 | 463087 |
| Hanwha Investment & Securities Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 45371 | 180589 |
| Hanwha Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 81243 | 182707 |
| Hanwha Solutions Corp.<sup>(c)</sup> | &nbsp;&nbsp; 29087 | 590773 |
| Hanwha Vision Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 9462 | 359665 |
| HD Hyundai Construction Equipment Co. Ltd | &nbsp;&nbsp; 3599 | 224887 |
| HD Hyundai Infracore Co. Ltd. | &nbsp;&nbsp; 38769 | 389465 |
| HD Hyundai Mipo | &nbsp;&nbsp; 6313 | 928031 |
| HDC Hyundai Development Co-Engineering & <br> Construction, Class E<br>| &nbsp;&nbsp; 10620 | 151398 |
| HD-Hyundai Marine Engine<sup>(a)</sup> | &nbsp;&nbsp; 5133 | 338111 |
| Hite Jinro Co. Ltd. | &nbsp;&nbsp; 9537 | 130851 |
| HL Mando Co. Ltd. | &nbsp;&nbsp; 8201 | 209372 |
| Hlb Pharma Ceutical Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 7384 | 71872 |
| Hotel Shilla Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8083 | 272038 |
| HPSP Co. Ltd. | &nbsp;&nbsp; 13275 | 252464 |
| HS Hyosung Advanced Materials Corp. | &nbsp;&nbsp; 826 | 112712 |
| Hugel Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1475 | 333483 |
| Hyosung Corp. | &nbsp;&nbsp; 2074 | 129090 |
| Hyosung TNC Corp. | &nbsp;&nbsp; 708 | 111167 |
| Hyundai Autoever Corp. | &nbsp;&nbsp; 1770 | 222420 |
| Hyundai Department Store Co. Ltd. | &nbsp;&nbsp; 4250 | 226657 |
| Hyundai Elevator Co. Ltd. | &nbsp;&nbsp; 6549 | 368877 |
| Hyundai Engineering & Construction Co. Ltd. | &nbsp;&nbsp; 19824 | 881763 |
| Hyundai Feed Inc.<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; 44392 | 38270 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14809 | 296572 |
| Hyundai Steel Co. | &nbsp;&nbsp; 22184 | 509822 |
| Hyundai Wia Corp. | &nbsp;&nbsp; 4012 | 144448 |
| Iljin Electric Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6372 | 163781 |
| iM Financial Group Co. Ltd. | &nbsp;&nbsp; 35695 | 351292 |
| Innocean Worldwide Inc. | &nbsp;&nbsp; 4543 | 59911 |
| ISC Co. Ltd. | &nbsp;&nbsp; 2891 | 119705 |
| ISU Specialty Chemical<sup>(a)(c)</sup> | &nbsp;&nbsp; 5288 | 168755 |
| IsuPetasys Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 14295 | 675241 |
| JB Financial Group Co. Ltd. | &nbsp;&nbsp; 31388 | 529824 |
| JNTC Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 5664 | 71833 |
| Jusung Engineering Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 7788 | 151998 |
| JYP Entertainment Corp. | &nbsp;&nbsp; 7788 | 407245 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Kakao Games Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11328 | $131684 |
| Kangwon Land Inc. | &nbsp;&nbsp; 25547 | 331133 |
| KCC Corp. | &nbsp;&nbsp; 1298 | 370300 |
| KEPCO Engineering & Construction Co. Inc.<sup>(c)</sup> | &nbsp;&nbsp; 4543 | 300188 |
| KEPCO Plant Service & Engineering Co. Ltd. | &nbsp;&nbsp; 5959 | 214811 |
| KIWOOM Securities Co. Ltd. | &nbsp;&nbsp; 3918 | 577085 |
| Koh Young Technology Inc. | &nbsp;&nbsp; 14750 | 153931 |
| Kolmar Korea Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4298 | 239493 |
| Kolon Industries Inc. | &nbsp;&nbsp; 5074 | 133968 |
| Korea Electric Terminal Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1770 | 79941 |
| Korea Gas Corp. | &nbsp;&nbsp; 7599 | 216028 |
| Korean Reinsurance Co.<sup>(c)</sup> | &nbsp;&nbsp; 34295 | 267013 |
| Kum Yang Co. Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 10732 | 68781 |
| Kumho Petrochemical Co. Ltd. | &nbsp;&nbsp; 3776 | 296951 |
| Kumho Tire Co. Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 30444 | 108421 |
| Kyung Dong Navien Co. Ltd. | &nbsp;&nbsp; 2094 | 116169 |
| L&F Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6844 | 323911 |
| Lake Materials Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 12449 | 107382 |
| LEENO Industrial Inc. | &nbsp;&nbsp; 12470 | 417315 |
| LG Innotek Co. Ltd. | &nbsp;&nbsp; 3540 | 427838 |
| LigaChem Biosciences Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6778 | 718053 |
| Lotte Chemical Corp. | &nbsp;&nbsp; 4838 | 220467 |
| Lotte Corp. | &nbsp;&nbsp; 8437 | 176975 |
| Lotte Energy Materials Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6372 | 118258 |
| Lotte Fine Chemical Co. Ltd. | &nbsp;&nbsp; 4189 | 125380 |
| LOTTE REIT Co. Ltd. | &nbsp;&nbsp; 54166 | 148766 |
| Lotte Rental Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3953 | 81799 |
| Lotte Shopping Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3245 | 154069 |
| LS Corp. | &nbsp;&nbsp; 4897 | 619661 |
| LS Materials Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 10384 | 73499 |
| Lunit Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6367 | 173386 |
| LX International Corp. | &nbsp;&nbsp; 8437 | 179904 |
| LX Semicon Co. Ltd. | &nbsp;&nbsp; 2301 | 88620 |
| Medytox Inc. | &nbsp;&nbsp; 1534 | 131000 |
| Mezzion Pharma Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6844 | 199103 |
| Misto Holdings Corp. | &nbsp;&nbsp; 11387 | 341145 |
| Naturecell Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 14221 | 215322 |
| NCSoft Corp. | &nbsp;&nbsp; 3304 | 480873 |
| Netmarble Corp.<sup>(b)</sup> | &nbsp;&nbsp; 7375 | 316903 |
| Nexon Games Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6549 | 65426 |
| Nextin Inc. | &nbsp;&nbsp; 2301 | 70200 |
| NICE Information Service Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 12154 | 137752 |
| NKMax Co. Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 5280 | 25508 |
| NongShim Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 885 | 260848 |
| OCI Holdings Co. Ltd. | &nbsp;&nbsp; 3835 | 240274 |
| Orion Holdings Corp. | &nbsp;&nbsp; 6738 | 100332 |
| Oscotec Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 8909 | 235260 |
| Otoki Corp. | &nbsp;&nbsp; 431 | 118805 |
| Pan Ocean Co. Ltd. | &nbsp;&nbsp; 73573 | 205787 |
| Paradise Co. Ltd. | &nbsp;&nbsp; 14101 | 212760 |
| Park Systems Corp. | &nbsp;&nbsp; 1534 | 281576 |
| Pearl Abyss Corp.<sup>(a)</sup> | &nbsp;&nbsp; 8909 | 209303 |
| People & Technology Inc. | &nbsp;&nbsp; 5369 | 147601 |
| Peptron Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6137 | 1366960 |
| PharmaResearch Co. Ltd. | &nbsp;&nbsp; 1822 | 886463 |
| Poongsan Corp.<sup>(c)</sup> | &nbsp;&nbsp; 4484 | 381807 |
| Posco DX Co. Ltd. | &nbsp;&nbsp; 13806 | 221580 |
| PSK Holdings Inc.<sup>(c)</sup> | &nbsp;&nbsp; 2419 | 58848 |
| Rainbow Robotics<sup>(a)(c)</sup> | &nbsp;&nbsp; 2331 | 457305 |
| Robotis Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2360 | 153991 |
| S-1 Corp. | &nbsp;&nbsp; 4661 | 267958 |
| Sam Chun Dang Pharm Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3710 | 512054 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Samsung E&A Co. Ltd. | &nbsp;&nbsp; 40005 | $834235 |
| Samsung Securities Co. Ltd. | &nbsp;&nbsp; 16661 | 822498 |
| Sanil Electric Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2714 | 215752 |
| SD Biosensor Inc. | &nbsp;&nbsp; 12691 | 91364 |
| Sebang Global Battery Co. Ltd. | &nbsp;&nbsp; 1770 | 78868 |
| Seegene Inc. | &nbsp;&nbsp; 7906 | 147423 |
| Seojin System Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 8909 | 123059 |
| SFA Engineering Corp.<sup>(c)</sup> | &nbsp;&nbsp; 5723 | 94465 |
| SHIFT UP Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3776 | 112636 |
| Shinsegae Inc. | &nbsp;&nbsp; 1888 | 223987 |
| Shinsung Delta Tech Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4897 | 210225 |
| Shinyoung Securities Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 885 | 94843 |
| Silicon2 Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 9027 | 289953 |
| SK Bioscience Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6313 | 213897 |
| SK Chemicals Co. Ltd. | &nbsp;&nbsp; 2898 | 123823 |
| SK IE Technology Co. Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 7611 | 151463 |
| SK Networks Co. Ltd. | &nbsp;&nbsp; 32332 | 101728 |
| SK oceanplant Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 9027 | 135160 |
| SK REITs Co. Ltd. | &nbsp;&nbsp; 59000 | 210282 |
| SKC Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4779 | 320449 |
| SL Corp. | &nbsp;&nbsp; 4012 | 97353 |
| SM Entertainment Co. Ltd. | &nbsp;&nbsp; 3133 | 312336 |
| SNT Motiv Co. Ltd. | &nbsp;&nbsp; 3776 | 100760 |
| SOLUM Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12685 | 151206 |
| Soop Co. Ltd. | &nbsp;&nbsp; 2360 | 131985 |
| Soulbrain Co. Ltd. | &nbsp;&nbsp; 1180 | 184802 |
| ST Pharm Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3422 | 227206 |
| Studio Dragon Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3245 | 104953 |
| Taesung Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 4661 | 94542 |
| Taihan Electric Wire Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18998 | 212400 |
| TechWing Inc.<sup>(c)</sup> | &nbsp;&nbsp; 7972 | 184541 |
| TKG Huchems Co. Ltd. | &nbsp;&nbsp; 6993 | 88381 |
| Tokai Carbon Korea Co. Ltd. | &nbsp;&nbsp; 1304 | 102230 |
| Voronoi Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3009 | 266002 |
| VT Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6182 | 162589 |
| WONIK IPS Co. Ltd. | &nbsp;&nbsp; 8142 | 236135 |
| YC Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7375 | 57651 |
| YG Entertainment Inc. | &nbsp;&nbsp; 3780 | 276061 |
| Youngone Corp. | &nbsp;&nbsp; 6667 | 280459 |
|  |  | 49666743 |
| **Taiwan — 19.4%** | **Taiwan — 19.4%** | **Taiwan — 19.4%** |
| AcBel Polytech Inc. | &nbsp;&nbsp; 177773 | 165919 |
| Acter Group Corp. Ltd. | &nbsp;&nbsp; 30000 | 869924 |
| ADATA Technology Co. Ltd. | &nbsp;&nbsp; 63788 | 212755 |
| Advanced Echem Materials Co. Ltd., NVS | &nbsp;&nbsp; 18000 | 468003 |
| Advanced Energy Solution Holding Co. Ltd. | &nbsp;&nbsp; 10000 | 438314 |
| Advanced Wireless Semiconductor Co. | &nbsp;&nbsp; 59596 | 217653 |
| Advancetek Enterprise Co. Ltd. | &nbsp;&nbsp; 59000 | 96403 |
| Airoha Technology Corp., NVS | &nbsp;&nbsp; 9000 | 166289 |
| All Ring Tech Co. Ltd. | &nbsp;&nbsp; 18000 | 226863 |
| Allis Electric Co. Ltd. | &nbsp;&nbsp; 60185 | 221605 |
| Ambassador Hotel (The) | &nbsp;&nbsp; 59000 | 84127 |
| Andes Technology Corp.<sup>(a)</sup> | &nbsp;&nbsp; 13000 | 120022 |
| AP Memory Technology Corp. | &nbsp;&nbsp; 28000 | 280538 |
| Arcadyan Technology Corp. | &nbsp;&nbsp; 59541 | 459291 |
| Ardentec Corp. | &nbsp;&nbsp; 118000 | 285159 |
| Asia Optical Co. Inc. | &nbsp;&nbsp; 59000 | 315852 |
| ASMedia Technology Inc. | &nbsp;&nbsp; 9000 | 480034 |
| ASPEED Technology Inc. | &nbsp;&nbsp; 7800 | 1267849 |
| AURAS Technology Co. Ltd. | &nbsp;&nbsp; 17000 | 377820 |
| Bank of Kaohsiung Co. Ltd. | &nbsp;&nbsp; 182310 | 69364 |
| BES Engineering Corp. | &nbsp;&nbsp; 354000 | 129361 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Bizlink Holding Inc. | &nbsp;&nbsp; 45010 | $1566478 |
| Bora Pharmaceuticals Co. Ltd. | &nbsp;&nbsp; 19417 | 460435 |
| Brighton-Best International Taiwan Inc. | &nbsp;&nbsp; 118000 | 132197 |
| Capital Securities Corp. | &nbsp;&nbsp; 455530 | 323730 |
| Cathay Real Estate Development Co. Ltd. | &nbsp;&nbsp; 177300 | 121999 |
| Center Laboratories Inc. | &nbsp;&nbsp; 177435 | 215447 |
| Century Iron & Steel Industrial Co. Ltd. | &nbsp;&nbsp; 59000 | 352842 |
| Chang Wah Electromaterials Inc. | &nbsp;&nbsp; 118000 | 166969 |
| Chang Wah Technology Co. Ltd. | &nbsp;&nbsp; 59500 | 65521 |
| Channel Well Technology Co. Ltd. | &nbsp;&nbsp; 59000 | 180710 |
| Charoen Pokphand Enterprise | &nbsp;&nbsp; 59300 | 257723 |
| Chenbro Micom Co. Ltd. | &nbsp;&nbsp; 15000 | 296582 |
| Cheng Loong Corp. | &nbsp;&nbsp; 177000 | 103400 |
| Cheng Uei Precision Industry Co. Ltd. | &nbsp;&nbsp; 59000 | 91465 |
| Chicony Electronics Co. Ltd. | &nbsp;&nbsp; 177000 | 795191 |
| Chicony Power Technology Co. Ltd. | &nbsp;&nbsp; 59000 | 201549 |
| China Bills Finance Corp. | &nbsp;&nbsp; 177000 | 96025 |
| China Motor Corp. | &nbsp;&nbsp; 63200 | 119618 |
| China Petrochemical Development Corp.<sup>(a)</sup> | &nbsp;&nbsp; 885145 | 206468 |
| China Steel Chemical Corp. | &nbsp;&nbsp; 59000 | 158011 |
| Chipbond Technology Corp. | &nbsp;&nbsp; 169000 | 295488 |
| ChipMOS Technologies Inc. | &nbsp;&nbsp; 177000 | 140221 |
| Chong Hong Construction Co. Ltd. | &nbsp;&nbsp; 59424 | 146585 |
| Chroma ATE Inc. | &nbsp;&nbsp; 101000 | 1913181 |
| Chung Hung Steel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 236000 | 123504 |
| Chung-Hsin Electric & Machinery <br> Manufacturing Corp.<br>| &nbsp;&nbsp; 118000 | 658572 |
| Clevo Co. | &nbsp;&nbsp; 118000 | 161402 |
| Compeq Manufacturing Co. Ltd. | &nbsp;&nbsp; 295000 | 777206 |
| Continental Holdings Corp. | &nbsp;&nbsp; 118000 | 89756 |
| Coretronic Corp. | &nbsp;&nbsp; 59400 | 237120 |
| CSBC Corp. Taiwan<sup>(a)</sup> | &nbsp;&nbsp; 236361 | 158775 |
| CTCI Corp. | &nbsp;&nbsp; 194733 | 196471 |
| Da-Li Development Co. Ltd. | &nbsp;&nbsp; 67574 | 93440 |
| Delpha Construction Co. Ltd. | &nbsp;&nbsp; 118000 | 118610 |
| Dynapack International Technology Corp. | &nbsp;&nbsp; 37000 | 436248 |
| EirGenix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 59000 | 117167 |
| Elan Microelectronics Corp. | &nbsp;&nbsp; 86000 | 334200 |
| Elite Advanced Laser Corp. | &nbsp;&nbsp; 38000 | 249040 |
| Elite Semiconductor Microelectronics Technology Inc. | &nbsp;&nbsp; 60000 | 111081 |
| Ennoconn Corp. | &nbsp;&nbsp; 30000 | 314291 |
| Ennostar Inc. | &nbsp;&nbsp; 118184 | 149671 |
| Eternal Materials Co. Ltd. | &nbsp;&nbsp; 236129 | 337028 |
| Evergreen International Storage & Transport Corp. | &nbsp;&nbsp; 118000 | 131423 |
| Evergreen Steel Corp. | &nbsp;&nbsp; 59000 | 172045 |
| Everlight Electronics Co. Ltd. | &nbsp;&nbsp; 118000 | 262534 |
| Far Eastern Department Stores Ltd. | &nbsp;&nbsp; 236000 | 160583 |
| Far Eastern International Bank | &nbsp;&nbsp; 649616 | 286172 |
| Faraday Technology Corp. | &nbsp;&nbsp; 59394 | 303781 |
| Farglory Land Development Co. Ltd. | &nbsp;&nbsp; 89000 | 178583 |
| Feng Hsin Steel Co. Ltd. | &nbsp;&nbsp; 118000 | 257431 |
| Fitipower Integrated Technology Inc. | &nbsp;&nbsp; 27332 | 157905 |
| FLEXium Interconnect Inc.<sup>(a)</sup> | &nbsp;&nbsp; 59418 | 131637 |
| FocalTech Systems Co. Ltd. | &nbsp;&nbsp; 59000 | 131840 |
| Formosa Taffeta Co. Ltd. | &nbsp;&nbsp; 236000 | 121212 |
| Fositek Corp. | &nbsp;&nbsp; 13000 | 478018 |
| Foxconn Technology Co. Ltd. | &nbsp;&nbsp; 236000 | 543948 |
| Foxsemicon Integrated Technology Inc. | &nbsp;&nbsp; 25200 | 236997 |
| Fulgent Sun International Holding Co. Ltd. | &nbsp;&nbsp; 59330 | 205732 |
| Fusheng Precision Co. Ltd. | &nbsp;&nbsp; 26000 | 224969 |
| G Shank Enterprise Co. Ltd. | &nbsp;&nbsp; 34000 | 113078 |
| General Interface Solution GIS Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 59000 | 120865 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Genius Electronic Optical Co. Ltd. | &nbsp;&nbsp; 24585 | $363473 |
| Getac Holdings Corp. | &nbsp;&nbsp; 118000 | 588336 |
| Giant Manufacturing Co. Ltd. | &nbsp;&nbsp; 61000 | 208769 |
| Global Brands Manufacture Ltd. | &nbsp;&nbsp; 61496 | 287229 |
| Global Mixed Mode Technology Inc. | &nbsp;&nbsp; 21000 | 159135 |
| Gloria Material Technology Corp. | &nbsp;&nbsp; 118000 | 147250 |
| Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 103600 | 1697862 |
| Goldsun Building Materials Co. Ltd. | &nbsp;&nbsp; 236426 | 287542 |
| Gourmet Master Co. Ltd. | &nbsp;&nbsp; 59821 | 159504 |
| Grand Process Technology Corp. | &nbsp;&nbsp; 6000 | 293751 |
| Grape King Bio Ltd. | &nbsp;&nbsp; 60000 | 252623 |
| Great Wall Enterprise Co. Ltd. | &nbsp;&nbsp; 177284 | 307450 |
| Greatek Electronics Inc. | &nbsp;&nbsp; 59000 | 115109 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp; 18000 | 187133 |
| Hannstar Board Corp. | &nbsp;&nbsp; 59642 | 174014 |
| HannStar Display Corp.<sup>(a)</sup> | &nbsp;&nbsp; 531320 | 131194 |
| Highwealth Construction Corp. | &nbsp;&nbsp; 354099 | 482921 |
| Hiwin Technologies Corp. | &nbsp;&nbsp; 59044 | 409144 |
| Hota Industrial Manufacturing Co. Ltd. | &nbsp;&nbsp; 60773 | 135736 |
| Hotai Finance Co. Ltd. | &nbsp;&nbsp; 70780 | 159690 |
| Hsin Kuang Steel Co. Ltd. | &nbsp;&nbsp; 59000 | 84122 |
| HTC Corp.<sup>(a)</sup> | &nbsp;&nbsp; 177000 | 405238 |
| HUA ENG Wire & Cable Co. Ltd. | &nbsp;&nbsp; 118000 | 115986 |
| Huaku Development Co. Ltd. | &nbsp;&nbsp; 62567 | 204289 |
| Hwang Chang General Contractor Co. Ltd. | &nbsp;&nbsp; 60000 | 164745 |
| IBF Financial Holdings Co. Ltd. | &nbsp;&nbsp; 685901 | 346877 |
| I-Chiun Precision Industry Co. Ltd. | &nbsp;&nbsp; 60000 | 153121 |
| Innodisk Corp. | &nbsp;&nbsp; 29711 | 280959 |
| ITE Technology Inc. | &nbsp;&nbsp; 59000 | 257205 |
| ITEQ Corp. | &nbsp;&nbsp; 59559 | 264512 |
| Jinan Acetate Chemical Co. Ltd. | &nbsp;&nbsp; 157420 | 373421 |
| Johnson Health Tech Co. Ltd. | &nbsp;&nbsp; 23000 | 107693 |
| JSL Construction & Development Co. Ltd. | &nbsp;&nbsp; 39986 | 101769 |
| Kaori Heat Treatment Co. Ltd. | &nbsp;&nbsp; 21047 | 263781 |
| Kenda Rubber Industrial Co. Ltd. | &nbsp;&nbsp; 177260 | 119100 |
| Kenmec Mechanical Engineering Co. Ltd. | &nbsp;&nbsp; 61088 | 158197 |
| Kerry TJ Logistics Co. Ltd. | &nbsp;&nbsp; 59000 | 65983 |
| Kindom Development Co. Ltd. | &nbsp;&nbsp; 130240 | 149728 |
| King Yuan Electronics Co. Ltd. | &nbsp;&nbsp; 295000 | 1492659 |
| King's Town Bank Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 172000 | 310639 |
| Kinik Co. | &nbsp;&nbsp; 29000 | 326998 |
| Kinpo Electronics | &nbsp;&nbsp; 295000 | 180597 |
| Kinsus Interconnect Technology Corp. | &nbsp;&nbsp; 59000 | 217128 |
| L&K Engineering Co. Ltd. | &nbsp;&nbsp; 60489 | 692233 |
| Lai Yih Footwear Co. Ltd. | &nbsp;&nbsp; 13000 | 98418 |
| LandMark Optoelectronics Corp. | &nbsp;&nbsp; 21000 | 325658 |
| Lien Hwa Industrial Holdings Corp. | &nbsp;&nbsp; 248266 | 401794 |
| Lotus Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 60000 | 378320 |
| Lumosa Therapeutics Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24000 | 149953 |
| LuxNet Corp. | &nbsp;&nbsp; 60082 | 399846 |
| M31 Technology Corp. | &nbsp;&nbsp; 200 | 3326 |
| Macronix International Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 472000 | 308780 |
| Makalot Industrial Co. Ltd. | &nbsp;&nbsp; 60598 | 529981 |
| Medigen Vaccine Biologics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 59071 | 74948 |
| Mercuries & Associates Holding Ltd. | &nbsp;&nbsp; 118030 | 48328 |
| Mercuries Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 767081 | 139204 |
| Merida Industry Co. Ltd. | &nbsp;&nbsp; 71000 | 261988 |
| Merry Electronics Co. Ltd. | &nbsp;&nbsp; 60530 | 211777 |
| Microbio Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 118718 | 93546 |
| Mitac Holdings Corp. | &nbsp;&nbsp; 260021 | 819672 |
| momo.com Inc | &nbsp;&nbsp; 19950 | 164463 |
| MPI Corp. | &nbsp;&nbsp; 22000 | 988995 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Nan Kang Rubber Tire Co. Ltd. | &nbsp;&nbsp; 119000 | $155236 |
| Nan Ya Printed Circuit Board Corp. | &nbsp;&nbsp; 57000 | 405715 |
| Nanya Technology Corp.<sup>(a)</sup> | &nbsp;&nbsp; 295000 | 450369 |
| North-Star International Co. Ltd. | &nbsp;&nbsp; 64349 | 81722 |
| Nuvoton Technology Corp. | &nbsp;&nbsp; 59000 | 120196 |
| O-Bank Co. Ltd. | &nbsp;&nbsp; 236000 | 69361 |
| Oneness Biotech Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 820 | 1870 |
| Orient Semiconductor Electronics Ltd. | &nbsp;&nbsp; 118000 | 170465 |
| Pan Jit International Inc. | &nbsp;&nbsp; 59000 | 123387 |
| Pan-International Industrial Corp. | &nbsp;&nbsp; 118722 | 226556 |
| Parade Technologies Ltd. | &nbsp;&nbsp; 23000 | 582981 |
| Pharmally International Holding Co. Ltd., NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 21603 |  |
| Phison Electronics Corp. | &nbsp;&nbsp; 51000 | 808361 |
| Phoenix Silicon International Corp. | &nbsp;&nbsp; 59000 | 308207 |
| Pixart Imaging Inc. | &nbsp;&nbsp; 34635 | 221651 |
| Polaris Group<sup>(a)</sup> | &nbsp;&nbsp; 118000 | 150321 |
| Pou Chen Corp. | &nbsp;&nbsp; 590000 | 554660 |
| Powerchip Semiconductor Manufacturing Corp.<sup>(a)</sup> | &nbsp;&nbsp; 767000 | 396345 |
| Powertech Technology Inc. | &nbsp;&nbsp; 177000 | 683012 |
| Poya International Co. Ltd. | &nbsp;&nbsp; 15633 | 238572 |
| President Securities Corp. | &nbsp;&nbsp; 260285 | 177025 |
| Primax Electronics Ltd. | &nbsp;&nbsp; 118000 | 319100 |
| Prince Housing & Development Corp. | &nbsp;&nbsp; 236917 | 70984 |
| Promate Electronic Co. Ltd. | &nbsp;&nbsp; 71116 | 119521 |
| Qisda Corp. | &nbsp;&nbsp; 413000 | 426795 |
| Quanta Storage Inc. | &nbsp;&nbsp; 59000 | 237471 |
| Radiant Opto-Electronics Corp. | &nbsp;&nbsp; 118000 | 551615 |
| Raydium Semiconductor Corp. | &nbsp;&nbsp; 18000 | 174061 |
| Ruentex Development Co. Ltd. | &nbsp;&nbsp; 413000 | 406095 |
| Ruentex Industries Ltd. | &nbsp;&nbsp; 177735 | 313814 |
| Run Long Construction Co. Ltd. | &nbsp;&nbsp; 132484 | 130066 |
| Sakura Development Co. Ltd. | &nbsp;&nbsp; 93840 | 149975 |
| Sanyang Motor Co. Ltd. | &nbsp;&nbsp; 177820 | 377762 |
| Scientech Corp. | &nbsp;&nbsp; 12829 | 161619 |
| Sercomm Corp. | &nbsp;&nbsp; 59000 | 202402 |
| Shihlin Electric & Engineering Corp. | &nbsp;&nbsp; 59000 | 383856 |
| Shin Zu Shing Co. Ltd. | &nbsp;&nbsp; 61800 | 528831 |
| Shinfox Energy Co. Ltd. | &nbsp;&nbsp; 33327 | 60306 |
| Shinkong Insurance Co. Ltd. | &nbsp;&nbsp; 59000 | 207900 |
| Shinkong Synthetic Fibers Corp. | &nbsp;&nbsp; 295135 | 143131 |
| Sigurd Microelectronics Corp. | &nbsp;&nbsp; 118124 | 325000 |
| Silicon Integrated Systems Corp. | &nbsp;&nbsp; 118900 | 216269 |
| Simplo Technology Co. Ltd. | &nbsp;&nbsp; 60600 | 779589 |
| Sinbon Electronics Co. Ltd. | &nbsp;&nbsp; 59000 | 446652 |
| Sino-American Silicon Products Inc. | &nbsp;&nbsp; 177000 | 594845 |
| Sinon Corp. | &nbsp;&nbsp; 118000 | 162983 |
| Sinyi Realty Inc. | &nbsp;&nbsp; 59778 | 47044 |
| Sitronix Technology Corp. | &nbsp;&nbsp; 31000 | 211877 |
| Solar Applied Materials Technology Corp. | &nbsp;&nbsp; 118943 | 227481 |
| Sporton International Inc. | &nbsp;&nbsp; 27300 | 157007 |
| Standard Foods Corp. | &nbsp;&nbsp; 118000 | 116170 |
| Starlux Airlines Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 354000 | 289215 |
| Sunonwealth Electric Machine Industry Co. Ltd. | &nbsp;&nbsp; 55000 | 243284 |
| Supreme Electronics Co. Ltd. | &nbsp;&nbsp; 118017 | 166201 |
| Systex Corp. | &nbsp;&nbsp; 59000 | 226111 |
| TA Chen Stainless Pipe | &nbsp;&nbsp; 508703 | 645880 |
| Ta Ya Electric Wire & Cable | &nbsp;&nbsp; 192798 | 266493 |
| Taichung Commercial Bank Co. Ltd. | &nbsp;&nbsp; 1013123 | 704578 |
| TaiMed Biologics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 60793 | 160607 |
| Tainan Spinning Co. Ltd. | &nbsp;&nbsp; 295190 | 130994 |
| Taiwan Cogeneration Corp. | &nbsp;&nbsp; 118860 | 181679 |
| Taiwan Fertilizer Co. Ltd. | &nbsp;&nbsp; 177000 | 308138 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Taiwan Glass Industry Corp.<sup>(a)</sup> | &nbsp;&nbsp; 295000 | $338958 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | &nbsp;&nbsp; 72383 | 327034 |
| Taiwan Paiho Ltd. | &nbsp;&nbsp; 90050 | 157454 |
| Taiwan Secom Co. Ltd. | &nbsp;&nbsp; 59450 | 217131 |
| Taiwan Shin Kong Security Co. Ltd. | &nbsp;&nbsp; 106366 | 141814 |
| Taiwan Surface Mounting Technology Corp. | &nbsp;&nbsp; 59000 | 206195 |
| Taiwan Union Technology Corp. | &nbsp;&nbsp; 59000 | 704166 |
| Tatung Co. Ltd. | &nbsp;&nbsp; 336300 | 435226 |
| Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 295000 | 654138 |
| Test Research Inc. | &nbsp;&nbsp; 59000 | 412014 |
| Tigerair Taiwan Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 59000 | 160717 |
| Ton Yi Industrial Corp. | &nbsp;&nbsp; 177000 | 105933 |
| Tong Hsing Electronic Industries Ltd. | &nbsp;&nbsp; 59478 | 218146 |
| Tong Yang Industry Co. Ltd. | &nbsp;&nbsp; 118133 | 390304 |
| Topco Scientific Co. Ltd. | &nbsp;&nbsp; 59704 | 567166 |
| Transcend Information Inc. | &nbsp;&nbsp; 60000 | 196871 |
| Tripod Technology Corp. | &nbsp;&nbsp; 118000 | 1233984 |
| TSRC Corp. | &nbsp;&nbsp; 177000 | 98746 |
| TTY Biopharm Co. Ltd. | &nbsp;&nbsp; 59450 | 149155 |
| Tung Ho Steel Enterprise Corp. | &nbsp;&nbsp; 118750 | 246249 |
| TXC Corp. | &nbsp;&nbsp; 75000 | 215483 |
| U-Ming Marine Transport Corp. | &nbsp;&nbsp; 118000 | 216527 |
| Union Bank of Taiwan | &nbsp;&nbsp; 272419 | 147609 |
| Unitech Printed Circuit Board Corp. | &nbsp;&nbsp; 185604 | 185325 |
| United Integrated Services Co. Ltd. | &nbsp;&nbsp; 44400 | 1776084 |
| Universal Cement Corp. | &nbsp;&nbsp; 118000 | 113791 |
| Universal Microwave Technology Inc. | &nbsp;&nbsp; 14000 | 180241 |
| Via Technologies Inc. | &nbsp;&nbsp; 59000 | 120388 |
| VisEra Technologies Co. Ltd. | &nbsp;&nbsp; 32000 | 273454 |
| Visual Photonics Epitaxy Co. Ltd. | &nbsp;&nbsp; 59425 | 301224 |
| Wah Lee Industrial Corp. | &nbsp;&nbsp; 60340 | 195590 |
| Walsin Lihwa Corp. | &nbsp;&nbsp; 827883 | 613272 |
| Walsin Technology Corp. | &nbsp;&nbsp; 59000 | 157819 |
| Win Semiconductors Corp. | &nbsp;&nbsp; 118000 | 354618 |
| Winbond Electronics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 826000 | 527647 |
| WinWay Technology Co. Ltd. | &nbsp;&nbsp; 7000 | 311139 |
| Wisdom Marine Lines Co. Ltd. | &nbsp;&nbsp; 136000 | 268510 |
| Wiselink Co. Ltd/TW | &nbsp;&nbsp; 34000 | 254502 |
| WNC Corp. | &nbsp;&nbsp; 118240 | 488222 |
| WT Microelectronics Co. Ltd. | &nbsp;&nbsp; 177711 | 710663 |
| XinTec Inc. | &nbsp;&nbsp; 59000 | 261976 |
| Yankey Engineering Co. Ltd. | &nbsp;&nbsp; 17250 | 276003 |
| YFY Inc. | &nbsp;&nbsp; 295000 | 240496 |
| Yieh Phui Enterprise Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 241397 | 118588 |
| Yulon Finance Corp. | &nbsp;&nbsp; 59285 | 204882 |
| Yulon Motor Co. Ltd. | &nbsp;&nbsp; 118955 | 127632 |
|  |  | 76129656 |
| **Thailand — 2.4%** | **Thailand — 2.4%** | **Thailand — 2.4%** |
| AEON Thana Sinsap Thailand PCL, NVDR | &nbsp;&nbsp; 41300 | 139600 |
| Amata Corp. PCL, NVDR | &nbsp;&nbsp; 401276 | 195793 |
| AP Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 725700 | 164867 |
| B Grimm Power PCL, NVDR | &nbsp;&nbsp; 295000 | 115900 |
| Bangchak Corp. PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 188800 | 188130 |
| Bangkok Chain Hospital PCL, NVDR | &nbsp;&nbsp; 407100 | 163368 |
| Bangkok Commercial Asset Management <br> PCL, NVDR<br>| &nbsp;&nbsp; 566400 | 142663 |
| Bangkok Expressway & Metro PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 944000 | 154651 |
| Bangkok Life Assurance PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 306800 | 165791 |
| Banpu PCL, NVDR | &nbsp;&nbsp; 2224300 | 327144 |
| BCPG PCL, NVDR | &nbsp;&nbsp; 536900 | 141854 |
| Betagro PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 212400 | 112229 |
| BTS Group Holdings PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 2344666 | 229103 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** |
| Carabao Group PCL, NVDR | &nbsp;&nbsp; 112100 | $177358 |
| Central Plaza Hotel PCL, NVDR | &nbsp;&nbsp; 165600 | 147133 |
| CH Karnchang PCL, NVDR | &nbsp;&nbsp; 389400 | 174292 |
| Chularat Hospital PCL, NVDR | &nbsp;&nbsp; 1834900 | 89476 |
| CK Power PCL, NVDR | &nbsp;&nbsp; 1044400 | 89001 |
| Com7 PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 318600 | 251221 |
| Electricity Generating PCL, NVDR | &nbsp;&nbsp; 88500 | 322365 |
| Hana Microelectronics PCL, NVDR | &nbsp;&nbsp; 182900 | 136682 |
| IRPC PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 3917600 | 124557 |
| I-TAIL Corp. PCL, NVDR | &nbsp;&nbsp; 395300 | 176946 |
| JMT Network Services PCL, NVDR | &nbsp;&nbsp; 401200 | 145200 |
| Kiatnakin Phatra Bank PCL, NVDR | &nbsp;&nbsp; 82632 | 151729 |
| Land & Houses PCL, NVDR | &nbsp;&nbsp; 1486800 | 179030 |
| MBK PCL, NVDR | &nbsp;&nbsp; 395300 | 209942 |
| Mega Lifesciences PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 123900 | 106972 |
| Muangthai Capital PCL, NVDR | &nbsp;&nbsp; 224200 | 258209 |
| Osotspa PCL, NVDR | &nbsp;&nbsp; 354000 | 179621 |
| Plan B Media PCL, NVDR | &nbsp;&nbsp; 753780 | 102301 |
| PTT Global Chemical PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 619500 | 502469 |
| Quality Houses PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 2416967 | 101465 |
| Ratch Group PCL, NVDR | &nbsp;&nbsp; 395300 | 329785 |
| Sansiri PCL, NVDR | &nbsp;&nbsp; 4094600 | 182079 |
| Siam Global House PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 778858 | 171084 |
| Sri Trang Agro-Industry PCL, NVDR | &nbsp;&nbsp; 230180 | 86114 |
| Srisawad Corp. PCL, NVDR | &nbsp;&nbsp; 240130 | 185923 |
| Star Petroleum Refining PCL, NVDR | &nbsp;&nbsp; 548700 | 75828 |
| Supalai PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 318600 | 150473 |
| Thai Life Insurance PCL, NVDR | &nbsp;&nbsp; 662900 | 195660 |
| Thai Oil PCL, NVDR | &nbsp;&nbsp; 312700 | 309301 |
| Thai Union Group PCL, NVDR | &nbsp;&nbsp; 755200 | 287190 |
| Thai Vegetable Oil PCL, NVDR | &nbsp;&nbsp; 312760 | 238468 |
| Thanachart Capital PCL, NVDR | &nbsp;&nbsp; 100300 | 157264 |
| TIDLOR Holdings PCL, NVDR | &nbsp;&nbsp; 387067 | 225392 |
| Tipco Asphalt PCL, NVDR | &nbsp;&nbsp; 283200 | 125018 |
| Tisco Financial Group PCL, NVDR | &nbsp;&nbsp; 64200 | 200242 |
| TPI Polene Power PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 1174100 | 80460 |
| TTW PCL, NVDR | &nbsp;&nbsp; 613600 | 172365 |
| VGI PCL, NVDR | &nbsp;&nbsp; 3616750 | 234823 |
| WHA Corp. PCL, NVDR | &nbsp;&nbsp; 2460300 | 273522 |
|  |  | 9548053 |
| **Turkey — 2.2%** | **Turkey — 2.2%** | **Turkey — 2.2%** |
| Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS | &nbsp;&nbsp; 187443 | 155794 |
| Akcansa Cimento A/S | &nbsp;&nbsp; 20140 | 66503 |
| Aksa Akrilik Kimya Sanayii AS | &nbsp;&nbsp; 478879 | 123131 |
| Alarko Holding A/S | &nbsp;&nbsp; 57702 | 123111 |
| Anadolu Anonim Turk Sigorta Sirketi | &nbsp;&nbsp; 230100 | 124927 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | &nbsp;&nbsp; 526870 | 216792 |
| Astor Transformator Enerji Turizm Insaat Ve Petrol <br> Sanayi Ticaret AS<br>| &nbsp;&nbsp; 79505 | 228364 |
| Aygaz AS | &nbsp;&nbsp; 26863 | 109678 |
| Baticim Bati Anadolu Cimento Sanayii A/S<sup>(a)</sup> | &nbsp;&nbsp; 765141 | 74752 |
| Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret <br> A/S<sup>(a)</sup><br>| &nbsp;&nbsp; 7257 | 90008 |
| Cimsa Cimento Sanayi VE Ticaret AS | &nbsp;&nbsp; 119302 | 140452 |
| Destek Finans Faktoring AS<sup>(a)</sup> | &nbsp;&nbsp; 21417 | 395575 |
| Dogan Sirketler Grubu Holding AS | &nbsp;&nbsp; 360018 | 168486 |
| Dogus Otomotiv Servis ve Ticaret AS | &nbsp;&nbsp; 22801 | 104786 |
| EGE Endustri VE Ticaret AS | &nbsp;&nbsp; 413 | 87204 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS | &nbsp;&nbsp; 648935 | 326723 |
| Enerjisa Enerji AS<sup>(b)</sup> | &nbsp;&nbsp; 85609 | 164409 |
| Enerya Enerji A/S | &nbsp;&nbsp; 960192 | 257110 |
| GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS | &nbsp;&nbsp; 27081 | 118203 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| Gubre Fabrikalari TAS<sup>(a)</sup> | &nbsp;&nbsp; 25154 | $178225 |
| Hektas Ticaret TAS<sup>(a)</sup> | &nbsp;&nbsp; 1253751 | 133515 |
| Is Yatirim Menkul Degerler AS | &nbsp;&nbsp; 139653 | 147977 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, <br> Class D<sup>(a)</sup><br>| &nbsp;&nbsp; 249924 | 178781 |
| Kiler Holding AS<sup>(a)</sup> | &nbsp;&nbsp; 107970 | 168459 |
| Kizilbuk Gayrimenkul Yatirim Ortakligi AS<sup>(a)</sup> | &nbsp;&nbsp; 1 |  |
| Kocaer Celik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 184000 | 68672 |
| Kontrolmatik Enerji Ve Muhendislik AS | &nbsp;&nbsp; 44239 | 29652 |
| Koza Anadolu Metal Madencilik Isletmeleri AS<sup>(a)</sup> | &nbsp;&nbsp; 59000 | 113362 |
| Mavi Giyim Sanayi Ve Ticaret AS, Class B<sup>(b)</sup> | &nbsp;&nbsp; 183490 | 199389 |
| Migros Ticaret AS | &nbsp;&nbsp; 25842 | 305120 |
| MLP Saglik Hizmetleri AS<sup>(a)(b)</sup> | &nbsp;&nbsp; 22125 | 192393 |
| Nuh Cimento Sanayi AS | &nbsp;&nbsp; 18555 | 106872 |
| Otokar Otomotiv Ve Savunma Sanayi AS<sup>(a)</sup> | &nbsp;&nbsp; 12449 | 170876 |
| Oyak Cimento Fabrikalari AS<sup>(a)(c)</sup> | &nbsp;&nbsp; 287818 | 171124 |
| Pasifik Eurasia Lojistik Dis Ticaret AS<sup>(a)</sup> | &nbsp;&nbsp; 59000 | 156722 |
| Pegasus Hava Tasimaciligi AS<sup>(a)</sup> | &nbsp;&nbsp; 62776 | 379986 |
| Petkim Petrokimya Holding AS<sup>(a)(c)</sup> | &nbsp;&nbsp; 370343 | 180073 |
| Ral Yatirim Holding AS<sup>(a)</sup> | &nbsp;&nbsp; 59000 | 187693 |
| Selcuk Ecza Deposu Ticaret ve Sanayi AS | &nbsp;&nbsp; 37760 | 79486 |
| Sok Marketler Ticaret AS | &nbsp;&nbsp; 118479 | 116200 |
| TAV Havalimanlari Holding AS<sup>(a)</sup> | &nbsp;&nbsp; 52392 | 322859 |
| Tekfen Holding AS<sup>(a)</sup> | &nbsp;&nbsp; 45725 | 116125 |
| Tera Yatirim Menkul Degerler AS<sup>(a)</sup> | &nbsp;&nbsp; 10030 | 168192 |
| Tofas Turk Otomobil Fabrikasi AS | &nbsp;&nbsp; 30798 | 187571 |
| Torunlar Gayrimenkul Yatirim Ortakligi A/S | &nbsp;&nbsp; 88264 | 152346 |
| Turk Altin Isletmeleri AS<sup>(a)</sup> | &nbsp;&nbsp; 297950 | 174436 |
| Turk Traktor ve Ziraat Makineleri AS | &nbsp;&nbsp; 3422 | 51437 |
| Turkiye Sigorta A/S | &nbsp;&nbsp; 600856 | 146025 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(a)</sup> | &nbsp;&nbsp; 488326 | 172307 |
| Turkiye Sise ve Cam Fabrikalari AS | &nbsp;&nbsp; 307803 | 304733 |
| Ulker Biskuvi Sanayi AS | &nbsp;&nbsp; 60062 | 165626 |
| Verusa Holding A/S | &nbsp;&nbsp; 11229 | 124850 |
| Ziraat Gayrimenkul Yatirim Ortakligi AS | &nbsp;&nbsp; 295912 | 166267 |
|  |  | 8593359 |
| **United Arab Emirates — 1.3%** | **United Arab Emirates — 1.3%** | **United Arab Emirates — 1.3%** |
| Abu Dhabi National Hotels | &nbsp;&nbsp; 2287489 | 288342 |
| Agility Global PLC | &nbsp;&nbsp; 1313209 | 414741 |
| Agthia Group PJSC | &nbsp;&nbsp; 103545 | 114172 |
| Air Arabia PJSC | &nbsp;&nbsp; 660800 | 678289 |
| Ajman Bank PJSC | &nbsp;&nbsp; 359251 | 140846 |
| Al Waha Capital PJSC | &nbsp;&nbsp; 278657 | 120477 |
| Alef Education Holding PLC | &nbsp;&nbsp; 354000 | 98364 |
| Amanat Holdings PJSC | &nbsp;&nbsp; 226914 | 69811 |
| Apex Investment Co. PSC<sup>(a)</sup> | &nbsp;&nbsp; 162684 | 196320 |
| Dana Gas PJSC | &nbsp;&nbsp; 1378889 | 282689 |
| Deyaar Development PJSC | &nbsp;&nbsp; 348171 | 97555 |
| Dubai Financial Market PJSC | &nbsp;&nbsp; 556676 | 254623 |
| Dubai Investments PJSC | &nbsp;&nbsp; 578731 | 450673 |
| Dubai Residential REIT | &nbsp;&nbsp; 497092 | 189474 |
| Emirates Central Cooling Systems Corp. | &nbsp;&nbsp; 628232 | 283931 |
| Gulf Navigation Holding PJSC<sup>(a)</sup> | &nbsp;&nbsp; 115876 | 227149 |
| NMDC Energy | &nbsp;&nbsp; 275294 | 188038 |
| Parkin Co. PJSC | &nbsp;&nbsp; 221286 | 364216 |
| Phoenix Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 297360 | 119744 |
| RAK Properties PJSC<sup>(a)</sup> | &nbsp;&nbsp; 354000 | 152165 |
| Ras Al Khaimah Ceramics PJSC | &nbsp;&nbsp; 212120 | 144808 |
| Space42 PLC<sup>(a)</sup> | &nbsp;&nbsp; 397784 | 208637 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Arab Emirates (continued)** | **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |
| Taaleem Holdings PJSC | &nbsp;&nbsp; 38275 | $49395 |
|  |  | 5134459 |
| **Total Common Stocks — 99.0%** <br>**(Cost: $298,989,833)** | **Total Common Stocks — 99.0%** <br>**(Cost: $298,989,833)** | 388897759 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
| Alpargatas SA, Preference Shares, NVS | &nbsp;&nbsp; 46256 | 81048 |
| Banco ABC Brasil SA, Preference Shares, NVS | &nbsp;&nbsp; 26786 | 108886 |
| Banco do Estado do Rio Grande do Sul SA, Class B, <br> Preference Shares, NVS<br>| &nbsp;&nbsp; 39235 | 83147 |
| Banco Pan SA, Preference Shares, NVS | &nbsp;&nbsp; 86158 | 122995 |
| Bradespar SA, Preference Shares, NVS | &nbsp;&nbsp; 65608 | 198209 |
| Braskem SA, Class A, Preference Shares, NVS | &nbsp;&nbsp; 48380 | 83610 |
| Cia. De Sanena Do Parana, Preference Shares, NVS | &nbsp;&nbsp; 79355 | 98062 |
| Marcopolo SA, Preference Shares, NVS | &nbsp;&nbsp; 220955 | 377778 |
| Metalurgica Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 159647 | 278551 |
| Unipar Carbocloro SA, Preference Shares, NVS | &nbsp;&nbsp; 15057 | 179761 |
| Usinas Siderurgicas de Minas Gerais SA Usiminas, <br> Class A, Preference Shares, NVS<br>| &nbsp;&nbsp; 118413 | 95441 |
|  |  | 1707488 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Embotelladora Andina SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 116268 | 460580 |
| **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** |
| Daishin Securities Co. Ltd., NVS0.00% | &nbsp;&nbsp; 5900 | 87799 |
| **Total Preferred Stocks — 0.6%** <br>**(Cost: $1,549,982)** | **Total Preferred Stocks — 0.6%** <br>**(Cost: $1,549,982)** | 2255867 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $300,539,815)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $300,539,815)** | 391153626 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 9.1%** | **Money Market Funds — 9.1%** | **Money Market Funds — 9.1%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp; 32889007 | 32905451 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(g)(h)</sup><br>| &nbsp;&nbsp; 2630000 | 2630000 |
| **Total Short-Term Securities — 9.1%** <br>**(Cost: $35,526,929)** | **Total Short-Term Securities — 9.1%** <br>**(Cost: $35,526,929)** | 35535451 |
| **Total Investments — 108.7%** <br>**(Cost: $336,066,744)** | **Total Investments — 108.7%** <br>**(Cost: $336,066,744)** | 426689077 |
| **Liabilities in Excess of Other Assets — (8.7)%** | **Liabilities in Excess of Other Assets — (8.7)%** | (34140025)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $392549052 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $238,795, representing 0.1% of its net assets as of period end, and an original cost of $118,754. 

<sup>(f)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(g)</sup> Affiliate of the Fund.

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(h)</sup> Annualized 7-day yield as of period end. <br> <sup>(i)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $10550436<br> $22355780 <br><sup>(a)</sup><br>| $— | $(197)<br>| $(568)<br>| $32905451 | 32889007 | $780836 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1930000<br> 700000 <br><sup>(a)</sup><br>|  |  |  | 2630000 | 2630000 | 142090 |  |
|  |  |  | $(197) | $(568) | $35535451 |  | $922926 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 17 | 09/19/25 | &nbsp;&nbsp; $1075 | $3176 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3176 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3176 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35489 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35489 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11453)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11453)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Small-Cap ETF**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $761405 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $63790088 | &nbsp;&nbsp; $324757727 | &nbsp;&nbsp; $349944 | &nbsp;&nbsp; $388897759 |
| Preferred Stocks | &nbsp;&nbsp; 2168068 | &nbsp;&nbsp; 87799 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2255867 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 35535451 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35535451 |
|  | &nbsp;&nbsp; $101493607 | &nbsp;&nbsp; $324845526 | &nbsp;&nbsp; $349944 | &nbsp;&nbsp; $426689077 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $3176 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3176 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Core MSCI Emerging <br> Markets ETF <br>| &nbsp;&nbsp; iShares <br>MSCI BIC <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Emerging <br> Markets Asia ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Emerging <br> Markets <br> Small-Cap <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $100974956747 | $90569512 | $1402169271 | $391153626 |
| Investments, at value—affiliated<sup>(c)</sup> | 5275325333 | 2156281 | 22371901 | 35535451 |
| Cash | 8296420 | 7455 | 25192 | 277063 |
| Cash pledged for futures contracts | 11359000 | 5000 | 126000 | 38000 |
| Foreign currency, at value<sup>(d)</sup> | 173429563 | 82354 | 964203 | 834828 |
| Receivables: |  |  |  |  |
| Investments sold | 9552732 | 1513 | 1871 | 1368705 |
| Securities lending income—affiliated | 9843086 | 1497 | 40093 | 95286 |
| Capital shares sold |  |  | 1911 |  |
| Dividends—unaffiliated | 148760011 | 128289 | 1193281 | 627153 |
| Dividends—affiliated | 2186847 | 5559 | 11379 | 10633 |
| Tax reclaims | 7449645 |  |  | 42373 |
| Variation margin on futures contracts |  | 532 |  |  |
| Foreign withholding tax claims | 5630382 |  |  | 43983 |
| Total assets | 106626789766 | 92957992 | 1426905102 | 430027101 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value | 4542922741 | 596340 | 17233394 | 32903371 |
| Payables: |  |  |  |  |
| Investments purchased | 12168979 |  |  | 1214484 |
| Deferred foreign capital gain tax | 665374975 | 1556732 | 1865644 | 3110541 |
| Foreign taxes | 658276 | 98 | 602 | 769 |
| Investment advisory fees | 7660608 | 54258 | 584164 | 236035 |
| Professional fees |  |  |  | 1764 |
| Variation margin on futures contracts | 2063973 |  | 9932 | 11085 |
| Total liabilities | 5230849552 | 2207428 | 19693736 | 37478049 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $101395940214 | $90750564 | $1407211366 | $392549052 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $88264299699 | $324301390 | $1379489206 | $317371554 |
| Accumulated earnings (loss) | 13131640515 | (233550826) | 27722160 | 75177498 |
| NET ASSETS | $101395940214 | $90750564 | $1407211366 | $392549052 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 1638600000 | 2100000 | 16500000 | 5900000 |
| Net asset value | $61.88 | $43.21 | $85.29 | $66.53 |
| Shares authorized | 15 billion | 500 million | 500 million | 500 million |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $73346414851 | $84053723 | $1243775716 | $300539815 |
| <sup>(b)</sup> Securities loaned, at value | $4076146770 | $553293 | $16273793 | $27722199 |
| <sup>(c)</sup> Investments, at cost—affiliated | $5273559106 | $2156162 | $22368629 | $35526929 |
| <sup>(d)</sup> Foreign currency, at cost | $173331731 | $82433 | $964429 | $834131 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Core MSCI <br> Emerging Markets <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI BIC <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Emerging <br> Markets Asia <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Emerging <br> Markets <br> Small-Cap <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $2480873540 | &nbsp;&nbsp;&nbsp; $1928280 | &nbsp;&nbsp;&nbsp; $17781232 | &nbsp;&nbsp;&nbsp; $9930569 |
| Dividends—affiliated | &nbsp;&nbsp; 29149502 | &nbsp;&nbsp;&nbsp; 70315 | &nbsp;&nbsp;&nbsp; 158021 | &nbsp;&nbsp;&nbsp; 142090 |
| Interest—unaffiliated | &nbsp;&nbsp; 2038731 | &nbsp;&nbsp;&nbsp; 2478 | &nbsp;&nbsp;&nbsp; 27373 | &nbsp;&nbsp;&nbsp; 10593 |
| Securities lending income—affiliated—net<sup>(a)</sup> | &nbsp;&nbsp; 83342863 | &nbsp;&nbsp;&nbsp; 8379 | &nbsp;&nbsp;&nbsp; 136528 | &nbsp;&nbsp;&nbsp; 780836 |
| Other income—unaffiliated | &nbsp;&nbsp; 3265 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 112 |
| Mauritius income taxes refund | &nbsp;&nbsp; 2925792 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (267222639)<br>| &nbsp;&nbsp;&nbsp; (177884)<br>| &nbsp;&nbsp;&nbsp; (2736124)<br>| &nbsp;&nbsp;&nbsp; (1100949)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 8434337 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43983 |
| Total investment income | &nbsp;&nbsp; 2339545391 | &nbsp;&nbsp;&nbsp; 1831568 | &nbsp;&nbsp;&nbsp; 15367030 | &nbsp;&nbsp;&nbsp; 9807234 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 77131415 | &nbsp;&nbsp;&nbsp; 564633 | &nbsp;&nbsp;&nbsp; 3123977 | &nbsp;&nbsp;&nbsp; 2537189 |
| Commitment costs | &nbsp;&nbsp; 39896 | &nbsp;&nbsp;&nbsp; 1317 | &nbsp;&nbsp;&nbsp; 10684 | &nbsp;&nbsp;&nbsp; 5830 |
| Professional | &nbsp;&nbsp; 13641 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1571 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4753 |
| Total expenses | &nbsp;&nbsp; 77184952 | &nbsp;&nbsp;&nbsp; 565950 | &nbsp;&nbsp;&nbsp; 3134661 | &nbsp;&nbsp;&nbsp; 2549343 |
| Less: |  |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (638091)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses after fees waived | &nbsp;&nbsp; 76546861 | &nbsp;&nbsp;&nbsp; 565950 | &nbsp;&nbsp;&nbsp; 3134661 | &nbsp;&nbsp;&nbsp; 2549343 |
| Net investment income | &nbsp;&nbsp; 2262998530 | &nbsp;&nbsp;&nbsp; 1265618 | &nbsp;&nbsp;&nbsp; 12232369 | &nbsp;&nbsp;&nbsp; 7257891 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; (2394433041)<br>| &nbsp;&nbsp;&nbsp; (7523760)<br>| &nbsp;&nbsp;&nbsp; (6987479)<br>| &nbsp;&nbsp;&nbsp; 5275705 |
| Investments—affiliated | &nbsp;&nbsp; 91702 | &nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; (197)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (10460603)<br>| &nbsp;&nbsp;&nbsp; (15774)<br>| &nbsp;&nbsp;&nbsp; 111450 | &nbsp;&nbsp;&nbsp; (126222)<br>|
| Futures contracts | &nbsp;&nbsp; 22593148 | &nbsp;&nbsp;&nbsp; 50601 | &nbsp;&nbsp;&nbsp; 180442 | &nbsp;&nbsp;&nbsp; 35489 |
| In-kind redemptions—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 13252997 | &nbsp;&nbsp;&nbsp; (608155)<br>| &nbsp;&nbsp;&nbsp; 621302 | &nbsp;&nbsp;&nbsp; 1252781 |
|  | &nbsp;&nbsp; (2368955797)<br>| &nbsp;&nbsp;&nbsp; (8096786)<br>| &nbsp;&nbsp;&nbsp; (6074241)<br>| &nbsp;&nbsp;&nbsp; 6437556 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated<sup>(d)</sup> | &nbsp;&nbsp; 14341781099 | &nbsp;&nbsp;&nbsp; 22090893 | &nbsp;&nbsp;&nbsp; 105025971 | &nbsp;&nbsp;&nbsp; 23446086 |
| Investments—affiliated | &nbsp;&nbsp; (239095)<br>| &nbsp;&nbsp;&nbsp; (285)<br>| &nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; (568)<br>|
| Foreign currency translations | &nbsp;&nbsp; 1245594 | &nbsp;&nbsp;&nbsp; 4488 | &nbsp;&nbsp;&nbsp; (15513)<br>| &nbsp;&nbsp;&nbsp; 10028 |
| Futures contracts | &nbsp;&nbsp; (5758560)<br>| &nbsp;&nbsp;&nbsp; (3010)<br>| &nbsp;&nbsp;&nbsp; 34426 | &nbsp;&nbsp;&nbsp; (11453)<br>|
|  | &nbsp;&nbsp; 14337029038 | &nbsp;&nbsp;&nbsp; 22092086 | &nbsp;&nbsp;&nbsp; 105045188 | &nbsp;&nbsp;&nbsp; 23444093 |
| Net realized and unrealized gain | &nbsp;&nbsp; 11968073241 | &nbsp;&nbsp;&nbsp; 13995300 | &nbsp;&nbsp;&nbsp; 98970947 | &nbsp;&nbsp;&nbsp; 29881649 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $14231071771 | &nbsp;&nbsp;&nbsp; $15260918 | &nbsp;&nbsp;&nbsp; $111203316 | &nbsp;&nbsp;&nbsp; $37139540 |
| <sup>(a)</sup> Net of securities lending income tax paid of | &nbsp;&nbsp; $8661347 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| <sup>(b)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(57919924)<br>| &nbsp;&nbsp;&nbsp; $(212860)<br>| &nbsp;&nbsp;&nbsp; $(1270145)<br>| &nbsp;&nbsp;&nbsp; $(1066881)<br>|
| <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(d)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $170628648 | &nbsp;&nbsp;&nbsp; $368034 | &nbsp;&nbsp;&nbsp; $3512083 | &nbsp;&nbsp;&nbsp; $2594530 |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Core MSCI Emerging Markets ETF  | iShares <br>Core MSCI Emerging Markets ETF  | iShares <br>MSCI BIC ETF  | iShares <br>MSCI BIC ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $2262998530 | &nbsp;&nbsp;&nbsp; $2002308011 | &nbsp;&nbsp;&nbsp; $1265618 | &nbsp;&nbsp;&nbsp; $1426652 |
| Net realized loss | &nbsp;&nbsp; (2368955797)<br>| &nbsp;&nbsp;&nbsp; (2132166642)<br>| &nbsp;&nbsp;&nbsp; (8096786)<br>| &nbsp;&nbsp;&nbsp; (4941792)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 14337029038 | &nbsp;&nbsp;&nbsp; 10365973940 | &nbsp;&nbsp;&nbsp; 22092086 | &nbsp;&nbsp;&nbsp; 9166621 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 14231071771 | &nbsp;&nbsp;&nbsp; 10236115309 | &nbsp;&nbsp;&nbsp; 15260918 | &nbsp;&nbsp;&nbsp; 5651481 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (2823242065)<br>| &nbsp;&nbsp;&nbsp; (2168045913)<br>| &nbsp;&nbsp;&nbsp; (1937753)<br>| &nbsp;&nbsp;&nbsp; (993063)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 9686273429 | &nbsp;&nbsp;&nbsp; 1021994291 | &nbsp;&nbsp;&nbsp; 6167841 | &nbsp;&nbsp;&nbsp; (3598747)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 21094103135 | &nbsp;&nbsp;&nbsp; 9090063687 | &nbsp;&nbsp;&nbsp; 19491006 | &nbsp;&nbsp;&nbsp; 1059671 |
| Beginning of year | &nbsp;&nbsp; 80301837079 | &nbsp;&nbsp;&nbsp; 71211773392 | &nbsp;&nbsp;&nbsp; 71259558 | &nbsp;&nbsp;&nbsp; 70199887 |
| End of year | &nbsp;&nbsp; $101395940214 | &nbsp;&nbsp;&nbsp; $80301837079 | &nbsp;&nbsp;&nbsp; $90750564 | &nbsp;&nbsp;&nbsp; $71259558 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Emerging Markets Asia ETF  | iShares <br>MSCI Emerging Markets Asia ETF  | iShares <br>MSCI Emerging Markets Small-Cap ETF  | iShares <br>MSCI Emerging Markets Small-Cap ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $12232369 | &nbsp;&nbsp;&nbsp; $7001781 | &nbsp;&nbsp;&nbsp; $7257891 | &nbsp;&nbsp;&nbsp; $6330852 |
| Net realized gain (loss) | &nbsp;&nbsp; (6074241)<br>| &nbsp;&nbsp;&nbsp; (18089741)<br>| &nbsp;&nbsp;&nbsp; 6437556 | &nbsp;&nbsp;&nbsp; 1669788 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 105045188 | &nbsp;&nbsp;&nbsp; 67802561 | &nbsp;&nbsp;&nbsp; 23444093 | &nbsp;&nbsp;&nbsp; 40629795 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 111203316 | &nbsp;&nbsp;&nbsp; 56714601 | &nbsp;&nbsp;&nbsp; 37139540 | &nbsp;&nbsp;&nbsp; 48630435 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (9253413)<br>| &nbsp;&nbsp;&nbsp; (8983682)<br>| &nbsp;&nbsp;&nbsp; (9656298)<br>| &nbsp;&nbsp;&nbsp; (8999836)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 893120143 | &nbsp;&nbsp;&nbsp; (164341006)<br>| &nbsp;&nbsp;&nbsp; (8744328)<br>| &nbsp;&nbsp;&nbsp; 15712065 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 995070046 | &nbsp;&nbsp;&nbsp; (116610087)<br>| &nbsp;&nbsp;&nbsp; 18738914 | &nbsp;&nbsp;&nbsp; 55342664 |
| Beginning of year | &nbsp;&nbsp; 412141320 | &nbsp;&nbsp;&nbsp; 528751407 | &nbsp;&nbsp;&nbsp; 373810138 | &nbsp;&nbsp;&nbsp; 318467474 |
| End of year | &nbsp;&nbsp; $1407211366 | &nbsp;&nbsp;&nbsp; $412141320 | &nbsp;&nbsp;&nbsp; $392549052 | &nbsp;&nbsp;&nbsp; $373810138 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Core MSCI Emerging Markets ETF  | iShares Core MSCI Emerging Markets ETF  | iShares Core MSCI Emerging Markets ETF  | iShares Core MSCI Emerging Markets ETF  | iShares Core MSCI Emerging Markets ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>08/31/22<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>08/31/21<sup>(a)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $54.58 | &nbsp;&nbsp;&nbsp; $49.10 | &nbsp;&nbsp;&nbsp; $48.75 | &nbsp;&nbsp;&nbsp; $64.18 | &nbsp;&nbsp;&nbsp; $53.34 |
| Net investment income<sup>(b)</sup> | 1.48 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | 7.69 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (15.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.70 |
| Net increase (decrease) from investment operations | 9.17 | &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp; (13.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.03 |
| Distributions from net investment income<sup>(e)</sup> | &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $61.88 | &nbsp;&nbsp;&nbsp; $54.58 | &nbsp;&nbsp;&nbsp; $49.10 | &nbsp;&nbsp;&nbsp; $48.75 | &nbsp;&nbsp;&nbsp; $64.18 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.21 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.50 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.13<br> %<br>| &nbsp;&nbsp;&nbsp; (21.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.67<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|
| Total expenses after fees waived | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>|
| Net investment income | 2.64 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $101395940 | &nbsp;&nbsp;&nbsp; $80301837 | &nbsp;&nbsp;&nbsp; $71211773 | &nbsp;&nbsp;&nbsp; $65232083 | &nbsp;&nbsp;&nbsp; $80599322 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|
| <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024, respectively: <br> • Net investment income per share by $0.01 and $0.00. <br> • Total return by 0.01% and 0.00%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024, respectively: <br> • Net investment income per share by $0.01 and $0.00. <br> • Total return by 0.01% and 0.00%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024, respectively: <br> • Net investment income per share by $0.01 and $0.00. <br> • Total return by 0.01% and 0.00%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024, respectively: <br> • Net investment income per share by $0.01 and $0.00. <br> • Total return by 0.01% and 0.00%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024, respectively: <br> • Net investment income per share by $0.01 and $0.00. <br> • Total return by 0.01% and 0.00%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024, respectively: <br> • Net investment income per share by $0.01 and $0.00. <br> • Total return by 0.01% and 0.00%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. |
| <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI BIC ETF  | iShares MSCI BIC ETF  | iShares MSCI BIC ETF  | iShares MSCI BIC ETF  | iShares MSCI BIC ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<sup>(a)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $36.54 | &nbsp;&nbsp;&nbsp; $34.24 | &nbsp;&nbsp;&nbsp; $35.99 | &nbsp;&nbsp;&nbsp; $50.27 | &nbsp;&nbsp;&nbsp; $47.46 |
| Net investment income<sup>(b)</sup> | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 7.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp; (13.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.74 |
| Net increase (decrease) from investment operations | 7.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (12.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.36 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $43.21 | &nbsp;&nbsp;&nbsp; $36.54 | &nbsp;&nbsp;&nbsp; $34.24 | &nbsp;&nbsp;&nbsp; $35.99 | &nbsp;&nbsp;&nbsp; $50.27 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.26<br> %<br>| &nbsp;&nbsp;&nbsp; (3.05)%<br>| &nbsp;&nbsp;&nbsp; (26.03)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.09<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Net investment income | 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $90751 | &nbsp;&nbsp;&nbsp; $71260 | &nbsp;&nbsp;&nbsp; $70200 | &nbsp;&nbsp;&nbsp; $89980 | &nbsp;&nbsp;&nbsp; $158342 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 80<br> %<br>|
| <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Emerging Markets Asia ETF  | iShares MSCI Emerging Markets Asia ETF  | iShares MSCI Emerging Markets Asia ETF  | iShares MSCI Emerging Markets Asia ETF  | iShares MSCI Emerging Markets Asia ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<sup>(a)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $73.60 | &nbsp;&nbsp;&nbsp; $65.28 | &nbsp;&nbsp;&nbsp; $66.44 | &nbsp;&nbsp;&nbsp; $88.19 | &nbsp;&nbsp;&nbsp; $75.48 |
| Net investment income<sup>(b)</sup> | 1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 11.36 | &nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (20.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.32 |
| Net increase (decrease) from investment operations | 12.87 | &nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (19.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.60 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $85.29 | &nbsp;&nbsp;&nbsp; $73.60 | &nbsp;&nbsp;&nbsp; $65.28 | &nbsp;&nbsp;&nbsp; $66.44 | &nbsp;&nbsp;&nbsp; $88.19 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.23<br> %<br>| &nbsp;&nbsp;&nbsp; (0.08)%<br>| &nbsp;&nbsp;&nbsp; (22.77)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.11<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1407211 | &nbsp;&nbsp;&nbsp; $412141 | &nbsp;&nbsp;&nbsp; $528751 | &nbsp;&nbsp;&nbsp; $571381 | &nbsp;&nbsp;&nbsp; $881929 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 48<br> %<br>|
| <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Emerging Markets Small-Cap ETF  | iShares MSCI Emerging Markets Small-Cap ETF  | iShares MSCI Emerging Markets Small-Cap ETF  | iShares MSCI Emerging Markets Small-Cap ETF  | iShares MSCI Emerging Markets Small-Cap ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>08/31/22<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>08/31/21<sup>(a)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $62.30 | &nbsp;&nbsp;&nbsp; $55.87 | &nbsp;&nbsp;&nbsp; $50.17 | &nbsp;&nbsp;&nbsp; $62.28 | &nbsp;&nbsp;&nbsp; $44.74 |
| Net investment income<sup>(b)</sup> | 1.25 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | 4.66 | &nbsp;&nbsp;&nbsp;&nbsp;6.89 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp; (11.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.81 |
| Net increase (decrease) from investment operations | 5.91 | &nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp; (10.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.77 |
| Distributions from net investment income<sup>(e)</sup> | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (1.23)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $66.53 | &nbsp;&nbsp;&nbsp; $62.30 | &nbsp;&nbsp;&nbsp; $55.87 | &nbsp;&nbsp;&nbsp; $50.17 | &nbsp;&nbsp;&nbsp; $62.28 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 9.77 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.41 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.99<br> %<br>| &nbsp;&nbsp;&nbsp; (17.00)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42.38<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Net investment income | 2.06 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $392549 | &nbsp;&nbsp;&nbsp; $373810 | &nbsp;&nbsp;&nbsp; $318467 | &nbsp;&nbsp;&nbsp; $336134 | &nbsp;&nbsp;&nbsp; $417274 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>|
| <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024, respectively: <br> • Net investment income per share by $0.01 and $0.00. <br> • Total return by 0.01% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024, respectively: <br> • Net investment income per share by $0.01 and $0.00. <br> • Total return by 0.01% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024, respectively: <br> • Net investment income per share by $0.01 and $0.00. <br> • Total return by 0.01% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024, respectively: <br> • Net investment income per share by $0.01 and $0.00. <br> • Total return by 0.01% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024, respectively: <br> • Net investment income per share by $0.01 and $0.00. <br> • Total return by 0.01% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025 and <br> August 31, 2024, respectively: <br> • Net investment income per share by $0.01 and $0.00. <br> • Total return by 0.01% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. |
| <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| Core MSCI Emerging Markets | &nbsp;&nbsp; Diversified |
| MSCI BIC | &nbsp;&nbsp; Diversified |
| MSCI Emerging Markets Asia | &nbsp;&nbsp; Diversified |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; Diversified |

---

**Basis of Consolidation:** The accompanying consolidated financial statements for Core MSCI Emerging Markets and MSCI Emerging Markets Small-Cap included the accounts of its subsidiary in the Republic of Mauritius, which was a wholly-owned subsidiary (each, a "Subsidiary") of the Fund that invested in Indian securities. On April 26, 2023, each Fund filed to liquidate its Subsidiary with the Mauritius Financial Services Commission.

***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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Certain Russian securities held by iShares MSCI BIC ETF declared dividends during the period. However, there is no assurance these dividends can be collected by the Fund due to restrictions imposed by the Russian government. As a result, the Fund has not recognized investment income associated with these Russian securities. Any future recognition of these dividend payments, or other dividends of Russian securities declared in prior periods subject to the same or similar restrictions imposed by Russia or other government agencies, could have a material accretive effect on the Fund's net asset value per share.

**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 exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). 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 Statements 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 Statements 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 "Foreign taxes withheld", 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 August 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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 Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** 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.

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

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from 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.

**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.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that 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. The Board of Directors of the Company (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. 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 BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., 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 Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the 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 Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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 Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the 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 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. SECURITIES AND OTHER INVESTMENTS***

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Core MSCI Emerging Markets |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $626984 | &nbsp;&nbsp;&nbsp; $(626984) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 197989895 | &nbsp;&nbsp;&nbsp; (197989895) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 60265968 | &nbsp;&nbsp;&nbsp; (60265968) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 411814370 | &nbsp;&nbsp;&nbsp; (411814370) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; 121236904 | &nbsp;&nbsp;&nbsp; (121236904) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 133999908 | &nbsp;&nbsp;&nbsp; (133999908) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 324234920 | &nbsp;&nbsp;&nbsp; (324234920) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 607794212 | &nbsp;&nbsp;&nbsp; (607794212) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 98330844 | &nbsp;&nbsp;&nbsp; (98330844) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; 284417978 | &nbsp;&nbsp;&nbsp; (284417978) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 16845125 | &nbsp;&nbsp;&nbsp; (16845125) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 67433422 | &nbsp;&nbsp;&nbsp; (67433422) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp; 132671292 | &nbsp;&nbsp;&nbsp; (132671292) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mizuho Securities USA LLC | &nbsp;&nbsp; 22122572 | &nbsp;&nbsp;&nbsp; (22122572) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1524104660 | &nbsp;&nbsp;&nbsp; (1524104660) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 1669610 | &nbsp;&nbsp;&nbsp; (1669610) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 19389074 | &nbsp;&nbsp;&nbsp; (19389074) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 2246515 | &nbsp;&nbsp;&nbsp; (2246515) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 821867 | &nbsp;&nbsp;&nbsp; (821867) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 26464872 | &nbsp;&nbsp;&nbsp; (26464872) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Europe SE | &nbsp;&nbsp; 21422580 | &nbsp;&nbsp;&nbsp; (21422580) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 243198 | &nbsp;&nbsp;&nbsp; (243198) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $4076146770 | &nbsp;&nbsp;&nbsp; $(4076146770) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI BIC |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $94965 | &nbsp;&nbsp;&nbsp; $(94965) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 130066 | &nbsp;&nbsp;&nbsp; (130066) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 118608 | &nbsp;&nbsp;&nbsp; (118608) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 156355 | &nbsp;&nbsp;&nbsp; (156355) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 53299 | &nbsp;&nbsp;&nbsp; (53299) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $553293 | &nbsp;&nbsp;&nbsp; $(553293) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Emerging Markets Asia |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $762158 | &nbsp;&nbsp;&nbsp; $(762158) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 372425 | &nbsp;&nbsp;&nbsp; (346876) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25549 |
| BofA Securities, Inc. | &nbsp;&nbsp; 2210170 | &nbsp;&nbsp;&nbsp; (2210170) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 333527 | &nbsp;&nbsp;&nbsp; (333527) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 1088320 | &nbsp;&nbsp;&nbsp; (1088320) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 2845200 | &nbsp;&nbsp;&nbsp; (2845200) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 2174768 | &nbsp;&nbsp;&nbsp; (2174768) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; 1469313 | &nbsp;&nbsp;&nbsp; (1469313) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 245651 | &nbsp;&nbsp;&nbsp; (245651) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mizuho Securities USA LLC | &nbsp;&nbsp; 225495 | &nbsp;&nbsp;&nbsp; (225495) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 3911114 | &nbsp;&nbsp;&nbsp; (3911114) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 124152 | &nbsp;&nbsp;&nbsp; (124152) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 510784 | &nbsp;&nbsp;&nbsp; (510784) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 716 | &nbsp;&nbsp;&nbsp;&nbsp;(716) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $16273793 | &nbsp;&nbsp;&nbsp; $(16248244) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $25549 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| MSCI Emerging Markets Small-Cap |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $118850 | &nbsp;&nbsp;&nbsp; $(118850) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 3471011 | &nbsp;&nbsp;&nbsp; (3471011) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 1690701 | &nbsp;&nbsp;&nbsp; (1690701) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 4265729 | &nbsp;&nbsp;&nbsp; (4265729) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; 334999 | &nbsp;&nbsp;&nbsp; (334999) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 2201279 | &nbsp;&nbsp;&nbsp; (2201279) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 3381643 | &nbsp;&nbsp;&nbsp; (3381643) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 3448816 | &nbsp;&nbsp;&nbsp; (3448816) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 1426451 | &nbsp;&nbsp;&nbsp; (1426451) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 625479 | &nbsp;&nbsp;&nbsp; (625479) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; 1149169 | &nbsp;&nbsp;&nbsp; (1149169) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 213085 | &nbsp;&nbsp;&nbsp; (213085) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 1624161 | &nbsp;&nbsp;&nbsp; (1624161) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mizuho Securities USA LLC | &nbsp;&nbsp; 888738 | &nbsp;&nbsp;&nbsp; (888738) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1881861 | &nbsp;&nbsp;&nbsp; (1881861) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 727 | &nbsp;&nbsp;&nbsp;&nbsp;(727) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 54138 | &nbsp;&nbsp;&nbsp; (54138) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 519138 | &nbsp;&nbsp;&nbsp; (519138) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 424577 | &nbsp;&nbsp;&nbsp; (424577) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Virtu Americas LLC | &nbsp;&nbsp; 1647 | &nbsp;&nbsp;&nbsp; (1647) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $27722199 | &nbsp;&nbsp;&nbsp; $(27722199) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

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

***5. 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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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.

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund's assets. BFA is a 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 directors).

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
| Core MSCI Emerging Markets | 0.09% |
| MSCI Emerging Markets Asia | 0.49 |

---

For its investment advisory services to each of the iShares MSCI BIC and iShares MSCI Emerging Markets Small-Cap ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $14 billion | 0.75% |
| Over $14 billion, up to and including $28 billion | 0.68 |
| Over $28 billion, up to and including $42 billion | 0.61 |
| Over $42 billion, up to and including $56 billion | 0.54 |
| Over $56 billion, up to and including $70 billion | 0.47 |
| Over $70 billion, up to and including $84 billion | 0.41 |
| Over $84 billion | 0.35 |

---

**Expense Waivers:** The total of the investment advisory fee and any fund other expenses are a fund's total annual operating expenses. For the iShares Core MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through December 31, 2025 in order to limit the Fund's total annual operating expenses after fee waiver to 0.09% of average daily net assets.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended August 31, 2025, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| Core MSCI Emerging Markets | &nbsp;&nbsp; $638091 |

---

**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.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Core MSCI Emerging Markets | &nbsp;&nbsp; $21457245 |
| MSCI BIC | &nbsp;&nbsp; 2019 |
| MSCI Emerging Markets Asia | &nbsp;&nbsp; 32637 |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; 177888 |

---

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

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

For the year ended August 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Core MSCI Emerging Markets | &nbsp;&nbsp; $26219094 | &nbsp;&nbsp;&nbsp; $119214667 | &nbsp;&nbsp;&nbsp; $(41437560) |
| MSCI BIC | &nbsp;&nbsp; 244613 | &nbsp;&nbsp;&nbsp; 289707 | &nbsp;&nbsp;&nbsp; (222252) |
| MSCI Emerging Markets Asia | &nbsp;&nbsp; 3413617 | &nbsp;&nbsp;&nbsp; 1779226 | &nbsp;&nbsp;&nbsp; (842822) |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; 4431686 | &nbsp;&nbsp;&nbsp; 13018179 | &nbsp;&nbsp;&nbsp; 9580702 |

---

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 Statements 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.

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Core MSCI Emerging Markets | &nbsp;&nbsp; $13267519464 | &nbsp;&nbsp;&nbsp; $5234808207 |
| MSCI BIC | &nbsp;&nbsp; 16759118 | &nbsp;&nbsp;&nbsp; 9851435 |
| MSCI Emerging Markets Asia | &nbsp;&nbsp; 979457909 | &nbsp;&nbsp;&nbsp; 107161259 |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; 101580953 | &nbsp;&nbsp;&nbsp; 107935235 |

---

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Core MSCI Emerging Markets | &nbsp;&nbsp; $1106608903 | &nbsp;&nbsp;&nbsp; $34840221 |
| MSCI BIC | &nbsp;&nbsp; 465158 | &nbsp;&nbsp;&nbsp; 1643652 |
| MSCI Emerging Markets Asia | &nbsp;&nbsp; 53879415 | &nbsp;&nbsp;&nbsp; 32266679 |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; 3987751 | &nbsp;&nbsp;&nbsp; 7041426 |

---

***8. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Company's other funds for federal income tax purposes. It is 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 of 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 August 31, 2025, 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' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to non-deductible expenses and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| Core MSCI Emerging Markets | &nbsp;&nbsp; $11846919 | &nbsp;&nbsp;&nbsp; $(11846919) |
| MSCI BIC | &nbsp;&nbsp; (641518) | &nbsp;&nbsp;&nbsp; 641518 |
| MSCI Emerging Markets Asia | &nbsp;&nbsp; (588100) | &nbsp;&nbsp;&nbsp; 588100 |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; 1083572 | &nbsp;&nbsp;&nbsp; (1083572) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| Core MSCI Emerging Markets |  |  |
| Ordinary income | &nbsp;&nbsp; $2823242065 | &nbsp;&nbsp;&nbsp; $2168045913 |
| MSCI BIC |  |  |
| Ordinary income | &nbsp;&nbsp; $1937753 | &nbsp;&nbsp;&nbsp; $993063 |
| MSCI Emerging Markets Asia |  |  |
| Ordinary income | &nbsp;&nbsp; $9253413 | &nbsp;&nbsp;&nbsp; $8983682 |
| MSCI Emerging Markets Small-Cap |  |  |
| Ordinary income | &nbsp;&nbsp; $9656298 | &nbsp;&nbsp;&nbsp; $8999836 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| Core MSCI Emerging Markets | &nbsp;&nbsp; $1151410357 | &nbsp;&nbsp;&nbsp; $(14033010064) | &nbsp;&nbsp;&nbsp; $26013240222 | &nbsp;&nbsp;&nbsp; $13131640515 |
| MSCI BIC | &nbsp;&nbsp; 103376 | &nbsp;&nbsp;&nbsp; (238156925) | &nbsp;&nbsp;&nbsp; 4502723 | &nbsp;&nbsp;&nbsp; (233550826) |
| MSCI Emerging Markets Asia | &nbsp;&nbsp; 11008242 | &nbsp;&nbsp;&nbsp; (133438627) | &nbsp;&nbsp;&nbsp; 150152545 | &nbsp;&nbsp;&nbsp; 27722160 |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; 7114828 | &nbsp;&nbsp;&nbsp; (1657640) | &nbsp;&nbsp;&nbsp; 69720310 | &nbsp;&nbsp;&nbsp; 75177498 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains / losses for tax purposes. 

For the year ended August 31, 2025, the iShares MSCI Emerging Markets Small-Cap ETF utilized $4,523,793 of its capital loss carryforwards.

As of August 31, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Core MSCI Emerging Markets | &nbsp;&nbsp; $79572443778 | &nbsp;&nbsp;&nbsp; $35747075690 | &nbsp;&nbsp;&nbsp; $(9069237388) | &nbsp;&nbsp;&nbsp; $26677838302 |
| MSCI BIC | &nbsp;&nbsp; 86667309 | &nbsp;&nbsp;&nbsp; 23454875 | &nbsp;&nbsp;&nbsp; (17396391) | &nbsp;&nbsp;&nbsp; 6058484 |
| MSCI Emerging Markets Asia | &nbsp;&nbsp; 1272510966 | &nbsp;&nbsp;&nbsp; 214250974 | &nbsp;&nbsp;&nbsp; (62220768) | &nbsp;&nbsp;&nbsp; 152030206 |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; 353863665 | &nbsp;&nbsp;&nbsp; 104715924 | &nbsp;&nbsp;&nbsp; (31890512) | &nbsp;&nbsp;&nbsp; 72825412 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b)

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2025, the iShares Core MSCI Emerging Markets ETF, iShares MSCI BIC ETF and iShares MSCI Emerging Markets Asia ETF did not borrow under the Syndicated Credit Agreement.

For the year ended August 31, 2025, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Maximum* <br>*Amount* <br>*Borrowed*<br>| &nbsp;&nbsp; *Average* <br>*Borrowing*<br>| &nbsp;&nbsp; *Weighted* <br>*Average* <br>*Interest Rates* <br>|
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; $4000000 | &nbsp;&nbsp;&nbsp; $61370 | &nbsp;&nbsp;&nbsp;&nbsp;5.47% |

---

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each 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, tariffs 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 an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

**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 each 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. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of 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 may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**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 BFA 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 Statements of Assets and Liabilities, less any collateral held by the Funds.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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.

**Geographic/Asset Class 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 Schedule of Investments.

The 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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. 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. Investment percentages in specific countries are presented in the Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund's investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

The 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.

The 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.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Core MSCI Emerging Markets |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 172200000 | &nbsp;&nbsp;&nbsp; $9939458270 | &nbsp;&nbsp;&nbsp; 31200000 | &nbsp;&nbsp;&nbsp; $1530135626 |
| Shares redeemed | &nbsp;&nbsp; (4800000)<br>| &nbsp;&nbsp;&nbsp; (253184841)<br>| &nbsp;&nbsp;&nbsp; (10200000)<br>| &nbsp;&nbsp;&nbsp; (508141335)<br>|
|  | &nbsp;&nbsp; 167400000 | &nbsp;&nbsp;&nbsp; $9686273429 | &nbsp;&nbsp;&nbsp; 21000000 | &nbsp;&nbsp;&nbsp; $1021994291 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 08/31/25 | Year Ended<br> 08/31/25 | Year Ended<br> 08/31/24 | Year Ended<br> 08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI BIC |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $9926313 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $9345 |
| Shares redeemed | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (3758472)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (3608092)<br>|
|  | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; $6167841 | &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; $(3598747)<br>|
| MSCI Emerging Markets Asia |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 12200000 | &nbsp;&nbsp;&nbsp; $989841691 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $79061 |
| Shares redeemed | &nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; (96721548)<br>| &nbsp;&nbsp;&nbsp; (2500000)<br>| &nbsp;&nbsp;&nbsp; (164420067)<br>|
|  | &nbsp;&nbsp; 10900000 | &nbsp;&nbsp;&nbsp; $893120143 | &nbsp;&nbsp;&nbsp; (2500000)<br>| &nbsp;&nbsp;&nbsp; $(164341006)<br>|
| MSCI Emerging Markets Small-Cap |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $20811012 | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; $46017061 |
| Shares redeemed | &nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; (29555340)<br>| &nbsp;&nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; (30304996)<br>|
|  | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; $(8744328)<br>| &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; $15712065 |

---

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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 Company's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***12. FOREIGN WITHHOLDING TAX CLAIMS***

iShares Core MSCI Emerging Markets ETF and iShares MSCI Emerging Markets Small-Cap ETF have filed European Union Discrimination Claims ("ECJ Claims") to recover taxes withheld by Poland (the "ECJ Paying Countries") on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded receivables for all recoverable taxes withheld by the ECJ Paying Countries based upon previous determinations made by the local tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding ECJ Claims, ECJ Paying Countries' tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the local tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Funds, as of August 31, 2025, are $5,630,382 or $0.00 per share and $42,219 or $0.01 per share, respectively.

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares Core MSCI Emerging Markets ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

***13. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

2025 iShares Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the four funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares Core MSCI Emerging Markets ETF<sup>(1)</sup> <br>|
| iShares MSCI BIC ETF<sup>(2)</sup> <br>|
| iShares MSCI Emerging Markets Asia ETF<sup>(2)</sup> <br>|
| iShares MSCI Emerging Markets Small-Cap ETF<sup>(1)</sup> <br>|

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<sup>(1)</sup> Statement of operations for the year ended August 31, 2025, statement of changes in net assets for each of the two years in the period ended August 31, 2025, the financial highlights for each of the two years in the period ended August 31, 2025 and the consolidated financial highlights for each of the three years in the period ended August 31, 2023

<sup>(2)</sup> Statement of operations for the year ended August 31, 2025, statement of changes in net assets for each of the two years in the period ended August 31, 2025, the financial highlights for each of the four years in the period ended August 31, 2025 and the consolidated financial highlights for the year ended August 31, 2021

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

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

Report of Independent Registered Public Accounting Firm

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

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| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| Core MSCI Emerging Markets | &nbsp;&nbsp; $1132051130 |
| MSCI BIC | &nbsp;&nbsp; 1057615 |
| MSCI Emerging Markets Asia | &nbsp;&nbsp; 8769143 |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; 3952236 |

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The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

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| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| Core MSCI Emerging Markets | &nbsp;&nbsp; $2476392137 | &nbsp;&nbsp;&nbsp;&nbsp; $330144107 |
| MSCI BIC | &nbsp;&nbsp; 1923833 | &nbsp;&nbsp;&nbsp;&nbsp; 411293 |
| MSCI Emerging Markets Asia | &nbsp;&nbsp; 17765286 | &nbsp;&nbsp;&nbsp;&nbsp; 3794538 |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; 10131753 | &nbsp;&nbsp;&nbsp;&nbsp; 2225504 |

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2025 iShares Annual Financial Statements and Additional Information

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Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Regulation under the Alternative Investment Fund Managers Directive**

The Alternative Investment Fund Managers Directive, and its United Kingdom ("UK") equivalent, (the "AIFMD") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares Core MSCI Emerging Markets ETF and iShares MSCI BIC ETF (the "Funds") to be marketed to investors in the EU and/or UK.

**Report on Remuneration**

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Remuneration information at an individual Fund level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Funds; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Funds is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals' portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

Additional Information

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Additional Information (continued)

**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares Core MSCI Emerging Markets ETF and iShares MSCI BIC ETF (the "Funds") are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

Each Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, each Fund's investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts ("PAIs") on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

**Electronic Delivery**

Shareholders can sign up for e-mail 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

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, when available, at **iShares.com**.

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract

**iShares Core MSCI Emerging Markets ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

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

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI BIC ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Emerging Markets Asia ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

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

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Emerging Markets Small-Cap ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA.

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c)

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| CPO | Certificates of Participation (Ordinary) |
| GDR | Global Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |

---

2025 iShares Annual Financial Statements and Additional Information

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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.©2025 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.

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August 31, 2025

![](g19235imgafe0259e1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares, Inc.** |
| • iShares Emerging Markets Equity Factor ETF \| EMGF \| Cboe BZX Exchange |
| • iShares ESG Aware MSCI EM ETF \| ESGE \| NASDAQ |
| • iShares MSCI Emerging Markets ex China ETF \| EMXC \| NASDAQ |
| • iShares MSCI Emerging Markets Min Vol Factor ETF \| EEMV \| Cboe BZX Exchange |
| • iShares MSCI Global Min Vol Factor ETF \| ACWV \| Cboe BZX Exchange |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_cdc22a79-956e-4273-ac0b-0080146fe49c_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_cdc22a79-956e-4273-ac0b-0080146fe49c_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 37 |
| [Statements of Operations](#xx_cdc22a79-956e-4273-ac0b-0080146fe49c_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 39 |
| [Statements of Changes in Net Assets](#xx_cdc22a79-956e-4273-ac0b-0080146fe49c_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 41 |
| [Financial Highlights](#xx_cdc22a79-956e-4273-ac0b-0080146fe49c_FS-Footer-iSharesReport_8)  | &nbsp;&nbsp; 44 |
| [Notes to Financial Statements](#xx_cdc22a79-956e-4273-ac0b-0080146fe49c_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 49 |
| [Report of Independent Registered Public Accounting Firm](#xx_cdc22a79-956e-4273-ac0b-0080146fe49c_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 60 |
| [Important Tax Information](#xx_cdc22a79-956e-4273-ac0b-0080146fe49c_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 61 |
| [Additional Information](#xx_cdc22a79-956e-4273-ac0b-0080146fe49c_SAI-Footer-iSharesReport-383_1)  | &nbsp;&nbsp; 62 |
| [Board Review and Approval of Investment Advisory Contract](#xx_cdc22a79-956e-4273-ac0b-0080146fe49c_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 64 |
| [Glossary of Terms Used in these Financial Statements](#xx_cdc22a79-956e-4273-ac0b-0080146fe49c_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 73 |

---

------

Schedule of Investments

August 31, 2025

**iShares® Emerging Markets Equity Factor ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 2.6%** | **Brazil — 2.6%** | **Brazil — 2.6%** |
| Ambev SA | &nbsp;&nbsp; 232712 | $530076 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 1300241 | 3112799 |
| Banco do Brasil SA | &nbsp;&nbsp; 352844 | 1392022 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 167168 | 1011915 |
| BRF SA | &nbsp;&nbsp; 22582 | 85924 |
| Cia Energetica de Minas Gerais | &nbsp;&nbsp; 116750 | 321707 |
| CPFL Energia SA | &nbsp;&nbsp; 168257 | 1221775 |
| CSN Mineracao SA | &nbsp;&nbsp; 1217044 | 1167245 |
| Embraer SA | &nbsp;&nbsp; 166979 | 2346764 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 497685 | 3097996 |
| Raia Drogasil SA | &nbsp;&nbsp; 54058 | 174980 |
| Suzano SA | &nbsp;&nbsp; 169083 | 1635679 |
| TIM SA/Brazil | &nbsp;&nbsp; 579088 | 2429844 |
| Vale SA | &nbsp;&nbsp; 459800 | 4711766 |
| Vibra Energia SA | &nbsp;&nbsp; 164587 | 729764 |
| WEG SA | &nbsp;&nbsp; 165859 | 1152051 |
|  |  | 25122307 |
| **Chile — 0.7%** | **Chile — 0.7%** | **Chile — 0.7%** |
| Banco de Chile | &nbsp;&nbsp; 4756218 | 681526 |
| Cencosud SA | &nbsp;&nbsp; 568393 | 1801228 |
| Colbun SA | &nbsp;&nbsp; 7143429 | 1074869 |
| Empresas CMPC SA | &nbsp;&nbsp; 399465 | 626359 |
| Enel Chile SA | &nbsp;&nbsp; 32235618 | 2260534 |
| Falabella SA | &nbsp;&nbsp; 16494 | 93879 |
| Quinenco SA | &nbsp;&nbsp; 57676 | 237698 |
|  |  | 6776093 |
| **China — 29.5%** | **China — 29.5%** | **China — 29.5%** |
| 37 Interactive Entertainment Network Technology <br> Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 263700 | 728978 |
| 3SBio Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 561500 | 2112189 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 2081700 | 2052611 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 2776000 | 1877211 |
| AIMA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 102100 | 525625 |
| Akeso Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 129000 | 2598260 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 1765448 | 29231694 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 1170000 | 1048188 |
| Anker Innovations Technology Co. Ltd., Class A | &nbsp;&nbsp; 41300 | 813214 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 11400 | 141844 |
| Atour Lifestyle Holdings Ltd., ADR | &nbsp;&nbsp; 64885 | 2525324 |
| Autohome Inc., ADR | &nbsp;&nbsp; 2928 | 84561 |
| Baidu Inc., Class A<sup>(c)</sup> | &nbsp;&nbsp; 13600 | 160964 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 1168800 | 985062 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 1002100 | 777148 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 10721000 | 5884479 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 521200 | 532257 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 1506000 | 1305806 |
| Bank of Qingdao Co. Ltd., Class A | &nbsp;&nbsp; 428700 | 295681 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 835200 | 1119011 |
| Beijing Compass Technology Development Co. Ltd., <br> Class A<sup>(c)</sup><br>| &nbsp;&nbsp; 72035 | 1518682 |
| Beijing Kingsoft Office Software Inc., Class A | &nbsp;&nbsp; 8024 | 376951 |
| Beijing Ultrapower Software Co. Ltd., Class A | &nbsp;&nbsp; 232800 | 450975 |
| Bohai Leasing Co. Ltd., Class A<sup>(c)</sup> | &nbsp;&nbsp; 198200 | 98313 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 3514000 | 2033823 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 233100 | 3729286 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 133000 | 1876338 |
| Chengdu Kanghong Pharmaceutical Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 66200 | 374250 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 251000 | 224436 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China CITIC Financial Asset Management Co. Ltd., <br> Class H<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 10807000 | $1600693 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 12607000 | 12201079 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 466500 | 2899614 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 55100 | 146784 |
| China Merchants Securities Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 682800 | 1482803 |
| China Nonferrous Mining Corp Ltd. | &nbsp;&nbsp; 1194000 | 1598877 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 67200 | 308445 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 4530000 | 2515898 |
| China Petroleum Engineering Corp., Class A | &nbsp;&nbsp; 394600 | 197473 |
| China Resources Pharmaceutical Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1281500 | 803909 |
| China Resources Sanjiu Medical & Pharmaceutical <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 95119 | 406553 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 289500 | 1300961 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 125000 | 261166 |
| China Tower Corp. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 656500 | 991750 |
| China World Trade Center Co. Ltd., Class A | &nbsp;&nbsp; 61700 | 178004 |
| China-Singapore Suzhou Industrial Park Development <br> Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 100800 | 119725 |
| Chongqing Qianli Technology Co. Ltd., Class A<sup>(c)</sup> | &nbsp;&nbsp; 376100 | 623714 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | &nbsp;&nbsp; 3973000 | 2939065 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 173600 | 326217 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 110500 | 409275 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 1026000 | 1578461 |
| CNPC Capital Co. Ltd., Class A | &nbsp;&nbsp; 135800 | 241858 |
| COFCO Capital Holdings Co. Ltd., Class A | &nbsp;&nbsp; 59900 | 120405 |
| COFCO Sugar Holding Co. Ltd., Class A | &nbsp;&nbsp; 264200 | 599881 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 648000 | 1129117 |
| CSC Financial Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 1056500 | 1996764 |
| Dong-E-E-Jiao Co. Ltd., Class A | &nbsp;&nbsp; 75100 | 547110 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 103900 | 421762 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 10900 | 472757 |
| Focus Media Information Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 332400 | 387812 |
| G-Bits Network Technology Xiamen Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 541600 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 1168000 | 785915 |
| Giant Biogene Holding Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 236400 | 1646555 |
| Goneo Group Co. Ltd., Class A | &nbsp;&nbsp; 108471 | 718197 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 277500 | 665353 |
| Greentown China Holdings Ltd. | &nbsp;&nbsp; 272000 | 343622 |
| Guangdong Provincial Expressway Development Co. <br> Ltd., Class B<br>| &nbsp;&nbsp; 410835 | 455111 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 568600 | 1183711 |
| Guosheng Financial Holding Inc., Class A<sup>(c)</sup> | &nbsp;&nbsp; 186800 | 512390 |
| H World Group Ltd. | &nbsp;&nbsp; 339800 | 1270805 |
| Haidilao International Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 253000 | 451863 |
| Hainan Haide Capital Management Co. Ltd., <br> Class A<sup>(c)</sup><br>| &nbsp;&nbsp; 196775 | 178578 |
| Hangzhou Binjiang Real Estate Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 117300 | 174209 |
| Hengdian Group DMEGC Magnetics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 200400 | 532731 |
| Hisense Home Appliances Group Co. Ltd., Class A | &nbsp;&nbsp; 99800 | 356485 |
| Hisense Home Appliances Group Co. Ltd., Class H | &nbsp;&nbsp; 241000 | 747483 |
| Horizon Robotics<sup>(c)</sup> | &nbsp;&nbsp; 712800 | 887798 |
| Huatai Securities Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 1138400 | 2903269 |
| Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 116700 | 423226 |
| Hytera Communications Corp. Ltd., Class A<sup>(c)</sup> | &nbsp;&nbsp; 58200 | 107728 |
| Industrial & Commercial Bank of China Ltd., Class A | &nbsp;&nbsp; 297900 | 310926 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp; 10314000 | 7672618 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 281500 | 886070 |
| Inner Mongolia ERDOS Resources Co. Ltd., Class B | &nbsp;&nbsp; 783700 | 768830 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Emerging Markets Equity Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Isoftstone Information Technology Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 16200 | $136166 |
| Jafron Biomedical Co. Ltd., Class A | &nbsp;&nbsp; 39200 | 126631 |
| JD Health International Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 20500 | 167055 |
| JD.com Inc., Class A | &nbsp;&nbsp; 191550 | 2968097 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 275800 | 436929 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 139000 | 409299 |
| Jinduicheng Molybdenum Co. Ltd., Class A | &nbsp;&nbsp; 351500 | 740897 |
| Jinneng Holding Shanxi Coal Industry Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 66500 | 123691 |
| Joyoung Co. Ltd., Class A | &nbsp;&nbsp; 81700 | 115754 |
| KE Holdings Inc., ADR | &nbsp;&nbsp; 26030 | 457607 |
| Kingboard Holdings Ltd. | &nbsp;&nbsp; 134000 | 493219 |
| Kingnet Network Co. Ltd., Class A | &nbsp;&nbsp; 256800 | 838916 |
| Kingsoft Cloud Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 126000 | 125427 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 161600 | 711810 |
| Kuaishou Technology<sup>(a)(c)</sup> | &nbsp;&nbsp; 512800 | 5026126 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 834000 | 776337 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 5500 | 1144109 |
| Lao Feng Xiang Co. Ltd., Class B | &nbsp;&nbsp; 139220 | 499538 |
| Laopu Gold Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 10800 | 990404 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 1400000 | 2009820 |
| Li Auto Inc., Class A<sup>(b)(c)</sup> | &nbsp;&nbsp; 199500 | 2337737 |
| Livzon Pharmaceutical Group Inc., Class A | &nbsp;&nbsp; 18000 | 102110 |
| Meihua Holdings Group Co. Ltd., Class A | &nbsp;&nbsp; 338900 | 526521 |
| Meituan, Class B<sup>(a)(c)</sup> | &nbsp;&nbsp; 602820 | 8028920 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 164500 | 1702445 |
| NetEase Cloud Music Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 76300 | 2751534 |
| NetEase Inc. | &nbsp;&nbsp; 236100 | 6474047 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 95500 | 594195 |
| New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 153700 | 735443 |
| Newland Digital Technology Co. Ltd., Class A | &nbsp;&nbsp; 125000 | 506070 |
| Nongfu Spring Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 659800 | 4267665 |
| Northeast Securities Co. Ltd., Class A | &nbsp;&nbsp; 286300 | 351924 |
| Opple Lighting Co. Ltd., Class A | &nbsp;&nbsp; 62500 | 161308 |
| Orient Securities Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 983600 | 966439 |
| Pacific Securities Co. Ltd. (The), Class A<sup>(c)</sup> | &nbsp;&nbsp; 245500 | 152038 |
| PDD Holdings Inc., ADR<sup>(c)</sup> | &nbsp;&nbsp; 98444 | 11834938 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 2455000 | 2207562 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 2579200 | 3158496 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 1182000 | 1144540 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 517000 | 1249469 |
| Ping An Healthcare and Technology Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 279100 | 745412 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 668500 | 4867110 |
| Pop Mart International Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 93400 | 3882392 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 3308000 | 2303706 |
| Qfin Holdings Inc. | &nbsp;&nbsp; 17663 | 514347 |
| Qunabox Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 6100 | 66200 |
| Quzhou Xin'an Development Co. Ltd., Class A<sup>(c)</sup> | &nbsp;&nbsp; 355800 | 243230 |
| Radiance Holdings Group Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 500000 | 174696 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 211600 | 557518 |
| Sangfor Technologies Inc., Class A | &nbsp;&nbsp; 37400 | 680327 |
| Sensteed Hi-Tech Group, Class A<sup>(c)</sup> | &nbsp;&nbsp; 1173200 | 360485 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 48500 | 931153 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 178300 | 510248 |
| Shanghai Construction Group Co. Ltd., Class A | &nbsp;&nbsp; 994800 | 338176 |
| Shanghai M&G Stationery Inc., Class A | &nbsp;&nbsp; 20700 | 88557 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 321200 | 614926 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 112800 | 137800 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Shanghai Wanye Enterprises Co. Ltd., Class A | &nbsp;&nbsp; 50300 | $110099 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 19800 | 562322 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 864600 | 662792 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 24398 | 308346 |
| Shenzhen Zhaowei Machinery & Electronic Co. Ltd. | &nbsp;&nbsp; 11000 | 188731 |
| Sichuan Biokin Pharmaceutical Co. Ltd., Class A<sup>(c)</sup> | &nbsp;&nbsp; 29268 | 1375807 |
| Sichuan Changhong Electric Co. Ltd., Class A | &nbsp;&nbsp; 185700 | 298271 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., <br> Class H<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 43000 | 2505637 |
| Sichuan Swellfun Co. Ltd., Class A | &nbsp;&nbsp; 13300 | 87888 |
| Simcere Pharmaceutical Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 936000 | 1697435 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 340000 | 356648 |
| Sinocelltech Group Ltd., Class A<sup>(c)</sup> | &nbsp;&nbsp; 27187 | 242143 |
| Sinosoft Co. Ltd., Class A | &nbsp;&nbsp; 56440 | 172597 |
| Sinotrans Ltd., Class H | &nbsp;&nbsp; 1956000 | 1153803 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 479500 | 1398040 |
| Suzhou Zelgen Biopharmaceutical Co. Ltd., Class A<sup>(c)</sup> | &nbsp;&nbsp; 27638 | 395965 |
| TAL Education Group, ADR<sup>(c)</sup> | &nbsp;&nbsp; 17339 | 184140 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 614100 | 47558640 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 926000 | 1315937 |
| Topsports International Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1043000 | 433845 |
| Uni-President China Holdings Ltd. | &nbsp;&nbsp; 1356000 | 1619757 |
| Universal Scientific Industrial Shanghai Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 92300 | 247104 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 114374 | 1914621 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 625000 | 1313858 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 6800 | 123732 |
| Xiamen Bank Co. Ltd. | &nbsp;&nbsp; 306700 | 288662 |
| Xiamen Xiangyu Co. Ltd., Class A | &nbsp;&nbsp; 330400 | 330707 |
| XPeng Inc., Class A<sup>(c)</sup> | &nbsp;&nbsp; 37900 | 400136 |
| Yixintang Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp; 80700 | 166518 |
| Yonghui Superstores Co. Ltd., Class A<sup>(c)</sup> | &nbsp;&nbsp; 500700 | 365071 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 50300 | 195143 |
| Zhejiang Publishing & Media Co. Ltd., Class A | &nbsp;&nbsp; 89100 | 107593 |
| Zhejiang Semir Garment Co. Ltd., Class A | &nbsp;&nbsp; 347800 | 267135 |
| Zhongshan Broad Ocean Motor Co. Ltd., Class A | &nbsp;&nbsp; 281800 | 327482 |
| Zhuhai Zhumian Group Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 133400 | 107774 |
| ZTE Corp., Class H | &nbsp;&nbsp; 132800 | 600219 |
|  |  | 282768280 |
| **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** |
| Grupo Cibest SA | &nbsp;&nbsp; 97541 | 1432552 |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 224466 | 1218087 |
|  |  | 2650639 |
| **Czech Republic — 0.5%** | **Czech Republic — 0.5%** | **Czech Republic — 0.5%** |
| CEZ AS | &nbsp;&nbsp; 26632 | 1665404 |
| Komercni Banka AS | &nbsp;&nbsp; 74098 | 3620302 |
|  |  | 5285706 |
| **Egypt — 0.2%** | **Egypt — 0.2%** | **Egypt — 0.2%** |
| Abou Kir Fertilizers & Chemical Industries | &nbsp;&nbsp; 543635 | 588627 |
| Eastern Co. SAE | &nbsp;&nbsp; 593194 | 472650 |
| EISewedy Electric Co. | &nbsp;&nbsp; 161954 | 250287 |
| Talaat Moustafa Group | &nbsp;&nbsp; 407479 | 465327 |
|  |  | 1776891 |
| **Greece — 0.8%** | **Greece — 0.8%** | **Greece — 0.8%** |
| Eurobank Ergasias Services and Holdings SA | &nbsp;&nbsp; 35792 | 131538 |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 52101 | 969152 |
| Jumbo SA | &nbsp;&nbsp; 35044 | 1249618 |
| Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp; 3636 | 107168 |
| National Bank of Greece SA | &nbsp;&nbsp; 160545 | 2223360 |
| OPAP SA | &nbsp;&nbsp; 77360 | 1736131 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Emerging Markets Equity Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Greece (continued)** | **Greece (continued)** | **Greece (continued)** |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 197712 | $1530094 |
|  |  | 7947061 |
| **Hong Kong — 0.3%** | **Hong Kong — 0.3%** | **Hong Kong — 0.3%** |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 593500 | 2694564 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 96610 | 831424 |
| OTP Bank Nyrt | &nbsp;&nbsp; 18007 | 1570646 |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 4275 | 129675 |
|  |  | 2531745 |
| **India — 17.4%** | **India — 17.4%** | **India — 17.4%** |
| 3M India Ltd. | &nbsp;&nbsp; 3287 | 1145421 |
| ABB India Ltd. | &nbsp;&nbsp; 51805 | 2938624 |
| ACC Ltd. | &nbsp;&nbsp; 29062 | 593823 |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 10443 | 265823 |
| AIA Engineering Ltd. | &nbsp;&nbsp; 3252 | 112624 |
| Ajanta Pharma Ltd. | &nbsp;&nbsp; 36758 | 1032890 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 5994 | 517619 |
| Axis Bank Ltd. | &nbsp;&nbsp; 112473 | 1333529 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 19717 | 1929643 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 93786 | 934269 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 767848 | 3217514 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 344491 | 1204412 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 199400 | 4274074 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 26670 | 1760605 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 89909 | 708654 |
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 16808 | 271116 |
| Cipla Ltd. | &nbsp;&nbsp; 92923 | 1674958 |
| Coal India Ltd. | &nbsp;&nbsp; 417818 | 1775634 |
| Cochin Shipyard Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 44295 | 808149 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 72066 | 1906319 |
| CRISIL Ltd. | &nbsp;&nbsp; 22848 | 1291638 |
| Cummins India Ltd. | &nbsp;&nbsp; 52455 | 2274521 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 144377 | 2064770 |
| Emami Ltd. | &nbsp;&nbsp; 150082 | 977108 |
| GAIL India Ltd. | &nbsp;&nbsp; 298644 | 586463 |
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 98275 | 3095853 |
| General Insurance Corp. of India<sup>(a)</sup> | &nbsp;&nbsp; 274957 | 1133101 |
| GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp; 68356 | 2158393 |
| Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp; 117097 | 2553285 |
| Godrej Properties Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 73265 | 1618406 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 165848 | 2734601 |
| HDFC Asset Management Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1136 | 70379 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 749838 | 8093320 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 20148 | 1161845 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 244631 | 1954936 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 57677 | 2835962 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 166340 | 709342 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 19892 | 599856 |
| Hindustan Zinc Ltd. | &nbsp;&nbsp; 267803 | 1274540 |
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 601 | 130427 |
| Housing & Urban Development Corp. Ltd. | &nbsp;&nbsp; 421676 | 978085 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 528570 | 8375120 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 82814 | 712658 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 603746 | 935565 |
| Indian Railway Finance Corp. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 432709 | 579805 |
| Indian Renewable Energy Development Agency <br> Ltd.<sup>(c)</sup><br>| &nbsp;&nbsp; 220969 | 352320 |
| Info Edge India Ltd. | &nbsp;&nbsp; 50212 | 773228 |
| Infosys Ltd. | &nbsp;&nbsp; 402446 | 6750219 |
| InterGlobe Aviation Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 30337 | 1944946 |
| ITC Hotels Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 453432 | 1226918 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Jindal Steel Ltd. | &nbsp;&nbsp; 17727 | $190168 |
| JSW Steel Ltd. | &nbsp;&nbsp; 11540 | 134523 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 71752 | 1595855 |
| KPIT Technologies Ltd. | &nbsp;&nbsp; 7796 | 105207 |
| L&T Technology Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 36150 | 1731343 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 80532 | 3288047 |
| LIC Housing Finance Ltd. | &nbsp;&nbsp; 86774 | 546587 |
| Lodha Developers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16398 | 221982 |
| Lupin Ltd. | &nbsp;&nbsp; 37289 | 801977 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 119365 | 4331011 |
| Marico Ltd. | &nbsp;&nbsp; 88010 | 724004 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 5627 | 944365 |
| Mazagon Dock Shipbuilders Ltd. | &nbsp;&nbsp; 22357 | 659209 |
| Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 152863 | 1487043 |
| Mphasis Ltd. | &nbsp;&nbsp; 21830 | 688757 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 12900 | 386295 |
| National Aluminium Co. Ltd. | &nbsp;&nbsp; 567369 | 1199690 |
| NBCC India Ltd. | &nbsp;&nbsp; 515917 | 575156 |
| Nestle India Ltd. | &nbsp;&nbsp; 174872 | 2293686 |
| NHPC Ltd. | &nbsp;&nbsp; 362139 | 317336 |
| Nippon Life India Asset Management Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 70204 | 624881 |
| NMDC Ltd. | &nbsp;&nbsp; 2907942 | 2271575 |
| NTPC Green Energy Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1805592 | 2110545 |
| NTPC Ltd. | &nbsp;&nbsp; 543036 | 2017853 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 517973 | 1372812 |
| Oil India Ltd. | &nbsp;&nbsp; 223874 | 991216 |
| Page Industries Ltd. | &nbsp;&nbsp; 3046 | 1532179 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 19311 | 667847 |
| Polycab India Ltd. | &nbsp;&nbsp; 3526 | 283774 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 738473 | 3180210 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 593536 | 1854807 |
| Premier Energies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 50357 | 568062 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 19869 | 352145 |
| Procter & Gamble Hygiene & Health Care Ltd. | &nbsp;&nbsp; 4685 | 695744 |
| REC Ltd. | &nbsp;&nbsp; 542101 | 2153512 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 472367 | 7274747 |
| SBI Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 27800 | 569005 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 50523 | 332750 |
| Siemens Ltd. | &nbsp;&nbsp; 26272 | 912712 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 3582 | 559898 |
| State Bank of India | &nbsp;&nbsp; 54309 | 494349 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 115943 | 2097512 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 2348 | 119754 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 2102 | 106561 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 196494 | 6871689 |
| Tata Investment Corp. Ltd. | &nbsp;&nbsp; 21548 | 1663182 |
| Tata Motors Ltd. | &nbsp;&nbsp; 199038 | 1510292 |
| Tata Steel Ltd. | &nbsp;&nbsp; 725797 | 1272480 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 31519 | 528974 |
| Titan Co. Ltd. | &nbsp;&nbsp; 23362 | 961685 |
| Trent Ltd. | &nbsp;&nbsp; 28365 | 1704868 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 36454 | 1354715 |
| United Spirits Ltd. | &nbsp;&nbsp; 27887 | 414761 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 74227 | 410264 |
| Vedanta Ltd. | &nbsp;&nbsp; 106914 | 510379 |
| Vishal Mega Mart Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1171698 | 1984061 |
| WAAREE Energies Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 14406 | 556728 |
| Wipro Ltd. | &nbsp;&nbsp; 1037969 | 2934868 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 62629 | 697542 |
|  |  | 167096489 |
| **Indonesia — 1.2%** | **Indonesia — 1.2%** | **Indonesia — 1.2%** |
| Adaro Andalan Indonesia PT<sup>(c)</sup> | &nbsp;&nbsp; 5041200 | 2109417 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Emerging Markets Equity Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 17479700 | $1861311 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 5859500 | 2870625 |
| Bank CIMB Niaga Tbk PT | &nbsp;&nbsp; 3869200 | 398885 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 1883800 | 539902 |
| GoTo Gojek Tokopedia Tbk PT<sup>(c)</sup> | &nbsp;&nbsp; 112609800 | 395594 |
| Pertamina Geothermal Energy PT<sup>(a)</sup> | &nbsp;&nbsp; 8631600 | 764723 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 5872600 | 783476 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 2707400 | 517881 |
| United Tractors Tbk PT | &nbsp;&nbsp; 1160500 | 1716515 |
|  |  | 11958329 |
| **Kuwait — 0.2%** | **Kuwait — 0.2%** | **Kuwait — 0.2%** |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 595257 | 1989351 |
| **Malaysia — 1.1%** | **Malaysia — 1.1%** | **Malaysia — 1.1%** |
| Fraser & Neave Holdings Bhd<sup>(b)</sup> | &nbsp;&nbsp; 61700 | 393712 |
| Genting Bhd | &nbsp;&nbsp; 387200 | 261947 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 208200 | 989291 |
| Hong Leong Financial Group Bhd | &nbsp;&nbsp; 99200 | 402324 |
| IJM Corp. Bhd | &nbsp;&nbsp; 344300 | 233798 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 38200 | 859357 |
| Petronas Dagangan Bhd<sup>(b)</sup> | &nbsp;&nbsp; 286800 | 1437531 |
| Petronas Gas Bhd | &nbsp;&nbsp; 106600 | 470302 |
| Public Bank Bhd | &nbsp;&nbsp; 1114000 | 1125207 |
| Sime Darby Bhd | &nbsp;&nbsp; 670800 | 328687 |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 162200 | 269634 |
| Westports Holdings Bhd | &nbsp;&nbsp; 306500 | 405423 |
| YTL Corp. Bhd | &nbsp;&nbsp; 4237140 | 2568110 |
| YTL Power International Bhd | &nbsp;&nbsp; 1267420 | 1208648 |
|  |  | 10953971 |
| **Mexico — 1.7%** | **Mexico — 1.7%** | **Mexico — 1.7%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 2356015 | 2345349 |
| Arca Continental SAB de CV | &nbsp;&nbsp; 46168 | 470919 |
| Cemex SAB de CV | &nbsp;&nbsp; 113706 | 1033588 |
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 498311 | 4230617 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 247818 | 2146574 |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 74876 | 1287228 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp; 51613 | 1241234 |
| Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp; 18010 | 145599 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 178288 | 1630569 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 82275 | 539331 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 392029 | 1170342 |
|  |  | 16241350 |
| **Philippines — 0.5%** | **Philippines — 0.5%** | **Philippines — 0.5%** |
| Bank of the Philippine Islands | &nbsp;&nbsp; 618828 | 1223686 |
| DigiPlus Interactive Corp. | &nbsp;&nbsp; 334300 | 134551 |
| DMCI Holdings Inc. | &nbsp;&nbsp; 2326800 | 438120 |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 178830 | 1511498 |
| Manila Electric Co. | &nbsp;&nbsp; 141940 | 1328863 |
|  |  | 4636718 |
| **Poland — 1.1%** | **Poland — 1.1%** | **Poland — 1.1%** |
| Asseco Poland SA | &nbsp;&nbsp; 37200 | 1930855 |
| Budimex SA | &nbsp;&nbsp; 11796 | 1725454 |
| CCC SA<sup>(b)(c)</sup> | &nbsp;&nbsp; 26709 | 1225408 |
| LPP SA | &nbsp;&nbsp; 463 | 2193607 |
| mBank SA<sup>(c)</sup> | &nbsp;&nbsp; 4074 | 984096 |
| Orange Polska SA | &nbsp;&nbsp; 641184 | 1631599 |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 3948 | 77009 |
| Zabka Group SA<sup>(c)</sup> | &nbsp;&nbsp; 61461 | 367826 |
|  |  | 10135854 |
| **Qatar — 0.5%** | **Qatar — 0.5%** | **Qatar — 0.5%** |
| Industries Qatar QSC | &nbsp;&nbsp; 118051 | 416129 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Qatar (continued)** | **Qatar (continued)** | **Qatar (continued)** |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 1673581 | $624099 |
| Ooredoo QPSC | &nbsp;&nbsp; 880511 | 3115055 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 91456 | 476673 |
|  |  | 4631956 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| PhosAgro PJSC<sup>(c)(d)</sup> | &nbsp;&nbsp; 986 | 10 |
| TCS Group Holding PLC, GDR<sup>(c)(d)(e)</sup> | &nbsp;&nbsp; 135475 | 17 |
| United Co. RUSAL International PJSC<sup>(c)(d)</sup> | &nbsp;&nbsp; 3441260 | 428 |
|  |  | 455 |
| **Saudi Arabia — 2.3%** | **Saudi Arabia — 2.3%** | **Saudi Arabia — 2.3%** |
| Al Rajhi Bank | &nbsp;&nbsp; 71223 | 1787163 |
| Alinma Bank | &nbsp;&nbsp; 110816 | 744188 |
| Arab National Bank | &nbsp;&nbsp; 119115 | 744818 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 14138 | 909759 |
| Astra Industrial Group | &nbsp;&nbsp; 28336 | 1078596 |
| Banque Saudi Fransi | &nbsp;&nbsp; 116993 | 504505 |
| Dar Al Arkan Real Estate Development Co.<sup>(c)</sup> | &nbsp;&nbsp; 62435 | 310987 |
| Dr. Soliman Abdel Kader Fakeeh Hospital Co. | &nbsp;&nbsp; 10292 | 109588 |
| Elm Co. | &nbsp;&nbsp; 12924 | 2953555 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 84852 | 1447111 |
| Nahdi Medical Co. | &nbsp;&nbsp; 87946 | 2709492 |
| Riyad Bank | &nbsp;&nbsp; 81687 | 564268 |
| Riyadh Cables Group Co. | &nbsp;&nbsp; 18884 | 649229 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 53762 | 1737713 |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 62308 | 2814326 |
| Saudi Arabian Oil Co.<sup>(a)</sup> | &nbsp;&nbsp; 61806 | 390237 |
| Saudi Aramco Base Oil Co. | &nbsp;&nbsp; 46611 | 1069529 |
| Saudi Electricity Co. | &nbsp;&nbsp; 130549 | 505862 |
| Saudi Telecom Co. | &nbsp;&nbsp; 99342 | 1111326 |
|  |  | 22142252 |
| **South Africa — 2.6%** | **South Africa — 2.6%** | **South Africa — 2.6%** |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 11993 | 674913 |
| Bid Corp. Ltd. | &nbsp;&nbsp; 19610 | 512773 |
| Bidvest Group Ltd. (The) | &nbsp;&nbsp; 45591 | 612274 |
| Clicks Group Ltd. | &nbsp;&nbsp; 54510 | 1152992 |
| Exxaro Resources Ltd. | &nbsp;&nbsp; 336853 | 3679985 |
| FirstRand Ltd. | &nbsp;&nbsp; 27232 | 114784 |
| Foschini Group Ltd. (The) | &nbsp;&nbsp; 73804 | 455292 |
| Gold Fields Ltd. | &nbsp;&nbsp; 35273 | 1174148 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 49486 | 658851 |
| Mr. Price Group Ltd. | &nbsp;&nbsp; 59206 | 696976 |
| MTN Group Ltd. | &nbsp;&nbsp; 317007 | 2692964 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 13978 | 4611639 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 73137 | 937316 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 247413 | 2054902 |
| Northam Platinum Holdings Ltd. | &nbsp;&nbsp; 13327 | 149325 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 3935 | 58652 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 97805 | 1376017 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 21275 | 975632 |
| Woolworths Holdings Ltd./South Africa | &nbsp;&nbsp; 751048 | 2211419 |
|  |  | 24800854 |
| **South Korea — 11.8%** | **South Korea — 11.8%** | **South Korea — 11.8%** |
| Alteogen Inc.<sup>(c)</sup> | &nbsp;&nbsp; 360 | 113220 |
| CJ Corp. | &nbsp;&nbsp; 15241 | 1747321 |
| CJ Logistics Corp. | &nbsp;&nbsp; 3972 | 238036 |
| Coway Co. Ltd. | &nbsp;&nbsp; 35216 | 2629109 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 24343 | 2301508 |
| Doosan Bobcat Inc. | &nbsp;&nbsp; 35169 | 1343543 |
| E-MART Inc. | &nbsp;&nbsp; 14035 | 720587 |
| F&F Co. Ltd./New | &nbsp;&nbsp; 4115 | 196424 |
| GS Holdings Corp. | &nbsp;&nbsp; 9597 | 313584 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Emerging Markets Equity Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Hana Financial Group Inc. | &nbsp;&nbsp; 82206 | $4846163 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 47866 | 1379775 |
| Hanmi Pharm Co. Ltd. | &nbsp;&nbsp; 3570 | 776025 |
| Hanmi Science Co. Ltd. | &nbsp;&nbsp; 47474 | 1398558 |
| Hanmi Semiconductor Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10311 | 636222 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 3530 | 2238627 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 3661 | 360502 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 3014 | 1056927 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 3275 | 954427 |
| Hyosung TNC Corp.<sup>(b)</sup> | &nbsp;&nbsp; 3994 | 627122 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 12742 | 1685118 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 21838 | 437338 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 12652 | 2889220 |
| Hyundai Motor Co. | &nbsp;&nbsp; 30347 | 4777464 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 9260 | 1277401 |
| KB Financial Group Inc. | &nbsp;&nbsp; 63635 | 4970228 |
| KCC Corp. | &nbsp;&nbsp; 10067 | 2871963 |
| Kia Corp. | &nbsp;&nbsp; 55141 | 4172159 |
| Korea Gas Corp. | &nbsp;&nbsp; 3206 | 91142 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 16190 | 1561961 |
| Krafton Inc.<sup>(c)</sup> | &nbsp;&nbsp; 4452 | 1046828 |
| KT&G Corp. | &nbsp;&nbsp; 18803 | 1818697 |
| Kumho Petrochemical Co. Ltd. | &nbsp;&nbsp; 2366 | 186066 |
| LG Electronics Inc. | &nbsp;&nbsp; 21668 | 1148160 |
| LG Innotek Co. Ltd. | &nbsp;&nbsp; 2409 | 291147 |
| LG Uplus Corp. | &nbsp;&nbsp; 109395 | 1166723 |
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 413 | 145153 |
| LS Corp. | &nbsp;&nbsp; 6063 | 767205 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 3516 | 710908 |
| Meritz Financial Group Inc. | &nbsp;&nbsp; 4192 | 381352 |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 139564 | 1918530 |
| NAVER Corp. | &nbsp;&nbsp; 5555 | 853936 |
| Orion Corp./Republic of Korea | &nbsp;&nbsp; 8874 | 686808 |
| POSCO Holdings Inc. | &nbsp;&nbsp; 5126 | 1046340 |
| S-1 Corp. | &nbsp;&nbsp; 3294 | 189370 |
| Samsung Biologics Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1784 | 1280258 |
| Samsung C&T Corp. | &nbsp;&nbsp; 13603 | 1637288 |
| Samsung Card Co. Ltd. | &nbsp;&nbsp; 35359 | 1282571 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 11571 | 1327452 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 534259 | 26691471 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 7205 | 2293138 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 17280 | 1775228 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 4377 | 462432 |
| Samsung Securities Co. Ltd. | &nbsp;&nbsp; 25370 | 1252432 |
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 654 | 732290 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 62207 | 2914918 |
| SK Biopharmaceuticals Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1997 | 141095 |
| SK Hynix Inc. | &nbsp;&nbsp; 38796 | 7392086 |
| SK Inc. | &nbsp;&nbsp; 3150 | 467136 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 38955 | 1518692 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 40874 | 729174 |
|  |  | 112866558 |
| **Taiwan — 18.7%** | **Taiwan — 18.7%** | **Taiwan — 18.7%** |
| Accton Technology Corp. | &nbsp;&nbsp; 98000 | 3226392 |
| Acer Inc. | &nbsp;&nbsp; 575000 | 552977 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 73291 | 818979 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 331000 | 1607492 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 42000 | 1371075 |
| Asustek Computer Inc. | &nbsp;&nbsp; 74000 | 1522352 |
| AUO Corp. | &nbsp;&nbsp; 2109800 | 881468 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 1242000 | 2487088 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Chicony Electronics Co. Ltd. | &nbsp;&nbsp; 299000 | $1343288 |
| China Airlines Ltd. | &nbsp;&nbsp; 225000 | 155396 |
| Chroma ATE Inc. | &nbsp;&nbsp; 35000 | 662984 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 138000 | 598131 |
| Compal Electronics Inc. | &nbsp;&nbsp; 361000 | 324710 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 2587000 | 3469993 |
| Delta Electronics Inc. | &nbsp;&nbsp; 224000 | 5160457 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 394000 | 1082746 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 75850 | 70183 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 55330 | 1159144 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 1478947 | 4040838 |
| Global Unichip Corp. | &nbsp;&nbsp; 49000 | 2113182 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 1091000 | 7202726 |
| Inventec Corp. | &nbsp;&nbsp; 365000 | 488195 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 25000 | 2450639 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 3000 | 234538 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 596718 | 2524385 |
| MediaTek Inc. | &nbsp;&nbsp; 201000 | 8931637 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 533688 | 697773 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 11000 | 154841 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 303000 | 4294249 |
| Pou Chen Corp. | &nbsp;&nbsp; 556000 | 522696 |
| Powertech Technology Inc. | &nbsp;&nbsp; 27000 | 104188 |
| President Chain Store Corp. | &nbsp;&nbsp; 136000 | 1129974 |
| Quanta Computer Inc. | &nbsp;&nbsp; 264000 | 2248063 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 192000 | 3335817 |
| Ruentex Industries Ltd. | &nbsp;&nbsp; 373000 | 658580 |
| Shanghai Commercial & Savings Bank Ltd. (The) | &nbsp;&nbsp; 744000 | 995742 |
| Silicon Motion Technology Corp., ADR | &nbsp;&nbsp; 10247 | 816481 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 2182270 | 1665386 |
| Synnex Technology International Corp. | &nbsp;&nbsp; 535000 | 1147701 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 4845799 | 3750815 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 59000 | 205241 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 2427000 | 90894512 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 332000 | 176017 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 1145000 | 2890601 |
| United Microelectronics Corp. | &nbsp;&nbsp; 1237000 | 1627499 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 24000 | 771166 |
| Wistron Corp. | &nbsp;&nbsp; 354000 | 1298363 |
| Wiwynn Corp. | &nbsp;&nbsp; 13000 | 1247710 |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 83000 | 156055 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 3653981 | 3867979 |
|  |  | 179138444 |
| **Thailand — 0.8%** | **Thailand — 0.8%** | **Thailand — 0.8%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 137700 | 1252155 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 144100 | 791372 |
| Central Retail Corp. PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 164300 | 108177 |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 2443200 | 1858082 |
| PTT Exploration & Production PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 556200 | 1923423 |
| PTT PCL, NVDR | &nbsp;&nbsp; 619300 | 592972 |
| Thai Union Group PCL, NVDR | &nbsp;&nbsp; 1508900 | 573809 |
| TIDLOR Holdings PCL, NVDR | &nbsp;&nbsp; 674200 | 392591 |
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 2757000 | 161902 |
|  |  | 7654483 |
| **Turkey — 1.0%** | **Turkey — 1.0%** | **Turkey — 1.0%** |
| Akbank TAS | &nbsp;&nbsp; 675013 | 1120566 |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | &nbsp;&nbsp; 3590324 | 1477317 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 32801 | 422493 |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 189930 | 516174 |
| KOC Holding AS | &nbsp;&nbsp; 302061 | 1346618 |
| Tofas Turk Otomobil Fabrikasi AS<sup>(b)</sup> | &nbsp;&nbsp; 103092 | 627866 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Emerging Markets Equity Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| Turk Traktor ve Ziraat Makineleri AS | &nbsp;&nbsp; 20554 | $308953 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 392193 | 904194 |
| Turkiye Garanti Bankasi AS<sup>(b)</sup> | &nbsp;&nbsp; 496749 | 1741391 |
| Yapi ve Kredi Bankasi A/S<sup>(c)</sup> | &nbsp;&nbsp; 937463 | 749680 |
|  |  | 9215252 |
| **United Arab Emirates — 2.1%** | **United Arab Emirates — 2.1%** | **United Arab Emirates — 2.1%** |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 1033830 | 6003144 |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 1703840 | 1744222 |
| Aldar Properties PJSC | &nbsp;&nbsp; 492646 | 1288570 |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 1297128 | 970953 |
| Emaar Properties PJSC | &nbsp;&nbsp; 845611 | 3315035 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 482954 | 3320107 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 248702 | 1224229 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 288649 | 1303730 |
| Talabat Holding PLC | &nbsp;&nbsp; 2557071 | 820415 |
|  |  | 19990405 |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| Yum China Holdings Inc. | &nbsp;&nbsp; 14700 | 662407 |
| **Total Common Stocks — 98.3%** <br>**(Cost: $727,892,424)** | **Total Common Stocks — 98.3%** <br>**(Cost: $727,892,424)** | 941668414 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.9%** | **Brazil — 0.9%** | **Brazil — 0.9%** |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1121292 | 2297658 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 1130380 | 3473377 |
| Itau Unibanco Holding SA, Preference Shares, NVS | &nbsp;&nbsp; 273884 | 1944317 |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 184060 | 1055777 |
|  |  | 8771129 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 144200 | 16345 |
| **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** |
| Doosan Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 3621 | 869477 |
| Samsung C&T Corp., Preference Shares, NVS<sup>(b)</sup> | &nbsp;&nbsp; 2776 | 232149 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 28821 | $1170187 |
|  |  | 2271813 |
| **Total Preferred Stocks — 1.2%** <br>**(Cost: $9,876,037)** | **Total Preferred Stocks — 1.2%** <br>**(Cost: $9,876,037)** | 11059287 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $737,768,461)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $737,768,461)** | 952727701 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.7%** | **Money Market Funds — 1.7%** | **Money Market Funds — 1.7%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 14742161 | 14749532 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 2020000 | 2020000 |
| **Total Short-Term Securities — 1.7%** <br>**(Cost: $16,767,756)** | **Total Short-Term Securities — 1.7%** <br>**(Cost: $16,767,756)** | 16769532 |
| **Total Investments — 101.2%** <br>**(Cost: $754,536,217)** | **Total Investments — 101.2%** <br>**(Cost: $754,536,217)** | 969497233 |
| **Liabilities in Excess of Other Assets — (1.2)%** | **Liabilities in Excess of Other Assets — (1.2)%** | (11816772)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $957680461 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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 registration to qualified institutional investors. 

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $5013728 | $9736912 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(1256)<br>| $148 | $14749532 | 14742161 | $301292 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 6970000 |  | &nbsp;&nbsp; (4950000 )<sup>(a)</sup><br>|  |  | 2020000 | 2020000 | 182638 |  |
|  |  |  |  | $(1256) | $148 | $16769532 |  | $483930 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Emerging Markets Equity Factor ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 62 | 09/19/25 | &nbsp;&nbsp; $3921 | $3043 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3043 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3043 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $444274 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $444274 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(63934)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(63934)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2249030 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $111686480 | &nbsp;&nbsp; $829981479 | &nbsp;&nbsp; $455 | &nbsp;&nbsp; $941668414 |
| Preferred Stocks | &nbsp;&nbsp; 8771129 | &nbsp;&nbsp; 2288158 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11059287 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 16769532 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16769532 |
|  | &nbsp;&nbsp; $137227141 | &nbsp;&nbsp; $832269637 | &nbsp;&nbsp; $455 | &nbsp;&nbsp; $969497233 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Emerging Markets Equity Factor ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $3043 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3043 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® ESG Aware MSCI EM ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 3.3%** | **Brazil — 3.3%** | **Brazil — 3.3%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 7788130 | $18644914 |
| Embraer SA | &nbsp;&nbsp; 362614 | 5096265 |
| Energisa SA | &nbsp;&nbsp; 587290 | 5287056 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 2233739 | 16454814 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 9101464 | 24172761 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 1265430 | 18728364 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 2223135 | 13838599 |
| Raia Drogasil SA | &nbsp;&nbsp; 2278608 | 7375632 |
| Rumo SA | &nbsp;&nbsp; 5103323 | 13695206 |
| TIM SA/Brazil | &nbsp;&nbsp; 1249105 | 5241226 |
| TOTVS SA | &nbsp;&nbsp; 1819370 | 14462747 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 1570481 | 5694672 |
| Vibra Energia SA | &nbsp;&nbsp; 4384442 | 19440225 |
|  |  | 168132481 |
| **Chile — 0.6%** | **Chile — 0.6%** | **Chile — 0.6%** |
| Enel Americas SA | &nbsp;&nbsp; 104199625 | 10831226 |
| Enel Chile SA | &nbsp;&nbsp; 284642345 | 19960646 |
|  |  | 30791872 |
| **China — 30.8%** | **China — 30.8%** | **China — 30.8%** |
| 3SBio Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1293500 | 4865747 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 14322000 | 9684946 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 8738768 | 144693581 |
| Alibaba Health Information Technology Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8984000 | 6370260 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 815600 | 10148064 |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 797912 | 9443754 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 6617600 | 5132080 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 50967000 | 27974466 |
| Beijing Kingsoft Office Software Inc., Class A | &nbsp;&nbsp; 129728 | 6094350 |
| BeOne Medicines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 285000 | 6779861 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 12060000 | 6980052 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 2117500 | 29873281 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 6417800 | 8113598 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 84020000 | 81314719 |
| China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp; 10717000 | 4811686 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 2306000 | 7173303 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 2806000 | 5524456 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 2567100 | 15469788 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 2717000 | 16887998 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 21083500 | 13621556 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 20696523 | 11801725 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 971600 | 5501644 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 2096800 | 9624224 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 1472000 | 5332506 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 2017800 | 5208127 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2805200 | 5271330 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 1492400 | 6598692 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 1811500 | 6709513 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 4381400 | 7612288 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 11298000 | 17381534 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 239085 | 10272633 |
| Contemporary Amperex Technology Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 255100 | 13871599 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 4613520 | 5997305 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 1235700 | 10001870 |
| Fosun International Ltd. | &nbsp;&nbsp; 20759500 | 14140773 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 1344800 | 10149146 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 5400000 | 13620652 |
| Genscript Biotech Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2300000 | 5107845 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 2691000 | 6452130 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 4585800 | $13507039 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 5724200 | 12021014 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 1445700 | 5331529 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 2215600 | 7523578 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2104000 | 9773551 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 4883102 | 14869682 |
| Huatai Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 2703400 | 6894498 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 630100 | 5940004 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 33874000 | 25198980 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 5872200 | 18483772 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1858000 | 7459796 |
| Innovent Biologics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1501000 | 18759430 |
| JD Health International Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 733350 | 5976081 |
| JD.com Inc., Class A | &nbsp;&nbsp; 1394528 | 21608426 |
| Kanzhun Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 323853 | 7649408 |
| KE Holdings Inc., Class A<sup>(c)</sup> | &nbsp;&nbsp; 1194590 | 7002990 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4148000 | 8764191 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 1982600 | 8732885 |
| Kuaishou Technology<sup>(a)(b)</sup> | &nbsp;&nbsp; 1243900 | 12191884 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 15534000 | 22300392 |
| Li Auto Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 1548728 | 18147962 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 2845530 | 37899426 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 1042200 | 6361836 |
| NetEase Inc. | &nbsp;&nbsp; 1336370 | 36644313 |
| NIO Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2097329 | 13432339 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 841800 | 5444863 |
| Orient Securities Co. Ltd., Class A | &nbsp;&nbsp; 4920005 | 7944558 |
| PDD Holdings Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 254488 | 30594547 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 10197000 | 9169251 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 3658000 | 8840538 |
| Ping An Insurance Group Co. of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 758400 | 6381317 |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 4532500 | 32999516 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 483200 | 20085353 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 7758000 | 6583173 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 9989000 | 6956384 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1396800 | 5653516 |
| Shenzhen Mindray Bio-Medical Electronics Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 317100 | 10816310 |
| Sino Biopharmaceutical Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6951151 | 7291522 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 939753 | 13177367 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 1015623 | 10939063 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 3382600 | 261963612 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 2701600 | 7643345 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 335121 | 24808103 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 368823 | 6174097 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 1111800 | 16104268 |
| Wuxi Biologics Cayman Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4545500 | 19554146 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 8811400 | 60136451 |
| XPeng Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1473596 | 15557752 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4132000 | 7207297 |
| Yum China Holdings Inc. | &nbsp;&nbsp; 306664 | 13714014 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 806700 | 6733332 |
|  |  | 1566561783 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Grupo Cibest SA | &nbsp;&nbsp; 374573 | 5501228 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Aware MSCI EM ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| Moneta Money Bank AS<sup>(b)</sup> | &nbsp;&nbsp; 916427 | $6719608 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Commercial International Bank - Egypt (CIB) | &nbsp;&nbsp; 3297208 | 6593262 |
| **Greece — 0.5%** | **Greece — 0.5%** | **Greece — 0.5%** |
| OPAP SA | &nbsp;&nbsp; 744825 | 16715534 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 1469339 | 11371225 |
|  |  | 28086759 |
| **Hungary — 0.2%** | **Hungary — 0.2%** | **Hungary — 0.2%** |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 974625 | 8387602 |
| **India — 15.7%** | **India — 15.7%** | **India — 15.7%** |
| ABB India Ltd. | &nbsp;&nbsp; 89554 | 5079926 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 279953 | 5095429 |
| Asian Paints Ltd. | &nbsp;&nbsp; 984102 | 28111371 |
| AU Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 690697 | 5623958 |
| Axis Bank Ltd. | &nbsp;&nbsp; 1582915 | 18767730 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 2064582 | 20566766 |
| Canara Bank | &nbsp;&nbsp; 5801905 | 6832678 |
| Cipla Ltd. | &nbsp;&nbsp; 287188 | 5176629 |
| Dabur India Ltd. | &nbsp;&nbsp; 3129068 | 18491361 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 356573 | 5099436 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 107781 | 7458724 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4737206 | 16878744 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 1344026 | 22161109 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 7505596 | 81011088 |
| HDFC Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 938074 | 8217171 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 223090 | 12864605 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 1499374 | 11982047 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 1085692 | 32739764 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 2678734 | 42444177 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 236830 | 4944755 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1495756 | 10172886 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 6532768 | 5035601 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 590265 | 5079543 |
| Info Edge India Ltd. | &nbsp;&nbsp; 1562864 | 24066974 |
| Infosys Ltd. | &nbsp;&nbsp; 2865600 | 48064654 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 655588 | 14581100 |
| Lodha Developers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 477484 | 6463759 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 589457 | 21387717 |
| Mahindra & Mahindra Ltd., GDR | &nbsp;&nbsp; 279367 | 10001339 |
| Marico Ltd. | &nbsp;&nbsp; 2294636 | 18876546 |
| Mphasis Ltd. | &nbsp;&nbsp; 193768 | 6113567 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 284431 | 5197958 |
| PB Fintech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 242040 | 4860697 |
| Persistent Systems Ltd. | &nbsp;&nbsp; 85112 | 5114191 |
| PI Industries Ltd. | &nbsp;&nbsp; 166775 | 6991535 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 3755533 | 11736085 |
| Punjab National Bank | &nbsp;&nbsp; 4874220 | 5578667 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 4410756 | 67928395 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 570625 | 5197017 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 963628 | 6346559 |
| State Bank of India | &nbsp;&nbsp; 1312532 | 11947348 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 152739 | 7790054 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 203708 | 10326971 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8772950 | 5624774 |
| Tata Communications Ltd. | &nbsp;&nbsp; 265162 | 4656289 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 428128 | 5172758 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 79251 | 4703051 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 639785 | 10737317 |
| Torrent Power Ltd. | &nbsp;&nbsp; 338385 | 4711273 |
| Trent Ltd. | &nbsp;&nbsp; 176041 | 10580879 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 517535 | $19232795 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 7190463 | 10181075 |
| United Spirits Ltd. | &nbsp;&nbsp; 729511 | 10849943 |
| UPL Ltd. | &nbsp;&nbsp; 1137313 | 9234400 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 886310 | 4898773 |
| Voltas Ltd. | &nbsp;&nbsp; 472406 | 7360181 |
| Wipro Ltd. | &nbsp;&nbsp; 2221762 | 6282056 |
| Yes Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24577802 | 5325993 |
|  |  | 797958188 |
| **Indonesia — 0.9%** | **Indonesia — 0.9%** | **Indonesia — 0.9%** |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 18580592 | 9102811 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 43142000 | 12364614 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 36912600 | 9061390 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 8979600 | 4483618 |
| GoTo Gojek Tokopedia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 1339933100 | 4707137 |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 57570500 | 4248878 |
|  |  | 43968448 |
| **Malaysia — 2.0%** | **Malaysia — 2.0%** | **Malaysia — 2.0%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 3937800 | 5026044 |
| Axiata Group Bhd | &nbsp;&nbsp; 9882900 | 5661178 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 5629800 | 4903589 |
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 7832200 | 13759073 |
| Gamuda Bhd | &nbsp;&nbsp; 4434200 | 5828719 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 1105062 | 5147366 |
| Malayan Banking Bhd | &nbsp;&nbsp; 5377300 | 12599938 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 948500 | 4754177 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 11809900 | 15545356 |
| Public Bank Bhd | &nbsp;&nbsp; 14688481 | 14836256 |
| Sunway Bhd<sup>(c)</sup> | &nbsp;&nbsp; 13201223 | 15378362 |
|  |  | 103440058 |
| **Mexico — 1.7%** | **Mexico — 1.7%** | **Mexico — 1.7%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 5378109 | 5353761 |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 11196909 | 10132379 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 1940396 | 16807513 |
| Grupo Aeroportuario del Sureste SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 160639 | 5241542 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 5123474 | 15934939 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 2212969 | 20239160 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 4711067 | 14064167 |
|  |  | 87773461 |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Credicorp Ltd. | &nbsp;&nbsp; 41485 | 10669942 |
| **Poland — 1.1%** | **Poland — 1.1%** | **Poland — 1.1%** |
| Allegro.eu SA <sup>(a)(b)</sup> | &nbsp;&nbsp; 2006420 | 20162828 |
| Budimex SA<sup>(c)</sup> | &nbsp;&nbsp; 35693 | 5220975 |
| CCC SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 114836 | 5268673 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 141083 | 4955904 |
| ORLEN SA | &nbsp;&nbsp; 523732 | 11191650 |
| Zabka Group SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 1632998 | 9773013 |
|  |  | 56573043 |
| **Qatar — 0.4%** | **Qatar — 0.4%** | **Qatar — 0.4%** |
| Qatar National Bank QPSC | &nbsp;&nbsp; 3443935 | 17949955 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 4826 | 48 |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 436460 | 6 |
| Rosneft Oil Co. PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 759129 | 94 |
| Sberbank of Russia PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 10004860 | 1244 |
| TCS Group Holding PLC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 124025 | 16 |
|  |  | 1408 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Aware MSCI EM ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Saudi Arabia — 2.8%** | **Saudi Arabia — 2.8%** | **Saudi Arabia — 2.8%** |
| ACWA Power Co.<sup>(a)</sup> | &nbsp;&nbsp; 87625 | $4954312 |
| Al Rajhi Bank | &nbsp;&nbsp; 1920768 | 48196858 |
| Alinma Bank | &nbsp;&nbsp; 2302366 | 15461606 |
| Co. for Cooperative Insurance (The) | &nbsp;&nbsp; 155471 | 4847431 |
| Dr Sulaiman Al Habib Medical Services <br> Group Co.<br>| &nbsp;&nbsp; 206555 | 13266818 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 1679774 | 28647760 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | &nbsp;&nbsp; 582527 | 8071865 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 565483 | 9193130 |
| Saudi Telecom Co. | &nbsp;&nbsp; 949165 | 10618189 |
|  |  | 143257969 |
| **South Africa — 4.2%** | **South Africa — 4.2%** | **South Africa — 4.2%** |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 327300 | 18418988 |
| Bid Corp. Ltd. | &nbsp;&nbsp; 198315 | 5185645 |
| Clicks Group Ltd. | &nbsp;&nbsp; 243262 | 5145460 |
| FirstRand Ltd. | &nbsp;&nbsp; 1740917 | 7338005 |
| Gold Fields Ltd. | &nbsp;&nbsp; 823842 | 27423597 |
| MTN Group Ltd. | &nbsp;&nbsp; 692030 | 5878773 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 81792 | 26984920 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 1705234 | 21854105 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 3693353 | 30675349 |
| Old Mutual Ltd. | &nbsp;&nbsp; 9461415 | 7455423 |
| Sanlam Ltd. | &nbsp;&nbsp; 5152378 | 26638145 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 253031 | 11603527 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 2593364 | 20901279 |
|  |  | 215503216 |
| **South Korea — 10.2%** | **South Korea — 10.2%** | **South Korea — 10.2%** |
| Celltrion Inc.<sup>(c)</sup> | &nbsp;&nbsp; 43488 | 5232344 |
| Coway Co. Ltd. | &nbsp;&nbsp; 106579 | 7956833 |
| Doosan Enerbility Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 174432 | 7670648 |
| Hana Financial Group Inc. | &nbsp;&nbsp; 421997 | 24877338 |
| Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 129897 | 4746555 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 14528 | 5094569 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 39420 | 5437923 |
| Kakao Corp. | &nbsp;&nbsp; 186702 | 8359674 |
| KakaoBank Corp. | &nbsp;&nbsp; 293542 | 5187513 |
| KB Financial Group Inc. | &nbsp;&nbsp; 358099 | 27969416 |
| Krafton Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23695 | 5571563 |
| LG Chem Ltd. | &nbsp;&nbsp; 37128 | 7374294 |
| LG Display Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1094656 | 9404273 |
| NAVER Corp. | &nbsp;&nbsp; 133700 | 20552871 |
| POSCO Holdings Inc. | &nbsp;&nbsp; 50938 | 10397675 |
| Samsung C&T Corp. | &nbsp;&nbsp; 97395 | 11722686 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 59572 | 6834238 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 2756194 | 137698892 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 28217 | 8980633 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 73730 | 7574511 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 58948 | 8735897 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 46589 | 4922152 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 481883 | 22580251 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 132426 | 9356377 |
| SK Hynix Inc. | &nbsp;&nbsp; 319527 | 60881821 |
| SK Inc. | &nbsp;&nbsp; 142740 | 21167916 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 195061 | 14117434 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 77689 | 8239506 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 177162 | 6906801 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 1683372 | 30030604 |
| Yuhan Corp. | &nbsp;&nbsp; 61720 | 5027216 |
|  |  | 520610424 |
| **Taiwan — 19.9%** | **Taiwan — 19.9%** | **Taiwan — 19.9%** |
| Accton Technology Corp. | &nbsp;&nbsp; 211000 | 6946619 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Acer Inc. | &nbsp;&nbsp; 18187000 | $17490429 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 482000 | 5386033 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 330000 | 10772733 |
| Asustek Computer Inc. | &nbsp;&nbsp; 288000 | 5924828 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 18828769 | 37704354 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 1268560 | 4814317 |
| China Steel Corp. | &nbsp;&nbsp; 7760000 | 5088896 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 12311000 | 53359340 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 9618000 | 12900810 |
| Delta Electronics Inc. | &nbsp;&nbsp; 1593000 | 36699142 |
| E Ink Holdings Inc. | &nbsp;&nbsp; 928000 | 7918150 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 40479902 | 44179604 |
| Eva Airways Corp. | &nbsp;&nbsp; 12571000 | 15920551 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 51096471 | 47278994 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 309200 | 6477629 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 5921542 | 16179073 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 3158000 | 20848955 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 75000 | 7351917 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 2235000 | 9455053 |
| MediaTek Inc. | &nbsp;&nbsp; 786000 | 34926701 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 15031097 | 11470893 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 14509000 | 543382149 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 27825135 | 14752084 |
| United Microelectronics Corp. | &nbsp;&nbsp; 12892000 | 16961772 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 231000 | 7422477 |
| Wistron Corp. | &nbsp;&nbsp; 1319000 | 4837685 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 7090430 | 7505687 |
|  |  | 1013956875 |
| **Thailand — 1.3%** | **Thailand — 1.3%** | **Thailand — 1.3%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 2146400 | 19517973 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 17759300 | 11352759 |
| Delta Electronics Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 2456500 | 11370312 |
| PTT PCL, NVDR | &nbsp;&nbsp; 16232300 | 15542233 |
| Siam Cement PCL (The), NVDR | &nbsp;&nbsp; 936000 | 6230439 |
|  |  | 64013716 |
| **Turkey — 0.4%** | **Turkey — 0.4%** | **Turkey — 0.4%** |
| Akbank TAS | &nbsp;&nbsp; 3447740 | 5723473 |
| Haci Omer Sabanci Holding AS | &nbsp;&nbsp; 4589891 | 10516211 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 6407826 | 5124276 |
|  |  | 21363960 |
| **United Arab Emirates — 1.6%** | **United Arab Emirates — 1.6%** | **United Arab Emirates — 1.6%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 5455212 | 22476390 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 2079294 | 12073842 |
| Aldar Properties PJSC | &nbsp;&nbsp; 1978430 | 5174800 |
| Emaar Properties PJSC | &nbsp;&nbsp; 2908408 | 11401785 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 971375 | 6677798 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 4754605 | 21474945 |
|  |  | 79279560 |
| **United Kingdom — 0.4%** | **United Kingdom — 0.4%** | **United Kingdom — 0.4%** |
| Metlen Energy & Metals PLC<sup>(a)</sup> | &nbsp;&nbsp; 342403 | 21951632 |
| **Total Common Stocks — 98.5%** <br>**(Cost: $3,720,616,794)** | **Total Common Stocks — 98.5%** <br>**(Cost: $3,720,616,794)** | 5019046450 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 2067144 | 6416635 |
| Cia Paranaense de Energia - Copel, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 2746311 | 6088448 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Aware MSCI EM ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** |
| Itau Unibanco Holding SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1705415 | $12106832 |
|  |  | 24611915 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Grupo Cibest SA, Preference Shares | &nbsp;&nbsp; 692644 | 8672598 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 2104520 | 238545 |
| **South Korea — 0.5%** | **South Korea — 0.5%** | **South Korea — 0.5%** |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 636137 | 25828367 |
| **Total Preferred Stocks — 1.2%** <br>**(Cost: $51,363,849)** | **Total Preferred Stocks — 1.2%** <br>**(Cost: $51,363,849)** | 59351425 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $3,771,980,643)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $3,771,980,643)** | 5078397875 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.0%** | **Money Market Funds — 1.0%** | **Money Market Funds — 1.0%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 47417346 | 47441055 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 4380000 | 4380000 |
| **Total Short-Term Securities — 1.0%** <br>**(Cost: $51,819,588)** | **Total Short-Term Securities — 1.0%** <br>**(Cost: $51,819,588)** | 51821055 |
| **Total Investments — 100.7%** <br>**(Cost: $3,823,800,231)** | **Total Investments — 100.7%** <br>**(Cost: $3,823,800,231)** | 5130218930 |
| **Liabilities in Excess of Other Assets — (0.7)%** | **Liabilities in Excess of Other Assets — (0.7)%** | (37399437)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $5092819493 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $2767753<br> $44674068 <br><sup>(a)</sup><br>| $— | $444 | $(1210)<br>| $47441055 | 47417346 | $386454 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| —<br> 4380000 <br><sup>(a)</sup><br>|  |  |  | 4380000 | 4380000 | 858552 |  |
|  |  |  | $444 | $(1210) | $51821055 |  | $1245006 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Aware MSCI EM ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 160 | 09/19/25 | &nbsp;&nbsp; $10119 | $(35456) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35456 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35456 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1647843 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1647843 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15412)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15412)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $11834831 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $563009482 | &nbsp;&nbsp; $4456035560 | &nbsp;&nbsp; $1408 | &nbsp;&nbsp; $5019046450 |
| Preferred Stocks | &nbsp;&nbsp; 33284513 | &nbsp;&nbsp; 26066912 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59351425 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 51821055 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51821055 |
|  | &nbsp;&nbsp; $648115050 | &nbsp;&nbsp; $4482102472 | &nbsp;&nbsp; $1408 | &nbsp;&nbsp; $5130218930 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Aware MSCI EM ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(35456)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(35456)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Emerging Markets ex China ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 4.6%** | **Brazil — 4.6%** | **Brazil — 4.6%** |
| Ambev SA | &nbsp;&nbsp; 9295824 | $21174217 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 10421585 | 24949450 |
| Banco Bradesco SA | &nbsp;&nbsp; 3064355 | 8161289 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 2352672 | 19465840 |
| Banco do Brasil SA | &nbsp;&nbsp; 3427986 | 13523912 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 1389671 | 8412074 |
| BRF SA | &nbsp;&nbsp; 1030900 | 3922548 |
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 1240390 | 3225744 |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 2367696 | 19660019 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 936647 | 21160654 |
| CPFL Energia SA | &nbsp;&nbsp; 439457 | 3191055 |
| Embraer SA | &nbsp;&nbsp; 1386985 | 19493025 |
| Energisa SA | &nbsp;&nbsp; 525051 | 4726752 |
| Eneva SA<sup>(a)</sup> | &nbsp;&nbsp; 1504035 | 4191552 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 392937 | 2894566 |
| Equatorial Energia SA | &nbsp;&nbsp; 2293994 | 15472829 |
| JBS NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 740752 | 12007590 |
| Klabin SA | &nbsp;&nbsp; 1577640 | 5386006 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 1806965 | 11944562 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 1931758 | 5130595 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 6707140 | 99265672 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 7352147 | 45765737 |
| Porto Seguro SA | &nbsp;&nbsp; 380272 | 3629587 |
| PRIO SA<sup>(a)</sup> | &nbsp;&nbsp; 1693253 | 11826866 |
| Raia Drogasil SA | &nbsp;&nbsp; 2515961 | 8143920 |
| Rede D'Or Sao Luiz SA<sup>(c)</sup> | &nbsp;&nbsp; 1584810 | 11504951 |
| Rumo SA | &nbsp;&nbsp; 2577611 | 6917240 |
| Suzano SA | &nbsp;&nbsp; 1382794 | 13376900 |
| Telefonica Brasil SA | &nbsp;&nbsp; 1622294 | 10134382 |
| TIM SA/Brazil | &nbsp;&nbsp; 1694579 | 7110428 |
| TOTVS SA | &nbsp;&nbsp; 1052644 | 8367800 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 1487548 | 5393951 |
| Vale SA | &nbsp;&nbsp; 7178948 | 73565730 |
| Vibra Energia SA | &nbsp;&nbsp; 1996552 | 8852534 |
| WEG SA | &nbsp;&nbsp; 3312891 | 23011237 |
| XP Inc., Class A | &nbsp;&nbsp; 714229 | 12956114 |
|  |  | 577917328 |
| **Chile — 0.6%** | **Chile — 0.6%** | **Chile — 0.6%** |
| Banco de Chile | &nbsp;&nbsp; 89714696 | 12855357 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 170875 | 6910537 |
| Banco Santander Chile | &nbsp;&nbsp; 127799429 | 7679809 |
| Cencosud SA | &nbsp;&nbsp; 2576664 | 8165406 |
| Empresas CMPC SA | &nbsp;&nbsp; 2166731 | 3397423 |
| Empresas Copec SA | &nbsp;&nbsp; 790622 | 5887715 |
| Enel Americas SA | &nbsp;&nbsp; 39261567 | 4081117 |
| Enel Chile SA | &nbsp;&nbsp; 53293704 | 3737240 |
| Falabella SA | &nbsp;&nbsp; 1253775 | 7136159 |
| Latam Airlines Group SA | &nbsp;&nbsp; 496973760 | 12511213 |
|  |  | 72361976 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Grupo Cibest SA | &nbsp;&nbsp; 516924 | 7591889 |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 900347 | 4885821 |
|  |  | 12477710 |
| **Czech Republic — 0.2%** | **Czech Republic — 0.2%** | **Czech Republic — 0.2%** |
| CEZ AS | &nbsp;&nbsp; 273908 | 17128543 |
| Komercni Banka AS | &nbsp;&nbsp; 146356 | 7150705 |
| Moneta Money Bank AS<sup>(c)</sup> | &nbsp;&nbsp; 494610 | 3626677 |
|  |  | 27905925 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Commercial International Bank - Egypt (CIB) | &nbsp;&nbsp; 4690440 | $9379239 |
| Eastern Co. SAE | &nbsp;&nbsp; 3247388 | 2587480 |
| Talaat Moustafa Group | &nbsp;&nbsp; 1529698 | 1746861 |
|  |  | 13713580 |
| **Greece — 0.9%** | **Greece — 0.9%** | **Greece — 0.9%** |
| Alpha Bank SA | &nbsp;&nbsp; 4378700 | 17370818 |
| Eurobank Ergasias Services and Holdings SA | &nbsp;&nbsp; 5354641 | 19678635 |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 342156 | 6364583 |
| Jumbo SA | &nbsp;&nbsp; 246890 | 8803739 |
| National Bank of Greece SA | &nbsp;&nbsp; 1757061 | 24333235 |
| OPAP SA | &nbsp;&nbsp; 386260 | 8668536 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 2213215 | 17128087 |
| Public Power Corp. SA | &nbsp;&nbsp; 396415 | 6628437 |
|  |  | 108976070 |
| **Hungary — 0.4%** | **Hungary — 0.4%** | **Hungary — 0.4%** |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 814284 | 7007711 |
| OTP Bank Nyrt | &nbsp;&nbsp; 442291 | 38578490 |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 271600 | 8238527 |
|  |  | 53824728 |
| **India — 23.3%** | **India — 23.3%** | **India — 23.3%** |
| ABB India Ltd. | &nbsp;&nbsp; 103287 | 5858927 |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 317560 | 8083372 |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 1057028 | 15747264 |
| Adani Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1128601 | 7695061 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 82481 | 4957197 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 1200305 | 7671103 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 356919 | 6496289 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 200689 | 17330753 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 5760284 | 8287944 |
| Asian Paints Ltd. | &nbsp;&nbsp; 667544 | 19068732 |
| Astral Ltd. | &nbsp;&nbsp; 232809 | 3592405 |
| AU Small Finance Bank Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 731397 | 5955355 |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 517480 | 6029327 |
| Avenue Supermarts Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 320447 | 17285623 |
| Axis Bank Ltd. | &nbsp;&nbsp; 4561551 | 54083737 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 132483 | 12965710 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 5546604 | 55253657 |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 754416 | 16376088 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 52287 | 7569220 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 151777 | 3944848 |
| Bank of Baroda | &nbsp;&nbsp; 2034572 | 5374745 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 7227037 | 30283455 |
| Bharat Forge Ltd. | &nbsp;&nbsp; 523889 | 6576534 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 2096158 | 4945656 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 3023307 | 10570113 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 5082448 | 108940615 |
| Bosch Ltd. | &nbsp;&nbsp; 14744 | 6684726 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 213053 | 14064570 |
| BSE Ltd. | &nbsp;&nbsp; 358713 | 8532589 |
| Canara Bank | &nbsp;&nbsp; 3581430 | 4217711 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 1356587 | 10692489 |
| Cholamandalam Investment and Finance <br> Co. Ltd.<br>| &nbsp;&nbsp; 825688 | 13318498 |
| Cipla Ltd. | &nbsp;&nbsp; 1116194 | 20119651 |
| Coal India Ltd. | &nbsp;&nbsp; 3660550 | 15556530 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 270339 | 7151116 |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 603111 | 3606104 |
| Coromandel International Ltd. | &nbsp;&nbsp; 230780 | 6041246 |
| Cummins India Ltd. | &nbsp;&nbsp; 271881 | 11789133 |
| Dabur India Ltd. | &nbsp;&nbsp; 1032550 | 6101898 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 235211 | 16347206 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ex China ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 70720 | $13397335 |
| DLF Ltd. | &nbsp;&nbsp; 1477762 | 12389442 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 1159690 | 16585004 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 271228 | 18769680 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4831162 | 17213511 |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2246932 | 5862391 |
| GAIL India Ltd. | &nbsp;&nbsp; 4521684 | 8879468 |
| GMR Airports Infrastructure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5160247 | 5041829 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 809108 | 11403767 |
| Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 295875 | 6535806 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 540654 | 17014451 |
| Havells India Ltd. | &nbsp;&nbsp; 450083 | 7794266 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 1873614 | 30893274 |
| HDFC Asset Management Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 189041 | 11711667 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 22673233 | 244721842 |
| HDFC Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1903042 | 16669923 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 235926 | 13604800 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 2676646 | 21390059 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 395382 | 19440822 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 1889687 | 8058397 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 1628646 | 49112902 |
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 26896 | 5836861 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 319389 | 8920645 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 10693670 | 169439753 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 473929 | 9895127 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 707405 | 4811179 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 7207036 | 5555342 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 1679828 | 14455810 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 5582181 | 8650147 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 497074 | 3902239 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2620359 | 10067293 |
| IndusInd Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1127820 | 9451991 |
| Info Edge India Ltd. | &nbsp;&nbsp; 696019 | 10718189 |
| Infosys Ltd. | &nbsp;&nbsp; 6579804 | 110362928 |
| InterGlobe Aviation Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 374690 | 24021886 |
| ITC Ltd. | &nbsp;&nbsp; 5925704 | 27544172 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 647422 | 5605092 |
| Jindal Steel Ltd. | &nbsp;&nbsp; 723250 | 7758719 |
| Jio Financial Services Ltd. | &nbsp;&nbsp; 5610384 | 19848175 |
| JSW Energy Ltd. | &nbsp;&nbsp; 858509 | 4756900 |
| JSW Steel Ltd. | &nbsp;&nbsp; 1210195 | 14107410 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 702826 | 5003354 |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 803038 | 4595260 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 2167402 | 48205742 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 1336106 | 54551970 |
| Lodha Developers Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 590589 | 7994875 |
| LTIMindtree Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 145571 | 8468668 |
| Lupin Ltd. | &nbsp;&nbsp; 449641 | 9670464 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 1847095 | 67019555 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 243220 | 6821743 |
| Marico Ltd. | &nbsp;&nbsp; 1014756 | 8347768 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 248601 | 41722066 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 1535312 | 20087819 |
| Mphasis Ltd. | &nbsp;&nbsp; 205422 | 6481262 |
| MRF Ltd. | &nbsp;&nbsp; 4710 | 7526937 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 235559 | 7053903 |
| Nestle India Ltd. | &nbsp;&nbsp; 1335237 | 17513467 |
| NHPC Ltd. | &nbsp;&nbsp; 5920558 | 5188080 |
| NMDC Ltd. | &nbsp;&nbsp; 6079316 | 4748934 |
| NTPC Ltd. | &nbsp;&nbsp; 8632555 | 32077488 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 251474 | 4595671 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 6208266 | 16454108 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Oil India Ltd. | &nbsp;&nbsp; 958826 | $4245261 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 42439 | 3991748 |
| Page Industries Ltd. | &nbsp;&nbsp; 12282 | 6178011 |
| PB Fintech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 684435 | 13744965 |
| Persistent Systems Ltd. | &nbsp;&nbsp; 215606 | 12955287 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 1528030 | 4668390 |
| Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 384783 | 6568586 |
| PI Industries Ltd. | &nbsp;&nbsp; 151303 | 6342918 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 299924 | 10372495 |
| Polycab India Ltd. | &nbsp;&nbsp; 103881 | 8360382 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 2918499 | 12568420 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 9221952 | 28818709 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 339838 | 6023057 |
| Punjab National Bank | &nbsp;&nbsp; 4633453 | 5303104 |
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 1002317 | 3439065 |
| REC Ltd. | &nbsp;&nbsp; 2605951 | 10352215 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 12060499 | 185739210 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 9252107 | 9723032 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 560772 | 5107280 |
| SBI Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 890801 | 18232746 |
| Shree Cement Ltd. | &nbsp;&nbsp; 17738 | 5887590 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 2776873 | 18288788 |
| Siemens Ltd. | &nbsp;&nbsp; 172834 | 6004406 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 53400 | 8346894 |
| SRF Ltd. | &nbsp;&nbsp; 260677 | 8384579 |
| State Bank of India | &nbsp;&nbsp; 3540581 | 32228207 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 1898668 | 34348598 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 129974 | 6628984 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 124822 | 6327847 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18743675 | 12017502 |
| Swiggy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1755527 | 8162531 |
| Tata Communications Ltd. | &nbsp;&nbsp; 224016 | 3933758 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 1787724 | 62519379 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 1176222 | 14211431 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 66635 | 3954370 |
| Tata Motors Ltd. | &nbsp;&nbsp; 4009368 | 30422914 |
| Tata Power Co. Ltd. (The) | &nbsp;&nbsp; 3140597 | 13334313 |
| Tata Steel Ltd. | &nbsp;&nbsp; 14816634 | 25976776 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 1061461 | 17814177 |
| Titan Co. Ltd. | &nbsp;&nbsp; 701409 | 28873161 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 233083 | 9404032 |
| Torrent Power Ltd. | &nbsp;&nbsp; 342160 | 4763832 |
| Trent Ltd. | &nbsp;&nbsp; 357426 | 21482958 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 209140 | 7021551 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 470060 | 17468514 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 233183 | 33424576 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 3006905 | 4257518 |
| United Spirits Ltd. | &nbsp;&nbsp; 575651 | 8561599 |
| UPL Ltd. | &nbsp;&nbsp; 900270 | 7309732 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 2658859 | 14695926 |
| Vedanta Ltd. | &nbsp;&nbsp; 2676107 | 12775013 |
| Vishal Mega Mart Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4219207 | 7144473 |
| Vodafone Idea Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 53867983 | 3971671 |
| Voltas Ltd. | &nbsp;&nbsp; 452945 | 7056975 |
| WAAREE Energies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 173355 | 6699402 |
| Wipro Ltd. | &nbsp;&nbsp; 5168429 | 14613788 |
| Yes Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 27709261 | 6004578 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 490586 | 5463989 |
|  |  | 2914018038 |
| **Indonesia — 1.8%** | **Indonesia — 1.8%** | **Indonesia — 1.8%** |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 28998800 | 13821083 |
| Astra International Tbk PT | &nbsp;&nbsp; 39660100 | 13231159 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ex China ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 110061827 | $53920347 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 73789100 | 21148157 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 29580600 | 7853240 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 134487471 | 33014295 |
| Barito Pacific Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 45580805 | 6049847 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 17014100 | 8495338 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 14836900 | 3840809 |
| Dian Swastatika Sentosa Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 1967300 | 11834819 |
| GoTo Gojek Tokopedia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 1770984239 | 6221404 |
| Indofood CBP Sukses Makmur Tbk PT | &nbsp;&nbsp; 4343000 | 2364496 |
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 8607200 | 3890026 |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 39733600 | 2932460 |
| Petrindo Jaya Kreasi Tbk PT | &nbsp;&nbsp; 44076500 | 4163918 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 35907800 | 4790533 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 96971200 | 18548984 |
| United Tractors Tbk PT | &nbsp;&nbsp; 3021500 | 4469150 |
|  |  | 220590065 |
| **Kuwait — 1.1%** | **Kuwait — 1.1%** | **Kuwait — 1.1%** |
| Boubyan Bank KSCP | &nbsp;&nbsp; 3079780 | 6967190 |
| Gulf Bank KSCP | &nbsp;&nbsp; 4001272 | 4465338 |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 22266329 | 56177267 |
| Mabanee Co. KPSC | &nbsp;&nbsp; 1388157 | 4358645 |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 3880290 | 6498790 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 16588381 | 55438429 |
| Warba Bank KSCP<sup>(a)</sup> | &nbsp;&nbsp; 4478944 | 4110965 |
|  |  | 138016624 |
| **Malaysia — 1.8%** | **Malaysia — 1.8%** | **Malaysia — 1.8%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 5006800 | 6390471 |
| Axiata Group Bhd | &nbsp;&nbsp; 5526800 | 3165892 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 6605500 | 5753430 |
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 15872500 | 27883722 |
| Gamuda Bhd | &nbsp;&nbsp; 9055100 | 11902855 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 1271500 | 6041705 |
| IHH Healthcare Bhd | &nbsp;&nbsp; 4310600 | 6927568 |
| IOI Corp. Bhd | &nbsp;&nbsp; 4982500 | 4556338 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 981700 | 4572747 |
| Malayan Banking Bhd | &nbsp;&nbsp; 11667300 | 27338489 |
| Maxis Bhd | &nbsp;&nbsp; 4628000 | 3834325 |
| MISC Bhd | &nbsp;&nbsp; 2490100 | 4373146 |
| MR DIY Group M Bhd<sup>(c)</sup> | &nbsp;&nbsp; 6452850 | 2258647 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 156900 | 3529663 |
| Petronas Chemicals Group Bhd | &nbsp;&nbsp; 5113900 | 5230781 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 594600 | 2980320 |
| Petronas Gas Bhd | &nbsp;&nbsp; 1573100 | 6940257 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 7132900 | 9389027 |
| Public Bank Bhd | &nbsp;&nbsp; 30033200 | 30335352 |
| QL Resources Bhd<sup>(b)</sup> | &nbsp;&nbsp; 3073050 | 2982131 |
| RHB Bank Bhd | &nbsp;&nbsp; 3433400 | 5313432 |
| SD Guthrie Bhd | &nbsp;&nbsp; 3864500 | 4624280 |
| Sunway Bhd | &nbsp;&nbsp; 4891200 | 5697854 |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 2165100 | 3599166 |
| Tenaga Nasional Bhd | &nbsp;&nbsp; 5110800 | 15957889 |
| YTL Corp. Bhd | &nbsp;&nbsp; 6146160 | 3725158 |
| YTL Power International Bhd | &nbsp;&nbsp; 5947420 | 5671630 |
|  |  | 220976275 |
| **Mexico — 2.8%** | **Mexico — 2.8%** | **Mexico — 2.8%** |
| Alfa SAB de CV, Class A | &nbsp;&nbsp; 7156553 | 5371872 |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 35912771 | 35750183 |
| Arca Continental SAB de CV | &nbsp;&nbsp; 1003208 | 10232835 |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 29886754 | 27045315 |
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 1029800 | 8742913 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 5525700 | $7768457 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 3453341 | 29912488 |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 313800 | 5394680 |
| Grupo Aeroportuario del Centro Norte SAB de <br> CV, Class B<br>| &nbsp;&nbsp; 587633 | 7515544 |
| Grupo Aeroportuario del Pacifico SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 760191 | 18281729 |
| Grupo Aeroportuario del Sureste SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 349462 | 11402709 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 2520053 | 7837825 |
| Grupo Carso SAB de CV, Series A1, Class A1 | &nbsp;&nbsp; 1120733 | 7425318 |
| Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp; 611534 | 4943843 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 5031686 | 46018313 |
| Grupo Financiero Inbursa SAB de CV, Class O | &nbsp;&nbsp; 3576971 | 9427052 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 6185586 | 40547909 |
| Industrias Penoles SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 391080 | 12749571 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 2959422 | 5557488 |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 2228011 | 8216346 |
| Promotora y Operadora de Infraestructura SAB <br> de CV<br>| &nbsp;&nbsp; 375294 | 4695272 |
| Qualitas Controladora SAB de CV | &nbsp;&nbsp; 397257 | 3582113 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 10340651 | 30870426 |
|  |  | 349290201 |
| **Peru — 0.5%** | **Peru — 0.5%** | **Peru — 0.5%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 327933 | 6276637 |
| Credicorp Ltd. | &nbsp;&nbsp; 134400 | 34567680 |
| Southern Copper Corp. | &nbsp;&nbsp; 176643 | 16973654 |
|  |  | 57817971 |
| **Philippines — 0.6%** | **Philippines — 0.6%** | **Philippines — 0.6%** |
| Ayala Corp. | &nbsp;&nbsp; 479160 | 4569817 |
| Ayala Land Inc. | &nbsp;&nbsp; 12471100 | 6110604 |
| Bank of the Philippine Islands | &nbsp;&nbsp; 4062938 | 8034159 |
| BDO Unibank Inc. | &nbsp;&nbsp; 4675614 | 11062088 |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 1975080 | 16693671 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 971640 | 3944710 |
| Manila Electric Co. | &nbsp;&nbsp; 562870 | 5269673 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 3528087 | 4318564 |
| PLDT Inc. | &nbsp;&nbsp; 143175 | 2904181 |
| SM Investments Corp. | &nbsp;&nbsp; 412785 | 5453717 |
| SM Prime Holdings Inc. | &nbsp;&nbsp; 19090800 | 7717166 |
|  |  | 76078350 |
| **Poland — 1.5%** | **Poland — 1.5%** | **Poland — 1.5%** |
| Allegro.eu SA <sup>(a)(c)</sup> | &nbsp;&nbsp; 1344167 | 13507744 |
| Bank Millennium SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 1198925 | 4644419 |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 359133 | 18089073 |
| Budimex SA<sup>(b)</sup> | &nbsp;&nbsp; 25040 | 3662713 |
| CCC SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 107029 | 4910488 |
| CD Projekt SA | &nbsp;&nbsp; 127061 | 8796368 |
| Dino Polska SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 1001759 | 12499457 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 273277 | 9599560 |
| LPP SA | &nbsp;&nbsp; 2261 | 10712191 |
| mBank SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 29282 | 7073221 |
| ORLEN SA | &nbsp;&nbsp; 1147722 | 24525717 |
| PGE Polska Grupa Energetyczna SA<sup>(a)</sup> | &nbsp;&nbsp; 1776225 | 5535867 |
| Powszechna Kasa Oszczednosci Bank <br> Polski SA<br>| &nbsp;&nbsp; 1725507 | 33657389 |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 1184421 | 19712679 |
| Santander Bank Polska SA | &nbsp;&nbsp; 79488 | 11064768 |
| Zabka Group SA<sup>(a)</sup> | &nbsp;&nbsp; 565601 | 3384956 |
|  |  | 191376610 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ex China ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Qatar — 1.1%** | **Qatar — 1.1%** | **Qatar — 1.1%** |
| Al Rayan Bank | &nbsp;&nbsp; 12644047 | $8346406 |
| Barwa Real Estate Co. | &nbsp;&nbsp; 4368863 | 3276869 |
| Commercial Bank PSQC (The) | &nbsp;&nbsp; 6453638 | 8311381 |
| Dukhan Bank | &nbsp;&nbsp; 4013863 | 4036545 |
| Industries Qatar QSC | &nbsp;&nbsp; 3092523 | 10901114 |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 11437078 | 4265029 |
| Ooredoo QPSC | &nbsp;&nbsp; 1660040 | 5872858 |
| Qatar Electricity & Water Co. QSC | &nbsp;&nbsp; 936549 | 4059218 |
| Qatar Fuel QSC | &nbsp;&nbsp; 522982 | 2147649 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 5682146 | 7372730 |
| Qatar International Islamic Bank QSC | &nbsp;&nbsp; 2046992 | 6338464 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 3571697 | 23964545 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 9313468 | 48542243 |
|  |  | 137435051 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 1271273 | 158 |
| Mobile TeleSystems PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 418880 | 52 |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 631870 | 79 |
| Ozon Holdings PLC, ADR<sup>(a)(d)</sup> | &nbsp;&nbsp; 534 |  |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 433 | 4 |
| PhosAgro PJSC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 1 |  |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 133970 | 2 |
| Rosneft Oil Co. PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 532936 | 66 |
| Sberbank of Russia PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 4933827 | 614 |
| Severstal PAO<sup>(a)(d)</sup> | &nbsp;&nbsp; 109143 | 14 |
| TCS Group Holding PLC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 58085 | 7 |
| United Co. RUSAL International PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 1500930 | 187 |
| VK Co. Ltd.<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 873 |  |
| VTB Bank PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 232194 |  |
| X5 Retail Group NV, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 67732 | 8 |
|  |  | 1191 |
| **Saudi Arabia — 4.7%** | **Saudi Arabia — 4.7%** | **Saudi Arabia — 4.7%** |
| ACWA Power Co.<sup>(a)</sup> | &nbsp;&nbsp; 306418 | 17324855 |
| Ades Holding Co. | &nbsp;&nbsp; 695619 | 2764207 |
| Al Rajhi Bank | &nbsp;&nbsp; 3936099 | 98766536 |
| Al Rajhi Co. for Co-operative Insurance<sup>(a)</sup> | &nbsp;&nbsp; 79192 | 2461141 |
| Alinma Bank | &nbsp;&nbsp; 2452094 | 16467109 |
| Almarai Co. JSC | &nbsp;&nbsp; 996511 | 12610818 |
| Arab National Bank | &nbsp;&nbsp; 1760694 | 11009492 |
| Arabian Internet & Communications <br> Services Co.<br>| &nbsp;&nbsp; 46064 | 2964148 |
| Bank AlBilad | &nbsp;&nbsp; 1456217 | 10136918 |
| Bank Al-Jazira<sup>(a)</sup> | &nbsp;&nbsp; 1240732 | 4015492 |
| Banque Saudi Fransi | &nbsp;&nbsp; 2396385 | 10333841 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 163292 | 6353249 |
| Co. for Cooperative Insurance (The) | &nbsp;&nbsp; 149409 | 4658424 |
| Dallah Healthcare Co. | &nbsp;&nbsp; 68442 | 2364925 |
| Dar Al Arkan Real Estate Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 1042343 | 5191880 |
| Dr Sulaiman Al Habib Medical Services <br> Group Co.<br>| &nbsp;&nbsp; 176061 | 11308219 |
| Elm Co. | &nbsp;&nbsp; 48237 | 11023727 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 738296 | 12591293 |
| Jabal Omar Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 1169421 | 5963286 |
| Jarir Marketing Co. | &nbsp;&nbsp; 1150380 | 3908182 |
| Makkah Construction & Development Co. | &nbsp;&nbsp; 193301 | 3871481 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 199351 | 3845331 |
| Nahdi Medical Co. | &nbsp;&nbsp; 79193 | 2439825 |
| Riyad Bank | &nbsp;&nbsp; 2920881 | 20176521 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 466952 | 15092972 |
| Sahara International Petrochemical Co. | &nbsp;&nbsp; 775446 | 4160718 |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 70446 | 3181903 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| Saudi Arabian Mining Co.<sup>(a)</sup> | &nbsp;&nbsp; 2702677 | $37450012 |
| Saudi Arabian Oil Co.<sup>(c)</sup> | &nbsp;&nbsp; 12197784 | 77015671 |
| Saudi Aramco Base Oil Co. | &nbsp;&nbsp; 109463 | 2511723 |
| Saudi Awwal Bank | &nbsp;&nbsp; 1983570 | 15919667 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 1827369 | 29707774 |
| Saudi Electricity Co. | &nbsp;&nbsp; 1654360 | 6410454 |
| Saudi Investment Bank (The) | &nbsp;&nbsp; 1194295 | 4322097 |
| Saudi National Bank (The) | &nbsp;&nbsp; 5880836 | 54505562 |
| Saudi Research & Media Group<sup>(a)</sup> | &nbsp;&nbsp; 72030 | 3320166 |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 92591 | 4201580 |
| Saudi Telecom Co. | &nbsp;&nbsp; 4028407 | 45065281 |
| Yanbu National Petrochemical Co. | &nbsp;&nbsp; 544382 | 4762726 |
|  |  | 590179206 |
| **South Africa — 4.8%** | **South Africa — 4.8%** | **South Africa — 4.8%** |
| Absa Group Ltd. | &nbsp;&nbsp; 1684407 | 18035854 |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 996011 | 56051069 |
| Bid Corp. Ltd. | &nbsp;&nbsp; 663141 | 17340160 |
| Bidvest Group Ltd. (The) | &nbsp;&nbsp; 635725 | 8537599 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 172392 | 34870663 |
| Clicks Group Ltd. | &nbsp;&nbsp; 461815 | 9768277 |
| Discovery Ltd. | &nbsp;&nbsp; 1070530 | 13169218 |
| FirstRand Ltd. | &nbsp;&nbsp; 10013442 | 42206886 |
| Gold Fields Ltd. | &nbsp;&nbsp; 1772640 | 59006661 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 1127800 | 15015396 |
| Impala Platinum Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1795195 | 16289805 |
| MTN Group Ltd. | &nbsp;&nbsp; 3419876 | 29051736 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 310234 | 102352792 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 915010 | 11726675 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 1146575 | 9522942 |
| Old Mutual Ltd. | &nbsp;&nbsp; 8241870 | 6494444 |
| OUTsurance Group Ltd. | &nbsp;&nbsp; 1661778 | 7155820 |
| Pepkor Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6943175 | 9988684 |
| Reinet Investments SCA | &nbsp;&nbsp; 262936 | 7981241 |
| Remgro Ltd. | &nbsp;&nbsp; 986798 | 9492837 |
| Sanlam Ltd. | &nbsp;&nbsp; 3587522 | 18547733 |
| Sasol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1138187 | 7676410 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 985504 | 14689261 |
| Sibanye Stillwater Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5548658 | 10555192 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 2615917 | 36803295 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 416831 | 19115088 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 1220686 | 9838148 |
|  |  | 601283886 |
| **South Korea — 14.6%** | **South Korea — 14.6%** | **South Korea — 14.6%** |
| Alteogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 79239 | 24920715 |
| Amorepacific Corp.<sup>(b)</sup> | &nbsp;&nbsp; 57787 | 4985517 |
| Celltrion Inc. | &nbsp;&nbsp; 319521 | 38443798 |
| Coway Co. Ltd. | &nbsp;&nbsp; 105660 | 7888223 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 89849 | 8494769 |
| Doosan Bobcat Inc. | &nbsp;&nbsp; 105611 | 4034602 |
| Doosan Co. Ltd. | &nbsp;&nbsp; 14956 | 5935544 |
| Doosan Enerbility Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 887777 | 39039996 |
| Ecopro BM Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 96085 | 8340165 |
| Ecopro Co. Ltd. | &nbsp;&nbsp; 200064 | 7251304 |
| Hana Financial Group Inc. | &nbsp;&nbsp; 565398 | 33331036 |
| Hanjin Kal Corp.<sup>(b)</sup> | &nbsp;&nbsp; 45220 | 3632807 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 145541 | 4195333 |
| Hanmi Semiconductor Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 84180 | 5194175 |
| Hanwha Aerospace Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 65371 | 41456447 |
| Hanwha Ocean Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 240978 | 19367159 |
| Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 151203 | 5525095 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 85260 | 8395628 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ex China ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 46424 | $16279615 |
| HD Hyundai Heavy Industries Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 44345 | 16542858 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 84041 | 24491898 |
| HLB Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 233424 | 6303798 |
| HMM Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 510386 | 8106115 |
| HYBE Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 44976 | 9277453 |
| Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 11253 | 9976280 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 73735 | 9751389 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 118354 | 27027411 |
| Hyundai Motor Co. | &nbsp;&nbsp; 262906 | 41388740 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 151367 | 20880823 |
| Industrial Bank of Korea | &nbsp;&nbsp; 548379 | 7496997 |
| Kakao Corp. | &nbsp;&nbsp; 611964 | 27400988 |
| KakaoBank Corp. | &nbsp;&nbsp; 327764 | 5792288 |
| KB Financial Group Inc. | &nbsp;&nbsp; 720670 | 56288120 |
| Kia Corp. | &nbsp;&nbsp; 469379 | 35514838 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 143621 | 9812867 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 504767 | 13235059 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 82473 | 7956741 |
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 7960 | 4700709 |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 366699 | 6241737 |
| Krafton Inc.<sup>(a)</sup> | &nbsp;&nbsp; 56047 | 13178703 |
| KT&G Corp. | &nbsp;&nbsp; 192198 | 18590112 |
| LG Chem Ltd. | &nbsp;&nbsp; 97275 | 19320580 |
| LG Corp. | &nbsp;&nbsp; 169380 | 9056525 |
| LG Display Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 593249 | 5096648 |
| LG Electronics Inc. | &nbsp;&nbsp; 209943 | 11124613 |
| LG Energy Solution Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 92376 | 23296654 |
| LG H&H Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 18574 | 3943368 |
| LG Uplus Corp. | &nbsp;&nbsp; 420315 | 4482757 |
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 26551 | 9331608 |
| LS Electric Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 29951 | 6055858 |
| Meritz Financial Group Inc. | &nbsp;&nbsp; 161689 | 14709082 |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 448142 | 6160426 |
| NAVER Corp. | &nbsp;&nbsp; 281805 | 43320133 |
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 289726 | 4046502 |
| Orion Corp./Republic of Korea | &nbsp;&nbsp; 47398 | 3668394 |
| POSCO Future M Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 68318 | 6910773 |
| POSCO Holdings Inc. | &nbsp;&nbsp; 143367 | 29264664 |
| Posco International Corp.<sup>(b)</sup> | &nbsp;&nbsp; 104058 | 3585567 |
| Samsung Biologics Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 35203 | 25262845 |
| Samsung C&T Corp. | &nbsp;&nbsp; 168557 | 20287908 |
| Samsung Electro-Mechanics Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 110101 | 12631042 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 9371637 | 468205081 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 59878 | 19057390 |
| Samsung Heavy Industries Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1399283 | 21389944 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 157604 | 16191146 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 126010 | 18674262 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 83750 | 8848231 |
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 8104 | 9074125 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 857169 | 40165541 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 61887 | 4372541 |
| SK Hynix Inc. | &nbsp;&nbsp; 1080617 | 205897877 |
| SK Inc. | &nbsp;&nbsp; 72136 | 10697554 |
| SK Innovation Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 133747 | 9679867 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 184396 | 19556590 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 105517 | 4113664 |
| S-Oil Corp. | &nbsp;&nbsp; 90073 | 3895697 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 1321215 | 23569885 |
| Yuhan Corp.<sup>(b)</sup> | &nbsp;&nbsp; 111149 | 9053306 |
|  |  | 1820666500 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan — 27.2%** | **Taiwan — 27.2%** | **Taiwan — 27.2%** |
| Accton Technology Corp. | &nbsp;&nbsp; 1022000 | $33646656 |
| Acer Inc. | &nbsp;&nbsp; 5764000 | 5543236 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 972280 | 10864590 |
| Airtac International Group | &nbsp;&nbsp; 283439 | 7260668 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 154976 | 20282141 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 6605000 | 32076988 |
| Asia Cement Corp. | &nbsp;&nbsp; 4671000 | 5646565 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 667000 | 21773979 |
| Asustek Computer Inc. | &nbsp;&nbsp; 1428000 | 29377271 |
| AUO Corp. | &nbsp;&nbsp; 12479800 | 5214023 |
| Caliway Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1987000 | 13028679 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 1165000 | 7158505 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 18960379 | 37967902 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 3071671 | 11657311 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 12445671 | 7801526 |
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 3647000 | 4518952 |
| China Airlines Ltd. | &nbsp;&nbsp; 5916000 | 4085873 |
| China Steel Corp. | &nbsp;&nbsp; 22792000 | 14946664 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 7596000 | 32923203 |
| Compal Electronics Inc. | &nbsp;&nbsp; 7982000 | 7179606 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 32964000 | 44215253 |
| Delta Electronics Inc. | &nbsp;&nbsp; 3901000 | 89870277 |
| E Ink Holdings Inc. | &nbsp;&nbsp; 1742000 | 14863596 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 28473995 | 31076405 |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 389000 | 5070358 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 596000 | 23590780 |
| eMemory Technology Inc. | &nbsp;&nbsp; 128000 | 8579568 |
| Eva Airways Corp. | &nbsp;&nbsp; 5505000 | 6971811 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 2153400 | 13014798 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 5950000 | 5360901 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 3566000 | 9799673 |
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 1028760 | 3936249 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 22401111 | 20727498 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 7006000 | 6867377 |
| Formosa Plastics Corp. | &nbsp;&nbsp; 7770000 | 9867185 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 329310 | 6898926 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 16238346 | 44367055 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 1084000 | 9746680 |
| Global Unichip Corp. | &nbsp;&nbsp; 176000 | 7590205 |
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 532000 | 6434983 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 24794200 | 163690041 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 619591 | 11112639 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 17801090 | 16213456 |
| Innolux Corp. | &nbsp;&nbsp; 14892636 | 6800112 |
| International Games System Co. Ltd. | &nbsp;&nbsp; 467000 | 11640661 |
| Inventec Corp. | &nbsp;&nbsp; 5379000 | 7194517 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 174000 | 11790097 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 31264785 | 15523937 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 114000 | 11174913 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 201000 | 15714082 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 4197000 | 17755193 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 173000 | 8133253 |
| MediaTek Inc. | &nbsp;&nbsp; 3035000 | 134863281 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 23359666 | 30541721 |
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 1474000 | 6474793 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 10147000 | 14282742 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 357000 | 5025310 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 1162000 | 16468373 |
| Pegatron Corp. | &nbsp;&nbsp; 3945000 | 9023938 |
| PharmaEssentia Corp. | &nbsp;&nbsp; 544000 | 8798082 |
| President Chain Store Corp. | &nbsp;&nbsp; 1173000 | 9746026 |
| Quanta Computer Inc. | &nbsp;&nbsp; 5394000 | 45932024 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ex China ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 986000 | $17130808 |
| Shanghai Commercial & Savings Bank Ltd. <br> (The)<br>| &nbsp;&nbsp; 7767678 | 10395971 |
| Silergy Corp. | &nbsp;&nbsp; 671000 | 6707673 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 21960721 | 16759195 |
| Synnex Technology International Corp. | &nbsp;&nbsp; 2487000 | 5335201 |
| Taiwan Business Bank | &nbsp;&nbsp; 14402122 | 7093624 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 21337230 | 16515749 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 3960000 | 3570276 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 3557000 | 12373580 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 48817000 | 1828264272 |
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 13300671 | 9742306 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 41494067 | 21998957 |
| Unimicron Technology Corp. | &nbsp;&nbsp; 2574000 | 12012410 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 9626000 | 24301243 |
| United Microelectronics Corp. | &nbsp;&nbsp; 22122000 | 29105517 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 2134718 | 6338145 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 142000 | 4562735 |
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 1437015 | 3879752 |
| Wistron Corp. | &nbsp;&nbsp; 5919000 | 21709068 |
| Wiwynn Corp. | &nbsp;&nbsp; 226000 | 21690951 |
| WPG Holdings Ltd. | &nbsp;&nbsp; 3210520 | 6999247 |
| Yageo Corp. | &nbsp;&nbsp; 3394840 | 15372893 |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 3498000 | 6576859 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 20892771 | 22116373 |
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 1355000 | 8645619 |
|  |  | 3398901531 |
| **Thailand — 1.5%** | **Thailand — 1.5%** | **Thailand — 1.5%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 2063700 | 18765953 |
| Airports of Thailand PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 8372600 | 9322971 |
| Bangkok Dusit Medical Services PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 21972800 | 14046269 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 1181900 | 6490786 |
| Central Pattana PCL, NVDR | &nbsp;&nbsp; 3906100 | 6220732 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 7469000 | 5053133 |
| CP ALL PCL, NVDR | &nbsp;&nbsp; 10720600 | 14583933 |
| CP Axtra PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 4174387 | 2310921 |
| Delta Electronics Thailand PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 6177900 | 28595419 |
| Gulf Development PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 8869065 | 12866743 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 1194800 | 6214886 |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 6786900 | 5161517 |
| Minor International PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 6639600 | 4802582 |
| PTT Exploration & Production PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 2739100 | 9472219 |
| PTT PCL, NVDR | &nbsp;&nbsp; 19808800 | 18966689 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 1715000 | 6805233 |
| Siam Cement PCL (The), NVDR | &nbsp;&nbsp; 1535600 | 10221647 |
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 48726800 | 2861428 |
| True Corp. PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 20452282 | 7211844 |
|  |  | 189974905 |
| **Turkey — 0.7%** | **Turkey — 0.7%** | **Turkey — 0.7%** |
| Akbank TAS | &nbsp;&nbsp; 6190464 | 10276574 |
| Aselsan Elektronik Sanayi Ve Ticaret A/S<sup>(b)</sup> | &nbsp;&nbsp; 2700185 | 12034207 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 887789 | 11435158 |
| Coca-Cola Icecek A/S | &nbsp;&nbsp; 195953 | 234910 |
| Eregli Demir ve Celik Fabrikalari TAS<sup>(b)</sup> | &nbsp;&nbsp; 6858756 | 4980521 |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 1361131 | 3699153 |
| Haci Omer Sabanci Holding AS | &nbsp;&nbsp; 2268407 | 5197301 |
| KOC Holding AS | &nbsp;&nbsp; 1483476 | 6613484 |
| Sasa Polyester Sanayi AS<sup>(a)</sup> | &nbsp;&nbsp; 1721880 | 196260 |
| Turk Hava Yollari AO | &nbsp;&nbsp; 1084857 | 8836664 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 2354568 | 5428415 |
| Turkiye Is Bankasi AS, Class C | &nbsp;&nbsp; 17331113 | 6344440 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp; 1909136 | $7993583 |
| Yapi ve Kredi Bankasi A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 6698928 | 5357067 |
|  |  | 88627737 |
| **United Arab Emirates — 2.3%** | **United Arab Emirates — 2.3%** | **United Arab Emirates — 2.3%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 5762293 | 23741615 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 2886236 | 16759515 |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 6340862 | 6491142 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 6347999 | 9522992 |
| Adnoc Gas PLC | &nbsp;&nbsp; 12137940 | 10995858 |
| Aldar Properties PJSC | &nbsp;&nbsp; 7614032 | 19915335 |
| Americana Restaurants International PLC - <br> Foreign Co.<br>| &nbsp;&nbsp; 6016223 | 3177683 |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 11762305 | 8804565 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 5683815 | 14956181 |
| Emaar Development PJSC | &nbsp;&nbsp; 1969570 | 7898795 |
| Emaar Properties PJSC | &nbsp;&nbsp; 13108809 | 51390250 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 3747910 | 25765319 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 6941603 | 34169859 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 8734238 | 39449604 |
| Multiply Group PJSC<sup>(a)</sup> | &nbsp;&nbsp; 6548837 | 5359917 |
| Salik Co. PJSC | &nbsp;&nbsp; 3667791 | 6590730 |
|  |  | 284989360 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |
| Metlen Energy & Metals PLC<sup>(a)</sup> | &nbsp;&nbsp; 202246 | 12966095 |
| **Total Common Stocks — 97.3%** <br>**(Cost: $9,483,547,047)** | **Total Common Stocks — 97.3%** <br>**(Cost: $9,483,547,047)** | 12160366913 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 1.7%** | **Brazil — 1.7%** | **Brazil — 1.7%** |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 10518096 | 32649291 |
| Centrais Eletricas Brasileiras SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 486524 | 4282104 |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 3323348 | 6809926 |
| Cia Paranaense de Energia - Copel, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 2153249 | 4773657 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 2611353 | 8024040 |
| Itau Unibanco Holding SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 10567802 | 75021385 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 11475790 | 23748050 |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 9168826 | 52592840 |
|  |  | 207901293 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Sociedad Quimica y Minera de Chile SA, <br> Class B, Preference Shares<br>| &nbsp;&nbsp; 282309 | 12875362 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Grupo Cibest SA, Preference Shares | &nbsp;&nbsp; 857670 | 10738889 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 1926488 | 218365 |
| **South Korea — 0.6%** | **South Korea — 0.6%** | **South Korea — 0.6%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 44275 | 5234285 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 69215 | 8434795 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ex China ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1616741 | $65642747 |
|  |  | 79311827 |
| **Total Preferred Stocks — 2.5%** <br>**(Cost: $277,826,793)** | **Total Preferred Stocks — 2.5%** <br>**(Cost: $277,826,793)** | 311045736 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $9,761,373,840)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $9,761,373,840)** | 12471412649 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.9%** | **Money Market Funds — 1.9%** | **Money Market Funds — 1.9%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 147770959 | 147844844 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 87860000 | 87860000 |
| **Total Short-Term Securities — 1.9%** <br>**(Cost: $235,698,259)** | **Total Short-Term Securities — 1.9%** <br>**(Cost: $235,698,259)** | 235704844 |
| **Total Investments — 101.7%** <br>**(Cost: $9,997,072,099)** | **Total Investments — 101.7%** <br>**(Cost: $9,997,072,099)** | 12707117493 |
| **Liabilities in Excess of Other Assets — (1.7)%** | **Liabilities in Excess of Other Assets — (1.7)%** | (215090653)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $12492026840 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> 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 registration to qualified institutional investors. 

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $24137728<br> $123726520 <br><sup>(a)</sup><br>| $— | $(20677)<br>| $1273 | $147844844 | 147770959 | $2891708 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| —<br> 87860000 <br><sup>(a)</sup><br>|  |  |  | 87860000 | 87860000 | 5043060 |  |
|  |  |  | $(20677) | $1273 | $235704844 |  | $7934768 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 345 | 09/19/25 | &nbsp;&nbsp; $21820 | $(27655) |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets ex China ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27655 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27655 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $462703 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $462703 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(501681)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(501681)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $36829019 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1600868254 | &nbsp;&nbsp; $10559497468 | &nbsp;&nbsp; $1191 | &nbsp;&nbsp; $12160366913 |
| Preferred Stocks | &nbsp;&nbsp; 231515544 | &nbsp;&nbsp; 79530192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 311045736 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 235704844 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 235704844 |
|  | &nbsp;&nbsp; $2068088642 | &nbsp;&nbsp; $10639027660 | &nbsp;&nbsp; $1191 | &nbsp;&nbsp; $12707117493 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(27655)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(27655)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Emerging Markets Min Vol Factor ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 2.6%** | **Brazil — 2.6%** | **Brazil — 2.6%** |
| Ambev SA | &nbsp;&nbsp; 1559213 | $3551607 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 917483 | 20727702 |
| Eneva SA<sup>(a)</sup> | &nbsp;&nbsp; 734371 | 2046598 |
| Equatorial Energia SA | &nbsp;&nbsp; 1162110 | 7838351 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 200815 | 2972062 |
| Raia Drogasil SA | &nbsp;&nbsp; 1931516 | 6252129 |
| Rede D'Or Sao Luiz SA<sup>(b)</sup> | &nbsp;&nbsp; 328565 | 2385223 |
| Rumo SA | &nbsp;&nbsp; 2086649 | 5599702 |
| Telefonica Brasil SA | &nbsp;&nbsp; 3095533 | 19337625 |
| TIM SA/Brazil | &nbsp;&nbsp; 1343259 | 5636294 |
| TOTVS SA | &nbsp;&nbsp; 5308217 | 42196695 |
|  |  | 118543988 |
| **Chile — 0.7%** | **Chile — 0.7%** | **Chile — 0.7%** |
| Empresas Copec SA | &nbsp;&nbsp; 672064 | 5004821 |
| Falabella SA | &nbsp;&nbsp; 3949425 | 22479093 |
| Latam Airlines Group SA | &nbsp;&nbsp; 227972350 | 5739157 |
|  |  | 33223071 |
| **China — 25.3%** | **China — 25.3%** | **China — 25.3%** |
| 360 Security Technology Inc., Class A | &nbsp;&nbsp; 3430300 | 5588653 |
| ACM Research Shanghai Inc., Class A | &nbsp;&nbsp; 176940 | 3850805 |
| Advanced Micro-Fabrication Equipment Inc./China, <br> Class A<br>| &nbsp;&nbsp; 200797 | 6040343 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 90207039 | 61000579 |
| Akeso Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 176000 | 3544913 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 313673 | 4478186 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 112341000 | 61661065 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 22234000 | 19278408 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 3255211 | 4361369 |
| Beijing Kingsoft Office Software Inc., Class A | &nbsp;&nbsp; 104704 | 4918775 |
| Beijing Tiantan Biological Products Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1204000 | 3389773 |
| Beijing Yanjing Brewery Co. Ltd., Class A | &nbsp;&nbsp; 1317400 | 2332837 |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 29476100 | 22107344 |
| BOC Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 283900 | 2548238 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 22261900 | 13225321 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 210500 | 2969693 |
| CGN Power Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 65455000 | 24731478 |
| Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp; 1161700 | 7199477 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 40686000 | 36380017 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 8075262 | 9813500 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 4373884 | 5529611 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 39772000 | 38491419 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 10258800 | 5863644 |
| China Huishan Dairy Holdings Co. Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 5944807 | 8 |
| China Merchants Expressway Network & <br> Technology Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 2286100 | 3342546 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 6420000 | 12345045 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 6267500 | 3573900 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 2268700 | 2838154 |
| China National Software & Service Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 569100 | 4280585 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 34604000 | 19218575 |
| China Power International Development Ltd. | &nbsp;&nbsp; 9970000 | 4008091 |
| China Railway Signal & Communication Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4398661 | 3446701 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 811285 | 5968743 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 2536000 | 5856074 |
| China Ruyi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15688000 | 5807561 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 6613500 | $29719891 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 7853230 | 4687074 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 16297788 | 24620458 |
| China United Network Communications Ltd., <br> Class A<br>| &nbsp;&nbsp; 5802635 | 4645996 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 10031483 | 39576822 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 2875000 | 2126809 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 9072500 | 8041567 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 134690 | 5841801 |
| Empyrean Technology Co. Ltd., Class A | &nbsp;&nbsp; 277700 | 4792824 |
| Everdisplay Optronics Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8585982 | 3339889 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 2666000 | 23527391 |
| Gree Electric Appliances Inc. of Zhuhai, Class A | &nbsp;&nbsp; 835356 | 4999447 |
| Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp; 625112 | 5399051 |
| Guangzhou Haige Communications Group Inc. Co., <br> Class A<br>| &nbsp;&nbsp; 1504100 | 3087006 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 651600 | 2969393 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 928000 | 4310768 |
| Hengtong Optic-Electric Co. Ltd., Class A | &nbsp;&nbsp; 1487500 | 4276381 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 24354000 | 17499050 |
| Hundsun Technologies Inc., Class A | &nbsp;&nbsp; 928653 | 4889356 |
| Hwatsing Technology Co. Ltd., Class A | &nbsp;&nbsp; 168233 | 2975684 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 517990 | 14137515 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 1399467 | 10486649 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 76320000 | 56774698 |
| Ingenic Semiconductor Co. Ltd., Class A | &nbsp;&nbsp; 241800 | 2550596 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 4073573 | 8246716 |
| JA Solar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1666700 | 2963143 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 12364000 | 14595011 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 1628579 | 15136011 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 6232000 | 5801121 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 39890 | 8297912 |
| Legend Biotech Corp., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 374876 | 13019443 |
| LONGi Green Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 4605573 | 11106209 |
| Loongson Technology Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 168156 | 3362066 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 2128600 | 16442103 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 1844300 | 5637771 |
| National Silicon Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 1257165 | 3657520 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 381395 | 19932740 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 2675700 | 3713979 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 3665600 | 23709538 |
| OFILM Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1384400 | 2577826 |
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 283600 | 5693951 |
| PDD Holdings Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 20711 | 2489876 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 9578172 | 8612795 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 18850000 | 18252601 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 11138000 | 26917965 |
| Piotech Inc., Class A | &nbsp;&nbsp; 123327 | 3287395 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 246400 | 10242200 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 31469162 | 21915265 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 1839700 | 3911494 |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 2091900 | 4211288 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 351800 | 2202553 |
| SG Micro Corp., Class A | &nbsp;&nbsp; 270720 | 2950534 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 3909500 | 14934560 |
| Shanghai BOCHU Electronic Technology Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 176501 | 3794297 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Min Vol Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Shanghai International Airport Co. Ltd., Class A | &nbsp;&nbsp; 741819 | $3367255 |
| Shanghai RAAS Blood Products Co. Ltd., Class A | &nbsp;&nbsp; 4034900 | 3899345 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 108000 | 3067211 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 213112 | 2693348 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 2925910 | 6118518 |
| SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp; 345730 | 2523892 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 12013550 | 7837001 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 183400 | 14203313 |
| Tianshui Huatian Technology Co. Ltd., Class A | &nbsp;&nbsp; 1759200 | 2926228 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 9266000 | 13167892 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2537300 | 7849346 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 36850 | 2727906 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 516200 | 5907589 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 40715958 | 28308739 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 3093300 | 7905240 |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2590400 | 4569227 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 182449 | 3319816 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 2740000 | 18700079 |
| Xinjiang Daqo New Energy Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1086646 | 4906494 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 483444 | 2564348 |
| Yum China Holdings Inc. | &nbsp;&nbsp; 61498 | 2750191 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 283758 | 2294923 |
| Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp; 972100 | 2651526 |
| ZTE Corp., Class A | &nbsp;&nbsp; 2345420 | 14963918 |
|  |  | 1162106775 |
| **Czech Republic — 0.5%** | **Czech Republic — 0.5%** | **Czech Republic — 0.5%** |
| CEZ AS | &nbsp;&nbsp; 349767 | 21872304 |
| **Egypt — 0.2%** | **Egypt — 0.2%** | **Egypt — 0.2%** |
| Commercial International Bank - Egypt (CIB) | &nbsp;&nbsp; 3790238 | 7579150 |
| Talaat Moustafa Group | &nbsp;&nbsp; 2008076 | 2293151 |
|  |  | 9872301 |
| **Greece — 1.1%** | **Greece — 1.1%** | **Greece — 1.1%** |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 1060243 | 19722013 |
| Jumbo SA | &nbsp;&nbsp; 225601 | 8044604 |
| OPAP SA | &nbsp;&nbsp; 952985 | 21387109 |
|  |  | 49153726 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
| OTP Bank Nyrt | &nbsp;&nbsp; 112980 | 9854593 |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 90150 | 2734548 |
|  |  | 12589141 |
| **India — 21.5%** | **India — 21.5%** | **India — 21.5%** |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 143779 | 2141973 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 227167 | 19617295 |
| Asian Paints Ltd. | &nbsp;&nbsp; 568631 | 16243232 |
| Avenue Supermarts Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 190604 | 10281603 |
| Axis Bank Ltd. | &nbsp;&nbsp; 291243 | 3453104 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 46459 | 4546802 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 84109 | 2186084 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 3177682 | 68112577 |
| Bosch Ltd. | &nbsp;&nbsp; 16415 | 7442335 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 309445 | 20427832 |
| Cipla Ltd. | &nbsp;&nbsp; 1499240 | 27024143 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 412487 | 10911273 |
| Dabur India Ltd. | &nbsp;&nbsp; 1463628 | 8649372 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 159776 | 11104460 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 1552580 | 22203817 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 177413 | 12277439 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3530303 | 12578528 |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3118271 | 8135771 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 287783 | $4056084 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 2555948 | 42144007 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 2257052 | 24361322 |
| HDFC Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 310603 | 2720764 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 1135120 | 34230298 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 1083021 | 17160321 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 196623 | 4105276 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 1606967 | 13828802 |
| Infosys Ltd. | &nbsp;&nbsp; 2864525 | 48046624 |
| InterGlobe Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 78021 | 5002033 |
| ITC Ltd. | &nbsp;&nbsp; 4785585 | 22244611 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 372735 | 2653467 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 725172 | 16128736 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 392371 | 22826385 |
| Lupin Ltd. | &nbsp;&nbsp; 709149 | 15251722 |
| Marico Ltd. | &nbsp;&nbsp; 2198979 | 18089635 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 198286 | 33277829 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 368857 | 4826076 |
| Mphasis Ltd. | &nbsp;&nbsp; 132961 | 4195047 |
| MRF Ltd. | &nbsp;&nbsp; 17376 | 27768165 |
| Nestle India Ltd. | &nbsp;&nbsp; 2015232 | 26432534 |
| Page Industries Ltd. | &nbsp;&nbsp; 28455 | 14313247 |
| Persistent Systems Ltd. | &nbsp;&nbsp; 282670 | 16985014 |
| PI Industries Ltd. | &nbsp;&nbsp; 82496 | 3458394 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 761554 | 26337390 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 777069 | 2428350 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 1496283 | 23043692 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 126845 | 2596239 |
| Shree Cement Ltd. | &nbsp;&nbsp; 6274 | 2082464 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 1931556 | 34943572 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 1675357 | 58589737 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 210126 | 2538799 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 222224 | 13187603 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 1607706 | 26981640 |
| Titan Co. Ltd. | &nbsp;&nbsp; 563672 | 23203284 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 788646 | 31818934 |
| Trent Ltd. | &nbsp;&nbsp; 81049 | 4871420 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 143319 | 5326065 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 30599 | 4386077 |
| United Spirits Ltd. | &nbsp;&nbsp; 140729 | 2093048 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 402956 | 2227200 |
| Wipro Ltd. | &nbsp;&nbsp; 9373682 | 26504186 |
|  |  | 984603733 |
| **Indonesia — 0.7%** | **Indonesia — 0.7%** | **Indonesia — 0.7%** |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 66006600 | 32337268 |
| Dian Swastatika Sentosa Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 304600 | 1832403 |
|  |  | 34169671 |
| **Kuwait — 2.2%** | **Kuwait — 2.2%** | **Kuwait — 2.2%** |
| Boubyan Bank KSCP | &nbsp;&nbsp; 1706030 | 3859442 |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 17660418 | 44556694 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 16429236 | 54906566 |
|  |  | 103322702 |
| **Malaysia — 3.7%** | **Malaysia — 3.7%** | **Malaysia — 3.7%** |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 5897300 | 5136583 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 4215200 | 20029096 |
| IHH Healthcare Bhd | &nbsp;&nbsp; 22302200 | 35841879 |
| IOI Corp. Bhd<sup>(c)</sup> | &nbsp;&nbsp; 2714600 | 2482415 |
| Malayan Banking Bhd | &nbsp;&nbsp; 19670300 | 46090893 |
| MISC Bhd | &nbsp;&nbsp; 1306200 | 2293965 |
| MR DIY Group M Bhd<sup>(b)(c)</sup> | &nbsp;&nbsp; 10767650 | 3768927 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 117800 | 2650060 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Min Vol Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** |
| Public Bank Bhd | &nbsp;&nbsp; 4161700 | $4203569 |
| QL Resources Bhd | &nbsp;&nbsp; 16846538 | 16348120 |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 9992500 | 16611090 |
| Tenaga Nasional Bhd | &nbsp;&nbsp; 4252900 | 13279195 |
|  |  | 168735792 |
| **Mexico — 0.5%** | **Mexico — 0.5%** | **Mexico — 0.5%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 21602402 | 21504601 |
| **Peru — 1.0%** | **Peru — 1.0%** | **Peru — 1.0%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 708498 | 13560652 |
| Credicorp Ltd. | &nbsp;&nbsp; 120757 | 31058700 |
|  |  | 44619352 |
| **Philippines — 1.3%** | **Philippines — 1.3%** | **Philippines — 1.3%** |
| Bank of the Philippine Islands | &nbsp;&nbsp; 7643395 | 15114247 |
| BDO Unibank Inc. | &nbsp;&nbsp; 4043898 | 9567504 |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 1433200 | 12113620 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 2708380 | 10995610 |
| Manila Electric Co. | &nbsp;&nbsp; 1034250 | 9682803 |
| SM Investments Corp. | &nbsp;&nbsp; 212875 | 2812505 |
|  |  | 60286289 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Dino Polska SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 299756 | 3740208 |
| **Qatar — 2.2%** | **Qatar — 2.2%** | **Qatar — 2.2%** |
| Dukhan Bank | &nbsp;&nbsp; 2546657 | 2561048 |
| Industries Qatar QSC | &nbsp;&nbsp; 2501841 | 8818965 |
| Ooredoo QPSC | &nbsp;&nbsp; 6135875 | 21707384 |
| Qatar Electricity & Water Co. QSC | &nbsp;&nbsp; 4181390 | 18123104 |
| Qatar Fuel QSC | &nbsp;&nbsp; 1564506 | 6424715 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 2646689 | 3434147 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 1386020 | 9299596 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 6350605 | 33099658 |
|  |  | 103468617 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 959320 | 12 |
| Rosneft Oil Co. PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 759070 | 94 |
|  |  | 106 |
| **Saudi Arabia — 8.2%** | **Saudi Arabia — 8.2%** | **Saudi Arabia — 8.2%** |
| ACWA Power Co.<sup>(a)</sup> | &nbsp;&nbsp; 73198 | 4138610 |
| Al Rajhi Bank | &nbsp;&nbsp; 1325657 | 33264039 |
| Alinma Bank | &nbsp;&nbsp; 434927 | 2920765 |
| Almarai Co. JSC | &nbsp;&nbsp; 982838 | 12437787 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 247972 | 15956618 |
| Bank Al-Jazira<sup>(a)</sup> | &nbsp;&nbsp; 1151082 | 3725350 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 94763 | 3686972 |
| Co. for Cooperative Insurance (The) | &nbsp;&nbsp; 221679 | 6911730 |
| Dallah Healthcare Co. | &nbsp;&nbsp; 161930 | 5595281 |
| Dar Al Arkan Real Estate Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 1232997 | 6141522 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 383847 | 24654103 |
| Elm Co. | &nbsp;&nbsp; 192722 | 44043259 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 1749068 | 29829536 |
| Jarir Marketing Co. | &nbsp;&nbsp; 5961514 | 20253029 |
| Makkah Construction & Development Co. | &nbsp;&nbsp; 103952 | 2081977 |
| Nahdi Medical Co. | &nbsp;&nbsp; 67694 | 2085557 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 660945 | 21363277 |
| Saudi Arabian Oil Co.<sup>(b)</sup> | &nbsp;&nbsp; 7277214 | 45947651 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 853369 | 13873330 |
| Saudi Electricity Co. | &nbsp;&nbsp; 2649485 | 10266449 |
| Saudi National Bank (The) | &nbsp;&nbsp; 242810 | 2250444 |
| Saudi Telecom Co. | &nbsp;&nbsp; 5803348 | 64921322 |
|  |  | 376348608 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea — 5.1%** | **South Korea — 5.1%** | **South Korea — 5.1%** |
| Celltrion Inc. | &nbsp;&nbsp; 117652 | $14155532 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 3594 | 2279214 |
| HMM Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 153240 | 2433807 |
| HYBE Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10850 | 2238091 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 19811 | 4524055 |
| Kia Corp. | &nbsp;&nbsp; 34636 | 2620679 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 459307 | 12043092 |
| Krafton Inc.<sup>(a)</sup> | &nbsp;&nbsp; 46565 | 10949138 |
| KT&G Corp. | &nbsp;&nbsp; 121635 | 11764994 |
| LG Display Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 565923 | 4861888 |
| LG Electronics Inc. | &nbsp;&nbsp; 44350 | 2350050 |
| LG Uplus Corp. | &nbsp;&nbsp; 1262924 | 13469378 |
| NAVER Corp. | &nbsp;&nbsp; 19323 | 2970405 |
| Orion Corp./Republic of Korea | &nbsp;&nbsp; 143913 | 11138226 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 52249 | 37495622 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 73086 | 8384595 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 539997 | 26978140 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 13804 | 2045707 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 234786 | 24805263 |
| SK Hynix Inc. | &nbsp;&nbsp; 74990 | 14288394 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 546134 | 21291468 |
|  |  | 233087738 |
| **Taiwan — 14.0%** | **Taiwan — 14.0%** | **Taiwan — 14.0%** |
| Advantech Co. Ltd. | &nbsp;&nbsp; 2131940 | 23823028 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 5111000 | 31405252 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 9070155 | 5685596 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 15418000 | 66825953 |
| Delta Electronics Inc. | &nbsp;&nbsp; 395000 | 9099913 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 22572378 | 24635404 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 17875000 | 49122030 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 46043234 | 42603290 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 25296290 | 23040178 |
| Innolux Corp. | &nbsp;&nbsp; 5908800 | 2698011 |
| MediaTek Inc. | &nbsp;&nbsp; 168000 | 7465249 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 18420224 | 24083621 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 911000 | 12911091 |
| President Chain Store Corp. | &nbsp;&nbsp; 5800000 | 48190069 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 565000 | 9816335 |
| Synnex Technology International Corp. | &nbsp;&nbsp; 7129000 | 15293385 |
| Taiwan Business Bank | &nbsp;&nbsp; 22045084 | 10858090 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 56957929 | 44087393 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 11670000 | 10521496 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 17626000 | 61314795 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 1762000 | 65989341 |
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 4414000 | 3233111 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 7641000 | 19290027 |
| United Microelectronics Corp. | &nbsp;&nbsp; 17385000 | 22873131 |
| WPG Holdings Ltd. | &nbsp;&nbsp; 2794440 | 6092152 |
|  |  | 640957941 |
| **Thailand — 1.5%** | **Thailand — 1.5%** | **Thailand — 1.5%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 5871500 | 53391624 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 21468900 | 13724148 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 517900 | 2844215 |
|  |  | 69959987 |
| **Turkey — 1.5%** | **Turkey — 1.5%** | **Turkey — 1.5%** |
| Akbank TAS | &nbsp;&nbsp; 1633016 | 2710913 |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 5617626 | 25036682 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 282822 | 3642886 |
| Coca-Cola Icecek A/S | &nbsp;&nbsp; 699850 | 838986 |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 1997685 | 5429119 |
| KOC Holding AS | &nbsp;&nbsp; 579185 | 2582065 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Min Vol Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| Turk Hava Yollari AO<sup>(c)</sup> | &nbsp;&nbsp; 2316289 | $18867249 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 3131840 | 7220403 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 3159419 | 2526556 |
|  |  | 68854859 |
| **United Arab Emirates — 4.8%** | **United Arab Emirates — 4.8%** | **United Arab Emirates — 4.8%** |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 867829 | 5039225 |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 31571467 | 32319720 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 5861535 | 8793220 |
| Aldar Properties PJSC | &nbsp;&nbsp; 1647786 | 4309965 |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 17006446 | 12730019 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 19900280 | 52364862 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 3836353 | 26373327 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 8106641 | 39904728 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 4521666 | 20422839 |
| Salik Co. PJSC | &nbsp;&nbsp; 9071590 | 16300928 |
|  |  | 218558833 |
| **Total Common Stocks — 99.0%** <br>**(Cost: $3,652,202,384)** | **Total Common Stocks — 99.0%** <br>**(Cost: $3,652,202,384)** | 4539580343 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| Centrais Eletricas Brasileiras SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 801176 | 7051490 |
| Cia Paranaense de Energia - Copel, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 3502265 | 7764365 |
|  |  | 14815855 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 573276 | 64980 |
| **South Korea — 0.5%** | **South Korea — 0.5%** | **South Korea — 0.5%** |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 606948 | 24643239 |
| **Total Preferred Stocks — 0.8%** <br>**(Cost: $36,927,440)** | **Total Preferred Stocks — 0.8%** <br>**(Cost: $36,927,440)** | 39524074 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Rights** | **Rights** | **Rights** |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Kangmei Pharmaceutical Co. Ltd., NVS, (Expires <br> 12/31/49)<sup>(d)</sup><br>| &nbsp;&nbsp; 149174 | $— |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $3,689,129,824)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $3,689,129,824)** | 4579104417 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 22715989 | 22727347 |
| **Total Short-Term Securities — 0.5%** <br>**(Cost: $22,723,825)** | **Total Short-Term Securities — 0.5%** <br>**(Cost: $22,723,825)** | 22727347 |
| **Total Investments — 100.3%** <br>**(Cost: $3,711,853,649)** | **Total Investments — 100.3%** <br>**(Cost: $3,711,853,649)** | 4601831764 |
| **Liabilities in Excess of Other Assets — (0.3)%** | **Liabilities in Excess of Other Assets — (0.3)%** | (14989380)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4586842384 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $17102559 | $5626314 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(1305)<br>| $(221)<br>| $22727347 | 22715989 | $170416 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<sup>(c)</sup><br>| 40690000 |  | &nbsp;&nbsp; (40690000 )<sup>(a)</sup><br>|  |  |  |  | 1355646 |  |
|  |  |  |  | $(1305) | $(221) | $22727347 |  | $1526062 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

<sup>(c)</sup> As of period end, the entity is no longer held.

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Min Vol Factor ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 60 | 09/19/25 | &nbsp;&nbsp; $3794 | $27180 |
| 2-Year U.S. Treasury Note | 3 | 12/31/25 | &nbsp;&nbsp; 626 | 886 |
|  |  |  |  | $28066 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27180 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $886 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28066 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $664796 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15540)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $649256 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(144655)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $2235 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(142420)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $8422717 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $722827293 | &nbsp;&nbsp; $3816752936 | &nbsp;&nbsp; $114 | &nbsp;&nbsp; $4539580343 |
| Preferred Stocks | &nbsp;&nbsp; 14815855 | &nbsp;&nbsp; 24708219 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39524074 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Min Vol Factor ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $22727347 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22727347 |
|  | &nbsp;&nbsp; $760370495 | &nbsp;&nbsp; $3841461155 | &nbsp;&nbsp; $114 | &nbsp;&nbsp; $4601831764 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $886 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $886 |
| Equity Contracts | &nbsp;&nbsp; 27180 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27180 |
|  | &nbsp;&nbsp; $28066 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28066 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Global Min Vol Factor ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Austria — 0.0%** | **Austria — 0.0%** | **Austria — 0.0%** |
| Verbund AG | &nbsp;&nbsp; 21957 | $1565897 |
| **Belgium — 0.3%** | **Belgium — 0.3%** | **Belgium — 0.3%** |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 15370 | 10943512 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Telefonica Brasil SA | &nbsp;&nbsp; 609564 | 3807913 |
| TOTVS SA | &nbsp;&nbsp; 403321 | 3206126 |
|  |  | 7014039 |
| **Canada — 1.6%** | **Canada — 1.6%** | **Canada — 1.6%** |
| CGI Inc. | &nbsp;&nbsp; 130933 | 12714330 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 9218 | 30542130 |
| Descartes Systems Group Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 67302 | 6726034 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 15051 | 2673091 |
|  |  | 52655585 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Latam Airlines Group SA | &nbsp;&nbsp; 176497070 | 4443278 |
| **China — 6.5%** | **China — 6.5%** | **China — 6.5%** |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 2559499 | 2523733 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 12980406 | 8777722 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 38525638 | 21145725 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 6544000 | 5674098 |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2389300 | 1791997 |
| BeOne Medicines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 92700 | 2205239 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 256500 | 4103655 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18504 | 3875176 |
| CGN Power Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 7929000 | 2995889 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 6120000 | 5472293 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 1382000 | 1679482 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 11669000 | 11293281 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 1022000 | 1965208 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 4976500 | 2837737 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 13726000 | 7623227 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 835423 | 1929140 |
| China Ruyi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6800000 | 2517301 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 1128000 | 5069031 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 3314164 | 5006583 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 1097600 | 4330319 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 551508 | 2438509 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 77300 | 3321306 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 1862500 | 3245341 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 453516 | 4002269 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 3162000 | 2271988 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 104265 | 2845707 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 11836000 | 8804839 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 996600 | 3136972 |
| JD Logistics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1126100 | 1871016 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 274900 | 2554920 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 2914000 | 2712527 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 24400 | 5075684 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 412200 | 2666159 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 98500 | 1725962 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 6523867 | 5866331 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 6918000 | 6698753 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 5158000 | 12465691 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 123635 | 5139182 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 6391856 | $4451317 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1086600 | 2080259 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 54400 | 1855589 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 62000 | 4801556 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 734800 | 2078890 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 250000 | 1625748 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 3837040 | 2667793 |
| Wharf Holdings Ltd. (The) | &nbsp;&nbsp; 771000 | 2212756 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 174100 | 3167899 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 1011000 | 6899920 |
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 78177 | 1417851 |
|  |  | 212919570 |
| **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** |
| Elisa OYJ | &nbsp;&nbsp; 106340 | 5668920 |
| Nokia OYJ | &nbsp;&nbsp; 602079 | 2591913 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 414416 | 4755347 |
|  |  | 13016180 |
| **France — 0.9%** | **France — 0.9%** | **France — 0.9%** |
| Danone SA | &nbsp;&nbsp; 21789 | 1818670 |
| Dassault Systemes SE | &nbsp;&nbsp; 189669 | 5898744 |
| Orange SA | &nbsp;&nbsp; 1392127 | 22690518 |
|  |  | 30407932 |
| **Germany — 1.8%** | **Germany — 1.8%** | **Germany — 1.8%** |
| Covestro AG, NVS<sup>(a)</sup> | &nbsp;&nbsp; 134238 | 9328474 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 987692 | 36144573 |
| SAP SE | &nbsp;&nbsp; 24206 | 6588780 |
| Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp; 56073 | 7265093 |
|  |  | 59326920 |
| **Greece — 0.1%** | **Greece — 0.1%** | **Greece — 0.1%** |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 133026 | 2474471 |
| **Hong Kong — 1.3%** | **Hong Kong — 1.3%** | **Hong Kong — 1.3%** |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 1021500 | 4637737 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 1024754 | 8672807 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 238900 | 3425580 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 2833000 | 4297381 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 6467579 | 5831948 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 1024000 | 3471748 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 797000 | 5196914 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 2736000 | 3259641 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 469000 | 1653277 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 194000 | 1662898 |
|  |  | 42109931 |
| **India — 5.1%** | **India — 5.1%** | **India — 5.1%** |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 91841 | 2337779 |
| Adani Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 450693 | 3072929 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 34378 | 2968756 |
| Asian Paints Ltd. | &nbsp;&nbsp; 250996 | 7169828 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 18410 | 2665086 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 454985 | 1590723 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 889511 | 19066378 |
| Cipla Ltd. | &nbsp;&nbsp; 94634 | 1705799 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 23984 | 1666892 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 47486 | 3286154 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1803737 | 6426745 |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 920150 | 2400731 |
| Havells India Ltd. | &nbsp;&nbsp; 90546 | 1568021 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 691763 | 11406204 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 294932 | 3183326 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Min Vol Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 592000 | $5094473 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 1316293 | 2039727 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 639614 | 2457366 |
| Infosys Ltd. | &nbsp;&nbsp; 154812 | 2596659 |
| InterGlobe Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 38296 | 2455209 |
| Jio Financial Services Ltd. | &nbsp;&nbsp; 1311004 | 4638014 |
| JSW Steel Ltd. | &nbsp;&nbsp; 252856 | 2947577 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 55390 | 3222342 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 37790 | 6342198 |
| MRF Ltd. | &nbsp;&nbsp; 1490 | 2381133 |
| Nestle India Ltd. | &nbsp;&nbsp; 173764 | 2279153 |
| Page Industries Ltd. | &nbsp;&nbsp; 3540 | 1780667 |
| PI Industries Ltd. | &nbsp;&nbsp; 60242 | 2525463 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 114085 | 3945487 |
| Shree Cement Ltd. | &nbsp;&nbsp; 6331 | 2101383 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 247087 | 4470024 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 455718 | 15937139 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 27244 | 1616761 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 217378 | 3648189 |
| Titan Co. Ltd. | &nbsp;&nbsp; 99776 | 4107231 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 80582 | 3251184 |
| Trent Ltd. | &nbsp;&nbsp; 95943 | 5766619 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 45081 | 6461935 |
| Wipro Ltd. | &nbsp;&nbsp; 1152775 | 3259484 |
| Wipro Ltd., ADR<sup>(c)</sup> | &nbsp;&nbsp; 424724 | 1172238 |
|  |  | 167013006 |
| **Indonesia — 0.3%** | **Indonesia — 0.3%** | **Indonesia — 0.3%** |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 19301200 | 9455844 |
| Dian Swastatika Sentosa Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 304000 | 1828793 |
|  |  | 11284637 |
| **Israel — 0.7%** | **Israel — 0.7%** | **Israel — 0.7%** |
| Bank Hapoalim BM | &nbsp;&nbsp; 443539 | 8668441 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 51614 | 9968728 |
| Isracard Ltd. | &nbsp;&nbsp; 0 | 1 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 51981 | 3394716 |
|  |  | 22031886 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Infrastrutture Wireless Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 225276 | 2731362 |
| **Japan — 9.6%** | **Japan — 9.6%** | **Japan — 9.6%** |
| ANA Holdings Inc. | &nbsp;&nbsp; 119500 | 2409261 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 384300 | 4218719 |
| Canon Inc. | &nbsp;&nbsp; 648200 | 18969584 |
| Central Japan Railway Co. | &nbsp;&nbsp; 577500 | 15360420 |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 509200 | 7011554 |
| East Japan Railway Co. | &nbsp;&nbsp; 675500 | 16573702 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 313400 | 7424685 |
| Fujitsu Ltd. | &nbsp;&nbsp; 247800 | 5963106 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 132200 | 3914030 |
| Inpex Corp. | &nbsp;&nbsp; 286500 | 4868254 |
| KDDI Corp. | &nbsp;&nbsp; 1935200 | 33446671 |
| Keyence Corp. | &nbsp;&nbsp; 4300 | 1639345 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 115000 | 1669406 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 112900 | 3175409 |
| Kyocera Corp. | &nbsp;&nbsp; 471700 | 6273465 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 87300 | 1816634 |
| NEC Corp. | &nbsp;&nbsp; 106000 | 3227775 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 238490 | 9361746 |
| NTT Inc. | &nbsp;&nbsp; 21076700 | 22292294 |
| Obic Co. Ltd. | &nbsp;&nbsp; 242000 | 8556912 |
| Oracle Corp./Japan | &nbsp;&nbsp; 28800 | 2980868 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 103600 | $2466544 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 267700 | 7618498 |
| Otsuka Corp. | &nbsp;&nbsp; 170500 | 3501634 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 193600 | 10158674 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 146600 | 5287770 |
| SCSK Corp. | &nbsp;&nbsp; 117000 | 3726936 |
| Secom Co. Ltd. | &nbsp;&nbsp; 314000 | 11593026 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 171500 | 1846488 |
| Shimadzu Corp. | &nbsp;&nbsp; 177100 | 4336629 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 190200 | 3290025 |
| SoftBank Corp. | &nbsp;&nbsp; 21443600 | 33170696 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 104000 | 3219485 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 518700 | 15614297 |
| TIS Inc. | &nbsp;&nbsp; 159000 | 5293519 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 79000 | 5014742 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 108200 | 4133773 |
| Tokyu Corp. | &nbsp;&nbsp; 147000 | 1855410 |
| West Japan Railway Co. | &nbsp;&nbsp; 285800 | 6387755 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 133800 | 3905688 |
|  |  | 313575429 |
| **Kuwait — 0.2%** | **Kuwait — 0.2%** | **Kuwait — 0.2%** |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 769702 | 1941934 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 1690242 | 5648795 |
|  |  | 7590729 |
| **Malaysia — 0.4%** | **Malaysia — 0.4%** | **Malaysia — 0.4%** |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 2282400 | 1987984 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 361000 | 1715341 |
| IHH Healthcare Bhd | &nbsp;&nbsp; 1760700 | 2829622 |
| Malayan Banking Bhd | &nbsp;&nbsp; 1566700 | 3671047 |
| Petronas Gas Bhd | &nbsp;&nbsp; 642400 | 2834162 |
|  |  | 13038156 |
| **Netherlands — 0.6%** | **Netherlands — 0.6%** | **Netherlands — 0.6%** |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 137710 | 5518425 |
| Koninklijke KPN NV | &nbsp;&nbsp; 2844047 | 13572233 |
|  |  | 19090658 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Infratil Ltd. | &nbsp;&nbsp; 540214 | 3617516 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 123296 | 2359885 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| BDO Unibank Inc. | &nbsp;&nbsp; 1152969 | 2727822 |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 193090 | 1632026 |
|  |  | 4359848 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 65608 | 1622966 |
| **Qatar — 0.2%** | **Qatar — 0.2%** | **Qatar — 0.2%** |
| Industries Qatar QSC | &nbsp;&nbsp; 444738 | 1567697 |
| Qatar Fuel QSC | &nbsp;&nbsp; 109273 | 448735 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 879251 | 4582698 |
|  |  | 6599130 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 809 | 8 |
| PhosAgro PJSC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 2 |  |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 535230 | 7 |
|  |  | 15 |
| **Saudi Arabia — 1.0%** | **Saudi Arabia — 1.0%** | **Saudi Arabia — 1.0%** |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 24090 | 1547276 |
| Elm Co. | &nbsp;&nbsp; 17943 | 4100560 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Min Vol Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 129987 | $4201482 |
| Saudi Arabian Oil Co.<sup>(b)</sup> | &nbsp;&nbsp; 1720052 | 10860248 |
| Saudi Telecom Co. | &nbsp;&nbsp; 1097727 | 12280134 |
|  |  | 32989700 |
| **Singapore — 1.0%** | **Singapore — 1.0%** | **Singapore — 1.0%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 174840 | 6882206 |
| Genting Singapore Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3910800 | 2193791 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 328000 | 1681750 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 157900 | 2038441 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 5556100 | 18672822 |
|  |  | 31469010 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3730 | 2676772 |
| SK Hynix Inc. | &nbsp;&nbsp; 10385 | 1978730 |
|  |  | 4655502 |
| **Spain — 0.1%** | **Spain — 0.1%** | **Spain — 0.1%** |
| Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; 77515 | 2246734 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Telia Co. AB | &nbsp;&nbsp; 558257 | 2084091 |
| **Switzerland — 1.8%** | **Switzerland — 1.8%** | **Switzerland — 1.8%** |
| BKW AG | &nbsp;&nbsp; 15790 | 3287026 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Registered<br>| &nbsp;&nbsp; 45 | 6739238 |
| Nestle SA, Registered | &nbsp;&nbsp; 41274 | 3893399 |
| Novartis AG, Registered | &nbsp;&nbsp; 232318 | 29404969 |
| Swisscom AG, Registered | &nbsp;&nbsp; 19364 | 13999687 |
|  |  | 57324319 |
| **Taiwan — 3.7%** | **Taiwan — 3.7%** | **Taiwan — 3.7%** |
| Advantech Co. Ltd. | &nbsp;&nbsp; 354959 | 3966434 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 413000 | 2537736 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 5048292 | 3164505 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 2842000 | 12318028 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 10870960 | 11864523 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 1321000 | 3630221 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 8600010 | 7957493 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 6763193 | 6160001 |
| Innolux Corp. | &nbsp;&nbsp; 3551200 | 1621510 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 3851905 | 5036194 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 402000 | 5697320 |
| PharmaEssentia Corp. | &nbsp;&nbsp; 196000 | 3169897 |
| President Chain Store Corp. | &nbsp;&nbsp; 367000 | 3049268 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 163000 | 2831969 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 3776696 | 2882163 |
| Synnex Technology International Corp. | &nbsp;&nbsp; 824250 | 1768210 |
| Taiwan Business Bank | &nbsp;&nbsp; 5647987 | 2781861 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 8206155 | 6351846 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 1308000 | 4550082 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 547000 | 20485908 |
| United Microelectronics Corp. | &nbsp;&nbsp; 8219000 | 10813590 |
|  |  | 122638759 |
| **Thailand — 0.3%** | **Thailand — 0.3%** | **Thailand — 0.3%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 722600 | 6570857 |
| Airports of Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 2375200 | 2644808 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 286900 | 1575604 |
|  |  | 10791269 |
| **Turkey — 0.2%** | **Turkey — 0.2%** | **Turkey — 0.2%** |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 784654 | 3497053 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 689428 | 1589464 |
|  |  | 5086517 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Arab Emirates — 0.5%** | **United Arab Emirates — 0.5%** | **United Arab Emirates — 0.5%** |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 1567870 | $1605029 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 887970 | 6104423 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 1227415 | 6041918 |
| Salik Co. PJSC | &nbsp;&nbsp; 1398337 | 2512701 |
|  |  | 16264071 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |
| Compass Group PLC | &nbsp;&nbsp; 83527 | 2838890 |
| **United States — 59.6%** | **United States — 59.6%** | **United States — 59.6%** |
| Abbott Laboratories | &nbsp;&nbsp; 137475 | 18237433 |
| AbbVie Inc. | &nbsp;&nbsp; 62620 | 13175248 |
| Accenture PLC, Class A | &nbsp;&nbsp; 42676 | 11094480 |
| Adobe Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20079 | 7162179 |
| Akamai Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 86974 | 6882253 |
| Albertsons Companies Inc., Class A | &nbsp;&nbsp; 81954 | 1594825 |
| Allstate Corp. (The) | &nbsp;&nbsp; 13920 | 2832024 |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 11152 | 2381287 |
| Altria Group Inc. | &nbsp;&nbsp; 27111 | 1822130 |
| Ameren Corp. | &nbsp;&nbsp; 37761 | 3767793 |
| American Electric Power Co. Inc. | &nbsp;&nbsp; 41696 | 4629090 |
| American Water Works Co. Inc. | &nbsp;&nbsp; 82521 | 11842589 |
| Amgen Inc. | &nbsp;&nbsp; 30110 | 8662948 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 30403 | 3309671 |
| Aon PLC, Class A | &nbsp;&nbsp; 29150 | 10698050 |
| Apple Inc. | &nbsp;&nbsp; 7847 | 1821603 |
| Arch Capital Group Ltd. | &nbsp;&nbsp; 157344 | 14401696 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 34650 | 10490287 |
| AT&T Inc. | &nbsp;&nbsp; 1138589 | 33349272 |
| Atmos Energy Corp. | &nbsp;&nbsp; 18672 | 3101979 |
| Autodesk Inc.<sup>(a)</sup> | &nbsp;&nbsp; 35318 | 11114575 |
| AutoZone Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5941 | 24943467 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 23829 | 4598520 |
| Bentley Systems Inc., Class B | &nbsp;&nbsp; 120181 | 6688073 |
| Berkshire Hathaway Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 61928 | 31148545 |
| BioMarin Pharmaceutical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 81238 | 4733738 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 51673 | 5451501 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 130702 | 6166520 |
| Brown & Brown Inc. | &nbsp;&nbsp; 83647 | 8109577 |
| Cardinal Health Inc. | &nbsp;&nbsp; 46863 | 6972277 |
| Cboe Global Markets Inc. | &nbsp;&nbsp; 78287 | 18471818 |
| Cencora Inc. | &nbsp;&nbsp; 134065 | 39094695 |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp; 93886 | 2726449 |
| CF Industries Holdings Inc. | &nbsp;&nbsp; 91749 | 7948216 |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 31907 | 4106431 |
| Cheniere Energy Inc. | &nbsp;&nbsp; 12382 | 2994215 |
| Chubb Ltd. | &nbsp;&nbsp; 95288 | 26210870 |
| Church & Dwight Co. Inc. | &nbsp;&nbsp; 164087 | 15286345 |
| Cigna Group (The) | &nbsp;&nbsp; 23264 | 6999440 |
| Cisco Systems Inc. | &nbsp;&nbsp; 691409 | 47769448 |
| CME Group Inc. | &nbsp;&nbsp; 50250 | 13392127 |
| CMS Energy Corp. | &nbsp;&nbsp; 96901 | 6935205 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 312400 | 21552476 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 79519 | 5745248 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 172547 | 14506026 |
| Consolidated Edison Inc. | &nbsp;&nbsp; 269762 | 26498721 |
| Corteva Inc. | &nbsp;&nbsp; 64374 | 4775907 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 7280 | 6867370 |
| Dollar General Corp. | &nbsp;&nbsp; 22443 | 2440901 |
| Duke Energy Corp. | &nbsp;&nbsp; 324635 | 39764541 |
| Dynatrace Inc.<sup>(a)</sup> | &nbsp;&nbsp; 68857 | 3484164 |
| Electronic Arts Inc. | &nbsp;&nbsp; 84163 | 14471828 |
| Elevance Health Inc. | &nbsp;&nbsp; 58870 | 18758925 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Min Vol Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Eli Lilly & Co. | &nbsp;&nbsp; 6360 | $4659209 |
| Erie Indemnity Co., Class A, NVS | &nbsp;&nbsp; 11108 | 3936453 |
| Exelon Corp. | &nbsp;&nbsp; 37281 | 1628434 |
| Expand Energy Corp. | &nbsp;&nbsp; 81746 | 7911378 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 159515 | 18230969 |
| F5 Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 42938 | 13445605 |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3642 | 5541813 |
| First Citizens BancShares Inc./NC, Class A | &nbsp;&nbsp; 3015 | 5981489 |
| First Solar Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10442 | 2038174 |
| FirstEnergy Corp. | &nbsp;&nbsp; 75208 | 3280573 |
| Fortinet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 41015 | 3230752 |
| Gartner Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10423 | 2618153 |
| Gen Digital Inc. | &nbsp;&nbsp; 225940 | 6823388 |
| General Dynamics Corp. | &nbsp;&nbsp; 19927 | 6467706 |
| General Mills Inc. | &nbsp;&nbsp; 295340 | 14569122 |
| Gilead Sciences Inc. | &nbsp;&nbsp; 160468 | 18128070 |
| GoDaddy Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 107971 | 16013179 |
| Hershey Co. (The) | &nbsp;&nbsp; 76792 | 14110530 |
| Hologic Inc.<sup>(a)</sup> | &nbsp;&nbsp; 91293 | 6127586 |
| Hormel Foods Corp. | &nbsp;&nbsp; 208998 | 5316909 |
| Humana Inc. | &nbsp;&nbsp; 14083 | 4276444 |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 123012 | 10408045 |
| International Business Machines Corp. | &nbsp;&nbsp; 96537 | 23505794 |
| Intuit Inc. | &nbsp;&nbsp; 21038 | 14032346 |
| J.M. Smucker Co. (The) | &nbsp;&nbsp; 60532 | 6689391 |
| Jack Henry & Associates Inc. | &nbsp;&nbsp; 35334 | 5768629 |
| Johnson & Johnson | &nbsp;&nbsp; 241600 | 42804272 |
| Kellanova | &nbsp;&nbsp; 207507 | 16496806 |
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 333852 | 9711755 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 71733 | 9263600 |
| Kraft Heinz Co. (The) | &nbsp;&nbsp; 123231 | 3446771 |
| Kroger Co. (The) | &nbsp;&nbsp; 438774 | 29766428 |
| Liberty Media Corp.-Liberty Formula One, Class C, <br> NVS<sup>(a)</sup><br>| &nbsp;&nbsp; 95500 | 9540450 |
| Linde PLC | &nbsp;&nbsp; 3695 | 1767282 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 18566 | 8459227 |
| Loews Corp. | &nbsp;&nbsp; 133260 | 12899568 |
| Marsh & McLennan Companies Inc. | &nbsp;&nbsp; 124154 | 25552135 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 11290 | 6720824 |
| McDonald's Corp. | &nbsp;&nbsp; 106348 | 33344352 |
| McKesson Corp. | &nbsp;&nbsp; 53605 | 36807337 |
| MercadoLibre Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2445 | 6046265 |
| Merck & Co. Inc. | &nbsp;&nbsp; 280599 | 23603988 |
| Microsoft Corp. | &nbsp;&nbsp; 73231 | 37105415 |
| Molina Healthcare Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15178 | 2744638 |
| Mondelez International Inc., Class A | &nbsp;&nbsp; 316451 | 19442749 |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 145060 | 9053195 |
| Motorola Solutions Inc. | &nbsp;&nbsp; 94301 | 44553450 |
| Netflix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1325 | 1600931 |
| Neurocrine Biosciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 46664 | 6514294 |
| Newmont Corp. | &nbsp;&nbsp; 31264 | 2326042 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 35580 | 20993623 |
| Nvidia Corp. | &nbsp;&nbsp; 54470 | 9487585 |
| O'Reilly Automotive Inc.<sup>(a)</sup> | &nbsp;&nbsp; 235266 | 24392379 |
| Palo Alto Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 40538 | 7723300 |
| PepsiCo Inc. | &nbsp;&nbsp; 204202 | 30354627 |
| Pfizer Inc. | &nbsp;&nbsp; 75906 | 1879433 |
| PG&E Corp. | &nbsp;&nbsp; 402877 | 6155961 |
| PPL Corp. | &nbsp;&nbsp; 133456 | 4867140 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 179702 | 28220402 |
| Progressive Corp. (The) | &nbsp;&nbsp; 111824 | 27627237 |
| PTC Inc.<sup>(a)</sup> | &nbsp;&nbsp; 35848 | 7653548 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Quest Diagnostics Inc. | &nbsp;&nbsp; 30221 | $5489342 |
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 12815 | 7441670 |
| Republic Services Inc., Class A | &nbsp;&nbsp; 163544 | 38264390 |
| Rollins Inc. | &nbsp;&nbsp; 132364 | 7483861 |
| Roper Technologies Inc. | &nbsp;&nbsp; 74485 | 39202200 |
| Royalty Pharma PLC, Class A | &nbsp;&nbsp; 48819 | 1756508 |
| RTX Corp. | &nbsp;&nbsp; 26292 | 4169911 |
| Salesforce Inc. | &nbsp;&nbsp; 51488 | 13193800 |
| ServiceNow Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15716 | 14418801 |
| Southern Co. (The) | &nbsp;&nbsp; 386866 | 35707732 |
| Sysco Corp. | &nbsp;&nbsp; 34878 | 2806633 |
| Teledyne Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 35258 | 18974798 |
| TJX Companies Inc. (The) | &nbsp;&nbsp; 129907 | 17746595 |
| T-Mobile U.S. Inc. | &nbsp;&nbsp; 160323 | 40399793 |
| Travelers Companies Inc. (The) | &nbsp;&nbsp; 38165 | 10362179 |
| Tyler Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23675 | 13326184 |
| Tyson Foods Inc., Class A | &nbsp;&nbsp; 213992 | 12150466 |
| Uber Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 38853 | 3642469 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 26094 | 7952407 |
| UnitedHealth Group Inc. | &nbsp;&nbsp; 34633 | 10731728 |
| VeriSign Inc. | &nbsp;&nbsp; 63183 | 17272337 |
| Verizon Communications Inc. | &nbsp;&nbsp; 575299 | 25445475 |
| Vertex Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 35743 | 13976228 |
| Visa Inc., Class A | &nbsp;&nbsp; 55864 | 19651838 |
| W R Berkley Corp. | &nbsp;&nbsp; 212207 | 15213120 |
| Walmart Inc. | &nbsp;&nbsp; 172404 | 16719740 |
| Waste Connections Inc. | &nbsp;&nbsp; 66026 | 12202265 |
| Waste Management Inc. | &nbsp;&nbsp; 150953 | 34174250 |
| WEC Energy Group Inc. | &nbsp;&nbsp; 220226 | 23456271 |
| Welltower Inc. | &nbsp;&nbsp; 53549 | 9011226 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 22008 | 7191994 |
| Workday Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 32190 | 7430096 |
| Xcel Energy Inc. | &nbsp;&nbsp; 50805 | 3677774 |
| Yum! Brands Inc. | &nbsp;&nbsp; 103984 | 15282528 |
| Zoom Video Communications Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 50989 | 4151524 |
|  |  | 1955730279 |
| **Total Common Stocks — 99.3%** <br>**(Cost: $2,649,878,304)** | **Total Common Stocks — 99.3%** <br>**(Cost: $2,649,878,304)** | 3255911679 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 118730 | 4820663 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $4,891,871)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $4,891,871)** | 4820663 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $2,654,770,175)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $2,654,770,175)** | 3260732342 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 9919871 | 9924831 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Min Vol Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 5340000 | $5340000 |
| **Total Short-Term Securities — 0.5%** <br>**(Cost: $15,263,412)** | **Total Short-Term Securities — 0.5%** <br>**(Cost: $15,263,412)** | 15264831 |
| **Total Investments — 99.9%** <br>**(Cost: $2,670,033,587)** | **Total Investments — 99.9%** <br>**(Cost: $2,670,033,587)** | 3275997173 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 2953772 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3278950945 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $9683413 | $251309 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(6721)<br>| $(3170)<br>| $9924831 | 9919871 | $52351 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 9170000 |  | &nbsp;&nbsp; (3830000 )<sup>(a)</sup><br>|  |  | 5340000 | 5340000 | 292934 |  |
|  |  |  |  | $(6721) | $(3170) | $15264831 |  | $345285 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI EAFE Index | 21 | 09/19/25 | &nbsp;&nbsp; $2857 | $26808 |
| MSCI Emerging Markets Index | 22 | 09/19/25 | &nbsp;&nbsp; 1391 | 11202 |
| S&P 500 E-Mini Index | 15 | 09/19/25 | &nbsp;&nbsp; 4855 | 60836 |
| 2-Year U.S. Treasury Note | 7 | 12/31/25 | &nbsp;&nbsp; 1460 | 2067 |
|  |  |  |  | $100913 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Min Vol Factor ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $98846 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2067 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $100913 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1294859 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2468)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1292391 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22497 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3079 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25576 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $8768945 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $2091301516 | &nbsp;&nbsp; $1164610148 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $3255911679 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 4820663 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4820663 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 15264831 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15264831 |
|  | &nbsp;&nbsp; $2106566347 | &nbsp;&nbsp; $1169430811 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $3275997173 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $2067 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2067 |
| Equity Contracts | &nbsp;&nbsp; 98846 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 98846 |
|  | &nbsp;&nbsp; $100913 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $100913 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Emerging <br> Markets <br> Equity Factor <br> ETF <br>| &nbsp;&nbsp; iShares <br>ESG Aware MSCI <br> EM ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Emerging <br> Markets ex China <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Emerging <br> Markets Min Vol <br> Factor ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $952727701 | $5078397875 | $12471412649 | $4579104417 |
| Investments, at value—affiliated<sup>(c)</sup> | 16769532 | 51821055 | 235704844 | 22727347 |
| Cash |  |  | 90916 |  |
| Cash pledged for futures contracts | 95000 | 331000 | 645000 | 116000 |
| Foreign currency, at value<sup>(d)</sup> | 3230452 | 12971533 | 15645303 | 31644818 |
| Receivables: |  |  |  |  |
| Investments sold |  | 10438054 | 200829247 | 1327038 |
| Securities lending income—affiliated | 34978 | 35576 | 283515 | 15314 |
| Capital shares sold | 9476560 |  |  |  |
| Dividends—unaffiliated | 1587420 | 6996039 | 25026744 | 7789839 |
| Dividends—affiliated | 14025 | 56196 | 397266 | 17372 |
| From custodian | 1767468 |  |  |  |
| Tax reclaims | 62467 | 241177 | 1472113 |  |
| Foreign withholding tax claims | 37199 | 339503 | 1430055 |  |
| Total assets | 985802802 | 5161628008 | 12952937652 | 4642742145 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft | 11506 | 333649 |  | 5000814 |
| Collateral on securities loaned, at value | 14748521 | 47451206 | 147846061 | 22685603 |
| Payables: |  |  |  |  |
| Investments purchased | 8197884 | 124 | 264008 | 6005 |
| Capital shares redeemed |  |  | 214789516 |  |
| Deferred foreign capital gain tax | 4945115 | 19802650 | 64332281 | 27192758 |
| Foreign taxes |  | 52114 | 168213 | 14793 |
| Interest expense and fees |  | 15042 |  | 2370 |
| Investment advisory fees | 199679 | 1093775 | 2761184 | 975115 |
| Professional fees | 2366 |  |  |  |
| Due to custodian |  |  | 30620172 |  |
| Variation margin on futures contracts | 17270 | 59955 | 129377 | 22303 |
| Total liabilities | 28122341 | 68808515 | 460910812 | 55899761 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $957680461 | $5092819493 | $12492026840 | $4586842384 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $886973192 | $4905508171 | $10716429594 | $4646151523 |
| Accumulated earnings (loss) | 70707269 | 187311322 | 1775597246 | (59309139) |
| NET ASSETS | $957680461 | $5092819493 | $12492026840 | $4586842384 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 18000000 | 125800000 | 197000000 | 73100000 |
| Net asset value | $53.20 | $40.48 | $63.41 | $62.75 |
| Shares authorized | 525 million | 1.5 billion | 2 billion | 800 million |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $737768461 | $3771980643 | $9761373840 | $3689129824 |
| <sup>(b)</sup> Securities loaned, at value | $13423786 | $44749817 | $118235087 | $16440967 |
| <sup>(c)</sup> Investments, at cost—affiliated | $16767756 | $51819588 | $235698259 | $22723825 |
| <sup>(d)</sup> Foreign currency, at cost | $3228452 | $12964165 | $15642815 | $31701767 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Global Min <br> Vol Factor ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $3260732342 |
| Investments, at value—affiliated<sup>(c)</sup> | 15264831 |
| Cash | 6310 |
| Cash pledged for futures contracts | 462000 |
| Foreign currency, at value<sup>(d)</sup> | 10141454 |
| Receivables: |  |
| Securities lending income—affiliated | 5866 |
| Dividends—unaffiliated | 5617202 |
| Dividends—affiliated | 17029 |
| Tax reclaims | 2961733 |
| Total assets | 3295208767 |
| **LIABILITIES** |  |
| Collateral on securities loaned, at value | 9832903 |
| Payables: |  |
| Investments purchased | 467961 |
| Deferred foreign capital gain tax | 5260002 |
| Foreign taxes | 2460 |
| Investment advisory fees | 554753 |
| IRS compliance fee for foreign withholding tax claims | 80514 |
| Variation margin on futures contracts | 59229 |
| Total liabilities | 16257822 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $3278950945 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $2723837220 |
| Accumulated earnings | 555113725 |
| NET ASSETS | $3278950945 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 27500000 |
| Net asset value | $119.23 |
| Shares authorized | 500 million |
| Par value | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $2654770175 |
| <sup>(b)</sup> Securities loaned, at value | $9426570 |
| <sup>(c)</sup> Investments, at cost—affiliated | $15263412 |
| <sup>(d)</sup> Foreign currency, at cost | $10134456 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Emerging <br> Markets <br> Equity Factor <br> ETF <br>| &nbsp;&nbsp; iShares <br>ESG Aware <br> MSCI EM <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Emerging <br> Markets ex <br> China ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Emerging <br> Markets Min <br> Vol Factor <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $27204936 | &nbsp;&nbsp;&nbsp; $135538916 | &nbsp;&nbsp;&nbsp; $449224307 | &nbsp;&nbsp;&nbsp; $143763859 |
| Dividends—affiliated | &nbsp;&nbsp; 182638 | &nbsp;&nbsp;&nbsp; 858552 | &nbsp;&nbsp;&nbsp; 5043060 | &nbsp;&nbsp;&nbsp; 1355646 |
| Interest—unaffiliated | &nbsp;&nbsp; 39682 | &nbsp;&nbsp;&nbsp; 137215 | &nbsp;&nbsp;&nbsp; 359959 | &nbsp;&nbsp;&nbsp; 108126 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 301292 | &nbsp;&nbsp;&nbsp; 386454 | &nbsp;&nbsp;&nbsp; 2891708 | &nbsp;&nbsp;&nbsp; 170416 |
| Other income—unaffiliated | &nbsp;&nbsp; 7373 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 89490 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (3318271)<br>| &nbsp;&nbsp;&nbsp; (15818607)<br>| &nbsp;&nbsp;&nbsp; (57306034)<br>| &nbsp;&nbsp;&nbsp; (15708247)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 59894 | &nbsp;&nbsp;&nbsp; 339503 | &nbsp;&nbsp;&nbsp; 1725494 | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 24477544 | &nbsp;&nbsp;&nbsp; 121442033 | &nbsp;&nbsp;&nbsp; 402027984 | &nbsp;&nbsp;&nbsp; 129689800 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 1958679 | &nbsp;&nbsp;&nbsp; 11560394 | &nbsp;&nbsp;&nbsp; 37750718 | &nbsp;&nbsp;&nbsp; 10723432 |
| Interest expense | &nbsp;&nbsp; 24648 | &nbsp;&nbsp;&nbsp; 152620 | &nbsp;&nbsp;&nbsp; 83615 | &nbsp;&nbsp;&nbsp; 76759 |
| Commitment costs | &nbsp;&nbsp; 12895 | &nbsp;&nbsp;&nbsp; 39896 | &nbsp;&nbsp;&nbsp; 39896 | &nbsp;&nbsp;&nbsp; 39896 |
| Professional | &nbsp;&nbsp; 2108 | &nbsp;&nbsp;&nbsp; 14066 | &nbsp;&nbsp;&nbsp; 14066 | &nbsp;&nbsp;&nbsp; — |
| Mauritius income taxes | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 1998330 | &nbsp;&nbsp;&nbsp; 11767091 | &nbsp;&nbsp;&nbsp; 37888295 | &nbsp;&nbsp;&nbsp; 10840087 |
| Net investment income | &nbsp;&nbsp; 22479214 | &nbsp;&nbsp;&nbsp; 109674942 | &nbsp;&nbsp;&nbsp; 364139689 | &nbsp;&nbsp;&nbsp; 118849713 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (10997908)<br>| &nbsp;&nbsp;&nbsp; (46186019)<br>| &nbsp;&nbsp;&nbsp; (484647326)<br>| &nbsp;&nbsp;&nbsp; 152537539 |
| Investments—affiliated | &nbsp;&nbsp; (1256)<br>| &nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp; (20677)<br>| &nbsp;&nbsp;&nbsp; (1305)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (9196)<br>| &nbsp;&nbsp;&nbsp; (1257465)<br>| &nbsp;&nbsp;&nbsp; (4003161)<br>| &nbsp;&nbsp;&nbsp; (1229865)<br>|
| Futures contracts | &nbsp;&nbsp; 444274 | &nbsp;&nbsp;&nbsp; 1647843 | &nbsp;&nbsp;&nbsp; 462703 | &nbsp;&nbsp;&nbsp; 649256 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20773772 | &nbsp;&nbsp;&nbsp; 213881385 | &nbsp;&nbsp;&nbsp; 13599977 |
|  | &nbsp;&nbsp; (10564086)<br>| &nbsp;&nbsp;&nbsp; (25021425)<br>| &nbsp;&nbsp;&nbsp; (274327076)<br>| &nbsp;&nbsp;&nbsp; 165555602 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 118920728 | &nbsp;&nbsp;&nbsp; 818982986 | &nbsp;&nbsp;&nbsp; 805850355 | &nbsp;&nbsp;&nbsp; 33739972 |
| Investments—affiliated | &nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; (1210)<br>| &nbsp;&nbsp;&nbsp; 1273 | &nbsp;&nbsp;&nbsp; (221)<br>|
| Foreign currency translations | &nbsp;&nbsp; 30721 | &nbsp;&nbsp;&nbsp; (35361)<br>| &nbsp;&nbsp;&nbsp; 489383 | &nbsp;&nbsp;&nbsp; (228874)<br>|
| Futures contracts | &nbsp;&nbsp; (63934)<br>| &nbsp;&nbsp;&nbsp; (15412)<br>| &nbsp;&nbsp;&nbsp; (501681)<br>| &nbsp;&nbsp;&nbsp; (142420)<br>|
|  | &nbsp;&nbsp; 118887663 | &nbsp;&nbsp;&nbsp; 818931003 | &nbsp;&nbsp;&nbsp; 805839330 | &nbsp;&nbsp;&nbsp; 33368457 |
| Net realized and unrealized gain | &nbsp;&nbsp; 108323577 | &nbsp;&nbsp;&nbsp; 793909578 | &nbsp;&nbsp;&nbsp; 531512254 | &nbsp;&nbsp;&nbsp; 198924059 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $130802791 | &nbsp;&nbsp;&nbsp; $903584520 | &nbsp;&nbsp;&nbsp; $895651943 | &nbsp;&nbsp;&nbsp; $317773772 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(976122)<br>| &nbsp;&nbsp;&nbsp; $(7587204)<br>| &nbsp;&nbsp;&nbsp; $(38466664)<br>| &nbsp;&nbsp;&nbsp; $(15864300)<br>|
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $2819489 | &nbsp;&nbsp;&nbsp; $11526195 | &nbsp;&nbsp;&nbsp; $103629335 | &nbsp;&nbsp;&nbsp; $27866629 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations (continued)

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>MSCI Global <br> Min Vol <br> Factor ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $91139735 |
| Dividends—affiliated | &nbsp;&nbsp; 292934 |
| Interest—unaffiliated | &nbsp;&nbsp; 37013 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 52351 |
| Other income—unaffiliated | &nbsp;&nbsp; 33584 |
| Foreign taxes withheld | &nbsp;&nbsp; (5507077)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 643734 |
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; (80514)<br>|
| Total investment income | &nbsp;&nbsp; 86611760 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 7535815 |
| Professional | &nbsp;&nbsp; 36682 |
| Commitment costs | &nbsp;&nbsp; 34952 |
| Interest expense | &nbsp;&nbsp; 27487 |
| Total expenses | &nbsp;&nbsp; 7634936 |
| Net investment income | &nbsp;&nbsp; 78976824 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 194495288 |
| Investments—affiliated | &nbsp;&nbsp; (6721)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (344931)<br>|
| Futures contracts | &nbsp;&nbsp; 1292391 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 302946894 |
|  | &nbsp;&nbsp; 498382921 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; (323977736)<br>|
| Investments—affiliated | &nbsp;&nbsp; (3170)<br>|
| Foreign currency translations | &nbsp;&nbsp; (12794)<br>|
| Futures contracts | &nbsp;&nbsp; 25576 |
|  | &nbsp;&nbsp; (323968124)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 174414797 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $253391621 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(4384817)<br>|
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $8163597 |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Emerging Markets Equity Factor ETF  | iShares <br>Emerging Markets Equity Factor ETF  | iShares <br>ESG Aware MSCI EM ETF  | iShares <br>ESG Aware MSCI EM ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $22479214 | &nbsp;&nbsp;&nbsp; $17660392 | &nbsp;&nbsp;&nbsp; $109674942 | &nbsp;&nbsp;&nbsp; $99896225 |
| Net realized gain (loss) | &nbsp;&nbsp; (10564086)<br>| &nbsp;&nbsp;&nbsp; 14371781 | &nbsp;&nbsp;&nbsp; (25021425)<br>| &nbsp;&nbsp;&nbsp; (173084081)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 118887663 | &nbsp;&nbsp;&nbsp; 76574924 | &nbsp;&nbsp;&nbsp; 818931003 | &nbsp;&nbsp;&nbsp; 548470610 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 130802791 | &nbsp;&nbsp;&nbsp; 108607097 | &nbsp;&nbsp;&nbsp; 903584520 | &nbsp;&nbsp;&nbsp; 475282754 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (28880125)<br>| &nbsp;&nbsp;&nbsp; (33037650)<br>| &nbsp;&nbsp;&nbsp; (117981538)<br>| &nbsp;&nbsp;&nbsp; (109948822)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 187765922 | &nbsp;&nbsp;&nbsp; (14011635)<br>| &nbsp;&nbsp;&nbsp; (61928828)<br>| &nbsp;&nbsp;&nbsp; (319943129)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 289688588 | &nbsp;&nbsp;&nbsp; 61557812 | &nbsp;&nbsp;&nbsp; 723674154 | &nbsp;&nbsp;&nbsp; 45390803 |
| Beginning of year | &nbsp;&nbsp; 667991873 | &nbsp;&nbsp;&nbsp; 606434061 | &nbsp;&nbsp;&nbsp; 4369145339 | &nbsp;&nbsp;&nbsp; 4323754536 |
| End of year | &nbsp;&nbsp; $957680461 | &nbsp;&nbsp;&nbsp; $667991873 | &nbsp;&nbsp;&nbsp; $5092819493 | &nbsp;&nbsp;&nbsp; $4369145339 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Emerging Markets ex China ETF  | iShares <br>MSCI Emerging Markets ex China ETF  | iShares <br>MSCI Emerging Markets Min Vol Factor ETF  | iShares <br>MSCI Emerging Markets Min Vol Factor ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $364139689 | &nbsp;&nbsp;&nbsp; $273106254 | &nbsp;&nbsp;&nbsp; $118849713 | &nbsp;&nbsp;&nbsp; $128855606 |
| Net realized gain (loss) | &nbsp;&nbsp; (274327076)<br>| &nbsp;&nbsp;&nbsp; (213323363)<br>| &nbsp;&nbsp;&nbsp; 165555602 | &nbsp;&nbsp;&nbsp; 18828161 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 805839330 | &nbsp;&nbsp;&nbsp; 2058068040 | &nbsp;&nbsp;&nbsp; 33368457 | &nbsp;&nbsp;&nbsp; 434044809 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 895651943 | &nbsp;&nbsp;&nbsp; 2117850931 | &nbsp;&nbsp;&nbsp; 317773772 | &nbsp;&nbsp;&nbsp; 581728576 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (435173384)<br>| &nbsp;&nbsp;&nbsp; (212835579)<br>| &nbsp;&nbsp;&nbsp; (149027467)<br>| &nbsp;&nbsp;&nbsp; (131987977)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (4162033416)<br>| &nbsp;&nbsp;&nbsp; 9141465607 | &nbsp;&nbsp;&nbsp; (288868397)<br>| &nbsp;&nbsp;&nbsp; (239290205)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (3701554857)<br>| &nbsp;&nbsp;&nbsp; 11046480959 | &nbsp;&nbsp;&nbsp; (120122092)<br>| &nbsp;&nbsp;&nbsp; 210450394 |
| Beginning of year | &nbsp;&nbsp; 16193581697 | &nbsp;&nbsp;&nbsp; 5147100738 | &nbsp;&nbsp;&nbsp; 4706964476 | &nbsp;&nbsp;&nbsp; 4496514082 |
| End of year | &nbsp;&nbsp; $12492026840 | &nbsp;&nbsp;&nbsp; $16193581697 | &nbsp;&nbsp;&nbsp; $4586842384 | &nbsp;&nbsp;&nbsp; $4706964476 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI Global Min Vol Factor ETF  | iShares <br>MSCI Global Min Vol Factor ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $78976824 | &nbsp;&nbsp;&nbsp; $95022776 |
| Net realized gain | &nbsp;&nbsp; 498382921 | &nbsp;&nbsp;&nbsp; 176714386 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (323968124)<br>| &nbsp;&nbsp;&nbsp; 463008108 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 253391621 | &nbsp;&nbsp;&nbsp; 734745270 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (93989667)<br>| &nbsp;&nbsp;&nbsp; (101499454)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (1338538202)<br>| &nbsp;&nbsp;&nbsp; (893702048)<br>|
| *NET ASSETS* |  |  |
| Total decrease in net assets | &nbsp;&nbsp; (1179136248)<br>| &nbsp;&nbsp;&nbsp; (260456232)<br>|
| Beginning of year | &nbsp;&nbsp; 4458087193 | &nbsp;&nbsp;&nbsp; 4718543425 |
| End of year | &nbsp;&nbsp; $3278950945 | &nbsp;&nbsp;&nbsp; $4458087193 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Emerging Markets Equity Factor ETF  | iShares Emerging Markets Equity Factor ETF  | iShares Emerging Markets Equity Factor ETF  | iShares Emerging Markets Equity Factor ETF  | iShares Emerging Markets Equity Factor ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $47.38 | &nbsp;&nbsp;&nbsp; $41.82 | &nbsp;&nbsp;&nbsp; $43.38 | &nbsp;&nbsp;&nbsp; $53.61 | &nbsp;&nbsp;&nbsp; $44.03 |
| Net investment income<sup>(a)</sup> | 1.39 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.22 | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp;&nbsp; (10.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.24 |
| Net increase (decrease) from investment operations | 7.61 | &nbsp;&nbsp;&nbsp;&nbsp;8.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (8.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.47 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (2.50)<br>| &nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $53.20 | &nbsp;&nbsp;&nbsp; $47.38 | &nbsp;&nbsp;&nbsp; $41.82 | &nbsp;&nbsp;&nbsp; $43.38 | &nbsp;&nbsp;&nbsp; $53.61 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 16.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp; (16.80)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.97<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 2.87 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $957680 | &nbsp;&nbsp;&nbsp; $667992 | &nbsp;&nbsp;&nbsp; $606434 | &nbsp;&nbsp;&nbsp; $832808 | &nbsp;&nbsp;&nbsp; $761199 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 121<br> %<br>| &nbsp;&nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp;&nbsp; 49<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment income per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment income per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment income per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment income per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment income per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment income per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares ESG Aware MSCI EM ETF  | iShares ESG Aware MSCI EM ETF  | iShares ESG Aware MSCI EM ETF  | iShares ESG Aware MSCI EM ETF  | iShares ESG Aware MSCI EM ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $34.35 | &nbsp;&nbsp;&nbsp; $31.35 | &nbsp;&nbsp;&nbsp; $31.56 | &nbsp;&nbsp;&nbsp; $43.35 | &nbsp;&nbsp;&nbsp; $35.93 |
| Net investment income<sup>(a)</sup> | 0.86 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (11.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.23 |
| Net increase (decrease) from investment operations | 7.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (10.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.98 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $40.48 | &nbsp;&nbsp;&nbsp; $34.35 | &nbsp;&nbsp;&nbsp; $31.35 | &nbsp;&nbsp;&nbsp; $31.56 | &nbsp;&nbsp;&nbsp; $43.35 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 20.90 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp; (25.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.30<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Net investment income | 2.37 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $5092819 | &nbsp;&nbsp;&nbsp; $4369145 | &nbsp;&nbsp;&nbsp; $4323755 | &nbsp;&nbsp;&nbsp; $4251525 | &nbsp;&nbsp;&nbsp; $7105443 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp; 41<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Emerging Markets ex China ETF  | iShares MSCI Emerging Markets ex China ETF  | iShares MSCI Emerging Markets ex China ETF  | iShares MSCI Emerging Markets ex China ETF  | iShares MSCI Emerging Markets ex China ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $60.65 | &nbsp;&nbsp;&nbsp; $51.16 | &nbsp;&nbsp;&nbsp; $49.62 | &nbsp;&nbsp;&nbsp; $62.82 | &nbsp;&nbsp;&nbsp; $46.00 |
| Net investment income<sup>(a)</sup> | 1.42 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 3.05 | &nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp; (13.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.09 |
| Net increase (decrease) from investment operations | 4.47 | &nbsp;&nbsp;&nbsp;&nbsp;10.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp; (11.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.67 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $63.41 | &nbsp;&nbsp;&nbsp; $60.65 | &nbsp;&nbsp;&nbsp; $51.16 | &nbsp;&nbsp;&nbsp; $49.62 | &nbsp;&nbsp;&nbsp; $62.82 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 7.62 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.69<br> %<br>| &nbsp;&nbsp;&nbsp; (19.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.66<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Total expenses after fees waived | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>|
| Net investment income | 2.41 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $12492027 | &nbsp;&nbsp;&nbsp; $16193582 | &nbsp;&nbsp;&nbsp; $5147101 | &nbsp;&nbsp;&nbsp; $2307162 | &nbsp;&nbsp;&nbsp; $1281467 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment income per share by $0.01.<br> • Total return by 0.06%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment income per share by $0.01.<br> • Total return by 0.06%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment income per share by $0.01.<br> • Total return by 0.06%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment income per share by $0.01.<br> • Total return by 0.06%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment income per share by $0.01.<br> • Total return by 0.06%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment income per share by $0.01.<br> • Total return by 0.06%.<br> • Ratio of net investment income to average net assets by 0.01%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Emerging Markets Min Vol Factor ETF  | iShares MSCI Emerging Markets Min Vol Factor ETF  | iShares MSCI Emerging Markets Min Vol Factor ETF  | iShares MSCI Emerging Markets Min Vol Factor ETF  | iShares MSCI Emerging Markets Min Vol Factor ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<sup>(a)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $60.35 | &nbsp;&nbsp;&nbsp; $54.50 | &nbsp;&nbsp;&nbsp; $54.86 | &nbsp;&nbsp;&nbsp; $63.94 | &nbsp;&nbsp;&nbsp; $55.97 |
| Net investment income<sup>(b)</sup> | 1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32 <br><sup>(c)</sup><br>|
| Net realized and unrealized gain (loss)<sup>(d)</sup> | 2.85 | &nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (9.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.12 |
| Net increase (decrease) from investment operations | 4.52 | &nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp; (7.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.44 |
| Distributions from net investment income<sup>(e)</sup> | &nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (1.47)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $62.75 | &nbsp;&nbsp;&nbsp; $60.35 | &nbsp;&nbsp;&nbsp; $54.50 | &nbsp;&nbsp;&nbsp; $54.86 | &nbsp;&nbsp;&nbsp; $63.94 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 7.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp; (12.68)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.04 %<sup>(c)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Total expenses after fees waived | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Net investment income | 2.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.15 %<sup>(c)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $4586842 | &nbsp;&nbsp;&nbsp; $4706964 | &nbsp;&nbsp;&nbsp; $4496514 | &nbsp;&nbsp;&nbsp; $6177144 | &nbsp;&nbsp;&nbsp; $3874514 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>|
| <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:<br> • Net investment income per share by $0.01.<br> • Total return by 0.02%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:<br> • Net investment income per share by $0.01.<br> • Total return by 0.02%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:<br> • Net investment income per share by $0.01.<br> • Total return by 0.02%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:<br> • Net investment income per share by $0.01.<br> • Total return by 0.02%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:<br> • Net investment income per share by $0.01.<br> • Total return by 0.02%.<br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:<br> • Net investment income per share by $0.01.<br> • Total return by 0.02%.<br> • Ratio of net investment income to average net assets by 0.01%. |
| <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Global Min Vol Factor ETF  | iShares MSCI Global Min Vol Factor ETF  | iShares MSCI Global Min Vol Factor ETF  | iShares MSCI Global Min Vol Factor ETF  | iShares MSCI Global Min Vol Factor ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $113.73 | &nbsp;&nbsp;&nbsp; $97.69 | &nbsp;&nbsp;&nbsp; $95.04 | &nbsp;&nbsp;&nbsp; $106.77 | &nbsp;&nbsp;&nbsp; $93.16 |
| Net investment income<sup>(a)</sup> | 2.40 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 5.91 | &nbsp;&nbsp;&nbsp;&nbsp;16.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp; (11.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.38 |
| Net increase (decrease) from investment operations | 8.31 | &nbsp;&nbsp;&nbsp;&nbsp;18.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp; (9.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.35 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp; (1.74)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $119.23 | &nbsp;&nbsp;&nbsp; $113.73 | &nbsp;&nbsp;&nbsp; $97.69 | &nbsp;&nbsp;&nbsp; $95.04 | &nbsp;&nbsp;&nbsp; $106.77 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 7.45 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (9.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.63<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| Total expenses after fees waived | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | 2.10 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $3278951 | &nbsp;&nbsp;&nbsp; $4458087 | &nbsp;&nbsp;&nbsp; $4718543 | &nbsp;&nbsp;&nbsp; $4476569 | &nbsp;&nbsp;&nbsp; $5306261 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2023, respectively:<br> • Net investment income per share by $0.02.<br> • Total return by 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2023, respectively:<br> • Net investment income per share by $0.02.<br> • Total return by 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2023, respectively:<br> • Net investment income per share by $0.02.<br> • Total return by 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2023, respectively:<br> • Net investment income per share by $0.02.<br> • Total return by 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2023, respectively:<br> • Net investment income per share by $0.02.<br> • Total return by 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2023, respectively:<br> • Net investment income per share by $0.02.<br> • Total return by 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| Emerging Markets Equity Factor | &nbsp;&nbsp; Diversified |
| ESG Aware MSCI EM | &nbsp;&nbsp; Diversified |
| MSCI Emerging Markets ex China | &nbsp;&nbsp; Diversified |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; Diversified |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; Diversified |

---

***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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**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 exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). 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 Statements 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 Statements 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 "Foreign taxes withheld", 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 August 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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 Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** 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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from 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.

**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.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that 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. The Board of Directors of the Company (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. 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 BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., 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 Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the 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 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. SECURITIES AND OTHER INVESTMENTS***

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Emerging Markets Equity Factor |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $2247456 | &nbsp;&nbsp;&nbsp; $(2247456) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 96227 | &nbsp;&nbsp;&nbsp; (96227) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 2855991 | &nbsp;&nbsp;&nbsp; (2855991) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 2205187 | &nbsp;&nbsp;&nbsp; (2205187) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 925685 | &nbsp;&nbsp;&nbsp; (925685) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 307050 | &nbsp;&nbsp;&nbsp; (307050) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 53002 | &nbsp;&nbsp;&nbsp; (53002) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; 905869 | &nbsp;&nbsp;&nbsp; (905869) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 162928 | &nbsp;&nbsp;&nbsp; (162928) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 1714108 | &nbsp;&nbsp;&nbsp; (1714108) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1910465 | &nbsp;&nbsp;&nbsp; (1910465) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 39818 | &nbsp;&nbsp;&nbsp; (39818) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $13423786 | &nbsp;&nbsp;&nbsp; $(13423786) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| ESG Aware MSCI EM |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; $18610799 | &nbsp;&nbsp;&nbsp; $(18610799) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 14376235 | &nbsp;&nbsp;&nbsp; (14376235) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 1632724 | &nbsp;&nbsp;&nbsp; (1632724) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 5007500 | &nbsp;&nbsp;&nbsp; (5007500) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 5016668 | &nbsp;&nbsp;&nbsp; (5016668) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 105891 | &nbsp;&nbsp;&nbsp; (105891) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $44749817 | &nbsp;&nbsp;&nbsp; $(44749817) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Emerging Markets ex China |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $2759678 | &nbsp;&nbsp;&nbsp; $(2759678) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 4095701 | &nbsp;&nbsp;&nbsp; (4095701) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; 29112 | &nbsp;&nbsp;&nbsp; (29112) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 7776267 | &nbsp;&nbsp;&nbsp; (7776267) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 24587595 | &nbsp;&nbsp;&nbsp; (24587595) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 51787049 | &nbsp;&nbsp;&nbsp; (51787049) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 4035211 | &nbsp;&nbsp;&nbsp; (4035211) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 13302363 | &nbsp;&nbsp;&nbsp; (13302363) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 7442414 | &nbsp;&nbsp;&nbsp; (7442414) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 451359 | &nbsp;&nbsp;&nbsp; (451359) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1968338 | &nbsp;&nbsp;&nbsp; (1968338) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $118235087 | &nbsp;&nbsp;&nbsp; $(118235087) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Emerging Markets Min Vol Factor |  |  |  |  |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; $928491 | &nbsp;&nbsp;&nbsp; $(928491) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 6895016 | &nbsp;&nbsp;&nbsp; (6895016) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 228032 | &nbsp;&nbsp;&nbsp; (228032) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 5458216 | &nbsp;&nbsp;&nbsp; (5458216) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 2931212 | &nbsp;&nbsp;&nbsp; (2931212) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $16440967 | &nbsp;&nbsp;&nbsp; $(16440967) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Global Min Vol Factor |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $6918669 | &nbsp;&nbsp;&nbsp; $(6918669) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 1846422 | &nbsp;&nbsp;&nbsp; (1846422) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 661231 | &nbsp;&nbsp;&nbsp; (661231) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp;(248) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $9426570 | &nbsp;&nbsp;&nbsp; $(9426570) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

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

***5. 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 Statements 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 Statements 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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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.

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund's assets. BFA is a 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 directors).

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
| Emerging Markets Equity Factor | 0.25% |
| ESG Aware MSCI EM | 0.25 |
| MSCI Emerging Markets ex China | 0.25 |
| MSCI Emerging Markets Min Vol Factor | 0.25 |
| MSCI Global Min Vol Factor | 0.20 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and any other fund expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For each of the iShares Emerging Markets Equity Factor and iShares MSCI Emerging Markets ex China ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2026 and December 31, 2027, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund's investments in other iShares funds.

For the year ended August 31, 2025, there were no fees waived by BFA pursuant to these arrangements.

**Distributor:** BlackRock Investments, LLC ("BRIL"), 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.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Emerging Markets Equity Factor | &nbsp;&nbsp; $68255 |
| ESG Aware MSCI EM | &nbsp;&nbsp; 93210 |
| MSCI Emerging Markets ex China | &nbsp;&nbsp; 674343 |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 49288 |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; 17739 |

---

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

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

For the year ended August 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Emerging Markets Equity Factor | &nbsp;&nbsp; $5754020 | &nbsp;&nbsp;&nbsp; $9654865 | &nbsp;&nbsp;&nbsp; $(755496) |
| ESG Aware MSCI EM | &nbsp;&nbsp; 141391979 | &nbsp;&nbsp;&nbsp; 76491756 | &nbsp;&nbsp;&nbsp; 6389044 |
| MSCI Emerging Markets ex China | &nbsp;&nbsp; 35485433 | &nbsp;&nbsp;&nbsp; 24393809 | &nbsp;&nbsp;&nbsp; (7785794) |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 70808363 | &nbsp;&nbsp;&nbsp; 44223115 | &nbsp;&nbsp;&nbsp; 15530529 |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; 208599842 | &nbsp;&nbsp;&nbsp; 195480146 | &nbsp;&nbsp;&nbsp; 45221917 |

---

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 Statements 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.

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Emerging Markets Equity Factor | &nbsp;&nbsp; $321857659 | &nbsp;&nbsp;&nbsp; $159617075 |
| ESG Aware MSCI EM | &nbsp;&nbsp; 1603203683 | &nbsp;&nbsp;&nbsp; 1626861626 |
| MSCI Emerging Markets ex China | &nbsp;&nbsp; 2274756361 | &nbsp;&nbsp;&nbsp; 5718148088 |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 1381147211 | &nbsp;&nbsp;&nbsp; 1605618868 |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; 1013516846 | &nbsp;&nbsp;&nbsp; 1248556940 |

---

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Emerging Markets Equity Factor | &nbsp;&nbsp; $17891088 | &nbsp;&nbsp;&nbsp; $— |
| ESG Aware MSCI EM | &nbsp;&nbsp; 11087945 | &nbsp;&nbsp;&nbsp; 61325578 |
| MSCI Emerging Markets ex China | &nbsp;&nbsp; 166638503 | &nbsp;&nbsp;&nbsp; 890751335 |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 16263181 | &nbsp;&nbsp;&nbsp; 99016074 |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1125383585 |

---

***8. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Company's other funds for federal income tax purposes. It is 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 of 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 August 31, 2025, 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' financial statements. Management's analysis is based on the tax laws and

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| ESG Aware MSCI EM | &nbsp;&nbsp; $20627263 | &nbsp;&nbsp;&nbsp; $(20627263) |
| MSCI Emerging Markets ex China | &nbsp;&nbsp; 200962088 | &nbsp;&nbsp;&nbsp; (200962088) |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 12310719 | &nbsp;&nbsp;&nbsp; (12310719) |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; 297798515 | &nbsp;&nbsp;&nbsp; (297798515) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| Emerging Markets Equity Factor |  |  |
| Ordinary income | &nbsp;&nbsp; $28880125 | &nbsp;&nbsp;&nbsp; $33037650 |
| ESG Aware MSCI EM |  |  |
| Ordinary income | &nbsp;&nbsp; $117981538 | &nbsp;&nbsp;&nbsp; $109948822 |
| MSCI Emerging Markets ex China |  |  |
| Ordinary income | &nbsp;&nbsp; $435173384 | &nbsp;&nbsp;&nbsp; $212835579 |
| MSCI Emerging Markets Min Vol Factor |  |  |
| Ordinary income | &nbsp;&nbsp; $149027467 | &nbsp;&nbsp;&nbsp; $131987977 |
| MSCI Global Min Vol Factor |  |  |
| Ordinary income | &nbsp;&nbsp; $93989667 | &nbsp;&nbsp;&nbsp; $101499454 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| Emerging Markets Equity Factor | &nbsp;&nbsp; $9747241 | &nbsp;&nbsp;&nbsp; $(129275227) | &nbsp;&nbsp;&nbsp; $190235255 | &nbsp;&nbsp;&nbsp; $70707269 |
| ESG Aware MSCI EM | &nbsp;&nbsp; 53611670 | &nbsp;&nbsp;&nbsp; (1084476251) | &nbsp;&nbsp;&nbsp; 1218175903 | &nbsp;&nbsp;&nbsp; 187311322 |
| MSCI Emerging Markets ex China | &nbsp;&nbsp; 133286314 | &nbsp;&nbsp;&nbsp; (828073871) | &nbsp;&nbsp;&nbsp; 2470384803 | &nbsp;&nbsp;&nbsp; 1775597246 |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 37651336 | &nbsp;&nbsp;&nbsp; (1049997550) | &nbsp;&nbsp;&nbsp; 953037075 | &nbsp;&nbsp;&nbsp; (59309139) |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; 15550865 | &nbsp;&nbsp;&nbsp; (45313721) | &nbsp;&nbsp;&nbsp; 584876581 | &nbsp;&nbsp;&nbsp; 555113725 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains / losses for tax purposes. 

For the year ended August 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *iShares ETF* | *Utilized*  |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; $170835539 |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; 198474876 |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

As of August 31, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Emerging Markets Equity Factor | &nbsp;&nbsp; $774331265 | &nbsp;&nbsp;&nbsp; $241530013 | &nbsp;&nbsp;&nbsp; $(46364045) | &nbsp;&nbsp;&nbsp; $195165968 |
| ESG Aware MSCI EM | &nbsp;&nbsp; 3892344865 | &nbsp;&nbsp;&nbsp; 1484157034 | &nbsp;&nbsp;&nbsp; (246282969) | &nbsp;&nbsp;&nbsp; 1237874065 |
| MSCI Emerging Markets ex China | &nbsp;&nbsp; 10172584174 | &nbsp;&nbsp;&nbsp; 3085527912 | &nbsp;&nbsp;&nbsp; (550994593) | &nbsp;&nbsp;&nbsp; 2534533319 |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 3621468136 | &nbsp;&nbsp;&nbsp; 1130174232 | &nbsp;&nbsp;&nbsp; (149810604) | &nbsp;&nbsp;&nbsp; 980363628 |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; 2686138992 | &nbsp;&nbsp;&nbsp; 726994077 | &nbsp;&nbsp;&nbsp; (137135896) | &nbsp;&nbsp;&nbsp; 589858181 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the year ended August 31, 2025, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Maximum* <br>*Amount* <br>*Borrowed*<br>| &nbsp;&nbsp; *Average* <br>*Borrowing*<br>| &nbsp;&nbsp; *Weighted* <br>*Average* <br>*Interest Rates* <br>|
| Emerging Markets Equity Factor | &nbsp;&nbsp; $12800000 | &nbsp;&nbsp;&nbsp; $438356 | &nbsp;&nbsp;&nbsp;&nbsp;5.53% |
| ESG Aware MSCI EM | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp; 2588493 | &nbsp;&nbsp;&nbsp;&nbsp;5.63 |
| MSCI Emerging Markets ex China | &nbsp;&nbsp; 170000000 | &nbsp;&nbsp;&nbsp; 1326027 | &nbsp;&nbsp;&nbsp;&nbsp;5.86 |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 85000000 | &nbsp;&nbsp;&nbsp; 1319452 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; 25500000 | &nbsp;&nbsp;&nbsp; 364548 | &nbsp;&nbsp;&nbsp;&nbsp;5.68 |

---

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each 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, tariffs 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 an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

**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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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 each 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. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of 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 may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**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 BFA 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 Statements 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.

**Geographic/Asset Class 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 Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

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.

Certain Funds invest a significant portion of their assets in issuers located in a single state or limited number of states, When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could 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 states or U.S. territories are presented in the Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Emerging Markets Equity Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp; $187765922 | &nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; $49410027 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1500000)<br>| &nbsp;&nbsp;&nbsp; (63421662)<br>|
|  | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp; $187765922 | &nbsp;&nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; $(14011635)<br>|
| ESG Aware MSCI EM |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; $117543411 | &nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp; $112666796 |
| Shares redeemed | &nbsp;&nbsp; (4700000)<br>| &nbsp;&nbsp;&nbsp; (179472239)<br>| &nbsp;&nbsp;&nbsp; (14100000)<br>| &nbsp;&nbsp;&nbsp; (432609925)<br>|
|  | &nbsp;&nbsp; (1400000)<br>| &nbsp;&nbsp;&nbsp; $(61928828)<br>| &nbsp;&nbsp;&nbsp; (10700000)<br>| &nbsp;&nbsp;&nbsp; $(319943129)<br>|
| MSCI Emerging Markets ex China |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 16800000 | &nbsp;&nbsp;&nbsp; $1025553083 | &nbsp;&nbsp;&nbsp; 166400000 | &nbsp;&nbsp;&nbsp; $9141465607 |
| Shares redeemed | &nbsp;&nbsp; (86800000)<br>| &nbsp;&nbsp;&nbsp; (5187586499)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (70000000)<br>| &nbsp;&nbsp;&nbsp; $(4162033416)<br>| &nbsp;&nbsp;&nbsp; 166400000 | &nbsp;&nbsp;&nbsp; $9141465607 |
| MSCI Emerging Markets Min Vol Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; $214393808 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $452684 |
| Shares redeemed | &nbsp;&nbsp; (8400000)<br>| &nbsp;&nbsp;&nbsp; (503262205)<br>| &nbsp;&nbsp;&nbsp; (4500000)<br>| &nbsp;&nbsp;&nbsp; (239742889)<br>|
|  | &nbsp;&nbsp; (4900000)<br>| &nbsp;&nbsp;&nbsp; $(288868397)<br>| &nbsp;&nbsp;&nbsp; (4500000)<br>| &nbsp;&nbsp;&nbsp; $(239290205)<br>|
| MSCI Global Min Vol Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $349284 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $231379 |
| Shares redeemed | &nbsp;&nbsp; (11700000)<br>| &nbsp;&nbsp;&nbsp; (1338887486)<br>| &nbsp;&nbsp;&nbsp; (9100000)<br>| &nbsp;&nbsp;&nbsp; (893933427)<br>|
|  | &nbsp;&nbsp; (11700000)<br>| &nbsp;&nbsp;&nbsp; $(1338538202)<br>| &nbsp;&nbsp;&nbsp; (9100000)<br>| &nbsp;&nbsp;&nbsp; $(893702048)<br>|

---

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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 Company's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***12. FOREIGN WITHHOLDING TAX CLAIMS***

The iShares Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF and iShares MSCI Emerging Markets ex China ETF have filed European Union Discrimination Claims ("ECJ Claims") to recover taxes withheld by Poland (the "ECJ Paying Countries") on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded receivables for all recoverable taxes withheld by the ECJ Paying Countries based upon previous determinations made by the local tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding ECJ Claims, ECJ Paying Countries' tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. The collection of these receivables, and any payment of

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

associated liabilities, depends upon future determinations made by the local tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Funds, as of August 31, 2025, are $34,833 or $0.00 per share, $339,503 or $0.00 per share and $1,430,055 or $0.01 per share, respectively

Certain of the outstanding foreign tax reclaims are not deemed by the Funds to meet the recognition criteria under U.S. GAAP as of August 31, 2025 and have not been recorded in the applicable Fund's net asset value. The recognition by the Funds of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form off foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares Emerging Markets Equity Factor ETF and iShares MSCI Emerging Markets ex China ETF is able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

The iShares MSCI Global Min Vol Factor ETF is, seeking a closing agreement with the Internal Revenue Service ("IRS") to address any prior years' U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders,representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund ,has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statement, of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

***13. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

2025 iShares Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of iShares, Inc. and Shareholders of each of the five funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations and of changes in nets assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares Emerging Markets Equity Factor ETF<sup>(1)</sup> <br>|
| iShares ESG Aware MSCI EM ETF<sup>(1)</sup> <br>|
| iShares MSCI Emerging Markets ex China ETF<sup>(1)</sup> <br>|
| iShares MSCI Emerging Markets Min Vol Factor ETF<sup>(2)</sup> <br>|
| iShares MSCI Global Min Vol Factor ETF<sup>(1)</sup> <br>|

---

<sup>(1)</sup> Statement of operations for the year ended August 31, 2025, statement of changes in net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025

<sup>(2)</sup> Statement of operations for the year ended August 31, 2025, statement of changes in net assets for each of the two years in the period ended August 31, 2025, the financial highlights for each of the four years in the period ended August 31, 2025 and the consolidated financial highlights for the year ended August 31, 2021

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

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

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| Emerging Markets Equity Factor | &nbsp;&nbsp; $13332132 |
| ESG Aware MSCI EM | &nbsp;&nbsp; 69104708 |
| MSCI Emerging Markets ex China | &nbsp;&nbsp; 185347119 |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 69156453 |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; 70419897 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business* <br>*Income*<br>|
| MSCI Global Min Vol Factor | &nbsp;&nbsp; $50757 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| Emerging Markets Equity Factor | &nbsp;&nbsp; $27210546 | &nbsp;&nbsp;&nbsp;&nbsp; $4149247 |
| ESG Aware MSCI EM | &nbsp;&nbsp; 135309160 | &nbsp;&nbsp;&nbsp;&nbsp; 23264749 |
| MSCI Emerging Markets ex China | &nbsp;&nbsp; 448660117 | &nbsp;&nbsp;&nbsp;&nbsp; 93944061 |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 143725244 | &nbsp;&nbsp;&nbsp;&nbsp; 31426224 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received* <br>*Deduction*<br>|
| Emerging Markets Equity Factor | 0.01<br> %<br>|
| ESG Aware MSCI EM | 0.16<br> %<br>|
| MSCI Emerging Markets ex China | 0.14<br> %<br>|
| MSCI Emerging Markets Min Vol Factor | 0.03<br> %<br>|
| MSCI Global Min Vol Factor | 50.66<br> %<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Regulation under the Alternative Investment Fund Managers Directive**

The Alternative Investment Fund Managers Directive, and its United Kingdom ("UK") equivalent, (the "AIFMD") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI Emerging Markets Min Vol Factor ETF (the "Fund") to be marketed to investors in the EU and/or UK.

**Report on Remuneration**

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Remuneration information at an individual Fund level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Fund is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals' portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

Additional Information

------

Additional Information (continued)

**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares MSCI Emerging Markets Min Vol Factor ETF (the "Fund") is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

The Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, the Fund's investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts ("PAIs") on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

**Electronic Delivery**

Shareholders can sign up for e-mail 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

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, when available, at **iShares.com**.

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

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Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Emerging Markets ex China ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Emerging Markets Min Vol Factor ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Global Min Vol Factor ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c)

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |

---

2025 iShares Annual Financial Statements and Additional Information

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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. or STOXX Ltd., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2025 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.

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August 31, 2025

![](g19235imgcd16ad941.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares, Inc.** |
| • iShares MSCI Agriculture Producers ETF \| VEGI \| NYSE Arca |
| • iShares MSCI Global Energy Producers ETF \| FILL \| NYSE Arca |
| • iShares MSCI Global Gold Miners ETF \| RING \| NASDAQ |
| • iShares MSCI Global Metals & Mining Producers ETF \| PICK \| Cboe BZX Exchange |
| • iShares MSCI Global Silver and Metals Miners ETF \| SLVP \| Cboe BZX Exchange |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_fbb6ba65-ca11-4472-b004-a225093e2164_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_fbb6ba65-ca11-4472-b004-a225093e2164_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 21 |
| [Statements of Operations](#xx_fbb6ba65-ca11-4472-b004-a225093e2164_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 23 |
| [Statements of Changes in Net Assets](#xx_fbb6ba65-ca11-4472-b004-a225093e2164_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 25 |
| [Financial Highlights](#xx_fbb6ba65-ca11-4472-b004-a225093e2164_FS-Footer-iSharesReport_8)  | &nbsp;&nbsp; 28 |
| [Notes to Financial Statements](#xx_fbb6ba65-ca11-4472-b004-a225093e2164_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 33 |
| [Report of Independent Registered Public Accounting Firm](#xx_fbb6ba65-ca11-4472-b004-a225093e2164_opinion-Footer-iSharesReport-238_1)  | &nbsp;&nbsp; 43 |
| [Important Tax Information](#xx_fbb6ba65-ca11-4472-b004-a225093e2164_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 44 |
| [Additional Information](#xx_fbb6ba65-ca11-4472-b004-a225093e2164_SAI-Footer-iSharesReport-239_1)  | &nbsp;&nbsp; 45 |
| [Board Review and Approval of Investment Advisory Contract](#xx_fbb6ba65-ca11-4472-b004-a225093e2164_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 47 |
| [Glossary of Terms Used in these Financial Statements](#xx_fbb6ba65-ca11-4472-b004-a225093e2164_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 50 |

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------

Schedule of Investments

August 31, 2025

**iShares® MSCI Agriculture Producers ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 0.4%** | **Australia — 0.4%** | **Australia — 0.4%** |
| Elders Ltd. | &nbsp;&nbsp; 35906 | $174566 |
| Inghams Group Ltd. | &nbsp;&nbsp; 69047 | 122292 |
| Nufarm Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 64877 | 102806 |
|  |  | 399664 |
| **Brazil — 0.7%** | **Brazil — 0.7%** | **Brazil — 0.7%** |
| BRF SA | &nbsp;&nbsp; 94218 | 358497 |
| Sao Martinho SA | &nbsp;&nbsp; 28980 | 97280 |
| SLC Agricola SA | &nbsp;&nbsp; 32951 | 106355 |
| Tres Tentos Agroindustrial SA | &nbsp;&nbsp; 23148 | 62461 |
|  |  | 624593 |
| **Canada — 6.2%** | **Canada — 6.2%** | **Canada — 6.2%** |
| Maple Leaf Foods Inc. | &nbsp;&nbsp; 15039 | 395536 |
| Nutrien Ltd. | &nbsp;&nbsp; 91384 | 5266715 |
| Rogers Sugar Inc. | &nbsp;&nbsp; 20785 | 95953 |
|  |  | 5758204 |
| **China — 2.5%** | **China — 2.5%** | **China — 2.5%** |
| China BlueChemical Ltd., Class H | &nbsp;&nbsp; 294000 | 92188 |
| China Modern Dairy Holdings Ltd. | &nbsp;&nbsp; 509000 | 85693 |
| China XLX Fertiliser Ltd. | &nbsp;&nbsp; 122000 | 115740 |
| China Youran Dairy Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 222000 | 111189 |
| COFCO Joycome Foods Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 508000 | 117485 |
| First Tractor Co. Ltd., Class H | &nbsp;&nbsp; 74000 | 71053 |
| Henan Shuanghui Investment & Development Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 38800 | 137431 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp; 71500 | 287070 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 61366 | 474014 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 50700 | 70374 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 60000 | 171021 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | &nbsp;&nbsp; 24780 | 95463 |
| Sinofert Holdings Ltd. | &nbsp;&nbsp; 598000 | 108442 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 75220 | 192232 |
| Yunnan Yuntianhua Co. Ltd., Class A | &nbsp;&nbsp; 21000 | 80208 |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 17800 | 134720 |
|  |  | 2344323 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Abou Kir Fertilizers & Chemical Industries | &nbsp;&nbsp; 63150 | 68376 |
| **Germany — 0.6%** | **Germany — 0.6%** | **Germany — 0.6%** |
| K+S AG, Registered | &nbsp;&nbsp; 33557 | 453448 |
| Suedzucker AG | &nbsp;&nbsp; 11373 | 133350 |
|  |  | 586798 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| WH Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1563500 | 1680137 |
| **India — 5.3%** | **India — 5.3%** | **India — 5.3%** |
| Balrampur Chini Mills Ltd. | &nbsp;&nbsp; 22745 | 138349 |
| Bayer CropScience Ltd. | &nbsp;&nbsp; 2510 | 148944 |
| Chambal Fertilisers and Chemicals Ltd. | &nbsp;&nbsp; 30358 | 185925 |
| Coromandel International Ltd. | &nbsp;&nbsp; 22017 | 576350 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | &nbsp;&nbsp; 11756 | 185012 |
| Dhanuka Agritech Ltd. | &nbsp;&nbsp; 2626 | 47620 |
| EID Parry India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16539 | 211212 |
| Godrej Agrovet Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7244 | 60864 |
| Gujarat Ambuja Exports Ltd. | &nbsp;&nbsp; 25600 | 30034 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | &nbsp;&nbsp; 15024 | 89032 |
| Gujarat State Fertilizers & Chemicals Ltd. | &nbsp;&nbsp; 41642 | 93284 |
| Kaveri Seed Co. Ltd. | &nbsp;&nbsp; 3826 | 50591 |
| Paradeep Phosphates Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 68141 | 167949 |
| PI Industries Ltd. | &nbsp;&nbsp; 14171 | 594076 |
| Rallis India Ltd. | &nbsp;&nbsp; 16917 | 66780 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Rashtriya Chemicals & Fertilizers Ltd. | &nbsp;&nbsp; 25195 | $42560 |
| Shree Renuka Sugars Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 117864 | 37904 |
| Sumitomo Chemical India Ltd. | &nbsp;&nbsp; 23184 | 148805 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 111241 | 1344044 |
| Triveni Engineering & Industries Ltd. | &nbsp;&nbsp; 14655 | 58457 |
| UPL Ltd. | &nbsp;&nbsp; 84131 | 683101 |
|  |  | 4960893 |
| **Indonesia — 0.7%** | **Indonesia — 0.7%** | **Indonesia — 0.7%** |
| Astra Agro Lestari Tbk PT | &nbsp;&nbsp; 94100 | 41657 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 1378600 | 356876 |
| Inti Agri Resources Tbk PT<sup>(a)(c)</sup> | &nbsp;&nbsp; 2230700 |  |
| Japfa Comfeed Indonesia Tbk PT | &nbsp;&nbsp; 990600 | 98448 |
| Sawit Sumbermas Sarana Tbk PT | &nbsp;&nbsp; 624600 | 55491 |
| Triputra Agro Persada PT | &nbsp;&nbsp; 728900 | 62768 |
|  |  | 615240 |
| **Israel — 1.3%** | **Israel — 1.3%** | **Israel — 1.3%** |
| ICL Group Ltd. | &nbsp;&nbsp; 144637 | 940167 |
| Israel Corp Ltd. | &nbsp;&nbsp; 705 | 228332 |
|  |  | 1168499 |
| **Italy — 2.0%** | **Italy — 2.0%** | **Italy — 2.0%** |
| CNH Industrial NV | &nbsp;&nbsp; 163868 | 1876289 |
| **Japan — 3.6%** | **Japan — 3.6%** | **Japan — 3.6%** |
| Kubota Corp. | &nbsp;&nbsp; 183400 | 2120480 |
| Kumiai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 14100 | 80266 |
| Maruha Nichiro Corp. | &nbsp;&nbsp; 7600 | 169793 |
| Mitsui DM Sugar Co. Ltd. | &nbsp;&nbsp; 2700 | 59504 |
| NH Foods Ltd. | &nbsp;&nbsp; 15800 | 597011 |
| Prima Meat Packers Ltd. | &nbsp;&nbsp; 4300 | 68898 |
| Sakata Seed Corp. | &nbsp;&nbsp; 5200 | 126377 |
| Yamabiko Corp. | &nbsp;&nbsp; 5400 | 84827 |
|  |  | 3307156 |
| **Malaysia — 2.2%** | **Malaysia — 2.2%** | **Malaysia — 2.2%** |
| Farm Fresh Bhd | &nbsp;&nbsp; 139700 | 66783 |
| Genting Plantations Bhd | &nbsp;&nbsp; 50700 | 58137 |
| Hextar Global Bhd<sup>(d)</sup> | &nbsp;&nbsp; 332100 | 70350 |
| IOI Corp. Bhd | &nbsp;&nbsp; 471800 | 431446 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 93800 | 436919 |
| QL Resources Bhd | &nbsp;&nbsp; 306160 | 297102 |
| SD Guthrie Bhd | &nbsp;&nbsp; 389500 | 466078 |
| United Plantations Bhd | &nbsp;&nbsp; 47050 | 253363 |
|  |  | 2080178 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** | **Netherlands — 0.1%** |
| OCI NV | &nbsp;&nbsp; 19637 | 112204 |
| **Norway — 4.8%** | **Norway — 4.8%** | **Norway — 4.8%** |
| Austevoll Seafood ASA | &nbsp;&nbsp; 17021 | 157883 |
| Bakkafrost P/F | &nbsp;&nbsp; 9419 | 409162 |
| Grieg Seafood ASA<sup>(a)(d)</sup> | &nbsp;&nbsp; 9571 | 67697 |
| Leroy Seafood Group ASA | &nbsp;&nbsp; 49875 | 244375 |
| Mowi ASA | &nbsp;&nbsp; 87138 | 1792806 |
| Salmar ASA | &nbsp;&nbsp; 12495 | 639879 |
| Yara International ASA | &nbsp;&nbsp; 31030 | 1129607 |
|  |  | 4441409 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| Grupa Azoty SA<sup>(a)</sup> | &nbsp;&nbsp; 9058 | 45362 |
| **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** |
| Baladna<sup>(a)</sup> | &nbsp;&nbsp; 129356 | 56743 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| PhosAgro PJSC<sup>(a)(c)</sup> | &nbsp;&nbsp; 136 | 1 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Agriculture Producers ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Russia (continued)** | **Russia (continued)** | **Russia (continued)** |
| PhosAgro PJSC, GDR<sup>(a)(c)(e)</sup> | &nbsp;&nbsp; 2 | $— |
| Ros Agro PLC, GDR<sup>(a)(c)(e)</sup> | &nbsp;&nbsp; 5334 | 1 |
|  |  | 2 |
| **Saudi Arabia — 2.9%** | **Saudi Arabia — 2.9%** | **Saudi Arabia — 2.9%** |
| Almarai Co. JSC | &nbsp;&nbsp; 91829 | 1162093 |
| National Agriculture Development Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 27508 | 152725 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 43574 | 1408413 |
|  |  | 2723231 |
| **Singapore — 1.3%** | **Singapore — 1.3%** | **Singapore — 1.3%** |
| First Resources Ltd. | &nbsp;&nbsp; 104900 | 139776 |
| Golden Agri-Resources Ltd. | &nbsp;&nbsp; 1202600 | 262705 |
| Wilmar International Ltd. | &nbsp;&nbsp; 358900 | 824839 |
|  |  | 1227320 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Harim Holdings Co. Ltd. | &nbsp;&nbsp; 8394 | 50355 |
| Hyundai Feed Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 20538 | 17705 |
|  |  | 68060 |
| **Sweden — 0.4%** | **Sweden — 0.4%** | **Sweden — 0.4%** |
| Husqvarna AB, Class B | &nbsp;&nbsp; 65515 | 371882 |
| **Taiwan — 0.5%** | **Taiwan — 0.5%** | **Taiwan — 0.5%** |
| Charoen Pokphand Enterprise | &nbsp;&nbsp; 32800 | 142552 |
| Sinon Corp. | &nbsp;&nbsp; 68000 | 93922 |
| Taiwan Fertilizer Co. Ltd. | &nbsp;&nbsp; 119000 | 207166 |
|  |  | 443640 |
| **Thailand — 0.6%** | **Thailand — 0.6%** | **Thailand — 0.6%** |
| Betagro PCL, NVDR | &nbsp;&nbsp; 126600 | 66894 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 707500 | 478657 |
|  |  | 545551 |
| **Turkey — 0.3%** | **Turkey — 0.3%** | **Turkey — 0.3%** |
| Gubre Fabrikalari TAS<sup>(a)</sup> | &nbsp;&nbsp; 15504 | 109851 |
| Hektas Ticaret TAS<sup>(a)</sup> | &nbsp;&nbsp; 704448 | 75018 |
| Turk Traktor ve Ziraat Makineleri AS | &nbsp;&nbsp; 4791 | 72015 |
|  |  | 256884 |
| **United Kingdom — 0.8%** | **United Kingdom — 0.8%** | **United Kingdom — 0.8%** |
| Cranswick PLC | &nbsp;&nbsp; 10124 | 697810 |
| **United States — 59.5%** | **United States — 59.5%** | **United States — 59.5%** |
| AGCO Corp. | &nbsp;&nbsp; 11879 | 1285189 |
| Alamo Group Inc. | &nbsp;&nbsp; 1928 | 407695 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 90019 | 5638790 |
| Bunge Global SA | &nbsp;&nbsp; 26238 | 2209764 |
| Cal-Maine Foods Inc. | &nbsp;&nbsp; 8154 | 942929 |
| CF Industries Holdings Inc. | &nbsp;&nbsp; 30355 | 2629654 |
| Corteva Inc. | &nbsp;&nbsp; 127814 | 9482521 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Darling Ingredients Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29662 | $1007321 |
| Deere & Co. | &nbsp;&nbsp; 46507 | 22260110 |
| FMC Corp. | &nbsp;&nbsp; 23333 | 912320 |
| Fresh Del Monte Produce Inc. | &nbsp;&nbsp; 7683 | 278739 |
| Ingredion Inc. | &nbsp;&nbsp; 12050 | 1560957 |
| Lamb Weston Holdings Inc. | &nbsp;&nbsp; 25118 | 1445039 |
| Lindsay Corp. | &nbsp;&nbsp; 2024 | 277754 |
| Mosaic Co. (The) | &nbsp;&nbsp; 59309 | 1980921 |
| Pilgrim's Pride Corp. | &nbsp;&nbsp; 8912 | 396138 |
| Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp; 8651 | 529614 |
| Titan International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9385 | 82776 |
| Toro Co. (The) | &nbsp;&nbsp; 18490 | 1498799 |
| Vital Farms Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6666 | 340566 |
|  |  | 55167596 |
| **Total Long-Term Investments — 98.8%** <br>**(Cost: $108,146,935)** | **Total Long-Term Investments — 98.8%** <br>**(Cost: $108,146,935)** | 91628044 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 88466 | 88510 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 90000 | 90000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $178,464)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $178,464)** | 178510 |
| **Total Investments — 99.0%** <br>**(Cost: $108,325,399)** | **Total Investments — 99.0%** <br>**(Cost: $108,325,399)** | 91806554 |
| **Other Assets Less Liabilities — 1.0%** | **Other Assets Less Liabilities — 1.0%** | 972441 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $92778995 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 registration to qualified institutional investors. 

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> All or a portion of this security is on loan.

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Agriculture Producers ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $215352 | $— | &nbsp;&nbsp; $(125987 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(842)<br>| $(13)<br>| $88510 | 88466 | $10236 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 60000 | 30000 <br><sup>(a)</sup><br>|  |  |  | 90000 | 90000 | 6446 |  |
|  |  |  |  | $(842) | $(13) | $178510 |  | $16682 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Euro STOXX 50 Index | 7 | 09/19/25 | &nbsp;&nbsp; $439 | $(3534) |
| S&P 500 E-Mini Index | 2 | 09/19/25 | &nbsp;&nbsp; 647 | 129 |
|  |  |  |  | $(3405) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $129 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $129 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3534 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3534 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8174)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8174)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5426)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5426)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Agriculture Producers ETF**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1885904 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $64513339 | &nbsp;&nbsp; $27096998 | &nbsp;&nbsp; $17707 | &nbsp;&nbsp; $91628044 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 178510 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 178510 |
|  | &nbsp;&nbsp; $64691849 | &nbsp;&nbsp; $27096998 | &nbsp;&nbsp; $17707 | &nbsp;&nbsp; $91806554 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $129 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $129 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (3534)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3534)<br>|
|  | &nbsp;&nbsp; $(3405)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3405)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Global Energy Producers ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 2.3%** | **Australia — 2.3%** | **Australia — 2.3%** |
| Beach Energy Ltd. | &nbsp;&nbsp; 47403 | $37147 |
| Boss Energy Ltd. <sup>(a)(b)</sup> | &nbsp;&nbsp; 12753 | 16249 |
| Deep Yellow Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 28018 | 33108 |
| Karoon Energy Ltd. | &nbsp;&nbsp; 22913 | 26333 |
| New Hope Corp. Ltd. | &nbsp;&nbsp; 14980 | 43305 |
| Paladin Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9581 | 48975 |
| Paladin Energy Ltd., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 2531 | 12790 |
| Santos Ltd. | &nbsp;&nbsp; 97599 | 510964 |
| Whitehaven Coal Ltd. | &nbsp;&nbsp; 25211 | 108780 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 56900 | 980813 |
| Yancoal Australia Ltd. | &nbsp;&nbsp; 11710 | 41625 |
|  |  | 1860089 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| OMV AG | &nbsp;&nbsp; 4401 | 242405 |
| **Brazil — 1.1%** | **Brazil — 1.1%** | **Brazil — 1.1%** |
| Brava Energia<sup>(a)</sup> | &nbsp;&nbsp; 11023 | 40763 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 111682 | 695200 |
| Petroreconcavo SA | &nbsp;&nbsp; 4315 | 10290 |
| PRIO SA<sup>(a)</sup> | &nbsp;&nbsp; 25430 | 177621 |
|  |  | 923874 |
| **Canada — 10.4%** | **Canada — 10.4%** | **Canada — 10.4%** |
| Advantage Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5060 | 40934 |
| ARC Resources Ltd. | &nbsp;&nbsp; 17501 | 336805 |
| Athabasca Oil Corp.<sup>(a)</sup> | &nbsp;&nbsp; 15474 | 67829 |
| Baytex Energy Corp. | &nbsp;&nbsp; 20344 | 45181 |
| Birchcliff Energy Ltd. | &nbsp;&nbsp; 8320 | 38227 |
| Cameco Corp. | &nbsp;&nbsp; 13045 | 1009139 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 63013 | 1995438 |
| Cardinal Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3802 | 20182 |
| Cenovus Energy Inc. | &nbsp;&nbsp; 40791 | 678390 |
| Denison Mines Corp.<sup>(a)</sup> | &nbsp;&nbsp; 26024 | 59880 |
| Energy Fuels Inc./Canada<sup>(a)</sup> | &nbsp;&nbsp; 6789 | 78452 |
| Freehold Royalties Ltd. | &nbsp;&nbsp; 4226 | 41172 |
| Headwater Exploration Inc. | &nbsp;&nbsp; 6976 | 34592 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 5360 | 486375 |
| International Petroleum Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2306 | 42800 |
| Kelt Exploration Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5168 | 25288 |
| MEG Energy Corp. | &nbsp;&nbsp; 7661 | 157588 |
| Meren Energy Inc. | &nbsp;&nbsp; 12837 | 16638 |
| NexGen Energy Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 15937 | 125444 |
| NuVista Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4934 | 52453 |
| Ovintiv Inc. | &nbsp;&nbsp; 7855 | 330853 |
| Paramount Resources Ltd., Class A | &nbsp;&nbsp; 2366 | 35180 |
| Parex Resources Inc. | &nbsp;&nbsp; 3046 | 38370 |
| Peyto Exploration & Development Corp. | &nbsp;&nbsp; 5890 | 80157 |
| PrairieSky Royalty Ltd. | &nbsp;&nbsp; 6272 | 109926 |
| Strathcona Resources Ltd. | &nbsp;&nbsp; 1288 | 35807 |
| Suncor Energy Inc. | &nbsp;&nbsp; 36901 | 1525372 |
| Tamarack Valley Energy Ltd. | &nbsp;&nbsp; 15138 | 59412 |
| Topaz Energy Corp. | &nbsp;&nbsp; 3699 | 67470 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 11047 | 469116 |
| Vermilion Energy Inc. | &nbsp;&nbsp; 4719 | 35633 |
| Whitecap Resources Inc. | &nbsp;&nbsp; 36852 | 277460 |
|  |  | 8417563 |
| **China — 2.0%** | **China — 2.0%** | **China — 2.0%** |
| CGN Mining Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 80000 | 28532 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 56000 | 68054 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 12400 | 65267 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 102000 | 458370 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Guanghui Energy Co. Ltd., Class A | &nbsp;&nbsp; 10600 | $7888 |
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A  | &nbsp;&nbsp; 4500 | 13093 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 28300 | 57292 |
| Kinetic Development Group Ltd. | &nbsp;&nbsp; 84000 | 12977 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 38100 | 46657 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 636000 | 615844 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 17600 | 50367 |
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 11310 | 11213 |
| Shanxi Lu'an Environmental Energy Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 6100 | 11115 |
| United Energy Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 350000 | 24646 |
| Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 11020 | 20050 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 98000 | 113999 |
|  |  | 1605364 |
| **Finland — 0.3%** | **Finland — 0.3%** | **Finland — 0.3%** |
| Neste OYJ | &nbsp;&nbsp; 12610 | 231753 |
| **France — 4.8%** | **France — 4.8%** | **France — 4.8%** |
| Esso SA Francaise | &nbsp;&nbsp; 80 | 9115 |
| Etablissements Maurel et Prom SA | &nbsp;&nbsp; 1660 | 9879 |
| TotalEnergies SE | &nbsp;&nbsp; 61716 | 3874595 |
|  |  | 3893589 |
| **Greece — 0.1%** | **Greece — 0.1%** | **Greece — 0.1%** |
| HELLENiQ ENERGY Holdings SA | &nbsp;&nbsp; 2867 | 28812 |
| Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp; 2081 | 61335 |
|  |  | 90147 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 12423 | 106912 |
| **India — 4.7%** | **India — 4.7%** | **India — 4.7%** |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 45353 | 158563 |
| Chennai Petroleum Corp. Ltd. | &nbsp;&nbsp; 1582 | 11581 |
| Coal India Ltd. | &nbsp;&nbsp; 55219 | 234668 |
| Gujarat Mineral Development Corp. Ltd. | &nbsp;&nbsp; 2479 | 11368 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 28878 | 123147 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 83841 | 129920 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 94519 | 250509 |
| Oil India Ltd. | &nbsp;&nbsp; 14423 | 63859 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 158894 | 2447067 |
| Reliance Industries Ltd., GDR<sup>(c)</sup> | &nbsp;&nbsp; 6116 | 367586 |
|  |  | 3798268 |
| **Indonesia — 0.5%** | **Indonesia — 0.5%** | **Indonesia — 0.5%** |
| Adaro Andalan Indonesia PT<sup>(a)</sup> | &nbsp;&nbsp; 58500 | 24478 |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 277400 | 29539 |
| Bukit Asam Tbk PT | &nbsp;&nbsp; 116200 | 16907 |
| Bumi Resources Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 3232300 | 21373 |
| Dian Swastatika Sentosa Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 30100 | 181074 |
| Indo Tambangraya Megah Tbk PT | &nbsp;&nbsp; 8500 | 11398 |
| Medco Energi Internasional Tbk PT | &nbsp;&nbsp; 237912 | 16790 |
| Petrindo Jaya Kreasi Tbk PT | &nbsp;&nbsp; 514700 | 48624 |
| Raharja Energi Cepu PT | &nbsp;&nbsp; 24500 | 9066 |
| Sugih Energy Tbk PT<sup>(a)(d)</sup> | &nbsp;&nbsp; 206700 |  |
| United Tractors Tbk PT | &nbsp;&nbsp; 45400 | 67152 |
|  |  | 426401 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
| Delek Group Ltd. | &nbsp;&nbsp; 284 | 62663 |
| Equital Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 688 | 30225 |
| Oil Refineries Ltd. | &nbsp;&nbsp; 72961 | 18082 |
| Paz Retail & Energy Ltd. | &nbsp;&nbsp; 268 | 50552 |
| Tamar Petroleum Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1195 | 14927 |
|  |  | 176449 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Energy Producers ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy — 1.4%** | **Italy — 1.4%** | **Italy — 1.4%** |
| Eni SpA | &nbsp;&nbsp; 61485 | $1099133 |
| **Japan — 1.5%** | **Japan — 1.5%** | **Japan — 1.5%** |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 1636 | 78623 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 81700 | 483778 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 23240 | 154180 |
| Inpex Corp. | &nbsp;&nbsp; 26400 | 448593 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 4900 | 40195 |
|  |  | 1205369 |
| **Norway — 1.1%** | **Norway — 1.1%** | **Norway — 1.1%** |
| Aker BP ASA | &nbsp;&nbsp; 9439 | 238787 |
| BlueNord ASA | &nbsp;&nbsp; 737 | 36109 |
| DNO ASA | &nbsp;&nbsp; 14080 | 21452 |
| Equinor ASA | &nbsp;&nbsp; 23057 | 569020 |
|  |  | 865368 |
| **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** |
| Semirara Mining & Power Corp., Class A | &nbsp;&nbsp; 22800 | 13127 |
| **Poland — 0.5%** | **Poland — 0.5%** | **Poland — 0.5%** |
| ORLEN SA | &nbsp;&nbsp; 17339 | 370518 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| Galp Energia SGPS SA | &nbsp;&nbsp; 12464 | 242272 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Rosneft Oil Co. PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 47821 | 6 |
| **Saudi Arabia — 1.4%** | **Saudi Arabia — 1.4%** | **Saudi Arabia — 1.4%** |
| Saudi Arabian Oil Co.<sup>(c)</sup> | &nbsp;&nbsp; 181864 | 1148272 |
| **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** |
| Exxaro Resources Ltd. | &nbsp;&nbsp; 7303 | 79782 |
| Thungela Resources Ltd. | &nbsp;&nbsp; 3967 | 20924 |
|  |  | 100706 |
| **South Korea — 0.4%** | **South Korea — 0.4%** | **South Korea — 0.4%** |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 1293 | 127323 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 2025 | 146558 |
| S-Oil Corp. | &nbsp;&nbsp; 1333 | 57653 |
|  |  | 331534 |
| **Spain — 0.7%** | **Spain — 0.7%** | **Spain — 0.7%** |
| Repsol SA | &nbsp;&nbsp; 34766 | 570027 |
| **Thailand — 0.3%** | **Thailand — 0.3%** | **Thailand — 0.3%** |
| Bangchak Corp. PCL, NVDR | &nbsp;&nbsp; 16900 | 16840 |
| Banpu PCL, NVDR | &nbsp;&nbsp; 260700 | 38343 |
| IRPC PCL, NVDR | &nbsp;&nbsp; 310900 | 9885 |
| PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 41131 | 142237 |
| Star Petroleum Refining PCL, NVDR | &nbsp;&nbsp; 58000 | 8015 |
| Thai Oil PCL, NVDR | &nbsp;&nbsp; 38400 | 37983 |
|  |  | 253303 |
| **Turkey — 0.2%** | **Turkey — 0.2%** | **Turkey — 0.2%** |
| Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp; 28931 | 121135 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| Dana Gas PJSC | &nbsp;&nbsp; 160618 | 32929 |
| **United Kingdom — 11.8%** | **United Kingdom — 11.8%** | **United Kingdom — 11.8%** |
| BP PLC | &nbsp;&nbsp; 476778 | 2788969 |
| Diversified Energy Co. PLC | &nbsp;&nbsp; 1688 | 27502 |
| Energean PLC | &nbsp;&nbsp; 4192 | 54081 |
| Harbour Energy PLC | &nbsp;&nbsp; 17270 | 53278 |
| Serica Energy PLC | &nbsp;&nbsp; 7233 | 17618 |
| Shell PLC | &nbsp;&nbsp; 177134 | 6521958 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Yellow Cake PLC<sup>(a)(c)</sup> | &nbsp;&nbsp; 6403 | $44707 |
|  |  | 9508113 |
| **United States — 52.0%** | **United States — 52.0%** | **United States — 52.0%** |
| Antero Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp; 8832 | 281917 |
| APA Corp. | &nbsp;&nbsp; 10852 | 251983 |
| BKV Corp.<sup>(a)</sup> | &nbsp;&nbsp; 508 | 11842 |
| California Resources Corp. | &nbsp;&nbsp; 1914 | 95088 |
| Calumet Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2060 | 33578 |
| Centrus Energy Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 489 | 98646 |
| Chevron Corp. | &nbsp;&nbsp; 58926 | 9463516 |
| Chord Energy Corp. | &nbsp;&nbsp; 1736 | 190769 |
| Civitas Resources Inc. | &nbsp;&nbsp; 2346 | 86286 |
| CNX Resources Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4446 | 129823 |
| Comstock Resources Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2628 | 42390 |
| ConocoPhillips | &nbsp;&nbsp; 37941 | 3755021 |
| Core Natural Resources Inc. | &nbsp;&nbsp; 1576 | 117034 |
| Coterra Energy Inc. | &nbsp;&nbsp; 22950 | 560898 |
| Crescent Energy Co., Class A | &nbsp;&nbsp; 5813 | 55456 |
| CVR Energy Inc. | &nbsp;&nbsp; 1028 | 31344 |
| Delek U.S. Holdings Inc. | &nbsp;&nbsp; 1857 | 51458 |
| Devon Energy Corp. | &nbsp;&nbsp; 18337 | 661966 |
| Diamondback Energy Inc. | &nbsp;&nbsp; 5731 | 852544 |
| EOG Resources Inc. | &nbsp;&nbsp; 16406 | 2047797 |
| EQT Corp. | &nbsp;&nbsp; 17821 | 923841 |
| Expand Energy Corp. | &nbsp;&nbsp; 6796 | 657717 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 129548 | 14806041 |
| Granite Ridge Resources Inc. | &nbsp;&nbsp; 1736 | 9652 |
| Gulfport Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp; 454 | 79010 |
| HF Sinclair Corp. | &nbsp;&nbsp; 4778 | 243105 |
| HighPeak Energy Inc.<sup>(b)</sup> | &nbsp;&nbsp; 770 | 5929 |
| Kimbell Royalty Partners LP | &nbsp;&nbsp; 2526 | 35288 |
| Kosmos Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 13889 | 24861 |
| Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp; 5388 | 134053 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 9235 | 1659622 |
| Matador Resources Co. | &nbsp;&nbsp; 3554 | 178979 |
| Murphy Oil Corp. | &nbsp;&nbsp; 4050 | 100683 |
| Northern Oil & Gas Inc. | &nbsp;&nbsp; 2789 | 72960 |
| Occidental Petroleum Corp. | &nbsp;&nbsp; 22187 | 1056323 |
| Par Pacific Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1606 | 55632 |
| PBF Energy Inc., Class A | &nbsp;&nbsp; 2563 | 70021 |
| Peabody Energy Corp. | &nbsp;&nbsp; 3736 | 65006 |
| Permian Resources Corp., Class A | &nbsp;&nbsp; 18029 | 257634 |
| Range Resources Corp. | &nbsp;&nbsp; 7172 | 245784 |
| Riley Exploration Permian Inc. | &nbsp;&nbsp; 294 | 8602 |
| Sable Offshore Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1637 | 44166 |
| SM Energy Co. | &nbsp;&nbsp; 3393 | 96870 |
| Talos Energy Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4052 | 40034 |
| Texas Pacific Land Corp. | &nbsp;&nbsp; 588 | 548886 |
| Uranium Energy Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 13015 | 139130 |
| Valero Energy Corp. | &nbsp;&nbsp; 9438 | 1434670 |
| Viper Energy Inc., Class A | &nbsp;&nbsp; 5090 | 202811 |
| Vital Energy Inc.<sup>(a)</sup> | &nbsp;&nbsp; 851 | 15165 |
| Vitesse Energy Inc. | &nbsp;&nbsp; 880 | 23417 |
|  |  | 42055248 |
| **Total Common Stocks — 98.5%** <br>**(Cost: $64,558,639)** | **Total Common Stocks — 98.5%** <br>**(Cost: $64,558,639)** | 79689874 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Energy Producers ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 1.0%** | **Brazil — 1.0%** | **Brazil — 1.0%** |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 138946 | $797001 |
| **Total Preferred Stocks — 1.0%** <br>**(Cost: $461,011)** | **Total Preferred Stocks — 1.0%** <br>**(Cost: $461,011)** | 797001 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $65,019,650)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $65,019,650)** | 80486875 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 714080 | 714437 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 60000 | 60000 |
| **Total Short-Term Securities — 0.9%** <br>**(Cost: $774,429)** | **Total Short-Term Securities — 0.9%** <br>**(Cost: $774,429)** | 774437 |
| **Total Investments — 100.4%** <br>**(Cost: $65,794,079)** | **Total Investments — 100.4%** <br>**(Cost: $65,794,079)** | 81261312 |
| **Liabilities in Excess of Other Assets — (0.4)%** | **Liabilities in Excess of Other Assets — (0.4)%** | (347008)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $80914304 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> 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 registration to qualified institutional investors. 

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $495074<br> $219539 <br><sup>(a)</sup><br>| $— | $97 | $(273)<br>| $714437 | 714080 | $6495 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | —<br> 60000 <br><sup>(a)</sup><br>|  |  |  | 60000 | 60000 | 8577 |  |
|  |  |  | $97 | $(273) | $774437 |  | $15072 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Energy Select Sector Index | 4 | 09/19/25 | &nbsp;&nbsp; $378 | $20039 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Energy Producers ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20039 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20039 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(74116)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(74116)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18977 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18977 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $354180 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $51844682 | &nbsp;&nbsp; $27845186 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $79689874 |
| Preferred Stocks | &nbsp;&nbsp; 797001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 797001 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 774437 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 774437 |
|  | &nbsp;&nbsp; $53416120 | &nbsp;&nbsp; $27845186 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $81261312 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $20039 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20039 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Global Gold Miners ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 5.3%** | **Australia — 5.3%** | **Australia — 5.3%** |
| Catalyst Metals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1412196 | $6729352 |
| Emerald Resources NL<sup>(a)(b)</sup> | &nbsp;&nbsp; 4018018 | 10026836 |
| Genesis Minerals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7136220 | 21348380 |
| Gold Road Resources Ltd. | &nbsp;&nbsp; 8254253 | 18194058 |
| Ora Banda Mining Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7677797 | 4312422 |
| Regis Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3505107 | 10557986 |
| West African Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8970934 | 18405004 |
| Westgold Resources Ltd. | &nbsp;&nbsp; 4673810 | 10653236 |
|  |  | 100227274 |
| **Canada — 55.4%** | **Canada — 55.4%** | **Canada — 55.4%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 1818555 | 262199786 |
| Alamos Gold Inc., Class A | &nbsp;&nbsp; 1989229 | 60603154 |
| Aris Mining Corp.<sup>(a)</sup> | &nbsp;&nbsp; 904627 | 7871477 |
| B2Gold Corp. | &nbsp;&nbsp; 7070191 | 29189925 |
| Barrick Mining Corp. | &nbsp;&nbsp; 5640584 | 150445693 |
| Centerra Gold Inc. | &nbsp;&nbsp; 1621309 | 13233971 |
| Eldorado Gold Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1134295 | 28123016 |
| Equinox Gold Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4142112 | 36222933 |
| G Mining Ventures Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 716999 | 10749634 |
| IAMGOLD Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3241951 | 30192269 |
| Kinross Gold Corp. | &nbsp;&nbsp; 4145440 | 86660780 |
| Lundin Gold Inc. | &nbsp;&nbsp; 623578 | 38345041 |
| New Gold Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5033908 | 29689922 |
| OceanaGold Corp. | &nbsp;&nbsp; 1091849 | 19955153 |
| Pan American Silver Corp. | &nbsp;&nbsp; 1426099 | 48379475 |
| SSR Mining Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1495834 | 28863437 |
| Torex Gold Resources Inc.<sup>(a)</sup> | &nbsp;&nbsp; 577804 | 19273456 |
| Wesdome Gold Mines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1163909 | 15449857 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 1427460 | 143354049 |
|  |  | 1058803028 |
| **China — 5.4%** | **China — 5.4%** | **China — 5.4%** |
| China Gold International Resources Corp. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1210100 | 17152507 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 4033635 | 13141015 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 21802000 | 72392915 |
|  |  | 102686437 |
| **Indonesia — 0.8%** | **Indonesia — 0.8%** | **Indonesia — 0.8%** |
| Aneka Tambang Tbk | &nbsp;&nbsp; 80605400 | 14940764 |
| **Peru — 1.0%** | **Peru — 1.0%** | **Peru — 1.0%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 1037731 | 19862171 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Polyus PJSC<sup>(a)(c)</sup> | &nbsp;&nbsp; 625470 | 8 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa — 11.3%** | **South Africa — 11.3%** | **South Africa — 11.3%** |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 1420759 | $79953996 |
| DRDGOLD Ltd. | &nbsp;&nbsp; 6265143 | 11463553 |
| Gold Fields Ltd. | &nbsp;&nbsp; 2606687 | 86769957 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 2839985 | 37811225 |
|  |  | 215998731 |
| **Turkey — 0.3%** | **Turkey — 0.3%** | **Turkey — 0.3%** |
| Turk Altin Isletmeleri AS<sup>(a)(b)</sup> | &nbsp;&nbsp; 10842374 | 6347714 |
| **United Kingdom — 2.1%** | **United Kingdom — 2.1%** | **United Kingdom — 2.1%** |
| Endeavour Mining PLC | &nbsp;&nbsp; 854911 | 29351620 |
| Hochschild Mining PLC | &nbsp;&nbsp; 2978004 | 11331887 |
|  |  | 40683507 |
| **United States — 18.1%** | **United States — 18.1%** | **United States — 18.1%** |
| Coeur Mining Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3505454 | 46096720 |
| Newmont Corp. | &nbsp;&nbsp; 4023687 | 299362313 |
|  |  | 345459033 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $1,148,042,562)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $1,148,042,562)** | 1905008667 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 16158839 | 16166918 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 520000 | 520000 |
| **Total Short-Term Securities — 0.9%** <br>**(Cost: $16,685,508)** | **Total Short-Term Securities — 0.9%** <br>**(Cost: $16,685,508)** | 16686918 |
| **Total Investments — 100.6%** <br>**(Cost: $1,164,728,070)** | **Total Investments — 100.6%** <br>**(Cost: $1,164,728,070)** | 1921695585 |
| **Liabilities in Excess of Other Assets — (0.6)%** | **Liabilities in Excess of Other Assets — (0.6)%** | (11689940)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1910005645 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Gold Miners ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $3640134<br> $12525746 <br><sup>(a)</sup><br>| $— | $1126 | $(88)<br>| $16166918 | 16158839 | $69554 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 170000<br> 350000 <br><sup>(a)</sup><br>|  |  |  | 520000 | 520000 | 27955 |  |
|  |  |  | $1126 | $(88) | $16686918 |  | $97509 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| S&P/TSE 60 Index | 17 | 09/18/25 | &nbsp;&nbsp; $4198 | $165095 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $165095 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $165095 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $265578 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $265578 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $117569 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $117569 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $4229493 |

---

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

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Gold Miners ETF**

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1424124232 | &nbsp;&nbsp; $480884427 | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $1905008667 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 16686918 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16686918 |
|  | &nbsp;&nbsp; $1440811150 | &nbsp;&nbsp; $480884427 | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $1921695585 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $165095 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $165095 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Global Metals & Mining Producers ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 22.5%** | **Australia — 22.5%** | **Australia — 22.5%** |
| BHP Group Ltd. | &nbsp;&nbsp; 3865044 | $107730235 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 333592 | 4997775 |
| Champion Iron Ltd. | &nbsp;&nbsp; 284226 | 834423 |
| Deterra Royalties Ltd. | &nbsp;&nbsp; 321135 | 878772 |
| Develop Global Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 200039 | 506173 |
| Fortescue Ltd. | &nbsp;&nbsp; 1289439 | 16263917 |
| IGO Ltd. | &nbsp;&nbsp; 517865 | 1762988 |
| Iluka Resources Ltd. | &nbsp;&nbsp; 329278 | 1359067 |
| Imdex Ltd. | &nbsp;&nbsp; 390260 | 769549 |
| IperionX Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 221857 | 959378 |
| Leo Lithium Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1454959 | 190249 |
| Liontown Resources Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1357712 | 830967 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 640665 | 5803000 |
| MAC Copper Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 43813 | 529183 |
| Mineral Resources Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 134162 | 3256662 |
| Nickel Industries Ltd. | &nbsp;&nbsp; 1487406 | 678218 |
| Perenti Ltd. | &nbsp;&nbsp; 647011 | 998791 |
| Pilbara Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2318343 | 3703065 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 282657 | 21351077 |
| Sandfire Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 351124 | 2873352 |
| Sims Ltd. | &nbsp;&nbsp; 126148 | 1170871 |
| South32 Ltd. | &nbsp;&nbsp; 3429231 | 6055006 |
| Stanmore Resources Ltd. | &nbsp;&nbsp; 282160 | 343499 |
| Vulcan Energy Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 117159 | 316923 |
| Vulcan Steel Ltd. | &nbsp;&nbsp; 51071 | 217626 |
| WA1 Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33485 | 390631 |
|  |  | 184771397 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| voestalpine AG | &nbsp;&nbsp; 81100 | 2686898 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| Bekaert SA | &nbsp;&nbsp; 26084 | 1172150 |
| **Brazil — 3.5%** | **Brazil — 3.5%** | **Brazil — 3.5%** |
| Cia. Siderurgica Nacional SA | &nbsp;&nbsp; 460573 | 646451 |
| Vale SA | &nbsp;&nbsp; 2764932 | 28333433 |
|  |  | 28979884 |
| **Canada — 6.0%** | **Canada — 6.0%** | **Canada — 6.0%** |
| Algoma Steel Group Inc. | &nbsp;&nbsp; 66407 | 323005 |
| Altius Minerals Corp. | &nbsp;&nbsp; 29163 | 636623 |
| Capstone Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp; 437409 | 3127649 |
| Collective Mining Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 35408 | 463306 |
| ERO Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp; 74956 | 1076297 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 539916 | 9462830 |
| Foran Mining Corp.<sup>(a)</sup> | &nbsp;&nbsp; 205355 | 450081 |
| Hudbay Minerals Inc. | &nbsp;&nbsp; 299402 | 3592780 |
| Ivanhoe Electric Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 65378 | 583172 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 569451 | 5033775 |
| Labrador Iron Ore Royalty Corp. | &nbsp;&nbsp; 48980 | 957952 |
| Lithium Americas Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 146445 | 438263 |
| Lundin Mining Corp. | &nbsp;&nbsp; 521321 | 6031813 |
| Major Drilling Group International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 61277 | 431908 |
| NGEx Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 103180 | 1588252 |
| Sigma Lithium Corp.<sup>(a)</sup> | &nbsp;&nbsp; 45030 | 302151 |
| Solaris Resources Inc.<sup>(a)</sup> | &nbsp;&nbsp; 68931 | 379451 |
| Taseko Mines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 243314 | 793714 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 354738 | 12129826 |
| TMC the metals Co. Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 166325 | 891502 |
| Vizsla Silver Corp.<sup>(a)</sup> | &nbsp;&nbsp; 246749 | 901941 |
|  |  | 49596291 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| CAP SA<sup>(a)</sup> | &nbsp;&nbsp; 50211 | $269948 |
| **China — 3.9%** | **China — 3.9%** | **China — 3.9%** |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp; 592465 | 651707 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 2852000 | 2555070 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 988793 | 962337 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 2121500 | 6983041 |
| China Metal Recycling Holdings Ltd., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 132000 |  |
| China Nonferrous Mining Corp Ltd. | &nbsp;&nbsp; 1030000 | 1379266 |
| China Northern Rare Earth Group High-Tech Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 163870 | 1308665 |
| China Rare Earth Resources & Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 48000 | 393149 |
| Citic Pacific Special Steel Group Co. Ltd., Class A | &nbsp;&nbsp; 161900 | 297066 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 796400 | 1383673 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 2844000 | 4375384 |
| Henan Shenhuo Coal Industry & Electricity Power Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 101200 | 274392 |
| Huaibei Mining Holdings Co. Ltd., Class A | &nbsp;&nbsp; 120200 | 210454 |
| Hunan Valin Steel Co. Ltd., Class A | &nbsp;&nbsp; 317700 | 265204 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | &nbsp;&nbsp; 2057421 | 805939 |
| Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp; 93425 | 366141 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 792000 | 2332122 |
| Jinchuan Group International Resources Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 2398000 | 177185 |
| Jinduicheng Molybdenum Co. Ltd., Class A | &nbsp;&nbsp; 145400 | 306476 |
| Maanshan Iron & Steel Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 1040000 | 322544 |
| MMG Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3247600 | 2169801 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp; 532430 | 303439 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 131440 | 363735 |
| Shougang Fushan Resources Group Ltd. | &nbsp;&nbsp; 1580000 | 559011 |
| Tiangong International Co. Ltd. | &nbsp;&nbsp; 1022000 | 329326 |
| Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp; 224860 | 318555 |
| Tongling Nonferrous Metals Group Co. Ltd., Class A | &nbsp;&nbsp; 594700 | 376884 |
| Wanguo Gold Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 204000 | 796075 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp; 107400 | 281641 |
| Western Superconducting Technologies Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 30036 | 263134 |
| Xiamen Tungsten Co. Ltd., Class A | &nbsp;&nbsp; 70499 | 304816 |
| Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp; 159700 | 434453 |
|  |  | 31850685 |
| **Finland — 0.2%** | **Finland — 0.2%** | **Finland — 0.2%** |
| Outokumpu OYJ | &nbsp;&nbsp; 281918 | 1159892 |
| **France — 1.8%** | **France — 1.8%** | **France — 1.8%** |
| Aperam SA | &nbsp;&nbsp; 33733 | 1024120 |
| ArcelorMittal SA | &nbsp;&nbsp; 357148 | 11898312 |
| Constellium SE, Class A<sup>(a)</sup> | &nbsp;&nbsp; 97688 | 1415499 |
| Eramet SA<sup>(c)</sup> | &nbsp;&nbsp; 6455 | 385371 |
|  |  | 14723302 |
| **Germany — 0.9%** | **Germany — 0.9%** | **Germany — 0.9%** |
| Aurubis AG<sup>(c)</sup> | &nbsp;&nbsp; 24089 | 2734909 |
| Salzgitter AG | &nbsp;&nbsp; 22880 | 596732 |
| thyssenkrupp AG | &nbsp;&nbsp; 378126 | 4001568 |
|  |  | 7333209 |
| **India — 5.6%** | **India — 5.6%** | **India — 5.6%** |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 136371 | 2482091 |
| Godawari Power and Ispat Ltd. | &nbsp;&nbsp; 171015 | 451274 |
| Gravita India Ltd. | &nbsp;&nbsp; 25290 | 464895 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 1026672 | 8204512 |
| Hindustan Copper Ltd. | &nbsp;&nbsp; 223868 | 584201 |
| Jai Balaji Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 140703 | 165164 |
| Jindal Saw Ltd. | &nbsp;&nbsp; 172130 | 385470 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Metals & Mining Producers ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 252228 | $2183678 |
| Jindal Steel Ltd. | &nbsp;&nbsp; 271856 | 2916356 |
| JSW Steel Ltd. | &nbsp;&nbsp; 465514 | 5426561 |
| Kirloskar Ferrous Industries Ltd. | &nbsp;&nbsp; 49234 | 306611 |
| Maharashtra Seamless Ltd. | &nbsp;&nbsp; 30411 | 221323 |
| Mishra Dhatu Nigam Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 33435 | 137107 |
| MOIL Ltd. | &nbsp;&nbsp; 47408 | 177804 |
| National Aluminium Co. Ltd. | &nbsp;&nbsp; 632647 | 1337719 |
| NMDC Ltd. | &nbsp;&nbsp; 2355449 | 1839989 |
| NMDC Steel Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 577490 | 247953 |
| PTC Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3414 | 542188 |
| Ramkrishna Forgings Ltd. | &nbsp;&nbsp; 61812 | 397328 |
| Ratnamani Metals & Tubes Ltd. | &nbsp;&nbsp; 21372 | 579096 |
| Sandur Manganese & Iron Ores Ltd. (The) | &nbsp;&nbsp; 29282 | 143416 |
| Sarda Energy & Minerals Ltd. | &nbsp;&nbsp; 65978 | 447525 |
| Surya Roshni Ltd. | &nbsp;&nbsp; 50639 | 163071 |
| Tata Steel Ltd. | &nbsp;&nbsp; 5615996 | 9846060 |
| Tata Steel Ltd., GDR<sup>(c)(e)</sup> | &nbsp;&nbsp; 8951 | 159131 |
| Usha Martin Ltd. | &nbsp;&nbsp; 106232 | 460242 |
| Vedanta Ltd. | &nbsp;&nbsp; 1041463 | 4971663 |
| Welspun Corp. Ltd. | &nbsp;&nbsp; 70187 | 671968 |
|  |  | 45914396 |
| **Indonesia — 1.0%** | **Indonesia — 1.0%** | **Indonesia — 1.0%** |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 11043612 | 5263482 |
| Bumi Resources Minerals Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 42613000 | 1220823 |
| Merdeka Copper Gold Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 7453886 | 1123651 |
| Petrosea Tbk PT | &nbsp;&nbsp; 2304000 | 529445 |
| Vale Indonesia Tbk PT | &nbsp;&nbsp; 1654600 | 375787 |
|  |  | 8513188 |
| **Japan — 5.8%** | **Japan — 5.8%** | **Japan — 5.8%** |
| Aichi Steel Corp. | &nbsp;&nbsp; 23600 | 461321 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 98400 | 841858 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 40500 | 1421950 |
| JFE Holdings Inc. | &nbsp;&nbsp; 437800 | 5442633 |
| JX Advanced Metals Corp. | &nbsp;&nbsp; 424200 | 3905309 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 270400 | 3318304 |
| Kyoei Steel Ltd. | &nbsp;&nbsp; 13300 | 205087 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 44700 | 1151354 |
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 96000 | 1644738 |
| Mitsui Mining & Smelting Co. Ltd. | &nbsp;&nbsp; 43700 | 3081300 |
| Nippon Light Metal Holdings Co. Ltd. | &nbsp;&nbsp; 42440 | 590709 |
| Nippon Steel Corp. | &nbsp;&nbsp; 736505 | 15512990 |
| Nittetsu Mining Co. Ltd. | &nbsp;&nbsp; 7000 | 400702 |
| Osaka Steel Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 9700 | 172589 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 187900 | 5084552 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 40900 | 460077 |
| UACJ Corp. | &nbsp;&nbsp; 28538 | 1218095 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 29900 | 1958218 |
| Yodogawa Steel Works Ltd. | &nbsp;&nbsp; 79500 | 738864 |
|  |  | 47610650 |
| **Malaysia — 0.5%** | **Malaysia — 0.5%** | **Malaysia — 0.5%** |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 2814100 | 3704196 |
| **Mexico — 1.9%** | **Mexico — 1.9%** | **Mexico — 1.9%** |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 2371112 | 15543173 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** | **Netherlands — 0.1%** |
| AMG Critical Materials NV | &nbsp;&nbsp; 23700 | 728668 |
| **New Zealand — 0.0%** | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| Vulcan Steel Ltd., NVS | &nbsp;&nbsp; 5675 | 24183 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Norway — 0.8%** | **Norway — 0.8%** | **Norway — 0.8%** |
| Norsk Hydro ASA | &nbsp;&nbsp; 1054545 | $6835335 |
| **Peru — 0.8%** | **Peru — 0.8%** | **Peru — 0.8%** |
| Southern Copper Corp. | &nbsp;&nbsp; 68028 | 6536791 |
| **Poland — 0.7%** | **Poland — 0.7%** | **Poland — 0.7%** |
| Grupa Kety SA | &nbsp;&nbsp; 7522 | 1902689 |
| Jastrzebska Spolka Weglowa SA, Class S<sup>(a)</sup> | &nbsp;&nbsp; 39500 | 245734 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 107166 | 3764482 |
|  |  | 5912905 |
| **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** |
| Qatar Aluminum Manufacturing Co. | &nbsp;&nbsp; 2087602 | 816780 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 2886002 | 359 |
| GMK Norilskiy Nickel PAO<sup>(a)(b)</sup> | &nbsp;&nbsp; 47600 |  |
| Novolipetsk Steel PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 11120 | 2 |
| Severstal PAO<sup>(a)(b)</sup> | &nbsp;&nbsp; 233400 | 29 |
| United Co. RUSAL International PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 3450000 | 429 |
|  |  | 819 |
| **Saudi Arabia — 1.9%** | **Saudi Arabia — 1.9%** | **Saudi Arabia — 1.9%** |
| Al Masane Al Kobra Mining Co. | &nbsp;&nbsp; 27564 | 452165 |
| East Pipes Integrated Co. for Industry | &nbsp;&nbsp; 11487 | 324955 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | &nbsp;&nbsp; 1036366 | 14360547 |
| Saudi Steel Pipe Co. | &nbsp;&nbsp; 15834 | 208849 |
| Zamil Industrial Investment Co.<sup>(a)</sup> | &nbsp;&nbsp; 22386 | 210891 |
|  |  | 15557407 |
| **South Africa — 2.7%** | **South Africa — 2.7%** | **South Africa — 2.7%** |
| African Rainbow Minerals Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 85515 | 887578 |
| Impala Platinum Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 688619 | 6248608 |
| Northam Platinum Holdings Ltd. | &nbsp;&nbsp; 274924 | 3080445 |
| Sibanye Stillwater Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2150720 | 4091307 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 161602 | 7410765 |
|  |  | 21718703 |
| **South Korea — 2.0%** | **South Korea — 2.0%** | **South Korea — 2.0%** |
| Hyundai Steel Co. | &nbsp;&nbsp; 66397 | 1525904 |
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 3049 | 1800560 |
| Poongsan Corp. | &nbsp;&nbsp; 12949 | 1102592 |
| POSCO Holdings Inc. | &nbsp;&nbsp; 55463 | 11321337 |
| Seah Besteel Holdings Corp. | &nbsp;&nbsp; 9993 | 199324 |
| SeAH Steel Holdings Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1024 | 135748 |
|  |  | 16085465 |
| **Spain — 0.2%** | **Spain — 0.2%** | **Spain — 0.2%** |
| Acerinox SA | &nbsp;&nbsp; 143144 | 1766079 |
| **Sweden — 1.6%** | **Sweden — 1.6%** | **Sweden — 1.6%** |
| Alleima AB | &nbsp;&nbsp; 144238 | 1066023 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 216420 | 7459554 |
| Granges AB | &nbsp;&nbsp; 81344 | 1193199 |
| SSAB AB, Class A | &nbsp;&nbsp; 166708 | 970337 |
| SSAB AB, Class B | &nbsp;&nbsp; 482694 | 2739444 |
|  |  | 13428557 |
| **Taiwan — 1.4%** | **Taiwan — 1.4%** | **Taiwan — 1.4%** |
| Century Iron & Steel Industrial Co. Ltd. | &nbsp;&nbsp; 136000 | 813330 |
| China Steel Corp. | &nbsp;&nbsp; 8985612 | 5892634 |
| Chung Hung Steel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 650000 | 340159 |
| Evergreen Steel Corp. | &nbsp;&nbsp; 145000 | 422823 |
| Feng Hsin Steel Co. Ltd. | &nbsp;&nbsp; 333918 | 728481 |
| Gloria Material Technology Corp. | &nbsp;&nbsp; 348000 | 434264 |
| Hsin Kuang Steel Co. Ltd. | &nbsp;&nbsp; 152000 | 216720 |
| TA Chen Stainless Pipe | &nbsp;&nbsp; 1453721 | 1845731 |
| Tung Ho Steel Enterprise Corp. | &nbsp;&nbsp; 367700 | 762492 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Metals & Mining Producers ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Yieh Phui Enterprise Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 673831 | $331024 |
|  |  | 11787658 |
| **Turkey — 0.4%** | **Turkey — 0.4%** | **Turkey — 0.4%** |
| Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret <br> A/S<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 20400 | 253019 |
| Eregli Demir ve Celik Fabrikalari TAS | &nbsp;&nbsp; 2679138 | 1945470 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 182322 | 175692 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, <br> Class D<sup>(a)</sup><br>| &nbsp;&nbsp; 584637 | 418214 |
| Kocaer Celik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 410806 | 153319 |
| Koza Anadolu Metal Madencilik Isletmeleri AS<sup>(a)</sup> | &nbsp;&nbsp; 140274 | 269522 |
|  |  | 3215236 |
| **United Kingdom — 14.8%** | **United Kingdom — 14.8%** | **United Kingdom — 14.8%** |
| Anglo American PLC, NVS | &nbsp;&nbsp; 852160 | 26242200 |
| Antofagasta PLC | &nbsp;&nbsp; 300267 | 8712641 |
| Atalaya Mining Copper SA | &nbsp;&nbsp; 80384 | 584521 |
| Glencore PLC | &nbsp;&nbsp; 7718943 | 30494042 |
| Hill & Smith PLC | &nbsp;&nbsp; 60925 | 1742652 |
| Rio Tinto PLC | &nbsp;&nbsp; 859377 | 53721217 |
|  |  | 121497273 |
| **United States — 17.4%** | **United States — 17.4%** | **United States — 17.4%** |
| Alcoa Corp. | &nbsp;&nbsp; 197095 | 6344488 |
| Alpha Metallurgical Resources Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8329 | 1242603 |
| Carpenter Technology Corp. | &nbsp;&nbsp; 37904 | 9130316 |
| Century Aluminum Co.<sup>(a)</sup> | &nbsp;&nbsp; 42267 | 943822 |
| Cleveland-Cliffs Inc.<sup>(a)</sup> | &nbsp;&nbsp; 375993 | 4041925 |
| Commercial Metals Co. | &nbsp;&nbsp; 85228 | 4915099 |
| Compass Minerals International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 27426 | 522465 |
| Freeport-McMoRan Inc. | &nbsp;&nbsp; 1093575 | 48554730 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp; 12289 | 956944 |
| Materion Corp. | &nbsp;&nbsp; 15846 | 1755737 |
| Metallus Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29625 | 486739 |
| MP Materials Corp.<sup>(a)</sup> | &nbsp;&nbsp; 93346 | 6640634 |
| Nucor Corp. | &nbsp;&nbsp; 175702 | 26132158 |
| Ramaco Resources Inc., Class A | &nbsp;&nbsp; 29563 | 766569 |
| Reliance Inc. | &nbsp;&nbsp; 40042 | 11838818 |
| Ryerson Holding Corp. | &nbsp;&nbsp; 20145 | 459306 |
| Steel Dynamics Inc. | &nbsp;&nbsp; 107386 | 14058975 |
| SunCoke Energy Inc. | &nbsp;&nbsp; 65990 | 509443 |
| USA Rare Earth Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 14673 | 218921 |
| Warrior Met Coal Inc. | &nbsp;&nbsp; 39966 | 2443521 |
| Worthington Steel Inc. | &nbsp;&nbsp; 24893 | 828937 |
|  |  | 142792150 |
| **Total Common Stocks — 99.0%** <br>**(Cost: $881,280,283)** | **Total Common Stocks — 99.0%** <br>**(Cost: $881,280,283)** | 812533268 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.6%** | **Brazil — 0.6%** | **Brazil — 0.6%** |
| Bradespar SA, Preference Shares, NVS | &nbsp;&nbsp; 192729 | $582256 |
| Cia. de Ferro Ligas da Bahia FERBASA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 117485 | 139547 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 997366 | 3064658 |
| Metalurgica Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 483147 | 842991 |
| Usinas Siderurgicas de Minas Gerais SA Usiminas, <br> Class A, Preference Shares, NVS<br>| &nbsp;&nbsp; 345464 | 278443 |
|  |  | 4907895 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Mechel PJSC, Preference Shares, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 96000 | 12 |
| **Total Preferred Stocks — 0.6%** <br>**(Cost: $5,073,007)** | **Total Preferred Stocks — 0.6%** <br>**(Cost: $5,073,007)** | 4907907 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $886,353,290)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $886,353,290)** | 817441175 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.4%** | **Money Market Funds — 1.4%** | **Money Market Funds — 1.4%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 10998669 | 11004168 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 790000 | 790000 |
| **Total Short-Term Securities — 1.4%** <br>**(Cost: $11,793,300)** | **Total Short-Term Securities — 1.4%** <br>**(Cost: $11,793,300)** | 11794168 |
| **Total Investments — 101.0%** <br>**(Cost: $898,146,590)** | **Total Investments — 101.0%** <br>**(Cost: $898,146,590)** | 829235343 |
| **Liabilities in Excess of Other Assets — (1.0)%** | **Liabilities in Excess of Other Assets — (1.0)%** | (8262047)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $820973296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> 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 registration to qualified institutional investors. 

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Metals & Mining Producers ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $26051082 | $—<br> $(15045538 )<sup>(a)</sup><br>| $6469 | $(7845)<br>| $11004168 | 10998669 | $346239 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1100000 | —<br> (310000 )<sup>(a)</sup><br>|  |  | 790000 | 790000 | 65934 |  |
|  |  |  | $6469 | $(7845) | $11794168 |  | $412173 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Energy Select Sector Index | 5 | 09/19/25 | &nbsp;&nbsp; $473 | $20085 |
| MSCI Emerging Markets Index | 43 | 09/19/25 | &nbsp;&nbsp; 2719 | (8108) |
|  |  |  |  | $11977 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20085 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20085 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8108 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the 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 period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $974375 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $974375 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(87483)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(87483)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Metals & Mining Producers ETF**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2145140 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $247817302 | &nbsp;&nbsp; $564347713 | &nbsp;&nbsp; $368253 | &nbsp;&nbsp; $812533268 |
| Preferred Stocks | &nbsp;&nbsp; 4907895 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 4907907 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 11794168 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11794168 |
|  | &nbsp;&nbsp; $264519365 | &nbsp;&nbsp; $564347713 | &nbsp;&nbsp; $368265 | &nbsp;&nbsp; $829235343 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $20085 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20085 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (8108)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (8108)<br>|
|  | &nbsp;&nbsp; $11977 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11977 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Global Silver and Metals Miners ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Canada — 53.7%** | **Canada — 53.7%** | **Canada — 53.7%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 120630 | $17392468 |
| Aya Gold & Silver Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1457094 | 14482348 |
| Discovery Silver Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5558372 | 17686741 |
| Dundee Precious Metals Inc. | &nbsp;&nbsp; 327175 | 6065370 |
| Eldorado Gold Corp.<sup>(a)</sup> | &nbsp;&nbsp; 218794 | 5424645 |
| Endeavour Silver Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2884266 | 18019443 |
| First Majestic Silver Corp. | &nbsp;&nbsp; 1808913 | 16556622 |
| First Majestic Silver Corp. | &nbsp;&nbsp; 973940 | 8901812 |
| Fortuna Mining Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 509578 | 3929392 |
| Kinross Gold Corp. | &nbsp;&nbsp; 770375 | 16104756 |
| Lundin Gold Inc. | &nbsp;&nbsp; 105934 | 6514091 |
| MAG Silver Corp. | &nbsp;&nbsp; 699631 | 17127167 |
| New Gold Inc.<sup>(a)</sup> | &nbsp;&nbsp; 941797 | 5554706 |
| Orla Mining Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 376126 | 4151942 |
| Pan American Silver Corp. | &nbsp;&nbsp; 244177 | 8283545 |
| Perpetua Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp; 130683 | 2465988 |
| Seabridge Gold Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 139848 | 2441879 |
| Silvercorp Metals Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2770127 | 13393267 |
| Skeena Resources Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 129569 | 2171827 |
| SSR Mining Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 301154 | 5811032 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 169845 | 17056848 |
|  |  | 209535889 |
| **China — 2.9%** | **China — 2.9%** | **China — 2.9%** |
| China Gold International Resources Corp. Ltd. | &nbsp;&nbsp; 383700 | 5438738 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 1826500 | 5737060 |
|  |  | 11175798 |
| **Mexico — 12.5%** | **Mexico — 12.5%** | **Mexico — 12.5%** |
| Industrias Penoles SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 1497745 | 48827875 |
| **Peru — 1.2%** | **Peru — 1.2%** | **Peru — 1.2%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 234177 | 4482148 |
| **South Africa — 1.5%** | **South Africa — 1.5%** | **South Africa — 1.5%** |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 432488 | 5758094 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom — 10.0%** | **United Kingdom — 10.0%** | **United Kingdom — 10.0%** |
| Fresnillo PLC | &nbsp;&nbsp; 1524536 | $36933489 |
| Hochschild Mining PLC | &nbsp;&nbsp; 580755 | 2209886 |
|  |  | 39143375 |
| **United States — 18.1%** | **United States — 18.1%** | **United States — 18.1%** |
| Coeur Mining Inc.<sup>(a)</sup> | &nbsp;&nbsp; 604378 | 7947571 |
| Hecla Mining Co. | &nbsp;&nbsp; 4347413 | 36996485 |
| Newmont Corp. | &nbsp;&nbsp; 345881 | 25733546 |
|  |  | 70677602 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $250,879,167)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $250,879,167)** | 389600781 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 13.3%** | **Money Market Funds — 13.3%** | **Money Market Funds — 13.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 51699971 | 51725821 |
| **Total Short-Term Securities — 13.3%** <br>**(Cost: $51,723,434)** | **Total Short-Term Securities — 13.3%** <br>**(Cost: $51,723,434)** | 51725821 |
| **Total Investments — 113.2%** <br>**(Cost: $302,602,601)** | **Total Investments — 113.2%** <br>**(Cost: $302,602,601)** | 441326602 |
| **Liabilities in Excess of Other Assets — (13.2)%** | **Liabilities in Excess of Other Assets — (13.2)%** | (51306751)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $390019851 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $3912338 | $47814401 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(2393)<br>| $1475 | $51725821 | 51699971 | $125008 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<sup>(c)</sup><br>| 280000 |  | &nbsp;&nbsp; (280000 )<sup>(a)</sup><br>|  |  |  |  | 9714 |  |
|  |  |  |  | $(2393) | $1475 | $51725821 |  | $134722 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

<sup>(c)</sup> As of period end, the entity is no longer held.

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Silver and Metals Miners ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72764 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72764 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15451)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15451)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $723605 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $333523514 | &nbsp;&nbsp; $56077267 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $389600781 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 51725821 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51725821 |
|  | &nbsp;&nbsp; $385249335 | &nbsp;&nbsp; $56077267 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $441326602 |

---

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI <br> Agriculture <br> Producers <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global <br> Energy <br> Producers <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global Gold <br> Miners ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global <br> Metals & Mining <br> Producers ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $91628044 | $80486875 | $1905008667 | $817441175 |
| Investments, at value—affiliated<sup>(c)</sup> | 178510 | 774437 | 16686918 | 11794168 |
| Cash | 967 | 11313 | 275879 | 10854 |
| Cash pledged for futures contracts |  | 32000 | 232000 | 129000 |
| Foreign currency collateral pledged for futures contracts | 18718 |  |  |  |
| Foreign currency, at value<sup>(d)</sup> | 128945 | 145256 | 2443764 | 573496 |
| Receivables: |  |  |  |  |
| Investments sold | 813195 |  |  |  |
| Securities lending income—affiliated | 464 | 232 | 13406 | 18883 |
| Capital shares sold |  |  | 2119194 |  |
| Dividends—unaffiliated | 264309 | 531447 | 2289360 | 3488254 |
| Dividends—affiliated | 531 | 826 | 1183 | 3916 |
| Tax reclaims | 15661 | 20041 |  | 120209 |
| Variation margin on futures contracts |  | 1528 | 21758 |  |
| Foreign withholding tax claims |  |  |  | 27128 |
| Total assets | 93049344 | 82003955 | 1929092129 | 833607083 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value | 87723 | 713243 | 16166599 | 10995513 |
| Payables: |  |  |  |  |
| Investments purchased |  | 20302 | 2353991 | 22104 |
| Capital shares redeemed |  |  |  | 33983 |
| Deferred foreign capital gain tax | 148874 | 277672 |  | 1249036 |
| Foreign taxes | 115 |  |  | 54502 |
| Investment advisory fees | 31688 | 26114 | 565894 | 264391 |
| IRS compliance fee for foreign withholding tax claims |  | 52320 |  |  |
| Variation margin on futures contracts | 1949 |  |  | 14258 |
| Total liabilities | 270349 | 1089651 | 19086484 | 12633787 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $92778995 | $80914304 | $1910005645 | $820973296 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $129826891 | $77331615 | $1264369632 | $1108784192 |
| Accumulated earnings (loss) | (37047896) | 3582689 | 645636013 | (287810896) |
| NET ASSETS | $92778995 | $80914304 | $1910005645 | $820973296 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 2300000 | 3200000 | 35550000 | 20000000 |
| Net asset value | $40.34 | $25.29 | $53.73 | $41.05 |
| Shares authorized | 500 million | 500 million | 500 million | 500 million |
| Par value | $0.001 | $0.001 | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $108146935 | $65019650 | $1148042562 | $886353290 |
| <sup>(b)</sup> Securities loaned, at value | $84176 | $693533 | $15603039 | $10578325 |
| <sup>(c)</sup> Investments, at cost—affiliated | $178464 | $774429 | $16685508 | $11793300 |
| <sup>(d)</sup> Foreign currency, at cost | $129013 | $144657 | $2454478 | $572371 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Global <br> Silver and <br> Metals <br> Miners ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $389600781 |
| Investments, at value—affiliated<sup>(c)</sup> | 51725821 |
| Foreign currency, at value<sup>(d)</sup> | 162812 |
| Receivables: |  |
| Investments sold | 407751 |
| Securities lending income—affiliated | 15928 |
| Dividends—unaffiliated | 197465 |
| Dividends—affiliated | 2708 |
| Variation margin on futures contracts | 25 |
| Total assets | 442113291 |
| **LIABILITIES** |  |
| Bank overdraft | 241587 |
| Collateral on securities loaned, at value | 51733340 |
| Payables: |  |
| Investments purchased | 245 |
| Investment advisory fees | 118268 |
| Total liabilities | 52093440 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $390019851 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $308303084 |
| Accumulated earnings | 81716767 |
| NET ASSETS | $390019851 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 18000000 |
| Net asset value | $21.67 |
| Shares authorized | 500 million |
| Par value | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $250879167 |
| <sup>(b)</sup> Securities loaned, at value | $52207801 |
| <sup>(c)</sup> Investments, at cost—affiliated | $51723434 |
| <sup>(d)</sup> Foreign currency, at cost | $163189 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI <br> Agriculture <br> Producers <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global <br> Energy <br> Producers <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global <br> Gold Miners <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global <br> Metals & <br> Mining <br> Producers <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $3004967 | &nbsp;&nbsp;&nbsp; $3713939 | &nbsp;&nbsp;&nbsp; $18521619 | &nbsp;&nbsp;&nbsp; $25733489 |
| Dividends—affiliated | &nbsp;&nbsp; 6446 | &nbsp;&nbsp;&nbsp; 8577 | &nbsp;&nbsp;&nbsp; 27955 | &nbsp;&nbsp;&nbsp; 65934 |
| Interest—unaffiliated | &nbsp;&nbsp; 1295 | &nbsp;&nbsp;&nbsp; 1206 | &nbsp;&nbsp;&nbsp; 3654 | &nbsp;&nbsp;&nbsp; 12602 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 10236 | &nbsp;&nbsp;&nbsp; 6495 | &nbsp;&nbsp;&nbsp; 69554 | &nbsp;&nbsp;&nbsp; 346239 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 232 |
| Foreign taxes withheld | &nbsp;&nbsp; (126670)<br>| &nbsp;&nbsp;&nbsp; (160249)<br>| &nbsp;&nbsp;&nbsp; (1696839)<br>| &nbsp;&nbsp;&nbsp; (1229788)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47888 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38371 |
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3154)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 2896274 | &nbsp;&nbsp;&nbsp; 3614702 | &nbsp;&nbsp;&nbsp; 16925943 | &nbsp;&nbsp;&nbsp; 24967079 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 380547 | &nbsp;&nbsp;&nbsp; 332898 | &nbsp;&nbsp;&nbsp; 4371539 | &nbsp;&nbsp;&nbsp; 3135620 |
| Commitment costs | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8595 |
| Interest expense | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; 4008 | &nbsp;&nbsp;&nbsp; 76 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31236 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9850 |
| Total expenses | &nbsp;&nbsp; 381298 | &nbsp;&nbsp;&nbsp; 364812 | &nbsp;&nbsp;&nbsp; 4375547 | &nbsp;&nbsp;&nbsp; 3154141 |
| Net investment income | &nbsp;&nbsp; 2514976 | &nbsp;&nbsp;&nbsp; 3249890 | &nbsp;&nbsp;&nbsp; 12550396 | &nbsp;&nbsp;&nbsp; 21812938 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (2405047)<br>| &nbsp;&nbsp;&nbsp; (2164768)<br>| &nbsp;&nbsp;&nbsp; 728082 | &nbsp;&nbsp;&nbsp; (29737850)<br>|
| Investments—affiliated | &nbsp;&nbsp; (842)<br>| &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 1126 | &nbsp;&nbsp;&nbsp; 6469 |
| Foreign currency transactions | &nbsp;&nbsp; (1053)<br>| &nbsp;&nbsp;&nbsp; 14402 | &nbsp;&nbsp;&nbsp; 130271 | &nbsp;&nbsp;&nbsp; 174703 |
| Futures contracts | &nbsp;&nbsp; (8174)<br>| &nbsp;&nbsp;&nbsp; (74116)<br>| &nbsp;&nbsp;&nbsp; 265578 | &nbsp;&nbsp;&nbsp; 974375 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; (2629774)<br>| &nbsp;&nbsp;&nbsp; 5821005 | &nbsp;&nbsp;&nbsp; 67645033 | &nbsp;&nbsp;&nbsp; (11475195)<br>|
|  | &nbsp;&nbsp; (5044890)<br>| &nbsp;&nbsp;&nbsp; 3596620 | &nbsp;&nbsp;&nbsp; 68770090 | &nbsp;&nbsp;&nbsp; (40057498)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 13335078 | &nbsp;&nbsp;&nbsp; (5962353)<br>| &nbsp;&nbsp;&nbsp; 669711298 | &nbsp;&nbsp;&nbsp; 75098988 |
| Investments—affiliated | &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (273)<br>| &nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp; (7845)<br>|
| Foreign currency translations | &nbsp;&nbsp; (4080)<br>| &nbsp;&nbsp;&nbsp; 2804 | &nbsp;&nbsp;&nbsp; (14619)<br>| &nbsp;&nbsp;&nbsp; (22650)<br>|
| Futures contracts | &nbsp;&nbsp; (5426)<br>| &nbsp;&nbsp;&nbsp; 18977 | &nbsp;&nbsp;&nbsp; 117569 | &nbsp;&nbsp;&nbsp; (87483)<br>|
|  | &nbsp;&nbsp; 13325559 | &nbsp;&nbsp;&nbsp; (5940845)<br>| &nbsp;&nbsp;&nbsp; 669814160 | &nbsp;&nbsp;&nbsp; 74981010 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 8280669 | &nbsp;&nbsp;&nbsp; (2344225)<br>| &nbsp;&nbsp;&nbsp; 738584250 | &nbsp;&nbsp;&nbsp; 34923512 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $10795645 | &nbsp;&nbsp;&nbsp; $905665 | &nbsp;&nbsp;&nbsp; $751134646 | &nbsp;&nbsp;&nbsp; $56736450 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(74810)<br>| &nbsp;&nbsp;&nbsp; $(8838)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(459737)<br>|
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of reduction/increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $87449 | &nbsp;&nbsp;&nbsp; $(39266)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $875116 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations (continued)

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>MSCI Global <br> Silver and <br> Metals <br> Miners ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $2369865 |
| Dividends—affiliated | &nbsp;&nbsp; 9714 |
| Interest—unaffiliated | &nbsp;&nbsp; 284 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 125008 |
| Foreign taxes withheld | &nbsp;&nbsp; (281344)<br>|
| Total investment income | &nbsp;&nbsp; 2223527 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 1038387 |
| Interest expense | &nbsp;&nbsp; 3078 |
| Total expenses | &nbsp;&nbsp; 1041465 |
| Net investment income | &nbsp;&nbsp; 1182062 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 20704448 |
| Investments—affiliated | &nbsp;&nbsp; (2393)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 80107 |
| Futures contracts | &nbsp;&nbsp; 72764 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 15324738 |
|  | &nbsp;&nbsp; 36179664 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 127075901 |
| Investments—affiliated | &nbsp;&nbsp; 1475 |
| Foreign currency translations | &nbsp;&nbsp; (9440)<br>|
| Futures contracts | &nbsp;&nbsp; (15451)<br>|
|  | &nbsp;&nbsp; 127052485 |
| Net realized and unrealized gain | &nbsp;&nbsp; 163232149 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $164414211 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Agriculture Producers ETF  | iShares <br>MSCI Agriculture Producers ETF  | iShares <br>MSCI Global Energy Producers ETF  | iShares <br>MSCI Global Energy Producers ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $2514976 | &nbsp;&nbsp;&nbsp; $2644968 | &nbsp;&nbsp;&nbsp; $3249890 | &nbsp;&nbsp;&nbsp; $3922535 |
| Net realized gain (loss) | &nbsp;&nbsp; (5044890)<br>| &nbsp;&nbsp;&nbsp; (20325482)<br>| &nbsp;&nbsp;&nbsp; 3596620 | &nbsp;&nbsp;&nbsp; 11347883 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 13325559 | &nbsp;&nbsp;&nbsp; 4921166 | &nbsp;&nbsp;&nbsp; (5940845)<br>| &nbsp;&nbsp;&nbsp; (8916223)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 10795645 | &nbsp;&nbsp;&nbsp; (12759348)<br>| &nbsp;&nbsp;&nbsp; 905665 | &nbsp;&nbsp;&nbsp; 6354195 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (2348185)<br>| &nbsp;&nbsp;&nbsp; (3575318)<br>| &nbsp;&nbsp;&nbsp; (3561593)<br>| &nbsp;&nbsp;&nbsp; (4418592)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (22943431)<br>| &nbsp;&nbsp;&nbsp; (88547923)<br>| &nbsp;&nbsp;&nbsp; (18402699)<br>| &nbsp;&nbsp;&nbsp; (17803865)<br>|
| *NET ASSETS* |  |  |  |  |
| Total decrease in net assets | &nbsp;&nbsp; (14495971)<br>| &nbsp;&nbsp;&nbsp; (104882589)<br>| &nbsp;&nbsp;&nbsp; (21058627)<br>| &nbsp;&nbsp;&nbsp; (15868262)<br>|
| Beginning of year | &nbsp;&nbsp; 107274966 | &nbsp;&nbsp;&nbsp; 212157555 | &nbsp;&nbsp;&nbsp; 101972931 | &nbsp;&nbsp;&nbsp; 117841193 |
| End of year | &nbsp;&nbsp; $92778995 | &nbsp;&nbsp;&nbsp; $107274966 | &nbsp;&nbsp;&nbsp; $80914304 | &nbsp;&nbsp;&nbsp; $101972931 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Global Gold Miners ETF  | iShares <br>MSCI Global Gold Miners ETF  | iShares <br>MSCI Global Metals & Mining Producers ETF  | iShares <br>MSCI Global Metals & Mining Producers ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $12550396 | &nbsp;&nbsp;&nbsp; $7918655 | &nbsp;&nbsp;&nbsp; $21812938 | &nbsp;&nbsp;&nbsp; $35906522 |
| Net realized gain (loss) | &nbsp;&nbsp; 68770090 | &nbsp;&nbsp;&nbsp; 937976 | &nbsp;&nbsp;&nbsp; (40057498)<br>| &nbsp;&nbsp;&nbsp; 4016106 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 669814160 | &nbsp;&nbsp;&nbsp; 170270384 | &nbsp;&nbsp;&nbsp; 74981010 | &nbsp;&nbsp;&nbsp; (38984573)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 751134646 | &nbsp;&nbsp;&nbsp; 179127015 | &nbsp;&nbsp;&nbsp; 56736450 | &nbsp;&nbsp;&nbsp; 938055 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (13946637)<br>| &nbsp;&nbsp;&nbsp; (8152067)<br>| &nbsp;&nbsp;&nbsp; (27831516)<br>| &nbsp;&nbsp;&nbsp; (45696582)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 622611285 | &nbsp;&nbsp;&nbsp; (6987051)<br>| &nbsp;&nbsp;&nbsp; (174382061)<br>| &nbsp;&nbsp;&nbsp; (452237783)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 1359799294 | &nbsp;&nbsp;&nbsp; 163987897 | &nbsp;&nbsp;&nbsp; (145477127)<br>| &nbsp;&nbsp;&nbsp; (496996310)<br>|
| Beginning of year | &nbsp;&nbsp; 550206351 | &nbsp;&nbsp;&nbsp; 386218454 | &nbsp;&nbsp;&nbsp; 966450423 | &nbsp;&nbsp;&nbsp; 1463446733 |
| End of year | &nbsp;&nbsp; $1910005645 | &nbsp;&nbsp;&nbsp; $550206351 | &nbsp;&nbsp;&nbsp; $820973296 | &nbsp;&nbsp;&nbsp; $966450423 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI Global Silver and Metals Miners <br> ETF  | iShares <br>MSCI Global Silver and Metals Miners <br> ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $1182062 | &nbsp;&nbsp;&nbsp; $1521264 |
| Net realized gain (loss) | &nbsp;&nbsp; 36179664 | &nbsp;&nbsp;&nbsp; (14972733)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 127052485 | &nbsp;&nbsp;&nbsp; 62068092 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 164414211 | &nbsp;&nbsp;&nbsp; 48616623 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (2253233)<br>| &nbsp;&nbsp;&nbsp; (1586649)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (1465614)<br>| &nbsp;&nbsp;&nbsp; 15255408 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 160695364 | &nbsp;&nbsp;&nbsp; 62285382 |
| Beginning of year | &nbsp;&nbsp; 229324487 | &nbsp;&nbsp;&nbsp; 167039105 |
| End of year | &nbsp;&nbsp; $390019851 | &nbsp;&nbsp;&nbsp; $229324487 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Agriculture Producers ETF  | iShares MSCI Agriculture Producers ETF  | iShares MSCI Agriculture Producers ETF  | iShares MSCI Agriculture Producers ETF  | iShares MSCI Agriculture Producers ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $36.99 | &nbsp;&nbsp;&nbsp; $40.03 | &nbsp;&nbsp;&nbsp; $43.28 | &nbsp;&nbsp;&nbsp; $39.82 | &nbsp;&nbsp;&nbsp; $28.60 |
| Net investment income<sup>(a)</sup> | 0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 3.33 | &nbsp;&nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp;&nbsp; (3.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 |
| Net increase (decrease) from investment operations | 4.31 | &nbsp;&nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp; (2.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;11.71 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $40.34 | &nbsp;&nbsp;&nbsp; $36.99 | &nbsp;&nbsp;&nbsp; $40.03 | &nbsp;&nbsp;&nbsp; $43.28 | &nbsp;&nbsp;&nbsp; $39.82 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 11.77<br> %<br>| &nbsp;&nbsp;&nbsp; (5.23)%<br>| &nbsp;&nbsp;&nbsp; (5.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.16<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income | 2.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $92779 | &nbsp;&nbsp;&nbsp; $107275 | &nbsp;&nbsp;&nbsp; $212158 | &nbsp;&nbsp;&nbsp; $292172 | &nbsp;&nbsp;&nbsp; $85612 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Global Energy Producers ETF  | iShares MSCI Global Energy Producers ETF  | iShares MSCI Global Energy Producers ETF  | iShares MSCI Global Energy Producers ETF  | iShares MSCI Global Energy Producers ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $25.82 | &nbsp;&nbsp;&nbsp; $25.07 | &nbsp;&nbsp;&nbsp; $23.53 | &nbsp;&nbsp;&nbsp; $15.86 | &nbsp;&nbsp;&nbsp; $12.04 |
| Net investment income<sup>(a)</sup> | 0.92 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 |
| Net increase from investment operations | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $25.29 | &nbsp;&nbsp;&nbsp; $25.82 | &nbsp;&nbsp;&nbsp; $25.07 | &nbsp;&nbsp;&nbsp; $23.53 | &nbsp;&nbsp;&nbsp; $15.86 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 2.19 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.23 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.94 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.41<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 3.81 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.62 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.01<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $80914 | &nbsp;&nbsp;&nbsp; $101973 | &nbsp;&nbsp;&nbsp; $117841 | &nbsp;&nbsp;&nbsp; $122360 | &nbsp;&nbsp;&nbsp; $80086 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025, <br> August 31, 2024 and August 31, 2023, respectively: <br> • Net investment income per share by $0.00, $0.02 and $0.01. <br> • Total return by 0.02%, 0.10% and 0.03%. <br> • Ratio of net investment income to average net assets by 0.02%, 0.08% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025, <br> August 31, 2024 and August 31, 2023, respectively: <br> • Net investment income per share by $0.00, $0.02 and $0.01. <br> • Total return by 0.02%, 0.10% and 0.03%. <br> • Ratio of net investment income to average net assets by 0.02%, 0.08% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025, <br> August 31, 2024 and August 31, 2023, respectively: <br> • Net investment income per share by $0.00, $0.02 and $0.01. <br> • Total return by 0.02%, 0.10% and 0.03%. <br> • Ratio of net investment income to average net assets by 0.02%, 0.08% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025, <br> August 31, 2024 and August 31, 2023, respectively: <br> • Net investment income per share by $0.00, $0.02 and $0.01. <br> • Total return by 0.02%, 0.10% and 0.03%. <br> • Ratio of net investment income to average net assets by 0.02%, 0.08% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025, <br> August 31, 2024 and August 31, 2023, respectively: <br> • Net investment income per share by $0.00, $0.02 and $0.01. <br> • Total return by 0.02%, 0.10% and 0.03%. <br> • Ratio of net investment income to average net assets by 0.02%, 0.08% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025, <br> August 31, 2024 and August 31, 2023, respectively: <br> • Net investment income per share by $0.00, $0.02 and $0.01. <br> • Total return by 0.02%, 0.10% and 0.03%. <br> • Ratio of net investment income to average net assets by 0.02%, 0.08% and 0.02%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Global Gold Miners ETF  | iShares MSCI Global Gold Miners ETF  | iShares MSCI Global Gold Miners ETF  | iShares MSCI Global Gold Miners ETF  | iShares MSCI Global Gold Miners ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $32.27 | &nbsp;&nbsp;&nbsp; $22.65 | &nbsp;&nbsp;&nbsp; $18.35 | &nbsp;&nbsp;&nbsp; $26.96 | &nbsp;&nbsp;&nbsp; $35.13 |
| Net investment income<sup>(a)</sup> | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 21.49 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp; (8.61)<br>| &nbsp;&nbsp;&nbsp; (8.20)<br>|
| Net increase (decrease) from investment operations | 21.91 | &nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp; (8.05)<br>| &nbsp;&nbsp;&nbsp; (7.71)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $53.73 | &nbsp;&nbsp;&nbsp; $32.27 | &nbsp;&nbsp;&nbsp; $22.65 | &nbsp;&nbsp;&nbsp; $18.35 | &nbsp;&nbsp;&nbsp; $26.96 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 68.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.12<br> %<br>| &nbsp;&nbsp;&nbsp; (30.42)%<br>| &nbsp;&nbsp;&nbsp; (22.12)%<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income | 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1910006 | &nbsp;&nbsp;&nbsp; $550206 | &nbsp;&nbsp;&nbsp; $386218 | &nbsp;&nbsp;&nbsp; $362365 | &nbsp;&nbsp;&nbsp; $558142 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Global Metals & Mining Producers ETF  | iShares MSCI Global Metals & Mining Producers ETF  | iShares MSCI Global Metals & Mining Producers ETF  | iShares MSCI Global Metals & Mining Producers ETF  | iShares MSCI Global Metals & Mining Producers ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $39.29 | &nbsp;&nbsp;&nbsp; $40.26 | &nbsp;&nbsp;&nbsp; $36.62 | &nbsp;&nbsp;&nbsp; $45.61 | &nbsp;&nbsp;&nbsp; $27.79 |
| Net investment income<sup>(a)</sup> | 1.03 | &nbsp;&nbsp;&nbsp;&nbsp; 1.23 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 2.06 | &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp; (8.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.86 |
| Net increase (decrease) from investment operations | 3.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp; (5.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.99 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp; (3.58)<br>| &nbsp;&nbsp;&nbsp; (1.17)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $41.05 | &nbsp;&nbsp;&nbsp; $39.29 | &nbsp;&nbsp;&nbsp; $40.26 | &nbsp;&nbsp;&nbsp; $36.62 | &nbsp;&nbsp;&nbsp; $45.61 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 8.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.96<br> %<br>| &nbsp;&nbsp;&nbsp; (12.69)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 68.77<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 2.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.11<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $820973 | &nbsp;&nbsp;&nbsp; $966450 | &nbsp;&nbsp;&nbsp; $1463447 | &nbsp;&nbsp;&nbsp; $1222991 | &nbsp;&nbsp;&nbsp; $1106060 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024, <br> respectively:<br> • Net investment income per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.00%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024, <br> respectively:<br> • Net investment income per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.00%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024, <br> respectively:<br> • Net investment income per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.00%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024, <br> respectively:<br> • Net investment income per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.00%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024, <br> respectively:<br> • Net investment income per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.00%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024, <br> respectively:<br> • Net investment income per share by $0.00.<br> • Total return by 0.01%.<br> • Ratio of net investment income to average net assets by 0.00%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Global Silver and Metals Miners ETF  | iShares MSCI Global Silver and Metals Miners ETF  | iShares MSCI Global Silver and Metals Miners ETF  | iShares MSCI Global Silver and Metals Miners ETF  | iShares MSCI Global Silver and Metals Miners ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $12.40 | &nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp; $8.61 | &nbsp;&nbsp;&nbsp; $13.92 | &nbsp;&nbsp;&nbsp; $17.29 |
| Net investment income<sup>(a)</sup> | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 9.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp; (5.31)<br>| &nbsp;&nbsp;&nbsp; (2.93)<br>|
| Net increase (decrease) from investment operations | 9.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp; (5.19)<br>| &nbsp;&nbsp;&nbsp; (2.83)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $21.67 | &nbsp;&nbsp;&nbsp; $12.40 | &nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp; $8.61 | &nbsp;&nbsp;&nbsp; $13.92 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 76.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.41<br> %<br>| &nbsp;&nbsp;&nbsp; (37.54)%<br>| &nbsp;&nbsp;&nbsp; (16.69)%<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income | 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $390020 | &nbsp;&nbsp;&nbsp; $229324 | &nbsp;&nbsp;&nbsp; $167039 | &nbsp;&nbsp;&nbsp; $155795 | &nbsp;&nbsp;&nbsp; $267328 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| MSCI Agriculture Producers | &nbsp;&nbsp; Non-diversified |
| MSCI Global Energy Producers | &nbsp;&nbsp; Non-diversified |
| MSCI Global Gold Miners | &nbsp;&nbsp; Non-diversified |
| MSCI Global Metals & Mining Producers | &nbsp;&nbsp; Non-diversified |
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; Non-diversified |

---

The Fund announced on August 25, 2025 that it will change the Fund's name from iShares MSCI Global Energy Producers ETF to iShares U.S. Power Infrastructure ETF, the ticker from FILL to POWR, and the fiscal year end from August 31 to March 31. The Fund also announced a change of the underlying index from the MSCI ACWI Select Energy Producers Investable Market Index to the S&P U.S. Power Infrastructure Select Index and related changes to the Fund's investment objective, investment strategy, and investment risks. The Fund's revised investment objective is to seek to track the investment results of an index composed of public companies involved in U.S. power infrastructure. These changes are expected to be effective on or around October 29, 2025 while the fiscal year end change was effective as of September 1, 2025.

***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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Certain Russian securities held by iShares MSCI Global Energy Producers ETF declared dividends during the period. However, there is no assurance these dividends can be collected by the Fund due to restrictions imposed by the Russian government. As a result, the Fund has not recognized investment income associated with these Russian securities. Any future recognition of these dividend payments, or other dividends of Russian securities declared in prior periods subject to the same or similar restrictions imposed by Russia or other government agencies, could have a material accretive effect on the Fund's net asset value per share.

**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 exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). 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 Statements 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 Statements 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 "Foreign taxes withheld", 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 August 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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 Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** 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.

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

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from 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.

**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.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that 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. The Board of Directors of the Company (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. 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 BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., 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 Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the 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 Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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 Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the 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 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. SECURITIES AND OTHER INVESTMENTS***

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI Agriculture Producers |  |  |  |  |
| Morgan Stanley | &nbsp;&nbsp; $66551 | &nbsp;&nbsp;&nbsp; $(66551) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| UBS AG | &nbsp;&nbsp; 17625 | &nbsp;&nbsp;&nbsp; (17625) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $84176 | &nbsp;&nbsp;&nbsp; $(84176) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| MSCI Global Energy Producers |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $139145 | &nbsp;&nbsp;&nbsp; $(138907) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $238<sup>(b)</sup> <br>|
| BNP Paribas SA | &nbsp;&nbsp; 137730 | &nbsp;&nbsp;&nbsp; (137730) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 342924 | &nbsp;&nbsp;&nbsp; (342924) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 5867 | &nbsp;&nbsp;&nbsp; (5867) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 19975 | &nbsp;&nbsp;&nbsp; (19975) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 1997 | &nbsp;&nbsp;&nbsp; (1997) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 33236 | &nbsp;&nbsp;&nbsp; (33236) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 12659 | &nbsp;&nbsp;&nbsp; (12659) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $693533 | &nbsp;&nbsp;&nbsp; $(693295) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $238 |
| MSCI Global Gold Miners |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $4040203 | &nbsp;&nbsp;&nbsp; $(4040203) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 406753 | &nbsp;&nbsp;&nbsp; (406753) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 6516626 | &nbsp;&nbsp;&nbsp; (6516626) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mizuho Securities USA LLC | &nbsp;&nbsp; 1984423 | &nbsp;&nbsp;&nbsp; (1984423) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 2655034 | &nbsp;&nbsp;&nbsp; (2655034) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $15603039 | &nbsp;&nbsp;&nbsp; $(15603039) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Global Metals & Mining Producers |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $947317 | &nbsp;&nbsp;&nbsp; $(947317) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 132306 | &nbsp;&nbsp;&nbsp; (132306) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 2875866 | &nbsp;&nbsp;&nbsp; (2875866) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 4161762 | &nbsp;&nbsp;&nbsp; (4161762) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 967875 | &nbsp;&nbsp;&nbsp; (967875) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 644783 | &nbsp;&nbsp;&nbsp; (644783) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 34939 | &nbsp;&nbsp;&nbsp; (34939) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 753236 | &nbsp;&nbsp;&nbsp; (753236) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 15609 | &nbsp;&nbsp;&nbsp; (15609) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp;(680) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 43952 | &nbsp;&nbsp;&nbsp; (43952) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $10578325 | &nbsp;&nbsp;&nbsp; $(10578325) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Global Silver and Metals Miners |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $14095490 | &nbsp;&nbsp;&nbsp; $(13867126) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $228364 |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 312379 | &nbsp;&nbsp;&nbsp; (312045) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 334<sup>(b)</sup> <br>|
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 19741297 | &nbsp;&nbsp;&nbsp; (19570676) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 170621<sup>(b)</sup> <br>|
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 1472294 | &nbsp;&nbsp;&nbsp; (1470719) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1575<sup>(b)</sup> <br>|
| Morgan Stanley | &nbsp;&nbsp; 13476827 | &nbsp;&nbsp;&nbsp; (13436539) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 40288<sup>(b)</sup> <br>|
| National Financial Services LLC | &nbsp;&nbsp; 194438 | &nbsp;&nbsp;&nbsp; (190213) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4225<sup>(b)</sup> <br>|
| SG Americas Securities LLC | &nbsp;&nbsp; 2915076 | &nbsp;&nbsp;&nbsp; (2878502) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36574 |
|  | &nbsp;&nbsp; $52207801 | &nbsp;&nbsp;&nbsp; $(51725820) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $481981 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of August 31, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. 

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

***5. 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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements 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.

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund's assets. BFA is a 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 directors).

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

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For each of the iShares MSCI Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2028 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund's investments in other iShares funds.

For year ended August 31, 2025, there were no fees waived by BFA pursuant to these arrangements.

**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.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Agriculture Producers | &nbsp;&nbsp; $3625 |
| MSCI Global Energy Producers | &nbsp;&nbsp; 1755 |
| MSCI Global Gold Miners | &nbsp;&nbsp; 18301 |
| MSCI Global Metals & Mining Producers | &nbsp;&nbsp; 82061 |
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; 34334 |

---

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

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

For the year ended August 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI Agriculture Producers | &nbsp;&nbsp; $3048785 | &nbsp;&nbsp;&nbsp; $3851328 | &nbsp;&nbsp;&nbsp; $(102492) |
| MSCI Global Energy Producers | &nbsp;&nbsp; 291392 | &nbsp;&nbsp;&nbsp; 729270 | &nbsp;&nbsp;&nbsp; (32849) |
| MSCI Global Gold Miners | &nbsp;&nbsp; 11872374 | &nbsp;&nbsp;&nbsp; 21412746 | &nbsp;&nbsp;&nbsp; (2555335) |
| MSCI Global Metals & Mining Producers | &nbsp;&nbsp; 846799 | &nbsp;&nbsp;&nbsp; 6488325 | &nbsp;&nbsp;&nbsp; (1760295) |
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; 3494423 | &nbsp;&nbsp;&nbsp; 4710597 | &nbsp;&nbsp;&nbsp; (326038) |

---

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 Statements 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.

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Agriculture Producers | &nbsp;&nbsp; $18739697 | &nbsp;&nbsp;&nbsp; $22787494 |
| MSCI Global Energy Producers | &nbsp;&nbsp; 4981890 | &nbsp;&nbsp;&nbsp; 7741269 |
| MSCI Global Gold Miners | &nbsp;&nbsp; 290379841 | &nbsp;&nbsp;&nbsp; 263142299 |
| MSCI Global Metals & Mining Producers | &nbsp;&nbsp; 79098822 | &nbsp;&nbsp;&nbsp; 103958267 |
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; 197279581 | &nbsp;&nbsp;&nbsp; 198139639 |

---

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Agriculture Producers | &nbsp;&nbsp; $12767527 | &nbsp;&nbsp;&nbsp; $32447928 |
| MSCI Global Energy Producers | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15897821 |
| MSCI Global Gold Miners | &nbsp;&nbsp; 737832527 | &nbsp;&nbsp;&nbsp; 146267911 |
| MSCI Global Metals & Mining Producers | &nbsp;&nbsp; 3927806 | &nbsp;&nbsp;&nbsp; 152156634 |
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; 44285978 | &nbsp;&nbsp;&nbsp; 45918432 |

---

***8. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Company's other funds for federal income tax purposes. It is 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 of 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 August 31, 2025, 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' financial statements. Management's analysis is based on the tax laws and

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| MSCI Agriculture Producers | &nbsp;&nbsp; $(3234819) | &nbsp;&nbsp;&nbsp; $3234819 |
| MSCI Global Energy Producers | &nbsp;&nbsp; 5736002 | &nbsp;&nbsp;&nbsp; (5736002) |
| MSCI Global Gold Miners | &nbsp;&nbsp; 66585118 | &nbsp;&nbsp;&nbsp; (66585118) |
| MSCI Global Metals & Mining Producers | &nbsp;&nbsp; (11807568) | &nbsp;&nbsp;&nbsp; 11807568 |
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; 14460378 | &nbsp;&nbsp;&nbsp; (14460378) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| MSCI Agriculture Producers |  |  |
| Ordinary income | &nbsp;&nbsp; $2348185 | &nbsp;&nbsp;&nbsp; $3575318 |
| MSCI Global Energy Producers |  |  |
| Ordinary income | &nbsp;&nbsp; $3561593 | &nbsp;&nbsp;&nbsp; $4418592 |
| MSCI Global Gold Miners |  |  |
| Ordinary income | &nbsp;&nbsp; $13946637 | &nbsp;&nbsp;&nbsp; $8152067 |
| MSCI Global Metals & Mining Producers |  |  |
| Ordinary income | &nbsp;&nbsp; $27831516 | &nbsp;&nbsp;&nbsp; $45696582 |
| MSCI Global Silver and Metals Miners |  |  |
| Ordinary income | &nbsp;&nbsp; $2253233 | &nbsp;&nbsp;&nbsp; $1586649 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| MSCI Agriculture Producers | &nbsp;&nbsp; $479911 | &nbsp;&nbsp;&nbsp; $(19573208) | &nbsp;&nbsp;&nbsp; $(17954599) | &nbsp;&nbsp;&nbsp; $(37047896) |
| MSCI Global Energy Producers | &nbsp;&nbsp; 707625 | &nbsp;&nbsp;&nbsp; (11287899) | &nbsp;&nbsp;&nbsp; 14162963 | &nbsp;&nbsp;&nbsp; 3582689 |
| MSCI Global Gold Miners | &nbsp;&nbsp; 8286137 | &nbsp;&nbsp;&nbsp; (111319735) | &nbsp;&nbsp;&nbsp; 748669611 | &nbsp;&nbsp;&nbsp; 645636013 |
| MSCI Global Metals & Mining Producers | &nbsp;&nbsp; 6676933 | &nbsp;&nbsp;&nbsp; (198114121) | &nbsp;&nbsp;&nbsp; (96373708) | &nbsp;&nbsp;&nbsp; (287810896) |
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; 6232351 | &nbsp;&nbsp;&nbsp; (55122093) | &nbsp;&nbsp;&nbsp; 130606509 | &nbsp;&nbsp;&nbsp; 81716767 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

For the year ended August 31, 2025, the iShares MSCI Global Silver and Metals Miners ETF utilized $21,126,858 of its capital loss carryforwards.

As of August 31, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI Agriculture Producers | &nbsp;&nbsp; $109612323 | &nbsp;&nbsp;&nbsp; $8345874 | &nbsp;&nbsp;&nbsp; $(26151643) | &nbsp;&nbsp;&nbsp; $(17805769) |
| MSCI Global Energy Producers | &nbsp;&nbsp; 66822921 | &nbsp;&nbsp;&nbsp; 17937928 | &nbsp;&nbsp;&nbsp; (3499537) | &nbsp;&nbsp;&nbsp; 14438391 |
| MSCI Global Gold Miners | &nbsp;&nbsp; 1173021983 | &nbsp;&nbsp;&nbsp; 770459372 | &nbsp;&nbsp;&nbsp; (21785770) | &nbsp;&nbsp;&nbsp; 748673602 |
| MSCI Global Metals & Mining Producers | &nbsp;&nbsp; 924364045 | &nbsp;&nbsp;&nbsp; 102126117 | &nbsp;&nbsp;&nbsp; (197254819) | &nbsp;&nbsp;&nbsp; (95128702) |
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; 310719823 | &nbsp;&nbsp;&nbsp; 130606779 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 130606779 |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***9. LINE OF CREDIT***

The iShares MSCI Agriculture Producers, iShares MSCI Global Energy Producers and iShares MSCI Global Metals & Mining Producers ETFs, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2025, the iShares MSCI Agriculture Producers ETF did not borrow under the Syndicated Credit Agreement.

For the year ended August 31, 2025, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Maximum* <br>*Amount* <br>*Borrowed*<br>| &nbsp;&nbsp; *Average* <br>*Borrowing*<br>| &nbsp;&nbsp; *Weighted* <br>*Average* <br>*Interest Rates* <br>|
| MSCI Global Energy Producers | &nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $2740 | &nbsp;&nbsp;&nbsp;&nbsp;6.41% |
| MSCI Global Metals & Mining Producers | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 1370 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 |

---

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each 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, tariffs 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 an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**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 each 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. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of 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 may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**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 BFA 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 Statements 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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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.

**Geographic/Asset Class 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 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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. 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. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

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.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Agriculture Producers |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $15060919 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| Shares redeemed | &nbsp;&nbsp; (1000000)<br>| &nbsp;&nbsp;&nbsp; (38004350)<br>| &nbsp;&nbsp;&nbsp; (2400000)<br>| &nbsp;&nbsp;&nbsp; (88547923)<br>|
|  | &nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; $(22943431)<br>| &nbsp;&nbsp;&nbsp; (2400000)<br>| &nbsp;&nbsp;&nbsp; $(88547923)<br>|
| MSCI Global Energy Producers |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $10638628 |
| Shares redeemed | &nbsp;&nbsp; (750000)<br>| &nbsp;&nbsp;&nbsp; (18402699)<br>| &nbsp;&nbsp;&nbsp; (1150000)<br>| &nbsp;&nbsp;&nbsp; (28442493)<br>|
|  | &nbsp;&nbsp; (750000)<br>| &nbsp;&nbsp;&nbsp; $(18402699)<br>| &nbsp;&nbsp;&nbsp; (750000)<br>| &nbsp;&nbsp;&nbsp; $(17803865)<br>|
| MSCI Global Gold Miners |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 22200000 | &nbsp;&nbsp;&nbsp; $771022723 | &nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; $51706604 |
| Shares redeemed | &nbsp;&nbsp; (3700000)<br>| &nbsp;&nbsp;&nbsp; (148411438)<br>| &nbsp;&nbsp;&nbsp; (1900000)<br>| &nbsp;&nbsp;&nbsp; (58693655)<br>|
|  | &nbsp;&nbsp; 18500000 | &nbsp;&nbsp;&nbsp; $622611285 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $(6987051)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 08/31/25 | Year Ended<br> 08/31/25 | Year Ended<br> 08/31/24 | Year Ended<br> 08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Global Metals & Mining Producers |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $14426687 | &nbsp;&nbsp;&nbsp; 4850000 | &nbsp;&nbsp;&nbsp; $215694745 |
| Shares redeemed | &nbsp;&nbsp; (5000000)<br>| &nbsp;&nbsp;&nbsp; (188808748)<br>| &nbsp;&nbsp;&nbsp; (16600000)<br>| &nbsp;&nbsp;&nbsp; (667932528)<br>|
|  | &nbsp;&nbsp; (4600000)<br>| &nbsp;&nbsp;&nbsp; $(174382061)<br>| &nbsp;&nbsp;&nbsp; (11750000)<br>| &nbsp;&nbsp;&nbsp; $(452237783)<br>|
| MSCI Global Silver and Metals Miners |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; $44552505 | &nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; $24421903 |
| Shares redeemed | &nbsp;&nbsp; (3300000)<br>| &nbsp;&nbsp;&nbsp; (46018119)<br>| &nbsp;&nbsp;&nbsp; (800000)<br>| &nbsp;&nbsp;&nbsp; (9166495)<br>|
|  | &nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; $(1465614)<br>| &nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; $15255408 |

---

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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 Company's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***12. FOREIGN WITHHOLDING TAX CLAIMS***

The iShares MSCI Global Metals & Mining Producers ETF has filed European Union Discrimination Claims ("ECJ Claims") to recover taxes withheld by Poland (the "ECJ Paying Countries") on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by the ECJ Paying Countries based upon previous determinations made by the local tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding ECJ Claims, ECJ Paying Countries' tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the local tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of August 31, 2025, is $27,128 or $0.00 per share.

Certain of the outstanding foreign tax reclaims are not deemed by the Funds to meet the recognition criteria under U.S. GAAP as of August 31, 2025 and have not been recorded in the applicable Fund's net asset value. The recognition by the Funds of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

The iShares MSCI Global Energy Producers ETF is seeking a closing agreement with the Internal Revenue Service ("IRS") to address any prior years' U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

***13. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the five funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares MSCI Agriculture Producers ETF |
| iShares MSCI Global Energy Producers ETF |
| iShares MSCI Global Gold Miners ETF |
| iShares MSCI Global Metals & Mining Producers ETF |
| iShares MSCI Global Silver and Metals Miners ETF |

---

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

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

2025 iShares Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI Agriculture Producers | &nbsp;&nbsp; $2507004 |
| MSCI Global Energy Producers | &nbsp;&nbsp; 3303602 |
| MSCI Global Gold Miners | &nbsp;&nbsp; 18316496 |
| MSCI Global Metals & Mining Producers | &nbsp;&nbsp; 25305096 |
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; 2328527 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| MSCI Global Gold Miners | &nbsp;&nbsp; $14885171 | &nbsp;&nbsp;&nbsp;&nbsp; $1627126 |
| MSCI Global Metals & Mining Producers | &nbsp;&nbsp; 27473717 | &nbsp;&nbsp;&nbsp;&nbsp; 1651561 |
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; 1986762 | &nbsp;&nbsp;&nbsp;&nbsp; 266777 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received* <br>*Deduction*<br>|
| MSCI Agriculture Producers | 47.10<br> %<br>|
| MSCI Global Energy Producers | 46.34<br> %<br>|
| MSCI Global Gold Miners | 16.54<br> %<br>|
| MSCI Global Metals & Mining Producers | 7.03<br> %<br>|
| MSCI Global Silver and Metals Miners | 5.26<br> %<br>|

---

Important Tax Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Regulation under the Alternative Investment Fund Managers Directive**

The Alternative Investment Fund Managers Directive, and its United Kingdom ("UK") equivalent, (the "AIFMD") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI Global Metals & Mining Producers ETF (the "Fund") to be marketed to investors in the EU and/or UK.

**Report on Remuneration**

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Remuneration information at an individual Fund level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Fund is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals' portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Electronic Delivery**

Shareholders can sign up for e-mail 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

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, when available, at **iShares.com**.

Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares MSCI Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global Silver and Metals Miners ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund**: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

2025 iShares Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |

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Glossary of Terms Used in this Report

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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.©2025 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.

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August 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| **iShares, Inc.** |
| • iShares MSCI Russia ETF \| ERUS \| |

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_7a666567-993d-4280-bcb3-853155ba2028_SOIs-Footer-iSharesReport-219_1)  | &nbsp;&nbsp; 3 |
| [Statement of Assets and Liabilities](#xx_7a666567-993d-4280-bcb3-853155ba2028_FS-Footer-iSharesReport-219_1)  | &nbsp;&nbsp; 5 |
| [Statement of Operations](#xx_7a666567-993d-4280-bcb3-853155ba2028_FS-Footer-iSharesReport-219_2)  | &nbsp;&nbsp; 6 |
| [Statements of Changes in Net Assets](#xx_7a666567-993d-4280-bcb3-853155ba2028_FS-Footer-iSharesReport-219_3)  | &nbsp;&nbsp; 7 |
| [Statement of Cash Flows](#xx_7a666567-993d-4280-bcb3-853155ba2028_FS-Footer-iSharesReport-219_4)  | &nbsp;&nbsp; 8 |
| [Financial Highlights](#xx_7a666567-993d-4280-bcb3-853155ba2028_FS-Footer-iSharesReport-219_5)  | &nbsp;&nbsp; 9 |
| [Notes to Financial Statements](#xx_7a666567-993d-4280-bcb3-853155ba2028_NTFS-Footer-iSharesReport-219_1)  | &nbsp;&nbsp; 10 |
| [Report of Independent Registered Public Accounting Firm](#xx_7a666567-993d-4280-bcb3-853155ba2028_opinion-Footer-iSharesReport-219_1)  | &nbsp;&nbsp; 15 |
| [Additional Information](#xx_7a666567-993d-4280-bcb3-853155ba2028_SAI-Footer-iSharesReport-219_1)  | &nbsp;&nbsp; 16 |
| [Board Review and Approval of Investment Advisory Contract](#xx_7a666567-993d-4280-bcb3-853155ba2028_15Cheader-Footer-iSharesReport-219_1)  | &nbsp;&nbsp; 17 |
| [Glossary of Terms Used in these Financial Statements](#xx_7a666567-993d-4280-bcb3-853155ba2028_Abbreviations-Footer-iSharesReport-219_1)  | &nbsp;&nbsp; 19 |

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Schedule of Investments

August 31, 2025

**iShares® MSCI Russia ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** |
| Sberbank of Russia PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 18835860 | $2343 |
| TCS Group Holding PLC, GDR<sup>(a)(b)</sup> | &nbsp;&nbsp; 289152 | 36 |
| VTB Bank PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 1661569 |  |
|  |  | 2379 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| Ozon Holdings PLC, ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 106824 | 13 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 4737800 | 589 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| PhosAgro PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 2875 | 29 |
| PhosAgro PJSC, GDR<sup>(a)(b)</sup> | &nbsp;&nbsp; 2 |  |
|  |  | 29 |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| X5 Retail Group NV, GDR<sup>(a)(b)</sup> | &nbsp;&nbsp; 374475 | 47 |
| **Interactive Media & Services — 0.0%**  | **Interactive Media & Services — 0.0%**  | **Interactive Media & Services — 0.0%**  |
| VK Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 393252 | 49 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Alrosa PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 7486250 | 931 |
| Polyus PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 891290 | 11 |
| Severstal PAO<sup>(a)(b)</sup> | &nbsp;&nbsp; 604068 | 75 |
| United Co. RUSAL International PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 5811330 | 723 |
|  |  | 1740 |

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| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| Rosneft Oil Co. PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 2566222 | $319 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| Mobile TeleSystems PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 2776444 | 345 |
| **Total Long-Term Investments — 1.3%** <br>**(Cost: $170,608,491)** | **Total Long-Term Investments — 1.3%** <br>**(Cost: $170,608,491)** | 5510 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 96.5%** | **Money Market Funds — 96.5%** | **Money Market Funds — 96.5%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 430000 | 430000 |
| **Total Short-Term Securities — 96.5%** <br>**(Cost: $430,000)** | **Total Short-Term Securities — 96.5%** <br>**(Cost: $430,000)** | 430000 |
| **Total Investments — 97.8%** <br>**(Cost: $171,038,491)** | **Total Investments — 97.8%** <br>**(Cost: $171,038,491)** | 435510 |
| **Other Assets Less Liabilities — 2.2%** | **Other Assets Less Liabilities — 2.2%** | 9999 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $445509 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $490000 | $—<br> $(60000 )<sup>(a)</sup><br>| $— | $— | $430000 | 430000 | $211788 | $— |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5510 | &nbsp;&nbsp; $5510 |

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2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Russia ETF**

**Fair Value Hierarchy as of Period End (continued)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $430000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $430000 |
|  | &nbsp;&nbsp; $430000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5510 | &nbsp;&nbsp; $435510 |

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A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

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| | | | |
|:---|:---|:---|:---|
|  | *Common* <br>*Stocks*<br>| *Preferred* <br>*Stocks*<br>| *Total* |
| Assets: |  |  |  |
| Opening balance, as of August 31, 2024 | &nbsp;&nbsp; $26282 | &nbsp;&nbsp; $2399 | &nbsp;&nbsp; $28681 |
| Transfers into Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued discounts/premiums | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp; (198705002)<br>| &nbsp;&nbsp; (9331137)<br>| &nbsp;&nbsp; (208036139)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp; 259180563 | &nbsp;&nbsp; 11911363 | &nbsp;&nbsp; 271091926 |
| Purchases | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Sales | &nbsp;&nbsp; (60496333)<br>| &nbsp;&nbsp; (2582625)<br>| &nbsp;&nbsp; (63078958)<br>|
| Closing balance, as of August 31, 2025 | &nbsp;&nbsp; $5510 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5510 |
| Net change in unrealized appreciation (depreciation) on investment still held at August 31, 2025 | &nbsp;&nbsp; $620 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $620 |
| <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. | <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. | <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. | <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. |
| <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at August 31, 2025 is gen-<br> erally due to investments no longer held or categorized as Level 3 at period end. | <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at August 31, 2025 is gen-<br> erally due to investments no longer held or categorized as Level 3 at period end. | <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at August 31, 2025 is gen-<br> erally due to investments no longer held or categorized as Level 3 at period end. | <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at August 31, 2025 is gen-<br> erally due to investments no longer held or categorized as Level 3 at period end. |

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*See notes to financial statements.*

Schedule of Investments

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Statement of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Russia <br> ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)</sup> | $5510 |
| Investments, at value—affiliated<sup>(b)</sup> | 430000 |
| Cash | 8127 |
| Foreign currency, at value<sup>(c)</sup> | 314 |
| Receivables: |  |
| Dividends—affiliated | 1558 |
| Total assets | 445509 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $445509 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $559001873 |
| Accumulated loss | (558556364) |
| NET ASSETS | $445509 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 13750000 |
| Net asset value | $0.03 |
| Shares authorized | 1 billion |
| Par value | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $170608491 |
| <sup>(b)</sup> Investments, at cost—affiliated | $430000 |
| <sup>(c)</sup> Foreign currency, at cost | $272 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statement of Operations

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>MSCI Russia <br> ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—affiliated | &nbsp;&nbsp; $211788 |
| Interest—unaffiliated | &nbsp;&nbsp; 4028 |
| Total investment income | &nbsp;&nbsp; 215816 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 25119 |
| Total expenses | &nbsp;&nbsp; 25119 |
| Less: |  |
| Investment advisory fees waived | &nbsp;&nbsp; (25119)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; — |
| Net investment income | &nbsp;&nbsp; 215816 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (223522146)<br>|
|  | &nbsp;&nbsp; (223522146)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 271091926 |
| Foreign currency translations | &nbsp;&nbsp; 17 |
|  | &nbsp;&nbsp; 271091943 |
| Net realized and unrealized gain | &nbsp;&nbsp; 47569797 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $47785613 |

---

*See notes to financial statements.*

Statement of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI Russia ETF  | iShares <br>MSCI Russia ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $215816 | &nbsp;&nbsp;&nbsp; $90470 |
| Net realized loss | &nbsp;&nbsp; (223522146)<br>| &nbsp;&nbsp;&nbsp; (15739747)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 271091943 | &nbsp;&nbsp;&nbsp; 23728582 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 47785613 | &nbsp;&nbsp;&nbsp; 8079305 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| From net investment income | &nbsp;&nbsp; (215816)<br>| &nbsp;&nbsp;&nbsp; (90470)<br>|
| Liquidating distribution | &nbsp;&nbsp; (47654190)<br>| &nbsp;&nbsp;&nbsp; (7947037)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (47870006)<br>| &nbsp;&nbsp;&nbsp; (8037507)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (84393)<br>| &nbsp;&nbsp;&nbsp; 41798 |
| Beginning of year | &nbsp;&nbsp; 529902 | &nbsp;&nbsp;&nbsp; 488104 |
| End of year | &nbsp;&nbsp; $445509 | &nbsp;&nbsp;&nbsp; $529902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statement of Cash Flows

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>MSCI Russia ETF<br>|
| **CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES** |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $47785613 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |
| Proceeds from sales of long-term investments<sup>(a)</sup> | &nbsp;&nbsp; 47592951 |
| Net proceeds from sales of short-term securities | &nbsp;&nbsp; 60000 |
| Net realized (gain) loss on investments | &nbsp;&nbsp; 223522146 |
| Net change in unrealized (appreciation) depreciation on investments | &nbsp;&nbsp; (271091926)<br>|
| (Increase) decrease in assets: |  |
| Receivables: |  |
| Dividends—affiliated | &nbsp;&nbsp; 634 |
| Net cash provided by operating activities | &nbsp;&nbsp; 47869418 |
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |
| Cash distributions paid to shareholders | &nbsp;&nbsp; (47870006)<br>|
| Net cash used for financing activities | &nbsp;&nbsp; (47870006)<br>|
| **CASH AND FOREIGN CURRENCY** |  |
| Net decrease in restricted and unrestricted cash and foreign currency | &nbsp;&nbsp; $(588)<br>|
| Restricted and unrestricted cash and foreign currency at beginning of year | &nbsp;&nbsp; 9029 |
| Restricted and unrestricted cash and foreign currency at end of year | &nbsp;&nbsp; $8441 |
| **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENT OF** <br> **ASSETS AND LIABILITIES**<br>|  |
| Cash | &nbsp;&nbsp; $8127 |
| Foreign currency, at value | &nbsp;&nbsp; 314 |
|  | &nbsp;&nbsp; $8441 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes in-kind transactions, if any.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Russia ETF  | iShares MSCI Russia ETF  | iShares MSCI Russia ETF  | iShares MSCI Russia ETF  | iShares MSCI Russia ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp; $45.29 | &nbsp;&nbsp;&nbsp; $34.87 |
| Net investment income<sup>(a)</sup> | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| Net realized and unrealized gain (loss) | 3.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (44.38 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.24 <br><sup>(c)</sup><br>|
| Net increase (decrease) from investment operations | 3.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (43.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.29 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp;&nbsp; (1.87)<br>|
| Liquidating distribution | &nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp; (1.87)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp; $45.29 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; 147,073.78 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; 8,908.28 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp; (99.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.07<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Total expenses after fees waived<sup>(h)</sup> | 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 5.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.26<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $446 | &nbsp;&nbsp;&nbsp; $530 | &nbsp;&nbsp;&nbsp; $488 | &nbsp;&nbsp;&nbsp; $485 | &nbsp;&nbsp;&nbsp; $586497 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Rounds to less than $0.01. | <sup>(b)</sup> Rounds to less than $0.01. | <sup>(b)</sup> Rounds to less than $0.01. | <sup>(b)</sup> Rounds to less than $0.01. | <sup>(b)</sup> Rounds to less than $0.01. | <sup>(b)</sup> Rounds to less than $0.01. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Total Return includes the impact of proceeds from the sale of certain investments, which were previously being fair valued at a nominal value consistent with other local Russian equities <br> and Russian exposed ADR and GDR securities. See Plan of Liquidation section in the Notes to the Financial Statements for more information. | <sup>(f)</sup> Total Return includes the impact of proceeds from the sale of certain investments, which were previously being fair valued at a nominal value consistent with other local Russian equities <br> and Russian exposed ADR and GDR securities. See Plan of Liquidation section in the Notes to the Financial Statements for more information. | <sup>(f)</sup> Total Return includes the impact of proceeds from the sale of certain investments, which were previously being fair valued at a nominal value consistent with other local Russian equities <br> and Russian exposed ADR and GDR securities. See Plan of Liquidation section in the Notes to the Financial Statements for more information. | <sup>(f)</sup> Total Return includes the impact of proceeds from the sale of certain investments, which were previously being fair valued at a nominal value consistent with other local Russian equities <br> and Russian exposed ADR and GDR securities. See Plan of Liquidation section in the Notes to the Financial Statements for more information. | <sup>(f)</sup> Total Return includes the impact of proceeds from the sale of certain investments, which were previously being fair valued at a nominal value consistent with other local Russian equities <br> and Russian exposed ADR and GDR securities. See Plan of Liquidation section in the Notes to the Financial Statements for more information. | <sup>(f)</sup> Total Return includes the impact of proceeds from the sale of certain investments, which were previously being fair valued at a nominal value consistent with other local Russian equities <br> and Russian exposed ADR and GDR securities. See Plan of Liquidation section in the Notes to the Financial Statements for more information. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund which was applied to management fees starting with February 1, 2022 for the <br> years ended August 31, 2022, August 31, 2023, August 31, 2024 and August 31, 2025. | <sup>(h)</sup> Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund which was applied to management fees starting with February 1, 2022 for the <br> years ended August 31, 2022, August 31, 2023, August 31, 2024 and August 31, 2025. | <sup>(h)</sup> Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund which was applied to management fees starting with February 1, 2022 for the <br> years ended August 31, 2022, August 31, 2023, August 31, 2024 and August 31, 2025. | <sup>(h)</sup> Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund which was applied to management fees starting with February 1, 2022 for the <br> years ended August 31, 2022, August 31, 2023, August 31, 2024 and August 31, 2025. | <sup>(h)</sup> Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund which was applied to management fees starting with February 1, 2022 for the <br> years ended August 31, 2022, August 31, 2023, August 31, 2024 and August 31, 2025. | <sup>(h)</sup> Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund which was applied to management fees starting with February 1, 2022 for the <br> years ended August 31, 2022, August 31, 2023, August 31, 2024 and August 31, 2025. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

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

These financial statements relate only to the following fund (the "Fund"):

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> MSCI Russia Non-diversified

***2. PLAN OF LIQUIDATION*** 

Russia launched a large-scale invasion of Ukraine on February 24, 2022, creating circumstances that have significantly impacted the Fund's operations. The United States, and many other countries, imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities, including banning Russia from global payment systems that facilitate cross-border payments. In response, the Russian government imposed capital controls to restrict movements of capital from entering and exiting the country and has closed trading sessions for local Russian equities to non-residents. In addition, trading of depository receipts for Russian-based companies halted on primary trading platforms subsequent to Russia's invasion.

The consequences of Russia's invasion and unprecedented market and policy responses of various governments and regulators precipitated the absence of a functioning or orderly market to facilitate the liquidation and repatriation of securities for any Russian-based company held by the Fund. As a result, the fair value of Russian securities and currency experienced significant declines.

Additionally, from February 24, 2022 through August 2022, the following events occurred: (i) the Fund suspended new creations of its shares; (ii) NYSE Arca, Inc. announced a trading halt of the Fund; (iii) BFA wrote down the value of all Russian equity securities to a nominal investment value; (iv) BFA implemented a voluntary waiver of its investment advisory fee for the Fund; (v) Russia signed into law a requirement of Russian issuers to terminate deposit agreements related to their depository receipt program, with holders receiving local shares of most Russian issuers in place of the depository receipts; (vi) the Fund was removed as a borrower from the line of credit facility as the trading halt by NYSE Arca, Inc. resulted in technical default under the Syndicated Credit Agreement; (vii) the Fund's underlying index, the MSCI Russia 25/50 Index, was discontinued by the index provider, (viii) the Fund suspended redemptions pursuant to an order of the SEC; (ix) NYSE Arca, Inc. delisted the Fund.

On June 15, 2022, the Board unanimously voted to close and liquidate the Fund, contingent on receiving any necessary relief from the SEC, due to the discontinuation of the MSCI Russia 25/50 Index and ongoing restrictions relating to Russian securities. On August 3, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to suspend the right of redemption with respect to shares of the Fund. On August 17, 2022, the Fund made an initial liquidating distribution to shareholders of available cash, less a reserve estimated to meet the Fund's expected transaction costs associated with the liquidation.

During the year, the Fund was able to dispose of certain Russian investments in accordance with applicable sanctions laws. The Fund made liquidating distributions to shareholders of available cash, less a reserve estimated to the meet the Fund's expected transaction costs associated with the liquidation.

BFA intends to recommend to the Board that the Fund remain in liquidation through December 31, 2026, to allow the Fund to sell its securities, if conditions permit. There are no assurances that the securities will become liquid during that time. If the Fund's Russian securities have not been sold or are unable to be converted as of the date the Fund is terminated, the Fund's remaining portfolio assets will be permanently written off, in each case as determined by BFA and approved by the Board. The Fund may be terminated sooner if all of the Russian securities have been sold before that date (or they cease to represent valid interests in their issuers). While the Fund is in the process of liquidating its portfolio, the Fund will hold cash and securities that may not be consistent with the Fund's investment objective and prior investment strategies. As a result of the delisting by NYSE Arca, Inc. the Fund is no longer considered an exchange-traded fund.

***3. 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. The 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 Fund is 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Certain Russian securities held by the Fund declared dividends during the period, however there is no assurance these dividends can be collected by the Fund due to restrictions imposed by the Russian government. As a result, the Fund has not accrued any investment income associated with these Russian securities.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

Certain Russian securities held by the Fund declared dividends during the period. However, there is no assurance these dividends can be collected by the Fund due to restrictions imposed by the Russian government. As a result, the Fund has not recognized investment income associated with these Russian securities. Any future recognition of these dividend payments, or other dividends of Russian securities declared in prior periods subject to the same or similar restrictions imposed by Russia or other government agencies, could have a material accretive effect on the Fund's net asset value per share.

**Foreign Currency Translation:** The 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 exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). 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.

The 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 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. The 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.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Distributions:** Dividends and distributions paid by the 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 Fund. On November 1, 2024 and December 17, 2024, the Fund made a liquidating distribution to shareholders of available cash, less a reserve estimated to the meet the Fund's expected transaction costs associated with the liquidation.

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

**Segment Reporting:** The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***4. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The 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. The Board of Directors of the Company (the "Board") of the Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Fund's investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. 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 BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement, war 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 Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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 Valuation Committee seeks to determine the price that the 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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.

During the period, the Valuation Committee determined that the local Russian equities and Russian exposed ADR and GDR securities did not have a market for which the Fund could transact and deemed them illiquid. As of August 31, 2025, the securities are being fair valued at a nominal value using a discount of 99% or higher due to illiquidity and uncertainty measures.

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the 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 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.

***5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Company, BlackRock Fund Advisors ("BFA") manages the investment of the 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 Fund, 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 directors).

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

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $2 billion | 0.7400% |
| Over $2 billion, up to and including $4 billion | 0.6900 |
| Over $4 billion, up to and including $8 billion | 0.6400 |
| Over $8 billion, up to and including $16 billion | 0.5700 |
| Over $16 billion, up to and including $24 billion | 0.5100 |
| Over $24 billion, up to and including $32 billion | 0.4800 |
| Over $32 billion, up to and including $40 billion | 0.4500 |
| Over $40 billion | 0.4275 |

---

**Expense Waivers:** Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund, which was applied to management fees for the year ended August 31, 2025.

This amount is included in investment advisory fees waived in the Statement of Operations. For the year ended August 31, 2025, the amount waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| MSCI Russia | &nbsp;&nbsp; $25119 |

---

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

**Other Transactions:** The 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 Statement of Operations.

***6. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Sales* |
| MSCI Russia | &nbsp;&nbsp; $47592951 |

---

There were no in-kind transactions for the year ended August 31, 2025.

***7. INCOME TAX INFORMATION***

The Fund is treated as an entity separate from the Company's other funds for federal income tax purposes. It is the 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 of 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 Fund as of August 31, 2025, 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 Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| MSCI Russia |  |  |
| Ordinary income | &nbsp;&nbsp; $215816 | &nbsp;&nbsp;&nbsp; $90470 |
| Liquidating distribution | &nbsp;&nbsp; 47654190 | &nbsp;&nbsp;&nbsp; 7947037 |
|  | &nbsp;&nbsp; $47870006 | &nbsp;&nbsp;&nbsp; $8037507 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| MSCI Russia | &nbsp;&nbsp; $(378878183) | &nbsp;&nbsp;&nbsp; $(179678181) | &nbsp;&nbsp;&nbsp; $(558556364) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

As of August 31, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI Russia | &nbsp;&nbsp; $180113732 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(179678222) | &nbsp;&nbsp;&nbsp; $(179678222) |

---

***8. PRINCIPAL RISKS***

In the normal course of business, the 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, tariffs 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 Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

BFA uses an indexing approach to try to achieve the Fund's investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

**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. The Fund may invest in illiquid investments. An illiquid investment is any investment that the 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. The 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 the 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 the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of 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 may significantly impact the resulting fair value and therefore the Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Geographic/Asset Class 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 the Fund's portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its 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. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. 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.

The Fund invests a significant portion of its assets in securities of issuers located in Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia's stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but have been, and may continue to be, significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia's economy and Russian issuers of securities in which the Fund invests.

The Fund invests a significant portion of its 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.

***9. CAPITAL SHARE TRANSACTIONS***

On March 1, 2022, the Fund suspended new creations of its shares. On August 3, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to suspend the right of redemption with respect to shares of the Fund. Refer to Note 2 for more information.

***10. SUBSEQUENT EVENTS***

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

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of iShares, Inc. and Shareholders of iShares MSCI Russia ETF

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares MSCI Russia ETF (one of the funds constituting iShares, Inc., referred to hereafter as the "Fund") as of August 31, 2025, the related statements of operations and cash flows for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

***Emphasis of Matter***

As discussed in Note 2 to the financial statements, due to the Russia invasion of Ukraine, the Board unanimously voted to close and liquidate the Fund, and management is in process of executing its liquidation plan.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

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

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information

**Electronic Delivery**

Shareholders can sign up for e-mail 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Fund, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Fund from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

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, when available, at **iShares.com**.

Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares MSCI Russia ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. The Independent Board Members considered that: (i) the Fund no longer offers its shares for purchase and is currently in the process of liquidation, subject to a Board-approved Plan of Liquidation, exemptive relief granted by the Securities and Exchange Commission in 2022, and other relevant law and regulation; (ii) BFA began voluntarily waiving management fees paid pursuant to the Advisory Agreement, which was applied to management fees beginning on February 1, 2022 (the period from and after February 1, 2022 is the "Waiver Period"); and (iii) as a condition of the exemptive relief, BFA, its affiliates and their associated persons will not receive any fee for managing the Fund. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various other factors to the extent relevant in light of the liquidation process, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed information related to the liquidation status of the Fund, and the ongoing arrangement for BFA to provide management services without a fee from the Fund. The Board concluded, based on this review and the other relevant factors and information considered at the meeting that the current arrangement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered the circumstances related to the Fund's liquidation (as described above) and noted the attention to and support for the Fund that BFA and its affiliates have provided during the Fund's Waiver Period. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund through its liquidation. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding, among other things, matters related to BFA's portfolio compliance program and other compliance programs and services.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, noting that BFA was providing its services to the Fund for no fee. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix.

Based on this review, the Board concluded that the information considered with respect to the costs of the services provided as well as the other factors considered at the meeting, including the absence of a management fee being charged to the Fund, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

**Economies of Scale:** The Board noted the factors surrounding the Fund's liquidation (as described above) and its impact on potential realization of economies of scale in managing the Fund. In particular, the Board noted that the Fund is no longer offering its shares and has ceased operations as an exchange-traded fund.

The Board concluded that this review of factors related to potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting (including the liquidation factors described above), supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board noted the exemptive relief condition for BFA to provide services to the Fund without receiving fees, and that, as a result, information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, was not relevant.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under its Advisory Agreement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationship with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement (which is being waived in its entirety in connection with the Fund's liquidation) does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| PJSC | Public Joint Stock Company |

---

2025 iShares Annual Financial Statements and Additional Information

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Fund's 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.©2025 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.

![](g19235imgb8d343452.gif)

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August 31, 2025

![](g19235imgc422d2bc1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| **iShares, Inc.** |
| • iShares MSCI World ETF \| URTH \| NYSE Arca |

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_e4821e4c-2244-4010-b78d-bdf70ffe2a8c_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statement of Assets and Liabilities](#xx_e4821e4c-2244-4010-b78d-bdf70ffe2a8c_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 17 |
| [Statement of Operations](#xx_e4821e4c-2244-4010-b78d-bdf70ffe2a8c_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 18 |
| [Statements of Changes in Net Assets](#xx_e4821e4c-2244-4010-b78d-bdf70ffe2a8c_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 19 |
| [Financial Highlights](#xx_e4821e4c-2244-4010-b78d-bdf70ffe2a8c_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 20 |
| [Notes to Financial Statements](#xx_e4821e4c-2244-4010-b78d-bdf70ffe2a8c_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 21 |
| [Report of Independent Registered Public Accounting Firm](#xx_e4821e4c-2244-4010-b78d-bdf70ffe2a8c_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 29 |
| [Important Tax Information](#xx_e4821e4c-2244-4010-b78d-bdf70ffe2a8c_Tax-annual-Footer-iSharesReport-231_1)  | &nbsp;&nbsp; 30 |
| [Additional Information](#xx_e4821e4c-2244-4010-b78d-bdf70ffe2a8c_SAI-Footer-iSharesReport-231_1)  | &nbsp;&nbsp; 31 |
| [Board Review and Approval of Investment Advisory Contract](#xx_e4821e4c-2244-4010-b78d-bdf70ffe2a8c_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 32 |
| [Glossary of Terms Used in these Financial Statements](#xx_e4821e4c-2244-4010-b78d-bdf70ffe2a8c_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 35 |

---

------

Schedule of Investments

August 31, 2025

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.7%** | **Australia — 1.7%** | **Australia — 1.7%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 209754 | $4609162 |
| APA Group | &nbsp;&nbsp; 83001 | 478011 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 40245 | 1908279 |
| ASX Ltd. | &nbsp;&nbsp; 12977 | 530094 |
| BHP Group Ltd. | &nbsp;&nbsp; 363008 | 10118109 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 34315 | 514097 |
| Brambles Ltd. | &nbsp;&nbsp; 96614 | 1637331 |
| CAR Group Ltd. | &nbsp;&nbsp; 24752 | 652907 |
| Cochlear Ltd. | &nbsp;&nbsp; 4960 | 976700 |
| Coles Group Ltd. | &nbsp;&nbsp; 98400 | 1536123 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 119518 | 13284185 |
| Computershare Ltd. | &nbsp;&nbsp; 36710 | 913561 |
| CSL Ltd. | &nbsp;&nbsp; 34821 | 4843867 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 143149 | 821228 |
| Fortescue Ltd. | &nbsp;&nbsp; 122026 | 1539135 |
| Goodman Group | &nbsp;&nbsp; 143873 | 3219642 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 172225 | 979774 |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp; 41390 | 840590 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 151004 | 580130 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 26106 | 3828894 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 188156 | 626838 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 217727 | 6076452 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 96566 | 1205121 |
| Origin Energy Ltd. | &nbsp;&nbsp; 119112 | 1004882 |
| Pro Medicus Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4031 | 782960 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 64567 | 494727 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 107800 | 1523078 |
| REA Group Ltd. | &nbsp;&nbsp; 3513 | 575319 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 26450 | 1997955 |
| Santos Ltd. | &nbsp;&nbsp; 238267 | 1247409 |
| Scentre Group | &nbsp;&nbsp; 386064 | 1028968 |
| SGH Ltd. | &nbsp;&nbsp; 13939 | 459004 |
| Sigma Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 278258 | 566957 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 30704 | 482282 |
| South32 Ltd. | &nbsp;&nbsp; 314569 | 555436 |
| Stockland | &nbsp;&nbsp; 169799 | 687712 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 73419 | 1020317 |
| Telstra Group Ltd. | &nbsp;&nbsp; 280010 | 895830 |
| Transurban Group | &nbsp;&nbsp; 228847 | 2182764 |
| Vicinity Ltd. | &nbsp;&nbsp; 266569 | 451341 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 19410 | 554846 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 79512 | 4762652 |
| Westpac Banking Corp. | &nbsp;&nbsp; 243462 | 6132581 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 14677 | 972379 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 138575 | 2388685 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 84115 | 1583369 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11709 | 1248564 |
|  |  | 95320247 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| Erste Group Bank AG | &nbsp;&nbsp; 22977 | 2187076 |
| OMV AG | &nbsp;&nbsp; 9917 | 546224 |
| Verbund AG | &nbsp;&nbsp; 4590 | 327343 |
|  |  | 3060643 |
| **Belgium — 0.3%** | **Belgium — 0.3%** | **Belgium — 0.3%** |
| Ageas SA | &nbsp;&nbsp; 11606 | 817733 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 70524 | 4424387 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 4332 | 3084404 |
| D'ieteren Group | &nbsp;&nbsp; 1564 | 338918 |
| Elia Group SA/NV, Class B | &nbsp;&nbsp; 3502 | 400719 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 7574 | 665736 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| KBC Group NV | &nbsp;&nbsp; 16815 | $1982040 |
| Lotus Bakeries NV | &nbsp;&nbsp; 19 | 186323 |
| Sofina SA | &nbsp;&nbsp; 976 | 295308 |
| Syensqo SA | &nbsp;&nbsp; 4986 | 440731 |
| UCB SA | &nbsp;&nbsp; 8404 | 1971401 |
|  |  | 14607700 |
| **Canada — 3.3%** | **Canada — 3.3%** | **Canada — 3.3%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 35476 | 5114940 |
| Alamos Gold Inc., Class A | &nbsp;&nbsp; 30052 | 915554 |
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 54181 | 2746233 |
| AltaGas Ltd. | &nbsp;&nbsp; 19305 | 572255 |
| ARC Resources Ltd. | &nbsp;&nbsp; 46770 | 900085 |
| AtkinsRealis Group Inc. | &nbsp;&nbsp; 11877 | 816736 |
| Bank of Montreal | &nbsp;&nbsp; 51363 | 6215471 |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 89090 | 5563949 |
| Barrick Mining Corp. | &nbsp;&nbsp; 124577 | 3322719 |
| BCE Inc. | &nbsp;&nbsp; 5303 | 132329 |
| Bombardier Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 6290 | 735371 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 29313 | 1764095 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 96546 | 6345948 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 9739 | 328262 |
| CAE Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21724 | 585750 |
| Cameco Corp. | &nbsp;&nbsp; 32304 | 2498982 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 67242 | 5194381 |
| Canadian National Railway Co. | &nbsp;&nbsp; 38304 | 3708098 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 149929 | 4747815 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 66178 | 5040871 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 3894 | 485563 |
| Canadian Utilities Ltd., Class A, NVS | &nbsp;&nbsp; 9025 | 251229 |
| CCL Industries Inc., Class B, NVS | &nbsp;&nbsp; 10332 | 618934 |
| Celestica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8238 | 1604591 |
| Cenovus Energy Inc. | &nbsp;&nbsp; 96242 | 1600588 |
| CGI Inc. | &nbsp;&nbsp; 14592 | 1416965 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 1464 | 4850692 |
| Descartes Systems Group Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 6570 | 656593 |
| Dollarama Inc. | &nbsp;&nbsp; 19339 | 2636925 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 31523 | 840093 |
| Emera Inc. | &nbsp;&nbsp; 20649 | 983472 |
| Empire Co. Ltd., NVS | &nbsp;&nbsp; 11613 | 450788 |
| Enbridge Inc. | &nbsp;&nbsp; 155482 | 7523049 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 1417 | 2439467 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 52144 | 913901 |
| FirstService Corp. | &nbsp;&nbsp; 2698 | 543175 |
| Fortis Inc./Canada | &nbsp;&nbsp; 37017 | 1842292 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 13439 | 2532797 |
| George Weston Ltd. | &nbsp;&nbsp; 11748 | 756539 |
| GFL Environmental Inc. | &nbsp;&nbsp; 17040 | 852403 |
| Gildan Activewear Inc. | &nbsp;&nbsp; 10186 | 556119 |
| Great-West Lifeco Inc. | &nbsp;&nbsp; 20359 | 806444 |
| Hydro One Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 22656 | 825009 |
| iA Financial Corp. Inc. | &nbsp;&nbsp; 7268 | 781918 |
| IGM Financial Inc. | &nbsp;&nbsp; 6012 | 215554 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 13601 | 1234177 |
| Intact Financial Corp. | &nbsp;&nbsp; 12457 | 2494665 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 52987 | 468389 |
| Keyera Corp. | &nbsp;&nbsp; 15296 | 492844 |
| Kinross Gold Corp. | &nbsp;&nbsp; 86395 | 1806095 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 46344 | 1892769 |
| Lundin Gold Inc. | &nbsp;&nbsp; 7750 | 476563 |
| Lundin Mining Corp. | &nbsp;&nbsp; 46110 | 533504 |
| Magna International Inc. | &nbsp;&nbsp; 19281 | 885043 |
| Manulife Financial Corp. | &nbsp;&nbsp; 127509 | 3922711 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Metro Inc./CN | &nbsp;&nbsp; 16398 | $1175388 |
| National Bank of Canada | &nbsp;&nbsp; 27829 | 2925252 |
| Nutrien Ltd. | &nbsp;&nbsp; 35017 | 2018128 |
| Open Text Corp. | &nbsp;&nbsp; 18192 | 601653 |
| Pan American Silver Corp. | &nbsp;&nbsp; 25052 | 849873 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 40589 | 1533004 |
| Power Corp. of Canada | &nbsp;&nbsp; 41007 | 1735710 |
| RB Global Inc. | &nbsp;&nbsp; 12533 | 1435589 |
| Restaurant Brands International Inc. | &nbsp;&nbsp; 22384 | 1417509 |
| Rogers Communications Inc., Class B, NVS | &nbsp;&nbsp; 23791 | 852481 |
| Royal Bank of Canada | &nbsp;&nbsp; 101314 | 14723303 |
| Saputo Inc. | &nbsp;&nbsp; 17164 | 429678 |
| Shopify Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 87399 | 12344747 |
| Stantec Inc. | &nbsp;&nbsp; 7580 | 823929 |
| Sun Life Financial Inc. | &nbsp;&nbsp; 39248 | 2292551 |
| Suncor Energy Inc. | &nbsp;&nbsp; 88856 | 3673030 |
| TC Energy Corp. | &nbsp;&nbsp; 72409 | 3770846 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 31684 | 1083395 |
| TELUS Corp. | &nbsp;&nbsp; 29626 | 488392 |
| TFI International Inc. | &nbsp;&nbsp; 5591 | 529727 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 11527 | 2047221 |
| TMX Group Ltd. | &nbsp;&nbsp; 18567 | 741544 |
| Toromont Industries Ltd. | &nbsp;&nbsp; 5560 | 581323 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 125223 | 9402553 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 23660 | 1004734 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 32532 | 3267058 |
| Whitecap Resources Inc. | &nbsp;&nbsp; 87808 | 661109 |
| WSP Global Inc. | &nbsp;&nbsp; 8797 | 1791492 |
|  |  | 182642923 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Wharf Holdings Ltd. (The) | &nbsp;&nbsp; 52000 | 149239 |
| **Denmark — 0.5%** | **Denmark — 0.5%** | **Denmark — 0.5%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 258 | 530378 |
| AP Moller - Maersk A/S, Class B, NVS<sup>(b)</sup> | &nbsp;&nbsp; 333 | 686157 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 6665 | 815240 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 9297 | 894338 |
| Danske Bank A/S | &nbsp;&nbsp; 45145 | 1858087 |
| Demant A/S<sup>(a)</sup> | &nbsp;&nbsp; 7397 | 283006 |
| DSV A/S | &nbsp;&nbsp; 14375 | 3187045 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 4745 | 1184300 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 230065 | 13000838 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 25253 | 1606402 |
| Orsted A/S<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 12727 | 385901 |
| Pandora A/S | &nbsp;&nbsp; 6621 | 915325 |
| Rockwool AS, Class B | &nbsp;&nbsp; 5889 | 222565 |
| Tryg A/S | &nbsp;&nbsp; 24301 | 638638 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 72633 | 1445938 |
|  |  | 27654158 |
| **Finland — 0.2%** | **Finland — 0.2%** | **Finland — 0.2%** |
| Elisa OYJ | &nbsp;&nbsp; 9548 | 508998 |
| Fortum OYJ | &nbsp;&nbsp; 30132 | 521400 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 18112 | 401730 |
| Kone OYJ, Class B | &nbsp;&nbsp; 24716 | 1554574 |
| Metso OYJ | &nbsp;&nbsp; 45478 | 588641 |
| Neste OYJ | &nbsp;&nbsp; 28471 | 523255 |
| Nokia OYJ | &nbsp;&nbsp; 402920 | 1734546 |
| Orion OYJ, Class B | &nbsp;&nbsp; 7202 | 575341 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 176831 | 2029103 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 39482 | 461199 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 39139 | 1114611 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| Wartsila OYJ Abp | &nbsp;&nbsp; 32934 | $965388 |
|  |  | 10978786 |
| **France — 2.7%** | **France — 2.7%** | **France — 2.7%** |
| Accor SA | &nbsp;&nbsp; 13858 | 687447 |
| Aeroports de Paris SA | &nbsp;&nbsp; 1912 | 251659 |
| Air Liquide SA | &nbsp;&nbsp; 41230 | 8494918 |
| Airbus SE | &nbsp;&nbsp; 42168 | 8816020 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 25791 | 620066 |
| Amundi SA<sup>(c)</sup> | &nbsp;&nbsp; 4159 | 307432 |
| ArcelorMittal SA | &nbsp;&nbsp; 35779 | 1191970 |
| Arkema SA | &nbsp;&nbsp; 4053 | 287568 |
| AXA SA | &nbsp;&nbsp; 126888 | 5910144 |
| BioMerieux | &nbsp;&nbsp; 2776 | 386042 |
| BNP Paribas SA | &nbsp;&nbsp; 71223 | 6400434 |
| Bollore SE | &nbsp;&nbsp; 61306 | 357924 |
| Bouygues SA | &nbsp;&nbsp; 15503 | 664815 |
| Bureau Veritas SA | &nbsp;&nbsp; 23011 | 694163 |
| Capgemini SE | &nbsp;&nbsp; 11410 | 1622838 |
| Carrefour SA | &nbsp;&nbsp; 42177 | 610632 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 31951 | 3449403 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 48437 | 1754076 |
| Covivio SA/France | &nbsp;&nbsp; 3605 | 236315 |
| Credit Agricole SA | &nbsp;&nbsp; 83163 | 1521218 |
| Danone SA | &nbsp;&nbsp; 45483 | 3796345 |
| Dassault Aviation SA | &nbsp;&nbsp; 1618 | 510760 |
| Dassault Systemes SE | &nbsp;&nbsp; 47701 | 1483511 |
| Edenred SE | &nbsp;&nbsp; 16763 | 484908 |
| Eiffage SA | &nbsp;&nbsp; 5518 | 694415 |
| Engie SA | &nbsp;&nbsp; 129977 | 2689657 |
| EssilorLuxottica SA | &nbsp;&nbsp; 21059 | 6423739 |
| Eurofins Scientific SE | &nbsp;&nbsp; 9168 | 696173 |
| Euronext NV<sup>(c)</sup> | &nbsp;&nbsp; 5865 | 968193 |
| FDJ UNITED | &nbsp;&nbsp; 6629 | 213372 |
| Gecina SA | &nbsp;&nbsp; 3077 | 302137 |
| Getlink SE | &nbsp;&nbsp; 29980 | 567122 |
| Hermes International SCA | &nbsp;&nbsp; 2239 | 5483663 |
| Ipsen SA | &nbsp;&nbsp; 2491 | 338668 |
| Kering SA | &nbsp;&nbsp; 5364 | 1437359 |
| Klepierre SA | &nbsp;&nbsp; 14504 | 566337 |
| Legrand SA | &nbsp;&nbsp; 17762 | 2704904 |
| L'Oreal SA | &nbsp;&nbsp; 17347 | 8099066 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 17900 | 10568761 |
| Orange SA | &nbsp;&nbsp; 133034 | 2168344 |
| Pernod Ricard SA | &nbsp;&nbsp; 14492 | 1650866 |
| Publicis Groupe SA | &nbsp;&nbsp; 16328 | 1507700 |
| Renault SA | &nbsp;&nbsp; 13177 | 518590 |
| Rexel SA | &nbsp;&nbsp; 15781 | 510928 |
| Safran SA | &nbsp;&nbsp; 25784 | 8568751 |
| Sanofi SA | &nbsp;&nbsp; 81060 | 8042121 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 1852 | 379795 |
| Schneider Electric SE | &nbsp;&nbsp; 39124 | 9612233 |
| Societe Generale SA | &nbsp;&nbsp; 51183 | 3158443 |
| Sodexo SA | &nbsp;&nbsp; 5886 | 353430 |
| STMicroelectronics NV | &nbsp;&nbsp; 46584 | 1269477 |
| Teleperformance SE | &nbsp;&nbsp; 3966 | 306012 |
| Thales SA | &nbsp;&nbsp; 7022 | 1847063 |
| TotalEnergies SE | &nbsp;&nbsp; 145771 | 9151655 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 8482 | 882465 |
| Veolia Environnement SA | &nbsp;&nbsp; 48351 | 1596828 |
| Vinci SA | &nbsp;&nbsp; 35758 | 4849907 |
|  |  | 148668782 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany — 2.4%** | **Germany — 2.4%** | **Germany — 2.4%** |
| adidas AG | &nbsp;&nbsp; 12150 | $2363856 |
| Allianz SE, Registered | &nbsp;&nbsp; 27800 | 11753354 |
| BASF SE | &nbsp;&nbsp; 62838 | 3338014 |
| Bayer AG, Registered | &nbsp;&nbsp; 69402 | 2283365 |
| Bayerische Motoren Werke AG<sup>(b)</sup> | &nbsp;&nbsp; 22115 | 2313681 |
| Beiersdorf AG | &nbsp;&nbsp; 6677 | 768962 |
| Brenntag SE | &nbsp;&nbsp; 10312 | 638084 |
| Commerzbank AG | &nbsp;&nbsp; 55118 | 2103774 |
| Continental AG | &nbsp;&nbsp; 7251 | 635805 |
| Covestro AG, NVS<sup>(a)</sup> | &nbsp;&nbsp; 12444 | 864759 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 4370 | 409639 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 38784 | 1824355 |
| Delivery Hero SE, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 14122 | 374642 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 138795 | 4876720 |
| Deutsche Boerse AG | &nbsp;&nbsp; 13226 | 3892860 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 44942 | 418985 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 71670 | 3266552 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 248620 | 9098245 |
| E.ON SE | &nbsp;&nbsp; 159668 | 2847095 |
| Evonik Industries AG | &nbsp;&nbsp; 18052 | 348327 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 13767 | 709671 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 31524 | 1714084 |
| GEA Group AG | &nbsp;&nbsp; 10333 | 752106 |
| Hannover Rueck SE | &nbsp;&nbsp; 4018 | 1169810 |
| Heidelberg Materials AG | &nbsp;&nbsp; 9624 | 2276541 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 6959 | 534832 |
| Hensoldt AG<sup>(b)</sup> | &nbsp;&nbsp; 4547 | 471343 |
| Infineon Technologies AG | &nbsp;&nbsp; 93176 | 3814052 |
| Knorr-Bremse AG | &nbsp;&nbsp; 4863 | 508001 |
| LEG Immobilien SE | &nbsp;&nbsp; 4896 | 410412 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 52607 | 3292399 |
| Merck KGaA | &nbsp;&nbsp; 9298 | 1180543 |
| MTU Aero Engines AG | &nbsp;&nbsp; 3643 | 1623566 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 9510 | 6066444 |
| Nemetschek SE | &nbsp;&nbsp; 3843 | 530906 |
| QIAGEN NV | &nbsp;&nbsp; 14850 | 691922 |
| Rational AG | &nbsp;&nbsp; 323 | 240768 |
| Rheinmetall AG | &nbsp;&nbsp; 3189 | 6185864 |
| RWE AG | &nbsp;&nbsp; 42713 | 1710555 |
| SAP SE | &nbsp;&nbsp; 74853 | 20374698 |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 6113 | 792030 |
| Siemens AG, Registered | &nbsp;&nbsp; 54469 | 15099090 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 48474 | 5156632 |
| Siemens Healthineers AG<sup>(c)</sup> | &nbsp;&nbsp; 24165 | 1338124 |
| Symrise AG, Class A | &nbsp;&nbsp; 9722 | 941396 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 4348 | 599544 |
| Vonovia SE | &nbsp;&nbsp; 52751 | 1708253 |
| Zalando SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 14999 | 417987 |
|  |  | 134732647 |
| **Hong Kong — 0.5%** | **Hong Kong — 0.5%** | **Hong Kong — 0.5%** |
| AIA Group Ltd. | &nbsp;&nbsp; 769000 | 7308850 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 280500 | 1273505 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 148000 | 700262 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 183500 | 1214072 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 42500 | 285367 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 130500 | 1104461 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 4012 | 744627 |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 137000 | 726304 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 57100 | 818755 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 83000 | 288022 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 284000 | 430800 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 886589 | $799455 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 72800 | 4265219 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 86200 | 534468 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 10900 | 659979 |
| Link REIT | &nbsp;&nbsp; 184760 | 986834 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 132000 | 447530 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 106000 | 691183 |
| Sands China Ltd. | &nbsp;&nbsp; 140400 | 369764 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 226000 | 269254 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 42000 | 148055 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 114500 | 1352518 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 28500 | 244292 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 118500 | 1532488 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 612500 | 658193 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 114000 | 332982 |
|  |  | 28187239 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| AIB Group PLC | &nbsp;&nbsp; 122735 | 997206 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 72803 | 1076817 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 11778 | 1078436 |
| Kingspan Group PLC | &nbsp;&nbsp; 10416 | 803630 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 60698 | 1798956 |
|  |  | 5755045 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 2823 | 270592 |
| Bank Hapoalim BM | &nbsp;&nbsp; 89706 | 1753197 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 104724 | 2012486 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7020 | 1355843 |
| CyberArk Software Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3217 | 1458137 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 1817 | 883874 |
| ICL Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 64764 | 420978 |
| Isracard Ltd. | &nbsp;&nbsp; 1 | 4 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 79210 | 784705 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 9572 | 625117 |
| Monday.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2604 | 502572 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4198 | 591772 |
| Nova Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2097 | 557322 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 16173 | 571885 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 83827 | 1540740 |
| Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3650 | 514942 |
|  |  | 13844166 |
| **Italy — 0.8%** | **Italy — 0.8%** | **Italy — 0.8%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 16044 | 324531 |
| Banco BPM SpA | &nbsp;&nbsp; 83743 | 1148879 |
| BPER Banca SpA | &nbsp;&nbsp; 104676 | 1087275 |
| CNH Industrial NV | &nbsp;&nbsp; 68553 | 784932 |
| Davide Campari-Milano NV | &nbsp;&nbsp; 49111 | 369934 |
| Enel SpA | &nbsp;&nbsp; 579216 | 5345091 |
| Eni SpA | &nbsp;&nbsp; 156978 | 2806208 |
| Ferrari NV | &nbsp;&nbsp; 8936 | 4252533 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 46616 | 1023307 |
| Generali | &nbsp;&nbsp; 61013 | 2381769 |
| Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 23531 | 285302 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 1019497 | 6418294 |
| Leonardo SpA | &nbsp;&nbsp; 28546 | 1621652 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 42197 | 1022114 |
| Moncler SpA | &nbsp;&nbsp; 15829 | 921325 |
| Nexi SpA<sup>(c)</sup> | &nbsp;&nbsp; 48823 | 309811 |
| Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 35677 | 835610 |
| Prysmian SpA | &nbsp;&nbsp; 19038 | 1661504 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 7067 | 436941 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Snam SpA | &nbsp;&nbsp; 135859 | $827009 |
| Stellantis NV | &nbsp;&nbsp; 139072 | 1331655 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 694944 | 333290 |
| Tenaris SA | &nbsp;&nbsp; 32040 | 580427 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 94562 | 950549 |
| UniCredit SpA | &nbsp;&nbsp; 100347 | 7761309 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 26748 | 558847 |
|  |  | 45380098 |
| **Japan — 5.4%** | **Japan — 5.4%** | **Japan — 5.4%** |
| Advantest Corp. | &nbsp;&nbsp; 55800 | 4266997 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 159300 | 1932476 |
| AGC Inc. | &nbsp;&nbsp; 8300 | 260265 |
| Aisin Corp. | &nbsp;&nbsp; 27800 | 457490 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 62000 | 1681389 |
| ANA Holdings Inc. | &nbsp;&nbsp; 4800 | 96774 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 107000 | 1344640 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 106100 | 865837 |
| Asics Corp. | &nbsp;&nbsp; 41700 | 1120962 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 133400 | 1464421 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 41400 | 1423418 |
| Bridgestone Corp. | &nbsp;&nbsp; 37800 | 1707631 |
| Canon Inc. | &nbsp;&nbsp; 63900 | 1870035 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 26000 | 701609 |
| Central Japan Railway Co. | &nbsp;&nbsp; 55500 | 1476196 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 32800 | 335544 |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 52400 | 721535 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 52700 | 2328882 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 65500 | 494221 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 34100 | 571162 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 23900 | 752236 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 261500 | 2145756 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 125200 | 2993740 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 18900 | 2361259 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 3100 | 329877 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 38200 | 1349710 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 111700 | 865939 |
| Denso Corp. | &nbsp;&nbsp; 137600 | 1971746 |
| Disco Corp. | &nbsp;&nbsp; 6200 | 1696355 |
| East Japan Railway Co. | &nbsp;&nbsp; 63400 | 1555548 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 22100 | 675656 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 203500 | 1205004 |
| FANUC Corp. | &nbsp;&nbsp; 63800 | 1773607 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 13000 | 4063528 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 6900 | 434503 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 85800 | 2032667 |
| Fujikura Ltd. | &nbsp;&nbsp; 19000 | 1611938 |
| Fujitsu Ltd. | &nbsp;&nbsp; 120000 | 2887703 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 17200 | 509238 |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 1200 | 319544 |
| Hitachi Ltd. | &nbsp;&nbsp; 329900 | 8888630 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 283500 | 3142590 |
| Hoya Corp. | &nbsp;&nbsp; 26200 | 3383118 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 28500 | 305706 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 66000 | 437861 |
| IHI Corp. | &nbsp;&nbsp; 9700 | 1008044 |
| Inpex Corp. | &nbsp;&nbsp; 64600 | 1097694 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 34400 | 450592 |
| ITOCHU Corp. | &nbsp;&nbsp; 86500 | 4886274 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 4200 | 89315 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 64600 | 675208 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 131900 | 1658001 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 140700 | 1435759 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 11000 | $307988 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 87700 | 2788436 |
| JFE Holdings Inc. | &nbsp;&nbsp; 38500 | 478624 |
| Kajima Corp. | &nbsp;&nbsp; 30500 | 906960 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 64800 | 899078 |
| Kao Corp. | &nbsp;&nbsp; 31200 | 1417604 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 10800 | 653283 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 27800 | 424845 |
| KDDI Corp. | &nbsp;&nbsp; 224600 | 3881832 |
| Keyence Corp. | &nbsp;&nbsp; 13900 | 5299278 |
| Kikkoman Corp. | &nbsp;&nbsp; 40000 | 343305 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 58800 | 853575 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 7600 | 213756 |
| Komatsu Ltd. | &nbsp;&nbsp; 64100 | 2170064 |
| Konami Group Corp. | &nbsp;&nbsp; 6200 | 935198 |
| Kubota Corp. | &nbsp;&nbsp; 64700 | 748065 |
| Kyocera Corp. | &nbsp;&nbsp; 91900 | 1222242 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 25300 | 436941 |
| Lasertec Corp. | &nbsp;&nbsp; 4200 | 436045 |
| LY Corp. | &nbsp;&nbsp; 221400 | 700948 |
| M3 Inc. | &nbsp;&nbsp; 30300 | 444365 |
| Makita Corp. | &nbsp;&nbsp; 11200 | 378128 |
| Marubeni Corp. | &nbsp;&nbsp; 110000 | 2496472 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 26300 | 543256 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 20400 | 424505 |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 28000 | 477155 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 106900 | 607439 |
| Mitsubishi Corp. | &nbsp;&nbsp; 230300 | 5199452 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 140200 | 3346998 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 72600 | 1546563 |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 59500 | 488092 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 234500 | 5916951 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 818700 | 12459840 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 176800 | 4070179 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 200500 | 2119732 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 26600 | 853573 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 174690 | 5746930 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 24700 | 425595 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 99200 | 2307575 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 130700 | 2109963 |
| NEC Corp. | &nbsp;&nbsp; 92800 | 2825826 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 31800 | 719608 |
| Nidec Corp. | &nbsp;&nbsp; 60800 | 1312201 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 77700 | 6929978 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 540 | 522494 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 68000 | 492047 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 10000 | 362478 |
| Nippon Steel Corp. | &nbsp;&nbsp; 61147 | 1287938 |
| Nippon Yusen KK | &nbsp;&nbsp; 31400 | 1131887 |
| Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 172000 | 385757 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 10200 | 192078 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 3600 | 332223 |
| Nitto Denko Corp. | &nbsp;&nbsp; 50500 | 1136685 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 248800 | 1770279 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 27200 | 1067716 |
| NTT Inc. | &nbsp;&nbsp; 2257800 | 2388018 |
| Obayashi Corp. | &nbsp;&nbsp; 36300 | 588827 |
| Obic Co. Ltd. | &nbsp;&nbsp; 25500 | 901658 |
| Olympus Corp. | &nbsp;&nbsp; 99700 | 1155627 |
| Oracle Corp./Japan | &nbsp;&nbsp; 1100 | 113853 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 71000 | 1690392 |
| ORIX Corp. | &nbsp;&nbsp; 84700 | 2187631 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 28300 | $805392 |
| Otsuka Corp. | &nbsp;&nbsp; 19800 | 406641 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 31500 | 1652883 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 29400 | 1060439 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 168700 | 1707628 |
| Rakuten Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 109100 | 671560 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 95200 | 5447656 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 128000 | 1494099 |
| Resona Holdings Inc. | &nbsp;&nbsp; 163900 | 1643824 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 36200 | 778571 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 11700 | 605372 |
| SBI Holdings Inc. | &nbsp;&nbsp; 24500 | 1151151 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 4200 | 317483 |
| SCSK Corp. | &nbsp;&nbsp; 4600 | 146529 |
| Secom Co. Ltd. | &nbsp;&nbsp; 27500 | 1015313 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 28400 | 538984 |
| Sekisui House Ltd. | &nbsp;&nbsp; 35400 | 796651 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 163200 | 2112310 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 26700 | 287471 |
| Shimadzu Corp. | &nbsp;&nbsp; 19300 | 472597 |
| Shimano Inc. | &nbsp;&nbsp; 4100 | 454661 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 128565 | 3915756 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 58300 | 1008457 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 29100 | 472271 |
| SMC Corp. | &nbsp;&nbsp; 3500 | 1071206 |
| SoftBank Corp. | &nbsp;&nbsp; 2122200 | 3282791 |
| SoftBank Group Corp. | &nbsp;&nbsp; 66500 | 7141040 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 64600 | 2064580 |
| Sony Group Corp. | &nbsp;&nbsp; 434800 | 11883578 |
| Subaru Corp. | &nbsp;&nbsp; 39800 | 780731 |
| Sumitomo Corp. | &nbsp;&nbsp; 78000 | 2184421 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 56800 | 1590909 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 20800 | 562846 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 266100 | 7247385 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 46000 | 1309113 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 26400 | 1084504 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 6900 | 213600 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 114400 | 1513828 |
| Sysmex Corp. | &nbsp;&nbsp; 32900 | 413156 |
| T&D Holdings Inc. | &nbsp;&nbsp; 33100 | 856953 |
| Taisei Corp. | &nbsp;&nbsp; 9400 | 636378 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 113026 | 3402394 |
| TDK Corp. | &nbsp;&nbsp; 143500 | 1853052 |
| Terumo Corp. | &nbsp;&nbsp; 100200 | 1796671 |
| TIS Inc. | &nbsp;&nbsp; 21700 | 722449 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 6100 | 387214 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 131100 | 5622609 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 32400 | 4412429 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 28300 | 1081200 |
| Tokyo Metro Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 22000 | 255391 |
| Tokyu Corp. | &nbsp;&nbsp; 32000 | 403899 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 25000 | 644533 |
| Toray Industries Inc. | &nbsp;&nbsp; 110000 | 734846 |
| Toyota Industries Corp. | &nbsp;&nbsp; 10100 | 1112539 |
| Toyota Motor Corp. | &nbsp;&nbsp; 674200 | 13054145 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 40400 | 1075262 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 8400 | 445191 |
| Unicharm Corp. | &nbsp;&nbsp; 91200 | 608602 |
| West Japan Railway Co. | &nbsp;&nbsp; 35800 | 800146 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 21700 | 354493 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 69800 | 505852 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 16300 | 475805 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 4400 | $277576 |
| ZOZO Inc. | &nbsp;&nbsp; 26800 | 249031 |
|  |  | 303767908 |
| **Netherlands — 1.1%** | **Netherlands — 1.1%** | **Netherlands — 1.1%** |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 41740 | 1203934 |
| Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 1806 | 3032581 |
| Aegon Ltd. | &nbsp;&nbsp; 101652 | 798814 |
| AerCap Holdings NV | &nbsp;&nbsp; 13691 | 1690839 |
| Akzo Nobel NV | &nbsp;&nbsp; 12575 | 869243 |
| ASM International NV | &nbsp;&nbsp; 3292 | 1580719 |
| ASML Holding NV | &nbsp;&nbsp; 28201 | 20941851 |
| ASR Nederland NV | &nbsp;&nbsp; 10948 | 759547 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 5254 | 707701 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 16449 | 1461658 |
| CVC Capital Partners PLC<sup>(c)</sup> | &nbsp;&nbsp; 14450 | 291683 |
| DSM-Firmenich AG | &nbsp;&nbsp; 13273 | 1298708 |
| EXOR NV | &nbsp;&nbsp; 7468 | 748411 |
| Heineken Holding NV | &nbsp;&nbsp; 9223 | 654901 |
| Heineken NV | &nbsp;&nbsp; 19595 | 1589349 |
| IMCD NV | &nbsp;&nbsp; 3867 | 434247 |
| ING Groep NV | &nbsp;&nbsp; 216279 | 5163655 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 14242 | 207011 |
| JDE Peet's NV | &nbsp;&nbsp; 12746 | 466776 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 66542 | 2666524 |
| Koninklijke KPN NV | &nbsp;&nbsp; 276876 | 1321295 |
| Koninklijke Philips NV | &nbsp;&nbsp; 56101 | 1549454 |
| NN Group NV | &nbsp;&nbsp; 17637 | 1213992 |
| Prosus NV | &nbsp;&nbsp; 96451 | 5966406 |
| Randstad NV | &nbsp;&nbsp; 8544 | 404169 |
| Universal Music Group NV | &nbsp;&nbsp; 78535 | 2220128 |
| Wolters Kluwer NV | &nbsp;&nbsp; 16823 | 2119254 |
|  |  | 61362850 |
| **New Zealand — 0.0%** | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 103476 | 460895 |
| Contact Energy Ltd. | &nbsp;&nbsp; 56071 | 298722 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 40769 | 880291 |
| Infratil Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 61768 | 413626 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 89032 | 299750 |
|  |  | 2353284 |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| Aker BP ASA | &nbsp;&nbsp; 21242 | 537379 |
| DNB Bank ASA | &nbsp;&nbsp; 61962 | 1632585 |
| Equinor ASA | &nbsp;&nbsp; 61315 | 1513182 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 13804 | 383476 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 30103 | 899064 |
| Mowi ASA | &nbsp;&nbsp; 34124 | 702079 |
| Norsk Hydro ASA | &nbsp;&nbsp; 99732 | 646441 |
| Orkla ASA | &nbsp;&nbsp; 51148 | 571892 |
| Salmar ASA<sup>(b)</sup> | &nbsp;&nbsp; 4794 | 245505 |
| Telenor ASA | &nbsp;&nbsp; 47237 | 788079 |
| Yara International ASA | &nbsp;&nbsp; 11229 | 408777 |
|  |  | 8328459 |
| **Portugal — 0.0%** | **Portugal — 0.0%** | **Portugal — 0.0%** |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 595015 | 504027 |
| EDP Renovaveis SA | &nbsp;&nbsp; 19668 | 231001 |
| EDP SA | &nbsp;&nbsp; 215840 | 955937 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 34129 | 663391 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 19299 | 477406 |
|  |  | 2831762 |
| **Singapore — 0.5%** | **Singapore — 0.5%** | **Singapore — 0.5%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 289616 | 613897 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| CapitaLand Integrated Commercial Trust<sup>(b)</sup> | &nbsp;&nbsp; 457127 | $812254 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 184500 | 396558 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 152300 | 5994967 |
| Genting Singapore Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 411200 | 230666 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 163157 | 814153 |
| Keppel Ltd. | &nbsp;&nbsp; 95300 | 649471 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 240500 | 3135992 |
| Sea Ltd., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 27336 | 5099258 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 61400 | 290309 |
| Singapore Airlines Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 123300 | 632195 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 56570 | 730302 |
| Singapore Technologies Engineering Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 151800 | 908461 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 562900 | 1891782 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 87500 | 2396332 |
| Wilmar International Ltd. | &nbsp;&nbsp; 127500 | 293026 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 174100 | 394478 |
|  |  | 25284101 |
| **Spain — 0.9%** | **Spain — 0.9%** | **Spain — 0.9%** |
| Acciona SA | &nbsp;&nbsp; 1779 | 352618 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 16053 | 1213393 |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 49674 | 1439777 |
| Amadeus IT Group SA | &nbsp;&nbsp; 31797 | 2667074 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 411593 | 7490581 |
| Banco de Sabadell SA | &nbsp;&nbsp; 381438 | 1448784 |
| Banco Santander SA | &nbsp;&nbsp; 1065478 | 10175356 |
| Bankinter SA | &nbsp;&nbsp; 48197 | 719300 |
| CaixaBank SA | &nbsp;&nbsp; 295694 | 2952511 |
| Cellnex Telecom SA<sup>(c)</sup> | &nbsp;&nbsp; 37701 | 1342046 |
| Endesa SA | &nbsp;&nbsp; 21547 | 656412 |
| Ferrovial SE | &nbsp;&nbsp; 37018 | 2024669 |
| Grifols SA | &nbsp;&nbsp; 16708 | 236474 |
| Iberdrola SA | &nbsp;&nbsp; 453299 | 8545094 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 78166 | 3866038 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 89008 | 460181 |
| Redeia Corp. SA | &nbsp;&nbsp; 5764 | 112054 |
| Repsol SA | &nbsp;&nbsp; 83544 | 1369796 |
| Telefonica SA | &nbsp;&nbsp; 281208 | 1507644 |
|  |  | 48579802 |
| **Sweden — 0.9%** | **Sweden — 0.9%** | **Sweden — 0.9%** |
| AddTech AB, Class B | &nbsp;&nbsp; 18405 | 645420 |
| Alfa Laval AB | &nbsp;&nbsp; 21103 | 960731 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 70533 | 2492264 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 194465 | 3104627 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 112110 | 1594227 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 31770 | 540431 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 18030 | 621457 |
| Epiroc AB, Class A | &nbsp;&nbsp; 44224 | 924181 |
| Epiroc AB, Class B | &nbsp;&nbsp; 26541 | 493963 |
| EQT AB | &nbsp;&nbsp; 26420 | 950331 |
| Essity AB, Class B | &nbsp;&nbsp; 41744 | 1128624 |
| Evolution AB<sup>(c)</sup> | &nbsp;&nbsp; 10245 | 887560 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 43468 | 309463 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 51437 | 755905 |
| Hexagon AB, Class B | &nbsp;&nbsp; 143712 | 1601487 |
| Holmen AB, Class B | &nbsp;&nbsp; 5292 | 206045 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 7894 | 314180 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 10947 | 435749 |
| Indutrade AB | &nbsp;&nbsp; 17948 | 446718 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 10273 | 260866 |
| Investor AB, Class B | &nbsp;&nbsp; 124417 | 3832907 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 5210 | $263709 |
| Lifco AB, Class B | &nbsp;&nbsp; 15907 | 565294 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 97180 | 399258 |
| Nordea Bank Abp | &nbsp;&nbsp; 218396 | 3332782 |
| Saab AB, Class B | &nbsp;&nbsp; 22034 | 1245153 |
| Sagax AB, Class B | &nbsp;&nbsp; 17249 | 374039 |
| Sandvik AB | &nbsp;&nbsp; 75135 | 1900180 |
| Securitas AB, Class B | &nbsp;&nbsp; 33713 | 515915 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 108394 | 2004478 |
| Skanska AB, Class B | &nbsp;&nbsp; 23154 | 575009 |
| SKF AB, Class B | &nbsp;&nbsp; 25963 | 666639 |
| Spotify Technology SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 10936 | 7457040 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 40097 | 545516 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 96525 | 1242072 |
| Swedbank AB, Class A | &nbsp;&nbsp; 60489 | 1702334 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 13287 | 403600 |
| Tele2 AB, Class B | &nbsp;&nbsp; 34376 | 605434 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 215390 | 1705201 |
| Telia Co. AB | &nbsp;&nbsp; 182139 | 679963 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 15143 | 585995 |
| Volvo AB, Class B | &nbsp;&nbsp; 114731 | 3530043 |
|  |  | 52806790 |
| **Switzerland — 2.3%** | **Switzerland — 2.3%** | **Switzerland — 2.3%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 112810 | 7570803 |
| Alcon AG | &nbsp;&nbsp; 34268 | 2730918 |
| Amrize Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 36970 | 1928548 |
| Avolta AG, Registered | &nbsp;&nbsp; 7343 | 421742 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 3616 | 937791 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 2069 | 240505 |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 278 | 376475 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 704 | 775202 |
| BKW AG | &nbsp;&nbsp; 2066 | 430082 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 58 | 884528 |
| Chocoladefabriken Lindt & Spruengli AG, Registered | &nbsp;&nbsp; 7 | 1048326 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 38705 | 6776574 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 552 | 423605 |
| Galderma Group AG | &nbsp;&nbsp; 9366 | 1640329 |
| Geberit AG, Registered | &nbsp;&nbsp; 2406 | 1764242 |
| Givaudan SA, Registered | &nbsp;&nbsp; 661 | 2783851 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 2669 | 686934 |
| Holcim AG | &nbsp;&nbsp; 36900 | 3092907 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 14728 | 1063447 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 3566 | 726978 |
| Logitech International SA, Registered | &nbsp;&nbsp; 11391 | 1176208 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 5257 | 3730833 |
| Nestle SA, Registered | &nbsp;&nbsp; 184425 | 17396910 |
| Novartis AG, Registered | &nbsp;&nbsp; 135708 | 17176842 |
| Partners Group Holding AG | &nbsp;&nbsp; 1620 | 2224761 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 2371 | 814286 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 50146 | 16351516 |
| Sandoz Group AG | &nbsp;&nbsp; 29174 | 1830654 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 3233 | 1201713 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 1520 | 543614 |
| SGS SA | &nbsp;&nbsp; 10898 | 1111707 |
| SIG Group AG | &nbsp;&nbsp; 21357 | 338307 |
| Sika AG, Registered | &nbsp;&nbsp; 10850 | 2517812 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 3731 | 1086794 |
| Straumann Holding AG | &nbsp;&nbsp; 7848 | 919623 |
| Swatch Group AG (The), Bearer<sup>(b)</sup> | &nbsp;&nbsp; 2339 | 422927 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 2005 | 2166717 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 6068 | 843956 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Swiss Re AG | &nbsp;&nbsp; 21175 | $3837843 |
| Swisscom AG, Registered | &nbsp;&nbsp; 1613 | 1166159 |
| UBS Group AG, Registered | &nbsp;&nbsp; 227228 | 9204874 |
| VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp; 2115 | 691674 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 10375 | 7581586 |
|  |  | 130641103 |
| **United Kingdom — 3.6%** | **United Kingdom — 3.6%** | **United Kingdom — 3.6%** |
| 3i Group PLC | &nbsp;&nbsp; 69203 | 3759711 |
| Admiral Group PLC | &nbsp;&nbsp; 17869 | 875640 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 79183 | 2438434 |
| Antofagasta PLC | &nbsp;&nbsp; 26086 | 756920 |
| Ashtead Group PLC | &nbsp;&nbsp; 29594 | 2180428 |
| Associated British Foods PLC | &nbsp;&nbsp; 23532 | 687691 |
| AstraZeneca PLC | &nbsp;&nbsp; 110916 | 17681599 |
| Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 63422 | 688724 |
| Aviva PLC | &nbsp;&nbsp; 211709 | 1864299 |
| BAE Systems PLC | &nbsp;&nbsp; 211939 | 5023134 |
| Barclays PLC | &nbsp;&nbsp; 1045790 | 5095764 |
| Barratt Redrow PLC | &nbsp;&nbsp; 96342 | 468373 |
| BP PLC | &nbsp;&nbsp; 1091790 | 6386555 |
| British American Tobacco PLC | &nbsp;&nbsp; 149214 | 8473504 |
| BT Group PLC | &nbsp;&nbsp; 469606 | 1374907 |
| Bunzl PLC | &nbsp;&nbsp; 22284 | 753128 |
| Centrica PLC | &nbsp;&nbsp; 387254 | 842087 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 17927 | 906824 |
| Compass Group PLC | &nbsp;&nbsp; 118879 | 4040424 |
| DCC PLC | &nbsp;&nbsp; 6502 | 413494 |
| Diageo PLC | &nbsp;&nbsp; 157042 | 4355375 |
| Entain PLC | &nbsp;&nbsp; 40147 | 476813 |
| Experian PLC | &nbsp;&nbsp; 66683 | 3456547 |
| Fresnillo PLC | &nbsp;&nbsp; 15824 | 383353 |
| Glencore PLC | &nbsp;&nbsp; 722204 | 2853100 |
| GSK PLC | &nbsp;&nbsp; 289036 | 5711376 |
| Haleon PLC | &nbsp;&nbsp; 641268 | 3155833 |
| Halma PLC | &nbsp;&nbsp; 25127 | 1117077 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 11427 | 276053 |
| HSBC Holdings PLC | &nbsp;&nbsp; 1248546 | 15983110 |
| Imperial Brands PLC | &nbsp;&nbsp; 60678 | 2562595 |
| Informa PLC | &nbsp;&nbsp; 99396 | 1170834 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 12201 | 1481088 |
| Intertek Group PLC | &nbsp;&nbsp; 10709 | 679241 |
| J Sainsbury PLC | &nbsp;&nbsp; 115509 | 467407 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 170484 | 221294 |
| Kingfisher PLC | &nbsp;&nbsp; 138998 | 484145 |
| Land Securities Group PLC | &nbsp;&nbsp; 46564 | 348985 |
| Legal & General Group PLC | &nbsp;&nbsp; 423195 | 1416387 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 4433404 | 4755856 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 33590 | 4162910 |
| M&G PLC | &nbsp;&nbsp; 171799 | 615391 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 141082 | 658919 |
| Melrose Industries PLC | &nbsp;&nbsp; 91751 | 728595 |
| Mondi PLC | &nbsp;&nbsp; 29275 | 412113 |
| National Grid PLC | &nbsp;&nbsp; 347339 | 4878751 |
| NatWest Group PLC | &nbsp;&nbsp; 579744 | 4001473 |
| Next PLC | &nbsp;&nbsp; 8835 | 1427715 |
| Pearson PLC | &nbsp;&nbsp; 49821 | 724487 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 46284 | 426310 |
| Prudential PLC | &nbsp;&nbsp; 187511 | 2500981 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 48949 | 3659789 |
| RELX PLC | &nbsp;&nbsp; 130979 | 6117979 |
| Rentokil Initial PLC | &nbsp;&nbsp; 168421 | 832722 |
| Rio Tinto PLC | &nbsp;&nbsp; 81940 | 5122218 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 603834 | $8707489 |
| Sage Group PLC (The) | &nbsp;&nbsp; 72938 | 1069938 |
| Schroders PLC | &nbsp;&nbsp; 48670 | 250040 |
| Segro PLC | &nbsp;&nbsp; 91784 | 778888 |
| Severn Trent PLC | &nbsp;&nbsp; 20734 | 724276 |
| Shell PLC | &nbsp;&nbsp; 427080 | 15724805 |
| Smith & Nephew PLC | &nbsp;&nbsp; 58119 | 1090113 |
| Smiths Group PLC | &nbsp;&nbsp; 26211 | 834571 |
| Spirax Group PLC | &nbsp;&nbsp; 4800 | 473232 |
| SSE PLC | &nbsp;&nbsp; 77758 | 1817074 |
| Standard Chartered PLC | &nbsp;&nbsp; 141435 | 2650149 |
| Tesco PLC | &nbsp;&nbsp; 469924 | 2686107 |
| Unilever PLC | &nbsp;&nbsp; 178464 | 11258409 |
| United Utilities Group PLC | &nbsp;&nbsp; 45033 | 699635 |
| Vodafone Group PLC | &nbsp;&nbsp; 1562601 | 1871094 |
| Whitbread PLC | &nbsp;&nbsp; 13341 | 567971 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 41854 | 596250 |
| WPP PLC | &nbsp;&nbsp; 65785 | 348833 |
|  |  | 204487336 |
| **United States — 72.0%** | **United States — 72.0%** | **United States — 72.0%** |
| 3M Co. | &nbsp;&nbsp; 39082 | 6078423 |
| Abbott Laboratories | &nbsp;&nbsp; 124120 | 16465759 |
| AbbVie Inc. | &nbsp;&nbsp; 126242 | 26561317 |
| Accenture PLC, Class A | &nbsp;&nbsp; 44866 | 11663814 |
| Adobe Inc.<sup>(a)</sup> | &nbsp;&nbsp; 30954 | 11041292 |
| Advanced Micro Devices Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 116502 | 18946720 |
| AECOM | &nbsp;&nbsp; 9069 | 1132627 |
| Affirm Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19164 | 1695247 |
| Aflac Inc. | &nbsp;&nbsp; 37616 | 4019646 |
| Agilent Technologies Inc. | &nbsp;&nbsp; 20326 | 2554165 |
| Air Products and Chemicals Inc. | &nbsp;&nbsp; 15701 | 4617821 |
| Airbnb Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 31209 | 4073711 |
| Akamai Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11357 | 898679 |
| Albertsons Companies Inc., Class A | &nbsp;&nbsp; 26844 | 522384 |
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 11987 | 988208 |
| Align Technology Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5046 | 716330 |
| Allegion PLC | &nbsp;&nbsp; 6029 | 1023724 |
| Alliant Energy Corp. | &nbsp;&nbsp; 17825 | 1159873 |
| Allstate Corp. (The) | &nbsp;&nbsp; 18798 | 3824453 |
| Alnylam Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9147 | 4084227 |
| Alphabet Inc., Class A | &nbsp;&nbsp; 416712 | 88722152 |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 351675 | 75093163 |
| Altria Group Inc. | &nbsp;&nbsp; 120283 | 8084220 |
| Amazon.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 683168 | 156445472 |
| Amcor PLC | &nbsp;&nbsp; 162967 | 1406405 |
| Ameren Corp. | &nbsp;&nbsp; 19391 | 1934834 |
| American Electric Power Co. Inc. | &nbsp;&nbsp; 37769 | 4193114 |
| American Express Co. | &nbsp;&nbsp; 39956 | 13236624 |
| American Financial Group Inc./OH | &nbsp;&nbsp; 5559 | 755246 |
| American Homes 4 Rent, Class A | &nbsp;&nbsp; 22441 | 803837 |
| American International Group Inc. | &nbsp;&nbsp; 41732 | 3393646 |
| American Tower Corp. | &nbsp;&nbsp; 33382 | 6804921 |
| American Water Works Co. Inc. | &nbsp;&nbsp; 13237 | 1899642 |
| Ameriprise Financial Inc. | &nbsp;&nbsp; 6711 | 3454890 |
| AMETEK Inc. | &nbsp;&nbsp; 16375 | 3026100 |
| Amgen Inc. | &nbsp;&nbsp; 38444 | 11060723 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 86084 | 9371104 |
| Analog Devices Inc. | &nbsp;&nbsp; 35624 | 8952667 |
| Annaly Capital Management Inc. | &nbsp;&nbsp; 38430 | 814332 |
| Aon PLC, Class A | &nbsp;&nbsp; 14684 | 5389028 |
| Apollo Global Management Inc. | &nbsp;&nbsp; 28175 | 3838280 |
| Apple Inc. | &nbsp;&nbsp; 1069093 | 248179249 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Applied Materials Inc. | &nbsp;&nbsp; 58073 | $9335815 |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16552 | 7921622 |
| Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp; 15585 | 1239475 |
| Arch Capital Group Ltd. | &nbsp;&nbsp; 25465 | 2330811 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 34037 | 2132078 |
| Ares Management Corp., Class A | &nbsp;&nbsp; 14577 | 2612198 |
| Arista Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 75939 | 10369470 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 18265 | 5529729 |
| AT&T Inc. | &nbsp;&nbsp; 510657 | 14957144 |
| Atlassian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11862 | 2108826 |
| Atmos Energy Corp. | &nbsp;&nbsp; 11070 | 1839059 |
| Autodesk Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15298 | 4814281 |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 28974 | 8809545 |
| AutoZone Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1237 | 5193582 |
| AvalonBay Communities Inc. | &nbsp;&nbsp; 10135 | 1984940 |
| Avery Dennison Corp. | &nbsp;&nbsp; 5619 | 964501 |
| Axon Enterprise Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5193 | 3880677 |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 70201 | 3187125 |
| Ball Corp. | &nbsp;&nbsp; 18864 | 993001 |
| Bank of America Corp. | &nbsp;&nbsp; 515541 | 26158550 |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp; 52127 | 5504611 |
| Baxter International Inc. | &nbsp;&nbsp; 37921 | 936270 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 20238 | 3905529 |
| Bentley Systems Inc., Class B | &nbsp;&nbsp; 11686 | 650326 |
| Berkshire Hathaway Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 97004 | 48791072 |
| Best Buy Co. Inc. | &nbsp;&nbsp; 14461 | 1064908 |
| Biogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10536 | 1393070 |
| BioMarin Pharmaceutical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13050 | 760424 |
| Blackrock Inc.<sup>(d)</sup> | &nbsp;&nbsp; 10533 | 11872166 |
| Blackstone Inc. | &nbsp;&nbsp; 52070 | 8924798 |
| Block Inc.<sup>(a)</sup> | &nbsp;&nbsp; 39536 | 3148647 |
| Boeing Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 53698 | 12601847 |
| Booking Holdings Inc. | &nbsp;&nbsp; 2352 | 13168966 |
| Booz Allen Hamilton Holding Corp., Class A | &nbsp;&nbsp; 9813 | 1066869 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 105905 | 11172978 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 144904 | 6836571 |
| Broadcom Inc. | &nbsp;&nbsp; 319506 | 95017889 |
| Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 8000 | 2044960 |
| Brown & Brown Inc. | &nbsp;&nbsp; 21005 | 2036435 |
| Brown-Forman Corp., Class B, NVS | &nbsp;&nbsp; 13242 | 396465 |
| Builders FirstSource Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8322 | 1154095 |
| Bunge Global SA | &nbsp;&nbsp; 10011 | 843126 |
| Burlington Stores Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4596 | 1335965 |
| BXP Inc. | &nbsp;&nbsp; 10314 | 747868 |
| Cadence Design Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19626 | 6877539 |
| Camden Property Trust | &nbsp;&nbsp; 8067 | 903343 |
| Capital One Financial Corp. | &nbsp;&nbsp; 45646 | 10371684 |
| Cardinal Health Inc. | &nbsp;&nbsp; 17630 | 2622991 |
| Carlisle Companies Inc. | &nbsp;&nbsp; 3187 | 1229831 |
| Carlyle Group Inc. (The) | &nbsp;&nbsp; 16668 | 1076086 |
| Carnival Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 73010 | 2328289 |
| Carrier Global Corp. | &nbsp;&nbsp; 58072 | 3786294 |
| Carvana Co., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 8625 | 3207810 |
| Caterpillar Inc. | &nbsp;&nbsp; 33665 | 14106982 |
| Cboe Global Markets Inc. | &nbsp;&nbsp; 7631 | 1800534 |
| CBRE Group Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 21898 | 3550104 |
| CDW Corp. | &nbsp;&nbsp; 9274 | 1527984 |
| Cencora Inc. | &nbsp;&nbsp; 13163 | 3838462 |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp; 37489 | 1088681 |
| CenterPoint Energy Inc. | &nbsp;&nbsp; 45865 | 1729569 |
| CF Industries Holdings Inc. | &nbsp;&nbsp; 12996 | 1125843 |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 7689 | 989574 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 122640 | $11753818 |
| Charter Communications Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6692 | 1777261 |
| Cheniere Energy Inc. | &nbsp;&nbsp; 15973 | 3862591 |
| Chevron Corp. | &nbsp;&nbsp; 139929 | 22472597 |
| Chipotle Mexican Grill Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 95806 | 4037265 |
| Chubb Ltd. | &nbsp;&nbsp; 27141 | 7465675 |
| Church & Dwight Co. Inc. | &nbsp;&nbsp; 16684 | 1554281 |
| Cigna Group (The) | &nbsp;&nbsp; 19688 | 5923529 |
| Cincinnati Financial Corp. | &nbsp;&nbsp; 10649 | 1635686 |
| Cintas Corp. | &nbsp;&nbsp; 26001 | 5460990 |
| Cisco Systems Inc. | &nbsp;&nbsp; 284287 | 19641389 |
| Citigroup Inc. | &nbsp;&nbsp; 131770 | 12725029 |
| Citizens Financial Group Inc. | &nbsp;&nbsp; 31040 | 1622771 |
| Clorox Co. (The) | &nbsp;&nbsp; 9178 | 1084840 |
| Cloudflare Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 21687 | 4526294 |
| CME Group Inc. | &nbsp;&nbsp; 25780 | 6870628 |
| CMS Energy Corp. | &nbsp;&nbsp; 20178 | 1444139 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 292782 | 20199030 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 35378 | 2556061 |
| Coinbase Global Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 14284 | 4350049 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 54971 | 4621412 |
| Comcast Corp., Class A | &nbsp;&nbsp; 266579 | 9055689 |
| ConocoPhillips | &nbsp;&nbsp; 91969 | 9102172 |
| Consolidated Edison Inc. | &nbsp;&nbsp; 24889 | 2444846 |
| Constellation Brands Inc., Class A | &nbsp;&nbsp; 11253 | 1822311 |
| Constellation Energy Corp. | &nbsp;&nbsp; 22533 | 6939713 |
| Cooper Companies Inc. (The)<sup>(a)(b)</sup> | &nbsp;&nbsp; 13520 | 911180 |
| Copart Inc.<sup>(a)</sup> | &nbsp;&nbsp; 65608 | 3202326 |
| Corning Inc. | &nbsp;&nbsp; 57819 | 3875608 |
| Corpay Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5089 | 1657335 |
| Corteva Inc. | &nbsp;&nbsp; 49231 | 3652448 |
| CoStar Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 30204 | 2702956 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 31687 | 29890981 |
| Coterra Energy Inc. | &nbsp;&nbsp; 51576 | 1260517 |
| CRH PLC | &nbsp;&nbsp; 48462 | 5473783 |
| Crowdstrike Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17698 | 7498643 |
| Crown Castle Inc. | &nbsp;&nbsp; 30503 | 3024067 |
| Crown Holdings Inc. | &nbsp;&nbsp; 9124 | 906743 |
| CSX Corp. | &nbsp;&nbsp; 136874 | 4449774 |
| Cummins Inc. | &nbsp;&nbsp; 9680 | 3856899 |
| CVS Health Corp. | &nbsp;&nbsp; 87156 | 6375461 |
| Danaher Corp. | &nbsp;&nbsp; 46361 | 9542021 |
| Darden Restaurants Inc. | &nbsp;&nbsp; 7980 | 1651381 |
| Datadog Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 20616 | 2817795 |
| DaVita Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3587 | 494145 |
| Deckers Outdoor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 10917 | 1306001 |
| Deere & Co. | &nbsp;&nbsp; 18425 | 8818942 |
| Dell Technologies Inc., Class C | &nbsp;&nbsp; 22257 | 2718693 |
| Delta Air Lines Inc. | &nbsp;&nbsp; 11774 | 727398 |
| Devon Energy Corp. | &nbsp;&nbsp; 43613 | 1574429 |
| Dexcom Inc.<sup>(a)</sup> | &nbsp;&nbsp; 27362 | 2061453 |
| Diamondback Energy Inc. | &nbsp;&nbsp; 13459 | 2002161 |
| Dick's Sporting Goods Inc. | &nbsp;&nbsp; 4289 | 912699 |
| Digital Realty Trust Inc. | &nbsp;&nbsp; 23731 | 3978265 |
| DocuSign Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 14729 | 1129125 |
| Dollar General Corp. | &nbsp;&nbsp; 15900 | 1729284 |
| Dollar Tree Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15257 | 1665607 |
| Dominion Energy Inc. | &nbsp;&nbsp; 61087 | 3659111 |
| Domino's Pizza Inc. | &nbsp;&nbsp; 2460 | 1127418 |
| DoorDash Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 25616 | 6282324 |
| Dover Corp. | &nbsp;&nbsp; 9898 | 1770356 |
| Dow Inc. | &nbsp;&nbsp; 48443 | 1193151 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| DR Horton Inc. | &nbsp;&nbsp; 19789 | $3353840 |
| DraftKings Inc., Class A <sup>(a)(b)</sup> | &nbsp;&nbsp; 31988 | 1534784 |
| DTE Energy Co. | &nbsp;&nbsp; 14303 | 1954505 |
| Duke Energy Corp. | &nbsp;&nbsp; 56033 | 6863482 |
| DuPont de Nemours Inc. | &nbsp;&nbsp; 29608 | 2277447 |
| Dynatrace Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21493 | 1087546 |
| Eaton Corp. PLC | &nbsp;&nbsp; 28186 | 9840860 |
| eBay Inc. | &nbsp;&nbsp; 32998 | 2989949 |
| Ecolab Inc. | &nbsp;&nbsp; 18298 | 5069278 |
| Edison International | &nbsp;&nbsp; 27747 | 1557439 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 41723 | 3393749 |
| Electronic Arts Inc. | &nbsp;&nbsp; 17761 | 3054004 |
| Elevance Health Inc. | &nbsp;&nbsp; 16347 | 5208972 |
| Eli Lilly & Co. | &nbsp;&nbsp; 57552 | 42161444 |
| EMCOR Group Inc. | &nbsp;&nbsp; 3253 | 2016860 |
| Emerson Electric Co. | &nbsp;&nbsp; 40607 | 5360124 |
| Entegris Inc. | &nbsp;&nbsp; 11077 | 927588 |
| Entergy Corp. | &nbsp;&nbsp; 31445 | 2769990 |
| EOG Resources Inc. | &nbsp;&nbsp; 40198 | 5017514 |
| EQT Corp. | &nbsp;&nbsp; 39794 | 2062921 |
| Equifax Inc. | &nbsp;&nbsp; 8734 | 2151184 |
| Equinix Inc. | &nbsp;&nbsp; 6990 | 5495468 |
| Equitable Holdings Inc. | &nbsp;&nbsp; 18626 | 992021 |
| Equity LifeStyle Properties Inc. | &nbsp;&nbsp; 12436 | 749766 |
| Equity Residential | &nbsp;&nbsp; 24378 | 1611873 |
| Erie Indemnity Co., Class A, NVS | &nbsp;&nbsp; 1812 | 642137 |
| Essential Utilities Inc. | &nbsp;&nbsp; 19943 | 787948 |
| Essex Property Trust Inc. | &nbsp;&nbsp; 4338 | 1172171 |
| Estee Lauder Companies Inc. (The), Class A | &nbsp;&nbsp; 16699 | 1531799 |
| Everest Group Ltd. | &nbsp;&nbsp; 2893 | 989059 |
| Evergy Inc. | &nbsp;&nbsp; 16204 | 1154697 |
| Eversource Energy | &nbsp;&nbsp; 25583 | 1639103 |
| Exelon Corp. | &nbsp;&nbsp; 72430 | 3163742 |
| Expand Energy Corp. | &nbsp;&nbsp; 14496 | 1402923 |
| Expedia Group Inc. | &nbsp;&nbsp; 8873 | 1905920 |
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 10340 | 1246384 |
| Extra Space Storage Inc. | &nbsp;&nbsp; 15161 | 2176816 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 308649 | 35275494 |
| F5 Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4135 | 1294834 |
| FactSet Research Systems Inc. | &nbsp;&nbsp; 2775 | 1035963 |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1803 | 2743517 |
| Fastenal Co. | &nbsp;&nbsp; 81642 | 4054342 |
| FedEx Corp. | &nbsp;&nbsp; 16277 | 3761126 |
| Ferguson Enterprises Inc. | &nbsp;&nbsp; 14227 | 3288571 |
| Fidelity National Financial Inc. | &nbsp;&nbsp; 18561 | 1111247 |
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 38618 | 2695923 |
| Fifth Third Bancorp | &nbsp;&nbsp; 46788 | 2141487 |
| First Citizens BancShares Inc./NC, Class A | &nbsp;&nbsp; 691 | 1370882 |
| First Solar Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7407 | 1445772 |
| FirstEnergy Corp. | &nbsp;&nbsp; 40290 | 1757450 |
| Fiserv Inc.<sup>(a)</sup> | &nbsp;&nbsp; 39827 | 5503295 |
| Flutter Entertainment PLC, Class DI<sup>(a)</sup> | &nbsp;&nbsp; 12867 | 3952356 |
| Ford Motor Co. | &nbsp;&nbsp; 276573 | 3255264 |
| Fortinet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 47123 | 3711879 |
| Fortive Corp. | &nbsp;&nbsp; 25169 | 1204588 |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 16161 | 964812 |
| Fox Corp., Class B | &nbsp;&nbsp; 11357 | 619524 |
| Freeport-McMoRan Inc. | &nbsp;&nbsp; 101605 | 4511262 |
| Gaming and Leisure Properties Inc. | &nbsp;&nbsp; 19547 | 938451 |
| Garmin Ltd. | &nbsp;&nbsp; 11530 | 2788185 |
| Gartner Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5600 | 1406664 |
| GE HealthCare Technologies Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 32462 | 2393423 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| GE Vernova Inc. | &nbsp;&nbsp; 19693 | $12071218 |
| Gen Digital Inc. | &nbsp;&nbsp; 41337 | 1248377 |
| General Dynamics Corp. | &nbsp;&nbsp; 16691 | 5417398 |
| General Electric Co. | &nbsp;&nbsp; 76889 | 21159853 |
| General Mills Inc. | &nbsp;&nbsp; 40747 | 2010050 |
| General Motors Co. | &nbsp;&nbsp; 69039 | 4044995 |
| Genuine Parts Co. | &nbsp;&nbsp; 9757 | 1359443 |
| Gilead Sciences Inc. | &nbsp;&nbsp; 89041 | 10058962 |
| Global Payments Inc. | &nbsp;&nbsp; 18453 | 1638995 |
| GoDaddy Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9685 | 1436382 |
| Goldman Sachs Group Inc. (The) | &nbsp;&nbsp; 21942 | 16352276 |
| Graco Inc. | &nbsp;&nbsp; 11619 | 992146 |
| Halliburton Co. | &nbsp;&nbsp; 63904 | 1452538 |
| Hartford Insurance Group Inc. (The) | &nbsp;&nbsp; 20526 | 2715795 |
| HCA Healthcare Inc. | &nbsp;&nbsp; 12915 | 5217143 |
| Healthpeak Properties Inc. | &nbsp;&nbsp; 49048 | 879921 |
| HEICO Corp. | &nbsp;&nbsp; 3037 | 947605 |
| HEICO Corp., Class A | &nbsp;&nbsp; 5115 | 1253226 |
| Hershey Co. (The) | &nbsp;&nbsp; 10317 | 1895749 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 89241 | 2014169 |
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 17390 | 4800683 |
| Hologic Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17391 | 1167284 |
| Home Depot Inc. (The) | &nbsp;&nbsp; 71013 | 28885958 |
| Honeywell International Inc. | &nbsp;&nbsp; 46353 | 10174484 |
| Hormel Foods Corp. | &nbsp;&nbsp; 21045 | 535385 |
| Howmet Aerospace Inc. | &nbsp;&nbsp; 27514 | 4790187 |
| HP Inc. | &nbsp;&nbsp; 69450 | 1982103 |
| Hubbell Inc., Class B | &nbsp;&nbsp; 3882 | 1673103 |
| HubSpot Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3443 | 1663554 |
| Humana Inc. | &nbsp;&nbsp; 8538 | 2592649 |
| Huntington Bancshares Inc./Ohio | &nbsp;&nbsp; 100927 | 1797510 |
| Hyatt Hotels Corp., Class A | &nbsp;&nbsp; 3361 | 484925 |
| IDEX Corp. | &nbsp;&nbsp; 5239 | 861816 |
| IDEXX Laboratories Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5855 | 3788712 |
| Illinois Tool Works Inc. | &nbsp;&nbsp; 20923 | 5537272 |
| Illumina Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10723 | 1071871 |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 13331 | 1127936 |
| Ingersoll Rand Inc. | &nbsp;&nbsp; 28969 | 2301008 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5017 | 1705178 |
| Intel Corp. | &nbsp;&nbsp; 313279 | 7628344 |
| Interactive Brokers Group Inc., Class A | &nbsp;&nbsp; 30963 | 1927137 |
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 41286 | 7291108 |
| International Business Machines Corp. | &nbsp;&nbsp; 66171 | 16111977 |
| International Flavors & Fragrances Inc. | &nbsp;&nbsp; 18544 | 1251905 |
| International Paper Co. | &nbsp;&nbsp; 35483 | 1762795 |
| Intuit Inc. | &nbsp;&nbsp; 20066 | 13384022 |
| Intuitive Surgical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 25558 | 12096474 |
| Invitation Homes Inc. | &nbsp;&nbsp; 43935 | 1374726 |
| IQVIA Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 12937 | 2468509 |
| Iron Mountain Inc. | &nbsp;&nbsp; 20987 | 1937730 |
| J.M. Smucker Co. (The) | &nbsp;&nbsp; 7423 | 820316 |
| Jabil Inc. | &nbsp;&nbsp; 7682 | 1573504 |
| Jack Henry & Associates Inc. | &nbsp;&nbsp; 5229 | 853687 |
| Jacobs Solutions Inc. | &nbsp;&nbsp; 9015 | 1318263 |
| JB Hunt Transport Services Inc. | &nbsp;&nbsp; 5749 | 833548 |
| Johnson & Johnson | &nbsp;&nbsp; 172184 | 30505839 |
| Johnson Controls International PLC | &nbsp;&nbsp; 46839 | 5006621 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 198925 | 59959974 |
| Kellanova | &nbsp;&nbsp; 20040 | 1593180 |
| Kenvue Inc. | &nbsp;&nbsp; 138427 | 2866823 |
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 91687 | 2667175 |
| KeyCorp | &nbsp;&nbsp; 65971 | 1277199 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Keysight Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12366 | $2020975 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 23515 | 3036727 |
| Kimco Realty Corp. | &nbsp;&nbsp; 48947 | 1100818 |
| Kinder Morgan Inc. | &nbsp;&nbsp; 141937 | 3829460 |
| KKR & Co. Inc. | &nbsp;&nbsp; 44081 | 6148859 |
| KLA Corp. | &nbsp;&nbsp; 9482 | 8268304 |
| Kraft Heinz Co. (The) | &nbsp;&nbsp; 64088 | 1792541 |
| Kroger Co. (The) | &nbsp;&nbsp; 44959 | 3050019 |
| L3Harris Technologies Inc. | &nbsp;&nbsp; 13331 | 3700952 |
| Labcorp Holdings Inc. | &nbsp;&nbsp; 5814 | 1616234 |
| Lam Research Corp. | &nbsp;&nbsp; 92506 | 9264476 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 27313 | 1574048 |
| Leidos Holdings Inc. | &nbsp;&nbsp; 9439 | 1707704 |
| Lennar Corp., Class A | &nbsp;&nbsp; 16928 | 2253794 |
| Lennox International Inc. | &nbsp;&nbsp; 2216 | 1236218 |
| Liberty Media Corp.-Liberty Formula One, Class C, <br> NVS<sup>(a)</sup><br>| &nbsp;&nbsp; 14917 | 1490208 |
| Linde PLC | &nbsp;&nbsp; 33761 | 16147549 |
| Live Nation Entertainment Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11280 | 1878007 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 15089 | 6875001 |
| Loews Corp. | &nbsp;&nbsp; 12659 | 1225391 |
| Lowe's Companies Inc. | &nbsp;&nbsp; 39841 | 10281368 |
| LPL Financial Holdings Inc. | &nbsp;&nbsp; 5653 | 2060405 |
| Lululemon Athletica Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7876 | 1592527 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 17691 | 996888 |
| M&T Bank Corp. | &nbsp;&nbsp; 12073 | 2434641 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 21990 | 3951823 |
| Markel Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 922 | 1806253 |
| Marriott International Inc./MD, Class A | &nbsp;&nbsp; 16874 | 4519870 |
| Marsh & McLennan Companies Inc. | &nbsp;&nbsp; 34887 | 7180093 |
| Martin Marietta Materials Inc. | &nbsp;&nbsp; 4168 | 2569155 |
| Marvell Technology Inc. | &nbsp;&nbsp; 61502 | 3866323 |
| Masco Corp. | &nbsp;&nbsp; 17116 | 1256143 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 61286 | 36482943 |
| McCormick & Co. Inc./MD, NVS | &nbsp;&nbsp; 18410 | 1295512 |
| McDonald's Corp. | &nbsp;&nbsp; 51046 | 16004963 |
| McKesson Corp. | &nbsp;&nbsp; 9138 | 6274516 |
| Medtronic PLC | &nbsp;&nbsp; 91636 | 8504737 |
| MercadoLibre Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3233 | 7994918 |
| Merck & Co. Inc. | &nbsp;&nbsp; 179651 | 15112242 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 155409 | 114800628 |
| MetLife Inc. | &nbsp;&nbsp; 42099 | 3425175 |
| Mettler-Toledo International Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1540 | 2003602 |
| Microchip Technology Inc. | &nbsp;&nbsp; 38556 | 2506140 |
| Micron Technology Inc. | &nbsp;&nbsp; 79880 | 9506519 |
| Microsoft Corp. | &nbsp;&nbsp; 505150 | 255954454 |
| Mid-America Apartment Communities Inc. | &nbsp;&nbsp; 7936 | 1157228 |
| Molina Healthcare Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3982 | 720065 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp; 13510 | 682120 |
| Mondelez International Inc., Class A | &nbsp;&nbsp; 95273 | 5853573 |
| MongoDB Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5819 | 1836535 |
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 3478 | 2906773 |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 53268 | 3324456 |
| Moody's Corp. | &nbsp;&nbsp; 11526 | 5875494 |
| Morgan Stanley | &nbsp;&nbsp; 86360 | 12995453 |
| Motorola Solutions Inc. | &nbsp;&nbsp; 11891 | 5618022 |
| MSCI Inc., Class A | &nbsp;&nbsp; 5456 | 3097480 |
| Nasdaq Inc. | &nbsp;&nbsp; 30463 | 2886065 |
| Natera Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8921 | 1500958 |
| NetApp Inc. | &nbsp;&nbsp; 15536 | 1752305 |
| Netflix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 30610 | 36984533 |
| Neurocrine Biosciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6782 | 946767 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Newmont Corp. | &nbsp;&nbsp; 81891 | $6092690 |
| News Corp., Class A, NVS | &nbsp;&nbsp; 28144 | 827715 |
| NextEra Energy Inc. | &nbsp;&nbsp; 147812 | 10649855 |
| Nike Inc., Class B | &nbsp;&nbsp; 84279 | 6520666 |
| NiSource Inc. | &nbsp;&nbsp; 32754 | 1384512 |
| Nordson Corp. | &nbsp;&nbsp; 3979 | 895633 |
| Norfolk Southern Corp. | &nbsp;&nbsp; 16059 | 4496199 |
| Northern Trust Corp. | &nbsp;&nbsp; 15125 | 1985610 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 10057 | 5934032 |
| NRG Energy Inc. | &nbsp;&nbsp; 14703 | 2140169 |
| Nucor Corp. | &nbsp;&nbsp; 17034 | 2533467 |
| Nutanix Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17151 | 1152719 |
| Nvidia Corp. | &nbsp;&nbsp; 1745270 | 303991129 |
| NVR Inc.<sup>(a)</sup> | &nbsp;&nbsp; 199 | 1615412 |
| NXP Semiconductors NV | &nbsp;&nbsp; 18390 | 4318892 |
| O'Reilly Automotive Inc.<sup>(a)</sup> | &nbsp;&nbsp; 62181 | 6446926 |
| Occidental Petroleum Corp. | &nbsp;&nbsp; 49994 | 2380214 |
| Okta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11526 | 1069267 |
| Old Dominion Freight Line Inc. | &nbsp;&nbsp; 13849 | 2090784 |
| Omnicom Group Inc. | &nbsp;&nbsp; 14569 | 1141190 |
| ON Semiconductor Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 31038 | 1539174 |
| ONEOK Inc. | &nbsp;&nbsp; 43811 | 3346284 |
| Oracle Corp. | &nbsp;&nbsp; 120140 | 27167258 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 27927 | 2412334 |
| Owens Corning | &nbsp;&nbsp; 5935 | 891259 |
| PACCAR Inc. | &nbsp;&nbsp; 37574 | 3756649 |
| Packaging Corp. of America | &nbsp;&nbsp; 6501 | 1416958 |
| Palantir Technologies Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 162073 | 25398460 |
| Palo Alto Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 47260 | 9003975 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 9109 | 6916919 |
| Paychex Inc. | &nbsp;&nbsp; 23052 | 3214717 |
| Paycom Software Inc. | &nbsp;&nbsp; 3558 | 808200 |
| PayPal Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 68541 | 4810893 |
| Pentair PLC | &nbsp;&nbsp; 11087 | 1192185 |
| PepsiCo Inc. | &nbsp;&nbsp; 98008 | 14568889 |
| Pfizer Inc. | &nbsp;&nbsp; 405383 | 10037283 |
| PG&E Corp. | &nbsp;&nbsp; 155906 | 2382244 |
| Philip Morris International Inc. | &nbsp;&nbsp; 111070 | 18563129 |
| Phillips 66 | &nbsp;&nbsp; 29970 | 4003393 |
| Pinterest Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 42317 | 1550072 |
| PNC Financial Services Group Inc. (The) | &nbsp;&nbsp; 27998 | 5807905 |
| Pool Corp. | &nbsp;&nbsp; 2752 | 855074 |
| PPG Industries Inc. | &nbsp;&nbsp; 16137 | 1794919 |
| PPL Corp. | &nbsp;&nbsp; 53009 | 1933238 |
| Principal Financial Group Inc. | &nbsp;&nbsp; 17494 | 1408442 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 167385 | 26286140 |
| Progressive Corp. (The) | &nbsp;&nbsp; 41606 | 10279178 |
| Prologis Inc. | &nbsp;&nbsp; 66072 | 7517672 |
| Prudential Financial Inc. | &nbsp;&nbsp; 25247 | 2768586 |
| PTC Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8556 | 1826706 |
| Public Service Enterprise Group Inc. | &nbsp;&nbsp; 35362 | 2911353 |
| Public Storage | &nbsp;&nbsp; 11086 | 3265825 |
| PulteGroup Inc. | &nbsp;&nbsp; 15735 | 2077335 |
| Pure Storage Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 21903 | 1699892 |
| Qualcomm Inc. | &nbsp;&nbsp; 78748 | 12657166 |
| Quanta Services Inc. | &nbsp;&nbsp; 10461 | 3953840 |
| Quest Diagnostics Inc. | &nbsp;&nbsp; 8308 | 1509065 |
| Raymond James Financial Inc. | &nbsp;&nbsp; 14270 | 2417909 |
| Realty Income Corp. | &nbsp;&nbsp; 62377 | 3665273 |
| Reddit Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 7436 | 1673695 |
| Regency Centers Corp. | &nbsp;&nbsp; 12997 | 942283 |
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 7610 | 4419127 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Regions Financial Corp. | &nbsp;&nbsp; 65374 | $1790594 |
| Reliance Inc. | &nbsp;&nbsp; 4009 | 1185301 |
| Republic Services Inc., Class A | &nbsp;&nbsp; 15635 | 3658121 |
| ResMed Inc. | &nbsp;&nbsp; 10435 | 2864512 |
| Revvity Inc.<sup>(b)</sup> | &nbsp;&nbsp; 8709 | 784768 |
| Rivian Automotive Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 55696 | 755795 |
| Robinhood Markets Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 52229 | 5433383 |
| ROBLOX Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 38252 | 4765817 |
| Rocket Lab Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 30880 | 1500768 |
| Rockwell Automation Inc. | &nbsp;&nbsp; 8194 | 2814065 |
| Rollins Inc. | &nbsp;&nbsp; 20217 | 1143069 |
| Roper Technologies Inc. | &nbsp;&nbsp; 7555 | 3976272 |
| Ross Stores Inc. | &nbsp;&nbsp; 23970 | 3527425 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 18097 | 6573192 |
| Royalty Pharma PLC, Class A | &nbsp;&nbsp; 28897 | 1039714 |
| RPM International Inc. | &nbsp;&nbsp; 8887 | 1113630 |
| RTX Corp. | &nbsp;&nbsp; 95529 | 15150899 |
| S&P Global Inc. | &nbsp;&nbsp; 22551 | 12367870 |
| Salesforce Inc. | &nbsp;&nbsp; 68583 | 17574394 |
| Samsara Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 18659 | 674336 |
| SBA Communications Corp., Class A | &nbsp;&nbsp; 7831 | 1604180 |
| Schlumberger NV | &nbsp;&nbsp; 107386 | 3956100 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 15099 | 2527573 |
| Sempra | &nbsp;&nbsp; 46591 | 3846553 |
| ServiceNow Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14762 | 13543545 |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp; 17021 | 6226792 |
| Simon Property Group Inc. | &nbsp;&nbsp; 23113 | 4175595 |
| Smurfit WestRock PLC | &nbsp;&nbsp; 35153 | 1664846 |
| Snap Inc., Class A, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 73834 | 527175 |
| Snap-on Inc. | &nbsp;&nbsp; 3737 | 1215422 |
| Snowflake Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22669 | 5410184 |
| SoFi Technologies Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 79121 | 2020750 |
| Solventum Corp.<sup>(a)</sup> | &nbsp;&nbsp; 9686 | 707950 |
| Southern Co. (The) | &nbsp;&nbsp; 78884 | 7280993 |
| SS&C Technologies Holdings Inc. | &nbsp;&nbsp; 16349 | 1449502 |
| Starbucks Corp. | &nbsp;&nbsp; 81024 | 7145507 |
| State Street Corp. | &nbsp;&nbsp; 22495 | 2586250 |
| Steel Dynamics Inc. | &nbsp;&nbsp; 10994 | 1439334 |
| STERIS PLC | &nbsp;&nbsp; 7335 | 1797515 |
| Strategy Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 18686 | 6248785 |
| Stryker Corp. | &nbsp;&nbsp; 24571 | 9617335 |
| Sun Communities Inc. | &nbsp;&nbsp; 9115 | 1156420 |
| Super Micro Computer Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 37208 | 1545620 |
| Synchrony Financial | &nbsp;&nbsp; 29348 | 2240426 |
| Synopsys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13155 | 7939306 |
| Sysco Corp. | &nbsp;&nbsp; 34749 | 2796252 |
| T-Mobile U.S. Inc. | &nbsp;&nbsp; 36573 | 9216030 |
| T Rowe Price Group Inc. | &nbsp;&nbsp; 14663 | 1578032 |
| Take-Two Interactive Software Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12514 | 2919141 |
| Tapestry Inc. | &nbsp;&nbsp; 14866 | 1513656 |
| Targa Resources Corp. | &nbsp;&nbsp; 15049 | 2524620 |
| Target Corp. | &nbsp;&nbsp; 32104 | 3081342 |
| TE Connectivity PLC | &nbsp;&nbsp; 21474 | 4434381 |
| Teledyne Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3358 | 1807175 |
| Teradyne Inc. | &nbsp;&nbsp; 11117 | 1314474 |
| Tesla Inc.<sup>(a)</sup> | &nbsp;&nbsp; 207065 | 69132792 |
| Texas Instruments Inc. | &nbsp;&nbsp; 65017 | 13164642 |
| Texas Pacific Land Corp. | &nbsp;&nbsp; 1368 | 1277001 |
| Textron Inc. | &nbsp;&nbsp; 13429 | 1076469 |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 27061 | 13333496 |
| TJX Companies Inc. (The) | &nbsp;&nbsp; 80194 | 10955302 |
| Toast Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 31907 | 1439006 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Tractor Supply Co. | &nbsp;&nbsp; 38269 | $2363493 |
| Trade Desk Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp; 30892 | 1688557 |
| Tradeweb Markets Inc., Class A | &nbsp;&nbsp; 8540 | 1053494 |
| Trane Technologies PLC | &nbsp;&nbsp; 15989 | 6645028 |
| TransDigm Group Inc. | &nbsp;&nbsp; 3936 | 5505992 |
| TransUnion<sup>(b)</sup> | &nbsp;&nbsp; 13185 | 1165554 |
| Travelers Companies Inc. (The) | &nbsp;&nbsp; 16275 | 4418825 |
| Trimble Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 17343 | 1401661 |
| Truist Financial Corp. | &nbsp;&nbsp; 92812 | 4345458 |
| Twilio Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11537 | 1218423 |
| Tyler Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3062 | 1723539 |
| Tyson Foods Inc., Class A | &nbsp;&nbsp; 20180 | 1145820 |
| U.S. Bancorp | &nbsp;&nbsp; 110532 | 5397278 |
| Uber Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 142200 | 13331250 |
| UDR Inc. | &nbsp;&nbsp; 21146 | 836747 |
| U-Haul Holding Co., NVS | &nbsp;&nbsp; 6159 | 321746 |
| Ulta Beauty Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3422 | 1686122 |
| Union Pacific Corp. | &nbsp;&nbsp; 42795 | 9567678 |
| United Airlines Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5929 | 622545 |
| United Parcel Service Inc., Class B | &nbsp;&nbsp; 52502 | 4590775 |
| United Rentals Inc. | &nbsp;&nbsp; 4666 | 4462282 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3097 | 943842 |
| UnitedHealth Group Inc. | &nbsp;&nbsp; 65266 | 20223975 |
| Universal Health Services Inc., Class B | &nbsp;&nbsp; 4182 | 759368 |
| Valero Energy Corp. | &nbsp;&nbsp; 23083 | 3508847 |
| Veeva Systems Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 10723 | 2886632 |
| Ventas Inc. | &nbsp;&nbsp; 31326 | 2132674 |
| Veralto Corp. | &nbsp;&nbsp; 17377 | 1845264 |
| VeriSign Inc. | &nbsp;&nbsp; 6806 | 1860556 |
| Verisk Analytics Inc., Class A | &nbsp;&nbsp; 9880 | 2649026 |
| Verizon Communications Inc. | &nbsp;&nbsp; 299715 | 13256394 |
| Vertex Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 18427 | 7205326 |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 25790 | 3289515 |
| VICI Properties Inc., Class A | &nbsp;&nbsp; 74231 | 2507523 |
| Visa Inc., Class A | &nbsp;&nbsp; 123113 | 43308691 |
| Vistra Corp. | &nbsp;&nbsp; 24187 | 4574004 |
| Vulcan Materials Co. | &nbsp;&nbsp; 9421 | 2743018 |
| W R Berkley Corp. | &nbsp;&nbsp; 22032 | 1579474 |
| Walmart Inc. | &nbsp;&nbsp; 315416 | 30589044 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 129075 | 15279899 |
| Warner Bros Discovery Inc.<sup>(a)</sup> | &nbsp;&nbsp; 162998 | 1897297 |
| Waste Connections Inc. | &nbsp;&nbsp; 18561 | 3430258 |
| Waste Management Inc. | &nbsp;&nbsp; 28543 | 6461850 |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4096 | 1236173 |
| Watsco Inc. | &nbsp;&nbsp; 2485 | 999914 |
| WEC Energy Group Inc. | &nbsp;&nbsp; 22781 | 2426404 |
| Wells Fargo & Co. | &nbsp;&nbsp; 232791 | 19130764 |
| Welltower Inc. | &nbsp;&nbsp; 46288 | 7789345 |
| West Pharmaceutical Services Inc. | &nbsp;&nbsp; 5307 | 1310564 |
| Western Digital Corp. | &nbsp;&nbsp; 24780 | 1990825 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 12171 | 2355089 |
| Weyerhaeuser Co. | &nbsp;&nbsp; 50994 | 1319215 |
| Williams Companies Inc. (The) | &nbsp;&nbsp; 87376 | 5057323 |
| Williams-Sonoma Inc. | &nbsp;&nbsp; 8542 | 1607519 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 6982 | 2281648 |
| Workday Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 15327 | 3537778 |
| WP Carey Inc. | &nbsp;&nbsp; 14911 | 1000528 |
| WW Grainger Inc. | &nbsp;&nbsp; 3259 | 3302997 |
| Xcel Energy Inc. | &nbsp;&nbsp; 40765 | 2950978 |
| Xylem Inc./New York | &nbsp;&nbsp; 17417 | 2465551 |
| Yum! Brands Inc. | &nbsp;&nbsp; 19759 | 2903980 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3665 | 1162135 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Zillow Group Inc., Class C, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 11965 | $1008769 |
| Zimmer Biomet Holdings Inc. | &nbsp;&nbsp; 14979 | 1589272 |
| Zoetis Inc. | &nbsp;&nbsp; 32264 | 5046090 |
| Zoom Video Communications Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18403 | 1498372 |
| Zscaler Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7089 | 1964007 |
|  |  | 4033385139 |
| **Total Common Stocks — 99.6%** <br>**(Cost: $4,049,293,060)** | **Total Common Stocks — 99.6%** <br>**(Cost: $4,049,293,060)** | 5584810207 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 3924 | 375712 |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7709 | 408905 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 11883 | 1003047 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 10245 | 436522 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 1808 | 419997 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 14051 | 1637328 |
|  |  | 4281511 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $5,453,548)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $5,453,548)** | 4281511 |
| **Rights** | **Rights** | **Rights** |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Telecom Italia SpA, <br> (Expires 09/22/25, Strike Price EUR 0.29)<br>| &nbsp;&nbsp; 685936 | 8 |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** | 8 |
| **Warrants** | **Warrants** | **Warrants** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software Inc., (Issued 08/29/23, <br> 1 Share for 1 Warrant, Expires 03/31/40, Strike <br> Price CAD 11.50)<sup>(a)(e)</sup><br>| &nbsp;&nbsp; 989 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $4,054,746,608)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $4,054,746,608)** | 5589091726 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(f)(g)</sup><br>| &nbsp;&nbsp; 43112283 | $43133839 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(f)</sup><br>| &nbsp;&nbsp; 2540000 | 2540000 |
| **Total Short-Term Securities — 0.8%** <br>**(Cost: $45,671,941)** | **Total Short-Term Securities — 0.8%** <br>**(Cost: $45,671,941)** | 45673839 |
| **Total Investments — 100.5%** <br>**(Cost: $4,100,418,549)** | **Total Investments — 100.5%** <br>**(Cost: $4,100,418,549)** | 5634765565 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (30328660)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $5604436905 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> 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 registration to qualified institutional investors. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $16102539 | $27031620 <br><sup>(a)</sup><br>| $— | $12499 | $(12819)<br>| $43133839 | 43112283 | $60794 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 2440000 | 100000 <br><sup>(a)</sup><br>|  |  |  | 2540000 | 2540000 | 266859 |  |
| BlackRock Inc. | 7201855 | 2738315 | &nbsp;&nbsp; (134699)<br>| 71066 | 1995629 | 11872166 | 10533 | 184499 |  |
|  |  |  |  | $83565 | $1982810 | $57546005 |  | $512152 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| TOPIX Index | 4 | 09/11/25 | &nbsp;&nbsp; $826 | $21718 |
| Euro STOXX 50 Index | 22 | 09/19/25 | &nbsp;&nbsp; 1380 | (13022) |
| FTSE 100 Index | 8 | 09/19/25 | &nbsp;&nbsp; 997 | 19380 |
| S&P 500 E-Mini Index | 31 | 09/19/25 | &nbsp;&nbsp; 10033 | 240849 |
|  |  |  |  | $268925 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $281947 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $281947 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13022 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World ETF**

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1326971 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1326971 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42282 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42282 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $13331115 |

---

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

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $4244816262 | &nbsp;&nbsp; $1339993945 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5584810207 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 4281511 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4281511 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 45673839 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45673839 |
|  | &nbsp;&nbsp; $4290490101 | &nbsp;&nbsp; $1344275464 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5634765565 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $240849 | &nbsp;&nbsp; $41098 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $281947 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (13022)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (13022)<br>|
|  | &nbsp;&nbsp; $227827 | &nbsp;&nbsp; $41098 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $268925 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statement of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI World ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $5577219560 |
| Investments, at value—affiliated<sup>(c)</sup> | 57546005 |
| Cash | 34631 |
| Cash pledged for futures contracts | 734000 |
| Foreign currency collateral pledged for futures contracts | 207963 |
| Foreign currency, at value<sup>(d)</sup> | 5242421 |
| Receivables: |  |
| Securities lending income—affiliated | 6082 |
| Dividends—unaffiliated | 6610297 |
| Dividends—affiliated | 18773 |
| Tax reclaims | 1224315 |
| Total assets | 5648844047 |
| **LIABILITIES** |  |
| Collateral on securities loaned, at value | 43136148 |
| Payables: |  |
| Investment advisory fees | 1125143 |
| Professional fees | 54092 |
| Variation margin on futures contracts | 91759 |
| Total liabilities | 44407142 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $5604436905 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $4184943261 |
| Accumulated earnings | 1419493644 |
| NET ASSETS | $5604436905 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 31900000 |
| Net asset value | $175.69 |
| Shares authorized | 500 million |
| Par value | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $4046466676 |
| <sup>(b)</sup> Securities loaned, at value | $41538137 |
| <sup>(c)</sup> Investments, at cost—affiliated | $53951873 |
| <sup>(d)</sup> Foreign currency, at cost | $5203220 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statement of Operations

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>MSCI World <br> ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $80659142 |
| Dividends—affiliated | &nbsp;&nbsp; 451358 |
| Interest—unaffiliated | &nbsp;&nbsp; 39456 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 60794 |
| Other income—unaffiliated | &nbsp;&nbsp; 32550 |
| Foreign taxes withheld | &nbsp;&nbsp; (3583714)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 1083570 |
| Total investment income | &nbsp;&nbsp; 78743156 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 10765860 |
| Professional | &nbsp;&nbsp; 93993 |
| Total expenses | &nbsp;&nbsp; 10859853 |
| Net investment income | &nbsp;&nbsp; 67883303 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (29938410)<br>|
| Investments—affiliated | &nbsp;&nbsp; 12499 |
| Foreign currency transactions | &nbsp;&nbsp; 239411 |
| Futures contracts | &nbsp;&nbsp; 1326971 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 33756133 |
| In-kind redemptions—affiliated<sup>(a)</sup> | &nbsp;&nbsp; 71066 |
|  | &nbsp;&nbsp; 5467670 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 620445481 |
| Investments—affiliated | &nbsp;&nbsp; 1982810 |
| Foreign currency translations | &nbsp;&nbsp; 45891 |
| Futures contracts | &nbsp;&nbsp; 42282 |
|  | &nbsp;&nbsp; 622516464 |
| Net realized and unrealized gain | &nbsp;&nbsp; 627984134 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $695867437 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statement of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI World ETF  | iShares <br>MSCI World ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $67883303 | &nbsp;&nbsp;&nbsp; $50855180 |
| Net realized gain (loss) | &nbsp;&nbsp; 5467670 | &nbsp;&nbsp;&nbsp; (16352758)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 622516464 | &nbsp;&nbsp;&nbsp; 680335093 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 695867437 | &nbsp;&nbsp;&nbsp; 714837515 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (67716994)<br>| &nbsp;&nbsp;&nbsp; (52687627)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 1262704741 | &nbsp;&nbsp;&nbsp; 339125750 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 1890855184 | &nbsp;&nbsp;&nbsp; 1001275638 |
| Beginning of year | &nbsp;&nbsp; 3713581721 | &nbsp;&nbsp;&nbsp; 2712306083 |
| End of year | &nbsp;&nbsp; $5604436905 | &nbsp;&nbsp;&nbsp; $3713581721 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI World ETF  | iShares MSCI World ETF  | iShares MSCI World ETF  | iShares MSCI World ETF  | iShares MSCI World ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $154.09 | &nbsp;&nbsp;&nbsp; $125.57 | &nbsp;&nbsp;&nbsp; $110.19 | &nbsp;&nbsp;&nbsp; $131.92 | &nbsp;&nbsp;&nbsp; $103.07 |
| Net investment income<sup>(a)</sup> | 2.43 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp; 2.19 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 21.53 | &nbsp;&nbsp;&nbsp;&nbsp;28.58 | &nbsp;&nbsp;&nbsp;&nbsp;15.22 | &nbsp;&nbsp;&nbsp; (21.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.80 |
| Net increase (decrease) from investment operations | 23.96 | &nbsp;&nbsp;&nbsp;&nbsp;30.80 | &nbsp;&nbsp;&nbsp;&nbsp;17.38 | &nbsp;&nbsp;&nbsp; (19.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.64 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $175.69 | &nbsp;&nbsp;&nbsp; $154.09 | &nbsp;&nbsp;&nbsp; $125.57 | &nbsp;&nbsp;&nbsp; $110.19 | &nbsp;&nbsp;&nbsp; $131.92 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 15.68 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.90<br> %<br>| &nbsp;&nbsp;&nbsp; (15.07 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.94<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>|
| Net investment income | 1.51 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $5604437 | &nbsp;&nbsp;&nbsp; $3713582 | &nbsp;&nbsp;&nbsp; $2712306 | &nbsp;&nbsp;&nbsp; $2126700 | &nbsp;&nbsp;&nbsp; $1569839 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2022, respectively: <br> • Net investment income per share by $0.04 and $0.00. <br> • Total return by 0.02% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.02% and 0.00%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2022, respectively: <br> • Net investment income per share by $0.04 and $0.00. <br> • Total return by 0.02% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.02% and 0.00%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2022, respectively: <br> • Net investment income per share by $0.04 and $0.00. <br> • Total return by 0.02% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.02% and 0.00%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2022, respectively: <br> • Net investment income per share by $0.04 and $0.00. <br> • Total return by 0.02% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.02% and 0.00%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2022, respectively: <br> • Net investment income per share by $0.04 and $0.00. <br> • Total return by 0.02% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.02% and 0.00%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2022, respectively: <br> • Net investment income per share by $0.04 and $0.00. <br> • Total return by 0.02% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.02% and 0.00%. |
| <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> 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 <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

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

These financial statements relate only to the following fund (the "Fund"):

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> MSCI World Diversified

***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. The 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 Fund is 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Currency Translation:** The 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 exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). 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.

The 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 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. The 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 Fund 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 the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its 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 "Foreign taxes withheld", 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 August 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

**Distributions:** Dividends and distributions paid by the 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 Fund.

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

**Segment Reporting:** The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The 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. The Board of Trustees of the Company (the "Board") of the Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Fund's as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. 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 BFA's policies and procedures as reflecting fair value. BFA has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., 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 Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the 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 Valuation Committee seeks to determine the price that the 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the 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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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 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. SECURITIES AND OTHER INVESTMENTS***

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI World |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $957709 | &nbsp;&nbsp;&nbsp; $(957709) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 624373 | &nbsp;&nbsp;&nbsp; (624373) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 1535532 | &nbsp;&nbsp;&nbsp; (1535532) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 7012095 | &nbsp;&nbsp;&nbsp; (7012095) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 4691 | &nbsp;&nbsp;&nbsp; (4691) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 9773406 | &nbsp;&nbsp;&nbsp; (9773406) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 6646100 | &nbsp;&nbsp;&nbsp; (6646100) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 1628764 | &nbsp;&nbsp;&nbsp; (1628764) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 498364 | &nbsp;&nbsp;&nbsp; (498364) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 4398931 | &nbsp;&nbsp;&nbsp; (4398931) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 792752 | &nbsp;&nbsp;&nbsp; (792752) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 931799 | &nbsp;&nbsp;&nbsp; (931799) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 2574252 | &nbsp;&nbsp;&nbsp; (2574252) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 70143 | &nbsp;&nbsp;&nbsp; (70143) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 2442368 | &nbsp;&nbsp;&nbsp; (2442368) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 1646858 | &nbsp;&nbsp;&nbsp; (1646858) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $41538137 | &nbsp;&nbsp;&nbsp; $(41538137) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

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

***5. 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 Fund 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 Fund is 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 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 Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the 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.

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of the 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 Fund, 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 Fund, BFA is entitled to an annual investment advisory fee of 0.24%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold, the Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the year ended August 31, 2025, the Fund paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI World | &nbsp;&nbsp; $23165 |

---

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

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

For the year ended August 31, 2025, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI World | &nbsp;&nbsp; $26134153 | &nbsp;&nbsp;&nbsp; $27295560 | &nbsp;&nbsp;&nbsp; $(12189599) |

---

The 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 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.

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI World | &nbsp;&nbsp; $159704879 | &nbsp;&nbsp;&nbsp; $89210260 |

---

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI World | &nbsp;&nbsp; $1254546271 | &nbsp;&nbsp;&nbsp; $64436701 |

---

***8. INCOME TAX INFORMATION***

The Fund is treated as an entity separate from the Company's other funds for federal income tax purposes. It is the 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 of 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 Fund as of August 31, 2025, 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 Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions was reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| MSCI World | &nbsp;&nbsp; $33667054 | &nbsp;&nbsp;&nbsp; $(33667054) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| MSCI World |  |  |
| Ordinary income | &nbsp;&nbsp; $67716994 | &nbsp;&nbsp;&nbsp; $52687627 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| MSCI World | &nbsp;&nbsp; $19824464 | &nbsp;&nbsp;&nbsp; $(118888002) | &nbsp;&nbsp;&nbsp; $1518557182 | &nbsp;&nbsp;&nbsp; $1419493644 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and undistributed capital gains from underlying REIT investments. 

As of August 31, 2025, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI World | &nbsp;&nbsp; $4116366063 | &nbsp;&nbsp;&nbsp; $1678735293 | &nbsp;&nbsp;&nbsp; $(160314073) | &nbsp;&nbsp;&nbsp; $1518421220 |

---

***9. PRINCIPAL RISKS***

In the normal course of business, the 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, tariffs 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 Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve the Fund's investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**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. The Fund may invest in illiquid investments. An illiquid investment is any investment that the 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. The 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 the 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 the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of 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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Fund 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 Fund manages counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

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 Fund 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, the 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 Fund.

**Geographic/Asset Class 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 the Fund's portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.

The Fund invests a significant portion of its 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.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***10. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by the 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 the Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI World |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 8200000 | &nbsp;&nbsp;&nbsp; $1327456768 | &nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; $339125750 |
| Shares redeemed | &nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (64752027)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 7800000 | &nbsp;&nbsp;&nbsp; $1262704741 | &nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; $339125750 |

---

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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 Company's

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants 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.

To the extent applicable, to facilitate the timely settlement of orders for the Fund using a clearing facility outside of the continuous net settlement process, the Fund, at its sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, the Fund's custodian, and the Fund. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Fund may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statement of Assets and Liabilities.

***11. FOREIGN WITHHOLDING TAX CLAIMS***

Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of February 28, 2025 and have not been recorded in the applicable Fund's net asset value. The recognition by the Fund of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

***12. SUBSEQUENT EVENTS***

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

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of iShares MSCI World ETF

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares MSCI World ETF (One of the funds constituting iShares, Inc., referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

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

2025 iShares Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI World | &nbsp;&nbsp; $76154398 |

---

The following amount, or maximum amount allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business* <br>*Income*<br>|
| MSCI World | &nbsp;&nbsp; $1688868 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received* <br>*Deduction*<br>|
| MSCI World | 50.77<br> %<br>|

---

Important Tax Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Electronic Delivery**

Shareholders can sign up for e-mail 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others** 

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Fund, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Fund from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

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, when available, at **iShares.com**.

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares MSCI World ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors (the "Board"), including a majority of Board Members who are not "interested persons" of the Company (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

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

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

2025 iShares Annual Financial Statements and Additional Information

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Fund's 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.©2025 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.

![](g19235img0d90f1aa2.gif)

![](g19235imgb1bb0d883.gif)

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Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item819235_1)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d19235dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d19235dex99906cert.htm)

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares, Inc.

---

| | |
|:---|:---|
| By: | <u>/s/ Jessica Tan</u> |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares, Inc. |

---

Date: October 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Jessica Tan</u> |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares, Inc. |

---

Date: October 22, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Trent Walker</u> |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of |
|  | iShares, Inc. |

---

Date: October 22, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Jessica Tan, President (principal executive officer) of iShares, Inc., certify that:

1. I have reviewed this report on Form N-CSR of iShares, Inc. for the following thirty-nine series: iShares Core MSCI Emerging Markets ETF, iShares Currency Hedged MSCI Emerging Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF, iShares MSCI Agriculture Producers ETF, iShares MSCI Belgium ETF, iShares MSCI BIC ETF, iShares MSCI Brazil ETF, iShares MSCI Canada ETF, iShares MSCI Chile ETF, iShares MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets ex China ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Eurozone ETF, iShares MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global Min Vol Factor ETF, iShares MSCI Global Silver and Metals Miners ETF, iShares MSCI Hong Kong ETF, iShares MSCI Israel ETF, iShares MSCI Japan ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Russia ETF, iShares MSCI Singapore ETF, iShares MSCI South Africa ETF, iShares MSCI South Korea ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF, iShares MSCI Taiwan ETF, iShares MSCI Thailand ETF, iShares MSCI World ETF and iShares U.S. Power Infrastructure ETF (formerly, iShares MSCI Global Energy Producers ETF);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

Date: October 22, 2025

---

| |
|:---|
| <u>/s/ Jessica Tan</u> |
| Jessica Tan |
| President (principal executive officer) of |
| iShares, Inc. |

---

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Treasurer and Chief Financial Officer (principal financial officer) of iShares, Inc., certify that:

1. I have reviewed this report on Form N-CSR of iShares, Inc. for the following thirty-nine series: iShares Core MSCI Emerging Markets ETF, iShares Currency Hedged MSCI Emerging Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF, iShares MSCI Agriculture Producers ETF, iShares MSCI Belgium ETF, iShares MSCI BIC ETF, iShares MSCI Brazil ETF, iShares MSCI Canada ETF, iShares MSCI Chile ETF, iShares MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets ex China ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Eurozone ETF, iShares MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global Min Vol Factor ETF, iShares MSCI Global Silver and Metals Miners ETF, iShares MSCI Hong Kong ETF, iShares MSCI Israel ETF, iShares MSCI Japan ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Russia ETF, iShares MSCI Singapore ETF, iShares MSCI South Africa ETF, iShares MSCI South Korea ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF, iShares MSCI Taiwan ETF, iShares MSCI Thailand ETF, iShares MSCI World ETF and iShares U.S. Power Infrastructure ETF (formerly, iShares MSCI Global Energy Producers ETF);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

Date: October 22, 2025

---

| |
|:---|
| <u>/s/ Trent Walker</u> |
| Trent Walker |
| Treasurer and Chief Financial Officer (principal financial officer) of |
| iShares, Inc |

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended August 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: October 22, 2025

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended August 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: October 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares, Inc

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**