# EDGAR Filing Document

**Accession Number:** 0000930667
**File Stem:** 0001193125-26-205600
**Filing Date:** 2026-5
**Character Count:** 1902451
**Document Hash:** 905df822aad4269a8c43004eccea602e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-205600.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001193125-26-205600

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**EFFECTIVENESS DATE**: 20260505

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09102
- **FILM NUMBER:** 26941577

**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 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 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 France ETF (Series ID: S000004267)

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

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

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

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

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

?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:

#### 8/31/2026
Date of reporting period:

#### 2/28/2026
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

### iShares ESG Aware MSCI EM ETF

### ESGE \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares ESG Aware MSCI EM ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $14 | 0.25%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6630487206 |
| Number of Portfolio Holdings | &nbsp;&nbsp;291 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 33.8% |
| Financials | 25.8% |
| Consumer Discretionary | 10.1% |
| Communication Services | 8.9% |
| Industrials | 5.4% |
| Materials | 5.3% |
| Consumer Staples | 2.7% |
| Health Care | 2.6% |
| Energy | 2.5% |
| Utilities | 1.6% |
| Real Estate | 1.3% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 23.6% |
| Taiwan | 23.4% |
| South Korea | 18.3% |
| India | 12.0% |
| South Africa | 5.0% |
| Brazil | 4.1% |
| Malaysia | 2.3% |
| Saudi Arabia | 2.1% |
| United Arab Emirates | 1.5% |
| Mexico | 1.4% |
| Other<sup>#</sup> | 6.3% |

---

<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**.

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.©2026 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](g948967images_5784.jpg)

iShares ESG Aware MSCI EM ETF

Semi-Annual Shareholder Report — February 28, 2026

ESGE-02/26-SAR

### iShares MSCI Agriculture Producers ETF

### VEGI \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Agriculture Producers ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $21 | 0.40%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$116241211 |
| Number of Portfolio Holdings | &nbsp;&nbsp;133 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Agricultural & Farm Machinery | 36.6% |
| Fertilizers & Agricultural Chemicals | 30.5% |
| Agricultural Products & Services | 17.5% |
| Packaged Foods & Meats | 15.4% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 60.0% |
| Canada | 7.0% |
| Norway | 5.2% |
| Japan | 4.9% |
| India | 4.2% |
| China | 2.7% |
| Saudi Arabia | 2.5% |
| Malaysia | 2.4% |
| Italy | 1.9% |
| Hong Kong | 1.9% |
| Other<sup>#</sup> | 7.3% |

---

<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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Agriculture Producers ETF

Semi-Annual Shareholder Report — February 28, 2026

VEGI-02/26-SAR

### iShares MSCI Belgium ETF

### EWK \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Belgium ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $26 | 0.49%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$27746193 |
| Number of Portfolio Holdings | &nbsp;&nbsp;42 |
| Portfolio Turnover Rate | &nbsp;&nbsp;5% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Health Care | 26.1% |
| Consumer Staples | 25.9% |
| Financials | 16.1% |
| Real Estate | 11.1% |
| Materials | 6.4% |
| Industrials | 5.8% |
| Utilities | 2.7% |
| Consumer Discretionary | 2.0% |
| Information Technology | 1.5% |
| Communication Services | 1.3% |
| Energy | 1.1% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Anheuser-Busch InBev SA/NV | 22.5% |
| Argenx SE | 12.9% |
| UCB SA | 9.2% |
| KBC Group NV | 4.6% |
| Ageas SA/NV | 4.0% |
| Ackermans & van Haaren NV | 3.1% |
| Groupe Bruxelles Lambert NV | 3.1% |
| Elia Group SA/NV, Class B | 2.7% |
| Warehouses De Pauw CVA | 2.5% |
| Financiere de Tubize SA | 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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Belgium ETF

Semi-Annual Shareholder Report — February 28, 2026

EWK-02/26-SAR

### iShares MSCI BIC ETF

### BKF \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI BIC ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $36 | 0.71%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$93751322 |
| Number of Portfolio Holdings | &nbsp;&nbsp;691 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 24.3% |
| Consumer Discretionary | 19.7% |
| Communication Services | 13.1% |
| Materials | 8.0% |
| Information Technology | 7.6% |
| Industrials | 7.3% |
| Energy | 6.2% |
| Health Care | 4.7% |
| Consumer Staples | 4.3% |
| Utilities | 3.6% |
| Real Estate | 1.2% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 57.8% |
| India | 31.1% |
| Brazil | 11.1% |
| 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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI BIC ETF

Semi-Annual Shareholder Report — February 28, 2026

BKF-02/26-SAR

### iShares MSCI Brazil ETF

### EWZ \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Brazil ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $32 | 0.55%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$9704855601 |
| Number of Portfolio Holdings | &nbsp;&nbsp;49 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 37.2% |
| Materials | 14.7% |
| Energy | 13.6% |
| Utilities | 13.0% |
| Industrials | 9.0% |
| Consumer Staples | 5.9% |
| Communication Services | 2.4% |
| Consumer Discretionary | 2.1% |
| Health Care | 1.3% |
| Information Technology | 0.8% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Vale SA | 11.3% |
| NU Holdings Ltd./Cayman Islands, Class A | 9.3% |
| Itau Unibanco Holding SA, Preference Shares, NVS | 9.1% |
| Petroleo Brasileiro SA - Petrobras, Preference Shares, NVS | 6.3% |
| Petroleo Brasileiro SA - Petrobras | 5.6% |
| Banco Bradesco SA, Preference Shares, NVS | 3.7% |
| B3 SA - Brasil Bolsa Balcao | 3.6% |
| WEG SA | 3.1% |
| Ambev SA | 2.9% |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Brazil ETF

Semi-Annual Shareholder Report — February 28, 2026

EWZ-02/26-SAR

### iShares MSCI Canada ETF

### EWC \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Canada ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $27 | 0.49%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4459681476 |
| Number of Portfolio Holdings | &nbsp;&nbsp;87 |
| Portfolio Turnover Rate | &nbsp;&nbsp;1% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 35.8% |
| Materials | 18.9% |
| Energy | 17.2% |
| Industrials | 9.4% |
| Information Technology | 8.0% |
| Consumer Staples | 3.7% |
| Consumer Discretionary | 3.3% |
| Utilities | 2.7% |
| Communication Services | 0.8% |
| Real Estate | 0.2% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Royal Bank of Canada | 7.7% |
| Toronto-Dominion Bank (The) | 5.4% |
| Shopify, Inc., Class A | 4.9% |
| Agnico Eagle Mines Ltd. | 4.2% |
| Enbridge, Inc. | 3.8% |
| Bank of Montreal | 3.4% |
| Canadian Imperial Bank of Commerce | 3.1% |
| Bank of Nova Scotia (The) | 3.1% |
| Canadian Natural Resources Ltd. | 3.0% |
| Brookfield Corp., Class A | 3.0% |

---

<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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Canada ETF

Semi-Annual Shareholder Report — February 28, 2026

EWC-02/26-SAR

### iShares MSCI Chile ETF

### ECH \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Chile ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $32 | 0.55%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1227028639 |
| Number of Portfolio Holdings | &nbsp;&nbsp;28 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 25.2% |
| Materials | 17.8% |
| Consumer Staples | 12.0% |
| Utilities | 11.8% |
| Industrials | 11.5% |
| Consumer Discretionary | 11.1% |
| Real Estate | 8.9% |
| Communication Services | 1.7% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares | 13.4% |
| Banco de Chile | 11.5% |
| Latam Airlines Group SA | 10.8% |
| Falabella SA | 5.2% |
| Parque Arauco SA | 5.1% |
| Banco Santander Chile | 4.4% |
| Empresas Copec SA | 4.4% |
| Banco de Credito e Inversiones SA | 4.4% |
| Cencosud SA | 4.1% |
| Enel Chile SA | 3.8% |

---

<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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Chile ETF

Semi-Annual Shareholder Report — February 28, 2026

ECH-02/26-SAR

### iShares MSCI Emerging Markets Asia ETF

### EEMA \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Emerging Markets Asia ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $27 | 0.49%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1879943025 |
| Number of Portfolio Holdings | &nbsp;&nbsp;875 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 37.4% |
| Financials | 17.1% |
| Consumer Discretionary | 12.4% |
| Industrials | 8.8% |
| Communication Services | 6.8% |
| Materials | 5.0% |
| Health Care | 3.8% |
| Energy | 3.1% |
| Consumer Staples | 2.9% |
| Utilities | 1.8% |
| Real Estate | 0.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 31.7% |
| Taiwan | 26.4% |
| South Korea | 19.9% |
| India | 17.1% |
| Malaysia | 1.6% |
| Thailand | 1.5% |
| Indonesia | 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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Emerging Markets Asia ETF

Semi-Annual Shareholder Report — February 28, 2026

EEMA-02/26-SAR

### iShares MSCI Emerging Markets Min Vol Factor ETF

### EEMV \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Emerging Markets Min Vol Factor ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $13 | 0.25%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3428061437 |
| Number of Portfolio Holdings | &nbsp;&nbsp;320 |
| Portfolio Turnover Rate | &nbsp;&nbsp;12% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 27.5% |
| Financials | 20.6% |
| Communication Services | 12.7% |
| Consumer Staples | 7.8% |
| Health Care | 6.8% |
| Consumer Discretionary | 5.7% |
| Industrials | 5.3% |
| Utilities | 5.3% |
| Energy | 4.0% |
| Materials | 3.5% |
| Real Estate | 0.8% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 21.0% |
| India | 17.8% |
| Taiwan | 17.2% |
| South Korea | 12.4% |
| Saudi Arabia | 6.7% |
| United Arab Emirates | 4.2% |
| Malaysia | 3.5% |
| Brazil | 3.0% |
| Thailand | 1.9% |
| Kuwait | 1.8% |
| Other<sup>#</sup> | 10.5% |

---

<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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Emerging Markets Min Vol Factor ETF

Semi-Annual Shareholder Report — February 28, 2026

EEMV-02/26-SAR

### iShares MSCI Emerging Markets Small-Cap ETF

### EEMS \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Emerging Markets Small-Cap ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $38 | 0.71%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$443728709 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1627 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 19.8% |
| Industrials | 17.1% |
| Financials | 11.6% |
| Consumer Discretionary | 10.6% |
| Materials | 10.6% |
| Health Care | 10.0% |
| Real Estate | 6.3% |
| Consumer Staples | 5.7% |
| Communication Services | 3.2% |
| Utilities | 2.9% |
| Other\* | 2.2% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Taiwan | 21.5% |
| India | 20.2% |
| South Korea | 16.2% |
| China | 11.0% |
| South Africa | 4.0% |
| Brazil | 3.7% |
| Saudi Arabia | 3.1% |
| Malaysia | 2.8% |
| Thailand | 2.5% |
| Turkey | 2.4% |
| Other<sup>#</sup> | 12.6% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>\*</sup></sup><sup>Ten largest sectors are presented. Additional sectors are found in Other.</sup> |
| <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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Emerging Markets Small-Cap ETF

Semi-Annual Shareholder Report — February 28, 2026

EEMS-02/26-SAR

### iShares MSCI France ETF

### EWQ \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI France ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $26 | 0.49%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$383294506 |
| Number of Portfolio Holdings | &nbsp;&nbsp;56 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 31.9% |
| Consumer Discretionary | 13.4% |
| Financials | 12.9% |
| Health Care | 9.3% |
| Consumer Staples | 8.6% |
| Energy | 7.1% |
| Materials | 6.5% |
| Utilities | 3.9% |
| Communication Services | 2.6% |
| Information Technology | 2.4% |
| Real Estate | 1.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Schneider Electric SE | 7.8% |
| TotalEnergies SE | 6.9% |
| LVMH Moet Hennessy Louis Vuitton SE | 6.9% |
| Safran SA | 6.2% |
| Airbus SE | 5.6% |
| Air Liquide SA | 5.3% |
| BNP Paribas SA | 4.9% |
| L'Oreal SA | 4.9% |
| Sanofi SA | 4.6% |
| Vinci SA | 3.6% |

---

<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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI France ETF

Semi-Annual Shareholder Report — February 28, 2026

EWQ-02/26-SAR

### iShares MSCI Germany ETF

### EWG \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Germany ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $25 | 0.49%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1793920566 |
| Number of Portfolio Holdings | &nbsp;&nbsp;57 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 29.8% |
| Financials | 20.8% |
| Information Technology | 13.9% |
| Consumer Discretionary | 8.4% |
| Communication Services | 7.7% |
| Health Care | 6.7% |
| Materials | 4.8% |
| Utilities | 4.5% |
| Consumer Staples | 1.8% |
| Real Estate | 1.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Siemens AG, Registered | 10.7% |
| SAP SE | 10.2% |
| Allianz SE, Registered | 8.3% |
| Siemens Energy AG | 7.3% |
| Deutsche Telekom AG, Registered | 7.2% |
| Rheinmetall AG | 4.4% |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 4.1% |
| Infineon Technologies AG | 3.4% |
| Deutsche Bank AG, Registered | 3.1% |
| Deutsche Post AG, Registered | 2.6% |

---

<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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Germany ETF

Semi-Annual Shareholder Report — February 28, 2026

EWG-02/26-SAR

### iShares MSCI Global Gold Miners ETF

### RING \| NASDAQ

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Global Gold Miners ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $28 | 0.39%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4083148053 |
| Number of Portfolio Holdings | &nbsp;&nbsp;46 |
| Portfolio Turnover Rate | &nbsp;&nbsp;5% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Canada | 57.1% |
| United States | 18.0% |
| South Africa | 12.0% |
| China | 5.0% |
| Australia | 4.2% |
| United Kingdom | 2.7% |
| Indonesia | 0.6% |
| Turkey | 0.4% |
| Russia | 0.0 %(b) |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Newmont Corp. | 15.2% |
| Agnico Eagle Mines Ltd. | 13.3% |
| Barrick Mining Corp. | 8.4% |
| Wheaton Precious Metals Corp. | 7.0% |
| Anglogold Ashanti PLC | 4.9% |
| Gold Fields Ltd. | 4.5% |
| Kinross Gold Corp. | 4.3% |
| Zijin Mining Group Co. Ltd., Class H | 3.5% |
| Pan American Silver Corp. | 3.4% |
| Alamos Gold, Inc., Class A | 3.1% |

---

---

| |
|:---|
| <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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Global Gold Miners ETF

Semi-Annual Shareholder Report — February 28, 2026

RING-02/26-SAR

### iShares MSCI Global Min Vol Factor ETF

### ACWV \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Global Min Vol Factor ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $10 | 0.20%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3570860105 |
| Number of Portfolio Holdings | &nbsp;&nbsp;394 |
| Portfolio Turnover Rate | &nbsp;&nbsp;11% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 21.5% |
| Financials | 14.2% |
| Health Care | 14.1% |
| Communication Services | 12.7% |
| Consumer Staples | 10.6% |
| Industrials | 8.2% |
| Utilities | 7.8% |
| Consumer Discretionary | 5.5% |
| Energy | 3.1% |
| Materials | 1.7% |
| Real Estate | 0.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 57.9% |
| Japan | 10.3% |
| China | 6.3% |
| India | 4.6% |
| Taiwan | 4.1% |
| Switzerland | 1.9% |
| Canada | 1.9% |
| Hong Kong | 1.3% |
| France | 1.1% |
| Singapore | 1.1% |
| Other<sup>#</sup> | 9.5% |

---

<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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Global Min Vol Factor ETF

Semi-Annual Shareholder Report — February 28, 2026

ACWV-02/26-SAR

### iShares MSCI Global Silver and Metals Miners ETF

### SLVP \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Global Silver and Metals Miners ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $31 | 0.39%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1391814516 |
| Number of Portfolio Holdings | &nbsp;&nbsp;39 |
| Portfolio Turnover Rate | &nbsp;&nbsp;13% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Canada | 55.0% |
| United States | 20.2% |
| United Kingdom | 10.8% |
| Mexico | 10.2% |
| China | 2.1% |
| South Africa | 1.2% |
| Australia | 0.4% |
| Philippines | 0.1% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Hecla Mining Co. | 14.0% |
| Industrias Penoles SAB de CV | 10.2% |
| Fresnillo PLC | 10.1% |
| First Majestic Silver Corp. | 8.6% |
| Endeavour Silver Corp. | 4.5% |
| Agnico Eagle Mines Ltd. | 4.4% |
| Discovery Silver Corp. | 4.4% |
| Silvercorp Metals, Inc. | 4.0% |
| Wheaton Precious Metals Corp. | 4.0% |
| Newmont Corp. | 4.0% |

---

<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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Global Silver and Metals Miners ETF

Semi-Annual Shareholder Report — February 28, 2026

SLVP-02/26-SAR

### iShares MSCI Hong Kong ETF

### EWH \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Hong Kong ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $26 | 0.49%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$779495433 |
| Number of Portfolio Holdings | &nbsp;&nbsp;30 |
| Portfolio Turnover Rate | &nbsp;&nbsp;13% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 43.6% |
| Real Estate | 19.3% |
| Industrials | 17.5% |
| Utilities | 11.0% |
| Consumer Discretionary | 4.3% |
| Consumer Staples | 2.7% |
| Communication Services | 1.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| AIA Group Ltd. | 23.3% |
| Hong Kong Exchanges & Clearing Ltd. | 13.5% |
| CK Hutchison Holdings Ltd. | 5.3% |
| Sun Hung Kai Properties Ltd. | 4.8% |
| Techtronic Industries Co. Ltd. | 4.6% |
| BOC Hong Kong Holdings Ltd. | 4.6% |
| CLP Holdings Ltd. | 3.8% |
| Link REIT | 3.3% |
| CK Asset Holdings Ltd. | 3.1% |
| Power Assets 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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Hong Kong ETF

Semi-Annual Shareholder Report — February 28, 2026

EWH-02/26-SAR

### iShares MSCI Japan Small-Cap ETF

### SCJ \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Japan Small-Cap ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $27 | 0.49%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$236015269 |
| Number of Portfolio Holdings | &nbsp;&nbsp;791 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 25.6% |
| Consumer Discretionary | 14.9% |
| Materials | 12.4% |
| Information Technology | 11.2% |
| Financials | 10.0% |
| Real Estate | 8.2% |
| Consumer Staples | 7.9% |
| Health Care | 4.0% |
| Communication Services | 2.5% |
| Utilities | 2.3% |
| Energy | 1.0% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Resonac Holdings Corp. | 1.0% |
| Mitsui Kinzoku Co. Ltd. | 0.9% |
| Furukawa Electric Co. Ltd. | 0.8% |
| Sojitz Corp. | 0.7% |
| Shizuoka Financial Group, Inc., NVS | 0.6% |
| Yaskawa Electric Corp. | 0.6% |
| Kokusai Electric Corp., NVS | 0.6% |
| Fukuoka Financial Group, Inc. | 0.5% |
| Mebuki Financial Group, Inc. | 0.5% |
| Niterra Co. Ltd. | 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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Japan Small-Cap ETF

Semi-Annual Shareholder Report — February 28, 2026

SCJ-02/26-SAR

### iShares MSCI Malaysia ETF

### EWM \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Malaysia ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $27 | 0.49%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$381336243 |
| Number of Portfolio Holdings | &nbsp;&nbsp;30 |
| Portfolio Turnover Rate | &nbsp;&nbsp;3% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 49.8% |
| Utilities | 12.9% |
| Industrials | 9.1% |
| Consumer Staples | 9.0% |
| Communication Services | 6.9% |
| Materials | 6.0% |
| Health Care | 3.9% |
| Consumer Discretionary | 2.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Malayan Banking Bhd | 14.1% |
| Public Bank Bhd | 14.0% |
| CIMB Group Holdings Bhd | 12.7% |
| Tenaga Nasional Bhd | 7.4% |
| Press Metal Aluminium Holdings Bhd | 4.6% |
| IHH Healthcare Bhd | 3.9% |
| Gamuda Bhd | 3.8% |
| AMMB Holdings Bhd | 3.1% |
| Sunway Bhd | 3.1% |
| Hong Leong Bank Bhd | 3.0% |

---

<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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Malaysia ETF

Semi-Annual Shareholder Report — February 28, 2026

EWM-02/26-SAR

### iShares MSCI Pacific ex Japan ETF

### EPP \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Pacific ex Japan ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $25 | 0.47%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2147104233 |
| Number of Portfolio Holdings | &nbsp;&nbsp;97 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 44.6% |
| Materials | 15.3% |
| Industrials | 9.5% |
| Real Estate | 7.8% |
| Consumer Discretionary | 6.5% |
| Health Care | 4.2% |
| Utilities | 3.5% |
| Consumer Staples | 2.9% |
| Communication Services | 2.7% |
| Energy | 2.3% |
| Information Technology | 0.7% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Australia | 63.7% |
| Hong Kong | 18.9% |
| Singapore | 15.6% |
| New Zealand | 1.7% |
| China | 0.1% |

---

<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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Pacific ex Japan ETF

Semi-Annual Shareholder Report — February 28, 2026

EPP-02/26-SAR

### iShares MSCI Russia ETF

### ERUS

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Russia ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$454165 |
| Number of Portfolio Holdings | &nbsp;&nbsp;16 |
| Portfolio Turnover Rate | &nbsp;&nbsp;0% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| 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 %(b) |
| VK Co. Ltd. | 0.0 %(b) |
| X5 Retail Group NV, GDR | 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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Russia ETF

Semi-Annual Shareholder Report — February 28, 2026

ERUS-02/26-SAR

### iShares MSCI Singapore ETF

### EWS \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Singapore ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $25 | 0.49%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$794557169 |
| Number of Portfolio Holdings | &nbsp;&nbsp;19 |
| Portfolio Turnover Rate | &nbsp;&nbsp;29% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 50.0% |
| Industrials | 23.4% |
| Real Estate | 8.9% |
| Communication Services | 4.6% |
| Consumer Discretionary | 4.4% |
| Consumer Staples | 4.4% |
| Utilities | 4.3% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| DBS Group Holdings Ltd. | 22.2% |
| Oversea-Chinese Banking Corp. Ltd. | 19.0% |
| Yangzijiang Shipbuilding Holdings Ltd. | 5.5% |
| Singapore Telecommunications Ltd. | 4.6% |
| Singapore Airlines Ltd. | 4.6% |
| Keppel Ltd. | 4.5% |
| Singapore Exchange Ltd. | 4.5% |
| Sea Ltd., ADR | 4.4% |
| Wilmar International Ltd. | 4.4% |
| CapitaLand Ascendas REIT | 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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Singapore ETF

Semi-Annual Shareholder Report — February 28, 2026

EWS-02/26-SAR

### iShares MSCI South Africa ETF

### EZA \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI South Africa ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $34 | 0.55%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1114494059 |
| Number of Portfolio Holdings | &nbsp;&nbsp;29 |
| Portfolio Turnover Rate | &nbsp;&nbsp;7% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Materials | 44.8% |
| Financials | 30.2% |
| Consumer Discretionary | 10.7% |
| Communication Services | 6.0% |
| Consumer Staples | 5.4% |
| Real Estate | 1.5% |
| Industrials | 1.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Anglogold Ashanti PLC | 13.5% |
| Gold Fields Ltd. | 11.0% |
| Naspers Ltd., Class N | 9.2% |
| FirstRand Ltd. | 6.5% |
| Valterra Platinum Ltd. | 5.4% |
| Impala Platinum Holdings Ltd. | 4.8% |
| Standard Bank Group Ltd. | 4.6% |
| MTN Group Ltd. | 4.3% |
| Capitec Bank Holdings Ltd. | 4.2% |
| Absa Group Ltd. | 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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI South Africa ETF

Semi-Annual Shareholder Report — February 28, 2026

EZA-02/26-SAR

### iShares MSCI South Korea ETF

### EWY \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI South Korea ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $43 | 0.55%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$17992287535 |
| Number of Portfolio Holdings | &nbsp;&nbsp;83 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 47.4% |
| Industrials | 20.7% |
| Financials | 10.4% |
| Consumer Discretionary | 8.5% |
| Health Care | 4.1% |
| Communication Services | 3.5% |
| Materials | 2.0% |
| Consumer Staples | 1.5% |
| Energy | 1.3% |
| Utilities | 0.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Samsung Electronics Co. Ltd. | 23.6% |
| SK Hynix, Inc. | 20.1% |
| Hyundai Motor Co. | 3.3% |
| SK Square Co. Ltd. | 2.3% |
| KB Financial Group, Inc. | 2.1% |
| Kia Corp. | 1.8% |
| Doosan Enerbility Co. Ltd. | 1.7% |
| Shinhan Financial Group Co. Ltd. | 1.5% |
| Hanwha Aerospace Co. Ltd. | 1.5% |
| Celltrion, 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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI South Korea ETF

Semi-Annual Shareholder Report — February 28, 2026

EWY-02/26-SAR

### iShares MSCI Spain ETF

### EWP \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Spain ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $27 | 0.49%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1898079904 |
| Number of Portfolio Holdings | &nbsp;&nbsp;26 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 41.5% |
| Utilities | 22.8% |
| Industrials | 14.0% |
| Consumer Discretionary | 8.3% |
| Communication Services | 6.0% |
| Energy | 4.4% |
| Health Care | 1.6% |
| Information Technology | 1.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Banco Santander SA | 18.1% |
| Iberdrola SA | 14.2% |
| Banco Bilbao Vizcaya Argentaria SA | 12.0% |
| Ferrovial SE | 4.5% |
| CaixaBank SA | 4.5% |
| Repsol SA | 4.4% |
| Industria de Diseno Textil SA | 4.4% |
| ACS Actividades de Construccion y Servicios SA | 4.0% |
| Amadeus IT Group SA | 4.0% |
| Aena SME SA | 3.7% |

---

<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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Spain ETF

Semi-Annual Shareholder Report — February 28, 2026

EWP-02/26-SAR

### iShares MSCI Sweden ETF

### EWD \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Sweden ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $27 | 0.49%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$361742063 |
| Number of Portfolio Holdings | &nbsp;&nbsp;47 |
| Portfolio Turnover Rate | &nbsp;&nbsp;3% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 46.2% |
| Financials | 23.9% |
| Communication Services | 12.5% |
| Information Technology | 6.7% |
| Materials | 4.0% |
| Consumer Staples | 2.3% |
| Consumer Discretionary | 2.2% |
| Real Estate | 1.2% |
| Health Care | 1.0% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Spotify Technology SA | 9.6% |
| Investor AB, Class B | 9.1% |
| Volvo AB, Class B | 7.4% |
| Atlas Copco AB, Class A | 6.9% |
| Sandvik AB | 5.6% |
| Assa Abloy AB, Class B | 4.4% |
| Swedbank AB, Class A | 3.9% |
| Telefonaktiebolaget LM Ericsson, Class B | 3.9% |
| Skandinaviska Enskilda Banken AB, Class A | 3.8% |
| Atlas Copco AB, Class B | 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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Sweden ETF

Semi-Annual Shareholder Report — February 28, 2026

EWD-02/26-SAR

### iShares MSCI Thailand ETF

### THD \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI Thailand ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $32 | 0.55%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$347776075 |
| Number of Portfolio Holdings | &nbsp;&nbsp;84 |
| Portfolio Turnover Rate | &nbsp;&nbsp;5% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 16.8% |
| Energy | 13.7% |
| Financials | 12.1% |
| Communication Services | 11.2% |
| Consumer Staples | 9.1% |
| Health Care | 7.4% |
| Utilities | 7.1% |
| Materials | 6.1% |
| Industrials | 6.0% |
| Real Estate | 5.7% |
| Consumer Discretionary | 4.8% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Delta Electronics Thailand PCL, NVDR | 16.1% |
| Advanced Info Service PCL, NVDR | 7.9% |
| PTT PCL, NVDR | 6.9% |
| CP ALL PCL, NVDR | 5.3% |
| Gulf Development PCL, NVDR | 4.4% |
| Bangkok Dusit Medical Services PCL, NVDR | 4.3% |
| Airports of Thailand PCL, NVDR | 4.2% |
| PTT Exploration & Production PCL, NVDR | 3.5% |
| Siam Cement PCL (The), NVDR | 3.2% |
| True Corp. PCL, NVDR | 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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI Thailand ETF

Semi-Annual Shareholder Report — February 28, 2026

THD-02/26-SAR

### iShares MSCI World ETF

### URTH \| NYSE Arca

#### Semi-Annual Shareholder Report — February 28, 2026
![TSR - BLK iShares Logo](g948967images_5783.jpg)

------

This semi-annual shareholder report contains important information about iShares MSCI World ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 six months?
(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 | $12 | 0.24%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6917850336 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1316 |
| Portfolio Turnover Rate | &nbsp;&nbsp;1% |

---

#### What did the Fund invest in?
(as of February 28, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 25.2% |
| Financials | 16.3% |
| Industrials | 12.3% |
| Health Care | 9.9% |
| Consumer Discretionary | 9.4% |
| Communication Services | 8.6% |
| Consumer Staples | 5.8% |
| Energy | 4.0% |
| Materials | 3.8% |
| Utilities | 2.8% |
| Real Estate | 1.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 70.0% |
| Japan | 6.1% |
| United Kingdom | 3.9% |
| Canada | 3.6% |
| France | 2.7% |
| Switzerland | 2.5% |
| Germany | 2.4% |
| Australia | 1.8% |
| Netherlands | 1.4% |
| Sweden | 1.1% |
| Other<sup>#</sup> | 4.5% |

---

<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**.

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.©2026 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](g948967images_5784.jpg)

iShares MSCI World ETF

Semi-Annual Shareholder Report — February 28, 2026

URTH-02/26-SAR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrant – 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.

------

February 28, 2026

![](g948967imgd00d00f81.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<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 Thailand ETF \| THD \| NYSE Arca |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_8ee1a331-99ef-4fce-a650-404bd0550ae2_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_8ee1a331-99ef-4fce-a650-404bd0550ae2_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 29 |
| [Statements of Operations](#xx_8ee1a331-99ef-4fce-a650-404bd0550ae2_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 31 |
| [Statements of Changes in Net Assets](#xx_8ee1a331-99ef-4fce-a650-404bd0550ae2_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 33 |
| [Financial Highlights](#xx_8ee1a331-99ef-4fce-a650-404bd0550ae2_FS-Footer-iSharesReport_8)  | &nbsp;&nbsp; 36 |
| [Notes to Financial Statements](#xx_8ee1a331-99ef-4fce-a650-404bd0550ae2_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 42 |
| [Additional Information](#xx_8ee1a331-99ef-4fce-a650-404bd0550ae2_SAI-Footer-iSharesReport-26_1)  | &nbsp;&nbsp; 52 |
| [Glossary of Terms Used in these Financial Statements](#xx_8ee1a331-99ef-4fce-a650-404bd0550ae2_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 53 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 4.5%** | **Banks — 4.5%** | **Banks — 4.5%** |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 6144500 | $35145028 |
| **Capital Markets — 15.5%** | **Capital Markets — 15.5%** | **Capital Markets — 15.5%** |
| Futu Holdings Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 114457 | 17035780 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 1938426 | 103560286 |
|  |  | 120596066 |
| **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 8062500 | 12709391 |
| **Electric Utilities — 8.1%** | **Electric Utilities — 8.1%** | **Electric Utilities — 8.1%** |
| CK Infrastructure Holdings Ltd., Class L | &nbsp;&nbsp; 1370000 | 11617167 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 3102200 | 29396689 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 2704000 | 21916240 |
|  |  | 62930096 |
| **Food Products — 2.6%** | **Food Products — 2.6%** | **Food Products — 2.6%** |
| WH Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 16353500 | 20568863 |
| **Gas Utilities — 2.7%** | **Gas Utilities — 2.7%** | **Gas Utilities — 2.7%** |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 21840495 | 21219191 |
| **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** |
| MTR Corp. Ltd. | &nbsp;&nbsp; 3197083 | 15225784 |
| **Hotels, Restaurants & Leisure — 4.3%** | **Hotels, Restaurants & Leisure — 4.3%** | **Hotels, Restaurants & Leisure — 4.3%** |
| Galaxy Entertainment Group Ltd., Class L | &nbsp;&nbsp; 4024000 | 21412272 |
| Sands China Ltd. | &nbsp;&nbsp; 5162400 | 11662910 |
|  |  | 33075182 |
| **Industrial Conglomerates — 9.1%** | **Industrial Conglomerates — 9.1%** | **Industrial Conglomerates — 9.1%** |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 4968767 | 40911822 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 257900 | 21261346 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 830500 | 8921191 |
|  |  | 71094359 |
| **Insurance — 22.9%** | **Insurance — 22.9%** | **Insurance — 22.9%** |
| AIA Group Ltd. | &nbsp;&nbsp; 16191400 | 178615816 |
| **Machinery — 4.5%** | **Machinery — 4.5%** | **Machinery — 4.5%** |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 2171647 | 35171296 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Marine Transportation — 1.6%** | **Marine Transportation — 1.6%** | **Marine Transportation — 1.6%** |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 2936000 | $12524112 |
| **Real Estate Management & Development — 15.7%** | **Real Estate Management & Development — 15.7%** | **Real Estate Management & Development — 15.7%** |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 3737267 | 23712125 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 3072762 | 13889628 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 1641600 | 14212631 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 7774000 | 12671706 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 1979500 | 36800166 |
| Wharf Holdings Ltd.(The) | &nbsp;&nbsp; 2541570 | 8414074 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 3526150 | 12980887 |
|  |  | 122681217 |
| **Retail REITs — 3.2%** | **Retail REITs — 3.2%** | **Retail REITs — 3.2%** |
| Link REIT | &nbsp;&nbsp; 5048300 | 24958210 |
| **Total Long-Term Investments — 98.3%** <br>**(Cost: $688,858,159)** | **Total Long-Term Investments — 98.3%** <br>**(Cost: $688,858,159)** | 766514611 |
| **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> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 530000 | 530000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $530,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $530,000)** | 530000 |
| **Total Investments — 98.4%** <br>**(Cost: $689,388,159)** | **Total Investments — 98.4%** <br>**(Cost: $689,388,159)** | 767044611 |
| **Other Assets Less Liabilities — 1.6%** | **Other Assets Less Liabilities — 1.6%** | 12450822 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $779495433 |

---

&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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $560000 | $—<br> $(30000 )<sup>(a)</sup><br>| $— | $— | $530000 | 530000 | $19129 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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 | 15 | 03/20/26 | &nbsp;&nbsp; $1295 | $39843 |

---

**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 & <br> Clearing Ltd.<br>| BNP Paribas | $5429474 | 08/20/27 | 0.30% | HONIA | Monthly | &nbsp;&nbsp; $78637 |
| Hong Kong Exchanges & <br> Clearing Ltd.<br>| Merrill Lynch International | 5779237 | 02/15/28 | 0.30% | HONIA | Monthly | &nbsp;&nbsp; 129561 |
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  | 208198 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; (14377)<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; $193821 |

---

&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 of the individual underlying position. 

**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; $208198 | &nbsp;&nbsp;&nbsp; $(14377)<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; $39843 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39843 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $208198 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $208198 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $248041 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $248041 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14377 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14377 |

---

&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 (unaudited)(continued)

February 28, 2026

**iShares® MSCI Hong Kong ETF**

For the period ended February 28, 2026, 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; $105845 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $105845 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (299364)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (299364)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(193519)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(193519)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(25621)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(25621)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (48442)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (48442)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(74063)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(74063)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1692961 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; $6277146 |

---

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; $2725 | &nbsp;&nbsp;&nbsp; $— |
| Swaps - OTC<sup>(a)</sup> | &nbsp;&nbsp; 208198 | &nbsp;&nbsp;&nbsp; 14377 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 210923 | &nbsp;&nbsp;&nbsp; 14377 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (2725)<br>| &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $208198 | &nbsp;&nbsp;&nbsp; $14377 |

---

&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>|
| BNP Paribas | &nbsp;&nbsp; $78637 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78637 |
| Merrill Lynch International | &nbsp;&nbsp; 129561 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 129561 |
|  | &nbsp;&nbsp; $208198 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $208198 |

---

&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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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; $46018717 | &nbsp;&nbsp; $720495894 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $766514611 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 530000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 530000 |
|  | &nbsp;&nbsp; $46548717 | &nbsp;&nbsp; $720495894 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $767044611 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $248041 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $248041 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (14377)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14377)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $233664 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $233664 |

---

&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 (unaudited)

February 28, 2026

**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 — 1.3%** | **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** |
| AZ-COM MARUWA Holdings, Inc. | &nbsp;&nbsp; 11000 | $69672 |
| Hamakyorex Co. Ltd. | &nbsp;&nbsp; 8800 | 110484 |
| Konoike Transport Co. Ltd. | &nbsp;&nbsp; 4400 | 98493 |
| Mitsui-Soko Holdings Co. Ltd. | &nbsp;&nbsp; 9400 | 225003 |
| Nippon Express Holdings, Inc. | &nbsp;&nbsp; 35200 | 867665 |
| Sankyu, Inc. | &nbsp;&nbsp; 7200 | 463123 |
| SBS Holdings, Inc. | &nbsp;&nbsp; 2200 | 60175 |
| Senko Group Holdings Co. Ltd. | &nbsp;&nbsp; 22000 | 277462 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 46200 | 469204 |
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 39600 | 485063 |
|  |  | 3126344 |
| **Automobile Components — 4.0%** | **Automobile Components — 4.0%** | **Automobile Components — 4.0%** |
| Aisan Industry Co. Ltd. | &nbsp;&nbsp; 4400 | 64585 |
| Eagle Industry Co. Ltd. | &nbsp;&nbsp; 4400 | 96377 |
| Exedy Corp. | &nbsp;&nbsp; 4400 | 174292 |
| FCC Co. Ltd. | &nbsp;&nbsp; 6600 | 162929 |
| GS Yuasa Corp. | &nbsp;&nbsp; 13200 | 468872 |
| JTEKT Corp. | &nbsp;&nbsp; 37400 | 513319 |
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 30800 | 555210 |
| KYB Corp. | &nbsp;&nbsp; 4400 | 148699 |
| Musashi Seimitsu Industry Co. Ltd. | &nbsp;&nbsp; 8800 | 175546 |
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 28600 | 548822 |
| Nifco, Inc./Japan | &nbsp;&nbsp; 13200 | 467789 |
| Nippon Seiki Co. Ltd. | &nbsp;&nbsp; 6300 | 115051 |
| Niterra Co. Ltd. | &nbsp;&nbsp; 24200 | 1220334 |
| NOK Corp. | &nbsp;&nbsp; 15400 | 327574 |
| Pacific Industrial Co. Ltd. | &nbsp;&nbsp; 4400 | 84656 |
| Seiren Co. Ltd. | &nbsp;&nbsp; 8700 | 202433 |
| Shoei Co. Ltd. | &nbsp;&nbsp; 8800 | 101303 |
| Stanley Electric Co. Ltd. | &nbsp;&nbsp; 17600 | 371144 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 30800 | 546723 |
| Tokai Rika Co. Ltd. | &nbsp;&nbsp; 8800 | 189130 |
| Topre Corp. | &nbsp;&nbsp; 6600 | 127124 |
| Toyo Tire Corp. | &nbsp;&nbsp; 21900 | 674871 |
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 16100 | 523184 |
| Toyota Boshoku Corp. | &nbsp;&nbsp; 15300 | 312892 |
| TS Tech Co. Ltd. | &nbsp;&nbsp; 13200 | 170034 |
| Yokohama Rubber Co. Ltd.(The) | &nbsp;&nbsp; 22000 | 1106593 |
|  |  | 9449486 |
| **Automobiles — 0.5%** | **Automobiles — 0.5%** | **Automobiles — 0.5%** |
| Mazda Motor Corp. | &nbsp;&nbsp; 101200 | 896140 |
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 110000 | 301477 |
| Nissan Shatai Co. Ltd. | &nbsp;&nbsp; 11000 | 77769 |
|  |  | 1275386 |
| **Banks — 7.7%** | **Banks — 7.7%** | **Banks — 7.7%** |
| 77 Bank Ltd.(The) | &nbsp;&nbsp; 11000 | 691384 |
| Aichi Financial Group, Inc., NVS | &nbsp;&nbsp; 6600 | 278491 |
| Aozora Bank Ltd. | &nbsp;&nbsp; 17600 | 318078 |
| Awa Bank Ltd.(The) | &nbsp;&nbsp; 4400 | 168423 |
| Bank of Nagoya Ltd.(The) | &nbsp;&nbsp; 4400 | 166549 |
| CCI Group, Inc. | &nbsp;&nbsp; 33000 | 222334 |
| Chugin Financial Group, Inc., NVS | &nbsp;&nbsp; 24200 | 496599 |
| Daishi Hokuetsu Financial Group, Inc. | &nbsp;&nbsp; 35200 | 459203 |
| First Bank of Toyama Ltd.(The) | &nbsp;&nbsp; 8400 | 146196 |
| Fukuoka Financial Group, Inc. | &nbsp;&nbsp; 28600 | 1250975 |
| Gunma Bank Ltd.(The) | &nbsp;&nbsp; 52800 | 763268 |
| Hachijuni Nagano Bank Ltd. | &nbsp;&nbsp; 61600 | 818389 |
| Hirogin Holdings, Inc. | &nbsp;&nbsp; 41800 | 516943 |
| Hokuhoku Financial Group, Inc. | &nbsp;&nbsp; 17600 | 703012 |
| Hyakugo Bank Ltd.(The) | &nbsp;&nbsp; 35200 | 382259 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Hyakujushi Bank Ltd.(The) | &nbsp;&nbsp; 4400 | $274466 |
| Iyogin Holdings, Inc., NVS | &nbsp;&nbsp; 39600 | 858291 |
| Juroku Financial Group, Inc. | &nbsp;&nbsp; 4400 | 289567 |
| Keiyo Bank Ltd.(The) | &nbsp;&nbsp; 15400 | 221539 |
| Kiyo Bank Ltd.(The) | &nbsp;&nbsp; 8800 | 240861 |
| Kyoto Financial Group, Inc. | &nbsp;&nbsp; 37400 | 926325 |
| Kyushu Financial Group, Inc. | &nbsp;&nbsp; 55000 | 470008 |
| Mebuki Financial Group, Inc. | &nbsp;&nbsp; 145100 | 1244538 |
| Musashino Bank Ltd.(The) | &nbsp;&nbsp; 4400 | 183397 |
| Nanto Bank Ltd.(The) | &nbsp;&nbsp; 4400 | 215111 |
| Nishi-Nippon Financial Holdings, Inc. | &nbsp;&nbsp; 19800 | 563662 |
| North Pacific Bank Ltd. | &nbsp;&nbsp; 44000 | 308519 |
| Ogaki Kyoritsu Bank Ltd.(The) | &nbsp;&nbsp; 6600 | 288337 |
| Rakuten Bank Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 15400 | 626523 |
| San-In Godo Bank Ltd.(The) | &nbsp;&nbsp; 24200 | 273564 |
| Senshu Ikeda Holdings, Inc. | &nbsp;&nbsp; 37400 | 220591 |
| Seven Bank Ltd. | &nbsp;&nbsp; 99000 | 190588 |
| Shiga Bank Ltd.(The) | &nbsp;&nbsp; 6600 | 381161 |
| Shizuoka Financial Group, Inc., NVS | &nbsp;&nbsp; 74700 | 1501674 |
| Suruga Bank Ltd. | &nbsp;&nbsp; 19800 | 268703 |
| Toho Bank Ltd.(The) | &nbsp;&nbsp; 33400 | 155177 |
| Tokyo Kiraboshi Financial Group, Inc. | &nbsp;&nbsp; 4400 | 328598 |
| TOMONY Holdings, Inc. | &nbsp;&nbsp; 28600 | 179632 |
| Yamaguchi Financial Group, Inc. | &nbsp;&nbsp; 30700 | 539589 |
| Yamanashi Chuo Bank Ltd.(The) | &nbsp;&nbsp; 4200 | 147830 |
|  |  | 18280354 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Coca-Cola Bottlers Japan Holdings, Inc. | &nbsp;&nbsp; 22000 | 581606 |
| Ito En Ltd. | &nbsp;&nbsp; 11000 | 214074 |
| Lifedrink Co., Inc. | &nbsp;&nbsp; 6600 | 51614 |
| Sapporo Holdings Ltd. | &nbsp;&nbsp; 52900 | 601686 |
| Takara Holdings, Inc. | &nbsp;&nbsp; 24200 | 252419 |
|  |  | 1701399 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| GNI Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8897 | 180337 |
| PeptiDream, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17600 | 161318 |
| SanBio Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8800 | 126878 |
| Takara Bio, Inc. | &nbsp;&nbsp; 8800 | 64539 |
|  |  | 533072 |
| **Broadline Retail — 1.4%** | **Broadline Retail — 1.4%** | **Broadline Retail — 1.4%** |
| ASKUL Corp. | &nbsp;&nbsp; 4400 | 36683 |
| Belluna Co. Ltd. | &nbsp;&nbsp; 6600 | 41787 |
| BuySell Technologies Co. Ltd. | &nbsp;&nbsp; 2100 | 78682 |
| Isetan Mitsukoshi Holdings Ltd., Class L | &nbsp;&nbsp; 52900 | 1038435 |
| Izumi Co. Ltd. | &nbsp;&nbsp; 19800 | 131636 |
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 41800 | 688957 |
| Mercari, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19800 | 468587 |
| Seria Co. Ltd. | &nbsp;&nbsp; 8700 | 242521 |
| Takashimaya Co. Ltd. | &nbsp;&nbsp; 41800 | 530758 |
|  |  | 3258046 |
| **Building Products — 2.0%** | **Building Products — 2.0%** | **Building Products — 2.0%** |
| Bunka Shutter Co. Ltd. | &nbsp;&nbsp; 8800 | 121414 |
| Central Glass Co. Ltd. | &nbsp;&nbsp; 4400 | 124241 |
| Lixil Corp. | &nbsp;&nbsp; 46200 | 542838 |
| Nichias Corp. | &nbsp;&nbsp; 8800 | 541573 |
| Nichiha Corp. | &nbsp;&nbsp; 4400 | 104604 |
| Nihon Dengi Co. Ltd. | &nbsp;&nbsp; 2100 | 163785 |
| Nitto Boseki Co. Ltd. | &nbsp;&nbsp; 4400 | 706476 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 30800 | 815107 |
| Shin Nippon Air Technologies Co. Ltd. | &nbsp;&nbsp; 4400 | 117626 |
| Sinko Industries Ltd. | &nbsp;&nbsp; 8800 | 80598 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Japan Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Takara Standard Co. Ltd. | &nbsp;&nbsp; 6600 | $128358 |
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 15400 | 516768 |
| TOTO Ltd. | &nbsp;&nbsp; 22000 | 857352 |
|  |  | 4820740 |
| **Capital Markets — 0.5%** | **Capital Markets — 0.5%** | **Capital Markets — 0.5%** |
| GMO Financial Holdings, Inc. | &nbsp;&nbsp; 6600 | 40305 |
| Integral Corp. | &nbsp;&nbsp; 2200 | 46092 |
| JAFCO Group Co. Ltd. | &nbsp;&nbsp; 8800 | 139491 |
| M&A Capital Partners Co. Ltd. | &nbsp;&nbsp; 2200 | 52605 |
| Matsui Securities Co. Ltd. | &nbsp;&nbsp; 17600 | 107663 |
| Monex Group, Inc. | &nbsp;&nbsp; 33000 | 157784 |
| Nihon M&A Center Holdings, Inc. | &nbsp;&nbsp; 48400 | 223520 |
| Okasan Securities Group, Inc. | &nbsp;&nbsp; 24200 | 154168 |
| Tokai Tokyo Financial Holdings, Inc. | &nbsp;&nbsp; 37400 | 198442 |
|  |  | 1120070 |
| **Chemicals — 7.8%** | **Chemicals — 7.8%** | **Chemicals — 7.8%** |
| ADEKA Corp. | &nbsp;&nbsp; 13200 | 405073 |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 8800 | 223918 |
| Air Water, Inc. | &nbsp;&nbsp; 30800 | 427680 |
| Artience Co. Ltd. | &nbsp;&nbsp; 6600 | 185892 |
| Asahi Yukizai Corp. | &nbsp;&nbsp; 2200 | 71451 |
| C Uyemura & Co. Ltd. | &nbsp;&nbsp; 2200 | 304861 |
| Chugoku Marine Paints Ltd. | &nbsp;&nbsp; 6600 | 198349 |
| Daicel Corp. | &nbsp;&nbsp; 37300 | 391549 |
| Denka Co. Ltd. | &nbsp;&nbsp; 15300 | 360184 |
| DIC Corp. | &nbsp;&nbsp; 13200 | 374570 |
| Fujimi, Inc. | &nbsp;&nbsp; 9100 | 191657 |
| Fuso Chemical Co. Ltd. | &nbsp;&nbsp; 2300 | 140867 |
| Ise Chemicals Corp. | &nbsp;&nbsp; 2200 | 94292 |
| JCU Corp. | &nbsp;&nbsp; 4400 | 195952 |
| Kaneka Corp. | &nbsp;&nbsp; 6600 | 223082 |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 24200 | 428216 |
| KeePer Technical Laboratory Co. Ltd. | &nbsp;&nbsp; 2200 | 51434 |
| KH Neochem Co. Ltd. | &nbsp;&nbsp; 4400 | 87688 |
| Konishi Co. Ltd. | &nbsp;&nbsp; 8800 | 77952 |
| Kumiai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 13249 | 62292 |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 46200 | 546765 |
| Kureha Corp. | &nbsp;&nbsp; 4400 | 137972 |
| Lintec Corp. | &nbsp;&nbsp; 6600 | 230298 |
| Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp; 24200 | 675905 |
| Mitsui Chemicals, Inc. | &nbsp;&nbsp; 61600 | 937908 |
| Nihon Parkerizing Co. Ltd. | &nbsp;&nbsp; 13200 | 135162 |
| Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 22000 | 282326 |
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 17600 | 286674 |
| Nippon Soda Co. Ltd. | &nbsp;&nbsp; 6600 | 176800 |
| Nissan Chemical Corp. | &nbsp;&nbsp; 19800 | 900623 |
| NOF Corp. | &nbsp;&nbsp; 33000 | 662263 |
| Okamoto Industries, Inc. | &nbsp;&nbsp; 2200 | 86239 |
| Osaka Soda Co. Ltd. | &nbsp;&nbsp; 13200 | 198656 |
| PILLAR Corp./Japan | &nbsp;&nbsp; 2200 | 119248 |
| Resonac Holdings Corp. | &nbsp;&nbsp; 30800 | 2338995 |
| Sakata INX Corp. | &nbsp;&nbsp; 6600 | 113196 |
| Sanyo Chemical Industries Ltd. | &nbsp;&nbsp; 2200 | 83896 |
| Shikoku Kasei Holdings Corp.<sup>(b)</sup> | &nbsp;&nbsp; 4400 | 147552 |
| Shin-Etsu Polymer Co. Ltd. | &nbsp;&nbsp; 6600 | 94301 |
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 13200 | 507391 |
| Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 250800 | 916173 |
| T Hasegawa Co. Ltd. | &nbsp;&nbsp; 4400 | 82319 |
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 13200 | 453410 |
| Takasago International Corp. | &nbsp;&nbsp; 11000 | 97325 |
| Teijin Ltd. | &nbsp;&nbsp; 30800 | 342073 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 13200 | $162523 |
| Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 35200 | 251319 |
| Tokuyama Corp. | &nbsp;&nbsp; 11000 | 315142 |
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 15400 | 904063 |
| Tosoh Corp. | &nbsp;&nbsp; 46200 | 807397 |
| Toyobo Co. Ltd. | &nbsp;&nbsp; 13200 | 156002 |
| UBE Corp. | &nbsp;&nbsp; 15400 | 284790 |
| Zacros Corp. | &nbsp;&nbsp; 8800 | 86638 |
| Zeon Corp. | &nbsp;&nbsp; 26400 | 361415 |
|  |  | 18379718 |
| **Commercial Services & Supplies — 1.2%** | **Commercial Services & Supplies — 1.2%** | **Commercial Services & Supplies — 1.2%** |
| ALSOK Co. Ltd. | &nbsp;&nbsp; 61500 | 505253 |
| Daiei Kankyo Co. Ltd. | &nbsp;&nbsp; 6600 | 163412 |
| Daiseki Co. Ltd. | &nbsp;&nbsp; 6612 | 167698 |
| Duskin Co. Ltd. | &nbsp;&nbsp; 6600 | 182623 |
| Itoki Corp. | &nbsp;&nbsp; 6600 | 152056 |
| Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp; 24200 | 251494 |
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 52900 | 312104 |
| Matsuda Sangyo Co. Ltd. | &nbsp;&nbsp; 2260 | 126778 |
| Mitsubishi Pencil Co. Ltd. | &nbsp;&nbsp; 6600 | 103646 |
| Nippon Kanzai Holdings Co. Ltd. | &nbsp;&nbsp; 2200 | 41048 |
| Okamura Corp. | &nbsp;&nbsp; 11000 | 192467 |
| Park24 Co. Ltd. | &nbsp;&nbsp; 22000 | 316327 |
| Pilot Corp. | &nbsp;&nbsp; 4400 | 137342 |
| Prestige International, Inc. | &nbsp;&nbsp; 13200 | 59375 |
| TRE Holdings Corp. | &nbsp;&nbsp; 6600 | 75828 |
|  |  | 2787451 |
| **Construction & Engineering — 4.5%** | **Construction & Engineering — 4.5%** | **Construction & Engineering — 4.5%** |
| Chiyoda Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 26400 | 223412 |
| Chudenko Corp. | &nbsp;&nbsp; 4400 | 144665 |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 19800 | 728876 |
| Dai-Dan Co. Ltd. | &nbsp;&nbsp; 15300 | 358017 |
| EXEO Group, Inc. | &nbsp;&nbsp; 30800 | 590184 |
| Hazama Ando Corp. | &nbsp;&nbsp; 24200 | 331430 |
| Infroneer Holdings, Inc. | &nbsp;&nbsp; 33040 | 553006 |
| JGC Holdings Corp. | &nbsp;&nbsp; 37400 | 592536 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 17600 | 786361 |
| Kinden Corp. | &nbsp;&nbsp; 19800 | 1073529 |
| Kraftia Corp. | &nbsp;&nbsp; 6600 | 446516 |
| Kumagai Gumi Co. Ltd. | &nbsp;&nbsp; 22000 | 283796 |
| Mirait One Corp. | &nbsp;&nbsp; 15400 | 400192 |
| Nippon Densetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 6600 | 222840 |
| Nishimatsu Construction Co. Ltd. | &nbsp;&nbsp; 4400 | 193466 |
| Okumura Corp. | &nbsp;&nbsp; 4400 | 205661 |
| Penta-Ocean Construction Co. Ltd. | &nbsp;&nbsp; 46200 | 627904 |
| PS Construction Co. Ltd. | &nbsp;&nbsp; 2100 | 45991 |
| Raito Kogyo Co. Ltd. | &nbsp;&nbsp; 6600 | 184114 |
| Raiznext Corp. | &nbsp;&nbsp; 4400 | 74061 |
| Sanki Engineering Co. Ltd. | &nbsp;&nbsp; 6600 | 332517 |
| Shinnihon Corp. | &nbsp;&nbsp; 4400 | 61969 |
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 26400 | 248011 |
| Taihei Dengyo Kaisha Ltd. | &nbsp;&nbsp; 6600 | 132354 |
| Taikisha Ltd. | &nbsp;&nbsp; 6600 | 165809 |
| Takamatsu Construction Group Co. Ltd. | &nbsp;&nbsp; 2200 | 59549 |
| Techno Ryowa Ltd. | &nbsp;&nbsp; 2100 | 103881 |
| Toa Corp. | &nbsp;&nbsp; 8800 | 237803 |
| Toda Corp. | &nbsp;&nbsp; 35200 | 367246 |
| Toenec Corp. | &nbsp;&nbsp; 6600 | 101070 |
| Tokyu Construction Co. Ltd. | &nbsp;&nbsp; 13740 | 140427 |
| Totetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 4400 | 163718 |
| Toyo Engineering Corp. | &nbsp;&nbsp; 4200 | 97061 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Japan Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| West Holdings Corp. | &nbsp;&nbsp; 4480 | $49792 |
| Yokogawa Bridge Holdings Corp. | &nbsp;&nbsp; 6600 | 135620 |
| Yurtec Corp. | &nbsp;&nbsp; 6600 | 136476 |
|  |  | 10599860 |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| Krosaki Harima Corp. | &nbsp;&nbsp; 2100 | 56470 |
| Maeda Kosen Co. Ltd. | &nbsp;&nbsp; 6600 | 90429 |
| Mitani Sekisan Co. Ltd. | &nbsp;&nbsp; 2200 | 115829 |
| Shinagawa Refra Co. Ltd. | &nbsp;&nbsp; 4400 | 70417 |
| Sumitomo Osaka Cement Co. Ltd. | &nbsp;&nbsp; 4400 | 130662 |
| Taiheiyo Cement Corp. | &nbsp;&nbsp; 17600 | 505980 |
|  |  | 969787 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| Acom Co. Ltd. | &nbsp;&nbsp; 66000 | 216422 |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 17600 | 198800 |
| Aiful Corp. | &nbsp;&nbsp; 52800 | 174872 |
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 19800 | 602881 |
| Jaccs Co. Ltd. | &nbsp;&nbsp; 4400 | 124657 |
| Marui Group Co. Ltd. | &nbsp;&nbsp; 28600 | 581595 |
| Orient Corp. | &nbsp;&nbsp; 13200 | 97149 |
|  |  | 1996376 |
| **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |
| Aeon Hokkaido Corp.<sup>(b)</sup> | &nbsp;&nbsp; 4400 | 25706 |
| Ain Holdings, Inc. | &nbsp;&nbsp; 4400 | 172938 |
| Arcs Co. Ltd. | &nbsp;&nbsp; 6600 | 164403 |
| Axial Retailing, Inc. | &nbsp;&nbsp; 11000 | 91922 |
| Belc Co. Ltd. | &nbsp;&nbsp; 2200 | 113591 |
| Blue Zones Holdings Co. Ltd. | &nbsp;&nbsp; 4400 | 271314 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 6600 | 293221 |
| Create SD Holdings Co. Ltd. | &nbsp;&nbsp; 4400 | 95766 |
| Daikokutenbussan Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2200 | 78344 |
| Fuji Co. Ltd./Ehime | &nbsp;&nbsp; 4400 | 59138 |
| Genky DrugStores Co. Ltd. | &nbsp;&nbsp; 2200 | 63324 |
| H2O Retailing Corp. | &nbsp;&nbsp; 15435 | 241644 |
| Halows Co. Ltd. | &nbsp;&nbsp; 2200 | 69154 |
| Heiwado Co. Ltd. | &nbsp;&nbsp; 4400 | 84667 |
| Kato Sangyo Co. Ltd. | &nbsp;&nbsp; 4400 | 192658 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 25200 | 599629 |
| Kusuri no Aoki Holdings Co. Ltd., Class L | &nbsp;&nbsp; 6600 | 171417 |
| Life Corp. | &nbsp;&nbsp; 5800 | 100984 |
| Maxvalu Tokai Co. Ltd. | &nbsp;&nbsp; 2200 | 52972 |
| San-A Co. Ltd. | &nbsp;&nbsp; 6600 | 131365 |
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 17600 | 404598 |
| Sundrug Co. Ltd. | &nbsp;&nbsp; 11000 | 297390 |
| Trial Holdings, Inc. | &nbsp;&nbsp; 6600 | 197689 |
| United Super Markets Holdings, Inc. | &nbsp;&nbsp; 13200 | 76863 |
| Valor Holdings Co. Ltd. | &nbsp;&nbsp; 6600 | 158771 |
|  |  | 4209468 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| FP Corp. | &nbsp;&nbsp; 6600 | 119276 |
| Fuji Seal International, Inc. | &nbsp;&nbsp; 6600 | 121608 |
| Rengo Co. Ltd. | &nbsp;&nbsp; 32900 | 328548 |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 17600 | 459762 |
|  |  | 1029194 |
| **Distributors — 0.2%** | **Distributors — 0.2%** | **Distributors — 0.2%** |
| Arata Corp. | &nbsp;&nbsp; 4400 | 86748 |
| Central Automotive Products Ltd. | &nbsp;&nbsp; 6600 | 95876 |
| Doshisha Co. Ltd. | &nbsp;&nbsp; 4400 | 104578 |
| Happinet Corp. | &nbsp;&nbsp; 4400 | 89574 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** |
| PALTAC Corp. | &nbsp;&nbsp; 4400 | $142343 |
|  |  | 519119 |
| **Diversified REITs — 2.1%** | **Diversified REITs — 2.1%** | **Diversified REITs — 2.1%** |
| Activia Properties, Inc. | &nbsp;&nbsp; 352 | 336683 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 747 | 636098 |
| Hankyu Hanshin REIT, Inc. | &nbsp;&nbsp; 110 | 111723 |
| Heiwa Real Estate REIT, Inc. | &nbsp;&nbsp; 197 | 197423 |
| Hulic REIT, Inc. | &nbsp;&nbsp; 220 | 242373 |
| KDX Realty Investment Corp. | &nbsp;&nbsp; 703 | 765228 |
| Mirai Corp. | &nbsp;&nbsp; 374 | 121179 |
| MIRARTH Real Estate Investment Corp. | &nbsp;&nbsp; 154 | 88012 |
| Mori Trust REIT, Inc. | &nbsp;&nbsp; 440 | 218903 |
| Nomura Real Estate Master Fund, Inc. | &nbsp;&nbsp; 660 | 705369 |
| NTT UD REIT Investment Corp. | &nbsp;&nbsp; 242 | 224570 |
| Sekisui House REIT, Inc. | &nbsp;&nbsp; 731 | 440531 |
| Star Asia Investment Corp. | &nbsp;&nbsp; 440 | 171326 |
| United Urban Investment Corp. | &nbsp;&nbsp; 528 | 627003 |
|  |  | 4886421 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| Internet Initiative Japan, Inc. | &nbsp;&nbsp; 17600 | 256585 |
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 11000 | 131179 |
|  |  | 387764 |
| **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** |
| Chugoku Electric Power Co., Inc.(The) | &nbsp;&nbsp; 52800 | 367814 |
| Hokkaido Electric Power Co., Inc.<sup>(b)</sup> | &nbsp;&nbsp; 28600 | 225389 |
| Hokuriku Electric Power Co. | &nbsp;&nbsp; 28600 | 202643 |
| Kyushu Electric Power Co., Inc. | &nbsp;&nbsp; 72600 | 935763 |
| Shikoku Electric Power Co., Inc. | &nbsp;&nbsp; 26400 | 299044 |
| Tohoku Electric Power Co., Inc. | &nbsp;&nbsp; 81300 | 673794 |
| Tokyo Electric Power Co. Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 257400 | 1150692 |
|  |  | 3855139 |
| **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** |
| Daihen Corp. | &nbsp;&nbsp; 2200 | 204641 |
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 11000 | 1970875 |
| Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 30800 | 362496 |
| Mirai Industry Co. Ltd. | &nbsp;&nbsp; 2200 | 49014 |
| Nitto Kogyo Corp. | &nbsp;&nbsp; 4400 | 136775 |
| Sanyo Denki Co. Ltd. | &nbsp;&nbsp; 4400 | 143711 |
| Sinfonia Technology Co. Ltd. | &nbsp;&nbsp; 4400 | 369247 |
| SWCC Corp. | &nbsp;&nbsp; 4400 | 432851 |
| Toyo Tanso Co. Ltd. | &nbsp;&nbsp; 2200 | 89292 |
| Ushio, Inc. | &nbsp;&nbsp; 11000 | 226056 |
|  |  | 3984958 |
| **Electronic Equipment, Instruments & Components — 5.0%** | **Electronic Equipment, Instruments & Components — 5.0%** | **Electronic Equipment, Instruments & Components — 5.0%** |
| Ai Holdings Corp. | &nbsp;&nbsp; 6600 | 123426 |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp; 28600 | 428162 |
| Amano Corp. | &nbsp;&nbsp; 8800 | 230583 |
| Anritsu Corp. | &nbsp;&nbsp; 22000 | 423507 |
| Azbil Corp. | &nbsp;&nbsp; 77000 | 715124 |
| Canon Electronics, Inc. | &nbsp;&nbsp; 2000 | 46357 |
| Canon Marketing Japan, Inc. | &nbsp;&nbsp; 8800 | 394209 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 33000 | 403833 |
| Daiwabo Holdings Co. Ltd. | &nbsp;&nbsp; 13200 | 270070 |
| Dexerials Corp. | &nbsp;&nbsp; 28600 | 471725 |
| Furuno Electric Co. Ltd. | &nbsp;&nbsp; 4400 | 222983 |
| Hakuto Co. Ltd. | &nbsp;&nbsp; 2200 | 62360 |
| Hamamatsu Photonics KK | &nbsp;&nbsp; 48400 | 624001 |
| Hioki EE Corp. | &nbsp;&nbsp; 2200 | 109151 |
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 4400 | 655325 |
| Horiba Ltd. | &nbsp;&nbsp; 6600 | 886402 |
| Hosiden Corp. | &nbsp;&nbsp; 6600 | 124030 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp; 6600 | $113878 |
| Jeol Ltd. | &nbsp;&nbsp; 6600 | 290138 |
| Kaga Electronics Co. Ltd. | &nbsp;&nbsp; 6600 | 183945 |
| Macnica Holdings, Inc. | &nbsp;&nbsp; 24200 | 427700 |
| Maruwa Co. Ltd./Aichi | &nbsp;&nbsp; 1300 | 508622 |
| Maxell Ltd. | &nbsp;&nbsp; 6600 | 96648 |
| Meiko Electronics Co. Ltd. | &nbsp;&nbsp; 4400 | 616750 |
| Nichicon Corp. | &nbsp;&nbsp; 6600 | 90780 |
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 11000 | 483330 |
| Nohmi Bosai Ltd. | &nbsp;&nbsp; 4400 | 126719 |
| Oki Electric Industry Co. Ltd. | &nbsp;&nbsp; 13200 | 271871 |
| Omron Corp. | &nbsp;&nbsp; 30800 | 1091254 |
| Rigaku Holdings Corp. | &nbsp;&nbsp; 19800 | 237751 |
| Riken Keiki Co. Ltd. | &nbsp;&nbsp; 4400 | 101869 |
| Ryoyo Ryosan Holdings, Inc. | &nbsp;&nbsp; 6576 | 145127 |
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 19800 | 604396 |
| Tokyo Electron Device Ltd. | &nbsp;&nbsp; 4400 | 103166 |
|  |  | 11685192 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| Modec, Inc. | &nbsp;&nbsp; 8800 | 756391 |
| **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** |
| Anycolor, Inc. | &nbsp;&nbsp; 4400 | 108982 |
| Cover Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6600 | 73652 |
| Daiichikosho Co. Ltd. | &nbsp;&nbsp; 11000 | 122367 |
| DeNA Co. Ltd. | &nbsp;&nbsp; 13200 | 224710 |
| GungHo Online Entertainment, Inc. | &nbsp;&nbsp; 6600 | 108417 |
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 17600 | 203152 |
| Mixi, Inc. | &nbsp;&nbsp; 6600 | 113390 |
| Shochiku Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2200 | 155668 |
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 39600 | 652476 |
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 13200 | 205837 |
| Toei Co. Ltd. | &nbsp;&nbsp; 4400 | 152289 |
|  |  | 2120940 |
| **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** |
| Financial Partners Group Co. Ltd. | &nbsp;&nbsp; 10900 | 145898 |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 8800 | 261557 |
| GMO Payment Gateway, Inc. | &nbsp;&nbsp; 6600 | 342264 |
| Japan Securities Finance Co. Ltd. | &nbsp;&nbsp; 13200 | 200262 |
| Mizuho Leasing Co. Ltd. | &nbsp;&nbsp; 24200 | 236762 |
| Ricoh Leasing Co. Ltd. | &nbsp;&nbsp; 2200 | 90308 |
| Tokyo Century Corp. | &nbsp;&nbsp; 26300 | 383904 |
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 17600 | 362429 |
|  |  | 2023384 |
| **Food Products — 4.4%** | **Food Products — 4.4%** | **Food Products — 4.4%** |
| Ariake Japan Co. Ltd. | &nbsp;&nbsp; 2200 | 85719 |
| Calbee, Inc. | &nbsp;&nbsp; 13200 | 261105 |
| DyDo Group Holdings, Inc. | &nbsp;&nbsp; 2200 | 36632 |
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 8800 | 341866 |
| Fuji Oil Co. Ltd./Osaka | &nbsp;&nbsp; 6600 | 168512 |
| House Foods Group, Inc. | &nbsp;&nbsp; 10900 | 215466 |
| Itoham Yonekyu Holdings, Inc. | &nbsp;&nbsp; 4440 | 183392 |
| Kagome Co. Ltd. | &nbsp;&nbsp; 13200 | 245072 |
| Kameda Seika Co. Ltd. | &nbsp;&nbsp; 2200 | 61229 |
| Kewpie Corp. | &nbsp;&nbsp; 17600 | 505004 |
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 17600 | 224120 |
| Maruha Nichiro Corp. | &nbsp;&nbsp; 19800 | 200996 |
| Megmilk Snow Brand Co. Ltd. | &nbsp;&nbsp; 6600 | 148044 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 43900 | 1132544 |
| Mitsui DM Sugar Co. Ltd. | &nbsp;&nbsp; 2200 | 49994 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 11000 | 203639 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 11000 | $349714 |
| NH Foods Ltd. | &nbsp;&nbsp; 15400 | 706066 |
| Nichirei Corp. | &nbsp;&nbsp; 35200 | 478868 |
| Nippn Corp., New | &nbsp;&nbsp; 8800 | 161567 |
| Nisshin Oillio Group Ltd.(The) | &nbsp;&nbsp; 4400 | 171945 |
| Nisshin Seifun Group, Inc. | &nbsp;&nbsp; 35200 | 492279 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 33000 | 696727 |
| Nissui Corp. | &nbsp;&nbsp; 48400 | 480424 |
| Prima Meat Packers Ltd. | &nbsp;&nbsp; 4400 | 81853 |
| Riken Vitamin Co. Ltd. | &nbsp;&nbsp; 2200 | 43676 |
| S Foods, Inc. | &nbsp;&nbsp; 2200 | 45091 |
| Sakata Seed Corp. | &nbsp;&nbsp; 4400 | 124211 |
| Showa Sangyo Co. Ltd. | &nbsp;&nbsp; 4400 | 96464 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 15400 | 1211399 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 41800 | 700491 |
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 19800 | 444979 |
|  |  | 10349088 |
| **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** |
| K&O Energy Group, Inc. | &nbsp;&nbsp; 2200 | 74871 |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 17600 | 352322 |
| Shizuoka Gas Co. Ltd. | &nbsp;&nbsp; 6600 | 64374 |
| Toho Gas Co. Ltd. | &nbsp;&nbsp; 11000 | 396858 |
|  |  | 888425 |
| **Ground Transportation — 2.7%** | **Ground Transportation — 2.7%** | **Ground Transportation — 2.7%** |
| Fukuyama Transporting Co. Ltd. | &nbsp;&nbsp; 2200 | 78926 |
| Keikyu Corp. | &nbsp;&nbsp; 35200 | 352590 |
| Keio Corp. | &nbsp;&nbsp; 17600 | 472680 |
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 66000 | 573053 |
| Kintetsu Group Holdings Co. Ltd., Class L | &nbsp;&nbsp; 30800 | 651891 |
| Kyushu Railway Co. | &nbsp;&nbsp; 24200 | 614278 |
| Maruzen Showa Unyu Co. Ltd. | &nbsp;&nbsp; 2200 | 129137 |
| Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 30800 | 363780 |
| Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp; 15400 | 307303 |
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 15400 | 389220 |
| Nishi-Nippon Railroad Co. Ltd. | &nbsp;&nbsp; 11000 | 229206 |
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 52800 | 606754 |
| Sakai Moving Service Co. Ltd. | &nbsp;&nbsp; 4400 | 82470 |
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; 15400 | 262673 |
| Sotetsu Holdings, Inc. | &nbsp;&nbsp; 13200 | 248491 |
| Tobu Railway Co. Ltd. | &nbsp;&nbsp; 30800 | 620645 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 46200 | 494415 |
|  |  | 6477512 |
| **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 37400 | 806119 |
| Eiken Chemical Co. Ltd. | &nbsp;&nbsp; 4400 | 88672 |
| Fukuda Denshi Co. Ltd. | &nbsp;&nbsp; 2200 | 141542 |
| Hogy Medical Co. Ltd. | &nbsp;&nbsp; 4200 | 180463 |
| Japan Lifeline Co. Ltd. | &nbsp;&nbsp; 8800 | 89980 |
| Mani, Inc. | &nbsp;&nbsp; 13200 | 141831 |
| Menicon Co. Ltd. | &nbsp;&nbsp; 11000 | 134241 |
| Nakanishi, Inc. | &nbsp;&nbsp; 11000 | 192023 |
| Nihon Kohden Corp. | &nbsp;&nbsp; 26400 | 294521 |
| Nipro Corp. | &nbsp;&nbsp; 28600 | 291559 |
| PHC Holdings Corp. | &nbsp;&nbsp; 6500 | 45740 |
|  |  | 2406691 |
| **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 28600 | 491567 |
| As One Corp. | &nbsp;&nbsp; 11000 | 160440 |
| BML, Inc. | &nbsp;&nbsp; 2200 | 61332 |
| H.U. Group Holdings, Inc. | &nbsp;&nbsp; 8800 | 189278 |
| Medipal Holdings Corp. | &nbsp;&nbsp; 30800 | 603574 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Ship Healthcare Holdings, Inc. | &nbsp;&nbsp; 13200 | $232620 |
| Suzuken Co. Ltd./Aichi Japan | &nbsp;&nbsp; 8800 | 371209 |
| Toho Holdings Co. Ltd. | &nbsp;&nbsp; 8800 | 272399 |
|  |  | 2382419 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| JMDC, Inc. | &nbsp;&nbsp; 4400 | 117281 |
| **Hotel & Resort REITs — 0.5%** | **Hotel & Resort REITs — 0.5%** | **Hotel & Resort REITs — 0.5%** |
| Hoshino Resorts REIT, Inc. | &nbsp;&nbsp; 96 | 166638 |
| Invincible Investment Corp. | &nbsp;&nbsp; 1276 | 541825 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 857 | 465493 |
|  |  | 1173956 |
| **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** |
| Atom Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 19800 | 79508 |
| Colowide Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 15400 | 185077 |
| Create Restaurants Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 41800 | 197269 |
| Doutor Nichires Holdings Co. Ltd. | &nbsp;&nbsp; 4400 | 84427 |
| Food & Life Companies Ltd. | &nbsp;&nbsp; 17600 | 1134339 |
| Fuji Kyuko Co. Ltd. | &nbsp;&nbsp; 4400 | 67452 |
| Fujita Kanko, Inc. | &nbsp;&nbsp; 5900 | 88886 |
| GENDA, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 15400 | 62074 |
| Heiwa Corp. | &nbsp;&nbsp; 8816 | 113961 |
| Hiday Hidaka Corp. | &nbsp;&nbsp; 4484 | 90434 |
| HIS Co. Ltd. | &nbsp;&nbsp; 8800 | 72079 |
| Ichibanya Co. Ltd. | &nbsp;&nbsp; 11000 | 63887 |
| Imperial Hotel Ltd. | &nbsp;&nbsp; 8800 | 84246 |
| KOMEDA Holdings Co. Ltd. | &nbsp;&nbsp; 8800 | 165226 |
| Koshidaka Holdings Co. Ltd. | &nbsp;&nbsp; 8800 | 65902 |
| Kura Sushi, Inc. | &nbsp;&nbsp; 4400 | 105328 |
| Kyoritsu Maintenance Co. Ltd. | &nbsp;&nbsp; 13260 | 227074 |
| Matsuyafoods Holdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2200 | 84949 |
| McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp; 15400 | 732748 |
| Metaplanet, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 81400 | 167790 |
| Monogatari Corp.(The) | &nbsp;&nbsp; 4400 | 141019 |
| MOS Food Services, Inc. | &nbsp;&nbsp; 4400 | 120470 |
| Ohsho Food Service Corp.<sup>(b)</sup> | &nbsp;&nbsp; 6600 | 137314 |
| Resorttrust, Inc. | &nbsp;&nbsp; 26400 | 327563 |
| Round One Corp. | &nbsp;&nbsp; 28600 | 196751 |
| Royal Holdings Co. Ltd. | &nbsp;&nbsp; 10900 | 106930 |
| Saizeriya Co. Ltd. | &nbsp;&nbsp; 6600 | 296264 |
| Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 39500 | 908885 |
| Tokyotokeiba Co. Ltd. | &nbsp;&nbsp; 2200 | 84074 |
| Toridoll Holdings Corp.<sup>(b)</sup> | &nbsp;&nbsp; 8800 | 240381 |
| Yoshinoya Holdings Co. Ltd. | &nbsp;&nbsp; 11000 | 217866 |
|  |  | 6650173 |
| **Household Durables — 2.4%** | **Household Durables — 2.4%** | **Household Durables — 2.4%** |
| Casio Computer Co. Ltd. | &nbsp;&nbsp; 35100 | 352762 |
| ES-Con Japan Ltd. | &nbsp;&nbsp; 6600 | 48458 |
| Haseko Corp. | &nbsp;&nbsp; 39600 | 865144 |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 26400 | 469125 |
| JVCKenwood Corp. | &nbsp;&nbsp; 24200 | 200965 |
| Nagawa Co. Ltd. | &nbsp;&nbsp; 2200 | 88402 |
| Nikon Corp. | &nbsp;&nbsp; 41800 | 533214 |
| Noritz Corp. | &nbsp;&nbsp; 4400 | 68528 |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 13200 | 976936 |
| Rinnai Corp. | &nbsp;&nbsp; 17600 | 458382 |
| Sangetsu Corp. | &nbsp;&nbsp; 8800 | 188903 |
| Sharp Corp./Japan<sup>(a)</sup> | &nbsp;&nbsp; 37400 | 153851 |
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 79900 | 863976 |
| Tama Home Co. Ltd. | &nbsp;&nbsp; 2400 | 61443 |
| Tamron Co. Ltd. | &nbsp;&nbsp; 22000 | 147903 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| Token Corp. | &nbsp;&nbsp; 600 | $57703 |
| Zojirushi Corp. | &nbsp;&nbsp; 4500 | 47189 |
|  |  | 5582884 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Earth Corp. | &nbsp;&nbsp; 2200 | 71692 |
| Lion Corp. | &nbsp;&nbsp; 41800 | 491540 |
| Pigeon Corp. | &nbsp;&nbsp; 19800 | 218424 |
|  |  | 781656 |
| **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., Class C | &nbsp;&nbsp; 24200 | 577952 |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 15400 | 341698 |
| Nisshinbo Holdings, Inc. | &nbsp;&nbsp; 24200 | 271313 |
| TOKAI Holdings Corp. | &nbsp;&nbsp; 15400 | 119513 |
|  |  | 732524 |
| **Industrial REITs — 1.3%** | **Industrial REITs — 1.3%** | **Industrial REITs — 1.3%** |
| CRE Logistics REIT, Inc. | &nbsp;&nbsp; 88 | 92600 |
| GLP J-REIT | &nbsp;&nbsp; 770 | 690296 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 417 | 405720 |
| Japan Logistics Fund, Inc. | &nbsp;&nbsp; 418 | 277650 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 308 | 303729 |
| Mitsubishi Estate Logistics REIT Investment Corp. | &nbsp;&nbsp; 242 | 201454 |
| Mitsui Fudosan Logistics Park, Inc. | &nbsp;&nbsp; 550 | 414516 |
| Nippon Prologis REIT, Inc. | &nbsp;&nbsp; 1143 | 670409 |
| SOSiLA Logistics REIT, Inc. | &nbsp;&nbsp; 110 | 91241 |
|  |  | 3147615 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| Lifenet Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp; 11000 | 157396 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Kakaku.com, Inc. | &nbsp;&nbsp; 22000 | 242550 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| Argo Graphics, Inc. | &nbsp;&nbsp; 11000 | 112867 |
| BIPROGY, Inc. | &nbsp;&nbsp; 13200 | 400809 |
| Change Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 6600 | 42255 |
| Dentsu Soken, Inc. | &nbsp;&nbsp; 13200 | 166839 |
| Digital Garage, Inc. | &nbsp;&nbsp; 2200 | 29828 |
| DTS Corp. | &nbsp;&nbsp; 22000 | 160849 |
| Future Corp. | &nbsp;&nbsp; 6600 | 76883 |
| GMO internet group, Inc. | &nbsp;&nbsp; 11000 | 211287 |
| Mitsubishi Research Institute, Inc. | &nbsp;&nbsp; 2200 | 70875 |
| NS Solutions Corp. | &nbsp;&nbsp; 11000 | 283456 |
| NSD Co. Ltd. | &nbsp;&nbsp; 11000 | 200805 |
| Sakura Internet, Inc. | &nbsp;&nbsp; 4400 | 85022 |
| SHIFT, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 30800 | 138649 |
| Simplex Holdings, Inc. | &nbsp;&nbsp; 24200 | 133632 |
| TechMatrix Corp. | &nbsp;&nbsp; 6600 | 81109 |
| Zuken, Inc. | &nbsp;&nbsp; 2200 | 65088 |
|  |  | 2260253 |
| **Leisure Products — 1.0%** | **Leisure Products — 1.0%** | **Leisure Products — 1.0%** |
| Mizuno Corp. | &nbsp;&nbsp; 8800 | 228582 |
| Noritsu Koki Co. Ltd. | &nbsp;&nbsp; 8800 | 127576 |
| Roland Corp. | &nbsp;&nbsp; 2200 | 56630 |
| Sankyo Co. Ltd. | &nbsp;&nbsp; 30800 | 434189 |
| Sega Sammy Holdings, Inc. | &nbsp;&nbsp; 26400 | 441821 |
| Tomy Co. Ltd. | &nbsp;&nbsp; 13200 | 242570 |
| Tsuburaya Fields Holdings, Inc. | &nbsp;&nbsp; 6600 | 65553 |
| Yamaha Corp. | &nbsp;&nbsp; 68200 | 528530 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Yonex Co. Ltd. | &nbsp;&nbsp; 8800 | $208976 |
|  |  | 2334427 |
| **Machinery — 8.0%** | **Machinery — 8.0%** | **Machinery — 8.0%** |
| Aichi Corp. | &nbsp;&nbsp; 4500 | 42206 |
| Amada Co. Ltd. | &nbsp;&nbsp; 52800 | 877867 |
| CKD Corp. | &nbsp;&nbsp; 8800 | 311448 |
| Daiwa Industries Ltd. | &nbsp;&nbsp; 4400 | 53452 |
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 22000 | 435656 |
| Fuji Corp./Aichi | &nbsp;&nbsp; 13200 | 513206 |
| Furukawa Co. Ltd. | &nbsp;&nbsp; 4200 | 156616 |
| Galilei Co. Ltd. | &nbsp;&nbsp; 4400 | 110138 |
| Glory Ltd. | &nbsp;&nbsp; 6600 | 175665 |
| Harmonic Drive Systems, Inc. | &nbsp;&nbsp; 11000 | 319420 |
| Hino Motors Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 47500 | 139037 |
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 15400 | 691906 |
| Hoshizaki Corp. | &nbsp;&nbsp; 17600 | 618503 |
| Japan Steel Works Ltd.(The) | &nbsp;&nbsp; 11000 | 714911 |
| Kanadevia Corp. | &nbsp;&nbsp; 28500 | 198190 |
| Kitz Corp. | &nbsp;&nbsp; 11000 | 151678 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 17600 | 978311 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | &nbsp;&nbsp; 4400 | 98603 |
| Makino Milling Machine Co. Ltd. | &nbsp;&nbsp; 4400 | 327484 |
| Max Co. Ltd. | &nbsp;&nbsp; 4400 | 196328 |
| Meidensha Corp. | &nbsp;&nbsp; 6600 | 328917 |
| METAWATER Co. Ltd. | &nbsp;&nbsp; 4400 | 118387 |
| MISUMI Group, Inc. | &nbsp;&nbsp; 46200 | 930175 |
| Mitsubishi Logisnext Co. Ltd. | &nbsp;&nbsp; 4500 | 44005 |
| Mitsuboshi Belting Ltd. | &nbsp;&nbsp; 4400 | 121020 |
| Mitsui E&S Co. Ltd. | &nbsp;&nbsp; 17600 | 882170 |
| Miura Co. Ltd. | &nbsp;&nbsp; 15400 | 317312 |
| Morita Holdings Corp. | &nbsp;&nbsp; 4400 | 84178 |
| Nabtesco Corp. | &nbsp;&nbsp; 19800 | 641788 |
| Nachi-Fujikoshi Corp. | &nbsp;&nbsp; 2200 | 75617 |
| Namura Shipbuilding Co. Ltd. | &nbsp;&nbsp; 8800 | 312156 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 39600 | 1159931 |
| Nitta Corp. | &nbsp;&nbsp; 2200 | 66711 |
| Nomura Micro Science Co. Ltd. | &nbsp;&nbsp; 4800 | 108142 |
| Noritake Co. Ltd. | &nbsp;&nbsp; 2200 | 98552 |
| NSK Ltd. | &nbsp;&nbsp; 63800 | 573960 |
| NTN Corp. | &nbsp;&nbsp; 77000 | 208195 |
| Obara Group, Inc. | &nbsp;&nbsp; 2200 | 82881 |
| OKUMA Corp. | &nbsp;&nbsp; 6600 | 196884 |
| Organo Corp. | &nbsp;&nbsp; 4400 | 487393 |
| OSG Corp. | &nbsp;&nbsp; 11000 | 206055 |
| Shibaura Machine Co. Ltd. | &nbsp;&nbsp; 4400 | 129910 |
| Shibuya Corp. | &nbsp;&nbsp; 2200 | 52429 |
| Shinmaywa Industries Ltd. | &nbsp;&nbsp; 8800 | 153393 |
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 17600 | 694049 |
| Tadano Ltd. | &nbsp;&nbsp; 15400 | 145044 |
| Takeuchi Manufacturing Co. Ltd. | &nbsp;&nbsp; 6600 | 316971 |
| Takuma Co. Ltd. | &nbsp;&nbsp; 8800 | 171597 |
| THK Co. Ltd. | &nbsp;&nbsp; 17600 | 633591 |
| Tocalo Co. Ltd. | &nbsp;&nbsp; 8800 | 175487 |
| Tsubakimoto Chain Co. | &nbsp;&nbsp; 13100 | 224253 |
| Tsugami Corp. | &nbsp;&nbsp; 6600 | 166596 |
| Tsurumi Manufacturing Co. Ltd. | &nbsp;&nbsp; 4400 | 62638 |
| Union Tool Co.<sup>(b)</sup> | &nbsp;&nbsp; 2200 | 221045 |
| YAMABIKO Corp. | &nbsp;&nbsp; 4400 | 108052 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 39500 | 1389808 |
|  |  | 18799917 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| Iino Kaiun Kaisha Ltd. | &nbsp;&nbsp; 11000 | $117119 |
| NS United Kaiun Kaisha Ltd. | &nbsp;&nbsp; 2200 | 107659 |
|  |  | 224778 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| CyberAgent, Inc. | &nbsp;&nbsp; 72600 | 640137 |
| Dentsu Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 33000 | 622738 |
| Fuji Media Holdings, Inc. | &nbsp;&nbsp; 8800 | 202015 |
| Hakuhodo DY Holdings, Inc. | &nbsp;&nbsp; 35200 | 263959 |
| Kadokawa Corp. | &nbsp;&nbsp; 13216 | 245266 |
| Nippon Television Holdings, Inc. | &nbsp;&nbsp; 8800 | 191551 |
| Septeni Holdings Co. Ltd. | &nbsp;&nbsp; 13200 | 35153 |
| SKY Perfect JSAT Holdings, Inc. | &nbsp;&nbsp; 28500 | 523986 |
| TBS Holdings, Inc. | &nbsp;&nbsp; 6600 | 249738 |
| TV Asahi Holdings Corp. | &nbsp;&nbsp; 4400 | 95251 |
|  |  | 3069794 |
| **Metals & Mining — 3.2%** | **Metals & Mining — 3.2%** | **Metals & Mining — 3.2%** |
| Aichi Steel Corp. | &nbsp;&nbsp; 6600 | 147853 |
| ARE Holdings, Inc. | &nbsp;&nbsp; 13200 | 384170 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 22000 | 335297 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 8800 | 650002 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 63800 | 928412 |
| Kyoei Steel Ltd. | &nbsp;&nbsp; 4300 | 73054 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 28600 | 297568 |
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 22000 | 844181 |
| Mitsui Kinzoku Co. Ltd. | &nbsp;&nbsp; 9400 | 2208868 |
| Nippon Light Metal Holdings Co. Ltd. | &nbsp;&nbsp; 10900 | 217403 |
| Nittetsu Mining Co. Ltd. | &nbsp;&nbsp; 6700 | 179300 |
| Osaka Steel Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2200 | 36720 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 8800 | 91220 |
| UACJ Corp. | &nbsp;&nbsp; 24256 | 428657 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 6600 | 549069 |
| Yodoko Ltd. | &nbsp;&nbsp; 17600 | 162465 |
|  |  | 7534239 |
| **Office REITs — 1.3%** | **Office REITs — 1.3%** | **Office REITs — 1.3%** |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 88 | 205670 |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 176 | 158103 |
| Ichigo Office REIT Investment Corp. | &nbsp;&nbsp; 176 | 111444 |
| Japan Excellent, Inc. | &nbsp;&nbsp; 198 | 193480 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 572 | 390376 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 1078 | 897539 |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 242 | 227639 |
| Nippon REIT Investment Corp. | &nbsp;&nbsp; 286 | 170858 |
| Orix JREIT, Inc. | &nbsp;&nbsp; 880 | 586885 |
| Tokyu REIT, Inc. | &nbsp;&nbsp; 132 | 177902 |
|  |  | 3119896 |
| **Oil, Gas & Consumable Fuels — 0.7%** | **Oil, Gas & Consumable Fuels — 0.7%** | **Oil, Gas & Consumable Fuels — 0.7%** |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 17600 | 543903 |
| Itochu Enex Co. Ltd. | &nbsp;&nbsp; 6700 | 89506 |
| Iwatani Corp. | &nbsp;&nbsp; 32900 | 433679 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 26400 | 404118 |
| Mitsuuroko Group Holdings Co. Ltd. | &nbsp;&nbsp; 4400 | 66089 |
| San-Ai Obbli Co. Ltd. | &nbsp;&nbsp; 6700 | 110122 |
|  |  | 1647417 |
| **Paper & Forest Products — 0.5%** | **Paper & Forest Products — 0.5%** | **Paper & Forest Products — 0.5%** |
| Daio Paper Corp. | &nbsp;&nbsp; 13200 | 99073 |
| Hokuetsu Corp. | &nbsp;&nbsp; 17600 | 116647 |
| Nippon Paper Industries Co. Ltd., Class L | &nbsp;&nbsp; 17600 | 148458 |
| Oji Holdings Corp. | &nbsp;&nbsp; 127600 | 803864 |
|  |  | 1168042 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Japan Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 8800 | $328258 |
| Kose Corp. | &nbsp;&nbsp; 6600 | 263125 |
| Mandom Corp. | &nbsp;&nbsp; 2000 | 41288 |
| Milbon Co. Ltd. | &nbsp;&nbsp; 4400 | 79157 |
| MTG Co. Ltd. | &nbsp;&nbsp; 2200 | 80753 |
| Noevir Holdings Co. Ltd. | &nbsp;&nbsp; 2200 | 66381 |
| Pola Orbis Holdings, Inc. | &nbsp;&nbsp; 15400 | 135781 |
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 32900 | 515467 |
|  |  | 1510210 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| Hisamitsu Pharmaceutical Co., Inc. | &nbsp;&nbsp; 4400 | 170350 |
| Kaken Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4400 | 125133 |
| Kissei Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4400 | 141322 |
| Kyorin Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 6600 | 73022 |
| Mochida Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4400 | 111701 |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 8800 | 290496 |
| Nxera Pharma Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 13200 | 81919 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 63800 | 1096828 |
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 48600 | 546186 |
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 19700 | 293169 |
| Sumitomo Pharma Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 30800 | 498431 |
| Towa Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4400 | 124869 |
| Tsumura & Co. | &nbsp;&nbsp; 10900 | 293275 |
| ZERIA Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4400 | 63479 |
|  |  | 3910180 |
| **Professional Services — 1.2%** | **Professional Services — 1.2%** | **Professional Services — 1.2%** |
| BayCurrent, Inc. | &nbsp;&nbsp; 24200 | 702708 |
| Bell System24 Holdings, Inc. | &nbsp;&nbsp; 4400 | 41912 |
| Dip Corp.<sup>(b)</sup> | &nbsp;&nbsp; 4400 | 57011 |
| Funai Soken Holdings, Inc. | &nbsp;&nbsp; 13200 | 97885 |
| Infomart Corp. | &nbsp;&nbsp; 33000 | 85356 |
| JAC Recruitment Co. Ltd. | &nbsp;&nbsp; 11000 | 63133 |
| MEITEC Group Holdings, Inc. | &nbsp;&nbsp; 11000 | 242292 |
| Nomura Co. Ltd. | &nbsp;&nbsp; 13200 | 123833 |
| Open Up Group, Inc. | &nbsp;&nbsp; 8816 | 108214 |
| Pasona Group, Inc. | &nbsp;&nbsp; 2200 | 28833 |
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 316100 | 505122 |
| SMS Co. Ltd. | &nbsp;&nbsp; 11000 | 123435 |
| Synspective, Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 8400 | 72745 |
| Timee, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11000 | 89441 |
| TKC Corp. | &nbsp;&nbsp; 4400 | 113631 |
| Transcosmos, Inc. | &nbsp;&nbsp; 4400 | 115517 |
| UT Group Co. Ltd. | &nbsp;&nbsp; 66000 | 90815 |
| Visional, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4400 | 207185 |
|  |  | 2869068 |
| **Real Estate Management & Development — 1.7%** | **Real Estate Management & Development — 1.7%** | **Real Estate Management & Development — 1.7%** |
| Goldcrest Co. Ltd. | &nbsp;&nbsp; 2200 | 47039 |
| Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp; 6600 | 107193 |
| Ichigo, Inc. | &nbsp;&nbsp; 33000 | 93620 |
| Kasumigaseki Capital Co. Ltd. | &nbsp;&nbsp; 2200 | 109915 |
| Katitas Co. Ltd. | &nbsp;&nbsp; 8800 | 201239 |
| Keihanshin Building Co. Ltd. | &nbsp;&nbsp; 4400 | 61220 |
| Leopalace21 Corp. | &nbsp;&nbsp; 33000 | 157178 |
| Nomura Real Estate Holdings, Inc. | &nbsp;&nbsp; 94500 | 703462 |
| Relo Group, Inc. | &nbsp;&nbsp; 15400 | 190089 |
| Starts Corp., Inc. | &nbsp;&nbsp; 6600 | 225725 |
| Sun Frontier Fudousan Co. Ltd. | &nbsp;&nbsp; 4400 | 79804 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 30800 | 861752 |
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 98900 | 994735 |
| Tosei Corp. | &nbsp;&nbsp; 8800 | 92924 |
|  |  | 3925895 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Residential REITs — 0.6%** | **Residential REITs — 0.6%** | **Residential REITs — 0.6%** |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 484 | $532852 |
| Comforia Residential REIT, Inc. | &nbsp;&nbsp; 330 | 237193 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 352 | 261171 |
| Mitsui Fudosan Accommodations Fund, Inc. | &nbsp;&nbsp; 396 | 349788 |
| Samty Residential Investment Corp. | &nbsp;&nbsp; 66 | 48634 |
|  |  | 1429638 |
| **Retail REITs — 0.7%** | **Retail REITs — 0.7%** | **Retail REITs — 0.7%** |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 331 | 289736 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 417 | 239047 |
| Fukuoka REIT Corp. | &nbsp;&nbsp; 110 | 131015 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp; 1210 | 943690 |
|  |  | 1603488 |
| **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** |
| Ferrotec Corp. | &nbsp;&nbsp; 6600 | 267848 |
| Japan Material Co. Ltd. | &nbsp;&nbsp; 11000 | 152737 |
| Kokusai Electric Corp., NVS | &nbsp;&nbsp; 33000 | 1354249 |
| Megachips Corp. | &nbsp;&nbsp; 2200 | 128468 |
| Micronics Japan Co. Ltd. | &nbsp;&nbsp; 4400 | 341445 |
| Mitsui High-Tec, Inc. | &nbsp;&nbsp; 15500 | 86648 |
| Rohm Co. Ltd. | &nbsp;&nbsp; 57200 | 1049036 |
| Rorze Corp. | &nbsp;&nbsp; 17600 | 372953 |
| RS Technologies Co. Ltd. | &nbsp;&nbsp; 2200 | 58182 |
| Sanken Electric Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2200 | 108480 |
| Shibaura Mechatronics Corp. | &nbsp;&nbsp; 11000 | 404819 |
| Socionext, Inc. | &nbsp;&nbsp; 30800 | 396218 |
| SUMCO Corp. | &nbsp;&nbsp; 59400 | 691222 |
| Tekscend Photomask Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6300 | 135766 |
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 6600 | 726408 |
| Towa Corp. | &nbsp;&nbsp; 11000 | 210513 |
| Tri Chemical Laboratories, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 4400 | 106434 |
| Ulvac, Inc. | &nbsp;&nbsp; 8800 | 587555 |
|  |  | 7178981 |
| **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
| Appier Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 11000 | 58171 |
| Cybozu, Inc. | &nbsp;&nbsp; 4400 | 63117 |
| Digital Arts, Inc. | &nbsp;&nbsp; 2200 | 79310 |
| Freee KK<sup>(a)(b)</sup> | &nbsp;&nbsp; 6600 | 90912 |
| Justsystems Corp. | &nbsp;&nbsp; 4400 | 110597 |
| Money Forward, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6600 | 134833 |
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 4400 | 178127 |
| PKSHA Technology, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2300 | 50351 |
| Plus Alpha Consulting Co. Ltd. | &nbsp;&nbsp; 4400 | 63079 |
| Rakus Co. Ltd. | &nbsp;&nbsp; 26400 | 147594 |
| Sansan, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11000 | 82762 |
| Systena Corp. | &nbsp;&nbsp; 44000 | 124636 |
| Trend Micro, Inc./Japan | &nbsp;&nbsp; 21000 | 698781 |
| WingArc1st, Inc. | &nbsp;&nbsp; 2200 | 38770 |
|  |  | 1921040 |
| **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** |
| ABC-Mart, Inc. | &nbsp;&nbsp; 17600 | 295672 |
| Alpen Co. Ltd. | &nbsp;&nbsp; 2200 | 31313 |
| and ST HD Co., Ltd. | &nbsp;&nbsp; 4400 | 84386 |
| AOKI Holdings, Inc. | &nbsp;&nbsp; 6600 | 76497 |
| Aoyama Trading Co. Ltd. | &nbsp;&nbsp; 6600 | 111236 |
| Arclands Corp. | &nbsp;&nbsp; 8879 | 111313 |
| Autobacs Seven Co. Ltd. | &nbsp;&nbsp; 11000 | 125251 |
| Bic Camera, Inc. | &nbsp;&nbsp; 15400 | 178380 |
| DCM Holdings Co. Ltd. | &nbsp;&nbsp; 15400 | 168016 |
| EDION Corp. | &nbsp;&nbsp; 13200 | 189694 |
| IDOM, Inc. | &nbsp;&nbsp; 11000 | 108275 |
| JINS Holdings, Inc. | &nbsp;&nbsp; 2200 | 74788 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Joyful Honda Co. Ltd. | &nbsp;&nbsp; 8800 | $124316 |
| Kohnan Shoji Co. Ltd. | &nbsp;&nbsp; 4400 | 122018 |
| Komeri Co. Ltd. | &nbsp;&nbsp; 4400 | 103217 |
| K's Holdings Corp. | &nbsp;&nbsp; 24200 | 265117 |
| Nextage Co. Ltd. | &nbsp;&nbsp; 6600 | 162189 |
| Nishimatsuya Chain Co. Ltd. | &nbsp;&nbsp; 6600 | 93581 |
| Nojima Corp. | &nbsp;&nbsp; 30800 | 230017 |
| PAL GROUP Holdings Co. Ltd. | &nbsp;&nbsp; 15400 | 161741 |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 22600 | 519778 |
| USS Co. Ltd. | &nbsp;&nbsp; 63800 | 774923 |
| Workman Co. Ltd. | &nbsp;&nbsp; 4400 | 218687 |
| Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 90200 | 334734 |
| Yellow Hat Ltd. | &nbsp;&nbsp; 11000 | 123803 |
|  |  | 4788942 |
| **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** | **Technology Hardware, Storage & Peripherals — 1.4%** |
| Brother Industries Ltd. | &nbsp;&nbsp; 39600 | 817979 |
| Eizo Corp. | &nbsp;&nbsp; 4400 | 64822 |
| Elecom Co. Ltd. | &nbsp;&nbsp; 6600 | 75716 |
| Konica Minolta, Inc. | &nbsp;&nbsp; 79200 | 302196 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 11000 | 161335 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 92400 | 868103 |
| Riso Kagaku Corp. | &nbsp;&nbsp; 6600 | 54346 |
| Seiko Epson Corp. | &nbsp;&nbsp; 50600 | 685236 |
| Sun Corp.<sup>(b)</sup> | &nbsp;&nbsp; 2200 | 99065 |
| Toshiba TEC Corp. | &nbsp;&nbsp; 4400 | 92585 |
| Wacom Co. Ltd. | &nbsp;&nbsp; 19800 | 110820 |
|  |  | 3332203 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Goldwin, Inc. | &nbsp;&nbsp; 8800 | 138775 |
| Gunze Ltd. | &nbsp;&nbsp; 4400 | 133549 |
| Japan Wool Textile Co. Ltd.(The) | &nbsp;&nbsp; 6600 | 88492 |
| Kurabo Industries Ltd. | &nbsp;&nbsp; 2200 | 141457 |
| Onward Holdings Co. Ltd. | &nbsp;&nbsp; 17600 | 92000 |
| Seiko Group Corp. | &nbsp;&nbsp; 4400 | 371888 |
| Wacoal Holdings Corp. | &nbsp;&nbsp; 6600 | 191770 |
|  |  | 1157931 |
| **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** |
| Hanwa Co. Ltd. | &nbsp;&nbsp; 4400 | 252395 |
| Inaba Denki Sangyo Co. Ltd. | &nbsp;&nbsp; 17600 | 323576 |
| Inabata & Co. Ltd. | &nbsp;&nbsp; 6600 | 184109 |
| Japan Pulp & Paper Co. Ltd. | &nbsp;&nbsp; 15400 | 113874 |
| Kanamoto Co. Ltd. | &nbsp;&nbsp; 4400 | 122645 |
| Kanematsu Corp. | &nbsp;&nbsp; 28500 | 448024 |
| Nagase & Co. Ltd. | &nbsp;&nbsp; 13200 | 418041 |
| Nishio Holdings Co. Ltd. | &nbsp;&nbsp; 2200 | 65432 |
| Senshu Electric Co. Ltd. | &nbsp;&nbsp; 2200 | 90650 |
| Sojitz Corp. | &nbsp;&nbsp; 35200 | 1592515 |
| Totech Corp. | &nbsp;&nbsp; 4400 | 128645 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| Trusco Nakayama Corp. | &nbsp;&nbsp; 8800 | $142246 |
| Wakita & Co. Ltd. | &nbsp;&nbsp; 6500 | 85236 |
| Yamazen Corp. | &nbsp;&nbsp; 8800 | 86466 |
| Yuasa Trading Co. Ltd. | &nbsp;&nbsp; 2200 | 91126 |
|  |  | 4144980 |
| **Transportation Infrastructure — 0.6%** | **Transportation Infrastructure — 0.6%** | **Transportation Infrastructure — 0.6%** |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 11000 | 375194 |
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 13200 | 491587 |
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 41800 | 383153 |
| Sumitomo Warehouse Co. Ltd.(The) | &nbsp;&nbsp; 8800 | 227898 |
|  |  | 1477832 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| Okinawa Cellular Telephone Co. | &nbsp;&nbsp; 6600 | 141693 |
| **Total Common Stocks — 99.6%** <br>**(Cost: $197,303,990)** | **Total Common Stocks — 99.6%** <br>**(Cost: $197,303,990)** | 234975025 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| Ito En Ltd., Preference Shares, NVS | &nbsp;&nbsp; 4400 | 51221 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost: $52,549)** | **Total Preferred Stocks — 0.0%** <br>**(Cost: $52,549)** | 51221 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $197,356,539)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $197,356,539)** | 235026246 |
| **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> 3.84%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 2730750 | 2732115 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 80000 | 80000 |
| **Total Short-Term Securities — 1.2%** <br>**(Cost: $2,812,115)** | **Total Short-Term Securities — 1.2%** <br>**(Cost: $2,812,115)** | 2812115 |
| **Total Investments — 100.8%** <br>**(Cost: $200,168,654)** | **Total Investments — 100.8%** <br>**(Cost: $200,168,654)** | 237838361 |
| **Liabilities in Excess of Other Assets — (0.8)%** | **Liabilities in Excess of Other Assets — (0.8)%** | (1823092)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $236015269 |

---

&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 (unaudited)(continued)

February 28, 2026

**iShares® MSCI Japan Small-Cap ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $1725389<br> $1006791 <br><sup>(a)</sup><br>| $— | $(20)<br>| $(45)<br>| $2732115 | 2730750 | $23154 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 50000<br> 30000 <br><sup>(a)</sup><br>|  |  |  | 80000 | 80000 | 1382 |  |
|  |  |  | $(20) | $(45) | $2812115 |  | $24536 | $— |

---

&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 | 43 | 03/12/26 | &nbsp;&nbsp; $1082 | $79576 |

---

**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; $79576 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79576 |

---

&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 February 28, 2026, 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; $178742 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $178742 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53214 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53214 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1288382 |

---

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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; $9879238 | &nbsp;&nbsp; $225095787 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $234975025 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 51221 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51221 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2812115 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2812115 |
|  | &nbsp;&nbsp; $12691353 | &nbsp;&nbsp; $225147008 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $237838361 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79576 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79576 |

---

&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 (unaudited)

February 28, 2026

**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 — 49.4%** | **Banks — 49.4%** | **Banks — 49.4%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 7158937 | $11824441 |
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 23315212 | 48143714 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 1872940 | 11202643 |
| Malayan Banking Bhd | &nbsp;&nbsp; 17397481 | 53455573 |
| Public Bank Bhd | &nbsp;&nbsp; 41928700 | 53091357 |
| RHB Bank Bhd | &nbsp;&nbsp; 5025102 | 10843633 |
|  |  | 188561361 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Petronas Chemicals Group Bhd<sup>(a)</sup> | &nbsp;&nbsp; 6912300 | 5330028 |
| **Construction & Engineering — 3.8%** | **Construction & Engineering — 3.8%** | **Construction & Engineering — 3.8%** |
| Gamuda Bhd | &nbsp;&nbsp; 13488618 | 14510162 |
| **Diversified Telecommunication Services — 1.7%** | **Diversified Telecommunication Services — 1.7%** | **Diversified Telecommunication Services — 1.7%** |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 3315900 | 6347702 |
| **Electric Utilities — 7.3%** | **Electric Utilities — 7.3%** | **Electric Utilities — 7.3%** |
| Tenaga Nasional Bhd<sup>(a)</sup> | &nbsp;&nbsp; 7554812 | 27899606 |
| **Food Products — 8.9%** | **Food Products — 8.9%** | **Food Products — 8.9%** |
| IOI Corp. Bhd | &nbsp;&nbsp; 7240830 | 7362534 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 1446689 | 7064274 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 202200 | 5711072 |
| QL Resources Bhd | &nbsp;&nbsp; 4728175 | 4957839 |
| SD Guthrie Bhd | &nbsp;&nbsp; 5975355 | 8830196 |
|  |  | 33925915 |
| **Gas Utilities — 2.8%** | **Gas Utilities — 2.8%** | **Gas Utilities — 2.8%** |
| Petronas Gas Bhd<sup>(a)</sup> | &nbsp;&nbsp; 2279600 | 10511841 |
| **Health Care Providers & Services — 3.9%** | **Health Care Providers & Services — 3.9%** | **Health Care Providers & Services — 3.9%** |
| IHH Healthcare Bhd | &nbsp;&nbsp; 6362300 | 14875767 |
| **Industrial Conglomerates — 3.1%** | **Industrial Conglomerates — 3.1%** | **Industrial Conglomerates — 3.1%** |
| Sunway Bhd | &nbsp;&nbsp; 7840100 | 11788230 |
| **Marine Transportation — 2.1%** | **Marine Transportation — 2.1%** | **Marine Transportation — 2.1%** |
| MISC Bhd | &nbsp;&nbsp; 3856820 | 7996894 |
| **Metals & Mining — 4.5%** | **Metals & Mining — 4.5%** | **Metals & Mining — 4.5%** |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 9425000 | 17258960 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Multi-Utilities — 2.7%** | **Multi-Utilities — 2.7%** | **Multi-Utilities — 2.7%** |
| YTL Corp. Bhd | &nbsp;&nbsp; 8368300 | $3950872 |
| YTL Power International Bhd | &nbsp;&nbsp; 8749880 | 6351891 |
|  |  | 10302763 |
| **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** |
| MR DIY Group M Bhd<sup>(b)</sup> | &nbsp;&nbsp; 9577100 | 4405766 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 856700 | 4839161 |
|  |  | 9244927 |
| **Wireless Telecommunication Services — 5.2%** | **Wireless Telecommunication Services — 5.2%** | **Wireless Telecommunication Services — 5.2%** |
| Axiata Group Bhd | &nbsp;&nbsp; 7933200 | 4644590 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 10136400 | 8310233 |
| Maxis Bhd | &nbsp;&nbsp; 6769800 | 6749061 |
|  |  | 19703884 |
| **Total Long-Term Investments — 99.2%** <br>**(Cost: $229,328,395)** | **Total Long-Term Investments — 99.2%** <br>**(Cost: $229,328,395)** | 378258040 |
| **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 <br> Shares, 3.84%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 4238533 | 4240652 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 660000 | 660000 |
| **Total Short-Term Securities — 1.3%** <br>**(Cost: $4,900,639)** | **Total Short-Term Securities — 1.3%** <br>**(Cost: $4,900,639)** | 4900652 |
| **Total Investments — 100.5%** <br>**(Cost: $234,229,034)** | **Total Investments — 100.5%** <br>**(Cost: $234,229,034)** | 383158692 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (1822449)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $381336243 |

---

&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. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $3793810<br> $446859 <br><sup>(a)</sup><br>| $— | $(30)<br>| $13 | $4240652 | 4238533 | $269029 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 310000<br> 350000 <br><sup>(a)</sup><br>|  |  |  | 660000 | 660000 | 9377 |  |
|  |  |  | $(30) | $13 | $4900652 |  | $278406 | $— |

---

&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. 

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Malaysia 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 | 38 | 03/20/26 | &nbsp;&nbsp; $3047 | $11874 |

---

**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; $11874 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11874 |

---

&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 February 28, 2026, 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; $130354 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $130354 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9225 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9225 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1695715 |

---

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; $34873614 | &nbsp;&nbsp; $343384426 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $378258040 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 4900652 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4900652 |
|  | &nbsp;&nbsp; $39774266 | &nbsp;&nbsp; $343384426 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $383158692 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Malaysia 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; $11874 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11874 |

---

&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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 63.4%** | **Australia — 63.4%** | **Australia — 63.4%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 2772671 | $78912164 |
| APA Group | &nbsp;&nbsp; 1176183 | 7698033 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 508778 | 17393428 |
| ASX Ltd. | &nbsp;&nbsp; 188967 | 7121142 |
| BHP Group Ltd. | &nbsp;&nbsp; 4655711 | 188906705 |
| Brambles Ltd. | &nbsp;&nbsp; 1239037 | 22097133 |
| CAR Group Ltd. | &nbsp;&nbsp; 348654 | 6582087 |
| Cochlear Ltd. | &nbsp;&nbsp; 60120 | 8513264 |
| Coles Group Ltd. | &nbsp;&nbsp; 1210253 | 17748841 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 1534202 | 190350733 |
| Computershare Ltd. | &nbsp;&nbsp; 484287 | 10678005 |
| CSL Ltd. | &nbsp;&nbsp; 444281 | 46510256 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 1846330 | 21904958 |
| Fortescue Ltd. | &nbsp;&nbsp; 1559326 | 23422978 |
| Goodman Group | &nbsp;&nbsp; 1869751 | 38461483 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 2164460 | 10255429 |
| Lottery Corp. Ltd.(The) | &nbsp;&nbsp; 1940443 | 7610363 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 823643 | 10916760 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 333873 | 50668682 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 2546261 | 7935653 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 2819148 | 98254562 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 1242051 | 27225444 |
| Origin Energy Ltd. | &nbsp;&nbsp; 1554449 | 13445873 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 52572 | 4851747 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 671906 | 4755409 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 1375302 | 21357592 |
| REA Group Ltd. | &nbsp;&nbsp; 50899 | 6021733 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 342135 | 40673006 |
| Santos Ltd. | &nbsp;&nbsp; 2953048 | 14231206 |
| Scentre Group | &nbsp;&nbsp; 4641570 | 12616911 |
| SGH Ltd. | &nbsp;&nbsp; 189302 | 6281849 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 4728978 | 9532028 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 420949 | 7143697 |
| South32 Ltd. | &nbsp;&nbsp; 4135651 | 13547904 |
| Stockland | &nbsp;&nbsp; 2145728 | 7803156 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 1011673 | 10529950 |
| Telstra Group Ltd. | &nbsp;&nbsp; 3499660 | 12900768 |
| Transurban Group | &nbsp;&nbsp; 2812385 | 28671430 |
| Vicinity Ltd. | &nbsp;&nbsp; 3361792 | 5859913 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 313892 | 8539224 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 1040738 | 58961071 |
| Westpac Banking Corp. | &nbsp;&nbsp; 3143584 | 95027592 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 186551 | 6315385 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 1734307 | 35409315 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 1109664 | 28447606 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 156857 | 9259403 |
|  |  | 1361351871 |
| **China — 0.2%** | **China — 0.2%** | **China — 0.2%** |
| Wharf Holdings Ltd.(The) | &nbsp;&nbsp; 984850 | 3260426 |
| **Hong Kong — 18.8%** | **Hong Kong — 18.8%** | **Hong Kong — 18.8%** |
| AIA Group Ltd. | &nbsp;&nbsp; 9649614 | 106449947 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 3725500 | 21308943 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 1792732 | 11374485 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 2456732 | 20228234 |
| CK Infrastructure Holdings Ltd., Class L | &nbsp;&nbsp; 574208 | 4869102 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 1509000 | 14299402 |
| Futu Holdings Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 52050 | 7747122 |
| Galaxy Entertainment Group Ltd., Class L | &nbsp;&nbsp; 1864000 | 9918607 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 1339442 | 6054602 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 3480338 | $5486261 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 10375253 | 10080105 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 1002500 | 53558499 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 985600 | 8533120 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 149300 | 12308332 |
| Link REIT | &nbsp;&nbsp; 2407463 | 11902218 |
| MTR Corp. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1439786 | 6856835 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 1270500 | 10297553 |
| Sands China Ltd. | &nbsp;&nbsp; 2277600 | 5145561 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 3456800 | 5634622 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 1262000 | 5383321 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 1336500 | 24846386 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 333000 | 3577070 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 1346207 | 21802735 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 7738000 | 9732587 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 1546600 | 5693530 |
|  |  | 403089179 |
| **New Zealand — 1.7%** | **New Zealand — 1.7%** | **New Zealand — 1.7%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 1573941 | 8648219 |
| Contact Energy Ltd. | &nbsp;&nbsp; 802700 | 4474608 |
| Fisher & Paykel Healthcare Corp. Ltd., Class C | &nbsp;&nbsp; 550790 | 13465269 |
| Infratil Ltd. | &nbsp;&nbsp; 927343 | 6234355 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 1244295 | 4218593 |
|  |  | 37041044 |
| **Singapore — 15.5%** | **Singapore — 15.5%** | **Singapore — 15.5%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 3765380 | 7998579 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 5770599 | 11164318 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 2297300 | 5551547 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 1844910 | 83104315 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2263598 | 9552384 |
| Keppel Ltd. | &nbsp;&nbsp; 1370000 | 14150194 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 3097424 | 52418253 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 365518 | 39640427 |
| Sembcorp Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 894000 | 4316515 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 1518050 | 8609243 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 717500 | 10303744 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 1475900 | 11613730 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 6900628 | 27454560 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 1146600 | 33454866 |
| Wilmar International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1892300 | 5260754 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 2492700 | 8519973 |
|  |  | 333113402 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $1,722,398,926)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $1,722,398,926)** | 2137855922 |
| **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, 3.84%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 6833993 | 6837410 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 680000 | 680000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $7,516,185)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $7,516,185)** | 7517410 |
| **Total Investments — 99.9%** <br>**(Cost: $1,729,915,111)** | **Total Investments — 99.9%** <br>**(Cost: $1,729,915,111)** | 2145373332 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 1730901 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2147104233 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Pacific ex Japan ETF**

&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. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> Affiliate of the Fund. <br> <sup>(e)</sup> Annualized 7-day yield as of period end. <br> <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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $11017227 | $— | &nbsp;&nbsp; $(4180208 )<sup>(a)</sup><br>| $813 | $(422)<br>| $6837410 | 6833993 | $23385 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 640000 | 40000 <br><sup>(a)</sup><br>|  |  |  | 680000 | 680000 | 18440 |  |
|  |  |  |  | $813 | $(422) | $7517410 |  | $41825 | $— |

---

&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 | 40 | 03/19/26 | &nbsp;&nbsp; $6526 | $203712 |
| MSCI Singapore Index | 64 | 03/30/26 | &nbsp;&nbsp; 2332 | (27524) |
|  |  |  |  | $176188 |

---

**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; $203712 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $203712 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27524 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27524 |

---

&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). 

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Pacific ex Japan ETF**

For the period ended February 28, 2026, 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; $16216 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16216 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70578 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70578 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $9449845 |

---

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; $78581165 | &nbsp;&nbsp; $2059274757 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2137855922 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 7517410 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7517410 |
|  | &nbsp;&nbsp; $86098575 | &nbsp;&nbsp; $2059274757 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2145373332 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $203712 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $203712 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (27524)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (27524)<br>|
|  | &nbsp;&nbsp; $203712 | &nbsp;&nbsp; $(27524)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $176188 |

---

&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 (unaudited)

February 28, 2026

**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 — 4.3%** | **Aerospace & Defense — 4.3%** | **Aerospace & Defense — 4.3%** |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 4399200 | $34616925 |
| **Banks — 45.1%** | **Banks — 45.1%** | **Banks — 45.1%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 3889650 | 175210008 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 8851650 | 149798036 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 1152800 | 33635767 |
|  |  | 358643811 |
| **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** |
| Sea Ltd., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 322310 | 34954519 |
| **Capital Markets — 4.4%** | **Capital Markets — 4.4%** | **Capital Markets — 4.4%** |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 2461377 | 35346895 |
| **Diversified REITs — 3.0%** | **Diversified REITs — 3.0%** | **Diversified REITs — 3.0%** |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 12436001 | 24059803 |
| **Diversified Telecommunication Services — 4.6%** | **Diversified Telecommunication Services — 4.6%** | **Diversified Telecommunication Services — 4.6%** |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 9143768 | 36379026 |
| **Food Products — 4.4%** | **Food Products — 4.4%** | **Food Products — 4.4%** |
| Wilmar International Ltd. | &nbsp;&nbsp; 12501700 | 34755784 |
| **Ground Transportation — 4.3%** | **Ground Transportation — 4.3%** | **Ground Transportation — 4.3%** |
| Grab Holdings Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 8190599 | 34564328 |
| **Industrial Conglomerates — 4.5%** | **Industrial Conglomerates — 4.5%** | **Industrial Conglomerates — 4.5%** |
| Keppel Ltd. | &nbsp;&nbsp; 3441400 | 35544874 |
| **Industrial REITs — 4.4%** | **Industrial REITs — 4.4%** | **Industrial REITs — 4.4%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 16330594 | 34690137 |
| **Machinery — 5.5%** | **Machinery — 5.5%** | **Machinery — 5.5%** |
| Yangzijiang Shipbuilding Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 12753900 | 43592445 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Multi-Utilities — 4.3%** | **Multi-Utilities — 4.3%** | **Multi-Utilities — 4.3%** |
| Sembcorp Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7024700 | $33917472 |
| **Passenger Airlines — 4.5%** | **Passenger Airlines — 4.5%** | **Passenger Airlines — 4.5%** |
| Singapore Airlines Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6322267 | 35855166 |
| **Real Estate Management & Development — 1.4%** | **Real Estate Management & Development — 1.4%** | **Real Estate Management & Development — 1.4%** |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 4538700 | 10968009 |
| **Total Long-Term Investments — 99.1%** <br>**(Cost: $588,776,101)** | **Total Long-Term Investments — 99.1%** <br>**(Cost: $588,776,101)** | 787889194 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.2%** | **Money Market Funds — 4.2%** | **Money Market Funds — 4.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 29336489 | 29351158 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 3780000 | 3780000 |
| **Total Short-Term Securities — 4.2%** <br>**(Cost: $33,131,158)** | **Total Short-Term Securities — 4.2%** <br>**(Cost: $33,131,158)** | 33131158 |
| **Total Investments — 103.3%** <br>**(Cost: $621,907,259)** | **Total Investments — 103.3%** <br>**(Cost: $621,907,259)** | 821020352 |
| **Liabilities in Excess of Other Assets — (3.3)%** | **Liabilities in Excess of Other Assets — (3.3)%** | (26463183)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $794557169 |

---

&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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $33880815 | $— | &nbsp;&nbsp; $(4529340 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(317)<br>| $— | $29351158 | 29336489 | $28152 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 160000 | 3620000 <br><sup>(a)</sup><br>|  |  |  | 3780000 | 3780000 | 13285 |  |
|  |  |  |  | $(317) | $— | $33131158 |  | $41437 | $— |

---

&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. 

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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 | 116 | 03/30/26 | &nbsp;&nbsp; $4226 | $(37208) |

---

**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; $37208 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37208 |

---

&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 February 28, 2026, 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; $64371 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $64371 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (35862)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (35862)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28509 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28509 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16562)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16562)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (305)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (305)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16867)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16867)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $3465954 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; $75079 |

---

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 (unaudited)(continued)

February 28, 2026

**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; $69518847 | &nbsp;&nbsp; $718370347 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $787889194 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 33131158 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33131158 |
|  | &nbsp;&nbsp; $102650005 | &nbsp;&nbsp; $718370347 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $821020352 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37208)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37208)<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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**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; 1643645 | $776015 |
| **Banks — 8.7%** | **Banks — 8.7%** | **Banks — 8.7%** |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 1177400 | 7611187 |
| Kiatnakin Phatra Bank PCL, NVDR | &nbsp;&nbsp; 413673 | 1034054 |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 6944200 | 7646865 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 1673300 | 7989428 |
| Thanachart Capital PCL, NVDR | &nbsp;&nbsp; 512300 | 1001258 |
| Tisco Financial Group PCL, NVDR | &nbsp;&nbsp; 393600 | 1449521 |
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 48321400 | 3666173 |
|  |  | 30398486 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Carabao Group PCL, NVDR | &nbsp;&nbsp; 685000 | 1001591 |
| Osotspa PCL, NVDR | &nbsp;&nbsp; 2361800 | 1304536 |
|  |  | 2306127 |
| **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** |
| Central Retail Corp. PCL, NVDR | &nbsp;&nbsp; 2945300 | 1957358 |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| Indorama Ventures PCL, NVDR | &nbsp;&nbsp; 3295300 | 2427548 |
| PTT Global Chemical PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 4470407 | 4058433 |
| TOA Paint Thailand PCL, NVDR | &nbsp;&nbsp; 1155800 | 587475 |
|  |  | 7073456 |
| **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** |
| CH Karnchang PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 2155600 | 1220199 |
| **Construction Materials — 3.5%** | **Construction Materials — 3.5%** | **Construction Materials — 3.5%** |
| Siam Cement PCL (The), NVDR<sup>(a)</sup> | &nbsp;&nbsp; 1551700 | 11226634 |
| Siam City Cement PCL, NVDR | &nbsp;&nbsp; 112300 | 547618 |
| Tipco Asphalt PCL, NVDR | &nbsp;&nbsp; 1200100 | 536638 |
|  |  | 12310890 |
| **Consumer Finance — 2.6%** | **Consumer Finance — 2.6%** | **Consumer Finance — 2.6%** |
| AEON Thana Sinsap Thailand PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 167700 | 528699 |
| Bangkok Commercial Asset Management PCL, NVDR | &nbsp;&nbsp; 3465900 | 847128 |
| Krungthai Card PCL, NVDR | &nbsp;&nbsp; 2293900 | 2450961 |
| Muangthai Capital PCL, NVDR | &nbsp;&nbsp; 1463300 | 1738857 |
| Srisawad Corp. PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 1634502 | 1510445 |
| TIDLOR Holdings PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 2853792 | 1826753 |
|  |  | 8902843 |
| **Consumer Staples Distribution & Retail — 5.6%** | **Consumer Staples Distribution & Retail — 5.6%** | **Consumer Staples Distribution & Retail — 5.6%** |
| Berli Jucker PCL, NVDR | &nbsp;&nbsp; 1930000 | 996253 |
| CP ALL PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 11034500 | 18371890 |
|  |  | 19368143 |
| **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| SCG Packaging PCL, NVDR | &nbsp;&nbsp; 2536900 | 1678952 |
| **Diversified Telecommunication Services — 3.0%** | **Diversified Telecommunication Services — 3.0%** | **Diversified Telecommunication Services — 3.0%** |
| Jasmine Technology Solution PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 338800 | 914979 |
| True Corp. PCL, NVDR | &nbsp;&nbsp; 20614048 | 9606881 |
|  |  | 10521860 |
| **Electronic Equipment, Instruments & Components — 16.7%** | **Electronic Equipment, Instruments & Components — 16.7%** | **Electronic Equipment, Instruments & Components — 16.7%** |
| Cal-Comp Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 7044000 | 1264451 |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 6216808 | 55676580 |
| KCE Electronics PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 1735800 | 1085816 |
|  |  | 58026847 |
| **Food Products — 2.8%** | **Food Products — 2.8%** | **Food Products — 2.8%** |
| Betagro PCL, NVDR | &nbsp;&nbsp; 1295100 | 912469 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 7511000 | 5068861 |
| I-TAIL Corp. PCL, NVDR | &nbsp;&nbsp; 1423400 | 773036 |
| Thai Union Group PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 5721300 | 2280053 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Thai Vegetable Oil PCL, NVDR | &nbsp;&nbsp; 862588 | $685408 |
|  |  | 9719827 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| BTS Group Holdings PCL, NVDR<sup>(a)(b)</sup> | &nbsp;&nbsp; 15649100 | 1197555 |
| **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; 1908800 | 552947 |
| **Health Care Providers & Services — 6.9%** | **Health Care Providers & Services — 6.9%** | **Health Care Providers & Services — 6.9%** |
| Bangkok Chain Hospital PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 2144525 | 755662 |
| Bangkok Dusit Medical Services PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 21226800 | 14781677 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 1184976 | 8100319 |
| Chularat Hospital PCL, NVDR | &nbsp;&nbsp; 9876800 | 523100 |
|  |  | 24160758 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| Asset World Corp. PCL, NVDR | &nbsp;&nbsp; 15715100 | 1262284 |
| Central Plaza Hotel PCL, NVDR | &nbsp;&nbsp; 1194600 | 1544379 |
| Minor International PCL, NVDR | &nbsp;&nbsp; 6680410 | 5586262 |
|  |  | 8392925 |
| **Independent Power and Renewable Electricity Producers — 6.8%** | **Independent Power and Renewable Electricity Producers — 6.8%** | **Independent Power and Renewable Electricity Producers — 6.8%** |
| B Grimm Power PCL, NVDR | &nbsp;&nbsp; 1779100 | 874993 |
| BCPG PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 2567250 | 667500 |
| Electricity Generating PCL, NVDR | &nbsp;&nbsp; 467200 | 1857395 |
| Energy Absolute PCL, NVDR<sup>(a)(b)</sup> | &nbsp;&nbsp; 10910600 | 1058621 |
| Global Power Synergy PCL, NVDR | &nbsp;&nbsp; 1390900 | 1941947 |
| Gulf Development PCL, NVDR<sup>(a)(b)</sup> | &nbsp;&nbsp; 7569488 | 15091586 |
| Ratch Group PCL, NVDR | &nbsp;&nbsp; 2148000 | 2142126 |
|  |  | 23634168 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| Bangkok Life Assurance PCL, NVDR | &nbsp;&nbsp; 1127300 | 776119 |
| Thai Life Insurance PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 4512700 | 1594524 |
|  |  | 2370643 |
| **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** |
| Regional Container Lines PCL, NVDR | &nbsp;&nbsp; 709200 | 701557 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| VGI PCL, NVDR | &nbsp;&nbsp; 24753750 | 933197 |
| **Oil, Gas & Consumable Fuels — 13.5%** | **Oil, Gas & Consumable Fuels — 13.5%** | **Oil, Gas & Consumable Fuels — 13.5%** |
| Bangchak Corp. PCL, NVDR | &nbsp;&nbsp; 1687400 | 2049342 |
| Banpu PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 16577224 | 3038401 |
| IRPC PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 21214600 | 969040 |
| PTT Exploration & Production PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 2764484 | 12227885 |
| PTT PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 19906600 | 23691678 |
| Star Petroleum Refining PCL, NVDR | &nbsp;&nbsp; 3375900 | 827089 |
| Thai Oil PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 2436500 | 4297680 |
|  |  | 47101115 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Bangkok Airways PCL, NVDR | &nbsp;&nbsp; 1195300 | 687442 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| Mega Lifesciences PCL, NVDR | &nbsp;&nbsp; 679700 | 830902 |
| **Real Estate Management & Development — 5.6%** | **Real Estate Management & Development — 5.6%** | **Real Estate Management & Development — 5.6%** |
| Amata Corp. PCL, NVDR | &nbsp;&nbsp; 1518600 | 952861 |
| AP Thailand PCL, NVDR | &nbsp;&nbsp; 4451586 | 1317090 |
| Central Pattana PCL, NVDR | &nbsp;&nbsp; 4015100 | 9028751 |
| Land & Houses PCL, NVDR | &nbsp;&nbsp; 15784300 | 2211573 |
| MBK PCL, NVDR | &nbsp;&nbsp; 1677200 | 1105765 |
| Sansiri PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 27868937 | 1398602 |
| Supalai PCL, NVDR | &nbsp;&nbsp; 2209600 | 1265269 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| WHA Corp. PCL, NVDR | &nbsp;&nbsp; 16238240 | $2275366 |
|  |  | 19555277 |
| **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
| Com7 PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 2317200 | 1797002 |
| Home Product Center PCL, NVDR | &nbsp;&nbsp; 11537373 | 2744074 |
| Siam Global House PCL, NVDR | &nbsp;&nbsp; 3825391 | 954618 |
|  |  | 5495694 |
| **Transportation Infrastructure — 4.9%** | **Transportation Infrastructure — 4.9%** | **Transportation Infrastructure — 4.9%** |
| Airports of Thailand PCL, NVDR | &nbsp;&nbsp; 8229600 | 14421016 |
| Bangkok Expressway & Metro PCL, NVDR | &nbsp;&nbsp; 12977653 | 2628959 |
|  |  | 17049975 |
| **Water Utilities — 0.2%** | **Water Utilities — 0.2%** | **Water Utilities — 0.2%** |
| TTW PCL, NVDR | &nbsp;&nbsp; 2719366 | 822327 |
| **Wireless Telecommunication Services — 7.9%** | **Wireless Telecommunication Services — 7.9%** | **Wireless Telecommunication Services — 7.9%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 2237919 | 27346709 |
| **Total Long-Term Investments — 99.2%** <br>**(Cost: $350,757,380)** | **Total Long-Term Investments — 99.2%** <br>**(Cost: $350,757,380)** | 345094194 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.5%** | **Money Market Funds — 2.5%** | **Money Market Funds — 2.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 8240758 | 8244879 |

---

---

| | | |
|:---|:---|:---|
| *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> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 480000 | $480000 |
| **Total Short-Term Securities — 2.5%** <br>**(Cost: $8,717,252)** | **Total Short-Term Securities — 2.5%** <br>**(Cost: $8,717,252)** | 8724879 |
| **Total Investments — 101.7%** <br>**(Cost: $359,474,632)** | **Total Investments — 101.7%** <br>**(Cost: $359,474,632)** | 353819073 |
| **Liabilities in Excess of Other Assets — (1.7)%** | **Liabilities in Excess of Other Assets — (1.7)%** | (6042998)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $347776075 |

---

&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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $10190217 | $— | &nbsp;&nbsp; $(1945160 )<sup>(a)</sup><br>| $886 | $(1064)<br>| $8244879 | 8240758 | $316406 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 190000 | 290000 <br><sup>(a)</sup><br>|  |  |  | 480000 | 480000 | 7504 |  |
|  |  |  |  | $886 | $(1064) | $8724879 |  | $323910 | $— |

---

&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 | 33 | 03/20/26 | &nbsp;&nbsp; $2646 | $70000 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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; $70000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70000 |

---

&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 February 28, 2026, 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; $96282 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $96282 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $69268 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $69268 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1460813 |

---

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; $14798888 | &nbsp;&nbsp; $330295306 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $345094194 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 8724879 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8724879 |
|  | &nbsp;&nbsp; $23523767 | &nbsp;&nbsp; $330295306 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $353819073 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $70000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $70000 |

---

&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 (unaudited)

February 28, 2026

&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> | $766514611 | $235026246 | $378258040 | $2137855922 |
| Investments, at value—affiliated<sup>(c)</sup> | 530000 | 2812115 | 4900652 | 7517410 |
| Cash |  | 6328 | 1932 | 3515 |
| Cash pledged: |  |  |  |  |
| Collateral — OTC derivatives | 213075 |  |  |  |
| Futures contracts | 35000 |  | 22000 |  |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  | 49665 |  | 543760 |
| Foreign currency, at value<sup>(e)</sup> | 10159345 | 388682 | 3466 | 3266887 |
| Receivables: |  |  |  |  |
| Investments sold | 28067872 | 4794847 | 3219708 | 6158760 |
| Securities lending income—affiliated |  | 3434 | 48616 | 2496 |
| Swaps | 36740 |  |  |  |
| Capital shares sold |  | 292084 |  |  |
| Dividends—unaffiliated |  | 532920 | 163722 | 5607483 |
| Dividends—affiliated | 2317 | 166 | 1823 | 3570 |
| Tax reclaims |  | 1345 |  |  |
| Variation margin on futures contracts | 2725 | 20544 | 9313 | 64066 |
| Unrealized appreciation on OTC swaps | 208198 |  |  |  |
| Total assets | 805769883 | 243928376 | 386629272 | 2161023869 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft | 9685 |  |  |  |
| Collateral on securities loaned, at value |  | 2731807 | 4242525 | 6861198 |
| Payables: |  |  |  |  |
| Investments purchased | 25474118 | 5102653 | 912931 | 6319575 |
| Swaps | 500233 |  |  |  |
| Investment advisory fees | 276037 | 78647 | 137573 | 738863 |
| Unrealized depreciation on OTC swaps | 14377 |  |  |  |
| Total liabilities | 26274450 | 7913107 | 5293029 | 13919636 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $779495433 | $236015269 | $381336243 | $2147104233 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $1369899347 | $212993764 | $378627793 | $2547154954 |
| Accumulated earnings (loss) | (590403914) | 23021505 | 2708450 | (400050721) |
| NET ASSETS | $779495433 | $236015269 | $381336243 | $2147104233 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 32325000 | 2200000 | 13050000 | 37800000 |
| Net asset value | $24.11 | $107.28 | $29.22 | $56.80 |
| 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 | $688858159 | $197356539 | $229328395 | $1722398926 |
| <sup>(b)</sup> Securities loaned, at value | $— | $2446313 | $4032174 | $6504246 |
| <sup>(c)</sup> Investments, at cost—affiliated | $530000 | $2812115 | $4900639 | $7516185 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $49929 | $— | $542048 |
| <sup>(e)</sup> Foreign currency, at cost | $10175585 | $390752 | $3466 | $3253966 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)(continued)

February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI <br> Singapore <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Thailand ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $787889194 | $345094194 |
| Investments, at value—affiliated<sup>(c)</sup> | 33131158 | 8724879 |
| Cash | 1624 | 6451 |
| Cash pledged: |  |  |
| Collateral — OTC derivatives | 27780 |  |
| Futures contracts |  | 27000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 130445 |  |
| Foreign currency, at value<sup>(e)</sup> | 4829445 | 56496 |
| Receivables: |  |  |
| Investments sold | 116448202 | 7022416 |
| Securities lending income—affiliated | 7998 | 36042 |
| Swaps | 35500 |  |
| Dividends—unaffiliated | 1293890 | 2442312 |
| Dividends—affiliated | 2645 | 1450 |
| Due from broker | 1270 |  |
| Variation margin on futures contracts | 1251 | 5780 |
| Total assets | 943800402 | 363417020 |
| **LIABILITIES** |  |  |
| Due to broker | 3693 |  |
| Collateral on securities loaned, at value | 29339724 | 8245909 |
| Payables: |  |  |
| Investments purchased | 119436921 | 7273518 |
| Swaps | 174523 |  |
| Investment advisory fees | 288372 | 121518 |
| Total liabilities | 149243233 | 15640945 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $794557169 | $347776075 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $965894958 | $536693802 |
| Accumulated loss | (171337789) | (188917727) |
| NET ASSETS | $794557169 | $347776075 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 27550000 | 4650000 |
| Net asset value | $28.84 | $74.79 |
| Shares authorized | 300 million | 200 million |
| Par value | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $588776101 | $350757380 |
| <sup>(b)</sup> Securities loaned, at value | $28074775 | $7699304 |
| <sup>(c)</sup> Investments, at cost—affiliated | $33131158 | $8717252 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $130266 | $— |
| <sup>(e)</sup> Foreign currency, at cost | $4795565 | $55918 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended February 28, 2026

&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; $9030214 | &nbsp;&nbsp;&nbsp; $2086525 | &nbsp;&nbsp;&nbsp; $5285668 | &nbsp;&nbsp;&nbsp; $26282673 |
| Dividends—affiliated | &nbsp;&nbsp; 19129 | &nbsp;&nbsp;&nbsp; 1382 | &nbsp;&nbsp;&nbsp; 9377 | &nbsp;&nbsp;&nbsp; 18440 |
| Interest—unaffiliated | &nbsp;&nbsp; 1730 | &nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 2505 | &nbsp;&nbsp;&nbsp; 8627 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23154 | &nbsp;&nbsp;&nbsp; 269029 | &nbsp;&nbsp;&nbsp; 23385 |
| Foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (207802)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (191715)<br>|
| Total investment income | &nbsp;&nbsp; 9051073 | &nbsp;&nbsp;&nbsp; 1903354 | &nbsp;&nbsp;&nbsp; 5566579 | &nbsp;&nbsp;&nbsp; 26141410 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 1696132 | &nbsp;&nbsp;&nbsp; 410188 | &nbsp;&nbsp;&nbsp; 698410 | &nbsp;&nbsp;&nbsp; 4283763 |
| Commitment costs | &nbsp;&nbsp; 3309 | &nbsp;&nbsp;&nbsp; 774 | &nbsp;&nbsp;&nbsp; 1313 | &nbsp;&nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; 622 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 1700063 | &nbsp;&nbsp;&nbsp; 410962 | &nbsp;&nbsp;&nbsp; 699723 | &nbsp;&nbsp;&nbsp; 4283763 |
| Net investment income | &nbsp;&nbsp; 7351010 | &nbsp;&nbsp;&nbsp; 1492392 | &nbsp;&nbsp;&nbsp; 4866856 | &nbsp;&nbsp;&nbsp; 21857647 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (3826244)<br>| &nbsp;&nbsp;&nbsp; 2832457 | &nbsp;&nbsp;&nbsp; (278794)<br>| &nbsp;&nbsp;&nbsp; (2135134)<br>|
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; 813 |
| Foreign currency transactions | &nbsp;&nbsp; 43508 | &nbsp;&nbsp;&nbsp; (80469)<br>| &nbsp;&nbsp;&nbsp; (48986)<br>| &nbsp;&nbsp;&nbsp; 457233 |
| Futures contracts | &nbsp;&nbsp; 105845 | &nbsp;&nbsp;&nbsp; 178742 | &nbsp;&nbsp;&nbsp; 130354 | &nbsp;&nbsp;&nbsp; 16216 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 9615402 | &nbsp;&nbsp;&nbsp; 5112639 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16577019 |
| Swaps | &nbsp;&nbsp; (299364)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 5639147 | &nbsp;&nbsp;&nbsp; 8043349 | &nbsp;&nbsp;&nbsp; (197456)<br>| &nbsp;&nbsp;&nbsp; 14916147 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 91718994 | &nbsp;&nbsp;&nbsp; 26605211 | &nbsp;&nbsp;&nbsp; 45502299 | &nbsp;&nbsp;&nbsp; 190887295 |
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (45)<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (422)<br>|
| Foreign currency translations | &nbsp;&nbsp; (35976)<br>| &nbsp;&nbsp;&nbsp; (2024)<br>| &nbsp;&nbsp;&nbsp; 1669 | &nbsp;&nbsp;&nbsp; (6572)<br>|
| Futures contracts | &nbsp;&nbsp; (25621)<br>| &nbsp;&nbsp;&nbsp; 53214 | &nbsp;&nbsp;&nbsp; 9225 | &nbsp;&nbsp;&nbsp; 70578 |
| Swaps | &nbsp;&nbsp; (48442)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 91608955 | &nbsp;&nbsp;&nbsp; 26656356 | &nbsp;&nbsp;&nbsp; 45513206 | &nbsp;&nbsp;&nbsp; 190950879 |
| Net realized and unrealized gain | &nbsp;&nbsp; 97248102 | &nbsp;&nbsp;&nbsp; 34699705 | &nbsp;&nbsp;&nbsp; 45315750 | &nbsp;&nbsp;&nbsp; 205867026 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $104599112 | &nbsp;&nbsp;&nbsp; $36192097 | &nbsp;&nbsp;&nbsp; $50182606 | &nbsp;&nbsp;&nbsp; $227724673 |
| <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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)(continued)

Six Months Ended February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI <br> Singapore <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Thailand ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $5898981 | &nbsp;&nbsp;&nbsp; $4497464 |
| Dividends—affiliated | &nbsp;&nbsp; 13285 | &nbsp;&nbsp;&nbsp; 7504 |
| Interest—unaffiliated | &nbsp;&nbsp; 399 | &nbsp;&nbsp;&nbsp; 518 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 28152 | &nbsp;&nbsp;&nbsp; 316406 |
| Foreign taxes withheld | &nbsp;&nbsp; (116919)<br>| &nbsp;&nbsp;&nbsp; (430046)<br>|
| Total investment income | &nbsp;&nbsp; 5823898 | &nbsp;&nbsp;&nbsp; 4391846 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 1978382 | &nbsp;&nbsp;&nbsp; 627915 |
| Commitment costs | &nbsp;&nbsp; 3852 | &nbsp;&nbsp;&nbsp; 1030 |
| Interest expense | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 1982366 | &nbsp;&nbsp;&nbsp; 628945 |
| Net investment income | &nbsp;&nbsp; 3841532 | &nbsp;&nbsp;&nbsp; 3762901 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (13673518)<br>| &nbsp;&nbsp;&nbsp; (7577740)<br>|
| Investments—affiliated | &nbsp;&nbsp; (317)<br>| &nbsp;&nbsp;&nbsp; 886 |
| Foreign currency transactions | &nbsp;&nbsp; (12962)<br>| &nbsp;&nbsp;&nbsp; 10968 |
| Futures contracts | &nbsp;&nbsp; 64371 | &nbsp;&nbsp;&nbsp; 96282 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 20291648 | &nbsp;&nbsp;&nbsp; 6078721 |
| Swaps | &nbsp;&nbsp; (35862)<br>| &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 6633360 | &nbsp;&nbsp;&nbsp; (1390883)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 26890762 | &nbsp;&nbsp;&nbsp; 72421211 |
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1064)<br>|
| Foreign currency translations | &nbsp;&nbsp; 25077 | &nbsp;&nbsp;&nbsp; (2777)<br>|
| Futures contracts | &nbsp;&nbsp; (16562)<br>| &nbsp;&nbsp;&nbsp; 69268 |
| Swaps | &nbsp;&nbsp; (305)<br>| &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 26898972 | &nbsp;&nbsp;&nbsp; 72486638 |
| Net realized and unrealized gain | &nbsp;&nbsp; 33532332 | &nbsp;&nbsp;&nbsp; 71095755 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $37373864 | &nbsp;&nbsp;&nbsp; $74858656 |
| <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 Hong Kong ETF  | iShares <br>MSCI Hong Kong ETF  | iShares <br>MSCI Japan Small-Cap ETF  | iShares <br>MSCI Japan Small-Cap ETF  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $7351010 | &nbsp;&nbsp;&nbsp; $24047289 | &nbsp;&nbsp;&nbsp; $1492392 | &nbsp;&nbsp;&nbsp; $2457482 |
| Net realized gain (loss) | &nbsp;&nbsp; 5639147 | &nbsp;&nbsp;&nbsp; (17511466)<br>| &nbsp;&nbsp;&nbsp; 8043349 | &nbsp;&nbsp;&nbsp; 5061046 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 91608955 | &nbsp;&nbsp;&nbsp; 183712725 | &nbsp;&nbsp;&nbsp; 26656356 | &nbsp;&nbsp;&nbsp; 14715514 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 104599112 | &nbsp;&nbsp;&nbsp; 190248548 | &nbsp;&nbsp;&nbsp; 36192097 | &nbsp;&nbsp;&nbsp; 22234042 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (21027590 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (26363568)<br>| &nbsp;&nbsp;&nbsp; (3391718 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (2347791)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (23567299)<br>| &nbsp;&nbsp;&nbsp; 46405486 | &nbsp;&nbsp;&nbsp; 58563799 | &nbsp;&nbsp;&nbsp; 16629490 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 60004223 | &nbsp;&nbsp;&nbsp; 210290466 | &nbsp;&nbsp;&nbsp; 91364178 | &nbsp;&nbsp;&nbsp; 36515741 |
| Beginning of period | &nbsp;&nbsp; 719491210 | &nbsp;&nbsp;&nbsp; 509200744 | &nbsp;&nbsp;&nbsp; 144651091 | &nbsp;&nbsp;&nbsp; 108135350 |
| End of period | &nbsp;&nbsp; $779495433 | &nbsp;&nbsp;&nbsp; $719491210 | &nbsp;&nbsp;&nbsp; $236015269 | &nbsp;&nbsp;&nbsp; $144651091 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $4866856 | &nbsp;&nbsp;&nbsp; $10378858 | &nbsp;&nbsp;&nbsp; $21857647 | &nbsp;&nbsp;&nbsp; $67429706 |
| Net realized gain (loss) | &nbsp;&nbsp; (197456)<br>| &nbsp;&nbsp;&nbsp; 3267399 | &nbsp;&nbsp;&nbsp; 14916147 | &nbsp;&nbsp;&nbsp; 67366796 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 45513206 | &nbsp;&nbsp;&nbsp; (30454679)<br>| &nbsp;&nbsp;&nbsp; 190950879 | &nbsp;&nbsp;&nbsp; 168482652 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 50182606 | &nbsp;&nbsp;&nbsp; (16808422)<br>| &nbsp;&nbsp;&nbsp; 227724673 | &nbsp;&nbsp;&nbsp; 303279154 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (4594655 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (10801325)<br>| &nbsp;&nbsp;&nbsp; (36073373 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (73127039)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 97922020 | &nbsp;&nbsp;&nbsp; (56985436)<br>| &nbsp;&nbsp;&nbsp; 110877240 | &nbsp;&nbsp;&nbsp; (359416244)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 143509971 | &nbsp;&nbsp;&nbsp; (84595183)<br>| &nbsp;&nbsp;&nbsp; 302528540 | &nbsp;&nbsp;&nbsp; (129264129)<br>|
| Beginning of period | &nbsp;&nbsp; 237826272 | &nbsp;&nbsp;&nbsp; 322421455 | &nbsp;&nbsp;&nbsp; 1844575693 | &nbsp;&nbsp;&nbsp; 1973839822 |
| End of period | &nbsp;&nbsp; $381336243 | &nbsp;&nbsp;&nbsp; $237826272 | &nbsp;&nbsp;&nbsp; $2147104233 | &nbsp;&nbsp;&nbsp; $1844575693 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*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 Singapore ETF  | iShares <br>MSCI Singapore ETF  | iShares <br>MSCI Thailand ETF  | iShares <br>MSCI Thailand ETF  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $3841532 | &nbsp;&nbsp;&nbsp; $25956818 | &nbsp;&nbsp;&nbsp; $3762901 | &nbsp;&nbsp;&nbsp; $6675880 |
| Net realized gain (loss) | &nbsp;&nbsp; 6633360 | &nbsp;&nbsp;&nbsp; 70187601 | &nbsp;&nbsp;&nbsp; (1390883)<br>| &nbsp;&nbsp;&nbsp; (22661005)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 26898972 | &nbsp;&nbsp;&nbsp; 122460534 | &nbsp;&nbsp;&nbsp; 72486638 | &nbsp;&nbsp;&nbsp; 13205179 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 37373864 | &nbsp;&nbsp;&nbsp; 218604953 | &nbsp;&nbsp;&nbsp; 74858656 | &nbsp;&nbsp;&nbsp; (2779946)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (19403889 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (28256370)<br>| &nbsp;&nbsp;&nbsp; (2799430 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (7089815)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (14529895)<br>| &nbsp;&nbsp;&nbsp; 88210193 | &nbsp;&nbsp;&nbsp; 54922164 | &nbsp;&nbsp;&nbsp; (7692158)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 3440080 | &nbsp;&nbsp;&nbsp; 278558776 | &nbsp;&nbsp;&nbsp; 126981390 | &nbsp;&nbsp;&nbsp; (17561919)<br>|
| Beginning of period | &nbsp;&nbsp; 791117089 | &nbsp;&nbsp;&nbsp; 512558313 | &nbsp;&nbsp;&nbsp; 220794685 | &nbsp;&nbsp;&nbsp; 238356604 |
| End of period | &nbsp;&nbsp; $794557169 | &nbsp;&nbsp;&nbsp; $791117089 | &nbsp;&nbsp;&nbsp; $347776075 | &nbsp;&nbsp;&nbsp; $220794685 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2026 iShares Semi-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  | iShares MSCI Hong Kong ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $21.41 | &nbsp;&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> | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 3.16 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 3.39 | &nbsp;&nbsp;&nbsp;&nbsp;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; (0.69 )<sup>(d)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $24.11 | &nbsp;&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>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 16.26 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 2.11 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $779495 | &nbsp;&nbsp;&nbsp; $719491 | &nbsp;&nbsp;&nbsp; $509201 | &nbsp;&nbsp;&nbsp; $628332 | &nbsp;&nbsp;&nbsp; $728759 | &nbsp;&nbsp;&nbsp; $1023773 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&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>(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>(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>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <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>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <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. | <sup>(i)</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  | iShares MSCI Japan Small-Cap ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $90.41 | &nbsp;&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> | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 18.04 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 18.87 | &nbsp;&nbsp;&nbsp;&nbsp;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; (2.00 )<sup>(d)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $107.28 | &nbsp;&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>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 21.25 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 1.77 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $236015 | &nbsp;&nbsp;&nbsp; $144651 | &nbsp;&nbsp;&nbsp; $108135 | &nbsp;&nbsp;&nbsp; $119333 | &nbsp;&nbsp;&nbsp; $62369 | &nbsp;&nbsp;&nbsp; $73337 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&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>(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>(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>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <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>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <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. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-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  | iShares MSCI Malaysia ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $24.77 | &nbsp;&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> | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 4.42 | &nbsp;&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 | 4.88 | &nbsp;&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; (0.43 )<sup>(d)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $29.22 | &nbsp;&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>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 19.82 %<sup>(f)</sup><br>| &nbsp;&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>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 3.40 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $381336 | &nbsp;&nbsp;&nbsp; $237826 | &nbsp;&nbsp;&nbsp; $322421 | &nbsp;&nbsp;&nbsp; $257841 | &nbsp;&nbsp;&nbsp; $234387 | &nbsp;&nbsp;&nbsp; $265299 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&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>(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>(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>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <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>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <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. | <sup>(i)</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  | iShares MSCI Pacific ex Japan ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $51.67 | &nbsp;&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> | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 5.56 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 6.18 | &nbsp;&nbsp;&nbsp;&nbsp;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; (1.05 )<sup>(d)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $56.80 | &nbsp;&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>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 12.24 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.47 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 2.39 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $2147104 | &nbsp;&nbsp;&nbsp; $1844576 | &nbsp;&nbsp;&nbsp; $1973840 | &nbsp;&nbsp;&nbsp; $1842668 | &nbsp;&nbsp;&nbsp; $2135008 | &nbsp;&nbsp;&nbsp; $2440764 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&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>(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>(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>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <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>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <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. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-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  | iShares MSCI Singapore ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $28.05 | &nbsp;&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> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 1.33 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 1.46 | &nbsp;&nbsp;&nbsp;&nbsp;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; (0.67 )<sup>(d)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $28.84 | &nbsp;&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>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.36 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 0.95 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $794557 | &nbsp;&nbsp;&nbsp; $791117 | &nbsp;&nbsp;&nbsp; $512558 | &nbsp;&nbsp;&nbsp; $488040 | &nbsp;&nbsp;&nbsp; $553489 | &nbsp;&nbsp;&nbsp; $618238 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 29<br> %<br>| &nbsp;&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>(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>(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>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <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>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <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. | <sup>(i)</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 Thailand ETF  | iShares MSCI Thailand ETF  | iShares MSCI Thailand ETF  | iShares MSCI Thailand ETF  | iShares MSCI Thailand ETF  | iShares MSCI Thailand ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $57.35 | &nbsp;&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> | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 17.24 | &nbsp;&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 | 18.25 | &nbsp;&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; (0.81 )<sup>(d)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $74.79 | &nbsp;&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>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 32.22 %<sup>(f)</sup><br>| &nbsp;&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>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.55 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 3.30 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $347776 | &nbsp;&nbsp;&nbsp; $220795 | &nbsp;&nbsp;&nbsp; $238357 | &nbsp;&nbsp;&nbsp; $308087 | &nbsp;&nbsp;&nbsp; $334535 | &nbsp;&nbsp;&nbsp; $411738 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&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>(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>(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>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <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>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <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. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&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 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 February 28, 2026, 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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (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 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 (except ETF options, equity index options or those that are customized) 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:

&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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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 the 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 market 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 |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $77226 | &nbsp;&nbsp;&nbsp; $(77226) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 427051 | &nbsp;&nbsp;&nbsp; (427051) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 254084 | &nbsp;&nbsp;&nbsp; (254084) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 477837 | &nbsp;&nbsp;&nbsp; (477837) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 647504 | &nbsp;&nbsp;&nbsp; (647504) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 516563 | &nbsp;&nbsp;&nbsp; (516563) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 39372 | &nbsp;&nbsp;&nbsp; (39372) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 6676 | &nbsp;&nbsp;&nbsp; (6676) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2446313 | &nbsp;&nbsp;&nbsp; $(2446313) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Malaysia |  |  |  |  |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; $201462 | &nbsp;&nbsp;&nbsp; $(201462) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Morgan Stanley | &nbsp;&nbsp; 3830712 | &nbsp;&nbsp;&nbsp; (3830712) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $4032174 | &nbsp;&nbsp;&nbsp; $(4032174) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Pacific ex Japan |  |  |  |  |
| Citigroup Global Markets Inc. | &nbsp;&nbsp; $5557720 | &nbsp;&nbsp;&nbsp; $(5557720) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| HSBC Bank PLC | &nbsp;&nbsp; 834026 | &nbsp;&nbsp;&nbsp; (834026) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 112500 | &nbsp;&nbsp;&nbsp; (112500) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $6504246 | &nbsp;&nbsp;&nbsp; $(6504246) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (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 Singapore |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $381437 | &nbsp;&nbsp;&nbsp; $(381437) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| HSBC Bank PLC | &nbsp;&nbsp; 226850 | &nbsp;&nbsp;&nbsp; (226850) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 24310536 | &nbsp;&nbsp;&nbsp; (24310536) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Limited | &nbsp;&nbsp; 247267 | &nbsp;&nbsp;&nbsp; (247267) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1406567 | &nbsp;&nbsp;&nbsp; (1406567) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 1502118 | &nbsp;&nbsp;&nbsp; (1502118) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $28074775 | &nbsp;&nbsp;&nbsp; $(28074775) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Thailand |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $67459 | &nbsp;&nbsp;&nbsp; $(67459) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 3570974 | &nbsp;&nbsp;&nbsp; (3570974) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 47063 | &nbsp;&nbsp;&nbsp; (47063) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 174953 | &nbsp;&nbsp;&nbsp; (174953) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 411746 | &nbsp;&nbsp;&nbsp; (411746) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 3078426 | &nbsp;&nbsp;&nbsp; (3078426) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 348683 | &nbsp;&nbsp;&nbsp; (348683) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $7699304 | &nbsp;&nbsp;&nbsp; $(7699304) | &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.

**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).

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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 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).

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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 the iShares MSCI Thailand 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.

**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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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 specific 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 this 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 six months ended February 28, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Japan Small-Cap | &nbsp;&nbsp; $5130 |
| MSCI Malaysia | &nbsp;&nbsp; 57223 |
| MSCI Pacific ex Japan | &nbsp;&nbsp; 6975 |
| MSCI Singapore | &nbsp;&nbsp; 8833 |
| MSCI Thailand | &nbsp;&nbsp; 66013 |

---

**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 six months ended February 28, 2026, 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; $23112793 | &nbsp;&nbsp;&nbsp; $7505648 | &nbsp;&nbsp;&nbsp; $(460768) |
| MSCI Japan Small-Cap | &nbsp;&nbsp; 2381544 | &nbsp;&nbsp;&nbsp; 4561079 | &nbsp;&nbsp;&nbsp; 2370496 |
| MSCI Pacific ex Japan | &nbsp;&nbsp; 12429059 | &nbsp;&nbsp;&nbsp; 8785317 | &nbsp;&nbsp;&nbsp; 866205 |
| MSCI Singapore | &nbsp;&nbsp; 22084259 | &nbsp;&nbsp;&nbsp; 72480487 | &nbsp;&nbsp;&nbsp; (8399183) |

---

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 six months ended February 28, 2026, 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; $96631580 | &nbsp;&nbsp;&nbsp; $90269266 |
| MSCI Japan Small-Cap | &nbsp;&nbsp; 13166830 | &nbsp;&nbsp;&nbsp; 14589128 |
| MSCI Malaysia | &nbsp;&nbsp; 106551490 | &nbsp;&nbsp;&nbsp; 9325271 |
| MSCI Pacific ex Japan | &nbsp;&nbsp; 100289986 | &nbsp;&nbsp;&nbsp; 38065665 |
| MSCI Singapore | &nbsp;&nbsp; 230409922 | &nbsp;&nbsp;&nbsp; 250527625 |
| MSCI Thailand | &nbsp;&nbsp; 11573303 | &nbsp;&nbsp;&nbsp; 11612146 |

---

For the six months ended February 28, 2026, 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; $2789516 | &nbsp;&nbsp;&nbsp; $50580694 |
| MSCI Japan Small-Cap | &nbsp;&nbsp; 76504425 | &nbsp;&nbsp;&nbsp; 18688763 |
| MSCI Pacific ex Japan | &nbsp;&nbsp; 121334034 | &nbsp;&nbsp;&nbsp; 70633698 |
| MSCI Singapore | &nbsp;&nbsp; 71271546 | &nbsp;&nbsp;&nbsp; 82910997 |
| MSCI Thailand | &nbsp;&nbsp; 96063415 | &nbsp;&nbsp;&nbsp; 41314386 |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (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 February 28, 2026, 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.

As of August 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| MSCI Hong Kong | &nbsp;&nbsp; $(637529715)<br>|
| MSCI Japan Small-Cap | &nbsp;&nbsp; (20936414)<br>|
| MSCI Malaysia | &nbsp;&nbsp; (142957974)<br>|
| MSCI Pacific ex Japan | &nbsp;&nbsp; (759674667)<br>|
| MSCI Singapore | &nbsp;&nbsp; (360328048)<br>|
| MSCI Thailand | &nbsp;&nbsp; (180652538)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of February 28, 2026, 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; $724042159 | &nbsp;&nbsp;&nbsp; $137743596 | &nbsp;&nbsp;&nbsp; $(94507480) | &nbsp;&nbsp;&nbsp; $43236116 |
| MSCI Japan Small-Cap | &nbsp;&nbsp; 202764882 | &nbsp;&nbsp;&nbsp; 46349317 | &nbsp;&nbsp;&nbsp; (11196262) | &nbsp;&nbsp;&nbsp; 35153055 |
| MSCI Malaysia | &nbsp;&nbsp; 237735116 | &nbsp;&nbsp;&nbsp; 153919787 | &nbsp;&nbsp;&nbsp; (8484337) | &nbsp;&nbsp;&nbsp; 145435450 |
| MSCI Pacific ex Japan | &nbsp;&nbsp; 1801783581 | &nbsp;&nbsp;&nbsp; 527685874 | &nbsp;&nbsp;&nbsp; (183919935) | &nbsp;&nbsp;&nbsp; 343765939 |
| MSCI Singapore | &nbsp;&nbsp; 630603060 | &nbsp;&nbsp;&nbsp; 204928702 | &nbsp;&nbsp;&nbsp; (14548618) | &nbsp;&nbsp;&nbsp; 190380084 |
| MSCI Thailand | &nbsp;&nbsp; 363067214 | &nbsp;&nbsp;&nbsp; 53395054 | &nbsp;&nbsp;&nbsp; (62573195) | &nbsp;&nbsp;&nbsp; (9178141) |

---

***9. LINE OF CREDIT***

The iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Singapore ETF and iShares MSCI Thailand ETF, along with certain other iShares funds ("Participating Funds"), are parties to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. 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 six months ended February 28, 2026, 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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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.

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. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have 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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Hong Kong |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; $39010590 | &nbsp;&nbsp;&nbsp; 7125000 | &nbsp;&nbsp;&nbsp; $136902532 |
| Shares redeemed | &nbsp;&nbsp; (2925000)<br>| &nbsp;&nbsp;&nbsp; (62577889)<br>| &nbsp;&nbsp;&nbsp; (5100000)<br>| &nbsp;&nbsp;&nbsp; (90497046)<br>|
|  | &nbsp;&nbsp; (1275000)<br>| &nbsp;&nbsp;&nbsp; $(23567299)<br>| &nbsp;&nbsp;&nbsp; 2025000 | &nbsp;&nbsp;&nbsp; $46405486 |
| MSCI Japan Small-Cap |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; $77465055 | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $54098005 |
| Shares redeemed | &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (18901256)<br>| &nbsp;&nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; (37468515)<br>|
|  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; $58563799 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $16629490 |
| MSCI Malaysia |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp; $97922020 | &nbsp;&nbsp;&nbsp; 3975000 | &nbsp;&nbsp;&nbsp; $101776467 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6825000)<br>| &nbsp;&nbsp;&nbsp; (158761903)<br>|
|  | &nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp; $97922020 | &nbsp;&nbsp;&nbsp; (2850000)<br>| &nbsp;&nbsp;&nbsp; $(56985436)<br>|
| MSCI Pacific ex Japan |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp; $188337856 | &nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp; $165275523 |
| Shares redeemed | &nbsp;&nbsp; (1500000)<br>| &nbsp;&nbsp;&nbsp; (77460616)<br>| &nbsp;&nbsp;&nbsp; (11100000)<br>| &nbsp;&nbsp;&nbsp; (524691767)<br>|
|  | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; $110877240 | &nbsp;&nbsp;&nbsp; (7500000)<br>| &nbsp;&nbsp;&nbsp; $(359416244)<br>|
| MSCI Singapore |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; $100223118 | &nbsp;&nbsp;&nbsp; 14950000 | &nbsp;&nbsp;&nbsp; $348558565 |
| Shares redeemed | &nbsp;&nbsp; (4150000)<br>| &nbsp;&nbsp;&nbsp; (114753013)<br>| &nbsp;&nbsp;&nbsp; (11550000)<br>| &nbsp;&nbsp;&nbsp; (260348372)<br>|
|  | &nbsp;&nbsp; (650000)<br>| &nbsp;&nbsp;&nbsp; $(14529895)<br>| &nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp; $88210193 |
| MSCI Thailand |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; $96465024 | &nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; $98882781 |
| Shares redeemed | &nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp;&nbsp; (41542860)<br>| &nbsp;&nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp;&nbsp; (106574939)<br>|
|  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; $54922164 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $(7692158)<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 has evaluated the impact of all subsequent events on the Funds 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.

2026 iShares Semi-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 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

------

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 |

---

2026 iShares Semi-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.©2026 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.

![](g948967imga57b4c172.gif)

![](g948967img5890ac953.gif)

------

February 28, 2026

![](g948967img872d963f1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares, Inc.** |
| • 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_bc0d6cdd-d9eb-4ea7-9ad2-3898e9a2536a_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_bc0d6cdd-d9eb-4ea7-9ad2-3898e9a2536a_FS-Footer-iSharesReport-172_1)  | &nbsp;&nbsp; 39 |
| [Statements of Operations](#xx_bc0d6cdd-d9eb-4ea7-9ad2-3898e9a2536a_FS-Footer-iSharesReport-172_2)  | &nbsp;&nbsp; 40 |
| [Statements of Changes in Net Assets](#xx_bc0d6cdd-d9eb-4ea7-9ad2-3898e9a2536a_FS-Footer-iSharesReport-172_3)  | &nbsp;&nbsp; 41 |
| [Financial Highlights](#xx_bc0d6cdd-d9eb-4ea7-9ad2-3898e9a2536a_FS-Footer-iSharesReport-172_5)  | &nbsp;&nbsp; 43 |
| [Notes to Financial Statements](#xx_bc0d6cdd-d9eb-4ea7-9ad2-3898e9a2536a_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 46 |
| [Additional Information](#xx_bc0d6cdd-d9eb-4ea7-9ad2-3898e9a2536a_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 55 |
| [Glossary of Terms Used in these Financial Statements](#xx_bc0d6cdd-d9eb-4ea7-9ad2-3898e9a2536a_Abbreviations-Footer-iSharesReport-172_1)  | &nbsp;&nbsp; 56 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 8.2%** | **Brazil — 8.2%** | **Brazil — 8.2%** |
| Ambev SA | &nbsp;&nbsp; 87032 | $276214 |
| Axia Energia | &nbsp;&nbsp; 23526 | 281174 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 104239 | 363967 |
| Banco Bradesco SA | &nbsp;&nbsp; 29498 | 105701 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 23927 | 285920 |
| Banco do Brasil SA | &nbsp;&nbsp; 32121 | 168860 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 12303 | 83228 |
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 11481 | 39841 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 9899 | 297153 |
| Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 37237 | 106485 |
| CPFL Energia SA | &nbsp;&nbsp; 3225 | 31674 |
| Embraer SA | &nbsp;&nbsp; 14031 | 252949 |
| Energisa SA | &nbsp;&nbsp; 5165 | 54254 |
| Eneva SA<sup>(a)</sup> | &nbsp;&nbsp; 16211 | 67671 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 5418 | 35595 |
| Equatorial SA | &nbsp;&nbsp; 17782 | 146065 |
| JBS NV, Class A<sup>(a)</sup> | &nbsp;&nbsp; 7525 | 127097 |
| Klabin SA | &nbsp;&nbsp; 14625 | 58654 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 18469 | 182871 |
| MBRF Global Foods Co. SA | &nbsp;&nbsp; 12583 | 50759 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 21629 | 70247 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 66399 | 994657 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 70162 | 584809 |
| Porto Seguro SA | &nbsp;&nbsp; 3844 | 39239 |
| PRIO SA/Brazil<sup>(a)</sup> | &nbsp;&nbsp; 17243 | 183277 |
| Raia Drogasil SA | &nbsp;&nbsp; 25525 | 124874 |
| Rede D'Or Sao Luiz SA<sup>(b)</sup> | &nbsp;&nbsp; 16125 | 126761 |
| Rumo SA | &nbsp;&nbsp; 24553 | 76487 |
| StoneCo Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4515 | 75852 |
| Suzano SA | &nbsp;&nbsp; 13103 | 148244 |
| Telefonica Brasil SA | &nbsp;&nbsp; 16626 | 140039 |
| TIM SA/Brazil | &nbsp;&nbsp; 17507 | 95279 |
| TOTVS SA | &nbsp;&nbsp; 11696 | 86331 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 13760 | 69250 |
| Vale SA | &nbsp;&nbsp; 70391 | 1214765 |
| Vibra Energia SA | &nbsp;&nbsp; 20955 | 122301 |
| WEG SA | &nbsp;&nbsp; 32740 | 317405 |
| XP, Inc., Class A | &nbsp;&nbsp; 8367 | 180142 |
|  |  | 7666091 |
| **China — 57.6%** | **China — 57.6%** | **China — 57.6%** |
| 360 Security Technology, Inc., Class A | &nbsp;&nbsp; 9731 | 17583 |
| 3SBio, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 35500 | 100073 |
| AAC Technologies Holdings, Inc. | &nbsp;&nbsp; 14500 | 68924 |
| Advanced Micro-Fabrication Equipment, Inc./China, <br> Class A<br>| &nbsp;&nbsp; 867 | 44481 |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 35765 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 103200 | 96268 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 526000 | 356152 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 12912 | 19924 |
| Air China Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17200 | 21094 |
| Akeso, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 12000 | 163484 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 329020 | 5954189 |
| Alibaba Health Information Technology Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 120000 | 85294 |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp; 12900 | 25771 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 86000 | 155079 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 16025 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 21500 | 67373 |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 600 | 10593 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 100 | 887 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Anhui Jianghuai Automobile Group Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4300 | $34292 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 25840 | 279613 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 36864 |
| AviChina Industry & Technology Co. Ltd., Class H | &nbsp;&nbsp; 43000 | 23350 |
| BAIC BluePark New Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 35500 | 41288 |
| Baidu, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 44306 | 688220 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 25890 | 20340 |
| Bank of Changsha Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 6140 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 10132 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 47300 | 36394 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 1362000 | 805962 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 64500 | 61564 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 172200 | 150705 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 8699 | 20604 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 21560 | 32525 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 12900 | 21153 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 8610 | 39267 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 16490 | 23266 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 25800 | 27073 |
| Beijing Enlight Media Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 12292 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 8500 | 38228 |
| Beijing Kingsoft Office Software, Inc., Class A | &nbsp;&nbsp; 578 | 25384 |
| Beijing New Building Materials PLC, Class A | &nbsp;&nbsp; 3100 | 12643 |
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A | &nbsp;&nbsp; 60200 | 43400 |
| BeOne Medicines Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 17286 | 426729 |
| Bilibili, Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 5305 | 148087 |
| BOC Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4300 | 47754 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 37700 | 24591 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 86000 | 53312 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 6400 | 83117 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 71500 | 861939 |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 14500 | 59497 |
| C&D International Investment Group Ltd. | &nbsp;&nbsp; 13000 | 25138 |
| Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp; 8620 | 10905 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 500 | 85647 |
| Capital Securities Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 11462 |
| CCOOP Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 21500 | 7239 |
| CGN Power Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 215000 | 86285 |
| Changchun High-Tech Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 710 | 9898 |
| Changjiang Securities Co. Ltd., Class A | &nbsp;&nbsp; 8600 | 9948 |
| Chifeng Jilong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 25154 |
| China CITIC Bank Corp. Ltd., Class A | &nbsp;&nbsp; 12900 | 13532 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 172000 | 158257 |
| China CITIC Financial Asset Management Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 280000 | 30366 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 43000 | 71410 |
| China Common Rich Renewable Energy Investments <br> Ltd., NVS<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 7709 |  |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 30256 | 37872 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 1841370 | 1873398 |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 9000 | 49491 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 25921 | 21655 |
| China Energy Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 25800 | 9543 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 68800 | 32475 |
| China Feihe Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 45000 | 21826 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 12900 | 27430 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 64500 | 81452 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 43000 | 44487 |
| China Gold International Resources Corp. Ltd. | &nbsp;&nbsp; 4300 | 112577 |
| China Great Wall Securities Co. Ltd., Class A | &nbsp;&nbsp; 23300 | 33623 |
| China Greatwall Technology Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4300 | 10384 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI BIC ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 55500 | $250332 |
| China International Capital Corp. Ltd., Class A | &nbsp;&nbsp; 4000 | 20173 |
| China International Capital Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 34400 | 88654 |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 2373 | 9320 |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 4393 | 28446 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 147000 | 589708 |
| China Literature Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8600 | 34648 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 43000 | 41539 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 61000 | 125699 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 23800 | 134317 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 78456 | 488051 |
| China Merchants Energy Shipping Co. Ltd., Class A | &nbsp;&nbsp; 8600 | 20357 |
| China Merchants Expressway Network & Technology <br> Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 8600 | 12144 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 22000 | 49155 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 10850 | 26224 |
| China Merchants Shekou Industrial Zone Holdings Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 9781 | 14116 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 55900 | 31607 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 129000 | 66658 |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 66942 | 58041 |
| China National Chemical Engineering Co. Ltd., Class A | &nbsp;&nbsp; 9600 | 13072 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 25800 | 32040 |
| China Nonferrous Mining Corp Ltd. | &nbsp;&nbsp; 43000 | 82190 |
| China Northern Rare Earth Group High-Tech Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4300 | 39106 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 36000 | 46488 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 64800 | 118380 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 8600 | 51089 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 51600 | 236171 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 38700 | 36458 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 458600 | 319125 |
| China Power International Development Ltd. | &nbsp;&nbsp; 43000 | 18011 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 39300 | 36073 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 56000 | 37058 |
| China Railway Signal & Communication Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 17200 | 14337 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 33000 | 115969 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 17200 | 46087 |
| China Resources Land Ltd. | &nbsp;&nbsp; 67444 | 272586 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 1600 | 13289 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8600 | 52136 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 42200 | 100606 |
| China Resources Sanjiu Medical & Pharmaceutical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 4300 | 18102 |
| China Ruyi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 172000 | 44649 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 9000 | 55409 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 65000 | 372677 |
| China Southern Airlines Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17200 | 18413 |
| China State Construction Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 51600 | 37891 |
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 40000 | 47508 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 25840 | 75244 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 30100 | 18248 |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 2000 | 23484 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 86000 | 122372 |
| China United Network Communications Ltd., Class A | &nbsp;&nbsp; 38800 | 27801 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7038 | 4963 |
| China XD Electric Co. Ltd., Class A | &nbsp;&nbsp; 4500 | 10528 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 30156 | 114433 |
| China Zheshang Bank Co. Ltd., Class A | &nbsp;&nbsp; 21640 | 9396 |
| Chongqing Changan Automobile Co. Ltd., Class A | &nbsp;&nbsp; 7052 | 11359 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Chongqing Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 12900 | $12203 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | &nbsp;&nbsp; 43000 | 32373 |
| Chongqing Zhifei Biological Products Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4350 | 10957 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 43000 | 71826 |
| CITIC Ltd. | &nbsp;&nbsp; 86000 | 137094 |
| Citic Pacific Special Steel Group Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 11294 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 14775 | 58889 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 31050 | 111143 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 25800 | 90080 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 69000 | 212274 |
| CNPC Capital Co. Ltd., Class A | &nbsp;&nbsp; 12900 | 17077 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp; 5240 | 260511 |
| Contemporary Amperex Technology Co. Ltd., Class H<sup>(d)</sup> | &nbsp;&nbsp; 1600 | 101105 |
| Cosco Shipping Energy Transportation Co. Ltd., Class A | &nbsp;&nbsp; 3500 | 10499 |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 15070 | 32947 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 43349 | 84120 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 30100 | 27564 |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 86000 | 63674 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 14934 |
| CSPC Innovation Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 3548 | 17072 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 176160 | 221752 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 21500 | 15980 |
| Dongfang Electric Corp. Ltd., Class A | &nbsp;&nbsp; 4300 | 23195 |
| Dongfeng Motor Group Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 40000 | 50040 |
| Dongxing Securities Co. Ltd., Class A | &nbsp;&nbsp; 8199 | 16660 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 21588 | 70802 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 910 | 32020 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 17200 | 150904 |
| ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 12775 |
| Eoptolink Technology, Inc. Ltd., Class A | &nbsp;&nbsp; 1200 | 62644 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 4500 | 40793 |
| Everbright Securities Co. Ltd., Class A | &nbsp;&nbsp; 6397 | 15501 |
| Everdisplay Optronics Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17200 | 6537 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 43000 | 42494 |
| Focus Media Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 19139 | 19701 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 5941 | 31107 |
| Founder Securities Co. Ltd., Class A | &nbsp;&nbsp; 12900 | 14428 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 14900 | 120370 |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 2225 | 19548 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 12400 | 102899 |
| Ganfeng Lithium Group Co. Ltd., Class H<sup>(b)(d)</sup> | &nbsp;&nbsp; 8600 | 75383 |
| GCL Technology Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 516000 | 78896 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 19900 | 14242 |
| GDS Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 20600 | 106717 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 129000 | 266297 |
| GEM Co. Ltd., Class A | &nbsp;&nbsp; 4599 | 6634 |
| Genscript Biotech Corp.<sup>(a)</sup> | &nbsp;&nbsp; 26000 | 39622 |
| GF Securities Co. Ltd., Class A | &nbsp;&nbsp; 8600 | 26104 |
| GF Securities Co. Ltd., Class H | &nbsp;&nbsp; 20400 | 44799 |
| Giant Biogene Holding Co. Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 8600 | 35014 |
| Giant Network Group Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 23223 |
| GigaDevice Semiconductor, Inc., Class A | &nbsp;&nbsp; 1400 | 61003 |
| GoerTek, Inc., Class A | &nbsp;&nbsp; 4300 | 16975 |
| Goldwind Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 5753 | 23800 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 43000 | 70459 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | &nbsp;&nbsp; 4300 | 23456 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 58000 | 56496 |
| Guangzhou Tinci Materials Technology Co. Ltd., Class A | &nbsp;&nbsp; 3000 | 18479 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 8600 | 15736 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 15582 | 42973 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 38728 | 78867 |
| Guoyuan Securities Co. Ltd., Class A | &nbsp;&nbsp; 8620 | 10443 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI BIC ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| H World Group Ltd., ADR | &nbsp;&nbsp; 3940 | $215912 |
| Haidilao International Holding Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 32000 | 71831 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 8679 | 32463 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 43000 | 146015 |
| Hainan Airlines Holding Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 51600 | 12771 |
| Hainan Airport Infrastructure Co. Ltd., Class A | &nbsp;&nbsp; 17200 | 10647 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 12000 | 38778 |
| Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp; 4540 | 11971 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 20154 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 24000 | 106848 |
| Henan Shenhuo Coal Industry & Electricity Power Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 4300 | 20319 |
| Henan Shuanghui Investment & Development Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4300 | 16464 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 14000 | 52084 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 8600 | 32195 |
| Hengtong Optic-Electric Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 29671 |
| Hesai Group<sup>(a)</sup> | &nbsp;&nbsp; 2240 | 61007 |
| Hithink RoyalFlush Information Network Co. Ltd., Class A | &nbsp;&nbsp; 600 | 29017 |
| Horizon Robotics<sup>(a)</sup> | &nbsp;&nbsp; 107400 | 112658 |
| Hua Hong Semiconductor Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 14345 | 176729 |
| Huadian Power International Corp. Ltd., Class A | &nbsp;&nbsp; 9200 | 6836 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 2900 | 15177 |
| Huafon Chemical Co. Ltd., Class A | &nbsp;&nbsp; 8600 | 15541 |
| Huaneng Power International, Inc., Class A | &nbsp;&nbsp; 7800 | 8231 |
| Huaneng Power International, Inc., Class H | &nbsp;&nbsp; 86000 | 66213 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 8600 | 26765 |
| Huatai Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 25800 | 55177 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 17200 | 16768 |
| Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp; 4399 | 12381 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | &nbsp;&nbsp; 1700 | 30678 |
| Hundsun Technologies, Inc., Class A | &nbsp;&nbsp; 3100 | 13551 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 2729 | 103512 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 1983 | 18402 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 3129 | 25382 |
| Industrial & Commercial Bank of China Ltd., Class A | &nbsp;&nbsp; 76000 | 76645 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp; 1247050 | 1025646 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 25800 | 68854 |
| Industrial Securities Co. Ltd., Class A | &nbsp;&nbsp; 12900 | 12682 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | &nbsp;&nbsp; 64500 | 30456 |
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A  | &nbsp;&nbsp; 4300 | 19235 |
| Inner Mongolia Junzheng Energy & Chemical Industry <br> Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 8600 | 7524 |
| Inner Mongolia Xingye Silver&Tin Mining Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4300 | 34619 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp; 8600 | 32669 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 17400 | 35406 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 28500 | 310076 |
| J&T Global Express Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 51600 | 67737 |
| JA Solar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4900 | 8624 |
| JCET Group Co. Ltd., Class A | &nbsp;&nbsp; 2400 | 16798 |
| JD Health International, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 21500 | 155608 |
| JD Logistics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 38700 | 55012 |
| JD.com, Inc., Class A | &nbsp;&nbsp; 47170 | 626214 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8600 | 16312 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 18000 | 23422 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 1400 | 23026 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 8768 | 72081 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp; 2200 | 10013 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 1900 | 14726 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 18205 |
| Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp; 2400 | 20289 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 20000 | $116018 |
| Jinduicheng Molybdenum Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 15366 |
| Jinko Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17200 | 18873 |
| Kanzhun Ltd., ADR | &nbsp;&nbsp; 7046 | 113300 |
| KE Holdings, Inc., Class A | &nbsp;&nbsp; 37562 | 206948 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 55000 | 70575 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 17400 | 57787 |
| Kuaishou Technology<sup>(b)</sup> | &nbsp;&nbsp; 47700 | 378239 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 86000 | 92187 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 1500 | 317900 |
| Laopu Gold Co. Ltd., Class H<sup>(d)</sup> | &nbsp;&nbsp; 500 | 45976 |
| Legend Biotech Corp., ADR<sup>(a)</sup> | &nbsp;&nbsp; 1290 | 24510 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 136000 | 167868 |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 9400 | 48059 |
| Li Auto, Inc., Class A<sup>(a)(d)</sup> | &nbsp;&nbsp; 24318 | 213516 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 43000 | 123208 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 12900 | 28845 |
| Longfor Group Holdings Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 43000 | 54442 |
| LONGi Green Energy Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12948 | 34532 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 9102 | 66371 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 1600 | 25741 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 3200 | 11401 |
| Maxscend Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 1400 | 16346 |
| Meitu, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 68000 | 48980 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 94860 | 976773 |
| Metallurgical Corp. of China Ltd., Class A | &nbsp;&nbsp; 21500 | 10049 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 4100 | 46948 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 8600 | 99547 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 8620 | 39081 |
| MMG Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 84000 | 115330 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 1350 | 32085 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 8678 | 59311 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 9388 | 37336 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 810 | 55611 |
| NetEase Cloud Music, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1700 | 33520 |
| NetEase, Inc. | &nbsp;&nbsp; 34475 | 776556 |
| New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 2200 | 24200 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 18500 | 130188 |
| New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp; 25830 | 142057 |
| Ningbo Sanxing Medical Electric Co. Ltd., Class A | &nbsp;&nbsp; 4500 | 17260 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 42354 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 9300 | 32424 |
| NIO, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 36592 | 180889 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 39000 | 235296 |
| OFILM Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4500 | 6436 |
| OmniVision Integrated Circuits Group, Inc. | &nbsp;&nbsp; 1475 | 26382 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 2500 | 47746 |
| Orient Securities Co. Ltd./China, Class A | &nbsp;&nbsp; 8988 | 13230 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 13785 | 1429918 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class A<br>| &nbsp;&nbsp; 12900 | 16098 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 172000 | 140503 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 24900 | 39467 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 430000 | 523728 |
| Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 18533 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 132322 | 273026 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 21500 | 34146 |
| Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp; 12900 | 118481 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 129000 | 1115932 |
| Piotech, Inc., Class A | &nbsp;&nbsp; 599 | 32181 |
| Poly Developments and Holdings Group Co. Ltd., Class A | &nbsp;&nbsp; 12900 | 12777 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI BIC ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Pony AI, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3700 | $55286 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10600 | 311883 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 30100 | 21801 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 172000 | 108232 |
| Power Construction Corp. of China Ltd., Class A | &nbsp;&nbsp; 21500 | 17941 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8600 | 47663 |
| Range Intelligent Computing Technology Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1600 | 24016 |
| Remegen Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 3500 | 35829 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 10050 | 22826 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 8600 | 17935 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 12900 | 31337 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 12953 | 43652 |
| Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 14634 |
| SDIC Capital Co. Ltd., Class A | &nbsp;&nbsp; 8600 | 9343 |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 8600 | 16606 |
| SenseTime Group, Inc., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 536000 | 174996 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 2700 | 42192 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 5700 | 31440 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 11905 | 41099 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 2880 | 19953 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 22000 | 116066 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | &nbsp;&nbsp; 2040 | 11466 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp; 17200 | 17727 |
| Shandong Weigao Group Medical Polymer Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 51600 | 33574 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 4320 | 15206 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16200 | 21445 |
| Shanghai Electric Power Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 13694 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp; 4700 | 18111 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 10768 |
| Shanghai Pudong Development Bank Co. Ltd., Class A | &nbsp;&nbsp; 38700 | 54800 |
| Shanghai Putailai New Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4300 | 17802 |
| Shanghai RAAS Blood Products Co. Ltd., Class A | &nbsp;&nbsp; 4700 | 4307 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 12900 | 15813 |
| Shanghai United Imaging Healthcare Co. Ltd., Class A | &nbsp;&nbsp; 1215 | 23097 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 19497 |
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 3500 | 3742 |
| Shanxi Lu'an Environmental Energy Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 3652 | 7926 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | &nbsp;&nbsp; 1360 | 31910 |
| Shenergy Co. Ltd., Class A | &nbsp;&nbsp; 8600 | 10729 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 2500 | 25153 |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 800 | 33222 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 32194 | 23486 |
| Shenzhen Envicool Technology Co. Ltd., Class A | &nbsp;&nbsp; 1100 | 17315 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 1497 | 15884 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1400 | 37898 |
| Shenzhen New Industries Biomedical Engineering Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 800 | 6105 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 1297 | 10904 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 17200 | 138323 |
| Sichuan Changhong Electric Co. Ltd., Class A | &nbsp;&nbsp; 8600 | 12939 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 8605 | 18105 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 900 | 44378 |
| Sichuan Road and Bridge Group Co. Ltd., Class A | &nbsp;&nbsp; 9988 | 14471 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 189000 | 145744 |
| Sinoma Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 31682 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 17200 | 46372 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 13500 | $71068 |
| Smoore International Holdings Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 43000 | 64985 |
| SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp; 12952 | 17519 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 2450 | 51438 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 13000 | 96134 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 16307 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2100 | 26034 |
| Suzhou TFC Optical Communication Co. Ltd., Class A | &nbsp;&nbsp; 900 | 48106 |
| TAL Education Group, ADR<sup>(a)</sup> | &nbsp;&nbsp; 7998 | 84219 |
| TBEA Co. Ltd., Class A | &nbsp;&nbsp; 6760 | 29868 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 32350 | 23393 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 10750 | 16139 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 122924 | 8087640 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 10990 | 160454 |
| Tianfeng Securities Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17600 | 10509 |
| Tianqi Lithium Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3600 | 29686 |
| Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp; 8600 | 22124 |
| Tianshui Huatian Technology Co. Ltd., Class A | &nbsp;&nbsp; 11100 | 24503 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 38000 | 63458 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 27600 | 72708 |
| TongFu Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 2800 | 21152 |
| Tongling Nonferrous Metals Group Co. Ltd., Class A | &nbsp;&nbsp; 21500 | 24829 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5995 | 15742 |
| Trina Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3100 | 8622 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 12200 | 633157 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 12000 | 81186 |
| UBTech Robotics Corp. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 3650 | 56378 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 1100 | 12760 |
| Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp; 7280 | 27479 |
| Verisilicon Microelectronics Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 605 | 24424 |
| Victory Giant Technology Huizhou Co. Ltd., Class A | &nbsp;&nbsp; 1000 | 44332 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 5954 | 103719 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 58202 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 86000 | 53864 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 17433 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 45100 | 187675 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 6140 | 14301 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp; 4456 | 22482 |
| Western Securities Co. Ltd., Class A | &nbsp;&nbsp; 8600 | 10019 |
| Wingtech Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2300 | 11230 |
| Wintime Energy Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 30100 | 8016 |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 13524 | 30624 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 4600 | 69697 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 3160 | 38382 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 4328 | 61829 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 6887 | 104519 |
| Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 64500 | 331158 |
| WuXi XDC Cayman, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6000 | 48472 |
| XCMG Construction Machinery Co. Ltd., Class A | &nbsp;&nbsp; 15500 | 27672 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 335800 | 1485213 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 98000 | 43177 |
| XPeng, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 23826 | 208871 |
| XtalPi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 31000 | 40885 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 24000 | 34929 |
| Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., <br> Class H<sup>(b)</sup><br>| &nbsp;&nbsp; 7500 | 141646 |
| Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 6560 | 16943 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 55900 | 99905 |
| Yonghui Superstores Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12900 | 7991 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4630 | 9590 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI BIC ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Yum China Holdings, Inc. | &nbsp;&nbsp; 7215 | $399158 |
| Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp; 4475 | 20309 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 4308 | 35199 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 18608 |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 1800 | 22542 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 900 | 21414 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 33000 | 145464 |
| Zhejiang Century Huatong Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8500 | 22773 |
| Zhejiang China Commodities City Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4300 | 9321 |
| Zhejiang Chint Electrics Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 20684 |
| Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 12054 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 2200 | 25156 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2300 | 18654 |
| Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 26026 |
| Zhejiang Leapmotor Technology Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 9600 | 50068 |
| Zhejiang Longsheng Group Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 10270 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 4343 | 19926 |
| Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 10222 |
| Zhejiang Weiming Environment Protection Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4300 | 17647 |
| Zhejiang Zheneng Electric Power Co. Ltd., Class A | &nbsp;&nbsp; 12900 | 10021 |
| Zheshang Securities Co. Ltd., Class A | &nbsp;&nbsp; 5300 | 8234 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 1240 | 95981 |
| Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp; 4300 | 20041 |
| Zhongtai Securities Co. Ltd., Class A | &nbsp;&nbsp; 12100 | 11296 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 8600 | 48689 |
| Zijin Gold International Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4300 | 126869 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 25800 | 148862 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 115000 | 658244 |
| Zoomlion Heavy Industry Science and Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 11700 | 17018 |
| ZTE Corp., Class A | &nbsp;&nbsp; 4300 | 24174 |
| ZTE Corp., Class H<sup>(d)</sup> | &nbsp;&nbsp; 17248 | 59761 |
| ZTO Express Cayman, Inc. | &nbsp;&nbsp; 6540 | 157893 |
|  |  | 54033593 |
| **India — 31.0%** | **India — 31.0%** | **India — 31.0%** |
| ABB India Ltd. | &nbsp;&nbsp; 1075 | 71809 |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 3053 | 72653 |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 10707 | 179243 |
| Adani Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 60655 | 93580 |
| Aditya Birla Capital Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15072 | 57094 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 851 | 52775 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 12384 | 68061 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 3578 | 87984 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 2053 | 176818 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 60200 | 139792 |
| Asian Paints Ltd. | &nbsp;&nbsp; 7081 | 185298 |
| Astral Ltd. | &nbsp;&nbsp; 2555 | 46891 |
| AU Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7596 | 79981 |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 4859 | 65389 |
| Avenue Supermarts Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3182 | 134945 |
| Axis Bank Ltd. | &nbsp;&nbsp; 43757 | 666495 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 1290 | 141529 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 54732 | 600252 |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 7701 | 168885 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 559 | 66455 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 1530 | 40149 |
| Bank of Baroda | &nbsp;&nbsp; 20683 | 73272 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 70010 | 342800 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Bharat Forge Ltd. | &nbsp;&nbsp; 4888 | $102907 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 21328 | 62148 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 30530 | 129342 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 49594 | 1026833 |
| Bosch Ltd. | &nbsp;&nbsp; 146 | 58477 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 2107 | 139017 |
| BSE Ltd. | &nbsp;&nbsp; 2331 | 69546 |
| Canara Bank | &nbsp;&nbsp; 37367 | 64690 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 13689 | 109136 |
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 8428 | 160579 |
| Cipla Ltd./India | &nbsp;&nbsp; 10805 | 160454 |
| Coal India Ltd. | &nbsp;&nbsp; 34089 | 161496 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 2052 | 50886 |
| Coromandel International Ltd. | &nbsp;&nbsp; 2537 | 61958 |
| Cummins India Ltd. | &nbsp;&nbsp; 2752 | 148407 |
| Dabur India Ltd. | &nbsp;&nbsp; 9546 | 54440 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 2304 | 162621 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 731 | 84741 |
| DLF Ltd. | &nbsp;&nbsp; 14801 | 98346 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 10191 | 144608 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 2666 | 234922 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 48529 | 131326 |
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 9331 | 96875 |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24639 | 72210 |
| GAIL India Ltd. | &nbsp;&nbsp; 45968 | 85776 |
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 2487 | 105252 |
| GMR Airports Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 52546 | 58220 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 7869 | 105399 |
| Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2892 | 55075 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 5234 | 161171 |
| Havells India Ltd. | &nbsp;&nbsp; 4499 | 69090 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 18748 | 286966 |
| HDFC Asset Management Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3784 | 112311 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 215696 | 2108429 |
| HDFC Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 19019 | 149636 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 2383 | 149734 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 26409 | 268768 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 4012 | 172570 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 19307 | 93124 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 15652 | 402428 |
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 265 | 74532 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 3182 | 75737 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 99045 | 1506148 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4644 | 97193 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6708 | 48297 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 73022 | 59028 |
| Indian Hotels Co. Ltd. (The), Class A | &nbsp;&nbsp; 16836 | 123631 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 55126 | 113624 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26301 | 131774 |
| IndusInd Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11352 | 119451 |
| Info Edge India Ltd. | &nbsp;&nbsp; 6931 | 78507 |
| Infosys Ltd. | &nbsp;&nbsp; 64640 | 926477 |
| InterGlobe Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3714 | 197614 |
| ITC Ltd. | &nbsp;&nbsp; 55244 | 190631 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 5942 | 50797 |
| Jindal Steel Ltd. | &nbsp;&nbsp; 7224 | 98918 |
| Jio Financial Services Ltd. | &nbsp;&nbsp; 55350 | 155637 |
| JSW Energy Ltd. | &nbsp;&nbsp; 8789 | 47148 |
| JSW Steel Ltd. | &nbsp;&nbsp; 11911 | 165898 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 7138 | 40824 |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 8430 | 38061 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 106767 | 487943 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI BIC ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| L&T Finance Ltd. | &nbsp;&nbsp; 16815 | $52535 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 13072 | 614983 |
| Lodha Developers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5916 | 64380 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1488 | 73212 |
| Lupin Ltd. | &nbsp;&nbsp; 4645 | 118063 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 16849 | 629755 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 2580 | 63835 |
| Marico Ltd. | &nbsp;&nbsp; 9417 | 81656 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 2470 | 403782 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 11459 | 137931 |
| Mphasis Ltd. | &nbsp;&nbsp; 2398 | 60619 |
| MRF Ltd. | &nbsp;&nbsp; 43 | 66678 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 2494 | 92045 |
| Nestle India Ltd. | &nbsp;&nbsp; 12562 | 178502 |
| NHPC Ltd., NVS | &nbsp;&nbsp; 59134 | 48988 |
| NMDC Ltd. | &nbsp;&nbsp; 61275 | 55140 |
| NTPC Ltd. | &nbsp;&nbsp; 84409 | 354791 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 2538 | 42538 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 58965 | 181730 |
| Oil India Ltd. | &nbsp;&nbsp; 9030 | 48150 |
| One 97 Communications Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 7902 | 95549 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 430 | 32907 |
| Page Industries Ltd. | &nbsp;&nbsp; 129 | 45580 |
| PB Fintech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6966 | 113510 |
| Persistent Systems Ltd., NVS | &nbsp;&nbsp; 2164 | 112932 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 14749 | 52441 |
| Phoenix Mills Ltd.(The) | &nbsp;&nbsp; 4042 | 73795 |
| PI Industries Ltd. | &nbsp;&nbsp; 1505 | 51644 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 6214 | 102001 |
| Polycab India Ltd. | &nbsp;&nbsp; 1078 | 102138 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 30146 | 137287 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 88432 | 290784 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 3516 | 53869 |
| Punjab National Bank | &nbsp;&nbsp; 43731 | 62277 |
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 10578 | 36813 |
| REC Ltd. | &nbsp;&nbsp; 21371 | 82308 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 117629 | 1805292 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 86200 | 126509 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 5762 | 49143 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8901 | 199459 |
| Shree Cement Ltd. | &nbsp;&nbsp; 183 | 52456 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 28208 | 335384 |
| Siemens Energy India Ltd., NVS | &nbsp;&nbsp; 1740 | 56130 |
| Siemens Ltd. | &nbsp;&nbsp; 1892 | 71163 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 559 | 83103 |
| SRF Ltd. | &nbsp;&nbsp; 2795 | 78859 |
| State Bank of India | &nbsp;&nbsp; 34965 | 462297 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 18590 | 356391 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 1290 | 78246 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 1161 | 50814 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 194696 | 91490 |
| Swiggy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 25985 | 86377 |
| Tata Communications Ltd. | &nbsp;&nbsp; 2159 | 37928 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 17573 | 510729 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 11590 | 145428 |
| Tata Motors Ltd./new, NVS<sup>(a)</sup> | &nbsp;&nbsp; 39756 | 220813 |
| Tata Motors Passenger Vehicles Limited | &nbsp;&nbsp; 38251 | 161100 |
| Tata Power Co. Ltd.(The) | &nbsp;&nbsp; 31906 | 132650 |
| Tata Steel Ltd. | &nbsp;&nbsp; 145770 | 340827 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 10793 | 161514 |
| Titan Co. Ltd. | &nbsp;&nbsp; 5934 | 282675 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 2322 | 110754 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Torrent Power Ltd. | &nbsp;&nbsp; 3440 | $59362 |
| Trent Ltd. | &nbsp;&nbsp; 3516 | 151077 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 2064 | 62449 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 4601 | 195962 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 2308 | 321797 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 31175 | 69394 |
| United Spirits Ltd. | &nbsp;&nbsp; 5203 | 78969 |
| UPL Ltd. | &nbsp;&nbsp; 9297 | 65224 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 26660 | 132498 |
| Vedanta Ltd. | &nbsp;&nbsp; 25431 | 201140 |
| Vishal Mega Mart Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 36814 | 47847 |
| Vodafone Idea Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 524858 | 61203 |
| Voltas Ltd. | &nbsp;&nbsp; 4472 | 76760 |
| WAAREE Energies Ltd. | &nbsp;&nbsp; 1879 | 55957 |
| Wipro Ltd. | &nbsp;&nbsp; 50973 | 112960 |
| Yes Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 296614 | 67613 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 3225 | 32821 |
|  |  | 29105646 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC<sup>(a)(c)</sup> | &nbsp;&nbsp; 83790 | 11 |
| Mobile TeleSystems PJSC<sup>(a)(c)</sup> | &nbsp;&nbsp; 16644 | 2 |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(c)</sup> | &nbsp;&nbsp; 41040 | 5 |
| Ozon Holdings PLC, ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 1881 |  |
| PhosAgro PJSC<sup>(a)(c)</sup> | &nbsp;&nbsp; 28 |  |
| PhosAgro PJSC, GDR<sup>(a)(c)</sup> | &nbsp;&nbsp; 1 |  |
| Polyus PJSC<sup>(a)(c)</sup> | &nbsp;&nbsp; 10830 |  |
| Rosneft Oil Co. PJSC<sup>(a)(c)</sup> | &nbsp;&nbsp; 37278 | 5 |
| Sberbank of Russia PJSC<sup>(a)(c)</sup> | &nbsp;&nbsp; 331170 | 43 |
| Severstal PAO<sup>(a)(c)</sup> | &nbsp;&nbsp; 6669 | 1 |
| TCS Group Holding PLC, GDR<sup>(a)(c)</sup> | &nbsp;&nbsp; 3884 | 1 |
| United Co. RUSAL International PJSC<sup>(a)(c)</sup> | &nbsp;&nbsp; 95760 | 12 |
| VK Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 4446 | 1 |
| VTB Bank PJSC<sup>(a)(c)</sup> | &nbsp;&nbsp; 30668 |  |
| X5 Retail Group NV, GDR<sup>(a)(c)</sup> | &nbsp;&nbsp; 2622 |  |
|  |  | 81 |
| **Total Common Stocks — 96.8%** <br>**(Cost: $84,169,724)** | **Total Common Stocks — 96.8%** <br>**(Cost: $84,169,724)** | 90805411 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 2.9%** | **Brazil — 2.9%** | **Brazil — 2.9%** |
| Axia Energia |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 4214 | 54959 |
| Preference Shares, NVS | &nbsp;&nbsp; 7290 | 83954 |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 105558 | 435493 |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 31863 | 75019 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 24661 | 100972 |
| Itau Unibanco Holding SA, Preference Shares, NVS | &nbsp;&nbsp; 100438 | 916510 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 114350 | 318302 |
| Klabin SA, 0.00% | &nbsp;&nbsp; 1 | 1 |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 90371 | 693317 |
|  |  | 2678527 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., 6.00% | &nbsp;&nbsp; 18984 | 2086 |
| **Total Preferred Stocks — 2.9%** <br>**(Cost: $1,245,565)** | **Total Preferred Stocks — 2.9%** <br>**(Cost: $1,245,565)** | 2680613 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI BIC ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Rights** | **Rights** | **Rights** |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)<sup>(c)</sup> | &nbsp;&nbsp; 2161 | $— |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $85,415,289)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $85,415,289)** | 93486024 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.6%** | **Money Market Funds — 2.6%** | **Money Market Funds — 2.6%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.84%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 738702 | 739072 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 1710000 | 1710000 |
| **Total Short-Term Securities — 2.6%** <br>**(Cost: $2,448,968)** | **Total Short-Term Securities — 2.6%** <br>**(Cost: $2,448,968)** | 2449072 |
| **Total Investments — 102.3%** <br>**(Cost: $87,864,257)** | **Total Investments — 102.3%** <br>**(Cost: $87,864,257)** | 95935096 |
| **Liabilities in Excess of Other Assets — (2.3)%** | **Liabilities in Excess of Other Assets — (2.3)%** | (2183774)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $93751322 |

---

&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> 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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $596281<br> $142609 <br><sup>(a)</sup><br>| $— | $197 | $(15)<br>| $739072 | 738702 | $8156 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 1560000<br> 150000 <br><sup>(a)</sup><br>|  |  |  | 1710000 | 1710000 | 31613 |  |
|  |  |  | $197 | $(15) | $2449072 |  | $39769 | $— |

---

&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 | 4 | 03/20/26 | &nbsp;&nbsp; $130 | $(2856) |
| MSCI Emerging Markets Index | 1 | 03/20/26 | &nbsp;&nbsp; 80 | 1712 |
|  |  |  |  | $(1144) |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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; $1712 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1712 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2856 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2856 |

---

&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 February 28, 2026, 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; $3633 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3633 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2903)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2903)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $156716 |

---

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; $12176349 | &nbsp;&nbsp; $78628981 | &nbsp;&nbsp; $81 | &nbsp;&nbsp; $90805411 |
| Preferred Stocks | &nbsp;&nbsp; 2678527 | &nbsp;&nbsp; 2086 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2680613 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2449072 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2449072 |
|  | &nbsp;&nbsp; $17303948 | &nbsp;&nbsp; $78631067 | &nbsp;&nbsp; $81 | &nbsp;&nbsp; $95935096 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $1712 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1712 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI BIC ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2856)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2856)<br>|
|  | &nbsp;&nbsp; $1712 | &nbsp;&nbsp; $(2856)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1144)<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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 31.6%** | **China — 31.6%** | **China — 31.6%** |
| 360 Security Technology, Inc., Class A | &nbsp;&nbsp; 182099 | $329032 |
| 37 Interactive Entertainment Network Technology <br> Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 70976 | 253039 |
| 3SBio, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 415500 | 1171281 |
| AAC Technologies Holdings, Inc. | &nbsp;&nbsp; 177500 | 843725 |
| ACM Research Shanghai, Inc., Class A | &nbsp;&nbsp; 11852 | 296733 |
| Advanced Micro-Fabrication Equipment, Inc./China, <br> Class A<br>| &nbsp;&nbsp; 11875 | 609240 |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 38400 | 319391 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 1097400 | 1023687 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 5664000 | 3835071 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 275408 | 424974 |
| Air China Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 274100 | 336159 |
| Akeso, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 139000 | 1893689 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 3428920 | 62052272 |
| Alibaba Health Information Technology Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1286000 | 914066 |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp; 269100 | 537594 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 828000 | 1493090 |
| Amlogic Shanghai Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 10875 | 150158 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 100000 | 372664 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 263500 | 825709 |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 13900 | 245403 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 225 | 1995 |
| Anhui Jianghuai Automobile Group Corp. Ltd., <br> Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 59600 | 475300 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 248600 | 2690081 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 51500 | 441514 |
| AviChina Industry & Technology Co. Ltd., Class H | &nbsp;&nbsp; 757000 | 411064 |
| BAIC BluePark New Energy Technology Co. Ltd., <br> Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 247700 | 288085 |
| Baidu, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 461642 | 7170840 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 414600 | 325717 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 131100 | 308910 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 601800 | 463044 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 14562000 | 8617051 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 761100 | 726456 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 1712000 | 1498295 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 184400 | 436753 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 265558 | 400610 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 255800 | 419445 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 123900 | 565066 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 285470 | 402771 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 265500 | 278599 |
| Beijing Compass Technology Development Co. Ltd., <br> Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 17500 | 295599 |
| Beijing Enlight Media Co. Ltd., Class A | &nbsp;&nbsp; 63100 | 180383 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 111500 | 501463 |
| Beijing Kingsoft Office Software, Inc., Class A | &nbsp;&nbsp; 7921 | 347870 |
| Beijing New Building Materials PLC, Class A | &nbsp;&nbsp; 75800 | 309149 |
| Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp; 80600 | 361480 |
| Beijing Wantai Biological Pharmacy Enterprise Co. <br> Ltd., Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 55160 | 329901 |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 637200 | 459375 |
| BeOne Medicines Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 180775 | 4462682 |
| Bilibili, Inc., Class Z<sup>(b)</sup> | &nbsp;&nbsp; 55347 | 1544992 |
| BOC Aviation Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 53100 | 589711 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 768000 | 500952 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 1242000 | 769928 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 75200 | 976625 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 745700 | $8989485 |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 201500 | 826798 |
| C&D International Investment Group Ltd. | &nbsp;&nbsp; 250000 | 483417 |
| Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp; 283780 | 358997 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 6236 | 1068195 |
| CCOOP Group Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 867700 | 292148 |
| CGN Power Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 2301000 | 923448 |
| Changjiang Securities Co. Ltd., Class A | &nbsp;&nbsp; 306800 | 354890 |
| Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp; 53199 | 488895 |
| China CITIC Bank Corp. Ltd., Class A | &nbsp;&nbsp; 241500 | 253331 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 1806000 | 1661694 |
| China CITIC Financial Asset Management Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3009000 | 326322 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 492000 | 817059 |
| China Common Rich Renewable Energy <br> Investments Ltd., NVS<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 2513 |  |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 300950 | 376705 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 19538000 | 19877838 |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 110862 | 609634 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 435072 | 363475 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 884300 | 417410 |
| China Feihe Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 1062000 | 515102 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 106200 | 225820 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 797000 | 1006474 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 711200 | 735790 |
| China Gold International Resources Corp. Ltd. | &nbsp;&nbsp; 51200 | 1340449 |
| China Great Wall Securities Co. Ltd., Class A | &nbsp;&nbsp; 202200 | 291786 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 627000 | 2828070 |
| China International Capital Corp. Ltd., Class A | &nbsp;&nbsp; 75300 | 379750 |
| China International Capital Corp. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 424800 | 1094778 |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 107000 | 420262 |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 39000 | 252541 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 1547000 | 6205978 |
| China Literature Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 23800 | 95886 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 691000 | 667520 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 636000 | 1310566 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 265500 | 1498364 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 796831 | 4956845 |
| China Merchants Energy Shipping Co. Ltd., Class A | &nbsp;&nbsp; 185844 | 439903 |
| China Merchants Expressway Network & <br> Technology Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 164300 | 232009 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 284000 | 634548 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 123970 | 299634 |
| China Merchants Shekou Industrial Zone Holdings <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 179375 | 258883 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 566600 | 320369 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 1504660 | 777506 |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 856000 | 742184 |
| China National Chemical Engineering Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 298100 | 405907 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 300900 | 373678 |
| China Nonferrous Mining Corp Ltd. | &nbsp;&nbsp; 323000 | 617382 |
| China Northern Rare Earth Group High-Tech Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 68500 | 622961 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 444000 | 573352 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 797500 | 1456919 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 108600 | 645149 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 552000 | 2526481 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 477900 | 450219 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 4602600 | 3202805 |
| China Power International Development Ltd. | &nbsp;&nbsp; 1062000 | 444824 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 514996 | 472703 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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 H | &nbsp;&nbsp; 887000 | $586970 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 356000 | 1251062 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 194700 | 521697 |
| China Resources Land Ltd. | &nbsp;&nbsp; 673777 | 2723185 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 42742 | 355003 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 141600 | 858429 |
| China Resources Power Holdings Co. Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 428000 | 1020366 |
| China Resources Sanjiu Medical & Pharmaceutical <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 39810 | 167590 |
| China Ruyi Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2884000 | 748643 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 102400 | 630427 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 690000 | 3956107 |
| China Southern Airlines Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 253400 | 271268 |
| China State Construction Engineering Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 497140 | 365056 |
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 348000 | 413315 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 334500 | 974040 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 614500 | 372537 |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 35400 | 415661 |
| China Tower Corp. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 906200 | 1289455 |
| China United Network Communications Ltd., <br> Class A<br>| &nbsp;&nbsp; 442451 | 317026 |
| China Vanke Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 245000 | 172760 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 292100 | 1108434 |
| China Zheshang Bank Co. Ltd., Class A | &nbsp;&nbsp; 780110 | 338738 |
| Chongqing Changan Automobile Co. Ltd., Class A | &nbsp;&nbsp; 188812 | 304132 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 335700 | 317554 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 522000 | 392998 |
| Chongqing Zhifei Biological Products Co. Ltd., <br> Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 55150 | 138917 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 496800 | 829841 |
| CITIC Ltd. | &nbsp;&nbsp; 885000 | 1410796 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 143090 | 570319 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 349725 | 1251831 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 274400 | 958059 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 804000 | 2473455 |
| CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp; 35654 | 298044 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 55126 | 2740637 |
| Contemporary Amperex Technology Co. Ltd., <br> Class H<sup>(d)</sup><br>| &nbsp;&nbsp; 21100 | 1333319 |
| Cosco Shipping Energy Transportation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 100900 | 302662 |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 225950 | 493983 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 531950 | 1032267 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 428000 | 391939 |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 891000 | 659696 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 94600 | 328558 |
| CSPC Innovation Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 57200 | 275228 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 1725200 | 2171694 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 265500 | 197335 |
| Dongfang Electric Corp. Ltd., Class A | &nbsp;&nbsp; 53100 | 286427 |
| Dongfeng Motor Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 526000 | 658026 |
| Dongxing Securities Co. Ltd., Class A | &nbsp;&nbsp; 155000 | 314961 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 243398 | 798272 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 11700 | 411685 |
| Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp; 21300 | 214855 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 166400 | 1459904 |
| ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp; 76000 | 225795 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Eoptolink Technology, Inc. Ltd., Class A | &nbsp;&nbsp; 15000 | $783044 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 39800 | 360788 |
| Everbright Securities Co. Ltd., Class A | &nbsp;&nbsp; 155600 | 377035 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 540000 | 533642 |
| Focus Media Information Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 378600 | 389721 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 70798 | 370700 |
| Founder Securities Co. Ltd., Class A | &nbsp;&nbsp; 327952 | 366806 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 177200 | 1431515 |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 30700 | 269724 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 141600 | 1175038 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 35420 | 376837 |
| Ganfeng Lithium Group Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 108400 | 950174 |
| GCL Technology Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5909000 | 903482 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 546600 | 391177 |
| GDS Holdings Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 250000 | 1295108 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 1327000 | 2739352 |
| GEM Co. Ltd., Class A | &nbsp;&nbsp; 276900 | 399415 |
| Genscript Biotech Corp.<sup>(b)</sup> | &nbsp;&nbsp; 336000 | 512039 |
| GF Securities Co. Ltd., Class A | &nbsp;&nbsp; 137300 | 416749 |
| GF Securities Co. Ltd., Class H | &nbsp;&nbsp; 255200 | 560431 |
| Giant Biogene Holding Co. Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 105200 | 428306 |
| Giant Network Group Co. Ltd., Class A | &nbsp;&nbsp; 57000 | 307839 |
| GigaDevice Semiconductor, Inc., Class A | &nbsp;&nbsp; 10200 | 444454 |
| GoerTek, Inc., Class A | &nbsp;&nbsp; 86800 | 342649 |
| Goldwind Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 71102 | 294145 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 51400 | 283213 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 535500 | 877460 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | &nbsp;&nbsp; 62400 | 340382 |
| Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp; 38200 | 305172 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 818000 | 796790 |
| Guangzhou Automobile Group Co. Ltd., Class A | &nbsp;&nbsp; 212500 | 248986 |
| Guangzhou Tinci Materials Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 44000 | 271027 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 215600 | 394508 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 180350 | 497381 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 426528 | 868596 |
| Guoyuan Securities Co. Ltd., Class A | &nbsp;&nbsp; 321540 | 389556 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 40887 | 2240609 |
| Haidilao International Holding Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 354000 | 794631 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 133100 | 497853 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 511400 | 1736564 |
| Hainan Airlines Holding Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1168100 | 289098 |
| Hainan Airport Infrastructure Co. Ltd., Class A | &nbsp;&nbsp; 486100 | 300895 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 177000 | 571982 |
| Hangzhou Chang Chuan Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 13000 | 273298 |
| Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp; 55989 | 147637 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 79600 | 373081 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 332000 | 1478058 |
| Henan Shuanghui Investment & Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 94556 | 362045 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 186500 | 693837 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 150900 | 564910 |
| Hengtong Optic-Electric Co. Ltd., Class A | &nbsp;&nbsp; 47600 | 328448 |
| Hesai Group<sup>(b)</sup> | &nbsp;&nbsp; 30560 | 832308 |
| Hithink RoyalFlush Information Network Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 9700 | 469110 |
| Horizon Robotics<sup>(b)</sup> | &nbsp;&nbsp; 1062000 | 1113997 |
| Hua Hong Semiconductor Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 172000 | 2119025 |
| Huadian Power International Corp. Ltd., Class A | &nbsp;&nbsp; 373200 | 277307 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 35472 | 185639 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Asia ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Huaneng Power International, Inc., Class A | &nbsp;&nbsp; 213600 | $225390 |
| Huaneng Power International, Inc., Class H | &nbsp;&nbsp; 1014000 | 780697 |
| Huaqin Technology Co. Ltd., Class A | &nbsp;&nbsp; 17700 | 236935 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 141600 | 440684 |
| Huatai Securities Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 311000 | 665119 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 329000 | 320732 |
| Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp; 128500 | 361666 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | &nbsp;&nbsp; 14100 | 254450 |
| Hunan Valin Steel Co. Ltd., Class A | &nbsp;&nbsp; 330400 | 322804 |
| Hundsun Technologies, Inc., Class A | &nbsp;&nbsp; 40875 | 178673 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 32779 | 1243318 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 38400 | 356350 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 58900 | 477783 |
| Industrial & Commercial Bank of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 831900 | 838962 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 13190000 | 10848218 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 303100 | 808903 |
| Industrial Securities Co. Ltd., Class A | &nbsp;&nbsp; 300040 | 294976 |
| Ingenic Semiconductor Co. Ltd., Class A | &nbsp;&nbsp; 18400 | 356327 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1030100 | 486407 |
| Inner Mongolia Junzheng Energy & Chemical <br> Industry Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 324300 | 283721 |
| Inner Mongolia Xingye Silver&Tin Mining Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 35800 | 288227 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 88600 | 336571 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 212400 | 432201 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 308000 | 3351001 |
| J&T Global Express Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 562600 | 738541 |
| JA Solar Technology Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 145588 | 256236 |
| JCET Group Co. Ltd., Class A | &nbsp;&nbsp; 58000 | 405946 |
| JD Health International, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 240750 | 1742444 |
| JD Logistics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 477300 | 678477 |
| JD.com, Inc., Class A | &nbsp;&nbsp; 495844 | 6582668 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 233800 | 443463 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 440000 | 572539 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 24720 | 406567 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 91876 | 755308 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp; 61000 | 277642 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 35903 | 278272 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | &nbsp;&nbsp; 129600 | 548680 |
| Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp; 53300 | 450575 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 229000 | 1328410 |
| Jinko Solar Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 227793 | 249955 |
| Kanzhun Ltd., ADR | &nbsp;&nbsp; 75933 | 1221003 |
| KE Holdings, Inc., Class A | &nbsp;&nbsp; 435158 | 2397505 |
| Kingdee International Software Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 747000 | 958543 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 257000 | 853526 |
| Kuaishou Technology<sup>(a)</sup> | &nbsp;&nbsp; 552000 | 4377102 |
| Kuang-Chi Technologies Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 30300 | 211588 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 810000 | 868276 |
| Kunlun Tech Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 41600 | 369572 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 15218 | 3225200 |
| Laopu Gold Co. Ltd., Class H<sup>(d)</sup> | &nbsp;&nbsp; 5600 | 514927 |
| LB Group Co. Ltd., Class A | &nbsp;&nbsp; 146300 | 498078 |
| Legend Biotech Corp., ADR<sup>(b)</sup> | &nbsp;&nbsp; 15053 | 286007 |
| Lenovo Group Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 1672000 | 2063787 |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 101300 | 517909 |
| Li Auto, Inc., Class A<sup>(b)(d)</sup> | &nbsp;&nbsp; 263848 | 2316631 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 482000 | 1381076 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 173200 | $387281 |
| Longfor Group Holdings Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 442500 | 560250 |
| LONGi Green Energy Technology Co. Ltd., <br> Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 188322 | 502243 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 110041 | 802404 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 23900 | 384504 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 65100 | 231933 |
| Maxscend Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 26825 | 313207 |
| Meitu, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 936500 | 674560 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 1013550 | 10436521 |
| Metallurgical Corp. of China Ltd., Class A | &nbsp;&nbsp; 544900 | 254677 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 68000 | 778649 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 80700 | 934122 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 119540 | 541966 |
| MMG Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1032000 | 1416912 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 21586 | 513031 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 90711 | 619972 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 108993 | 433468 |
| National Silicon Industry Group Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 127200 | 401712 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 11520 | 790911 |
| NetEase Cloud Music, Inc.<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 26550 | 523510 |
| NetEase, Inc. | &nbsp;&nbsp; 358500 | 8075277 |
| New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 44500 | 489510 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 199700 | 1405331 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 282400 | 358391 |
| New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp; 300660 | 1653537 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 22272 | 338844 |
| Ningbo Orient Wires & Cables Co. Ltd., Class A | &nbsp;&nbsp; 17700 | 152598 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 39145 | 385567 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 154300 | 537965 |
| NIO, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 399919 | 1976965 |
| Nongfu Spring Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 408000 | 2461554 |
| OFILM Group Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 184700 | 264146 |
| OmniVision Integrated Circuits Group, Inc. | &nbsp;&nbsp; 24530 | 438745 |
| Orient Overseas International Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 36000 | 687540 |
| Orient Securities Co. Ltd./China, Class A | &nbsp;&nbsp; 177244 | 260902 |
| PDD Holdings, Inc., ADR<sup>(b)</sup> | &nbsp;&nbsp; 144862 | 15026535 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class A<br>| &nbsp;&nbsp; 142900 | 178322 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 1948000 | 1591275 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 300900 | 476937 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 4284000 | 5217789 |
| Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp; 81600 | 351688 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 1416740 | 2923223 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 322436 | 512086 |
| Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp; 134200 | 1232565 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 1365500 | 11812447 |
| Piotech, Inc., Class A | &nbsp;&nbsp; 5527 | 296938 |
| Poly Developments and Holdings Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 247800 | 245435 |
| Pony AI, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 45400 | 678375 |
| Pop Mart International Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 113600 | 3342446 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 495600 | 358948 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 1770000 | 1113786 |
| Power Construction Corp. of China Ltd., Class A | &nbsp;&nbsp; 392800 | 327771 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 118400 | 656196 |
| QuantumCTek Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2171 | 214085 |
| Range Intelligent Computing Technology Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 25900 | 388765 |
| Remegen Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 47000 | 481135 |
| Rockchip Electronics Co. Ltd., Class A | &nbsp;&nbsp; 12800 | 334582 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Asia ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 213328 | $484524 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 93422 | 194831 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 208900 | 507460 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 171700 | 578639 |
| Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp; 86912 | 295778 |
| SDIC Capital Co. Ltd., Class A | &nbsp;&nbsp; 351076 | 381391 |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 177000 | 341784 |
| SenseTime Group, Inc., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 6062000 | 1979150 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 30200 | 471930 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 47300 | 260895 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 159473 | 550542 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 64460 | 446583 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 221250 | 1167255 |
| Shandong Himile Mechanical Science & Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 25100 | 352441 |
| Shandong Hongqiao Aluminum Industry Holding Co. <br> Ltd.<sup>(b)</sup><br>| &nbsp;&nbsp; 98200 | 417294 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 70900 | 398506 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp; 409300 | 421844 |
| Shandong Weigao Group Medical Polymer Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 567600 | 369313 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 99748 | 351106 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 264900 | 350659 |
| Shanghai International Airport Co. Ltd., Class A | &nbsp;&nbsp; 71800 | 319030 |
| Shanghai Pharmaceuticals Holding Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 133800 | 335071 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 467500 | 661993 |
| Shanghai Putailai New Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 64675 | 267750 |
| Shanghai RAAS Blood Products Co. Ltd., Class A | &nbsp;&nbsp; 359800 | 329694 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 261100 | 320055 |
| Shanghai United Imaging Healthcare Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 23318 | 443274 |
| Shanghai Zhangjiang High-Tech Park Development <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 36600 | 219946 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 76500 | 346866 |
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 328980 | 351727 |
| Shanxi Lu'an Environmental Energy Development <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 138100 | 299716 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 17720 | 415775 |
| Sharetronic Data Technology Co. Ltd., Class A | &nbsp;&nbsp; 7000 | 271194 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 58400 | 587563 |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 15400 | 639522 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 544600 | 397302 |
| Shenzhen Envicool Technology Co. Ltd., Class A | &nbsp;&nbsp; 17800 | 280188 |
| Shenzhen Goodix Technology Co. Ltd., Class A | &nbsp;&nbsp; 35400 | 403054 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 27350 | 290201 |
| Shenzhen Longsys Electronics Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 6500 | 275441 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 21700 | 587417 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 49100 | 351458 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 37009 | 311145 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 183600 | 1476522 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 188800 | 397231 |
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 63100 | 280558 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., <br> Class H<sup>(b)</sup><br>| &nbsp;&nbsp; 13600 | 670599 |
| Sichuan Road and Bridge Group Co. Ltd., Class A | &nbsp;&nbsp; 242620 | 351508 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 2303250 | $1776111 |
| Sinoma Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 34900 | 257136 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 320800 | 864890 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 163500 | 860709 |
| Smoore International Holdings Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 425000 | 642298 |
| SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp; 243336 | 329144 |
| Spring Airlines Co. Ltd., Class A | &nbsp;&nbsp; 36345 | 291484 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 32560 | 683607 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 163300 | 1207588 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 63600 | 241195 |
| SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp; 21991 | 256860 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 35900 | 445051 |
| Suzhou Maxwell Technologies Co. Ltd., Class A | &nbsp;&nbsp; 5800 | 246498 |
| Suzhou TFC Optical Communication Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 11100 | 593312 |
| TAL Education Group, ADR<sup>(b)</sup> | &nbsp;&nbsp; 86199 | 907675 |
| TBEA Co. Ltd., Class A | &nbsp;&nbsp; 118800 | 524904 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 662170 | 478837 |
| TCL Zhonghuan Renewable Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 177875 | 267045 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 856599 | 56358926 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 7303 | 106624 |
| Tianqi Lithium Corp., Class A<sup>(b)</sup> | &nbsp;&nbsp; 50000 | 412311 |
| Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp; 96800 | 249025 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 482000 | 804916 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 283600 | 747101 |
| Tongling Nonferrous Metals Group Co. Ltd., Class A | &nbsp;&nbsp; 392200 | 452927 |
| Tongwei Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 106500 | 279652 |
| Trina Solar Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 106185 | 295321 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 126046 | 6541550 |
| Tsingtao Brewery Co. Ltd., Class A | &nbsp;&nbsp; 32664 | 297250 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 122000 | 825387 |
| UBTech Robotics Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 48600 | 750677 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 33159 | 384630 |
| Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp; 88580 | 334350 |
| Verisilicon Microelectronics Shanghai Co. Ltd., <br> Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 8810 | 355666 |
| Victory Giant Technology Huizhou Co. Ltd., Class A | &nbsp;&nbsp; 15800 | 700443 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 66375 | 1156252 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 52200 | 706543 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 1062000 | 665158 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 151324 | 613503 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 388200 | 1615420 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 153260 | 356967 |
| Western Securities Co. Ltd., Class A | &nbsp;&nbsp; 344300 | 401116 |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 172605 | 390846 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 47000 | 712123 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 50000 | 607312 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 35604 | 508629 |
| WuXi AppTec Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 85696 | 1300544 |
| Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 747000 | 3835267 |
| WuXi XDC Cayman, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 96000 | 775550 |
| XCMG Construction Machinery Co. Ltd., Class A | &nbsp;&nbsp; 236000 | 421335 |
| Xiamen Tungsten Co. Ltd., Class A | &nbsp;&nbsp; 35400 | 361866 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 3495800 | 15461610 |
| Xinjiang Daqo New Energy Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 85056 | 296163 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 1220000 | 537510 |
| XPeng, Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 265552 | 2327968 |
| XtalPi Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 412000 | 543374 |
| Yadea Group Holdings Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 340000 | 494827 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Asia ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 84000 | $1586435 |
| Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 146385 | 378070 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 708700 | 1266590 |
| Yantai Jereh Oilfield Services Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 29300 | 500814 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 80680 | 441241 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 112918 | 233895 |
| YTO Express Group Co. Ltd., Class A | &nbsp;&nbsp; 102700 | 293220 |
| Yum China Holdings, Inc. | &nbsp;&nbsp; 77180 | 4269860 |
| Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp; 101400 | 460196 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 35480 | 289892 |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 35400 | 443320 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 15899 | 378284 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 400000 | 1763205 |
| Zhejiang Century Huatong Group Co. Ltd., <br> Class A<sup>(b)</sup><br>| &nbsp;&nbsp; 124300 | 333019 |
| Zhejiang China Commodities City Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 70800 | 153473 |
| Zhejiang Chint Electrics Co. Ltd., Class A | &nbsp;&nbsp; 87900 | 422815 |
| Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp; 175164 | 491027 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 50495 | 577383 |
| Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp; 70800 | 428515 |
| Zhejiang Leapmotor Technology Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 135866 | 708592 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 88960 | 408157 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 48300 | 359113 |
| Zhejiang Weiming Environment Protection Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 77900 | 319690 |
| Zheshang Securities Co. Ltd., Class A | &nbsp;&nbsp; 211700 | 328909 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 15640 | 1210601 |
| Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp; 88500 | 412469 |
| Zhongtai Securities Co. Ltd., Class A | &nbsp;&nbsp; 551700 | 515022 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 141800 | 802807 |
| Zijin Gold International Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 46200 | 1363099 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 304700 | 1758071 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 1168000 | 6685467 |
| Zoomlion Heavy Industry Science and Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 266700 | 387917 |
| ZTE Corp., Class A | &nbsp;&nbsp; 68200 | 383413 |
| ZTE Corp., Class H<sup>(d)</sup> | &nbsp;&nbsp; 185160 | 641548 |
| ZTO Express Cayman, Inc.<sup>(d)</sup> | &nbsp;&nbsp; 88585 | 2138672 |
|  |  | 593652463 |
| **India — 17.1%** | **India — 17.1%** | **India — 17.1%** |
| ABB India Ltd. | &nbsp;&nbsp; 11199 | 748081 |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 36794 | 875600 |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 109563 | 1834160 |
| Adani Power Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 715188 | 1103413 |
| Aditya Birla Capital Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 182476 | 691232 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 11567 | 717327 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 125848 | 691645 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 40921 | 1006253 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 22836 | 1966789 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 683953 | 1588230 |
| Asian Paints Ltd. | &nbsp;&nbsp; 79170 | 2071746 |
| Astral Ltd. | &nbsp;&nbsp; 28320 | 519743 |
| AU Small Finance Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 119298 | 1256133 |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 55757 | 750334 |
| Avenue Supermarts Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 34338 | 1456240 |
| Axis Bank Ltd. | &nbsp;&nbsp; 449137 | 6841139 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 13806 | $1514684 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 569556 | 6246389 |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 80535 | 1766151 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 5841 | 694394 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 19216 | 504252 |
| Bank of Baroda | &nbsp;&nbsp; 262946 | 931516 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 761454 | 3728420 |
| Bharat Forge Ltd. | &nbsp;&nbsp; 61255 | 1289604 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 267267 | 778799 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 316319 | 1340100 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 524098 | 10851333 |
| Bosch Ltd. | &nbsp;&nbsp; 2018 | 808265 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 22656 | 1494815 |
| BSE Ltd. | &nbsp;&nbsp; 9393 | 280242 |
| Canara Bank | &nbsp;&nbsp; 499226 | 864266 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 162519 | 1295689 |
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 91686 | 1746893 |
| Cipla Ltd./India | &nbsp;&nbsp; 120662 | 1791827 |
| Coal India Ltd. | &nbsp;&nbsp; 395661 | 1874437 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 27698 | 686856 |
| Coromandel International Ltd. | &nbsp;&nbsp; 30742 | 750778 |
| Cummins India Ltd. | &nbsp;&nbsp; 30267 | 1632204 |
| Dabur India Ltd. | &nbsp;&nbsp; 126315 | 720358 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 25311 | 1786504 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 7834 | 908154 |
| DLF Ltd. | &nbsp;&nbsp; 158089 | 1050430 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 121245 | 1720433 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 29205 | 2573481 |
| Eternal Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 537334 | 1454096 |
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 107431 | 1115356 |
| FSN E-Commerce Ventures Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 289012 | 847015 |
| GAIL India Ltd. | &nbsp;&nbsp; 536133 | 1000422 |
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 27974 | 1183886 |
| GMR Airports Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 733600 | 812812 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 90232 | 1208581 |
| Godrej Properties Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 34279 | 652805 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 59337 | 1827166 |
| Havells India Ltd. | &nbsp;&nbsp; 51598 | 792378 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 197109 | 3017050 |
| HDFC Asset Management Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 39648 | 1176769 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 2310438 | 22584533 |
| HDFC Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 196293 | 1544372 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 26373 | 1657129 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 289196 | 2943191 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 43423 | 1867772 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 219179 | 1057170 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 169248 | 4351528 |
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 3363 | 945854 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 37748 | 898471 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 1008554 | 15336783 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 48675 | 1018709 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 90298 | 650143 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 985121 | 796334 |
| Indian Hotels Co. Ltd. (The), Class A | &nbsp;&nbsp; 176823 | 1298459 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 629235 | 1296962 |
| Indus Towers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 285712 | 1431481 |
| IndusInd Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 118767 | 1249720 |
| Info Edge India Ltd. | &nbsp;&nbsp; 92128 | 1043530 |
| Infosys Ltd. | &nbsp;&nbsp; 672910 | 9644732 |
| InterGlobe Aviation Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 39825 | 2119004 |
| ITC Ltd. | &nbsp;&nbsp; 603945 | 2084044 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 86703 | 741214 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Asia ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Jindal Steel Ltd. | &nbsp;&nbsp; 75957 | $1040081 |
| Jio Financial Services Ltd. | &nbsp;&nbsp; 594897 | 1672777 |
| JSW Energy Ltd. | &nbsp;&nbsp; 129709 | 695817 |
| JSW Steel Ltd. | &nbsp;&nbsp; 126378 | 1760206 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 97518 | 557726 |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 105669 | 477094 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 1123065 | 5132595 |
| L&T Finance Ltd. | &nbsp;&nbsp; 204980 | 640418 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 136676 | 6430037 |
| Lodha Developers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 71757 | 780891 |
| LTIMindtree Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16894 | 831216 |
| Lupin Ltd. | &nbsp;&nbsp; 52598 | 1336894 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 192804 | 7206322 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 27789 | 687566 |
| Marico Ltd. | &nbsp;&nbsp; 117031 | 1014788 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 26019 | 4253440 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 162004 | 1950026 |
| Mphasis Ltd. | &nbsp;&nbsp; 30294 | 765798 |
| MRF Ltd. | &nbsp;&nbsp; 613 | 950554 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 28407 | 1048407 |
| Nestle India Ltd. | &nbsp;&nbsp; 144695 | 2056066 |
| NHPC Ltd., NVS | &nbsp;&nbsp; 906350 | 750840 |
| NMDC Ltd. | &nbsp;&nbsp; 861793 | 775510 |
| NTPC Ltd. | &nbsp;&nbsp; 897744 | 3773429 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 32811 | 549923 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 644959 | 1987760 |
| Oil India Ltd. | &nbsp;&nbsp; 121953 | 650282 |
| One 97 Communications Ltd., NVS<sup>(b)</sup> | &nbsp;&nbsp; 84125 | 1017222 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 6857 | 524755 |
| Page Industries Ltd. | &nbsp;&nbsp; 1419 | 501383 |
| PB Fintech Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 79655 | 1297968 |
| Persistent Systems Ltd., NVS | &nbsp;&nbsp; 25151 | 1312547 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 167088 | 594092 |
| Phoenix Mills Ltd.(The) | &nbsp;&nbsp; 45340 | 827772 |
| PI Industries Ltd. | &nbsp;&nbsp; 21133 | 725176 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 61950 | 1016892 |
| Polycab India Ltd. | &nbsp;&nbsp; 12215 | 1157337 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 328928 | 1497960 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 957405 | 3148165 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 47542 | 728396 |
| Punjab National Bank | &nbsp;&nbsp; 608162 | 866086 |
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 157302 | 547439 |
| REC Ltd. | &nbsp;&nbsp; 270810 | 1042995 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 1237973 | 18999588 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 1047550 | 1537404 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 60753 | 518155 |
| SBI Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 91863 | 2058519 |
| Shree Cement Ltd. | &nbsp;&nbsp; 2127 | 609693 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 291165 | 3461856 |
| Siemens Energy India Ltd., NVS | &nbsp;&nbsp; 20999 | 677402 |
| Siemens Ltd. | &nbsp;&nbsp; 18585 | 699025 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 7056 | 1048974 |
| SRF Ltd. | &nbsp;&nbsp; 33685 | 950396 |
| State Bank of India | &nbsp;&nbsp; 377306 | 4988627 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 192663 | 3693562 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 16881 | 1023933 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 15774 | 690385 |
| Suzlon Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2318390 | 1089437 |
| Swiggy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 314328 | 1044860 |
| Tata Communications Ltd. | &nbsp;&nbsp; 34069 | 598504 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 181547 | 5276355 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 129469 | 1624542 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Tata Motors Ltd./new, NVS<sup>(b)</sup> | &nbsp;&nbsp; 435191 | $2417136 |
| Tata Motors Passenger Vehicles Limited | &nbsp;&nbsp; 391879 | 1650464 |
| Tata Power Co. Ltd.(The) | &nbsp;&nbsp; 346589 | 1440951 |
| Tata Steel Ltd. | &nbsp;&nbsp; 1539192 | 3598806 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 111864 | 1674008 |
| Titan Co. Ltd. | &nbsp;&nbsp; 72734 | 3464788 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 26019 | 1241046 |
| Torrent Power Ltd. | &nbsp;&nbsp; 46956 | 810290 |
| Trent Ltd. | &nbsp;&nbsp; 37701 | 1619955 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 26095 | 789536 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 50447 | 2148595 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 23895 | 3331607 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 421979 | 939301 |
| United Spirits Ltd. | &nbsp;&nbsp; 69137 | 1049333 |
| UPL Ltd. | &nbsp;&nbsp; 116794 | 819380 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 298469 | 1483366 |
| Vedanta Ltd. | &nbsp;&nbsp; 285327 | 2256718 |
| Vishal Mega Mart Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 470112 | 610999 |
| Vodafone Idea Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6850704 | 798851 |
| Voltas Ltd. | &nbsp;&nbsp; 47967 | 823337 |
| WAAREE Energies Ltd. | &nbsp;&nbsp; 19824 | 590365 |
| Wipro Ltd. | &nbsp;&nbsp; 538135 | 1192552 |
| Yes Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4113032 | 937560 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 53441 | 543867 |
|  |  | 320805486 |
| **Indonesia — 1.3%** | **Indonesia — 1.3%** | **Indonesia — 1.3%** |
| Amman Mineral Internasional PT<sup>(b)</sup> | &nbsp;&nbsp; 3037200 | 1385493 |
| Astra International Tbk PT | &nbsp;&nbsp; 4679800 | 1862083 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 11240900 | 4799749 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 7770300 | 2438878 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 3759300 | 985324 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 14036177 | 3266489 |
| Barito Pacific Tbk PT<sup>(b)</sup> | &nbsp;&nbsp; 4708220 | 558864 |
| Barito Renewables Energy Tbk PT<sup>(b)</sup> | &nbsp;&nbsp; 1700400 | 834225 |
| Bumi Resources Minerals Tbk PT<sup>(b)</sup> | &nbsp;&nbsp; 12869900 | 743936 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 1770000 | 707662 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 1964700 | 497729 |
| Dian Swastatika Sentosa Tbk PT<sup>(b)</sup> | &nbsp;&nbsp; 202100 | 951431 |
| GoTo Gojek Tokopedia Tbk PT<sup>(b)</sup> | &nbsp;&nbsp; 184717200 | 672003 |
| Petrindo Jaya Kreasi Tbk PT | &nbsp;&nbsp; 4902900 | 466669 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 4690500 | 466468 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 10797000 | 2279832 |
| United Tractors Tbk PT | &nbsp;&nbsp; 426600 | 726602 |
|  |  | 23643437 |
| **Malaysia — 1.5%** | **Malaysia — 1.5%** | **Malaysia — 1.5%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 588800 | 972523 |
| Axiata Group Bhd | &nbsp;&nbsp; 877000 | 513450 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 743700 | 609716 |
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 1663800 | 3435590 |
| Gamuda Bhd | &nbsp;&nbsp; 980200 | 1054434 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 142800 | 854132 |
| IHH Healthcare Bhd<sup>(d)</sup> | &nbsp;&nbsp; 491800 | 1149883 |
| IOI Corp. Bhd | &nbsp;&nbsp; 611100 | 621371 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 123900 | 605012 |
| Malayan Banking Bhd | &nbsp;&nbsp; 1213900 | 3729834 |
| Maxis Bhd | &nbsp;&nbsp; 549300 | 547617 |
| MISC Bhd | &nbsp;&nbsp; 233800 | 484771 |
| MR DIY Group M Bhd<sup>(a)</sup> | &nbsp;&nbsp; 987600 | 454327 |
| Nestle Malaysia Bhd<sup>(d)</sup> | &nbsp;&nbsp; 17800 | 502755 |
| Petronas Chemicals Group Bhd | &nbsp;&nbsp; 499200 | 384930 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 70800 | 399921 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Asia ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** |
| Petronas Gas Bhd | &nbsp;&nbsp; 164000 | $756248 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 921000 | 1686525 |
| Public Bank Bhd | &nbsp;&nbsp; 2929550 | 3709483 |
| QL Resources Bhd | &nbsp;&nbsp; 372975 | 391092 |
| RHB Bank Bhd | &nbsp;&nbsp; 465162 | 1003770 |
| SD Guthrie Bhd | &nbsp;&nbsp; 529600 | 782627 |
| Sunway Bhd<sup>(d)</sup> | &nbsp;&nbsp; 560500 | 842757 |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 317600 | 607989 |
| Tenaga Nasional Bhd | &nbsp;&nbsp; 548700 | 2026326 |
| YTL Corp. Bhd<sup>(d)</sup> | &nbsp;&nbsp; 997080 | 470745 |
| YTL Power International Bhd | &nbsp;&nbsp; 764900 | 555272 |
|  |  | 29153100 |
| **Philippines — 0.5%** | **Philippines — 0.5%** | **Philippines — 0.5%** |
| Ayala Corp. | &nbsp;&nbsp; 61920 | 644273 |
| Ayala Land, Inc. | &nbsp;&nbsp; 1604860 | 581557 |
| Bank of the Philippine Islands | &nbsp;&nbsp; 460304 | 925956 |
| BDO Unibank, Inc. | &nbsp;&nbsp; 494330 | 1175593 |
| International Container Terminal Services, Inc. | &nbsp;&nbsp; 225180 | 2807084 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 127240 | 472585 |
| Manila Electric Co. | &nbsp;&nbsp; 69950 | 773920 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 410642 | 548330 |
| PLDT, Inc. | &nbsp;&nbsp; 19035 | 461943 |
| SM Investments Corp. | &nbsp;&nbsp; 47794 | 584319 |
| SM Prime Holdings, Inc. | &nbsp;&nbsp; 2124150 | 791340 |
|  |  | 9766900 |
| **South Korea — 19.7%** | **South Korea — 19.7%** | **South Korea — 19.7%** |
| Alteogen, Inc.<sup>(d)</sup> | &nbsp;&nbsp; 8353 | 2366283 |
| Amorepacific Corp. | &nbsp;&nbsp; 6554 | 689088 |
| APR Corp./Korea | &nbsp;&nbsp; 2179 | 473366 |
| Celltrion, Inc.<sup>(d)</sup> | &nbsp;&nbsp; 33358 | 5522799 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 9558 | 1214298 |
| Doosan Co. Ltd. | &nbsp;&nbsp; 1705 | 1517091 |
| Doosan Enerbility Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 92971 | 6871049 |
| Ecopro BM Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10316 | 1588899 |
| Ecopro Co. Ltd. | &nbsp;&nbsp; 21613 | 2775355 |
| Hana Financial Group, Inc. | &nbsp;&nbsp; 58815 | 4974996 |
| Hanjin Kal Corp.<sup>(b)(d)</sup> | &nbsp;&nbsp; 6462 | 700393 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 15972 | 809017 |
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 9830 | 2215324 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 6753 | 5613654 |
| Hanwha Ocean Co. Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 28680 | 2814045 |
| Hanwha Systems Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 17347 | 1369913 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 9699 | 1973014 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 4960 | 3621075 |
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 6886 | 2883682 |
| HD Hyundai Marine Solution Co. Ltd., Class C | &nbsp;&nbsp; 3685 | 471857 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 8711 | 2724846 |
| HLB, Inc.<sup>(b)(d)</sup> | &nbsp;&nbsp; 27994 | 1006336 |
| HMM Co. Ltd. | &nbsp;&nbsp; 48040 | 712051 |
| HYBE Co. Ltd. | &nbsp;&nbsp; 4956 | 1332431 |
| Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 1229 | 2409076 |
| Hyundai Engineering & Construction Co. Ltd. | &nbsp;&nbsp; 17043 | 1951925 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 7789 | 1568316 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 12213 | 4389993 |
| Hyundai Motor Co. | &nbsp;&nbsp; 27664 | 12969555 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 16235 | 2595696 |
| Industrial Bank of Korea | &nbsp;&nbsp; 59826 | 1071420 |
| Kakao Corp. | &nbsp;&nbsp; 64091 | 2773202 |
| KakaoBank Corp. | &nbsp;&nbsp; 39256 | 739739 |
| KB Financial Group, Inc. | &nbsp;&nbsp; 75378 | 8319327 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Kia Corp. | &nbsp;&nbsp; 48950 | $6989452 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 16108 | 2140416 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 53989 | 2170040 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 8920 | 1603937 |
| Korean Air Lines Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 38966 | 759340 |
| Krafton, Inc. | &nbsp;&nbsp; 6292 | 1086551 |
| KT&G Corp. | &nbsp;&nbsp; 20194 | 2288116 |
| LG Chem Ltd. | &nbsp;&nbsp; 10091 | 2934240 |
| LG Corp. | &nbsp;&nbsp; 17848 | 1335549 |
| LG Display Co. Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 74538 | 743894 |
| LG Electronics, Inc. | &nbsp;&nbsp; 22704 | 2296855 |
| LG Energy Solution Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 9558 | 2840573 |
| LG Uplus Corp. | &nbsp;&nbsp; 45312 | 521301 |
| LIG Nex1 Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2832 | 999746 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 3395 | 1859165 |
| Meritz Financial Group, Inc. | &nbsp;&nbsp; 16179 | 1427216 |
| Mirae Asset Securities Co. Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 50093 | 2511023 |
| NAVER Corp. | &nbsp;&nbsp; 29205 | 5159189 |
| NH Investment & Securities Co. Ltd., Class C | &nbsp;&nbsp; 31860 | 787359 |
| POSCO Future M Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7751 | 1330516 |
| POSCO Holdings, Inc. | &nbsp;&nbsp; 14922 | 4282620 |
| Posco International Corp. | &nbsp;&nbsp; 13231 | 665457 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2324 | 2867313 |
| Samsung C&T Corp.<sup>(d)</sup> | &nbsp;&nbsp; 17523 | 4270239 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 11862 | 3707347 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 635024 | 95044841 |
| Samsung Episholdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1687 | 791606 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 6195 | 2282482 |
| Samsung Heavy Industries Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 151335 | 3046103 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 17126 | 2741604 |
| Samsung SDI Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 13412 | 4348100 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 9530 | 1291494 |
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 995 | 844627 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 90074 | 6058060 |
| SK Biopharmaceuticals Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7080 | 589437 |
| SK Hynix, Inc. | &nbsp;&nbsp; 111250 | 82257358 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 14402 | 1278962 |
| SK Square Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 19381 | 8698537 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 19232 | 1063018 |
| SK, Inc. | &nbsp;&nbsp; 7613 | 2125711 |
| S-Oil Corp.<sup>(b)</sup> | &nbsp;&nbsp; 10527 | 804984 |
| Woori Financial Group, Inc. | &nbsp;&nbsp; 138828 | 3474114 |
| Yuhan Corp. | &nbsp;&nbsp; 12036 | 921222 |
|  |  | 370268825 |
| **Taiwan — 26.3%** | **Taiwan — 26.3%** | **Taiwan — 26.3%** |
| Accton Technology Corp. | &nbsp;&nbsp; 105000 | 4620555 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 105158 | 1115247 |
| Airtac International Group | &nbsp;&nbsp; 31161 | 1192272 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 16000 | 1751429 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 688484 | 8295938 |
| Asia Cement Corp. | &nbsp;&nbsp; 521229 | 596804 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 70000 | 3849051 |
| ASPEED Technology, Inc. | &nbsp;&nbsp; 6000 | 1851978 |
| Asustek Computer, Inc. | &nbsp;&nbsp; 150000 | 2534713 |
| Bizlink Holding, Inc. | &nbsp;&nbsp; 37000 | 1634996 |
| Caliway Biopharmaceuticals Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 234000 | 1206137 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 131000 | 800002 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 1947888 | 4939825 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 309852 | 1026411 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 1647552 | 1137773 |
| China Airlines Ltd. | &nbsp;&nbsp; 610000 | 407645 |
| China Steel Corp. | &nbsp;&nbsp; 2406867 | 1592415 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Asia ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 731000 | $3145836 |
| Compal Electronics, Inc. | &nbsp;&nbsp; 1002000 | 1005222 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 3442265 | 6123300 |
| Delta Electronics, Inc. | &nbsp;&nbsp; 402000 | 18127715 |
| E Ink Holdings, Inc. | &nbsp;&nbsp; 177000 | 1047649 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 3038386 | 3416980 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 63142 | 4835583 |
| eMemory Technology, Inc. | &nbsp;&nbsp; 15000 | 1192926 |
| Eva Airways Corp. | &nbsp;&nbsp; 573000 | 693767 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 204746 | 1284933 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 673460 | 619477 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 425000 | 1249029 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 2402088 | 2289888 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 756950 | 1223839 |
| Formosa Plastics Corp. | &nbsp;&nbsp; 864400 | 1417928 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 32780 | 1105710 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 1652651 | 4956587 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 122000 | 924450 |
| Global Unichip Corp. | &nbsp;&nbsp; 20000 | 1751360 |
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 65000 | 936143 |
| Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 69000 | 1792425 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 2539845 | 19426739 |
| Hon Precision, Inc. | &nbsp;&nbsp; 18000 | 2799553 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 67600 | 1262861 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 2035361 | 2471775 |
| Innolux Corp. | &nbsp;&nbsp; 1667592 | 1415192 |
| International Games System Co. Ltd., Class C | &nbsp;&nbsp; 51000 | 1128381 |
| Inventec Corp. | &nbsp;&nbsp; 595980 | 872972 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 19000 | 1852814 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 3378404 | 2360484 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 13000 | 1398996 |
| King Yuan Electronics Co. Ltd. | &nbsp;&nbsp; 228000 | 2346016 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 20000 | 1602984 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 452032 | 2467394 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 20222 | 1135788 |
| MediaTek, Inc. | &nbsp;&nbsp; 310176 | 19106705 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 2433110 | 3130062 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 1104090 | 3203266 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 122000 | 1523367 |
| Pegatron Corp. | &nbsp;&nbsp; 415000 | 971333 |
| PharmaEssentia Corp. | &nbsp;&nbsp; 59169 | 1366577 |
| President Chain Store Corp. | &nbsp;&nbsp; 106000 | 759154 |
| Quanta Computer, Inc. | &nbsp;&nbsp; 555000 | 5093342 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 109140 | 1670382 |
| Shanghai Commercial & Savings Bank Ltd.(The) | &nbsp;&nbsp; 903981 | 1154873 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 2762216 | 2913749 |
| Taiwan Business Bank | &nbsp;&nbsp; 1673238 | 876732 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 2284308 | 1743822 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 531000 | 459551 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 357000 | 1227132 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 4440004 | 277048088 |
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 1495754 | 1259499 |
| Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 276000 | 720617 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 4494755 | 3659028 |
| Unimicron Technology Corp. | &nbsp;&nbsp; 282691 | 4276116 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 980650 | 2267411 |
| United Microelectronics Corp. | &nbsp;&nbsp; 2352000 | 4865949 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 261850 | 1110086 |
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 173000 | 422837 |
| Wistron Corp. | &nbsp;&nbsp; 634000 | 2708526 |
| Wiwynn Corp. | &nbsp;&nbsp; 23000 | 2890438 |
| Yageo Corp. | &nbsp;&nbsp; 354616 | 3321763 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 414000 | $758280 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 2130908 | 3320710 |
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 172455 | 1140163 |
|  |  | 495205445 |
| **Thailand — 1.5%** | **Thailand — 1.5%** | **Thailand — 1.5%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 218900 | 2674893 |
| Airports of Thailand PCL, NVDR<sup>(d)</sup> | &nbsp;&nbsp; 922600 | 1616704 |
| Bangkok Dusit Medical Services PCL, NVDR<sup>(d)</sup> | &nbsp;&nbsp; 2236700 | 1557568 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 141300 | 965906 |
| Central Pattana PCL, NVDR<sup>(d)</sup> | &nbsp;&nbsp; 491300 | 1104786 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 743400 | 501690 |
| CP ALL PCL, NVDR<sup>(d)</sup> | &nbsp;&nbsp; 1132800 | 1886055 |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 640000 | 5731721 |
| Gulf Development PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 915900 | 1826066 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 139200 | 899845 |
| Krung Thai Bank PCL, NVDR<sup>(d)</sup> | &nbsp;&nbsp; 850150 | 936174 |
| Minor International PCL, NVDR | &nbsp;&nbsp; 780580 | 652733 |
| PTT Exploration & Production PCL, NVDR<sup>(d)</sup> | &nbsp;&nbsp; 264610 | 1170425 |
| PTT PCL, NVDR<sup>(d)</sup> | &nbsp;&nbsp; 2036300 | 2423486 |
| SCB X PCL, NVDR<sup>(d)</sup> | &nbsp;&nbsp; 198600 | 948246 |
| Siam Cement PCL (The), NVDR | &nbsp;&nbsp; 177000 | 1280605 |
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 8025300 | 608884 |
| True Corp. PCL, NVDR | &nbsp;&nbsp; 2440242 | 1137240 |
|  |  | 27923027 |
| **Total Common Stocks — 99.5%** <br>**(Cost: $1,366,019,763)** | **Total Common Stocks — 99.5%** <br>**(Cost: $1,366,019,763)** | 1870418683 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., 6.00% | &nbsp;&nbsp; 188108 | 20677 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 4248 | 949843 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 7080 | 1592146 |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 533 | 53534 |
|  |  | 2595523 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $1,184,190)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $1,184,190)** | 2616200 |
| **Rights** | **Rights** | **Rights** |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Kangmei Pharmaceutical Co. Ltd., (Expires <br> 12/31/49)<sup>(c)</sup><br>| &nbsp;&nbsp; 1315 |  |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $1,367,203,953)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $1,367,203,953)** | 1873034883 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Asia 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 — 1.2%** | **Money Market Funds — 1.2%** | **Money Market Funds — 1.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 22482080 | $22493321 |
| **Total Short-Term Securities — 1.2%** <br>**(Cost: $22,490,396)** | **Total Short-Term Securities — 1.2%** <br>**(Cost: $22,490,396)** | 22493321 |
| **Total Investments — 100.8%** <br>**(Cost: $1,389,694,349)** | **Total Investments — 100.8%** <br>**(Cost: $1,389,694,349)** | 1895528204 |
| **Liabilities in Excess of Other Assets — (0.8)%** | **Liabilities in Excess of Other Assets — (0.8)%** | (15585179)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1879943025 |

---

&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> 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> Affiliate of the Fund.

<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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $17231901 | $5262391 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(624)<br>| $(347)<br>| $22493321 | 22482080 | $209051 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<sup>(c)</sup><br>| 5140000 |  | &nbsp;&nbsp; (5140000 )<sup>(a)</sup><br>|  |  |  |  | 104578 |  |
|  |  |  |  | $(624) | $(347) | $22493321 |  | $313629 | $— |

---

&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.

**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 | 3 | 03/20/26 | &nbsp;&nbsp; $98 | $(3849) |
| MSCI Emerging Markets Index | 67 | 03/20/26 | &nbsp;&nbsp; 5372 | 51751 |
|  |  |  |  | $47902 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Asia 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; $51751 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51751 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3849 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3849 |

---

&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 February 28, 2026, 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; $818461 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $818461 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5553 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5553 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $4266404 |

---

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; $72964282 | &nbsp;&nbsp; $1797454401 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1870418683 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 2616200 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2616200 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 22493321 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22493321 |
|  | &nbsp;&nbsp; $95457603 | &nbsp;&nbsp; $1800070601 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1895528204 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $51751 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51751 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Asia ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3849)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3849)<br>|
|  | &nbsp;&nbsp; $51751 | &nbsp;&nbsp; $(3849)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $47902 |

---

&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 (unaudited)

February 28, 2026

**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** |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| Cenergy Holdings SA | &nbsp;&nbsp; 16705 | $435063 |
| Viohalco SA | &nbsp;&nbsp; 13591 | 253915 |
|  |  | 688978 |
| **Brazil — 3.2%** | **Brazil — 3.2%** | **Brazil — 3.2%** |
| Allos SA | &nbsp;&nbsp; 108538 | 692111 |
| Alupar Investimento SA | &nbsp;&nbsp; 40682 | 283302 |
| Auren Energia SA | &nbsp;&nbsp; 100224 | 231865 |
| Azzas 2154 SA | &nbsp;&nbsp; 37963 | 193795 |
| Banco Abc Brasil Sa, NVS<sup>(a)</sup> | &nbsp;&nbsp; 1740 | 9134 |
| Brava Energia<sup>(a)</sup> | &nbsp;&nbsp; 96828 | 352067 |
| C&A Modas SA | &nbsp;&nbsp; 70092 | 176922 |
| Cia de Saneamento de Minas Gerais Copasa MG | &nbsp;&nbsp; 48638 | 518970 |
| Cia De Sanena Do Parana | &nbsp;&nbsp; 38048 | 334724 |
| Cia. Siderurgica Nacional SA<sup>(a)</sup> | &nbsp;&nbsp; 161542 | 271626 |
| Cogna Educacao SA | &nbsp;&nbsp; 513015 | 350249 |
| Cosan SA<sup>(a)</sup> | &nbsp;&nbsp; 346144 | 424704 |
| Cury Construtora e Incorporadora SA | &nbsp;&nbsp; 38335 | 290588 |
| Cyrela Brazil Realty SA Empreendimentos <br> e Participacoes<br>| &nbsp;&nbsp; 66414 | 397849 |
| Direcional Engenharia SA | &nbsp;&nbsp; 95096 | 302734 |
| EcoRodovias Infraestrutura e Logistica SA | &nbsp;&nbsp; 106070 | 221596 |
| Fleury SA | &nbsp;&nbsp; 55390 | 181734 |
| GPS Participacoes e Empreendimentos SA<sup>(b)</sup> | &nbsp;&nbsp; 124474 | 447004 |
| Grupo Mateus SA | &nbsp;&nbsp; 154286 | 172148 |
| Hapvida Participacoes e Investimentos SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 93039 | 190379 |
| Hidrovias do Brasil SA<sup>(a)</sup> | &nbsp;&nbsp; 169360 | 138752 |
| Hypera SA | &nbsp;&nbsp; 81838 | 368443 |
| Iguatemi SA | &nbsp;&nbsp; 73493 | 418895 |
| Intelbras SA Industria de Telecomunicacao <br> Eletronica Brasileira<br>| &nbsp;&nbsp; 28006 | 76591 |
| Inter & Co., Inc., Class A | &nbsp;&nbsp; 62582 | 545089 |
| IRB-Brasil Resseguros SA<sup>(a)</sup> | &nbsp;&nbsp; 15641 | 188858 |
| Lojas Renner SA | &nbsp;&nbsp; 255602 | 776803 |
| M Dias Branco SA | &nbsp;&nbsp; 18786 | 85749 |
| Magazine Luiza SA | &nbsp;&nbsp; 106377 | 194016 |
| Minerva SA/Brazil | &nbsp;&nbsp; 112642 | 114696 |
| MRV Engenharia e Participacoes SA<sup>(a)</sup> | &nbsp;&nbsp; 110839 | 221397 |
| Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp; 94209 | 646866 |
| Natura Cosmeticos SA<sup>(a)</sup> | &nbsp;&nbsp; 253400 | 450302 |
| Odontoprev SA | &nbsp;&nbsp; 76700 | 219036 |
| Orizon Valorizacao de Residuos SA<sup>(a)</sup> | &nbsp;&nbsp; 17497 | 253692 |
| Pagseguro Digital Ltd., Class A | &nbsp;&nbsp; 47309 | 501949 |
| Patria Investments Ltd., Class A | &nbsp;&nbsp; 20381 | 267399 |
| Sendas Distribuidora SA | &nbsp;&nbsp; 352549 | 642311 |
| Sigma Lithium Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 15660 | 225661 |
| Simpar SA | &nbsp;&nbsp; 27475 | 67797 |
| SLC Agricola SA | &nbsp;&nbsp; 53896 | 173258 |
| Smartfit Escola de Ginastica e Danca SA | &nbsp;&nbsp; 117083 | 461343 |
| Transmissora Alianca de Energia Eletrica SA | &nbsp;&nbsp; 46492 | 400666 |
| Tres Tentos Agroindustrial SA, Class S | &nbsp;&nbsp; 35490 | 118450 |
| Vamos Locacao de Caminhoes Maquinas e <br> Equipamentos SA<br>| &nbsp;&nbsp; 153518 | 131762 |
| Vivara Participacoes SA | &nbsp;&nbsp; 42746 | 259736 |
| VTEX, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 32306 | 110810 |
|  |  | 14103828 |
| **Chile — 0.8%** | **Chile — 0.8%** | **Chile — 0.8%** |
| Aguas Andinas SA, Class A | &nbsp;&nbsp; 693982 | 293427 |
| Banco Itau Chile SA | &nbsp;&nbsp; 20214 | 484087 |
| CAP SA<sup>(a)</sup> | &nbsp;&nbsp; 20422 | 166360 |
| Cia Cervecerias Unidas SA | &nbsp;&nbsp; 42050 | 283748 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chile (continued)** | **Chile (continued)** | **Chile (continued)** |
| Cia. Sud Americana de Vapores SA | &nbsp;&nbsp; 3826434 | $207825 |
| Colbun SA | &nbsp;&nbsp; 2222262 | 370114 |
| Empresa Nacional de Telecomunicaciones SA | &nbsp;&nbsp; 36484 | 162826 |
| Engie Energia Chile SA | &nbsp;&nbsp; 153932 | 263891 |
| Inversiones La Construccion SA | &nbsp;&nbsp; 10035 | 232845 |
| Parque Arauco SA | &nbsp;&nbsp; 174213 | 827085 |
| SMU SA | &nbsp;&nbsp; 977300 | 172454 |
| Vina Concha y Toro SA | &nbsp;&nbsp; 131996 | 141391 |
|  |  | 3606053 |
| **China — 10.9%** | **China — 10.9%** | **China — 10.9%** |
| 361 Degrees International Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 284000 | 204751 |
| Abbisko Cayman Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 116000 | 187983 |
| AK Medical Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 156000 | 128194 |
| Alphamab Oncology<sup>(a)(b)</sup> | &nbsp;&nbsp; 167000 | 186038 |
| Angelalign Technology, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 16800 | 161573 |
| Anhui Expressway Co. Ltd., Class H | &nbsp;&nbsp; 152000 | 268514 |
| Anxin-China Holdings Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 1084000 | 1 |
| Ascentage Pharma Group International<sup>(a)(b)</sup> | &nbsp;&nbsp; 75400 | 451230 |
| Ascletis Pharma, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 58000 | 116944 |
| AsiaInfo Technologies Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 154000 | 142608 |
| Atour Lifestyle Holdings Ltd., ADR | &nbsp;&nbsp; 9392 | 368824 |
| Autohome, Inc., ADR | &nbsp;&nbsp; 16075 | 308319 |
| BAIC Motor Corp. Ltd., Class H<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 730525 | 169515 |
| BBMG Corp., Class H | &nbsp;&nbsp; 580000 | 62935 |
| Beijing Capital International Airport Co. Ltd., <br> Class H<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 770000 | 229902 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 1044000 | 377063 |
| Beijing Jingneng Clean Energy Co. Ltd., Class H | &nbsp;&nbsp; 580000 | 175555 |
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | &nbsp;&nbsp; 116000 | 128423 |
| Black Sesame International Holding Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 59500 | 144417 |
| Blue Moon Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 324500 | 119042 |
| Boshiwa International Holding Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 32000 |  |
| Brilliance China Automotive Holdings Ltd. | &nbsp;&nbsp; 812000 | 431703 |
| CanSino Biologics, Inc., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 37400 | 169037 |
| CARsgen Therapeutics Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 87000 | 157414 |
| Central China Securities Co. Ltd., Class H | &nbsp;&nbsp; 348000 | 92786 |
| CGN Mining Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 775000 | 485938 |
| CGN New Energy Holdings Co. Ltd. | &nbsp;&nbsp; 580000 | 199308 |
| Chervon Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 56900 | 177608 |
| China Animal Healthcare Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 126000 |  |
| China BlueChemical Ltd., Class H | &nbsp;&nbsp; 452000 | 168449 |
| China Bohai Bank Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 1217500 | 141617 |
| China Communications Services Corp. Ltd., Class H | &nbsp;&nbsp; 598000 | 339468 |
| China Conch Venture Holdings Ltd. | &nbsp;&nbsp; 377000 | 639246 |
| China Datang Corp. Renewable Power Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 674000 | 164281 |
| China East Education Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 174000 | 144354 |
| China Everbright Environment Group Ltd. | &nbsp;&nbsp; 1031000 | 674725 |
| China Everbright Ltd. | &nbsp;&nbsp; 242000 | 271643 |
| China Foods Ltd. | &nbsp;&nbsp; 232000 | 119508 |
| China Huiyuan Juice Group Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 379000 |  |
| China Jinmao Holdings Group Ltd. | &nbsp;&nbsp; 1164000 | 236241 |
| China Lesso Group Holdings Ltd., Class L | &nbsp;&nbsp; 217000 | 189368 |
| China Medical System Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 336000 | 624504 |
| China Metal Recycling Holdings Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 12000 |  |
| China Modern Dairy Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 754000 | 136557 |
| China Overseas Grand Oceans Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 348000 | 129813 |
| China Overseas Property Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 290000 | 157607 |
| China Qinfa Group Ltd. | &nbsp;&nbsp; 364000 | 174011 |
| China Resources Building Materials Technology <br> Holdings Ltd.<sup>(c)</sup><br>| &nbsp;&nbsp; 696000 | 166899 |
| China Resources Pharmaceutical Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 435000 | 252833 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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 Risun Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 506000 | $163635 |
| China Shineway Pharmaceutical Group Ltd. | &nbsp;&nbsp; 108000 | 129318 |
| China Tobacco International HK Co. Ltd. | &nbsp;&nbsp; 58000 | 320825 |
| China Traditional Chinese Medicine Holdings Co. Ltd. | &nbsp;&nbsp; 696000 | 179562 |
| China Travel International Investment Hong Kong <br> Ltd.<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 464000 | 78693 |
| China Water Affairs Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 318000 | 213073 |
| China XLX Fertiliser Ltd. | &nbsp;&nbsp; 188000 | 284256 |
| China Youran Dairy Group Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 348000 | 224426 |
| Chinasoft International Ltd. | &nbsp;&nbsp; 688000 | 374918 |
| CIMC Enric Holdings Ltd. | &nbsp;&nbsp; 156000 | 254835 |
| COFCO Joycome Foods Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1005000 | 198806 |
| Consun Pharmaceutical Group Ltd. | &nbsp;&nbsp; 142000 | 326477 |
| Cosco Shipping Ports Ltd. | &nbsp;&nbsp; 348000 | 288386 |
| Country Garden Services Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 506000 | 407719 |
| CSG Holding Co. Ltd., Class B | &nbsp;&nbsp; 435000 | 95635 |
| CSSC Hong Kong Shipping Co. Ltd. | &nbsp;&nbsp; 464000 | 149228 |
| CStone Pharmaceuticals<sup>(a)(b)</sup> | &nbsp;&nbsp; 277000 | 236030 |
| Dalipal Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 116000 | 88074 |
| Damai Entertainment Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3400000 | 354456 |
| Daqo New Energy Corp., ADR<sup>(a)</sup> | &nbsp;&nbsp; 11871 | 286329 |
| Dongyue Group Ltd. | &nbsp;&nbsp; 348000 | 622773 |
| DPC Dash Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 23200 | 189790 |
| Duality Biotherapeutics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 7200 | 290249 |
| East Buy Holding Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 116000 | 376527 |
| Everest Medicines Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 70000 | 338953 |
| Evergrande Property Services Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1416000 | 209420 |
| Fenbi Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 383500 | 73789 |
| FIH Mobile Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 87500 | 246621 |
| FinVolution Group, ADR | &nbsp;&nbsp; 25644 | 144119 |
| First Tractor Co. Ltd., Class H | &nbsp;&nbsp; 116000 | 147538 |
| Fufeng Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 346400 | 359767 |
| Genertec Universal Medical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 261000 | 203868 |
| Global New Material International Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 232000 | 249713 |
| Grand Pharmaceutical Group Ltd., Class L | &nbsp;&nbsp; 290000 | 290430 |
| Greentown China Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 218500 | 291713 |
| Greentown Service Group Co. Ltd., Class L | &nbsp;&nbsp; 414000 | 230290 |
| Guangshen Railway Co. Ltd. | &nbsp;&nbsp; 568000 | 158864 |
| Guoquan Food Shanghai Co. Ltd., Class H | &nbsp;&nbsp; 208800 | 108986 |
| Gushengtang Holdings Ltd. | &nbsp;&nbsp; 36400 | 128414 |
| Haichang Ocean Park Holdings Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 812000 | 55087 |
| Hangzhou SF Intra-City Industrial Co. Ltd., <br> Class H<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 69600 | 116350 |
| Harbin Electric Co. Ltd., Class H | &nbsp;&nbsp; 180000 | 645969 |
| Hello Group, Inc., ADR | &nbsp;&nbsp; 37575 | 243110 |
| Hua Han Health Industry Holdings Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 1112400 | 1 |
| Huabao International Holdings Ltd. | &nbsp;&nbsp; 290000 | 167919 |
| HUTCHMED China Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 145000 | 419828 |
| Hygeia Healthcare Holdings Co. Ltd., Class C<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 104400 | 176824 |
| InnoCare Pharma Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 232000 | 358392 |
| Inspur Digital Enterprise Technology Ltd. | &nbsp;&nbsp; 116000 | 55035 |
| iQIYI, Inc., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 118507 | 189611 |
| Jacobio Pharmaceuticals Group Co. Ltd. <sup>(a)(b)</sup> | &nbsp;&nbsp; 121800 | 96304 |
| JF SmartInvest Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 29000 | 132028 |
| Jinchuan Group International Resources Co. <br> Ltd.<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp; 1096000 | 71727 |
| JinkoSolar Holding Co. Ltd., ADR | &nbsp;&nbsp; 7977 | 201738 |
| Jinxin Fertility Group Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 522000 | 166199 |
| JNBY Design Ltd. | &nbsp;&nbsp; 80500 | 221265 |
| JOYY, Inc., ADR | &nbsp;&nbsp; 7540 | 449912 |
| Keymed Biosciences, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 58000 | 384148 |
| Kinetic Development Group Ltd. | &nbsp;&nbsp; 826000 | 217304 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Kingboard Holdings Ltd. | &nbsp;&nbsp; 167500 | $864957 |
| Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 261000 | 787765 |
| Kingsoft Cloud Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 696900 | 633624 |
| Lee & Man Paper Manufacturing Ltd. | &nbsp;&nbsp; 396000 | 195360 |
| Legend Holdings Corp., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 212600 | 248052 |
| Lepu Biopharma Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 332000 | 191748 |
| Lifetech Scientific Corp. <sup>(a)</sup> | &nbsp;&nbsp; 812000 | 170040 |
| Lingbao Gold Group Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 116000 | 398865 |
| Linklogis, Inc., Class B<sup>(b)(c)</sup> | &nbsp;&nbsp; 319000 | 88208 |
| Lonking Holdings Ltd. | &nbsp;&nbsp; 696000 | 303776 |
| Lufax Holding Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 63542 | 165209 |
| Luye Pharma Group Ltd. <sup>(a)(b)</sup> | &nbsp;&nbsp; 724500 | 239623 |
| Maanshan Iron & Steel Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 536000 | 187184 |
| Maoyan Entertainment<sup>(b)(c)</sup> | &nbsp;&nbsp; 184600 | 150220 |
| Marketingforce Management Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 23200 | 109060 |
| MH Development NPV, NVS<sup>(d)</sup> | &nbsp;&nbsp; 32500 |  |
| MicroPort NeuroScientific Corp.<sup>(c)</sup> | &nbsp;&nbsp; 97000 | 140275 |
| Microport Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 259900 | 363217 |
| Ming Yuan Cloud Group Holdings Ltd. | &nbsp;&nbsp; 290000 | 95809 |
| Minth Group Ltd. | &nbsp;&nbsp; 202000 | 1129133 |
| National Agricultural Holdings Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 354000 |  |
| Newborn Town, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 116000 | 139804 |
| Nexteer Automotive Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 232000 | 221036 |
| Nine Dragons Paper Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 446000 | 501697 |
| Noah Holdings Ltd., ADR | &nbsp;&nbsp; 10836 | 128082 |
| Ocumension Therapeutics<sup>(a)(b)</sup> | &nbsp;&nbsp; 116000 | 111148 |
| Onewo, Inc., Class H | &nbsp;&nbsp; 58000 | 141030 |
| Phancy Group Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 40600 | 205935 |
| Ping An Healthcare and Technology Co. Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 226200 | 379911 |
| Poly Property Group Co. Ltd. | &nbsp;&nbsp; 522000 | 140592 |
| Poly Property Services Co. Ltd., Class H | &nbsp;&nbsp; 34800 | 142222 |
| Precision Tsugami China Corp. Ltd. | &nbsp;&nbsp; 39000 | 221382 |
| Q Technology Group Co. Ltd. | &nbsp;&nbsp; 116000 | 131191 |
| Qfin Holdings, Inc. | &nbsp;&nbsp; 24429 | 355686 |
| Qunabox Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 29000 | 83188 |
| Radiance Holdings Group Co. Ltd., Class L<sup>(a)(c)</sup> | &nbsp;&nbsp; 232000 | 48780 |
| REPT BATTERO Energy Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 92000 | 167716 |
| RLX Technology, Inc., ADR | &nbsp;&nbsp; 83172 | 201276 |
| RoboSense Technology Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 76300 | 350579 |
| Sany Heavy Equipment International Holdings <br> Co. Ltd.<br>| &nbsp;&nbsp; 307000 | 617344 |
| Seazen Group Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 482000 | 141323 |
| Shandong BoAn Biotechnology Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 58000 | 54935 |
| Shanghai Chicmax Cosmetic Co. Ltd., Class H | &nbsp;&nbsp; 24900 | 191508 |
| Shanghai Conant Optical Co. Ltd., Class H | &nbsp;&nbsp; 55100 | 434318 |
| Shanghai Henlius Biotech, Inc., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 17400 | 148918 |
| Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp; 116000 | 227438 |
| Shanghai MicroPort MedBot Group Co. Ltd., <br> Class H<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 104500 | 371831 |
| Shenzhen Dobot Corp. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 30400 | 150335 |
| Shenzhen International Holdings Ltd. | &nbsp;&nbsp; 377000 | 439191 |
| Shenzhen Investment Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 252000 | 27034 |
| Shoucheng Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 897200 | 251711 |
| Shougang Fushan Resources Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 580000 | 249561 |
| Shui On Land Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 902000 | 75909 |
| Sichuan Baicha Baidao Industrial Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 53800 | 44268 |
| Sihuan Pharmaceutical Holdings Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1160000 | 230200 |
| Simcere Pharmaceutical Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 232000 | 368817 |
| Sinofert Holdings Ltd. | &nbsp;&nbsp; 1106000 | 262553 |
| Sinopec Engineering Group Co. Ltd., Class H | &nbsp;&nbsp; 315500 | 318990 |
| Sinopec Kantons Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 348000 | 191979 |
| Skyworth Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 158800 | 142184 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| SMI Holdings Group Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 468800 | $1 |
| SSY Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 348000 | 120164 |
| Sun Art Retail Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 600000 | 125742 |
| Sunac China Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2204000 | 350653 |
| Sunshine Lake Pharma Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 39800 | 218245 |
| Superb Summit International Group Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 11913 |  |
| SY Holdings Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 145000 | 196795 |
| TCL Electronics Holdings Ltd. | &nbsp;&nbsp; 252000 | 394395 |
| Tiangong International Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 348000 | 187350 |
| Tianli International Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 348000 | 111205 |
| Tianneng Power International Ltd. | &nbsp;&nbsp; 232000 | 220847 |
| Tong Ren Tang Technologies Co. Ltd., Class H | &nbsp;&nbsp; 281000 | 157163 |
| Tongguan Gold Group Ltd. | &nbsp;&nbsp; 602000 | 300431 |
| Topsports International Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 531000 | 212974 |
| Towngas Smart Energy Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 406000 | 201288 |
| TravelSky Technology Ltd., Class H | &nbsp;&nbsp; 292000 | 399583 |
| Tuhu Car, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 83800 | 154138 |
| Tuya, Inc. | &nbsp;&nbsp; 69778 | 177934 |
| Untrade.Lumena Newmat, NVS<sup>(d)</sup> | &nbsp;&nbsp; 5249 |  |
| Up Fintech Holding Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 28826 | 225419 |
| Vnet Group, Inc., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 36981 | 398655 |
| Wasion Holdings Ltd. | &nbsp;&nbsp; 134000 | 474921 |
| Weibo Corp., Class A | &nbsp;&nbsp; 29660 | 296077 |
| Weifu High-Technology Group Co. Ltd., Class B | &nbsp;&nbsp; 94416 | 180444 |
| Weimob, Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 870000 | 213763 |
| West China Cement Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 418000 | 161062 |
| XD, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 75000 | 705720 |
| Xinte Energy Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 116000 | 105655 |
| Xtep International Holdings Ltd. | &nbsp;&nbsp; 493500 | 335498 |
| XXF Group Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 292500 | 44911 |
| Yidu Tech, Inc. <sup>(a)(b)</sup> | &nbsp;&nbsp; 172600 | 131049 |
| Yihai International Holding Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 145000 | 301778 |
| Yixin Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 435000 | 153143 |
| Youzan Technology Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 5336000 | 86278 |
| Yuexiu Property Co. Ltd. | &nbsp;&nbsp; 348000 | 203863 |
| Yuexiu REIT | &nbsp;&nbsp; 1480000 | 162691 |
| Yuexiu Transport Infrastructure Ltd. | &nbsp;&nbsp; 244000 | 143306 |
| Zai Lab Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 253600 | 481383 |
| ZhongAn Online P&C Insurance Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 278400 | 543677 |
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 213500 | 282185 |
| Zhongyu Energy Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 413000 | 137036 |
| Zylox-Tonbridge Medical Technology Co. Ltd., <br> Class H<sup>(b)</sup><br>| &nbsp;&nbsp; 49500 | 137760 |
|  |  | 48570914 |
| **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** |
| Cementos Argos SA | &nbsp;&nbsp; 154628 | 490425 |
| Grupo Argos SA | &nbsp;&nbsp; 82012 | 360661 |
| Grupo de Inversiones Suramericana SA | &nbsp;&nbsp; 10332 | 149252 |
| Mineros SA | &nbsp;&nbsp; 29464 | 159256 |
|  |  | 1159594 |
| **Cyprus — 0.0%** | **Cyprus — 0.0%** | **Cyprus — 0.0%** |
| Nanduq PLC, ADR<sup>(d)</sup> | &nbsp;&nbsp; 20971 | 3 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| Colt CZ Group SE | &nbsp;&nbsp; 3828 | 165456 |
| Philip Morris CR AS | &nbsp;&nbsp; 133 | 129704 |
|  |  | 295160 |
| **Egypt — 0.2%** | **Egypt — 0.2%** | **Egypt — 0.2%** |
| Abou Kir Fertilizers & Chemical Industries | &nbsp;&nbsp; 76260 | 110886 |
| EFG Holding S.A.E.<sup>(a)</sup> | &nbsp;&nbsp; 168215 | 94930 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Egypt (continued)** | **Egypt (continued)** | **Egypt (continued)** |
| E-Finance for Digital & Financial Investments | &nbsp;&nbsp; 294823 | $127432 |
| Fawry for Banking & Payment Technology <br> Services SAE<sup>(a)</sup><br>| &nbsp;&nbsp; 464815 | 178842 |
| Telecom Egypt Co. | &nbsp;&nbsp; 143216 | 277560 |
|  |  | 789650 |
| **Greece — 1.0%** | **Greece — 1.0%** | **Greece — 1.0%** |
| Aegean Airlines SA | &nbsp;&nbsp; 9790 | 158711 |
| Aktor SA Holding Company Technical And Energy <br> Projects<sup>(a)</sup><br>| &nbsp;&nbsp; 15694 | 194924 |
| Athens International Airport SA | &nbsp;&nbsp; 11120 | 150315 |
| Athens Water Supply & Sewage Co. SA | &nbsp;&nbsp; 11091 | 102744 |
| Ballys Intralot SA<sup>(a)</sup> | &nbsp;&nbsp; 220133 | 244763 |
| GEK TERNA SA | &nbsp;&nbsp; 16472 | 701785 |
| HELLENiQ ENERGY Holdings SA | &nbsp;&nbsp; 23622 | 245903 |
| Holding Co. ADMIE IPTO SA | &nbsp;&nbsp; 36639 | 132234 |
| LAMDA Development SA<sup>(a)</sup> | &nbsp;&nbsp; 20274 | 167546 |
| Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp; 17427 | 756485 |
| Optima bank SA | &nbsp;&nbsp; 52908 | 610935 |
| Sarantis SA | &nbsp;&nbsp; 10162 | 175789 |
| Titan SA | &nbsp;&nbsp; 10005 | 620817 |
|  |  | 4262951 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |
| Untrade NH Health<sup>(d)</sup> | &nbsp;&nbsp; 91000 | 98684 |
| Xinyi Energy Holdings Ltd. | &nbsp;&nbsp; 944000 | 152903 |
|  |  | 251587 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| Magyar Telekom Telecommunications PLC | &nbsp;&nbsp; 83780 | 568115 |
| Opus Global Nyrt | &nbsp;&nbsp; 70122 | 119395 |
|  |  | 687510 |
| **India — 20.1%** | **India — 20.1%** | **India — 20.1%** |
| 360 ONE WAM Ltd. | &nbsp;&nbsp; 58898 | 715422 |
| 3M India Ltd. | &nbsp;&nbsp; 812 | 334883 |
| Aadhar Housing Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 27318 | 137807 |
| Aarti Industries Ltd. | &nbsp;&nbsp; 49706 | 244594 |
| Aarti Pharmalabs Ltd. | &nbsp;&nbsp; 13108 | 104480 |
| Aavas Financiers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10614 | 150153 |
| ACC Ltd. | &nbsp;&nbsp; 20289 | 355425 |
| Acme Solar Holdings Ltd. | &nbsp;&nbsp; 36830 | 95655 |
| Action Construction Equipment Ltd. | &nbsp;&nbsp; 13166 | 128366 |
| Acutaas Chemicals Ltd. | &nbsp;&nbsp; 15468 | 367149 |
| Aditya Birla Fashion and Retail Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 149978 | 110767 |
| Aditya Birla Lifestyle Brands Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 105792 | 118916 |
| Aditya Birla Real Estate Ltd. | &nbsp;&nbsp; 13630 | 193574 |
| Aditya Birla Sun Life Asset Management Co. Ltd. | &nbsp;&nbsp; 18296 | 179971 |
| Aditya Vision Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 17945 | 95533 |
| Aegis Logistics Ltd. | &nbsp;&nbsp; 37874 | 286917 |
| Afcons Infrastructure Ltd. | &nbsp;&nbsp; 41518 | 133384 |
| Affle 3i Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18524 | 280582 |
| Ahluwalia Contracts India Ltd. | &nbsp;&nbsp; 9222 | 78535 |
| AIA Engineering Ltd. | &nbsp;&nbsp; 11252 | 476503 |
| Ajanta Pharma Ltd. | &nbsp;&nbsp; 10834 | 357077 |
| Alembic Pharmaceuticals Ltd. | &nbsp;&nbsp; 13764 | 107814 |
| Alivus Life Sciences Ltd. | &nbsp;&nbsp; 7134 | 71735 |
| Alok Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 434130 | 68491 |
| Amara Raja Energy & Mobility Ltd. | &nbsp;&nbsp; 24016 | 223195 |
| Amber Enterprises India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5487 | 481336 |
| Anand Rathi Wealth Ltd. | &nbsp;&nbsp; 10382 | 351066 |
| Anant Raj Ltd. | &nbsp;&nbsp; 33234 | 193880 |
| Angel One Ltd. | &nbsp;&nbsp; 121800 | 312870 |
| Apar Industries Ltd. | &nbsp;&nbsp; 4814 | 592483 |
| Apollo Tyres Ltd. | &nbsp;&nbsp; 76270 | 380841 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Aptus Value Housing Finance India Ltd. | &nbsp;&nbsp; 97891 | $262868 |
| Archean Chemical Industries Ltd. | &nbsp;&nbsp; 17052 | 108148 |
| Arvind Fashions Ltd. | &nbsp;&nbsp; 24235 | 117917 |
| Arvind Ltd. | &nbsp;&nbsp; 48258 | 187081 |
| Asahi India Glass Ltd. | &nbsp;&nbsp; 21284 | 210904 |
| Aster DM Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 60958 | 439207 |
| Astra Microwave Products Ltd. | &nbsp;&nbsp; 11948 | 127226 |
| AstraZeneca Pharma India Ltd. | &nbsp;&nbsp; 1392 | 135888 |
| Atul Ltd. | &nbsp;&nbsp; 3480 | 255198 |
| AurionPro Solutions Ltd. | &nbsp;&nbsp; 8874 | 86900 |
| Authum Investment & Infrastucture Ltd. | &nbsp;&nbsp; 44660 | 236775 |
| Avalon Technologies Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10208 | 114673 |
| Avanti Feeds Ltd. | &nbsp;&nbsp; 11098 | 157503 |
| AWL Agri Business Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 98235 | 204422 |
| Azad Engineering Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8294 | 156435 |
| Balrampur Chini Mills Ltd. | &nbsp;&nbsp; 36176 | 187391 |
| Banco Products India Ltd. | &nbsp;&nbsp; 12818 | 87926 |
| Bandhan Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 185426 | 371305 |
| BASF India Ltd. | &nbsp;&nbsp; 3132 | 118959 |
| Bayer Crop.Science Ltd./India | &nbsp;&nbsp; 2865 | 147114 |
| BEML Ltd. | &nbsp;&nbsp; 10788 | 199514 |
| Biocon Ltd. | &nbsp;&nbsp; 138098 | 593022 |
| Birla Corp. Ltd. | &nbsp;&nbsp; 8476 | 93183 |
| Birlasoft Ltd. | &nbsp;&nbsp; 47182 | 202745 |
| Black Box Ltd. | &nbsp;&nbsp; 9106 | 53613 |
| BlackBuck Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 25601 | 164149 |
| BLS International Services Ltd. | &nbsp;&nbsp; 39353 | 120853 |
| Blue Dart Express Ltd. | &nbsp;&nbsp; 1914 | 119598 |
| Blue Star Ltd. | &nbsp;&nbsp; 36134 | 770129 |
| Bombay Burmah Trading Co. | &nbsp;&nbsp; 4698 | 87565 |
| Borosil Renewables Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15014 | 75277 |
| Brigade Enterprises Ltd. | &nbsp;&nbsp; 37758 | 288192 |
| Brookfield India Real Estate Trust<sup>(b)</sup> | &nbsp;&nbsp; 114277 | 463779 |
| Campus Activewear Ltd. | &nbsp;&nbsp; 28884 | 82480 |
| Can Fin Homes Ltd. | &nbsp;&nbsp; 23432 | 217607 |
| Caplin Point Laboratories Ltd. | &nbsp;&nbsp; 5626 | 105502 |
| Capri Global Capital Ltd. | &nbsp;&nbsp; 77082 | 135429 |
| Carborundum Universal Ltd. | &nbsp;&nbsp; 30566 | 277178 |
| Cartrade Tech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10629 | 210502 |
| Castrol India Ltd. | &nbsp;&nbsp; 104933 | 215667 |
| CCL Products India Ltd. | &nbsp;&nbsp; 18056 | 201833 |
| CE Info Systems Ltd. | &nbsp;&nbsp; 7192 | 81749 |
| Ceat Ltd. | &nbsp;&nbsp; 5057 | 196377 |
| Cello World Ltd. | &nbsp;&nbsp; 18908 | 86564 |
| Cemindia Projects Ltd. | &nbsp;&nbsp; 16182 | 102593 |
| Central Depository Services India Ltd. | &nbsp;&nbsp; 27318 | 382709 |
| Century Plyboards India Ltd. | &nbsp;&nbsp; 17748 | 143544 |
| Cera Sanitaryware Ltd. | &nbsp;&nbsp; 1566 | 84214 |
| CESC Ltd. | &nbsp;&nbsp; 141091 | 245445 |
| Chalet Hotels Ltd. | &nbsp;&nbsp; 23896 | 212342 |
| Chambal Fertilisers and Chemicals Ltd. | &nbsp;&nbsp; 46118 | 234318 |
| Chennai Petroleum Corp. Ltd. | &nbsp;&nbsp; 14500 | 153394 |
| Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp; 25926 | 466166 |
| CIE Automotive India Ltd. | &nbsp;&nbsp; 42398 | 220139 |
| City Union Bank Ltd. | &nbsp;&nbsp; 103168 | 321135 |
| CMS Info Systems Ltd. | &nbsp;&nbsp; 44254 | 147682 |
| Coforge Ltd. | &nbsp;&nbsp; 81490 | 1066821 |
| Cohance Lifesciences Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 36108 | 123019 |
| Computer Age Management Services Ltd. | &nbsp;&nbsp; 58925 | 439706 |
| Concord Biotech Ltd. | &nbsp;&nbsp; 7257 | 97588 |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 74624 | 406975 |
| Craftsman Automation Ltd. | &nbsp;&nbsp; 3315 | 274233 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| CreditAccess Grameen Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15842 | $220629 |
| CRISIL Ltd. | &nbsp;&nbsp; 5220 | 251186 |
| Crompton Greaves Consumer Electricals Ltd. | &nbsp;&nbsp; 175407 | 497980 |
| Cyient Ltd. | &nbsp;&nbsp; 21982 | 221627 |
| Data Patterns India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7598 | 268182 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | &nbsp;&nbsp; 17955 | 196809 |
| Deepak Nitrite Ltd. | &nbsp;&nbsp; 16008 | 278036 |
| Delhivery Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 134792 | 642729 |
| Devyani International Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 118668 | 166466 |
| Doms Industries Ltd. | &nbsp;&nbsp; 4060 | 104086 |
| Dr Agarwal's Health Care Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 25984 | 129011 |
| Dr Lal PathLabs Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 20068 | 309779 |
| eClerx Services Ltd. | &nbsp;&nbsp; 6362 | 222222 |
| Edelweiss Financial Services Ltd. | &nbsp;&nbsp; 151505 | 190659 |
| EID Parry India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24606 | 234310 |
| EIH Ltd. | &nbsp;&nbsp; 63394 | 218477 |
| Elecon Engineering Co. Ltd. | &nbsp;&nbsp; 24220 | 110941 |
| Elgi Equipments Ltd. | &nbsp;&nbsp; 52646 | 309873 |
| Emami Ltd. | &nbsp;&nbsp; 51206 | 260631 |
| Embassy Office Parks REIT | &nbsp;&nbsp; 215876 | 1009375 |
| Endurance Technologies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9824 | 288053 |
| Engineers India Ltd. | &nbsp;&nbsp; 82418 | 201042 |
| EPL Ltd. | &nbsp;&nbsp; 43500 | 104044 |
| Equitas Small Finance Bank Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 141365 | 100022 |
| Eris Lifesciences Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9737 | 145916 |
| Ethos Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4189 | 112014 |
| Exide Industries Ltd. | &nbsp;&nbsp; 113448 | 417300 |
| Federal Bank Ltd. | &nbsp;&nbsp; 472120 | 1557823 |
| Fine Organic Industries Ltd. | &nbsp;&nbsp; 2472 | 128005 |
| Finolex Cables Ltd. | &nbsp;&nbsp; 19082 | 191620 |
| Finolex Industries Ltd. | &nbsp;&nbsp; 70760 | 144154 |
| Firstsource Solutions Ltd. | &nbsp;&nbsp; 85724 | 201312 |
| Five-Star Business Finance Ltd. | &nbsp;&nbsp; 50858 | 233474 |
| Force Motors Ltd. | &nbsp;&nbsp; 1218 | 326471 |
| Gabriel India Ltd. | &nbsp;&nbsp; 16414 | 180375 |
| Garden Reach Shipbuilders & Engineers Ltd. | &nbsp;&nbsp; 7731 | 206832 |
| Garware Hi-Tech Films Ltd. | &nbsp;&nbsp; 2537 | 118433 |
| Genus Power Infrastructures Ltd. | &nbsp;&nbsp; 28130 | 81290 |
| Genus Prime Infra Ltd., NVS | &nbsp;&nbsp; 4688 | 1290 |
| GHCL Ltd. | &nbsp;&nbsp; 18328 | 96486 |
| Gillette India Ltd. | &nbsp;&nbsp; 2262 | 207539 |
| Gland Pharma Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9918 | 199237 |
| GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp; 11252 | 318615 |
| Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp; 40476 | 951144 |
| Global Health Ltd./India | &nbsp;&nbsp; 20938 | 262132 |
| GMM Pfaudler Ltd. | &nbsp;&nbsp; 10100 | 103609 |
| Go Digit General Insurance Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 69542 | 256833 |
| Godawari Power and Ispat Ltd. | &nbsp;&nbsp; 58632 | 171742 |
| Godfrey Phillips India Ltd. | &nbsp;&nbsp; 9918 | 230545 |
| Granules India Ltd. | &nbsp;&nbsp; 35670 | 229100 |
| Graphite India Ltd. | &nbsp;&nbsp; 17076 | 134879 |
| Gravita India Ltd. | &nbsp;&nbsp; 9048 | 160640 |
| Great Eastern Shipping Co. Ltd.(The) | &nbsp;&nbsp; 27086 | 398814 |
| Grindwell Norton Ltd. | &nbsp;&nbsp; 11688 | 213654 |
| Gujarat Fluorochemicals Ltd. | &nbsp;&nbsp; 7830 | 300366 |
| Gujarat Gas Ltd. | &nbsp;&nbsp; 36424 | 163110 |
| Gujarat Mineral Development Corp. Ltd. | &nbsp;&nbsp; 25694 | 161008 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | &nbsp;&nbsp; 22620 | 113452 |
| Gujarat Pipavav Port Ltd. | &nbsp;&nbsp; 67304 | 130848 |
| Gujarat State Fertilizers & Chemicals Ltd. | &nbsp;&nbsp; 63916 | 118947 |
| Gujarat State Petronet Ltd. | &nbsp;&nbsp; 74646 | 250047 |
| Happiest Minds Technologies Ltd. | &nbsp;&nbsp; 32332 | 128091 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| HBL Engineering Ltd. | &nbsp;&nbsp; 31548 | $237740 |
| HEG Ltd. | &nbsp;&nbsp; 18444 | 117123 |
| Hexaware Technologies Ltd. | &nbsp;&nbsp; 39092 | 203915 |
| HFCL Ltd. | &nbsp;&nbsp; 293201 | 221061 |
| Himadri Speciality Chemical Ltd. | &nbsp;&nbsp; 49532 | 264517 |
| Hindustan Construction Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 599512 | 114859 |
| Hindustan Copper Ltd. | &nbsp;&nbsp; 74216 | 462686 |
| Hindustan Foods Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17980 | 96345 |
| Home First Finance Co. India Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 18444 | 219872 |
| Honasa Consumer Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 40716 | 135862 |
| Honeywell Automation India Ltd. | &nbsp;&nbsp; 480 | 163406 |
| IFCI Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 170752 | 112842 |
| IIFL Capital Services Ltd. | &nbsp;&nbsp; 32695 | 103916 |
| IIFL Finance Ltd. | &nbsp;&nbsp; 61395 | 335432 |
| Indegene Ltd. | &nbsp;&nbsp; 21866 | 119509 |
| India Cements Ltd. (The)<sup>(a)</sup> | &nbsp;&nbsp; 11890 | 52972 |
| IndiaMART Intermesh Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8468 | 198951 |
| Indraprastha Gas Ltd. | &nbsp;&nbsp; 144963 | 272589 |
| Inox Wind Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 200600 | 203615 |
| Intellect Design Arena Ltd. | &nbsp;&nbsp; 23142 | 177893 |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp; 38468 | 139981 |
| Inventurus Knowledge Solutions Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10788 | 163531 |
| ION Exchange India Ltd. | &nbsp;&nbsp; 25260 | 101257 |
| Ipca Laboratories Ltd. | &nbsp;&nbsp; 36172 | 608867 |
| IRB Infrastructure Developers Ltd. | &nbsp;&nbsp; 487896 | 223913 |
| IRCON International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 106488 | 168540 |
| ITC Hotels Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 162284 | 314520 |
| Jaiprakash Power Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1038838 | 174173 |
| Jammu & Kashmir Bank Ltd.(The) | &nbsp;&nbsp; 108518 | 144915 |
| JB Chemicals & Pharmaceuticals Ltd. | &nbsp;&nbsp; 21576 | 486743 |
| JBM Auto Ltd. | &nbsp;&nbsp; 17052 | 103514 |
| Jindal Saw Ltd. | &nbsp;&nbsp; 62756 | 128065 |
| JK Cement Ltd. | &nbsp;&nbsp; 9338 | 581179 |
| JK Lakshmi Cement Ltd. | &nbsp;&nbsp; 17284 | 135658 |
| JK Paper Ltd. | &nbsp;&nbsp; 22736 | 90570 |
| JK Tyre & Industries Ltd. | &nbsp;&nbsp; 33930 | 187126 |
| JM Financial Ltd. | &nbsp;&nbsp; 122612 | 172289 |
| JSW Holdings Ltd./India<sup>(a)</sup> | &nbsp;&nbsp; 814 | 149026 |
| Jubilant Ingrevia Ltd. | &nbsp;&nbsp; 22743 | 146563 |
| Jubilant Pharmova Ltd. | &nbsp;&nbsp; 19836 | 189024 |
| Jupiter Life Line Hospitals Ltd. | &nbsp;&nbsp; 5822 | 80749 |
| Jupiter Wagons Ltd. | &nbsp;&nbsp; 26140 | 76791 |
| Jyothy Labs Ltd. | &nbsp;&nbsp; 39788 | 111156 |
| Jyoti CNC Automation Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 21576 | 194735 |
| Kajaria Ceramics Ltd. | &nbsp;&nbsp; 22596 | 237895 |
| Kalpataru Projects International Ltd. | &nbsp;&nbsp; 29058 | 396425 |
| Kansai Nerolac Paints Ltd. | &nbsp;&nbsp; 54056 | 120921 |
| Karnataka Bank Ltd.(The) | &nbsp;&nbsp; 46674 | 104169 |
| Karur Vysya Bank Ltd.(The) | &nbsp;&nbsp; 133542 | 479105 |
| Kaynes Technology India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7946 | 337015 |
| KEC International Ltd. | &nbsp;&nbsp; 35206 | 226286 |
| KEI Industries Ltd. | &nbsp;&nbsp; 15788 | 882532 |
| Kfin Technologies Ltd. | &nbsp;&nbsp; 27898 | 293887 |
| Kirloskar Brothers Ltd. | &nbsp;&nbsp; 6308 | 109895 |
| Kirloskar Ferrous Industries Ltd. | &nbsp;&nbsp; 17400 | 76054 |
| Kirloskar Oil Engines Ltd. | &nbsp;&nbsp; 21692 | 332482 |
| Kirloskar Pneumatic Co. Ltd. | &nbsp;&nbsp; 11677 | 149381 |
| KPI Green Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 29666 | 126154 |
| KPIT Technologies Ltd. | &nbsp;&nbsp; 43790 | 372187 |
| KPR Mill Ltd. | &nbsp;&nbsp; 30308 | 300076 |
| KRBL Ltd. | &nbsp;&nbsp; 10503 | 39275 |
| Krishna Institute of Medical Sciences Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 65946 | 541229 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| KSB Ltd. | &nbsp;&nbsp; 19720 | $167401 |
| Kwality Wall's India Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 213689 | 61352 |
| Laurus Labs Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 89900 | 1065851 |
| Le Travenues Technology Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 52954 | 99336 |
| Leela Palaces Hotels & Resorts Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 32074 | 159901 |
| Lemon Tree Hotels Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 140128 | 175357 |
| LIC Housing Finance Ltd. | &nbsp;&nbsp; 74124 | 438718 |
| Lloyds Engineering Works Ltd. | &nbsp;&nbsp; 234436 | 123471 |
| LMW Ltd. | &nbsp;&nbsp; 986 | 160001 |
| LT Foods Ltd. | &nbsp;&nbsp; 47212 | 209335 |
| Lumax Auto Technologies Ltd. | &nbsp;&nbsp; 7366 | 142290 |
| Mahanagar Gas Ltd. | &nbsp;&nbsp; 13978 | 187598 |
| Maharashtra Scooters Ltd. | &nbsp;&nbsp; 638 | 93069 |
| Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp; 137344 | 565627 |
| Mahindra Lifespace Developers Ltd. | &nbsp;&nbsp; 47849 | 188509 |
| Manappuram Finance Ltd. | &nbsp;&nbsp; 140270 | 436724 |
| Mastek Ltd. | &nbsp;&nbsp; 5684 | 99190 |
| Max Estates Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 20945 | 92739 |
| Max Financial Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 69832 | 1391939 |
| Medplus Health Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 19413 | 181023 |
| Metropolis Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8476 | 178064 |
| Minda Corp. Ltd. | &nbsp;&nbsp; 21172 | 129481 |
| Mindspace Business Parks REIT<sup>(b)</sup> | &nbsp;&nbsp; 57884 | 294241 |
| Mishra Dhatu Nigam Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 19372 | 73908 |
| Motherson Sumi Wiring India Ltd. | &nbsp;&nbsp; 779172 | 370702 |
| Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 39092 | 312048 |
| Mrs Bectors Food Specialities Ltd. | &nbsp;&nbsp; 44555 | 102255 |
| MTAR Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5119 | 214550 |
| Multi Commodity Exchange of India Ltd. | &nbsp;&nbsp; 33345 | 897237 |
| Narayana Hrudayalaya Ltd. | &nbsp;&nbsp; 19778 | 397925 |
| Natco Pharma Ltd. | &nbsp;&nbsp; 21613 | 235119 |
| National Aluminium Co. Ltd. | &nbsp;&nbsp; 225678 | 880543 |
| Nava Ltd. | &nbsp;&nbsp; 30981 | 202880 |
| Navin Fluorine International Ltd. | &nbsp;&nbsp; 8899 | 612961 |
| Nazara Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 36266 | 105658 |
| NBCC India Ltd. | &nbsp;&nbsp; 284316 | 289802 |
| NCC Ltd./India | &nbsp;&nbsp; 122090 | 205326 |
| Netweb Technologies India Ltd. | &nbsp;&nbsp; 4524 | 192248 |
| Network18 Media & Investments Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 205734 | 75461 |
| Neuland Laboratories Ltd. | &nbsp;&nbsp; 2088 | 294943 |
| Newgen Software Technologies Ltd. | &nbsp;&nbsp; 19352 | 108365 |
| Nexus Select Trust | &nbsp;&nbsp; 205784 | 365780 |
| NIIT Learning Systems Ltd. | &nbsp;&nbsp; 28246 | 104807 |
| Nippon Life India Asset Management Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 41412 | 424193 |
| NLC India Ltd. | &nbsp;&nbsp; 102892 | 294539 |
| NMDC Steel Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 300498 | 134127 |
| Nuvama Wealth Management Ltd. | &nbsp;&nbsp; 21673 | 296804 |
| Nuvoco Vistas Corp. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 29174 | 105222 |
| Ola Electric Mobility Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 361978 | 100346 |
| Olectra Greentech Ltd. | &nbsp;&nbsp; 12006 | 131778 |
| Onesource Specialty Pharma Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12528 | 185474 |
| Paradeep Phosphates Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 128702 | 172380 |
| PC Jeweller Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 748490 | 81763 |
| PCBL CHEMICAL Ltd. | &nbsp;&nbsp; 46516 | 158473 |
| Pearl Global Industries Ltd. | &nbsp;&nbsp; 6786 | 115374 |
| PG Electroplast Ltd. | &nbsp;&nbsp; 38692 | 267298 |
| Piramal Finance Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 25239 | 483491 |
| Piramal Pharma Ltd. | &nbsp;&nbsp; 159268 | 273750 |
| PNB Housing Finance Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 49416 | 448659 |
| PNC Infratech Ltd. | &nbsp;&nbsp; 35554 | 80842 |
| Poly Medicure Ltd. | &nbsp;&nbsp; 10134 | 140116 |
| Poonawalla Fincorp Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 71340 | 356969 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Power Mech Projects Ltd. | &nbsp;&nbsp; 4230 | $96952 |
| Praj Industries Ltd. | &nbsp;&nbsp; 41005 | 143457 |
| Premier Energies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 28335 | 227770 |
| Pricol Ltd. | &nbsp;&nbsp; 19496 | 129179 |
| Procter & Gamble Health Ltd. | &nbsp;&nbsp; 1830 | 98574 |
| Prudent Corporate Advisory Services Ltd. | &nbsp;&nbsp; 5510 | 142322 |
| PTC India Ltd. | &nbsp;&nbsp; 60668 | 111079 |
| PTC Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1396 | 275266 |
| PVR Inox Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 20648 | 232210 |
| Radico Khaitan Ltd. | &nbsp;&nbsp; 20010 | 582751 |
| Railtel Corp. of India Ltd. | &nbsp;&nbsp; 31262 | 107964 |
| Rainbow Children's Medicare Ltd. | &nbsp;&nbsp; 14724 | 192940 |
| Ramco Cements Ltd.(The) | &nbsp;&nbsp; 28420 | 352865 |
| Ramkrishna Forgings Ltd. | &nbsp;&nbsp; 23258 | 141233 |
| Rategain Travel Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14036 | 81869 |
| Ratnamani Metals & Tubes Ltd. | &nbsp;&nbsp; 6114 | 165043 |
| RattanIndia Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 820700 | 75024 |
| Raymond Lifestyle Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10089 | 97779 |
| RBL Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 115652 | 407071 |
| Redington Ltd. | &nbsp;&nbsp; 150104 | 463450 |
| Redtape Ltd./India | &nbsp;&nbsp; 77430 | 100066 |
| Reliance Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 746232 | 197253 |
| Rhi Magnesita India Ltd. | &nbsp;&nbsp; 22847 | 109268 |
| RR Kabel Ltd. | &nbsp;&nbsp; 7308 | 125750 |
| Safari Industries India Ltd. | &nbsp;&nbsp; 8178 | 161676 |
| Sagility Ltd. | &nbsp;&nbsp; 605315 | 263662 |
| SAI Life Sciences Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 33640 | 369377 |
| Sammaan Capital Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 152837 | 252204 |
| Sanofi Consumer Healthcare India Ltd. | &nbsp;&nbsp; 1798 | 88830 |
| Sanofi India Ltd. | &nbsp;&nbsp; 1425 | 62107 |
| Sansera Engineering Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10846 | 279662 |
| Sapphire Foods India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 55041 | 123807 |
| Sarda Energy & Minerals Ltd. | &nbsp;&nbsp; 23664 | 143597 |
| Saregama India Ltd. | &nbsp;&nbsp; 24848 | 90951 |
| Schneider Electric Infrastructure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15893 | 158509 |
| Senco Gold Ltd. | &nbsp;&nbsp; 19140 | 66938 |
| Shaily Engineering Plastics Ltd. | &nbsp;&nbsp; 6438 | 138578 |
| Shakti Pumps India Ltd. | &nbsp;&nbsp; 14558 | 82515 |
| Sheela Foam Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 13572 | 81840 |
| Shilpa Medicare Ltd. | &nbsp;&nbsp; 36656 | 136017 |
| Shipping Corp. of India Ltd. | &nbsp;&nbsp; 41296 | 119584 |
| Shree Renuka Sugars Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 310474 | 83044 |
| Shriram Pistons & Rings Ltd. | &nbsp;&nbsp; 3596 | 123281 |
| SignatureGlobal India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11446 | 124589 |
| SJVN Ltd. | &nbsp;&nbsp; 223676 | 179719 |
| SKF India Industrial Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 6728 | 189505 |
| SKF India Ltd. | &nbsp;&nbsp; 6728 | 128716 |
| Sobha Ltd. | &nbsp;&nbsp; 12046 | 185036 |
| Sona Blw Precision Forgings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 110861 | 653096 |
| Sonata Software Ltd. | &nbsp;&nbsp; 50504 | 149063 |
| South Indian Bank Ltd.(The) | &nbsp;&nbsp; 360702 | 163295 |
| Star Health & Allied Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 61248 | 313389 |
| Sterling and Wilson Renewable<sup>(a)</sup> | &nbsp;&nbsp; 31477 | 68486 |
| Strides Pharma Science Ltd. | &nbsp;&nbsp; 12108 | 113659 |
| Sudarshan Chemical Industries Ltd. | &nbsp;&nbsp; 12412 | 119801 |
| Sumitomo Chemical India Ltd. | &nbsp;&nbsp; 34569 | 152574 |
| Sun TV Network Ltd. | &nbsp;&nbsp; 30798 | 219665 |
| Sundram Fasteners Ltd. | &nbsp;&nbsp; 30276 | 291012 |
| Suprajit Engineering Ltd. | &nbsp;&nbsp; 25984 | 124755 |
| Supreme Petrochem Ltd. | &nbsp;&nbsp; 22272 | 175481 |
| Surya Roshni Ltd. | &nbsp;&nbsp; 23780 | 58575 |
| Swan Corp. Ltd. | &nbsp;&nbsp; 32981 | 138816 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Syngene International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 36720 | $170691 |
| Syrma SGS Technology Ltd. | &nbsp;&nbsp; 23959 | 217102 |
| Tamilnad Mercantile Bank Ltd. | &nbsp;&nbsp; 19662 | 144678 |
| Tanla Platforms Ltd. | &nbsp;&nbsp; 23364 | 116992 |
| Tata Chemicals Ltd. | &nbsp;&nbsp; 35438 | 279796 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 8642 | 429722 |
| Tata Investment Corp. Ltd. | &nbsp;&nbsp; 34568 | 250235 |
| Tata Technologies Ltd. | &nbsp;&nbsp; 35264 | 227499 |
| Tbo Tek Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 13647 | 184137 |
| TD Power Systems Ltd. | &nbsp;&nbsp; 31648 | 314611 |
| Techno Electric & Engineering Co. Ltd. | &nbsp;&nbsp; 16008 | 206954 |
| Tega Industries Ltd. | &nbsp;&nbsp; 7226 | 144375 |
| Tejas Networks Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 27081 | 129740 |
| Texmaco Rail & Engineering Ltd., Class L | &nbsp;&nbsp; 73776 | 85024 |
| Thanga Mayil Jewellery Ltd. | &nbsp;&nbsp; 2784 | 121292 |
| Thermax Ltd. | &nbsp;&nbsp; 10324 | 354118 |
| Thomas Cook India Ltd. | &nbsp;&nbsp; 81490 | 92377 |
| Tilaknagar Industries Ltd. | &nbsp;&nbsp; 28942 | 144562 |
| Time Technoplast Ltd. | &nbsp;&nbsp; 54404 | 109884 |
| Timken India Ltd. | &nbsp;&nbsp; 9700 | 370328 |
| Tips Music Ltd. | &nbsp;&nbsp; 16539 | 97826 |
| Titagarh Rail System Ltd. | &nbsp;&nbsp; 22562 | 174129 |
| Transformers & Rectifiers India Ltd. | &nbsp;&nbsp; 27738 | 94824 |
| Transport Corp. of India Ltd. | &nbsp;&nbsp; 9280 | 102382 |
| Trident Ltd./India | &nbsp;&nbsp; 348000 | 98113 |
| Triveni Engineering & Industries Ltd. | &nbsp;&nbsp; 29108 | 126402 |
| Triveni Turbine Ltd. | &nbsp;&nbsp; 36308 | 195202 |
| TSF Investments Ltd. | &nbsp;&nbsp; 24534 | 108418 |
| TTK Prestige Ltd. | &nbsp;&nbsp; 14443 | 83086 |
| TVS Holdings Ltd. | &nbsp;&nbsp; 1181 | 196136 |
| Ujjivan Small Finance Bank Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 249922 | 159497 |
| UNO Minda Ltd. | &nbsp;&nbsp; 51736 | 676290 |
| Usha Martin Ltd. | &nbsp;&nbsp; 40832 | 188249 |
| UTI Asset Management Co. Ltd. | &nbsp;&nbsp; 13528 | 147071 |
| V2 Retail Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4756 | 104119 |
| VA Tech Wabag Ltd. | &nbsp;&nbsp; 11582 | 161072 |
| Valor Estate Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 50170 | 62892 |
| Vardhman Textiles Ltd. | &nbsp;&nbsp; 23869 | 142967 |
| Varroc Engineering Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 13688 | 81484 |
| Vesuvius India Ltd. | &nbsp;&nbsp; 24360 | 133830 |
| V-Guard Industries Ltd. | &nbsp;&nbsp; 52316 | 180483 |
| Vijaya Diagnostic Centre Ltd. | &nbsp;&nbsp; 14964 | 165721 |
| Vinati Organics Ltd. | &nbsp;&nbsp; 7830 | 127152 |
| VIP Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 25926 | 102085 |
| V-Mart Retail Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14318 | 87421 |
| Voltamp Transformers Ltd. | &nbsp;&nbsp; 1756 | 175995 |
| Welspun Corp. Ltd. | &nbsp;&nbsp; 22206 | 202009 |
| Welspun Enterprises Ltd. | &nbsp;&nbsp; 16472 | 87984 |
| Welspun Living Ltd. | &nbsp;&nbsp; 114000 | 157812 |
| Westlife Foodworld Ltd. | &nbsp;&nbsp; 15849 | 86208 |
| Whirlpool of India Ltd. | &nbsp;&nbsp; 17082 | 173420 |
| Wockhardt Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 19430 | 291707 |
| Zee Entertainment Enterprises Ltd. | &nbsp;&nbsp; 194010 | 186731 |
| Zen Technologies Ltd. | &nbsp;&nbsp; 12296 | 184530 |
| Zensar Technologies Ltd. | &nbsp;&nbsp; 31494 | 196184 |
| ZF Commercial Vehicle Control Systems India Ltd. | &nbsp;&nbsp; 1859 | 310107 |
| Zydus Wellness Ltd. | &nbsp;&nbsp; 32074 | 135824 |
|  |  | 89351406 |
| **Indonesia — 2.2%** | **Indonesia — 2.2%** | **Indonesia — 2.2%** |
| Adaro Andalan Indonesia PT | &nbsp;&nbsp; 378600 | 208622 |
| AKR Corporindo Tbk PT | &nbsp;&nbsp; 2354800 | 181895 |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 1839400 | 256465 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Aneka Tambang Tbk | &nbsp;&nbsp; 2192400 | $570053 |
| Astra Agro Lestari Tbk PT | &nbsp;&nbsp; 261200 | 116851 |
| Bank Aladin Syariah Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 1832800 | 62861 |
| Bank Jago Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 1657100 | 156946 |
| Bank Tabungan Negara Persero Tbk PT | &nbsp;&nbsp; 1363000 | 112818 |
| BFI Finance Indonesia Tbk PT | &nbsp;&nbsp; 3091400 | 144751 |
| Bukalapak.com PT Tbk<sup>(a)</sup> | &nbsp;&nbsp; 14192600 | 123518 |
| Bukit Asam Tbk PT | &nbsp;&nbsp; 1078800 | 167209 |
| Bumi Resources Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 25640700 | 393410 |
| Bumi Serpong Damai Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 1469100 | 72592 |
| Ciputra Development Tbk PT | &nbsp;&nbsp; 2789863 | 128063 |
| Elang Mahkota Teknologi Tbk PT | &nbsp;&nbsp; 3317600 | 176086 |
| Energi Mega Persada Tbk PT, NVS<sup>(a)</sup> | &nbsp;&nbsp; 3580600 | 377168 |
| ESSA Industries Indonesia Tbk PT | &nbsp;&nbsp; 3346200 | 128743 |
| Gudang Garam Tbk PT | &nbsp;&nbsp; 133400 | 137657 |
| Hanson International Tbk PT, NVS<sup>(d)</sup> | &nbsp;&nbsp; 25794200 |  |
| Indah Kiat Pulp & Paper Tbk PT | &nbsp;&nbsp; 614800 | 424267 |
| Indo Tambangraya Megah Tbk PT | &nbsp;&nbsp; 108900 | 147835 |
| Indocement Tunggal Prakarsa Tbk PT | &nbsp;&nbsp; 295800 | 109260 |
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 1098400 | 422361 |
| Industri Jamu Dan Farmasi Sido Muncul Tbk PT | &nbsp;&nbsp; 2076457 | 66883 |
| Inti Agri Resources Tbk PT<sup>(a)(d)</sup> | &nbsp;&nbsp; 12327500 |  |
| Japfa Comfeed Indonesia Tbk PT | &nbsp;&nbsp; 1502200 | 212983 |
| Jasa Marga Persero Tbk PT | &nbsp;&nbsp; 322400 | 71134 |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 4599400 | 301972 |
| Map Aktif Adiperkasa PT | &nbsp;&nbsp; 3253800 | 136529 |
| MD Entertainment Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 966970 | 484184 |
| Medco Energi Internasional Tbk PT | &nbsp;&nbsp; 1404412 | 144615 |
| Medikaloka Hermina Tbk PT | &nbsp;&nbsp; 2314200 | 177272 |
| Merdeka Copper Gold Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 2310700 | 516861 |
| Mitra Adiperkasa Tbk PT | &nbsp;&nbsp; 2494000 | 199341 |
| Mitra Keluarga Karyasehat Tbk PT | &nbsp;&nbsp; 1293478 | 169738 |
| MNC Tourism Indonesia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 17115800 | 125574 |
| Pabrik Kertas Tjiwi Kimia Tbk PT | &nbsp;&nbsp; 469800 | 307219 |
| Pacific Strategic Financial Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 2239600 | 166985 |
| Pakuwon Jati Tbk PT | &nbsp;&nbsp; 7269300 | 158697 |
| Perusahaan Gas Negara Tbk PT | &nbsp;&nbsp; 2420500 | 344895 |
| Petrosea Tbk PT | &nbsp;&nbsp; 742400 | 270697 |
| Raharja Energi Cepu PT | &nbsp;&nbsp; 247800 | 106422 |
| Sarana Menara Nusantara Tbk PT | &nbsp;&nbsp; 4999600 | 150599 |
| Sawit Sumbermas Sarana Tbk PT | &nbsp;&nbsp; 670900 | 62828 |
| Semen Indonesia Persero Tbk PT | &nbsp;&nbsp; 1147500 | 199665 |
| Solusi Sinergi Digital Tbk PT | &nbsp;&nbsp; 580000 | 88947 |
| Sugih Energy Tbk PT<sup>(a)(d)</sup> | &nbsp;&nbsp; 1824800 |  |
| Transcoal Pacific Tbk PT | &nbsp;&nbsp; 324900 | 239339 |
| Vale Indonesia Tbk PT | &nbsp;&nbsp; 556800 | 261784 |
| Waskita Karya Persero Tbk PT<sup>(a)(d)</sup> | &nbsp;&nbsp; 3225094 | 15543 |
| XLSMART Telecom Sejahtera Tbk. PT | &nbsp;&nbsp; 1119800 | 211412 |
|  |  | 9811549 |
| **Kuwait — 0.9%** | **Kuwait — 0.9%** | **Kuwait — 0.9%** |
| Agility Public Warehousing Co. KSC | &nbsp;&nbsp; 424727 | 191106 |
| Al Ahli Bank of Kuwait KSCP | &nbsp;&nbsp; 329446 | 328697 |
| Ali Alghanim Sons Automotive Co. KSCC | &nbsp;&nbsp; 40820 | 155055 |
| Arzan Financial Group for Financing & <br> Investment KPSC<br>| &nbsp;&nbsp; 135298 | 150120 |
| Boubyan Petrochemicals Co. KSCP | &nbsp;&nbsp; 110145 | 200931 |
| Boursa Kuwait Securities Co. KPSC | &nbsp;&nbsp; 32092 | 325188 |
| Burgan Bank SAK | &nbsp;&nbsp; 241104 | 161785 |
| Commercial Real Estate Co. KSC | &nbsp;&nbsp; 487896 | 322541 |
| Gulf Cable & Electrical Industries Co. KSCP | &nbsp;&nbsp; 23874 | 151818 |
| Humansoft Holding Co. KSC | &nbsp;&nbsp; 23208 | 198180 |
| Kuwait International Bank KSCP | &nbsp;&nbsp; 198619 | 180840 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Kuwait (continued)** | **Kuwait (continued)** | **Kuwait (continued)** |
| Kuwait Projects Co. Holding KSCP<sup>(a)</sup> | &nbsp;&nbsp; 427808 | $114380 |
| Kuwait Real Estate Co. KSC<sup>(a)</sup> | &nbsp;&nbsp; 215772 | 242683 |
| Kuwait Telecommunications Co. | &nbsp;&nbsp; 97208 | 207581 |
| Mezzan Holding Co. KSCC | &nbsp;&nbsp; 39778 | 149640 |
| National Industries Group Holding SAK | &nbsp;&nbsp; 476732 | 391671 |
| National Investments Co. KSCP | &nbsp;&nbsp; 169650 | 153675 |
| National Real Estate Co. KPSC<sup>(a)</sup> | &nbsp;&nbsp; 331528 | 77720 |
| Salhia Real Estate Co. KSCP | &nbsp;&nbsp; 109458 | 134190 |
| Shamal Az-Zour Al-Oula for the First Phase of Az-Zour <br> Power Plant KSC<br>| &nbsp;&nbsp; 160602 | 75405 |
|  |  | 3913206 |
| **Malaysia — 2.8%** | **Malaysia — 2.8%** | **Malaysia — 2.8%** |
| AFFIN Bank Bhd<sup>(a)</sup> | &nbsp;&nbsp; 208244 | 142787 |
| Alliance Bank Malaysia Bhd | &nbsp;&nbsp; 239100 | 309631 |
| Axis Real Estate Investment Trust | &nbsp;&nbsp; 400200 | 208674 |
| Bank Islam Malaysia Bhd | &nbsp;&nbsp; 203000 | 128829 |
| Bursa Malaysia Bhd | &nbsp;&nbsp; 130650 | 301786 |
| Carlsberg Brewery Malaysia Bhd | &nbsp;&nbsp; 56400 | 255553 |
| Dialog Group Bhd | &nbsp;&nbsp; 916400 | 414971 |
| Eco World Development Group Bhd | &nbsp;&nbsp; 436400 | 252209 |
| Farm Fresh Bhd | &nbsp;&nbsp; 362100 | 243818 |
| Fraser & Neave Holdings Bhd | &nbsp;&nbsp; 33500 | 300820 |
| Frontken Corp. Bhd | &nbsp;&nbsp; 403150 | 388118 |
| Genting Bhd | &nbsp;&nbsp; 551800 | 400899 |
| Genting Malaysia Bhd | &nbsp;&nbsp; 460800 | 248835 |
| Greatech Technology Bhd<sup>(a)</sup> | &nbsp;&nbsp; 273400 | 147939 |
| HAP Seng Consolidated Bhd | &nbsp;&nbsp; 128900 | 94379 |
| Hartalega Holdings Bhd<sup>(a)</sup> | &nbsp;&nbsp; 489700 | 111270 |
| Heineken Malaysia Bhd | &nbsp;&nbsp; 35800 | 226484 |
| Hextar Global Bhd | &nbsp;&nbsp; 697000 | 143305 |
| IGB Real Estate Investment Trust | &nbsp;&nbsp; 489900 | 362609 |
| IJM Corp. Bhd | &nbsp;&nbsp; 554800 | 357400 |
| Inari Amertron Bhd | &nbsp;&nbsp; 667000 | 242649 |
| IOI Properties Group Bhd | &nbsp;&nbsp; 382800 | 339316 |
| Itmax System Bhd | &nbsp;&nbsp; 197700 | 240323 |
| Kelington Group Bhd | &nbsp;&nbsp; 174100 | 244257 |
| Kossan Rubber Industries Bhd | &nbsp;&nbsp; 454300 | 117726 |
| KPJ Healthcare Bhd | &nbsp;&nbsp; 510400 | 383671 |
| Lafarge Malaysia Bhd | &nbsp;&nbsp; 125700 | 277826 |
| Mah Sing Group Bhd | &nbsp;&nbsp; 492600 | 148034 |
| Malakoff Corp. Bhd | &nbsp;&nbsp; 580000 | 116901 |
| Malaysian Pacific Industries Bhd | &nbsp;&nbsp; 22800 | 186635 |
| MBSB Bhd | &nbsp;&nbsp; 951200 | 174638 |
| Nationgate Holdings Bhd | &nbsp;&nbsp; 222800 | 49426 |
| Pavilion REIT | &nbsp;&nbsp; 457100 | 228976 |
| PPB Group Bhd | &nbsp;&nbsp; 165700 | 462924 |
| Sam Engineering & Equipment M Bhd | &nbsp;&nbsp; 127600 | 109152 |
| Scientex Bhd | &nbsp;&nbsp; 176800 | 171756 |
| Sime Darby Bhd | &nbsp;&nbsp; 672800 | 422332 |
| Sime Darby Property Bhd | &nbsp;&nbsp; 883500 | 328912 |
| SP Setia Bhd Group | &nbsp;&nbsp; 609000 | 143010 |
| Sunway Construction Group Bhd | &nbsp;&nbsp; 174000 | 315156 |
| Sunway REIT | &nbsp;&nbsp; 452400 | 289329 |
| Syarikat Takaful Malaysia Keluarga Bhd | &nbsp;&nbsp; 87044 | 71779 |
| Tanco Holdings Bhd<sup>(a)</sup> | &nbsp;&nbsp; 477600 | 195164 |
| TIME dotCom Bhd | &nbsp;&nbsp; 308200 | 481587 |
| Top Glove Corp. Bhd | &nbsp;&nbsp; 1426800 | 212682 |
| Unisem M Bhd | &nbsp;&nbsp; 139200 | 111997 |
| United Plantations Bhd | &nbsp;&nbsp; 69600 | 527592 |
| UWC Bhd<sup>(a)</sup> | &nbsp;&nbsp; 127600 | 147079 |
| ViTrox Corp. Bhd<sup>(c)</sup> | &nbsp;&nbsp; 171500 | 202372 |
| Yinson Holdings Bhd | &nbsp;&nbsp; 330600 | 199642 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** |
| Zetrix Ai Bhd<sup>(c)</sup> | &nbsp;&nbsp; 1639500 | $345640 |
|  |  | 12528799 |
| **Mexico — 1.7%** | **Mexico — 1.7%** | **Mexico — 1.7%** |
| Alpek SAB de CV<sup>(a)(c)</sup> | &nbsp;&nbsp; 424800 | 202756 |
| Alsea SAB de CV | &nbsp;&nbsp; 139200 | 491023 |
| Banco del Bajio SA<sup>(b)</sup> | &nbsp;&nbsp; 203000 | 678710 |
| Bolsa Mexicana de Valores SAB de CV | &nbsp;&nbsp; 100300 | 221543 |
| Controladora Vuela Cia. de Aviacion SAB de CV, <br> Class A<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 265500 | 230937 |
| Corp Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp; 226235 | 833241 |
| FIBRA Macquarie Mexico<sup>(b)(c)</sup> | &nbsp;&nbsp; 186135 | 465391 |
| Fibra MTY SAPI de CV | &nbsp;&nbsp; 488132 | 419201 |
| GCC SAB de CV | &nbsp;&nbsp; 41320 | 480619 |
| Genomma Lab Internacional SAB de CV, Class B | &nbsp;&nbsp; 191400 | 202603 |
| Gentera SAB de CV | &nbsp;&nbsp; 299800 | 872835 |
| Grupo Televisa SAB, CPO<sup>(c)</sup> | &nbsp;&nbsp; 585800 | 350011 |
| La Comer SAB de CV | &nbsp;&nbsp; 82049 | 185470 |
| Megacable Holdings SAB de CV, CPO | &nbsp;&nbsp; 137200 | 531767 |
| Orbia Advance Corp. SAB de CV<sup>(a)(c)</sup> | &nbsp;&nbsp; 226200 | 268072 |
| Qualitas Controladora SAB de CV | &nbsp;&nbsp; 52200 | 508967 |
| Regional SAB de CV | &nbsp;&nbsp; 63800 | 599102 |
|  |  | 7542248 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Intercorp Financial Services, Inc. | &nbsp;&nbsp; 9334 | 451579 |
| **Philippines — 0.9%** | **Philippines — 0.9%** | **Philippines — 0.9%** |
| Aboitiz Equity Ventures, Inc. | &nbsp;&nbsp; 411800 | 244231 |
| Alliance Global Group, Inc. | &nbsp;&nbsp; 814200 | 121427 |
| AREIT, Inc. | &nbsp;&nbsp; 342200 | 249536 |
| Century Pacific Food, Inc. | &nbsp;&nbsp; 388600 | 269220 |
| Converge Information and Communications <br> Technology Solutions, Inc.<br>| &nbsp;&nbsp; 804300 | 200848 |
| DigiPlus Interactive Corp. | &nbsp;&nbsp; 542800 | 151549 |
| DMCI Holdings, Inc. | &nbsp;&nbsp; 864400 | 144654 |
| GT Capital Holdings, Inc. | &nbsp;&nbsp; 28420 | 330207 |
| JG Summit Holdings, Inc. | &nbsp;&nbsp; 661200 | 343987 |
| LT Group, Inc. | &nbsp;&nbsp; 573300 | 155293 |
| Manila Water Co., Inc. | &nbsp;&nbsp; 266800 | 186457 |
| Maynilad Water Services, Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 581400 | 221812 |
| Megaworld Corp. | &nbsp;&nbsp; 2842000 | 111383 |
| Monde Nissin Corp.<sup>(b)</sup> | &nbsp;&nbsp; 904800 | 103395 |
| Puregold Price Club, Inc. | &nbsp;&nbsp; 319000 | 232342 |
| RL Commercial REIT, Inc. | &nbsp;&nbsp; 1374600 | 180213 |
| Robinsons Land Corp. | &nbsp;&nbsp; 485800 | 155878 |
| Robinsons Retail Holdings, Inc. | &nbsp;&nbsp; 98600 | 65232 |
| Semirara Mining & Power Corp., Class A | &nbsp;&nbsp; 243600 | 118283 |
| Universal Robina Corp. | &nbsp;&nbsp; 233160 | 323468 |
|  |  | 3909415 |
| **Poland — 1.6%** | **Poland — 1.6%** | **Poland — 1.6%** |
| Alior Bank SA | &nbsp;&nbsp; 22156 | 742958 |
| AmRest Holdings SE<sup>(c)</sup> | &nbsp;&nbsp; 30772 | 106946 |
| Auto Partner SA | &nbsp;&nbsp; 26972 | 136326 |
| Bank Handlowy w Warszawie SA | &nbsp;&nbsp; 6085 | 202654 |
| Benefit Systems SA<sup>(a)</sup> | &nbsp;&nbsp; 754 | 815707 |
| Cyfrowy Polsat SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 65210 | 231470 |
| Diagnostyka SA, NVS | &nbsp;&nbsp; 4176 | 221072 |
| Enea SA<sup>(a)</sup> | &nbsp;&nbsp; 70934 | 490452 |
| Grupa Azoty SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 16497 | 76641 |
| Grupa Kety SA | &nbsp;&nbsp; 2378 | 720054 |
| Jastrzebska Spolka Weglowa SA, Class S<sup>(a)(c)</sup> | &nbsp;&nbsp; 13746 | 104473 |
| KRUK SA | &nbsp;&nbsp; 4872 | 631939 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Poland (continued)** | **Poland (continued)** | **Poland (continued)** |
| Modivo SA<sup>(a)</sup> | &nbsp;&nbsp; 13490 | $418589 |
| Orange Polska SA | &nbsp;&nbsp; 155034 | 608574 |
| Pepco Group NV | &nbsp;&nbsp; 48820 | 403134 |
| Tauron Polska Energia SA<sup>(a)</sup> | &nbsp;&nbsp; 264480 | 870734 |
| XTB SA<sup>(b)</sup> | &nbsp;&nbsp; 19219 | 478617 |
|  |  | 7260340 |
| **Qatar — 0.7%** | **Qatar — 0.7%** | **Qatar — 0.7%** |
| Al Meera Consumer Goods Co. QSC | &nbsp;&nbsp; 26796 | 112411 |
| Baladna<sup>(a)</sup> | &nbsp;&nbsp; 306344 | 104565 |
| Barwa Real Estate Co. | &nbsp;&nbsp; 535481 | 376312 |
| Doha Bank QPSC | &nbsp;&nbsp; 580348 | 469724 |
| Estithmar Holding QPSC<sup>(a)</sup> | &nbsp;&nbsp; 266863 | 277893 |
| Gulf International Services QSC | &nbsp;&nbsp; 276656 | 197504 |
| Qatar Aluminum Manufacturing Co. | &nbsp;&nbsp; 645250 | 308009 |
| Qatar Navigation QSC | &nbsp;&nbsp; 262392 | 805625 |
| United Development Co. QSC | &nbsp;&nbsp; 402636 | 107214 |
| Vodafone Qatar PQSC | &nbsp;&nbsp; 473222 | 345755 |
|  |  | 3105012 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Credit Bank of Moscow PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 4743600 | 614 |
| Federal Grid Co. Rosseti PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 142040000 | 18 |
| IPJSC United Medical Group, GDR, NVS<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 11658 | 1 |
| Lenta PJSC, GDR<sup>(a)(d)</sup> | &nbsp;&nbsp; 58692 | 8 |
| Segezha Group PJSC<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 1675000 | 217 |
| Sistema AFK PAO<sup>(a)(d)</sup> | &nbsp;&nbsp; 1865280 | 241 |
| Sovcomflot PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 338350 | 44 |
|  |  | 1143 |
| **Saudi Arabia — 3.1%** | **Saudi Arabia — 3.1%** | **Saudi Arabia — 3.1%** |
| Abdullah Al Othaim Markets Co. | &nbsp;&nbsp; 116928 | 191392 |
| Advanced Petrochemical Co.<sup>(a)</sup> | &nbsp;&nbsp; 32373 | 204203 |
| Al Babtain Power & Telecommunication Co. | &nbsp;&nbsp; 8878 | 148241 |
| Al Hammadi Holding | &nbsp;&nbsp; 20768 | 134528 |
| Al Majed for Oud Co. | &nbsp;&nbsp; 3596 | 159016 |
| Al Masane Al Kobra Mining Co. | &nbsp;&nbsp; 9338 | 243131 |
| Al Moammar Information Systems Co. | &nbsp;&nbsp; 4924 | 202433 |
| Al Rajhi Co. for Co-operative Insurance<sup>(a)</sup> | &nbsp;&nbsp; 10208 | 202330 |
| Al Rajhi REIT | &nbsp;&nbsp; 80678 | 174438 |
| Al-Dawaa Medical Services Co. | &nbsp;&nbsp; 8990 | 117176 |
| Aldrees Petroleum and Transport Services Co. | &nbsp;&nbsp; 11137 | 346861 |
| AlKhorayef Water & Power Technologies Co. | &nbsp;&nbsp; 4814 | 148137 |
| Almoosa Health Co. | &nbsp;&nbsp; 2958 | 116474 |
| Almunajem Foods Co. | &nbsp;&nbsp; 5452 | 73790 |
| AlSaif Stores For Development & Investment Co.<sup>(a)</sup> | &nbsp;&nbsp; 46722 | 80294 |
| Arabian Cement Co./Saudi Arabia | &nbsp;&nbsp; 14500 | 86322 |
| Arabian Centres Co.<sup>(b)</sup> | &nbsp;&nbsp; 54315 | 261960 |
| Arabian Contracting Services Co.<sup>(a)</sup> | &nbsp;&nbsp; 4847 | 136777 |
| Arabian Drilling Co. | &nbsp;&nbsp; 5800 | 138445 |
| Arriyadh Development Co. | &nbsp;&nbsp; 29290 | 140863 |
| Astra Industrial Group | &nbsp;&nbsp; 10846 | 369461 |
| Ataa Educational Co. | &nbsp;&nbsp; 7598 | 113339 |
| BinDawood Holding Co. | &nbsp;&nbsp; 74124 | 86803 |
| Catrion Catering Holding Co. | &nbsp;&nbsp; 11948 | 242848 |
| City Cement Co. | &nbsp;&nbsp; 3230 | 9903 |
| Dallah Healthcare Co. | &nbsp;&nbsp; 8895 | 235218 |
| Dr. Soliman Abdel Kader Fakeeh Hospital Co. | &nbsp;&nbsp; 15898 | 126159 |
| East Pipes Integrated Co. for Industry | &nbsp;&nbsp; 4543 | 169865 |
| Eastern Province Cement Co. | &nbsp;&nbsp; 14204 | 88030 |
| Electrical Industries Co. | &nbsp;&nbsp; 150858 | 592290 |
| Emaar Economic City<sup>(a)</sup> | &nbsp;&nbsp; 52886 | 120503 |
| Etihad GO Telecom Co. | &nbsp;&nbsp; 7414 | 170332 |
| Fawaz Abdulaziz Al Hokair & Co.<sup>(a)</sup> | &nbsp;&nbsp; 16646 | 72553 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| flynas Co. SJSC<sup>(a)</sup> | &nbsp;&nbsp; 12122 | $188592 |
| Jadwa REIT Saudi Fund | &nbsp;&nbsp; 57304 | 178646 |
| Jamjoom Pharmaceuticals Factory Co. | &nbsp;&nbsp; 6032 | 216408 |
| Leejam Sports Co. JSC | &nbsp;&nbsp; 7965 | 174337 |
| Maharah Human Resources Co. | &nbsp;&nbsp; 69664 | 111807 |
| Middle East Healthcare Co. | &nbsp;&nbsp; 13572 | 114193 |
| Mobile Telecommunications Co. Saudi Arabia | &nbsp;&nbsp; 102138 | 312647 |
| Nahdi Medical Co. | &nbsp;&nbsp; 8359 | 221239 |
| National Agriculture Development Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 41992 | 192192 |
| National Co. for Learning & Education | &nbsp;&nbsp; 5046 | 152016 |
| National Gas & Industrialization Co. | &nbsp;&nbsp; 11078 | 232133 |
| National Industrialization Co.<sup>(a)</sup> | &nbsp;&nbsp; 77396 | 172828 |
| National Medical Care Co. | &nbsp;&nbsp; 6438 | 212789 |
| Perfect Presentation For Commercial Services Co.<sup>(a)</sup> | &nbsp;&nbsp; 64824 | 117169 |
| Power & Water Utility Co. for Jubail & Yanbu<sup>(a)</sup> | &nbsp;&nbsp; 18821 | 156164 |
| Qassim Cement Co.(The) | &nbsp;&nbsp; 14094 | 158778 |
| Rabigh Refining & Petrochemical Co.<sup>(a)</sup> | &nbsp;&nbsp; 85352 | 165342 |
| Rasan Information Technology Co.<sup>(a)</sup> | &nbsp;&nbsp; 11273 | 389863 |
| Retal Urban Development Co. | &nbsp;&nbsp; 69088 | 246757 |
| Sahara International Petrochemical Co. | &nbsp;&nbsp; 89906 | 332193 |
| Saudi Automotive Services Co.<sup>(a)</sup> | &nbsp;&nbsp; 11099 | 156605 |
| Saudi Cement Co. | &nbsp;&nbsp; 18502 | 162483 |
| Saudi Ceramic Co. | &nbsp;&nbsp; 17912 | 124377 |
| Saudi Chemical Co. Holding | &nbsp;&nbsp; 120573 | 236421 |
| Saudi Ground Services Co. | &nbsp;&nbsp; 25926 | 224053 |
| Saudi Industrial Investment Group | &nbsp;&nbsp; 82186 | 282978 |
| Saudi Kayan Petrochemical Co.<sup>(a)</sup> | &nbsp;&nbsp; 181540 | 232679 |
| Saudi Manpower Solutions Co. | &nbsp;&nbsp; 58000 | 82059 |
| Saudi Pharmaceutical Industries & Medical Appliances <br> Corp.<sup>(a)</sup><br>| &nbsp;&nbsp; 14210 | 106231 |
| Saudi Real Estate Co.<sup>(a)</sup> | &nbsp;&nbsp; 46168 | 162054 |
| Saudi Reinsurance Co.<sup>(a)</sup> | &nbsp;&nbsp; 21222 | 132461 |
| Saudi Research & Media Group<sup>(a)</sup> | &nbsp;&nbsp; 9007 | 196546 |
| Saudia Dairy & Foodstuff Co. | &nbsp;&nbsp; 4542 | 241208 |
| Savola Group (The)<sup>(a)</sup> | &nbsp;&nbsp; 38106 | 228787 |
| Seera Group Holding<sup>(a)</sup> | &nbsp;&nbsp; 46756 | 286043 |
| Specialized Medical Co. | &nbsp;&nbsp; 19662 | 97588 |
| Sustained Infrastructure Holding Co. | &nbsp;&nbsp; 15544 | 110890 |
| Taiba Investments Co. | &nbsp;&nbsp; 33350 | 300831 |
| Theeb Rent A Car Co. | &nbsp;&nbsp; 12528 | 106116 |
| United Electronics Co. | &nbsp;&nbsp; 11925 | 262713 |
| United International Transportation Co. | &nbsp;&nbsp; 15698 | 169086 |
| Yamama Cement Co. | &nbsp;&nbsp; 23372 | 152485 |
|  |  | 13804902 |
| **South Africa — 4.0%** | **South Africa — 4.0%** | **South Africa — 4.0%** |
| AECI Ltd. | &nbsp;&nbsp; 25413 | 175676 |
| African Rainbow Minerals Ltd. | &nbsp;&nbsp; 27376 | 431200 |
| Aspen Pharmacare Holdings Ltd. | &nbsp;&nbsp; 93670 | 796537 |
| AVI Ltd. | &nbsp;&nbsp; 87068 | 613652 |
| Blu Label Unlimited Group Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 167736 | 111025 |
| Boxer Retail Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 26680 | 118440 |
| Coronation Fund Managers Ltd. | &nbsp;&nbsp; 70612 | 222695 |
| DataTec Ltd. | &nbsp;&nbsp; 50523 | 244631 |
| Dis-Chem Pharmacies Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 137228 | 318859 |
| DRDGOLD Ltd. | &nbsp;&nbsp; 116174 | 437401 |
| Equites Property Fund Ltd. | &nbsp;&nbsp; 223508 | 268319 |
| Exxaro Resources Ltd. | &nbsp;&nbsp; 61886 | 770057 |
| Fortress Real Estate Investments Ltd., Series B, <br> Class B<br>| &nbsp;&nbsp; 315148 | 518130 |
| Foschini Group Ltd.(The) | &nbsp;&nbsp; 87232 | 477801 |
| Grindrod Ltd. | &nbsp;&nbsp; 191704 | 224547 |
| Growthpoint Properties Ltd. | &nbsp;&nbsp; 860372 | 1016318 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| Hosken Consolidated Investments Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 11116 | $116171 |
| Hyprop Investments Ltd. | &nbsp;&nbsp; 111109 | 449200 |
| Investec Ltd. | &nbsp;&nbsp; 66352 | 570360 |
| JSE Ltd. | &nbsp;&nbsp; 21866 | 229372 |
| Life Healthcare Group Holdings Ltd. | &nbsp;&nbsp; 344346 | 262091 |
| Momentum Group Ltd. | &nbsp;&nbsp; 293101 | 744360 |
| Motus Holdings Ltd. | &nbsp;&nbsp; 41470 | 350797 |
| Mr. Price Group Ltd. | &nbsp;&nbsp; 68846 | 792018 |
| Netcare Ltd. | &nbsp;&nbsp; 308792 | 332959 |
| Ninety One Ltd. | &nbsp;&nbsp; 51704 | 176148 |
| Old Mutual Ltd. | &nbsp;&nbsp; 1092488 | 1130759 |
| Omnia Holdings Ltd. | &nbsp;&nbsp; 44486 | 250035 |
| Pick n Pay Stores Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 146606 | 178343 |
| Redefine Properties Ltd. | &nbsp;&nbsp; 1839122 | 802273 |
| Resilient REIT Ltd. | &nbsp;&nbsp; 74838 | 420670 |
| Reunert Ltd. | &nbsp;&nbsp; 51620 | 213075 |
| Santam Ltd. | &nbsp;&nbsp; 10266 | 281881 |
| Sappi Ltd. | &nbsp;&nbsp; 164256 | 173638 |
| SPAR Group Ltd. (The)<sup>(a)</sup> | &nbsp;&nbsp; 51272 | 224745 |
| Telkom SA SOC Ltd. | &nbsp;&nbsp; 75364 | 304414 |
| Thungela Resources Ltd. | &nbsp;&nbsp; 34744 | 242322 |
| Tiger Brands Ltd. | &nbsp;&nbsp; 40356 | 807253 |
| Truworths International Ltd. | &nbsp;&nbsp; 97614 | 371054 |
| Vukile Property Fund Ltd. | &nbsp;&nbsp; 345100 | 550954 |
| We Buy Cars Holdings Ltd. | &nbsp;&nbsp; 74228 | 202774 |
| Wilson Bayly Holmes-Ovcon Ltd. | &nbsp;&nbsp; 14094 | 187091 |
| Woolworths Holdings Ltd./South Africa | &nbsp;&nbsp; 231942 | 793107 |
|  |  | 17903152 |
| **South Korea — 16.2%** | **South Korea — 16.2%** | **South Korea — 16.2%** |
| ABLBio, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 9971 | 1340734 |
| Amorepacific Holdings Corp. | &nbsp;&nbsp; 8758 | 190679 |
| APRILBIO Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4119 | 206571 |
| BGF retail Co. Ltd. | &nbsp;&nbsp; 2146 | 185849 |
| BHI Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5278 | 342910 |
| Binggrae Co. Ltd. | &nbsp;&nbsp; 1392 | 79176 |
| BNK Financial Group, Inc. | &nbsp;&nbsp; 62578 | 866469 |
| Cafe24 Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3364 | 77724 |
| Caregen Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4424 | 420890 |
| Celltrion Pharm, Inc. | &nbsp;&nbsp; 5561 | 277285 |
| Chabiotech Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 13356 | 200489 |
| Cheil Worldwide, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 16762 | 255580 |
| Chong Kun Dang Pharmaceutical Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2088 | 135417 |
| CJ CheilJedang Corp. | &nbsp;&nbsp; 2030 | 301697 |
| CJ Corp. | &nbsp;&nbsp; 3654 | 555224 |
| CJ ENM Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3088 | 155844 |
| CJ Logistics Corp. | &nbsp;&nbsp; 2088 | 191113 |
| Classys, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 5742 | 232845 |
| Clobot Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4320 | 222950 |
| Cosmax, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2204 | 291128 |
| CosmoAM&T Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6670 | 270957 |
| Coway Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 13494 | 766671 |
| CS Wind Corp.<sup>(c)</sup> | &nbsp;&nbsp; 6554 | 244603 |
| D&D PharmaTech, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 5133 | 327860 |
| Daeduck Electronics Co. Ltd./New<sup>(c)</sup> | &nbsp;&nbsp; 9280 | 404988 |
| Daejoo Electronic Materials Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2778 | 194732 |
| Daesang Corp. | &nbsp;&nbsp; 4121 | 64568 |
| Daewoo Engineering & Construction Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 55498 | 392439 |
| Daewoong Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6612 | 124025 |
| Daewoong Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1342 | 164092 |
| Daishin Securities Co. Ltd. | &nbsp;&nbsp; 6839 | 213627 |
| D'Alba Global Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1137 | 134078 |
| Daou Technology, Inc. | &nbsp;&nbsp; 5402 | 204280 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| DB HiTek Co. Ltd. | &nbsp;&nbsp; 7999 | $533773 |
| Dear U Co. Ltd. | &nbsp;&nbsp; 2463 | 65566 |
| DL E&C Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8236 | 292454 |
| DL Holdings Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3712 | 133407 |
| DN Automotive Corp. | &nbsp;&nbsp; 6726 | 127384 |
| Dongjin Semichem Co. Ltd. | &nbsp;&nbsp; 9143 | 349632 |
| DongKook Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 5167 | 73255 |
| Dongsuh Companies, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 9591 | 182573 |
| Doosan Bobcat, Inc. | &nbsp;&nbsp; 13191 | 594818 |
| Doosan Fuel Cell Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11542 | 319354 |
| Doosan Robotics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6490 | 480026 |
| DoubleUGames Co. Ltd. | &nbsp;&nbsp; 3596 | 132386 |
| Douzone Bizon Co. Ltd. | &nbsp;&nbsp; 4930 | 405247 |
| Duk San Neolux Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4416 | 128139 |
| Ecopro Materials Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6902 | 344444 |
| E-MART, Inc. | &nbsp;&nbsp; 4930 | 359699 |
| Enchem Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 5046 | 266245 |
| Eo Technics Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2220 | 647214 |
| ESR Kendall Square REIT Co. Ltd. | &nbsp;&nbsp; 54902 | 165069 |
| Eugene Technology Co. Ltd. | &nbsp;&nbsp; 4292 | 400533 |
| F&F Co. Ltd./New<sup>(c)</sup> | &nbsp;&nbsp; 4176 | 204749 |
| Fadu, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6657 | 273627 |
| GemVax & Kael Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 8717 | 281500 |
| GI Innovation, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14337 | 160825 |
| Green Cross Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1566 | 183858 |
| GS Engineering & Construction Corp. | &nbsp;&nbsp; 18096 | 281665 |
| GS Holdings Corp. | &nbsp;&nbsp; 11658 | 557168 |
| GS Retail Co. Ltd. | &nbsp;&nbsp; 9686 | 148041 |
| Han Kuk Carbon Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 9686 | 282271 |
| Hana Micron, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14210 | 358566 |
| Hanall Biopharma Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 8685 | 371595 |
| Hanil Cement Co. Ltd./New | &nbsp;&nbsp; 6431 | 81253 |
| Hanmi Pharm Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1624 | 669087 |
| Hanmi Science Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 5378 | 163121 |
| Hanon Systems<sup>(a)(c)</sup> | &nbsp;&nbsp; 62466 | 201436 |
| Hansol Chemical Co. Ltd. | &nbsp;&nbsp; 2436 | 571607 |
| Hanssem Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2668 | 92102 |
| Hanwha Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6006 | 570328 |
| Hanwha Engine<sup>(a)(c)</sup> | &nbsp;&nbsp; 13978 | 524422 |
| Hanwha Investment & Securities Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 32403 | 188259 |
| Hanwha Life Insurance Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 79866 | 275071 |
| Hanwha Solutions Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 28594 | 1051003 |
| Hanwha Vision Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 9302 | 551451 |
| HD Construction Equipment Co. Ltd. | &nbsp;&nbsp; 8170 | 797105 |
| HDC Hyundai Development Co-Engineering & <br> Construction, Class E<br>| &nbsp;&nbsp; 10440 | 167968 |
| HD-Hyundai Marine Engine<sup>(a)</sup> | &nbsp;&nbsp; 6008 | 364832 |
| Hite Jinro Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 9376 | 115809 |
| HJ Shipbuilding & Construction Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12026 | 211843 |
| HK inno N Corp. | &nbsp;&nbsp; 5046 | 189214 |
| HL Mando Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 8062 | 351462 |
| Hotel Shilla Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7946 | 264661 |
| HPSP Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 14927 | 465711 |
| HS Hyosung Advanced Materials Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 471 | 82153 |
| Hugel, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1450 | 272204 |
| Hyosung Corp. | &nbsp;&nbsp; 2039 | 239650 |
| Hyosung TNC Corp. | &nbsp;&nbsp; 696 | 206092 |
| Hyundai Department Store Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3073 | 234851 |
| Hyundai Elevator Co. Ltd. | &nbsp;&nbsp; 6438 | 441226 |
| Hyundai Feed, Inc.<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; 44392 | 72487 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14558 | 347635 |
| Hyundai Steel Co. | &nbsp;&nbsp; 21808 | 703313 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Hyundai Wia Corp.<sup>(c)</sup> | &nbsp;&nbsp; 3944 | $277343 |
| Iljin Electric Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6264 | 389405 |
| iM Financial Group Co. Ltd. | &nbsp;&nbsp; 35090 | 448457 |
| ISC Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2842 | 381762 |
| ISU Specialty Chemical<sup>(a)(c)</sup> | &nbsp;&nbsp; 4778 | 382293 |
| IsuPetasys Co. Ltd. | &nbsp;&nbsp; 14337 | 1276624 |
| JB Financial Group Co. Ltd. | &nbsp;&nbsp; 28541 | 629348 |
| JNTC Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6612 | 102367 |
| Jusung Engineering Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 7656 | 299076 |
| JYP Entertainment Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 7656 | 370944 |
| Kangwon Land, Inc. | &nbsp;&nbsp; 25114 | 332267 |
| KCC Corp. | &nbsp;&nbsp; 1276 | 577644 |
| KEPCO Engineering & Construction Co., Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3934 | 478281 |
| KEPCO Plant Service & Engineering Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5858 | 252415 |
| KIWOOM Securities Co. Ltd. | &nbsp;&nbsp; 3852 | 1245553 |
| Koh Young Technology, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 13630 | 301538 |
| Kolmar Korea Co. Ltd. | &nbsp;&nbsp; 4226 | 223806 |
| Kolon Industries, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 4988 | 234637 |
| KoMiCo Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1914 | 148215 |
| Korea Gas Corp. | &nbsp;&nbsp; 7471 | 214058 |
| Korean Reinsurance Co. | &nbsp;&nbsp; 33714 | 326561 |
| Kum Yang Co. Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 10732 | 59088 |
| Kumho Petrochemical Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3712 | 395471 |
| Kumho Tire Co., Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 29928 | 145051 |
| Kyung Dong Navien Co. Ltd. | &nbsp;&nbsp; 2537 | 113161 |
| L&C Bio Co. Ltd. | &nbsp;&nbsp; 4217 | 289840 |
| L&F Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7485 | 654239 |
| Lake Materials Co. Ltd. | &nbsp;&nbsp; 12238 | 201447 |
| LEENO Industrial, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 13158 | 974766 |
| LG H&H Co. Ltd. | &nbsp;&nbsp; 2489 | 461864 |
| LG Innotek Co. Ltd. | &nbsp;&nbsp; 3819 | 846123 |
| LigaChem Biosciences, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6785 | 903659 |
| Lotte Chemical Corp.<sup>(c)</sup> | &nbsp;&nbsp; 4756 | 317152 |
| Lotte Corp. | &nbsp;&nbsp; 8294 | 206431 |
| Lotte Energy Materials Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6264 | 194993 |
| LOTTE Fine Chemical Co. Ltd. | &nbsp;&nbsp; 4118 | 146293 |
| LOTTE REIT Co. Ltd. | &nbsp;&nbsp; 53248 | 179486 |
| Lotte Rental Co. Ltd. | &nbsp;&nbsp; 4661 | 109419 |
| Lotte Shopping Co. Ltd. | &nbsp;&nbsp; 2399 | 179284 |
| Lotte Tour Development Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 14616 | 235136 |
| LS Corp. | &nbsp;&nbsp; 4474 | 886387 |
| Lunit, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7138 | 201746 |
| LX International Corp. | &nbsp;&nbsp; 8294 | 245652 |
| LX Semicon Co. Ltd. | &nbsp;&nbsp; 2900 | 117915 |
| Medytox, Inc. | &nbsp;&nbsp; 1508 | 135009 |
| Mezzion Pharma Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5949 | 585616 |
| Misto Holdings Corp. | &nbsp;&nbsp; 9190 | 312486 |
| Naturecell Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 15024 | 224187 |
| NCSoft Corp. | &nbsp;&nbsp; 3248 | 520945 |
| Netmarble Corp.<sup>(b)</sup> | &nbsp;&nbsp; 7250 | 264550 |
| Nexon Games Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 12122 | 99943 |
| NICE Information Service Co. Ltd. | &nbsp;&nbsp; 11948 | 142237 |
| NKMax Co. Ltd.<sup>(a)(c)(d)</sup> | &nbsp;&nbsp; 5280 | 21131 |
| NongShim Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 870 | 259866 |
| OCI Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3200 | 337441 |
| OliX Pharmaceuticals, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 4425 | 553876 |
| Orion Corp./Republic of Korea | &nbsp;&nbsp; 6496 | 602385 |
| Orion Holdings Corp. | &nbsp;&nbsp; 5743 | 95157 |
| Oscotec, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8758 | 318306 |
| Otoki Corp. | &nbsp;&nbsp; 424 | 117038 |
| Pan Ocean Co. Ltd. | &nbsp;&nbsp; 72326 | 265332 |
| Paradise Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 13862 | 192628 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Park Systems Corp. | &nbsp;&nbsp; 1508 | $302797 |
| Pearl Abyss Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 9396 | 350298 |
| People & Technology, Inc. | &nbsp;&nbsp; 5278 | 200702 |
| Peptron, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5859 | 1160116 |
| PharmaResearch Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1908 | 463398 |
| Poongsan Corp. | &nbsp;&nbsp; 4408 | 354176 |
| Posco DX Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 13572 | 370489 |
| PSK Holdings, Inc. | &nbsp;&nbsp; 2378 | 144624 |
| PSK, Inc. | &nbsp;&nbsp; 5207 | 232412 |
| Rainbow Robotics<sup>(a)</sup> | &nbsp;&nbsp; 2292 | 1370487 |
| Robotis Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2863 | 574995 |
| S&S Tech Corp. | &nbsp;&nbsp; 3667 | 252101 |
| S-1 Corp. | &nbsp;&nbsp; 3639 | 221713 |
| Sam Chun Dang Pharm Co. Ltd. | &nbsp;&nbsp; 3963 | 2274218 |
| Samsung E&A Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 41765 | 1055949 |
| Samsung Securities Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 16379 | 1217010 |
| Sanil Electric Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3248 | 375837 |
| SD Biosensor, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15086 | 88555 |
| Seah Besteel Holdings Corp. | &nbsp;&nbsp; 3684 | 177235 |
| Sebang Global Battery Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2773 | 132786 |
| Seegene, Inc. | &nbsp;&nbsp; 8758 | 159774 |
| Sejin Heavy Industries Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 8004 | 109961 |
| Seojin System Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6459 | 213655 |
| SFA Engineering Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2879 | 67734 |
| SHIFT UP Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6431 | 144455 |
| Shinsegae, Inc. | &nbsp;&nbsp; 1740 | 444981 |
| Shinsung Delta Tech Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 4408 | 214791 |
| Shinyoung Securities Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1102 | 173135 |
| Silicon2 Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 8874 | 270434 |
| SIMMTECH Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 7466 | 281732 |
| SK Bioscience Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6902 | 234898 |
| SK Chemicals Co. Ltd. | &nbsp;&nbsp; 2849 | 136166 |
| SK IE Technology Co. Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 7482 | 140938 |
| SK Networks Co. Ltd. | &nbsp;&nbsp; 31784 | 127040 |
| SK oceanplant Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 8874 | 119067 |
| SK REITs Co. Ltd. | &nbsp;&nbsp; 58000 | 238290 |
| SKC Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 4988 | 393826 |
| SL Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3944 | 201250 |
| SM Entertainment Co. Ltd. | &nbsp;&nbsp; 3080 | 247058 |
| SNT Motiv Co. Ltd. | &nbsp;&nbsp; 3712 | 96173 |
| Soop Co. Ltd. | &nbsp;&nbsp; 2320 | 114444 |
| Soulbrain Co. Ltd. | &nbsp;&nbsp; 952 | 295402 |
| ST Pharm Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3364 | 355608 |
| Studio Dragon Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3828 | 118762 |
| STX Engine Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5278 | 121133 |
| Taesung Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5220 | 286430 |
| Taihan Cable & Solution Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18676 | 466718 |
| TechWing, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 7837 | 254429 |
| TKG Huchems Co. Ltd. | &nbsp;&nbsp; 8850 | 116752 |
| Tokai Carbon Korea Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1282 | 200827 |
| Voronoi, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3186 | 740097 |
| Wemade Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5531 | 100013 |
| WONIK IPS Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 8004 | 698919 |
| YC Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6191 | 93471 |
| YG Entertainment, Inc. | &nbsp;&nbsp; 3716 | 191023 |
| Youngone Corp.<sup>(c)</sup> | &nbsp;&nbsp; 5554 | 372893 |
| Youngone Holdings Co. Ltd. | &nbsp;&nbsp; 1213 | 210089 |
|  |  | 71687529 |
| **Taiwan — 21.4%** | **Taiwan — 21.4%** | **Taiwan — 21.4%** |
| Ability Enterprise Co. Ltd. | &nbsp;&nbsp; 83000 | 211863 |
| AcBel Polytech, Inc. | &nbsp;&nbsp; 179773 | 294787 |
| Acer, Inc. | &nbsp;&nbsp; 754000 | 658539 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Acter Group Corp. Ltd. | &nbsp;&nbsp; 26000 | $592588 |
| ADATA Technology Co. Ltd. | &nbsp;&nbsp; 74788 | 669364 |
| Advanced Echem Materials Co. Ltd., NVS | &nbsp;&nbsp; 21000 | 602071 |
| Advanced Energy Solution Holding Co. Ltd. | &nbsp;&nbsp; 8000 | 303567 |
| Advanced Wireless Semiconductor Co. | &nbsp;&nbsp; 35596 | 138062 |
| Airoha Technology Corp., NVS | &nbsp;&nbsp; 9000 | 147755 |
| All Ring Tech Co. Ltd. | &nbsp;&nbsp; 18000 | 310407 |
| Allis Electric Co. Ltd. | &nbsp;&nbsp; 60388 | 245542 |
| Ambassador Hotel(The) | &nbsp;&nbsp; 58000 | 81471 |
| AP Memory Technology Corp. | &nbsp;&nbsp; 28000 | 381128 |
| Arcadyan Technology Corp. | &nbsp;&nbsp; 47541 | 297621 |
| Ardentec Corp. | &nbsp;&nbsp; 103000 | 514606 |
| Asia Optical Co., Inc. | &nbsp;&nbsp; 58000 | 277653 |
| ASMedia Technology, Inc. | &nbsp;&nbsp; 11000 | 455934 |
| AUO Corp. | &nbsp;&nbsp; 1566000 | 824158 |
| AURAS Technology Co. Ltd. | &nbsp;&nbsp; 19000 | 686170 |
| Bank of Kaohsiung Co. Ltd. | &nbsp;&nbsp; 179310 | 73883 |
| BES Engineering Corp.<sup>(a)</sup> | &nbsp;&nbsp; 365806 | 202184 |
| Bora Pharmaceuticals Co. Ltd. | &nbsp;&nbsp; 19417 | 314386 |
| Brighton-Best International Taiwan, Inc. | &nbsp;&nbsp; 205000 | 222055 |
| Capital Securities Corp. | &nbsp;&nbsp; 448530 | 457559 |
| Cathay Real Estate Development Co. Ltd. | &nbsp;&nbsp; 174300 | 125828 |
| Center Laboratories, Inc. | &nbsp;&nbsp; 135429 | 189336 |
| Central Reinsurance Co. Ltd. | &nbsp;&nbsp; 116000 | 102630 |
| Century Iron & Steel Industrial Co. Ltd. | &nbsp;&nbsp; 58000 | 236819 |
| Chang Wah Electromaterials, Inc. | &nbsp;&nbsp; 116000 | 159932 |
| Chang Wah Technology Co. Ltd. | &nbsp;&nbsp; 76500 | 120643 |
| Charoen Pokphand Enterprise | &nbsp;&nbsp; 45300 | 221340 |
| Chenbro Micom Co. Ltd. | &nbsp;&nbsp; 17000 | 490005 |
| Cheng Loong Corp. | &nbsp;&nbsp; 174000 | 101990 |
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 446000 | 446659 |
| Cheng Uei Precision Industry Co. Ltd. | &nbsp;&nbsp; 116000 | 146613 |
| Chenming Electronic Technology Corp. | &nbsp;&nbsp; 38000 | 135387 |
| Chicony Electronics Co. Ltd. | &nbsp;&nbsp; 158000 | 631179 |
| Chicony Power Technology Co. Ltd. | &nbsp;&nbsp; 36000 | 104134 |
| China Bills Finance Corp. | &nbsp;&nbsp; 174000 | 95611 |
| China Motor Corp. | &nbsp;&nbsp; 94200 | 179503 |
| China Petrochemical Development Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1109145 | 293923 |
| China Steel Chemical Corp. | &nbsp;&nbsp; 58000 | 133634 |
| Chipbond Technology Corp. | &nbsp;&nbsp; 167000 | 300520 |
| ChipMOS Technologies, Inc. | &nbsp;&nbsp; 138000 | 310246 |
| Chong Hong Construction Co. Ltd. | &nbsp;&nbsp; 33424 | 80606 |
| Chung Hung Steel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 232000 | 134036 |
| Chung-Hsin Electric & Machinery <br> Manufacturing Corp.<br>| &nbsp;&nbsp; 104000 | 581365 |
| Chunghwa Precision Test Tech Co. Ltd. | &nbsp;&nbsp; 5000 | 588506 |
| Cleanaway Co. Ltd. | &nbsp;&nbsp; 232000 | 259918 |
| Clevo Co. | &nbsp;&nbsp; 116000 | 145789 |
| Compeq Manufacturing Co. Ltd. | &nbsp;&nbsp; 263000 | 1700538 |
| Continental Holdings Corp. | &nbsp;&nbsp; 116000 | 82816 |
| Coretronic Corp. | &nbsp;&nbsp; 58400 | 164961 |
| CSBC Corp. Taiwan<sup>(a)</sup> | &nbsp;&nbsp; 232361 | 179275 |
| CTCI Corp. | &nbsp;&nbsp; 191733 | 191796 |
| Da-Li Development Co. Ltd. | &nbsp;&nbsp; 66574 | 100582 |
| Delpha Construction Co. Ltd. | &nbsp;&nbsp; 192000 | 163852 |
| Dynamic Holding Co. Ltd. | &nbsp;&nbsp; 73002 | 361416 |
| Dynapack International Technology Corp. | &nbsp;&nbsp; 37000 | 360328 |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 48000 | 646235 |
| EirGenix, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 58000 | 112632 |
| Elan Microelectronics Corp. | &nbsp;&nbsp; 69000 | 266961 |
| Elite Advanced Laser Corp. | &nbsp;&nbsp; 30000 | 291064 |
| Elite Semiconductor Microelectronics Technology, Inc. | &nbsp;&nbsp; 72000 | 353562 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Ennoconn Corp. | &nbsp;&nbsp; 23000 | $207337 |
| Ennostar, Inc. | &nbsp;&nbsp; 174184 | 211056 |
| Eternal Materials Co. Ltd. | &nbsp;&nbsp; 198129 | 433456 |
| Evergreen Aviation Technologies Corp. | &nbsp;&nbsp; 33000 | 187080 |
| Evergreen International Storage & Transport Corp. | &nbsp;&nbsp; 92000 | 163895 |
| EVERGREEN Steel Corp. | &nbsp;&nbsp; 58000 | 190669 |
| Everlight Electronics Co. Ltd. | &nbsp;&nbsp; 83000 | 155319 |
| Far Eastern Department Stores Ltd. | &nbsp;&nbsp; 232000 | 168552 |
| Far Eastern International Bank | &nbsp;&nbsp; 770566 | 318523 |
| Faraday Technology Corp. | &nbsp;&nbsp; 58394 | 310996 |
| Farglory Land Development Co. Ltd. | &nbsp;&nbsp; 60000 | 130236 |
| Feng Hsin Steel Co. Ltd. | &nbsp;&nbsp; 116000 | 251616 |
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 124000 | 371003 |
| Fitipower Integrated Technology, Inc. | &nbsp;&nbsp; 27332 | 129085 |
| FLEXium Interconnect, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 90418 | 185240 |
| Formosa Taffeta Co. Ltd. | &nbsp;&nbsp; 232000 | 135129 |
| Fositek Corp. | &nbsp;&nbsp; 13000 | 696015 |
| Foxconn Technology Co. Ltd. | &nbsp;&nbsp; 265000 | 499343 |
| Foxsemicon Integrated Technology, Inc. | &nbsp;&nbsp; 25200 | 250676 |
| Fulgent Sun International Holding Co. Ltd. | &nbsp;&nbsp; 58330 | 174145 |
| Fulltech Fiber Glass Corp.<sup>(a)</sup> | &nbsp;&nbsp; 115000 | 398664 |
| Fusheng Precision Co. Ltd. | &nbsp;&nbsp; 34000 | 287368 |
| G Shank Enterprise Co. Ltd. | &nbsp;&nbsp; 57000 | 152729 |
| Genius Electronic Optical Co. Ltd. | &nbsp;&nbsp; 24585 | 344941 |
| Getac Holdings Corp. | &nbsp;&nbsp; 116000 | 417860 |
| Giant Manufacturing Co. Ltd. | &nbsp;&nbsp; 96000 | 250261 |
| Global Brands Manufacture Ltd. | &nbsp;&nbsp; 79496 | 273152 |
| Global Mixed Mode Technology, Inc. | &nbsp;&nbsp; 21000 | 165637 |
| Gloria Material Technology Corp. | &nbsp;&nbsp; 116000 | 129567 |
| Goldsun Building Materials Co. Ltd. | &nbsp;&nbsp; 232426 | 275637 |
| Grand Process Technology Corp. | &nbsp;&nbsp; 6000 | 335370 |
| Grape King Bio Ltd. | &nbsp;&nbsp; 43000 | 170494 |
| Great Wall Enterprise Co. Ltd. | &nbsp;&nbsp; 174284 | 283575 |
| Greatek Electronics, Inc. | &nbsp;&nbsp; 80000 | 243669 |
| Gudeng Precision Industrial Co. Ltd. | &nbsp;&nbsp; 23000 | 307782 |
| Hannstar Board Corp. | &nbsp;&nbsp; 78642 | 233120 |
| HannStar Display Corp.<sup>(a)</sup> | &nbsp;&nbsp; 522320 | 154092 |
| Highwealth Construction Corp. | &nbsp;&nbsp; 365803 | 442521 |
| Hiwin Technologies Corp. | &nbsp;&nbsp; 70044 | 508213 |
| Hota Industrial Manufacturing Co. Ltd. | &nbsp;&nbsp; 59773 | 115104 |
| Hotai Finance Co. Ltd. | &nbsp;&nbsp; 101780 | 194601 |
| HTC Corp.<sup>(a)</sup> | &nbsp;&nbsp; 174000 | 250350 |
| HUA ENG Wire & Cable Co. Ltd. | &nbsp;&nbsp; 116000 | 133356 |
| Huaku Development Co. Ltd. | &nbsp;&nbsp; 79567 | 275327 |
| Hwang Chang General Contractor Co. Ltd. | &nbsp;&nbsp; 38200 | 74509 |
| IBF Financial Holdings Co. Ltd. | &nbsp;&nbsp; 674901 | 365538 |
| I-Chiun Precision Industry Co. Ltd. | &nbsp;&nbsp; 46000 | 203090 |
| Innodisk Corp. | &nbsp;&nbsp; 21711 | 534019 |
| ITE Technology, Inc. | &nbsp;&nbsp; 41000 | 160069 |
| ITEQ Corp. | &nbsp;&nbsp; 58559 | 261807 |
| ITH Corp. | &nbsp;&nbsp; 118000 | 135181 |
| Jinan Acetate Chemical Co. Ltd. | &nbsp;&nbsp; 177420 | 265790 |
| Johnson Health Tech Co. Ltd. | &nbsp;&nbsp; 23000 | 99253 |
| JSL Construction & Development Co. Ltd. | &nbsp;&nbsp; 96980 | 143891 |
| Kaori Heat Treatment Co. Ltd. | &nbsp;&nbsp; 18047 | 496702 |
| Kenda Rubber Industrial Co. Ltd. | &nbsp;&nbsp; 174260 | 112629 |
| Kindom Development Co. Ltd. | &nbsp;&nbsp; 128240 | 128242 |
| Kinik Co. | &nbsp;&nbsp; 29000 | 478630 |
| Kinpo Electronics | &nbsp;&nbsp; 290000 | 235508 |
| Kinsus Interconnect Technology Corp. | &nbsp;&nbsp; 77000 | 760880 |
| L&K Engineering Co. Ltd. | &nbsp;&nbsp; 43489 | 803110 |
| Lai Yih Footwear Co. Ltd. | &nbsp;&nbsp; 13000 | 83830 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| LandMark Optoelectronics Corp. | &nbsp;&nbsp; 21000 | $817412 |
| Lien Hwa Industrial Holdings Corp. | &nbsp;&nbsp; 286266 | 410342 |
| Longwell Co. | &nbsp;&nbsp; 35000 | 249943 |
| Lotus Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 39000 | 346948 |
| Lumosa Therapeutics Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24000 | 132899 |
| Lung Yen Life Service Corp.<sup>(a)</sup> | &nbsp;&nbsp; 66000 | 111413 |
| LuxNet Corp. | &nbsp;&nbsp; 30082 | 396918 |
| M31 Technology Corp. | &nbsp;&nbsp; 6200 | 88421 |
| Macronix International Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 464000 | 1587946 |
| Makalot Industrial Co. Ltd. | &nbsp;&nbsp; 59598 | 607709 |
| Mega Union Technology, Inc. | &nbsp;&nbsp; 12000 | 292936 |
| Mercuries Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 833614 | 220616 |
| Merida Industry Co. Ltd. | &nbsp;&nbsp; 70000 | 167305 |
| Merry Electronics Co. Ltd. | &nbsp;&nbsp; 59530 | 178992 |
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 195000 | 582579 |
| Mitac Holdings Corp. | &nbsp;&nbsp; 231021 | 580640 |
| momo.com, Inc. | &nbsp;&nbsp; 29950 | 183598 |
| MPI Corp. | &nbsp;&nbsp; 22000 | 2036207 |
| Nan Kang Rubber Tire Co. Ltd. | &nbsp;&nbsp; 157730 | 178929 |
| Nan Pao Resins Chemical Co. Ltd. | &nbsp;&nbsp; 12000 | 125457 |
| Nan Ya Printed Circuit Board Corp. | &nbsp;&nbsp; 57000 | 989087 |
| Nanya Technology Corp.<sup>(a)</sup> | &nbsp;&nbsp; 318000 | 2822871 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 44000 | 563377 |
| Nuvoton Technology Corp. | &nbsp;&nbsp; 58000 | 133344 |
| O-Bank Co. Ltd. | &nbsp;&nbsp; 290000 | 90817 |
| Oneness Biotech Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 83820 | 158140 |
| Orient Semiconductor Electronics Ltd. | &nbsp;&nbsp; 116000 | 211679 |
| Pan Jit International, Inc. | &nbsp;&nbsp; 81000 | 232349 |
| Pan-International Industrial Corp. | &nbsp;&nbsp; 116722 | 188841 |
| Parade Technologies Ltd. | &nbsp;&nbsp; 20000 | 345157 |
| Pharmally International Holding Co. Ltd., NVS<sup>(d)</sup> | &nbsp;&nbsp; 21603 |  |
| Phison Electronics Corp. | &nbsp;&nbsp; 43000 | 2540318 |
| Phoenix Silicon International Corp. | &nbsp;&nbsp; 45000 | 266136 |
| Pixart Imaging, Inc. | &nbsp;&nbsp; 34635 | 224984 |
| Pou Chen Corp. | &nbsp;&nbsp; 580000 | 574019 |
| Powerchip Semiconductor Manufacturing Corp.<sup>(a)</sup> | &nbsp;&nbsp; 812000 | 1940366 |
| Powertech Technology, Inc. | &nbsp;&nbsp; 174000 | 1413013 |
| Poya International Co. Ltd. | &nbsp;&nbsp; 15633 | 251884 |
| President Securities Corp. | &nbsp;&nbsp; 256285 | 262595 |
| Primax Electronics Ltd. | &nbsp;&nbsp; 116000 | 301637 |
| Qisda Corp. | &nbsp;&nbsp; 258660 | 212809 |
| Quanta Storage, Inc. | &nbsp;&nbsp; 58000 | 183876 |
| Radiant Opto-Electronics Corp. | &nbsp;&nbsp; 116000 | 450979 |
| Raydium Semiconductor Corp. | &nbsp;&nbsp; 18000 | 133578 |
| Ruentex Development Co. Ltd. | &nbsp;&nbsp; 406000 | 382575 |
| Ruentex Industries Ltd. | &nbsp;&nbsp; 174735 | 296811 |
| Run Long Construction Co. Ltd. | &nbsp;&nbsp; 117235 | 112770 |
| Sakura Development Co. Ltd. | &nbsp;&nbsp; 92840 | 145065 |
| Sanyang Motor Co. Ltd. | &nbsp;&nbsp; 142820 | 273127 |
| Scientech Corp. | &nbsp;&nbsp; 18829 | 220179 |
| Sercomm Corp. | &nbsp;&nbsp; 58000 | 152711 |
| Shihlin Electric & Engineering Corp. | &nbsp;&nbsp; 67000 | 501322 |
| Shin Zu Shing Co. Ltd. | &nbsp;&nbsp; 47800 | 311589 |
| Shinkong Insurance Co. Ltd. | &nbsp;&nbsp; 58000 | 214294 |
| Shinkong Synthetic Fibers Corp. | &nbsp;&nbsp; 290135 | 143557 |
| Sigurd Microelectronics Corp. | &nbsp;&nbsp; 116124 | 553828 |
| Silergy Corp. | &nbsp;&nbsp; 83000 | 737781 |
| Silicon Integrated Systems Corp. | &nbsp;&nbsp; 116900 | 202779 |
| Simplo Technology Co. Ltd. | &nbsp;&nbsp; 45600 | 483851 |
| Sinbon Electronics Co. Ltd. | &nbsp;&nbsp; 58000 | 448539 |
| Sincere Navigation Corp. | &nbsp;&nbsp; 58000 | 62296 |
| Sino-American Silicon Products, Inc. | &nbsp;&nbsp; 157000 | 586344 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Sinon Corp. | &nbsp;&nbsp; 116000 | $168025 |
| Sitronix Technology Corp. | &nbsp;&nbsp; 31000 | 195690 |
| Solar Applied Materials Technology Corp. | &nbsp;&nbsp; 148943 | 293208 |
| Sporton International, Inc. | &nbsp;&nbsp; 27300 | 168878 |
| Standard Foods Corp. | &nbsp;&nbsp; 116000 | 111250 |
| Starlux Airlines Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 431000 | 315594 |
| Sunonwealth Electric Machine Industry Co. Ltd. | &nbsp;&nbsp; 55000 | 265676 |
| Supreme Electronics Co. Ltd. | &nbsp;&nbsp; 143017 | 330665 |
| Synnex Technology International Corp. | &nbsp;&nbsp; 290000 | 666254 |
| Syntec Technology Co. Ltd. | &nbsp;&nbsp; 10000 | 428685 |
| Systex Corp. | &nbsp;&nbsp; 58000 | 212225 |
| TA Chen Stainless Pipe | &nbsp;&nbsp; 500703 | 589617 |
| Ta Ya Electric Wire & Cable | &nbsp;&nbsp; 238798 | 309335 |
| Taichung Commercial Bank Co. Ltd. | &nbsp;&nbsp; 1008954 | 681029 |
| TaiMed Biologics, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 95793 | 157101 |
| Tainan Spinning Co. Ltd. | &nbsp;&nbsp; 432190 | 185513 |
| Taiwan Acceptance Corp. | &nbsp;&nbsp; 61249 | 144585 |
| Taiwan Cogeneration Corp. | &nbsp;&nbsp; 158860 | 238469 |
| Taiwan Fertilizer Co. Ltd. | &nbsp;&nbsp; 174000 | 260153 |
| Taiwan Glass Industry Corp.<sup>(a)</sup> | &nbsp;&nbsp; 249000 | 479193 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | &nbsp;&nbsp; 71383 | 277390 |
| Taiwan Paiho Ltd. | &nbsp;&nbsp; 89050 | 145769 |
| Taiwan Secom Co. Ltd. | &nbsp;&nbsp; 58450 | 198035 |
| Taiwan Shin Kong Security Co. Ltd. | &nbsp;&nbsp; 105366 | 137907 |
| Taiwan Speciality Chemicals Corp. | &nbsp;&nbsp; 21000 | 224134 |
| Taiwan Surface Mounting Technology Corp. | &nbsp;&nbsp; 58000 | 187313 |
| Taiwan Union Technology Corp. | &nbsp;&nbsp; 62000 | 1060800 |
| Tatung Co. Ltd. | &nbsp;&nbsp; 331300 | 394730 |
| Test Research, Inc. | &nbsp;&nbsp; 43000 | 304173 |
| Tigerair Taiwan Co. Ltd. | &nbsp;&nbsp; 58000 | 118253 |
| Ton Yi Industrial Corp. | &nbsp;&nbsp; 278000 | 168790 |
| Tong Hsing Electronic Industries Ltd. | &nbsp;&nbsp; 45478 | 255222 |
| Tong Yang Industry Co. Ltd. | &nbsp;&nbsp; 97133 | 308249 |
| Topco Scientific Co. Ltd. | &nbsp;&nbsp; 52704 | 583055 |
| Transcend Information, Inc. | &nbsp;&nbsp; 50000 | 331559 |
| Tripod Technology Corp. | &nbsp;&nbsp; 116000 | 1432862 |
| TTY Biopharm Co. Ltd. | &nbsp;&nbsp; 58450 | 157198 |
| Tung Ho Steel Enterprise Corp. | &nbsp;&nbsp; 116750 | 274167 |
| TXC Corp. | &nbsp;&nbsp; 74000 | 216217 |
| U-Ming Marine Transport Corp. | &nbsp;&nbsp; 129000 | 273197 |
| Union Bank of Taiwan | &nbsp;&nbsp; 268419 | 173216 |
| Unitech Printed Circuit Board Corp. | &nbsp;&nbsp; 182604 | 371507 |
| United Integrated Services Co. Ltd. | &nbsp;&nbsp; 44400 | 1578146 |
| Universal Cement Corp. | &nbsp;&nbsp; 116000 | 111001 |
| Universal Microwave Technology, Inc. | &nbsp;&nbsp; 14000 | 707063 |
| Via Technologies, Inc. | &nbsp;&nbsp; 79000 | 126322 |
| VisEra Technologies Co. Ltd. | &nbsp;&nbsp; 32000 | 344780 |
| Visual Photonics Epitaxy Co. Ltd. | &nbsp;&nbsp; 47425 | 324678 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 20000 | 588219 |
| Wah Lee Industrial Corp. | &nbsp;&nbsp; 59340 | 243930 |
| Walsin Lihwa Corp. | &nbsp;&nbsp; 813883 | 945733 |
| Walsin Technology Corp. | &nbsp;&nbsp; 74000 | 363914 |
| Win Semiconductors Corp. | &nbsp;&nbsp; 90000 | 953493 |
| Winbond Electronics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 812000 | 3089252 |
| WinWay Technology Co. Ltd. | &nbsp;&nbsp; 7000 | 1125370 |
| Wisdom Marine Lines Co. Ltd. | &nbsp;&nbsp; 107000 | 247758 |
| Wiselink Co. Ltd. | &nbsp;&nbsp; 36860 | 236832 |
| WNC Corp./Taiwan | &nbsp;&nbsp; 93240 | 552076 |
| WPG Holdings Ltd. | &nbsp;&nbsp; 406000 | 905783 |
| WT Microelectronics Co. Ltd. | &nbsp;&nbsp; 174711 | 1018231 |
| XinTec, Inc. | &nbsp;&nbsp; 47000 | 286916 |
| Yankey Engineering Co. Ltd. | &nbsp;&nbsp; 18250 | 395677 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| YFY, Inc. | &nbsp;&nbsp; 290000 | $238545 |
| Yieh Phui Enterprise Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 237397 | 110792 |
| Yulon Motor Co. Ltd. | &nbsp;&nbsp; 174955 | 171501 |
|  |  | 95190346 |
| **Thailand — 2.5%** | **Thailand — 2.5%** | **Thailand — 2.5%** |
| AEON Thana Sinsap Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 40600 | 127997 |
| Amata Corp. PCL, NVDR | &nbsp;&nbsp; 257876 | 161807 |
| AP Thailand PCL, NVDR | &nbsp;&nbsp; 713400 | 211074 |
| B Grimm Power PCL, NVDR | &nbsp;&nbsp; 290000 | 142627 |
| Bangchak Corp. PCL, NVDR | &nbsp;&nbsp; 134600 | 163471 |
| Bangkok Chain Hospital PCL, NVDR | &nbsp;&nbsp; 400200 | 141018 |
| Bangkok Commercial Asset Management <br> PCL, NVDR<br>| &nbsp;&nbsp; 556800 | 136092 |
| Bangkok Expressway & Metro PCL, NVDR | &nbsp;&nbsp; 1779400 | 360463 |
| Bangkok Life Assurance PCL, NVDR | &nbsp;&nbsp; 219800 | 151327 |
| Banpu PCL, NVDR | &nbsp;&nbsp; 1882200 | 344984 |
| BCPG PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 527800 | 137231 |
| Betagro PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 208800 | 147111 |
| BTS Group Holdings PCL, NVDR<sup>(a)(c)</sup> | &nbsp;&nbsp; 2513466 | 192344 |
| Carabao Group PCL, NVDR | &nbsp;&nbsp; 110200 | 161132 |
| Central Plaza Hotel PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 162800 | 210468 |
| Central Retail Corp. PCL, NVDR | &nbsp;&nbsp; 386300 | 256723 |
| CH Karnchang PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 382800 | 216688 |
| Chularat Hospital PCL, NVDR | &nbsp;&nbsp; 1803800 | 95534 |
| Com7 PCL, NVDR | &nbsp;&nbsp; 313200 | 242889 |
| Electricity Generating PCL, NVDR | &nbsp;&nbsp; 71800 | 285447 |
| Global Power Synergy PCL, NVDR | &nbsp;&nbsp; 180600 | 252150 |
| Home Product Center PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 1551600 | 369036 |
| Indorama Ventures PCL, NVDR | &nbsp;&nbsp; 431500 | 317873 |
| IRPC PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 3851200 | 175915 |
| I-TAIL Corp. PCL, NVDR | &nbsp;&nbsp; 241700 | 131265 |
| Kiatnakin Phatra Bank PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 69632 | 174058 |
| Krungthai Card PCL, NVDR | &nbsp;&nbsp; 290000 | 309856 |
| Land & Houses PCL, NVDR | &nbsp;&nbsp; 2201500 | 308457 |
| MBK PCL, NVDR | &nbsp;&nbsp; 388600 | 256201 |
| Mega Lifesciences PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 121800 | 148895 |
| Muangthai Capital PCL, NVDR | &nbsp;&nbsp; 170800 | 202964 |
| Osotspa PCL, NVDR | &nbsp;&nbsp; 348000 | 192217 |
| PTT Global Chemical PCL, NVDR | &nbsp;&nbsp; 609000 | 552877 |
| Ratch Group PCL, NVDR | &nbsp;&nbsp; 330100 | 329197 |
| Sansiri PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 4025200 | 202005 |
| SCG Packaging PCL, NVDR | &nbsp;&nbsp; 329900 | 218332 |
| Sri Trang Agro-Industry PCL, NVDR | &nbsp;&nbsp; 226280 | 106834 |
| Srisawad Corp. PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 236130 | 218208 |
| Star Petroleum Refining PCL, NVDR | &nbsp;&nbsp; 539400 | 132152 |
| Supalai PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 313200 | 179346 |
| Thai Life Insurance PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 651700 | 230273 |
| Thai Oil PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 301000 | 530926 |
| Thai Union Group PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 742400 | 295861 |
| Thai Vegetable Oil PCL, NVDR | &nbsp;&nbsp; 231960 | 184314 |
| Thanachart Capital PCL, NVDR | &nbsp;&nbsp; 98600 | 192707 |
| TIDLOR Holdings PCL, NVDR | &nbsp;&nbsp; 380567 | 243606 |
| Tipco Asphalt PCL, NVDR | &nbsp;&nbsp; 278400 | 124490 |
| Tisco Financial Group PCL, NVDR | &nbsp;&nbsp; 46900 | 172720 |
| TTW PCL, NVDR | &nbsp;&nbsp; 603200 | 182406 |
| WHA Corp. PCL, NVDR | &nbsp;&nbsp; 2418600 | 338904 |
|  |  | 11160472 |
| **Turkey — 2.4%** | **Turkey — 2.4%** | **Turkey — 2.4%** |
| Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS<sup>(a)</sup> | &nbsp;&nbsp; 184266 | 104384 |
| Aksa Akrilik Kimya Sanayii AS | &nbsp;&nbsp; 470763 | 109081 |
| Anadolu Anonim Turk Sigorta Sirketi | &nbsp;&nbsp; 226200 | 133761 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Anadolu Efes Biracilik Ve Malt Sanayii A/S | &nbsp;&nbsp; 517940 | $223950 |
| Astor Transformator Enerji Turizm Insaat Ve Petrol <br> Sanayi Ticaret AS<br>| &nbsp;&nbsp; 103310 | 442071 |
| Aygaz AS | &nbsp;&nbsp; 26408 | 147746 |
| Baticim Bati Anadolu Cimento Sanayii A/S<sup>(a)</sup> | &nbsp;&nbsp; 752173 | 92622 |
| Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret <br> A/S<sup>(a)</sup><br>| &nbsp;&nbsp; 648 | 9567 |
| Cimsa Cimento Sanayi VE Ticaret AS | &nbsp;&nbsp; 117280 | 136715 |
| Destek Finans Faktoring AS<sup>(a)(c)</sup> | &nbsp;&nbsp; 21054 | 719338 |
| Dogan Sirketler Grubu Holding AS | &nbsp;&nbsp; 353916 | 162322 |
| Dogus Otomotiv Servis ve Ticaret AS | &nbsp;&nbsp; 34102 | 169990 |
| EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar <br> Sanayi ve Ticaret AS<br>| &nbsp;&nbsp; 38164 | 99897 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS<sup>(c)</sup> | &nbsp;&nbsp; 637937 | 344909 |
| Enerjisa Enerji AS<sup>(b)(c)</sup> | &nbsp;&nbsp; 84158 | 205731 |
| Enerya Enerji A/S | &nbsp;&nbsp; 714354 | 162922 |
| GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS<sup>(c)</sup> | &nbsp;&nbsp; 347130 | 61708 |
| Gubre Fabrikalari TAS<sup>(a)(c)</sup> | &nbsp;&nbsp; 24728 | 299948 |
| Hektas Ticaret TAS<sup>(a)(c)</sup> | &nbsp;&nbsp; 1232501 | 85349 |
| Is Yatirim Menkul Degerler AS | &nbsp;&nbsp; 137286 | 150711 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, <br> Class D<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 245688 | 182350 |
| Kiler Holding AS<sup>(a)</sup> | &nbsp;&nbsp; 106140 | 748928 |
| Kizilbuk Gayrimenkul Yatirim Ortakligi AS<sup>(a)</sup> | &nbsp;&nbsp; 2 |  |
| Koza Anadolu Metal Madencilik Isletmeleri A/S<sup>(a)</sup> | &nbsp;&nbsp; 58000 | 222843 |
| LDR Turizm AS<sup>(a)</sup> | &nbsp;&nbsp; 99041 | 190602 |
| Lydia Holding A/S, NVS<sup>(a)</sup> | &nbsp;&nbsp; 22562 | 102746 |
| Margun Enerji Uretim Sanayi VE Ticaret AS<sup>(a)</sup> | &nbsp;&nbsp; 224171 | 253898 |
| Mavi Giyim Sanayi Ve Ticaret AS, Class B<sup>(b)</sup> | &nbsp;&nbsp; 180380 | 186600 |
| Migros Ticaret AS | &nbsp;&nbsp; 25404 | 374601 |
| MLP Saglik Hizmetleri AS<sup>(a)(b)</sup> | &nbsp;&nbsp; 21750 | 217189 |
| Nuh Cimento Sanayi AS | &nbsp;&nbsp; 18241 | 112932 |
| Otokar Otomotiv Ve Savunma Sanayi AS<sup>(a)</sup> | &nbsp;&nbsp; 12238 | 107155 |
| Oyak Cimento Fabrikalari AS<sup>(c)</sup> | &nbsp;&nbsp; 282940 | 158064 |
| Pasifik Eurasia Lojistik Dis Ticaret AS<sup>(a)(c)</sup> | &nbsp;&nbsp; 86724 | 239441 |
| Pegasus Hava Tasimaciligi AS<sup>(a)(c)</sup> | &nbsp;&nbsp; 68971 | 308980 |
| Peker Gayrimenkul Yatirim Ortakligi A/S<sup>(a)</sup> | &nbsp;&nbsp; 1132564 | 332546 |
| Petkim Petrokimya Holding AS<sup>(a)(c)</sup> | &nbsp;&nbsp; 364066 | 143466 |
| Ral Yatirim Holding AS<sup>(a)</sup> | &nbsp;&nbsp; 39324 | 140078 |
| Selcuk Ecza Deposu Ticaret ve Sanayi AS | &nbsp;&nbsp; 37120 | 71817 |
| Sok Marketler Ticaret AS<sup>(a)</sup> | &nbsp;&nbsp; 116471 | 169417 |
| TAV Havalimanlari Holding AS<sup>(a)</sup> | &nbsp;&nbsp; 51504 | 362552 |
| Tera Yatirim Menkul Degerler AS<sup>(a)</sup> | &nbsp;&nbsp; 43822 | 263327 |
| Tera Yatirim Teknoloji Holding AS<sup>(a)</sup> | &nbsp;&nbsp; 283316 | 91055 |
| Tofas Turk Otomobil Fabrikasi AS | &nbsp;&nbsp; 30276 | 219588 |
| Torunlar Gayrimenkul Yatirim Ortakligi A/S | &nbsp;&nbsp; 86768 | 168227 |
| Turk Altin Isletmeleri AS<sup>(a)(c)</sup> | &nbsp;&nbsp; 267612 | 371565 |
| Turk Traktor ve Ziraat Makineleri AS | &nbsp;&nbsp; 11198 | 130270 |
| Turkiye Sigorta A/S | &nbsp;&nbsp; 590672 | 164023 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(a)</sup> | &nbsp;&nbsp; 480050 | 142025 |
| Turkiye Sise ve Cam Fabrikalari AS | &nbsp;&nbsp; 359774 | 368078 |
| Ulker Biskuvi Sanayi AS | &nbsp;&nbsp; 59044 | 166097 |
| Ziraat Gayrimenkul Yatirim Ortakligi AS | &nbsp;&nbsp; 290897 | 150964 |
|  |  | 10724146 |
| **United Arab Emirates — 1.3%** | **United Arab Emirates — 1.3%** | **United Arab Emirates — 1.3%** |
| Agility Global PLC | &nbsp;&nbsp; 1126554 | 423257 |
| Agthia Group PJSC | &nbsp;&nbsp; 101790 | 105697 |
| Ajman Bank PJSC | &nbsp;&nbsp; 353162 | 152878 |
| Al Waha Capital PJSC | &nbsp;&nbsp; 273934 | 164809 |
| Alef Education Holding PLC | &nbsp;&nbsp; 481499 | 131090 |
| Amanat Holdings PJSC | &nbsp;&nbsp; 270692 | 94332 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Arab Emirates (continued)** | **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |
| Americana Restaurants International PLC - <br> Foreign Co.<br>| &nbsp;&nbsp; 737667 | $374662 |
| Apex Investment Co. PSC<sup>(a)</sup> | &nbsp;&nbsp; 233413 | 226864 |
| Bank of Sharjah<sup>(a)</sup> | &nbsp;&nbsp; 270456 | 95722 |
| Dana Gas PJSC | &nbsp;&nbsp; 1355518 | 347271 |
| Deyaar Development PJSC | &nbsp;&nbsp; 342270 | 95980 |
| Dubai Financial Market PJSC | &nbsp;&nbsp; 547241 | 240238 |
| Dubai Investments PJSC | &nbsp;&nbsp; 568922 | 621534 |
| Dubai Residential REIT | &nbsp;&nbsp; 488667 | 186024 |
| Emirates Central Cooling Systems Corp. | &nbsp;&nbsp; 485058 | 235064 |
| Gulf Navigation Holding PJSC<sup>(a)</sup> | &nbsp;&nbsp; 115876 | 64357 |
| Lulu Retail Holdings PLC | &nbsp;&nbsp; 775298 | 232108 |
| NMDC Energy | &nbsp;&nbsp; 318364 | 232230 |
| Orascom Construction PLC | &nbsp;&nbsp; 12980 | 134837 |
| Parkin Co. PJSC | &nbsp;&nbsp; 217536 | 349107 |
| Phoenix Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 592631 | 145682 |
| RAK Properties PJSC<sup>(a)</sup> | &nbsp;&nbsp; 503195 | 191772 |
| Sharjah Islamic Bank | &nbsp;&nbsp; 343070 | 350257 |
| Space42 PLC<sup>(a)</sup> | &nbsp;&nbsp; 391042 | 165747 |
| Taaleem Holdings PJSC | &nbsp;&nbsp; 60888 | 65810 |
| Union Properties PJSC<sup>(a)</sup> | &nbsp;&nbsp; 789386 | 194711 |
|  |  | 5622040 |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |
| Aura Minerals, Inc. | &nbsp;&nbsp; 9426 | 796026 |
| Cirrus Aircraft Ltd. | &nbsp;&nbsp; 23200 | 184009 |
|  |  | 980035 |
| **Total Common Stocks — 99.0%** <br>**(Cost: $312,247,594)** | **Total Common Stocks — 99.0%** <br>**(Cost: $312,247,594)** | 439363547 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
| Alpargatas SA, Preference Shares, NVS | &nbsp;&nbsp; 45472 | 136332 |
| Banco ABC Brasil SA, Preference Shares, NVS | &nbsp;&nbsp; 26332 | 139352 |
| Banco do Estado do Rio Grande do Sul SA, Class B, <br> Preference Shares, NVS<br>| &nbsp;&nbsp; 52265 | 189424 |
| Bradespar SA, Preference Shares, NVS | &nbsp;&nbsp; 77594 | 375824 |
| Braskem SA, Class A, Preference Shares, NVS | &nbsp;&nbsp; 47560 | 88969 |
| Cia. De Sanena Do Parana, Preference Shares, NVS | &nbsp;&nbsp; 102171 | 171198 |
| Marcopolo SA, Preference Shares, NVS | &nbsp;&nbsp; 238931 | 320656 |
| Metalurgica Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 241299 | 439624 |
| Unipar Carbocloro SA, Preference Shares, NVS | &nbsp;&nbsp; 14802 | 203558 |
| Usinas Siderurgicas de Minas Gerais SA Usiminas, <br> Class A, Preference Shares, NVS<br>| &nbsp;&nbsp; 116406 | 160537 |
|  |  | 2225474 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Embotelladora Andina SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 102605 | 494379 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Grupo de Inversiones Suramericana SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 16522 | 202562 |
| **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** |
| Daishin Securities Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 5800 | 112355 |
| **Total Preferred Stocks — 0.7%** <br>**(Cost: $1,763,776)** | **Total Preferred Stocks — 0.7%** <br>**(Cost: $1,763,776)** | 3034770 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Rights** | **Rights** | **Rights** |
| **Brazil — 0.0%** | **Brazil — 0.0%** | **Brazil — 0.0%** |
| Hypera SA, (Expires 03/31/26, Strike Price <br> BRL 21.25)<sup>(a)</sup><br>| &nbsp;&nbsp; 9126 | $3738 |
| **Taiwan — 0.0%** | **Taiwan — 0.0%** | **Taiwan — 0.0%** |
| Ability Enterprise Co. Ltd., <br> (Expires 03/19/26, Strike Price TWD 66.00)<br>| &nbsp;&nbsp; 58000 | 773 |
| Chong Hong Construction Co., <br> (Expires 03/23/26, Strike Price TWD 60.00)<br>| &nbsp;&nbsp; 58424 | 1874 |
| Kinsus Interconnect Tech, <br> (Expires 03/17/26, Strike Price TWD 145.00)<br>| &nbsp;&nbsp; 58000 | 36192 |
| Sunonwealth Electric Machine, <br> (Expires 03/19/26, Strike Price TWD 125.00)<br>| &nbsp;&nbsp; 55000 | 1800 |
|  |  | 40639 |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** | 44377 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $314,011,370)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $314,011,370)** | 442442694 |
| **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, 3.84%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 39117850 | 39137409 |

---

---

| | | |
|:---|:---|:---|
| *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> 3.64%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 1100000 | $1100000 |
| **Total Short-Term Securities — 9.1%** <br>**(Cost: $40,228,896)** | **Total Short-Term Securities — 9.1%** <br>**(Cost: $40,228,896)** | 40237409 |
| **Total Investments — 108.8%** <br>**(Cost: $354,240,266)** | **Total Investments — 108.8%** <br>**(Cost: $354,240,266)** | 482680103 |
| **Liabilities in Excess of Other Assets — (8.8)%** | **Liabilities in Excess of Other Assets — (8.8)%** | (38951394)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $443728709 |

---

&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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $32905451 | $6231626 <br><sup>(a)</sup><br>| $— | $341 | $(9)<br>| $39137409 | 39117850 | $609672 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 2630000 |  | &nbsp;&nbsp; (1530000 )<sup>(a)</sup><br>|  |  | 1100000 | 1100000 | 60100 |  |
|  |  |  |  | $341 | $(9) | $40237409 |  | $669772 | $— |

---

&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 | 10 | 03/20/26 | &nbsp;&nbsp; $802 | $11996 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Small-Cap 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; $11996 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11996 |

---

&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 February 28, 2026, 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; $197960 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $197960 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8820 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8820 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1193045 |

---

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; $74691427 | &nbsp;&nbsp; $364332311 | &nbsp;&nbsp; $339809 | &nbsp;&nbsp; $439363547 |
| Preferred Stocks | &nbsp;&nbsp; 2922415 | &nbsp;&nbsp; 112355 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3034770 |
| Rights | &nbsp;&nbsp; 3738 | &nbsp;&nbsp; 40639 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44377 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 40237409 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40237409 |
|  | &nbsp;&nbsp; $117854989 | &nbsp;&nbsp; $364485305 | &nbsp;&nbsp; $339809 | &nbsp;&nbsp; $482680103 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $11996 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11996 |

---

&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 (unaudited)

February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &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> | $93486024 | $1873034883 | $442442694 |
| Investments, at value—affiliated<sup>(c)</sup> | 2449072 | 22493321 | 40237409 |
| Cash | 124526 | 40135311 | 2125542 |
| Cash pledged for futures contracts | 23000 | 410000 | 13000 |
| Foreign currency, at value<sup>(d)</sup> | 114781 | 10721459 | 473891 |
| Receivables: |  |  |  |
| Investments sold | 684102 | 77284566 | 24771568 |
| Securities lending income—affiliated | 924 | 22712 | 97708 |
| Loans |  | 31300000 | 817000 |
| Capital shares sold |  | 18943 |  |
| Dividends—unaffiliated | 124494 | 1604302 | 631843 |
| Dividends—affiliated | 4294 | 10898 | 5219 |
| Tax reclaims |  |  | 44113 |
| Foreign withholding tax claims |  |  | 27065 |
| Total assets | 97011217 | 2057036395 | 511687052 |
| **LIABILITIES** |  |  |  |
| Bank borrowings |  | 31300000 | 817000 |
| Collateral on securities loaned, at value | 738949 | 22495784 | 39134997 |
| Payables: |  |  |  |
| Investments purchased | 934808 | 87269683 | 24519211 |
| Deferred foreign capital gain tax | 1535814 | 3984144 | 2435371 |
| Interest expense |  | 8294 | 217 |
| Investment advisory fees | 50094 | 665636 | 230367 |
| Professional fees |  |  | 2916 |
| Due to custodian |  | 31300000 | 817000 |
| Variation margin on futures contracts | 230 | 69829 | 1264 |
| Total liabilities | 3259895 | 177093370 | 67958343 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $93751322 | $1879943025 | $443728709 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $326353486 | $1501708372 | $317156201 |
| Accumulated earnings (loss) | (232602164) | 378234653 | 126572508 |
| NET ASSETS | $93751322 | $1879943025 | $443728709 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 2150000 | 17700000 | 5900000 |
| Net asset value | $43.61 | $106.21 | $75.21 |
| Shares authorized | 500 million | 500 million | 500 million |
| Par value | $0.001 | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $85415289 | $1367203953 | $314011370 |
| <sup>(b)</sup> Securities loaned, at value | $696978 | $21325017 | $36168399 |
| <sup>(c)</sup> Investments, at cost—affiliated | $2448968 | $22490396 | $40228896 |
| <sup>(d)</sup> Foreign currency, at cost | $114371 | $10758503 | $467240 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; $723706 | &nbsp;&nbsp;&nbsp; $9893114 | &nbsp;&nbsp;&nbsp; $3384298 |
| Dividends—affiliated | &nbsp;&nbsp; 31613 | &nbsp;&nbsp;&nbsp; 104578 | &nbsp;&nbsp;&nbsp; 60100 |
| Interest—unaffiliated | &nbsp;&nbsp; 1325 | &nbsp;&nbsp;&nbsp; 19976 | &nbsp;&nbsp;&nbsp; 2978 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 8156 | &nbsp;&nbsp;&nbsp; 209051 | &nbsp;&nbsp;&nbsp; 609672 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5788 |
| Foreign taxes withheld | &nbsp;&nbsp; (69912)<br>| &nbsp;&nbsp;&nbsp; (1396340)<br>| &nbsp;&nbsp;&nbsp; (377858)<br>|
| Total investment income | &nbsp;&nbsp; 694888 | &nbsp;&nbsp;&nbsp; 8830379 | &nbsp;&nbsp;&nbsp; 3684978 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 322682 | &nbsp;&nbsp;&nbsp; 3868069 | &nbsp;&nbsp;&nbsp; 1432917 |
| Commitment costs | &nbsp;&nbsp; 731 | &nbsp;&nbsp;&nbsp; 12318 | &nbsp;&nbsp;&nbsp; 3195 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3470 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8295 | &nbsp;&nbsp;&nbsp; 2288 |
| Total expenses | &nbsp;&nbsp; 323413 | &nbsp;&nbsp;&nbsp; 3888682 | &nbsp;&nbsp;&nbsp; 1441870 |
| Net investment income | &nbsp;&nbsp; 371475 | &nbsp;&nbsp;&nbsp; 4941697 | &nbsp;&nbsp;&nbsp; 2243108 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (733865)<br>| &nbsp;&nbsp;&nbsp; 19673453 | &nbsp;&nbsp;&nbsp; 19544872 |
| Investments—affiliated | &nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp; (624)<br>| &nbsp;&nbsp;&nbsp; 341 |
| Foreign currency transactions | &nbsp;&nbsp; (800)<br>| &nbsp;&nbsp;&nbsp; (77822)<br>| &nbsp;&nbsp;&nbsp; 6017 |
| Futures contracts | &nbsp;&nbsp; 3633 | &nbsp;&nbsp;&nbsp; 818461 | &nbsp;&nbsp;&nbsp; 197960 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 693936 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 523197 |
|  | &nbsp;&nbsp; (36899)<br>| &nbsp;&nbsp;&nbsp; 20413468 | &nbsp;&nbsp;&nbsp; 20272387 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 1575864 | &nbsp;&nbsp;&nbsp; 345318875 | &nbsp;&nbsp;&nbsp; 38492683 |
| Investments—affiliated | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (347)<br>| &nbsp;&nbsp;&nbsp; (9)<br>|
| Foreign currency translations | &nbsp;&nbsp; 6256 | &nbsp;&nbsp;&nbsp; (53490)<br>| &nbsp;&nbsp;&nbsp; 11270 |
| Futures contracts | &nbsp;&nbsp; (2903)<br>| &nbsp;&nbsp;&nbsp; 5553 | &nbsp;&nbsp;&nbsp; 8820 |
|  | &nbsp;&nbsp; 1579202 | &nbsp;&nbsp;&nbsp; 345270591 | &nbsp;&nbsp;&nbsp; 38512764 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1542303 | &nbsp;&nbsp;&nbsp; 365684059 | &nbsp;&nbsp;&nbsp; 58785151 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1913778 | &nbsp;&nbsp;&nbsp; $370625756 | &nbsp;&nbsp;&nbsp; $61028259 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(83878)<br>| &nbsp;&nbsp;&nbsp; $(34890)<br>| &nbsp;&nbsp;&nbsp; $(178747)<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>(c)</sup> Net of reduction/increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $20918 | &nbsp;&nbsp;&nbsp; $(2118500)<br>| &nbsp;&nbsp;&nbsp; $675170 |

---

*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 BIC ETF  | iShares <br>MSCI BIC ETF  | iShares <br>MSCI Emerging Markets Asia ETF  | iShares <br>MSCI Emerging Markets Asia ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $371475 | &nbsp;&nbsp;&nbsp; $1265618 | &nbsp;&nbsp;&nbsp; $4941697 | &nbsp;&nbsp;&nbsp; $12232369 |
| Net realized gain (loss) | &nbsp;&nbsp; (36899)<br>| &nbsp;&nbsp;&nbsp; (8096786)<br>| &nbsp;&nbsp;&nbsp; 20413468 | &nbsp;&nbsp;&nbsp; (6074241)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1579202 | &nbsp;&nbsp;&nbsp; 22092086 | &nbsp;&nbsp;&nbsp; 345270591 | &nbsp;&nbsp;&nbsp; 105045188 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1913778 | &nbsp;&nbsp;&nbsp; 15260918 | &nbsp;&nbsp;&nbsp; 370625756 | &nbsp;&nbsp;&nbsp; 111203316 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (965116 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (1937753)<br>| &nbsp;&nbsp;&nbsp; (20113263 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (9253413)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 2052096 | &nbsp;&nbsp;&nbsp; 6167841 | &nbsp;&nbsp;&nbsp; 122219166 | &nbsp;&nbsp;&nbsp; 893120143 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 3000758 | &nbsp;&nbsp;&nbsp; 19491006 | &nbsp;&nbsp;&nbsp; 472731659 | &nbsp;&nbsp;&nbsp; 995070046 |
| Beginning of period | &nbsp;&nbsp; 90750564 | &nbsp;&nbsp;&nbsp; 71259558 | &nbsp;&nbsp;&nbsp; 1407211366 | &nbsp;&nbsp;&nbsp; 412141320 |
| End of period | &nbsp;&nbsp; $93751322 | &nbsp;&nbsp;&nbsp; $90750564 | &nbsp;&nbsp;&nbsp; $1879943025 | &nbsp;&nbsp;&nbsp; $1407211366 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2026 iShares Semi-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 Small-Cap <br> ETF  | iShares <br>MSCI Emerging Markets Small-Cap <br> ETF  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $2243108 | &nbsp;&nbsp;&nbsp; $7257891 |
| Net realized gain | &nbsp;&nbsp; 20272387 | &nbsp;&nbsp;&nbsp; 6437556 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 38512764 | &nbsp;&nbsp;&nbsp; 23444093 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 61028259 | &nbsp;&nbsp;&nbsp; 37139540 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (9633249 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (9656298)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (215353)<br>| &nbsp;&nbsp;&nbsp; (8744328)<br>|
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 51179657 | &nbsp;&nbsp;&nbsp; 18738914 |
| Beginning of period | &nbsp;&nbsp; 392549052 | &nbsp;&nbsp;&nbsp; 373810138 |
| End of period | &nbsp;&nbsp; $443728709 | &nbsp;&nbsp;&nbsp; $392549052 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*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 BIC ETF  | iShares MSCI BIC ETF  | iShares MSCI BIC ETF  | iShares MSCI BIC ETF  | iShares MSCI BIC ETF  | iShares MSCI BIC ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $43.21 | &nbsp;&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> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;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; (0.48 )<sup>(e)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $43.61 | &nbsp;&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>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.03 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.71 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 0.82 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $93751 | &nbsp;&nbsp;&nbsp; $90751 | &nbsp;&nbsp;&nbsp; $71260 | &nbsp;&nbsp;&nbsp; $70200 | &nbsp;&nbsp;&nbsp; $89980 | &nbsp;&nbsp;&nbsp; $158342 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&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>(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>(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>(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>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-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 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  | iShares MSCI Emerging Markets Asia ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $85.29 | &nbsp;&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> | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 21.82 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 22.12 | &nbsp;&nbsp;&nbsp;&nbsp;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; (1.20 )<sup>(e)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $106.21 | &nbsp;&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>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 26.19 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(i)</sup><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; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 0.63 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $1879943 | &nbsp;&nbsp;&nbsp; $1407211 | &nbsp;&nbsp;&nbsp; $412141 | &nbsp;&nbsp;&nbsp; $528751 | &nbsp;&nbsp;&nbsp; $571381 | &nbsp;&nbsp;&nbsp; $881929 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&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>(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>(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>(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>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</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 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  | iShares MSCI Emerging Markets Small-Cap ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $66.53 | &nbsp;&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> | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp; 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> | 9.96 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 10.34 | &nbsp;&nbsp;&nbsp;&nbsp;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; (1.66 )<sup>(f)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $75.21 | &nbsp;&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>(g)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 15.90 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(i)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.71 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 1.11 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $443729 | &nbsp;&nbsp;&nbsp; $392549 | &nbsp;&nbsp;&nbsp; $373810 | &nbsp;&nbsp;&nbsp; $318467 | &nbsp;&nbsp;&nbsp; $336134 | &nbsp;&nbsp;&nbsp; $417274 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&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>(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>(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>(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>(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>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. |
| <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. |
| <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&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>|
| 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 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 February 28, 2026, 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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

**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 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 (except ETF options, equity index options or those that are customized) 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 the 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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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 market 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 BIC |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $52665 | &nbsp;&nbsp;&nbsp; $(52665) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 105150 | &nbsp;&nbsp;&nbsp; (105150) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 814 | &nbsp;&nbsp;&nbsp;&nbsp;(814) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 104346 | &nbsp;&nbsp;&nbsp; (104346) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 115454 | &nbsp;&nbsp;&nbsp; (115454) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 318549 | &nbsp;&nbsp;&nbsp; (318549) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $696978 | &nbsp;&nbsp;&nbsp; $(696978) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Emerging Markets Asia |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $285502 | &nbsp;&nbsp;&nbsp; $(285502) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 4013322 | &nbsp;&nbsp;&nbsp; (4013322) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; 73525 | &nbsp;&nbsp;&nbsp; (73525) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 420163 | &nbsp;&nbsp;&nbsp; (420163) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 350068 | &nbsp;&nbsp;&nbsp; (350068) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 6085673 | &nbsp;&nbsp;&nbsp; (6085673) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 165561 | &nbsp;&nbsp;&nbsp; (165561) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 1264112 | &nbsp;&nbsp;&nbsp; (1264112) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; 827918 | &nbsp;&nbsp;&nbsp; (827918) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 6785162 | &nbsp;&nbsp;&nbsp; (6785162) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 994697 | &nbsp;&nbsp;&nbsp; (994697) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 59314 | &nbsp;&nbsp;&nbsp; (59314) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $21325017 | &nbsp;&nbsp;&nbsp; $(21325017) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (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 Capital, Inc. | &nbsp;&nbsp; $334171 | &nbsp;&nbsp;&nbsp; $(334171) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 537397 | &nbsp;&nbsp;&nbsp; (537397) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 8336368 | &nbsp;&nbsp;&nbsp; (8336368) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; 69658 | &nbsp;&nbsp;&nbsp; (69658) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 498762 | &nbsp;&nbsp;&nbsp; (498762) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 2513354 | &nbsp;&nbsp;&nbsp; (2513354) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 15518779 | &nbsp;&nbsp;&nbsp; (15518779) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 2380282 | &nbsp;&nbsp;&nbsp; (2380282) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 1422735 | &nbsp;&nbsp;&nbsp; (1422735) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 66329 | &nbsp;&nbsp;&nbsp; (66329) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 212818 | &nbsp;&nbsp;&nbsp; (212818) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 3771712 | &nbsp;&nbsp;&nbsp; (3771712) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 135028 | &nbsp;&nbsp;&nbsp; (135028) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 110024 | &nbsp;&nbsp;&nbsp; (110024) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 260982 | &nbsp;&nbsp;&nbsp; (260982) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $36168399 | &nbsp;&nbsp;&nbsp; $(36168399) | &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).

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 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

For its investment advisory services to the iShares MSCI Emerging Markets Asia ETF, BFA is entitled to an annual investment advisory fee of 0.49%, 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 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 specific 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 this 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 six months ended February 28, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI BIC | &nbsp;&nbsp; $1824 |
| MSCI Emerging Markets Asia | &nbsp;&nbsp; 47090 |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; 131540 |

---

**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 six months ended February 28, 2026, 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 BIC | &nbsp;&nbsp; $217286 | &nbsp;&nbsp;&nbsp; $288207 | &nbsp;&nbsp;&nbsp; $(89368) |
| MSCI Emerging Markets Asia | &nbsp;&nbsp; 14781504 | &nbsp;&nbsp;&nbsp; 4044625 | &nbsp;&nbsp;&nbsp; (1065610) |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; 5546255 | &nbsp;&nbsp;&nbsp; 9560358 | &nbsp;&nbsp;&nbsp; 5041322 |

---

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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***7. PURCHASES AND SALES***

For the six months ended February 28, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI BIC | &nbsp;&nbsp; $8586881 | &nbsp;&nbsp;&nbsp; $5317609 |
| MSCI Emerging Markets Asia | &nbsp;&nbsp; 264552376 | &nbsp;&nbsp;&nbsp; 165855721 |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; 64582849 | &nbsp;&nbsp;&nbsp; 68944393 |

---

For the six months ended February 28, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI BIC | &nbsp;&nbsp; $250749 | &nbsp;&nbsp;&nbsp; $2200938 |
| MSCI Emerging Markets Asia | &nbsp;&nbsp; 5033503 | &nbsp;&nbsp;&nbsp; — |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1769630 |

---

***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 February 28, 2026, 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.

As of August 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| MSCI BIC | &nbsp;&nbsp; $(238156925)<br>|
| MSCI Emerging Markets Asia | &nbsp;&nbsp; (133438627)<br>|
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; (1657640)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of February 28, 2026, 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 BIC | &nbsp;&nbsp; $88302153 | &nbsp;&nbsp;&nbsp; $22275813 | &nbsp;&nbsp;&nbsp; $(14644014) | &nbsp;&nbsp;&nbsp; $7631799 |
| MSCI Emerging Markets Asia | &nbsp;&nbsp; 1396060970 | &nbsp;&nbsp;&nbsp; 570584208 | &nbsp;&nbsp;&nbsp; (71069072) | &nbsp;&nbsp;&nbsp; 499515136 |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; 372015960 | &nbsp;&nbsp;&nbsp; 154520291 | &nbsp;&nbsp;&nbsp; (43844152) | &nbsp;&nbsp;&nbsp; 110676139 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. 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 six months ended February 28, 2026, the ETF, iShares MSCI BIC ETF did not borrow under the Syndicated Credit Agreement.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

For the six months ended February 28, 2026, 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 Asia | &nbsp;&nbsp; $31300000 | &nbsp;&nbsp;&nbsp; $345856 | &nbsp;&nbsp;&nbsp;&nbsp;4.77% |
| MSCI Emerging Markets Small-Cap | &nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp; 81956 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 |

---

***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.

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 (unaudited)* (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.

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. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI BIC |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; $6532191 | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $9926313 |
| Shares redeemed | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (4480095)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (3758472)<br>|
|  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; $2052096 | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; $6167841 |
| MSCI Emerging Markets Asia |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; $122219166 | &nbsp;&nbsp;&nbsp; 12200000 | &nbsp;&nbsp;&nbsp; $989841691 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; (96721548)<br>|
|  | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; $122219166 | &nbsp;&nbsp;&nbsp; 10900000 | &nbsp;&nbsp;&nbsp; $893120143 |
| MSCI Emerging Markets Small-Cap |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; $6615149 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $20811012 |
| Shares redeemed | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (6830502)<br>| &nbsp;&nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; (29555340)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $(215353)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; $(8744328)<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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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***

iShares MSCI Emerging Markets Small-Cap 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 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 February 28, 2026, are $27,065 or $0.00 per share.

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 MSCI Emerging Markets Small-Cap 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 has evaluated the impact of all subsequent events on the Funds 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

------

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 Trustees, 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 Trustee 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**.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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 |
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| GO | General Obligation |

---

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.©2026 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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February 28, 2026

![](g948967imgda8a660b1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares, Inc.** |
| • iShares MSCI Brazil ETF \| EWZ \| NYSE Arca |
| • iShares MSCI Chile ETF \| ECH \| Cboe BZX Exchange |
| • iShares MSCI South Africa ETF \| EZA \| NYSE Arca |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_bba509a1-06a2-4632-8ae7-86fc925a7a85_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_bba509a1-06a2-4632-8ae7-86fc925a7a85_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 11 |
| [Statements of Operations](#xx_bba509a1-06a2-4632-8ae7-86fc925a7a85_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 12 |
| [Statements of Changes in Net Assets](#xx_bba509a1-06a2-4632-8ae7-86fc925a7a85_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 13 |
| [Financial Highlights](#xx_bba509a1-06a2-4632-8ae7-86fc925a7a85_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 15 |
| [Notes to Financial Statements](#xx_bba509a1-06a2-4632-8ae7-86fc925a7a85_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 18 |
| [Additional Information](#xx_bba509a1-06a2-4632-8ae7-86fc925a7a85_SAI-Footer-iSharesReport-64_1)  | &nbsp;&nbsp; 26 |
| [Glossary of Terms Used in these Financial Statements](#xx_bba509a1-06a2-4632-8ae7-86fc925a7a85_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 27 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**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; 13238261 | $238657970 |
| **Banks — 11.6%** | **Banks — 11.6%** | **Banks — 11.6%** |
| Banco Bradesco SA | &nbsp;&nbsp; 17135369 | 61401878 |
| Banco do Brasil SA | &nbsp;&nbsp; 32642748 | 171602860 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 59277698 | 887979916 |
|  |  | 1120984654 |
| **Beverages — 2.9%** | **Beverages — 2.9%** | **Beverages — 2.9%** |
| Ambev SA | &nbsp;&nbsp; 88295638 | 280224330 |
| **Capital Markets — 7.8%** | **Capital Markets — 7.8%** | **Capital Markets — 7.8%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 97651792 | 340966951 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 22463335 | 268429514 |
| XP, Inc., Class A | &nbsp;&nbsp; 7012795 | 150985476 |
|  |  | 760381941 |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |
| Raia Drogasil SA | &nbsp;&nbsp; 25840257 | 126416394 |
| **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** |
| Klabin SA | &nbsp;&nbsp; 16870530 | 67659826 |
| **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** |
| Telefonica Brasil SA | &nbsp;&nbsp; 15951938 | 134361588 |
| **Electric Utilities — 6.6%** | **Electric Utilities — 6.6%** | **Electric Utilities — 6.6%** |
| Axia Energia | &nbsp;&nbsp; 22668936 | 270930598 |
| Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 23238946 | 66455271 |
| CPFL Energia SA | &nbsp;&nbsp; 5195250 | 51025229 |
| Energisa SA | &nbsp;&nbsp; 6491530 | 68188606 |
| Equatorial SA | &nbsp;&nbsp; 22739803 | 186788863 |
|  |  | 643388567 |
| **Electrical Equipment — 3.1%** | **Electrical Equipment — 3.1%** | **Electrical Equipment — 3.1%** |
| WEG SA | &nbsp;&nbsp; 31151717 | 302007283 |
| **Financial Services — 0.3%** | **Financial Services — 0.3%** | **Financial Services — 0.3%** |
| StoneCo Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1998347 | 33572230 |
| **Food Products — 1.6%** | **Food Products — 1.6%** | **Food Products — 1.6%** |
| JBS NV, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 7278231 | 122929322 |
| MBRF Global Foods Co. SA | &nbsp;&nbsp; 9129838 | 36829230 |
|  |  | 159758552 |
| **Ground Transportation — 2.6%** | **Ground Transportation — 2.6%** | **Ground Transportation — 2.6%** |
| Localiza Rent a Car SA | &nbsp;&nbsp; 17663124 | 174891285 |
| Rumo SA | &nbsp;&nbsp; 25554727 | 79607723 |
|  |  | 254499008 |
| **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** |
| Rede D'Or Sao Luiz SA<sup>(c)</sup> | &nbsp;&nbsp; 15524489 | 122039775 |
| **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; 10501887 | 43838951 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 6514775 | 42800667 |
|  |  | 86639618 |
| **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 13671588 | 92486233 |
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 13210811 | 45844207 |
| Porto Seguro SA | &nbsp;&nbsp; 3462474 | 35344048 |
|  |  | 173674488 |
| **Metals & Mining — 11.1%** | **Metals & Mining — 11.1%** | **Metals & Mining — 11.1%** |
| Vale SA | &nbsp;&nbsp; 62622518 | 1080701095 |
| **Oil, Gas & Consumable Fuels — 7.3%** | **Oil, Gas & Consumable Fuels — 7.3%** | **Oil, Gas & Consumable Fuels — 7.3%** |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 64628914 | 538689846 |
| PRIO SA/Brazil<sup>(a)</sup> | &nbsp;&nbsp; 15643447 | 166275515 |
|  |  | 704965361 |
| **Paper & Forest Products — 1.6%** | **Paper & Forest Products — 1.6%** | **Paper & Forest Products — 1.6%** |
| Suzano SA | &nbsp;&nbsp; 13469891 | 152395139 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
| TOTVS SA | &nbsp;&nbsp; 10823197 | $79888769 |
| **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** | **Specialty Retail — 2.1%** |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 15210067 | 76547299 |
| Vibra Energia SA | &nbsp;&nbsp; 21260098 | 124081173 |
|  |  | 200628472 |
| **Transportation Infrastructure — 0.7%** | **Transportation Infrastructure — 0.7%** | **Transportation Infrastructure — 0.7%** |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 21301213 | 69182717 |
| **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; 9211006 | 276500661 |
| **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** |
| TIM SA/Brazil | &nbsp;&nbsp; 17277149 | 94027593 |
| **Total Common Stocks — 73.8%** <br>**(Cost: $4,612,995,854)** | **Total Common Stocks — 73.8%** <br>**(Cost: $4,612,995,854)** | 7162556031 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Banks — 15.2%** | **Banks — 15.2%** | **Banks — 15.2%** |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 84887120 | 350212150 |
| Itau Unibanco Holding SA, Preference Shares, NVS | &nbsp;&nbsp; 95495410 | 871408423 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 91353203 | 254288541 |
|  |  | 1475909114 |
| **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| Klabin SA, 0.00% | &nbsp;&nbsp; 1 | 1 |
| **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** | **Electric Utilities — 2.4%** |
| Axia Energia |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 5121649 | 66796733 |
| Preference Shares, NVS | &nbsp;&nbsp; 7306539 | 84146698 |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 35203188 | 82883542 |
|  |  | 233826973 |
| **Metals & Mining — 1.1%** | **Metals & Mining — 1.1%** | **Metals & Mining — 1.1%** |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 25841768 | 105806829 |
| **Oil, Gas & Consumable Fuels — 6.2%** | **Oil, Gas & Consumable Fuels — 6.2%** | **Oil, Gas & Consumable Fuels — 6.2%** |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 78218605 | 600085387 |
| **Total Preferred Stocks — 24.9%** <br>**(Cost: $1,365,805,433)** | **Total Preferred Stocks — 24.9%** <br>**(Cost: $1,365,805,433)** | 2415628304 |
| **Total Long-Term Investments — 98.7%** <br>**(Cost: $5,978,801,287)** | **Total Long-Term Investments — 98.7%** <br>**(Cost: $5,978,801,287)** | 9578184335 |
| **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: Institutional, SL Agency <br> Shares, 3.84%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 288773 | 288917 |
| **Total Short-Term Securities — 0.0%** <br>**(Cost: $288,917)** | **Total Short-Term Securities — 0.0%** <br>**(Cost: $288,917)** | 288917 |
| **Total Investments — 98.7%** <br>**(Cost: $5,979,090,204)** | **Total Investments — 98.7%** <br>**(Cost: $5,979,090,204)** | 9578473252 |
| **Other Assets Less Liabilities — 1.3%** | **Other Assets Less Liabilities — 1.3%** | 126382349 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $9704855601 |

---

&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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Brazil ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $4632389 | $—<br> $(4344603 )<sup>(a)</sup><br>| $1131 | $— | $288917 | 288773 | $3616 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<sup>(c)</sup><br>| 19060000 | —<br> (19060000 )<sup>(a)</sup><br>|  |  |  |  | 363722 |  |
|  |  |  | $1131 | $— | $288917 |  | $367338 | $— |

---

&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.

**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 Brazil Index | 1430 | 03/20/26 | &nbsp;&nbsp; $116545 | $19310893 |

---

**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; $19310893 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19310893 |

---

&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 February 28, 2026, 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; $16186364 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16186364 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15576569 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15576569 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $92082525 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Brazil ETF**

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; $7162556031 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7162556031 |
| Preferred Stocks | &nbsp;&nbsp; 2415628304 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2415628304 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 288917 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 288917 |
|  | &nbsp;&nbsp; $9578473252 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9578473252 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $19310893 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19310893 |

---

&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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 23.3%** | **Banks — 23.3%** | **Banks — 23.3%** |
| Banco de Chile | &nbsp;&nbsp; 679443177 | $140136323 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 780656 | 53484489 |
| Banco Itau Chile SA | &nbsp;&nbsp; 1569727 | 37592005 |
| Banco Santander Chile | &nbsp;&nbsp; 630018884 | 54142699 |
|  |  | 285355516 |
| **Beverages — 3.3%** | **Beverages — 3.3%** | **Beverages — 3.3%** |
| Cia Cervecerias Unidas SA | &nbsp;&nbsp; 3291369 | 22209726 |
| Vina Concha y Toro SA | &nbsp;&nbsp; 17072249 | 18287413 |
|  |  | 40497139 |
| **Broadline Retail — 6.7%** | **Broadline Retail — 6.7%** | **Broadline Retail — 6.7%** |
| Falabella SA | &nbsp;&nbsp; 8607676 | 63912527 |
| Ripley Corp. SA | &nbsp;&nbsp; 36327171 | 18231851 |
|  |  | 82144378 |
| **Consumer Staples Distribution & Retail — 5.5%** | **Consumer Staples Distribution & Retail — 5.5%** | **Consumer Staples Distribution & Retail — 5.5%** |
| Cencosud SA | &nbsp;&nbsp; 15964225 | 49890947 |
| SMU SA | &nbsp;&nbsp; 102973155 | 18170623 |
|  |  | 68061570 |
| **Electric Utilities — 5.6%** | **Electric Utilities — 5.6%** | **Electric Utilities — 5.6%** |
| Enel Chile SA | &nbsp;&nbsp; 556497394 | 46580959 |
| Engie Energia Chile SA | &nbsp;&nbsp; 13061182 | 22391201 |
|  |  | 68972160 |
| **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
| Inversiones La Construccion SA | &nbsp;&nbsp; 989942 | 22969939 |
| **Independent Power and Renewable Electricity Producers — 2.5%** | **Independent Power and Renewable Electricity Producers — 2.5%** | **Independent Power and Renewable Electricity Producers — 2.5%** |
| Colbun SA | &nbsp;&nbsp; 184245365 | 30685745 |
| **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** |
| Cia. Sud Americana de Vapores SA | &nbsp;&nbsp; 153138198 | 8317388 |
| **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** |
| CAP SA<sup>(a)</sup> | &nbsp;&nbsp; 2214945 | 18043206 |
| **Paper & Forest Products — 2.9%** | **Paper & Forest Products — 2.9%** | **Paper & Forest Products — 2.9%** |
| Empresas CMPC SA | &nbsp;&nbsp; 23892017 | 35409351 |
| **Passenger Airlines — 10.8%** | **Passenger Airlines — 10.8%** | **Passenger Airlines — 10.8%** |
| Latam Airlines Group SA | &nbsp;&nbsp; 4712547433 | 132428803 |
| **Real Estate Management & Development — 8.8%** | **Real Estate Management & Development — 8.8%** | **Real Estate Management & Development — 8.8%** |
| Parque Arauco SA | &nbsp;&nbsp; 13149247 | 62426740 |
| Plaza SA | &nbsp;&nbsp; 9872184 | 46152845 |
|  |  | 108579585 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** |
| Empresas Copec SA | &nbsp;&nbsp; 6548442 | $54054995 |
| **Water Utilities — 3.6%** | **Water Utilities — 3.6%** | **Water Utilities — 3.6%** |
| Aguas Andinas SA, Class A | &nbsp;&nbsp; 63937764 | 27033911 |
| Inversiones Aguas Metropolitanas SA | &nbsp;&nbsp; 14901136 | 17779532 |
|  |  | 44813443 |
| **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** |
| Empresa Nacional de Telecomunicaciones SA | &nbsp;&nbsp; 4546752 | 20291897 |
| **Total Common Stocks — 83.2%** <br>**(Cost: $673,877,280)** | **Total Common Stocks — 83.2%** <br>**(Cost: $673,877,280)** | 1020625115 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Beverages — 3.1%** | **Beverages — 3.1%** | **Beverages — 3.1%** |
| Embotelladora Andina SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 7877483 | 37955835 |
| **Chemicals — 13.3%** | **Chemicals — 13.3%** | **Chemicals — 13.3%** |
| Sociedad Quimica y Minera de Chile SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 2144329 | 163651983 |
| **Total Preferred Stocks — 16.4%** <br>**(Cost: $112,305,799)** | **Total Preferred Stocks — 16.4%** <br>**(Cost: $112,305,799)** | 201607818 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $786,183,079)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $786,183,079)** | 1222232933 |
| **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, 3.64%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 540000 | 540000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $540,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $540,000)** | 540000 |
| **Total Investments — 99.7%** <br>**(Cost: $786,723,079)** | **Total Investments — 99.7%** <br>**(Cost: $786,723,079)** | 1222772933 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 4255706 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1227028639 |

---

&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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $710000 | $—<br> $(170000 )<sup>(a)</sup><br>| $— | $— | $540000 | 540000 | $10532 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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 | 42 | 03/20/26 | &nbsp;&nbsp; $3368 | $22443 |

---

**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; $22443 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22443 |

---

&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 February 28, 2026, 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; $219450 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $219450 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6947 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6947 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1752765 |

---

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; $677583406 | &nbsp;&nbsp; $343041709 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1020625115 |
| Preferred Stocks | &nbsp;&nbsp; 37955835 | &nbsp;&nbsp; 163651983 | &nbsp;&nbsp; — | &nbsp;&nbsp; 201607818 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 540000 |
|  | &nbsp;&nbsp; $716079241 | &nbsp;&nbsp; $506693692 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1222772933 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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; $22443 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22443 |

---

&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 (unaudited)

February 28, 2026

**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 — 14.5%** | **Banks — 14.5%** | **Banks — 14.5%** |
| Absa Group Ltd. | &nbsp;&nbsp; 2255067 | $38538567 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 155693 | 46393301 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 1277094 | 25263183 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 2563240 | 51622368 |
|  |  | 161817419 |
| **Broadline Retail — 9.2%** | **Broadline Retail — 9.2%** | **Broadline Retail — 9.2%** |
| Naspers Ltd., Class N | &nbsp;&nbsp; 1844943 | 102672279 |
| **Capital Markets — 1.3%** | **Capital Markets — 1.3%** | **Capital Markets — 1.3%** |
| Reinet Investments SCA | &nbsp;&nbsp; 411465 | 14541294 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Sasol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1774267 | 16166496 |
| **Consumer Staples Distribution & Retail — 5.4%**  | **Consumer Staples Distribution & Retail — 5.4%**  | **Consumer Staples Distribution & Retail — 5.4%**  |
| Bid Corp. Ltd. | &nbsp;&nbsp; 914620 | 24131781 |
| Clicks Group Ltd. | &nbsp;&nbsp; 697915 | 13964649 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 1315118 | 21846299 |
|  |  | 59942729 |
| **Financial Services — 8.0%** | **Financial Services — 8.0%** | **Financial Services — 8.0%** |
| FirstRand Ltd. | &nbsp;&nbsp; 11550932 | 71980665 |
| Remgro Ltd. | &nbsp;&nbsp; 1445681 | 17602831 |
|  |  | 89583496 |
| **Industrial Conglomerates — 1.4%** | **Industrial Conglomerates — 1.4%** | **Industrial Conglomerates — 1.4%** |
| Bidvest Group Ltd.(The) | &nbsp;&nbsp; 962191 | 15240892 |
| **Insurance — 6.3%** | **Insurance — 6.3%** | **Insurance — 6.3%** |
| Discovery Ltd. | &nbsp;&nbsp; 1583120 | 25984096 |
| OUTsurance Group Ltd. | &nbsp;&nbsp; 2647731 | 12216268 |
| Sanlam Ltd. | &nbsp;&nbsp; 4788835 | 31985281 |
|  |  | 70185645 |
| **Metals & Mining — 43.4%** | **Metals & Mining — 43.4%** | **Metals & Mining — 43.4%** |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 1178017 | 150707691 |
| Gold Fields Ltd. | &nbsp;&nbsp; 2087797 | 122357456 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 1522805 | 34651032 |
| Impala Platinum Holdings Ltd. | &nbsp;&nbsp; 2412018 | 53584630 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Northam Platinum Holdings Ltd. | &nbsp;&nbsp; 989337 | $27081954 |
| Sibanye Stillwater Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7791493 | 34611433 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 512262 | 60145731 |
|  |  | 483139927 |
| **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** |
| NEPI Rockcastle NV | &nbsp;&nbsp; 1756116 | 16326268 |
| **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** |
| Pepkor Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10156839 | 16910407 |
| **Wireless Telecommunication Services — 6.0%** | **Wireless Telecommunication Services — 6.0%** | **Wireless Telecommunication Services — 6.0%** |
| MTN Group Ltd. | &nbsp;&nbsp; 3724530 | 48445394 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 1781603 | 18207901 |
|  |  | 66653295 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $801,877,864)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $801,877,864)** | 1113180147 |
| **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> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 420000 | 420000 |
| **Total Short-Term Securities — 0.0%** <br>**(Cost: $420,000)** | **Total Short-Term Securities — 0.0%** <br>**(Cost: $420,000)** | 420000 |
| **Total Investments — 99.9%** <br>**(Cost: $802,297,864)** | **Total Investments — 99.9%** <br>**(Cost: $802,297,864)** | 1113600147 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 893912 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1114494059 |

---

&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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $180000<br> $240000 <br><sup>(a)</sup><br>| $— | $— | $— | $420000 | 420000 | $14727 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**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 | 6 | 03/19/26 | &nbsp;&nbsp; $453 | $46849 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI South Africa 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; $46849 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46849 |

---

&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 February 28, 2026, 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; $188996 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $188996 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29759 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29759 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $771399 |

---

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; $176119921 | &nbsp;&nbsp; $937060226 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1113180147 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 420000 |
|  | &nbsp;&nbsp; $176539921 | &nbsp;&nbsp; $937060226 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1113600147 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $46849 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46849 |

---

&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 (unaudited)

February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Brazil ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Chile ETF <br>| &nbsp;&nbsp; iShares <br>MSCI South Africa <br> ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $9578184335 | $1222232933 | $1113180147 |
| Investments, at value—affiliated<sup>(c)</sup> | 288917 | 540000 | 420000 |
| Cash | 32675554 | 1354 | 3780 |
| Cash pledged for futures contracts | 8343000 | 5000 |  |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  |  | 38684 |
| Foreign currency, at value<sup>(e)</sup> | 4502599 | 169303 | 833202 |
| Receivables: |  |  |  |
| Investments sold | 11830936 | 55504965 | 17232763 |
| Securities lending income—affiliated | 156 |  |  |
| Capital shares sold | 44144150 |  | 30967 |
| Dividends—unaffiliated | 84626840 | 60150 |  |
| Dividends—affiliated | 66239 | 3057 | 1108 |
| Variation margin on futures contracts |  |  | 5514 |
| Total assets | 9764662726 | 1278516762 | 1131746165 |
| **LIABILITIES** |  |  |  |
| Collateral on securities loaned, at value | 288917 |  |  |
| Payables: |  |  |  |
| Investments purchased | 54450539 | 50968538 | 16886965 |
| Investment advisory fees | 3724390 | 518550 | 365141 |
| Variation margin on futures contracts | 1343279 | 1035 |  |
| Total liabilities | 59807125 | 51488123 | 17252106 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $9704855601 | $1227028639 | $1114494059 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $11127474056 | $1183548756 | $1176832032 |
| Accumulated earnings (loss) | (1422618455) | 43479883 | (62337973) |
| NET ASSETS | $9704855601 | $1227028639 | $1114494059 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 250600000 | 28350000 | 13700000 |
| Net asset value | $38.73 | $43.28 | $81.35 |
| Shares authorized | 2 billion | 300 million | 400 million |
| Par value | $0.001 | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $5978801287 | $786183079 | $801877864 |
| <sup>(b)</sup> Securities loaned, at value | $285441 | $— | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $288917 | $540000 | $420000 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $— | $38400 |
| <sup>(e)</sup> Foreign currency, at cost | $4502433 | $169028 | $807982 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended February 28, 2026

&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 South <br> Africa ETF <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $214965938 | &nbsp;&nbsp;&nbsp; $8429738 | &nbsp;&nbsp;&nbsp; $6737211 |
| Dividends—affiliated | &nbsp;&nbsp; 363722 | &nbsp;&nbsp;&nbsp; 10532 | &nbsp;&nbsp;&nbsp; 14727 |
| Interest—unaffiliated | &nbsp;&nbsp; 245849 | &nbsp;&nbsp;&nbsp; 4080 | &nbsp;&nbsp;&nbsp; 146 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 3616 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (13515943)<br>| &nbsp;&nbsp;&nbsp; (2211653)<br>| &nbsp;&nbsp;&nbsp; (837464)<br>|
| Total investment income | &nbsp;&nbsp; 202063182 | &nbsp;&nbsp;&nbsp; 6232697 | &nbsp;&nbsp;&nbsp; 5914620 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 18487651 | &nbsp;&nbsp;&nbsp; 2692326 | &nbsp;&nbsp;&nbsp; 1628476 |
| Commitment costs | &nbsp;&nbsp; 20439 | &nbsp;&nbsp;&nbsp; 4296 | &nbsp;&nbsp;&nbsp; 2533 |
| Interest expense | &nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; 12882 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 18508323 | &nbsp;&nbsp;&nbsp; 2709504 | &nbsp;&nbsp;&nbsp; 1631009 |
| Net investment income | &nbsp;&nbsp; 183554859 | &nbsp;&nbsp;&nbsp; 3523193 | &nbsp;&nbsp;&nbsp; 4283611 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (4330909)<br>| &nbsp;&nbsp;&nbsp; (12090480)<br>| &nbsp;&nbsp;&nbsp; (6005555)<br>|
| Investments—affiliated | &nbsp;&nbsp; 1131 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; 293241 | &nbsp;&nbsp;&nbsp; (879526)<br>| &nbsp;&nbsp;&nbsp; 174320 |
| Futures contracts | &nbsp;&nbsp; 16186364 | &nbsp;&nbsp;&nbsp; 219450 | &nbsp;&nbsp;&nbsp; 188996 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 1039021 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 13188848 | &nbsp;&nbsp;&nbsp; (12750556)<br>| &nbsp;&nbsp;&nbsp; (5642239)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 2027653821 | &nbsp;&nbsp;&nbsp; 273922426 | &nbsp;&nbsp;&nbsp; 261693687 |
| Foreign currency translations | &nbsp;&nbsp; 4545475 | &nbsp;&nbsp;&nbsp; 6872 | &nbsp;&nbsp;&nbsp; 21478 |
| Futures contracts | &nbsp;&nbsp; 15576569 | &nbsp;&nbsp;&nbsp; 6947 | &nbsp;&nbsp;&nbsp; 29759 |
|  | &nbsp;&nbsp; 2047775865 | &nbsp;&nbsp;&nbsp; 273936245 | &nbsp;&nbsp;&nbsp; 261744924 |
| Net realized and unrealized gain | &nbsp;&nbsp; 2060964713 | &nbsp;&nbsp;&nbsp; 261185689 | &nbsp;&nbsp;&nbsp; 256102685 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $2244519572 | &nbsp;&nbsp;&nbsp; $264708882 | &nbsp;&nbsp;&nbsp; $260386296 |
| <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 Brazil ETF  | iShares <br>MSCI Brazil ETF  | iShares <br>MSCI Chile ETF  | iShares <br>MSCI Chile ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $183554859 | &nbsp;&nbsp;&nbsp; $211132406 | &nbsp;&nbsp;&nbsp; $3523193 | &nbsp;&nbsp;&nbsp; $14690929 |
| Net realized gain (loss) | &nbsp;&nbsp; 13188848 | &nbsp;&nbsp;&nbsp; (89642881)<br>| &nbsp;&nbsp;&nbsp; (12750556)<br>| &nbsp;&nbsp;&nbsp; 3814226 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2047775865 | &nbsp;&nbsp;&nbsp; 102472245 | &nbsp;&nbsp;&nbsp; 273936245 | &nbsp;&nbsp;&nbsp; 107329266 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2244519572 | &nbsp;&nbsp;&nbsp; 223961770 | &nbsp;&nbsp;&nbsp; 264708882 | &nbsp;&nbsp;&nbsp; 125834421 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; (225841086 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (233188307)<br>| &nbsp;&nbsp;&nbsp; (3625404 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (14685763)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (280694)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (225841086)<br>| &nbsp;&nbsp;&nbsp; (233188307)<br>| &nbsp;&nbsp;&nbsp; (3625404)<br>| &nbsp;&nbsp;&nbsp; (14966457)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 2260088080 | &nbsp;&nbsp;&nbsp; 1346794560 | &nbsp;&nbsp;&nbsp; 265084837 | &nbsp;&nbsp;&nbsp; 59731238 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 4278766566 | &nbsp;&nbsp;&nbsp; 1337568023 | &nbsp;&nbsp;&nbsp; 526168315 | &nbsp;&nbsp;&nbsp; 170599202 |
| Beginning of period | &nbsp;&nbsp; 5426089035 | &nbsp;&nbsp;&nbsp; 4088521012 | &nbsp;&nbsp;&nbsp; 700860324 | &nbsp;&nbsp;&nbsp; 530261122 |
| End of period | &nbsp;&nbsp; $9704855601 | &nbsp;&nbsp;&nbsp; $5426089035 | &nbsp;&nbsp;&nbsp; $1227028639 | &nbsp;&nbsp;&nbsp; $700860324 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2026 iShares Semi-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 Africa ETF  | iShares <br>MSCI South Africa ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $4283611 | &nbsp;&nbsp;&nbsp; $8088407 |
| Net realized loss | &nbsp;&nbsp; (5642239)<br>| &nbsp;&nbsp;&nbsp; (21781867)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 261744924 | &nbsp;&nbsp;&nbsp; 113916803 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 260386296 | &nbsp;&nbsp;&nbsp; 100223343 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (30336155 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (19551912)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 467042162 | &nbsp;&nbsp;&nbsp; 42052400 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 697092303 | &nbsp;&nbsp;&nbsp; 122723831 |
| Beginning of period | &nbsp;&nbsp; 417401756 | &nbsp;&nbsp;&nbsp; 294677925 |
| End of period | &nbsp;&nbsp; $1114494059 | &nbsp;&nbsp;&nbsp; $417401756 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*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 Brazil ETF  | iShares MSCI Brazil ETF  | iShares MSCI Brazil ETF  | iShares MSCI Brazil ETF  | iShares MSCI Brazil ETF  | iShares MSCI Brazil ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $29.39 | &nbsp;&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> | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 9.57 | &nbsp;&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 | 10.47 | &nbsp;&nbsp;&nbsp;&nbsp;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; (1.13 )<sup>(d)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $38.73 | &nbsp;&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>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 36.53 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.55 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 5.46 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $9704856 | &nbsp;&nbsp;&nbsp; $5426089 | &nbsp;&nbsp;&nbsp; $4088521 | &nbsp;&nbsp;&nbsp; $5126621 | &nbsp;&nbsp;&nbsp; $5236173 | &nbsp;&nbsp;&nbsp; $5044685 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&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>(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>(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>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <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>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <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. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-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 Chile ETF  | iShares MSCI Chile ETF  | iShares MSCI Chile ETF  | iShares MSCI Chile ETF  | iShares MSCI Chile ETF  | iShares MSCI Chile ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $32.67 | &nbsp;&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> | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 10.61 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 10.75 | &nbsp;&nbsp;&nbsp;&nbsp;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; (0.14 )<sup>(d)</sup><br>| &nbsp;&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; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.14)<br>| &nbsp;&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 period** | &nbsp;&nbsp; $43.28 | &nbsp;&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>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 32.94 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.55 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 0.72 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $1227029 | &nbsp;&nbsp;&nbsp; $700860 | &nbsp;&nbsp;&nbsp; $530261 | &nbsp;&nbsp;&nbsp; $621010 | &nbsp;&nbsp;&nbsp; $493079 | &nbsp;&nbsp;&nbsp; $476286 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 25<br> %<br>| &nbsp;&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>(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>(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>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <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>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <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. | <sup>(i)</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  | iShares MSCI South Africa ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $57.18 | &nbsp;&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> | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 27.29 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 27.78 | &nbsp;&nbsp;&nbsp;&nbsp;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; (3.61 )<sup>(d)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $81.35 | &nbsp;&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>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 50.08 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.34 %<sup>(g)</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>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.55 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 1.44 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $1114494 | &nbsp;&nbsp;&nbsp; $417402 | &nbsp;&nbsp;&nbsp; $294678 | &nbsp;&nbsp;&nbsp; $271298 | &nbsp;&nbsp;&nbsp; $315761 | &nbsp;&nbsp;&nbsp; $276373 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&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>(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>(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>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(g)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&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 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 February 28, 2026, 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 (unaudited)* (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 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 (except ETF options, equity index options or those that are customized) 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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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 the 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 market 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; $285441 | &nbsp;&nbsp;&nbsp; $(285441) | &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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (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, 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.

Pursuant to the current securities lending agreement, each of iShares MSCI Chile 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 specific 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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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 this 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 six months ended February 28, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Brazil | &nbsp;&nbsp; $1345 |

---

**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 six months ended February 28, 2026, 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; $12101378 | &nbsp;&nbsp;&nbsp; $132534 | &nbsp;&nbsp;&nbsp; $(28384) |

---

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 six months ended February 28, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Brazil | &nbsp;&nbsp; $2076915382 | &nbsp;&nbsp;&nbsp; $162562593 |
| MSCI Chile | &nbsp;&nbsp; 507390439 | &nbsp;&nbsp;&nbsp; 247374475 |
| MSCI South Africa | &nbsp;&nbsp; 43885776 | &nbsp;&nbsp;&nbsp; 62509772 |

---

For the six months ended February 28, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Brazil | &nbsp;&nbsp; $316938461 | &nbsp;&nbsp;&nbsp; $3371340 |
| MSCI South Africa | &nbsp;&nbsp; 459683965 | &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 February 28, 2026, 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 (unaudited)* (continued)

As of August 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary* <br>*Losses*<sup>(b)</sup> <br>|
| MSCI Brazil | &nbsp;&nbsp; $(4551373399)<br>| &nbsp;&nbsp;&nbsp; $— |
| MSCI Chile | &nbsp;&nbsp; (351550176)<br>| &nbsp;&nbsp;&nbsp; (236124)<br>|
| MSCI South Africa | &nbsp;&nbsp; (326093160)<br>| &nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The Funds have elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

As of February 28, 2026, 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; $6492341236 | &nbsp;&nbsp;&nbsp; $3618693941 | &nbsp;&nbsp;&nbsp; $(513251032) | &nbsp;&nbsp;&nbsp; $3105442909 |
| MSCI Chile | &nbsp;&nbsp; 814656304 | &nbsp;&nbsp;&nbsp; 444415478 | &nbsp;&nbsp;&nbsp; (36276406) | &nbsp;&nbsp;&nbsp; 408139072 |
| MSCI South Africa | &nbsp;&nbsp; 836875420 | &nbsp;&nbsp;&nbsp; 321219142 | &nbsp;&nbsp;&nbsp; (44447566) | &nbsp;&nbsp;&nbsp; 276771576 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. 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 six months ended February 28, 2026, 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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

**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 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 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Brazil |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 66650000 | &nbsp;&nbsp;&nbsp; $2281709203 | &nbsp;&nbsp;&nbsp; 61300000 | &nbsp;&nbsp;&nbsp; $1692156008 |
| Shares redeemed | &nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp;&nbsp; (21621123)<br>| &nbsp;&nbsp;&nbsp; (14000000)<br>| &nbsp;&nbsp;&nbsp; (345361448)<br>|
|  | &nbsp;&nbsp; 65950000 | &nbsp;&nbsp;&nbsp; $2260088080 | &nbsp;&nbsp;&nbsp; 47300000 | &nbsp;&nbsp;&nbsp; $1346794560 |
| MSCI Chile |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 9900000 | &nbsp;&nbsp;&nbsp; $387636822 | &nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; $168390382 |
| Shares redeemed | &nbsp;&nbsp; (3000000)<br>| &nbsp;&nbsp;&nbsp; (122551985)<br>| &nbsp;&nbsp;&nbsp; (3900000)<br>| &nbsp;&nbsp;&nbsp; (108659144)<br>|
|  | &nbsp;&nbsp; 6900000 | &nbsp;&nbsp;&nbsp; $265084837 | &nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; $59731238 |
| MSCI South Africa |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp; $467042162 | &nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; $96059698 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1100000)<br>| &nbsp;&nbsp;&nbsp; (54007298)<br>|
|  | &nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp; $467042162 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; $42052400 |

---

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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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 has evaluated the impact of all subsequent events on the Funds 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.

2026 iShares Semi-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 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

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| NVS | Non-Voting Shares |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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.©2026 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.

![](g948967img80cce5182.gif)

![](g948967img0d1b675c3.gif)

------

February 28, 2026

![](g948967img0ffae45d1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares, Inc.** |
| • iShares MSCI Canada ETF \| EWC \| NYSE Arca |
| • iShares MSCI South Korea ETF \| EWY \| NYSE Arca |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_6ab7e3ab-5908-445c-bf04-d3cfd79085c1_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_6ab7e3ab-5908-445c-bf04-d3cfd79085c1_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 10 |
| [Statements of Operations](#xx_6ab7e3ab-5908-445c-bf04-d3cfd79085c1_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 11 |
| [Statements of Changes in Net Assets](#xx_6ab7e3ab-5908-445c-bf04-d3cfd79085c1_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 12 |
| [Financial Highlights](#xx_6ab7e3ab-5908-445c-bf04-d3cfd79085c1_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 13 |
| [Notes to Financial Statements](#xx_6ab7e3ab-5908-445c-bf04-d3cfd79085c1_NTFS-Footer-iSharesReport-23_1)  | &nbsp;&nbsp; 15 |
| [Additional Information](#xx_6ab7e3ab-5908-445c-bf04-d3cfd79085c1_SAI-Footer-iSharesReport-23_1)  | &nbsp;&nbsp; 23 |
| [Glossary of Terms Used in these Financial Statements](#xx_6ab7e3ab-5908-445c-bf04-d3cfd79085c1_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 24 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
| Bombardier, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 129173 | $26694459 |
| CAE, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 446211 | 13232092 |
|  |  | 39926551 |
| **Automobile Components — 0.6%** | **Automobile Components — 0.6%** | **Automobile Components — 0.6%** |
| Magna International, Inc. | &nbsp;&nbsp; 393129 | 24788699 |
| **Banks — 24.5%** | **Banks — 24.5%** | **Banks — 24.5%** |
| Bank of Montreal | &nbsp;&nbsp; 1041765 | 149927706 |
| Bank of Nova Scotia(The) | &nbsp;&nbsp; 1819456 | 138028156 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 1367253 | 138113552 |
| National Bank of Canada | &nbsp;&nbsp; 573226 | 80000758 |
| Royal Bank of Canada | &nbsp;&nbsp; 2057326 | 343986174 |
| Toronto-Dominion Bank(The) | &nbsp;&nbsp; 2487919 | 242362580 |
|  |  | 1092418926 |
| **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 72939 | 10230870 |
| Dollarama, Inc. | &nbsp;&nbsp; 403040 | 59336896 |
|  |  | 69567766 |
| **Capital Markets — 4.1%** | **Capital Markets — 4.1%** | **Capital Markets — 4.1%** |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 601825 | 28100315 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 3033355 | 133026866 |
| IGM Financial, Inc. | &nbsp;&nbsp; 122284 | 6083496 |
| TMX Group Ltd. | &nbsp;&nbsp; 407896 | 13758509 |
|  |  | 180969186 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| Nutrien Ltd. | &nbsp;&nbsp; 711511 | 53512638 |
| **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** |
| Element Fleet Management Corp. | &nbsp;&nbsp; 589586 | 14043216 |
| GFL Environmental, Inc. | &nbsp;&nbsp; 356007 | 15732636 |
| RB Global, Inc. | &nbsp;&nbsp; 273307 | 27532066 |
|  |  | 57307918 |
| **Construction & Engineering — 1.5%** | **Construction & Engineering — 1.5%** | **Construction & Engineering — 1.5%** |
| AtkinsRealis Group, Inc. | &nbsp;&nbsp; 241398 | 16732657 |
| Stantec, Inc. | &nbsp;&nbsp; 167162 | 15477849 |
| WSP Global, Inc. | &nbsp;&nbsp; 198337 | 33598278 |
|  |  | 65808784 |
| **Consumer Staples Distribution & Retail — 3.4%** | **Consumer Staples Distribution & Retail — 3.4%** | **Consumer Staples Distribution & Retail — 3.4%** |
| Alimentation Couche-Tard, Inc. | &nbsp;&nbsp; 1083943 | 65781168 |
| Empire Co. Ltd., Class A, NVS | &nbsp;&nbsp; 186992 | 6632215 |
| George Weston Ltd. | &nbsp;&nbsp; 251446 | 18455902 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 865067 | 40093498 |
| Metro, Inc. | &nbsp;&nbsp; 298362 | 21258607 |
|  |  | 152221390 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| CCL Industries, Inc., Class B, NVS | &nbsp;&nbsp; 216273 | 15043424 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| BCE, Inc. | &nbsp;&nbsp; 110160 | 2895228 |
| TELUS Corp. | &nbsp;&nbsp; 752013 | 10309478 |
|  |  | 13204706 |
| **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** | **Electric Utilities — 1.9%** |
| Emera, Inc. | &nbsp;&nbsp; 444054 | 23103634 |
| Fortis, Inc./Canada | &nbsp;&nbsp; 743815 | 42789607 |
| Hydro One Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 483935 | 20797089 |
|  |  | 86690330 |
| **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** |
| Celestica, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 169997 | 47206088 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| Saputo, Inc. | &nbsp;&nbsp; 359666 | $11480413 |
| **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** |
| AltaGas Ltd. | &nbsp;&nbsp; 457747 | 15557458 |
| **Ground Transportation — 4.8%** | **Ground Transportation — 4.8%** | **Ground Transportation — 4.8%** |
| Canadian National Railway Co. | &nbsp;&nbsp; 770266 | 86437166 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 1321277 | 115694678 |
| TFI International, Inc. | &nbsp;&nbsp; 115096 | 13751105 |
|  |  | 215882949 |
| **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
| Restaurant Brands International, Inc. | &nbsp;&nbsp; 483932 | 34718365 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 201061 | 8580155 |
| **Insurance — 7.2%** | **Insurance — 7.2%** | **Insurance — 7.2%** |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 30271 | 52101272 |
| Great-West Lifeco, Inc. | &nbsp;&nbsp; 400342 | 19341327 |
| iA Financial Corp., Inc. | &nbsp;&nbsp; 136762 | 15553601 |
| Intact Financial Corp. | &nbsp;&nbsp; 262499 | 50679309 |
| Manulife Financial Corp. | &nbsp;&nbsp; 2469489 | 87931587 |
| Power Corp. of Canada | &nbsp;&nbsp; 812354 | 40806786 |
| Sun Life Financial, Inc. | &nbsp;&nbsp; 815497 | 53447771 |
|  |  | 319861653 |
| **IT Services — 5.3%** | **IT Services — 5.3%** | **IT Services — 5.3%** |
| CGI, Inc. | &nbsp;&nbsp; 283713 | 20749392 |
| Shopify, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1799441 | 217231003 |
|  |  | 237980395 |
| **Metals & Mining — 17.3%** | **Metals & Mining — 17.3%** | **Metals & Mining — 17.3%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 738981 | 185621539 |
| Alamos Gold, Inc., Class A | &nbsp;&nbsp; 616222 | 33398550 |
| Barrick Mining Corp. | &nbsp;&nbsp; 2484328 | 126051348 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1039615 | 31126335 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 283738 | 79302280 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 1148562 | 13135565 |
| Kinross Gold Corp. | &nbsp;&nbsp; 1777138 | 65689159 |
| Lundin Gold, Inc. | &nbsp;&nbsp; 158541 | 14943452 |
| Lundin Mining Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1006194 | 32058349 |
| Pan American Silver Corp. | &nbsp;&nbsp; 621208 | 42617679 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 672321 | 39485089 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 668254 | 108891035 |
|  |  | 772320380 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Canadian Utilities Ltd., Class A, NVS | &nbsp;&nbsp; 196524 | 6853595 |
| **Oil, Gas & Consumable Fuels — 17.1%** | **Oil, Gas & Consumable Fuels — 17.1%** | **Oil, Gas & Consumable Fuels — 17.1%** |
| ARC Resources Ltd. | &nbsp;&nbsp; 841287 | 15603945 |
| Cameco Corp. | &nbsp;&nbsp; 640863 | 75820147 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 3066404 | 134139017 |
| Cenovus Energy, Inc. | &nbsp;&nbsp; 2079325 | 46325785 |
| Enbridge, Inc. | &nbsp;&nbsp; 3210550 | 170571869 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 249288 | 29158682 |
| Keyera Corp. | &nbsp;&nbsp; 334491 | 12766102 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 855219 | 37586877 |
| Suncor Energy, Inc. | &nbsp;&nbsp; 1768808 | 99913241 |
| TC Energy Corp. | &nbsp;&nbsp; 1531611 | 98416997 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 540919 | 25395295 |
| Whitecap Resources, Inc. | &nbsp;&nbsp; 1786636 | 17839509 |
|  |  | 763537466 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| Thomson Reuters Corp. | &nbsp;&nbsp; 231063 | 22246621 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Canada ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| FirstService Corp. | &nbsp;&nbsp; 60232 | $9491050 |
| **Software — 1.6%** | **Software — 1.6%** | **Software — 1.6%** |
| Constellation Software, Inc. | &nbsp;&nbsp; 29631 | 54755820 |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 125724 | 8315545 |
| Open Text Corp. | &nbsp;&nbsp; 378475 | 9375515 |
|  |  | 72446880 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| Gildan Activewear, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 261929 | 17852380 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| Toromont Industries Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 118888 | 18451369 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| Rogers Communications, Inc., Class B, NVS | &nbsp;&nbsp; 536763 | 21422512 |
| **Total Common Stocks — 99.7%** <br>**(Cost: $3,540,958,915)** | **Total Common Stocks — 99.7%** <br>**(Cost: $3,540,958,915)** | 4447350047 |
| **Warrants** | **Warrants** | **Warrants** |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 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)(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: $3,540,958,915)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $3,540,958,915)** | 4447350047 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.1%** | **Money Market Funds — 1.1%** | **Money Market Funds — 1.1%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 45540410 | $45563181 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 1590000 | 1590000 |
| **Total Short-Term Securities — 1.1%** <br>**(Cost: $47,152,265)** | **Total Short-Term Securities — 1.1%** <br>**(Cost: $47,152,265)** | 47153181 |
| **Total Investments — 100.8%** <br>**(Cost: $3,588,111,180)** | **Total Investments — 100.8%** <br>**(Cost: $3,588,111,180)** | 4494503228 |
| **Liabilities in Excess of Other Assets — (0.8)%** | **Liabilities in Excess of Other Assets — (0.8)%** | (34821752)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4459681476 |

---

&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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $7936045<br> $37627675 <br><sup>(a)</sup><br>| $— | $(552)<br>| $13 | $45563181 | 45540410 | $25999 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1320000<br> 270000 <br><sup>(a)</sup><br>|  |  |  | 1590000 | 1590000 | 28440 |  |
|  |  |  | $(552) | $13 | $47153181 |  | $54439 | $— |

---

&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 | 37 | 03/19/26 | &nbsp;&nbsp; $10695 | $565433 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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; $565433 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $565433 |

---

&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 February 28, 2026, 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; $1410297 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1410297 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(13143)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(13143)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $9697022 |

---

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; $4447350047 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4447350047 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 47153181 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47153181 |
|  | &nbsp;&nbsp; $4494503228 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4494503228 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $565433 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $565433 |

---

&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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 2.9%** | **Aerospace & Defense — 2.9%** | **Aerospace & Defense — 2.9%** |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 316556 | $263147633 |
| Hanwha Systems Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 977909 | 77226599 |
| Korea Aerospace Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 821523 | 109163183 |
| LIG Nex1 Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 189617 | 66938171 |
|  |  | 516475586 |
| **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 457917 | 92201642 |
| **Automobile Components — 1.5%** | **Automobile Components — 1.5%** | **Automobile Components — 1.5%** |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 1126762 | 57072971 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 581157 | 208898320 |
|  |  | 265971291 |
| **Automobiles — 5.0%** | **Automobiles — 5.0%** | **Automobiles — 5.0%** |
| Hyundai Motor Co. | &nbsp;&nbsp; 1238078 | 580441026 |
| Kia Corp. | &nbsp;&nbsp; 2199820 | 314106956 |
|  |  | 894547982 |
| **Banks — 6.4%** | **Banks — 6.4%** | **Banks — 6.4%** |
| Hana Financial Group, Inc. | &nbsp;&nbsp; 2654404 | 224528602 |
| Industrial Bank of Korea | &nbsp;&nbsp; 3733399 | 66861191 |
| KakaoBank Corp. | &nbsp;&nbsp; 2597080 | 48939294 |
| KB Financial Group, Inc. | &nbsp;&nbsp; 3389872 | 374133753 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 4043342 | 271940956 |
| Woori Financial Group, Inc. | &nbsp;&nbsp; 6505923 | 162808070 |
|  |  | 1149211866 |
| **Biotechnology — 2.4%** | **Biotechnology — 2.4%** | **Biotechnology — 2.4%** |
| Alteogen, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 421333 | 119357506 |
| Celltrion, Inc. | &nbsp;&nbsp; 1489140 | 246544169 |
| Samsung Episholdings Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 122444 | 57455475 |
|  |  | 423357150 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| Lotte Shopping Co. Ltd. | &nbsp;&nbsp; 1 | 75 |
| **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 493004 | 88648809 |
| Mirae Asset Securities Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2892615 | 144998737 |
| NH Investment & Securities Co. Ltd., Class C | &nbsp;&nbsp; 2162437 | 53440487 |
|  |  | 287088033 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| LG Chem Ltd. | &nbsp;&nbsp; 528370 | 153638339 |
| **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** |
| Hyundai Engineering & Construction Co. Ltd. | &nbsp;&nbsp; 970957 | 111203137 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| LG Uplus Corp. | &nbsp;&nbsp; 3003204 | 34550960 |
| **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** |
| Korea Electric Power Corp. | &nbsp;&nbsp; 2764289 | 111108152 |
| **Electrical Equipment — 6.4%** | **Electrical Equipment — 6.4%** | **Electrical Equipment — 6.4%** |
| Doosan Enerbility Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4194523 | 309997428 |
| Ecopro BM Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 596560 | 91883842 |
| Ecopro Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1099773 | 141223334 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 235921 | 172235417 |
| Hyosung Heavy Industries Corp.<sup>(b)</sup> | &nbsp;&nbsp; 62341 | 122200348 |
| LG Energy Solution Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 486490 | 144581514 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 181171 | 99212593 |
| POSCO Future M Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 432951 | 74319225 |
|  |  | 1155653701 |
| **Electronic Equipment, Instruments & Components — 2.4%** | **Electronic Equipment, Instruments & Components — 2.4%** | **Electronic Equipment, Instruments & Components — 2.4%** |
| LG Display Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5013038 | 50030429 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 589661 | $184292534 |
| Samsung SDI Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 606982 | 196780383 |
|  |  | 431103346 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| HYBE Co. Ltd. | &nbsp;&nbsp; 290024 | 77973532 |
| Krafton, Inc. | &nbsp;&nbsp; 380174 | 65651381 |
|  |  | 143624913 |
| **Financial Services — 0.5%** | **Financial Services — 0.5%** | **Financial Services — 0.5%** |
| Meritz Financial Group, Inc. | &nbsp;&nbsp; 931234 | 82147983 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| Samyang Foods Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 61127 | 51888955 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| HLB, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1483333 | 53323246 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
| Hanjin Kal Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 461735 | 50045777 |
| **Household Durables — 0.7%** | **Household Durables — 0.7%** | **Household Durables — 0.7%** |
| LG Electronics, Inc. | &nbsp;&nbsp; 1201476 | 121547593 |
| **Industrial Conglomerates — 4.9%** | **Industrial Conglomerates — 4.9%** | **Industrial Conglomerates — 4.9%** |
| Doosan Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 93876 | 83529849 |
| LG Corp. | &nbsp;&nbsp; 1048869 | 78485899 |
| Samsung C&T Corp. | &nbsp;&nbsp; 838824 | 204415855 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 903816 | 405648680 |
| SK, Inc. | &nbsp;&nbsp; 409255 | 114272657 |
|  |  | 886352940 |
| **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 586337 | 74491289 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 317076 | 116823274 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 851067 | 136242480 |
|  |  | 327557043 |
| **Interactive Media & Services — 2.1%** | **Interactive Media & Services — 2.1%** | **Interactive Media & Services — 2.1%** |
| Kakao Corp. | &nbsp;&nbsp; 3243961 | 140365428 |
| NAVER Corp. | &nbsp;&nbsp; 1335427 | 235908942 |
|  |  | 376274370 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 570575 | 77323658 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
| Samsung Biologics Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 118806 | 146580904 |
| **Machinery — 4.1%** | **Machinery — 4.1%** | **Machinery — 4.1%** |
| Hanwha Ocean Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1441900 | 141477406 |
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 343435 | 143821852 |
| HD Hyundai Marine Solution Co. Ltd., Class C | &nbsp;&nbsp; 277891 | 35583409 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 449303 | 140544321 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 824108 | 131760625 |
| Samsung Heavy Industries Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7246563 | 145860338 |
|  |  | 739047951 |
| **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** |
| HMM Co. Ltd. | &nbsp;&nbsp; 3668292 | 54371608 |
| **Metals & Mining — 1.1%** | **Metals & Mining — 1.1%** | **Metals & Mining — 1.1%** |
| POSCO Holdings, Inc. | &nbsp;&nbsp; 711233 | 204124158 |
| **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 507804 | 103299748 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 887196 | 78786956 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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.<sup>(a)(b)</sup> | &nbsp;&nbsp; 692449 | $52950566 |
|  |  | 235037270 |
| **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| Korean Air Lines Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3004815 | 58555603 |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| Amorepacific Corp.<sup>(b)</sup> | &nbsp;&nbsp; 470394 | 49457280 |
| APR Corp./Korea<sup>(b)</sup> | &nbsp;&nbsp; 263567 | 57257343 |
|  |  | 106714623 |
| **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 592567 | 49333452 |
| Yuhan Corp. | &nbsp;&nbsp; 803324 | 61485504 |
|  |  | 110818956 |
| **Semiconductors & Semiconductor Equipment — 20.5%** | **Semiconductors & Semiconductor Equipment — 20.5%** | **Semiconductors & Semiconductor Equipment — 20.5%** |
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 540055 | 121708723 |
| SK Hynix, Inc. | &nbsp;&nbsp; 4824315 | 3567059826 |
|  |  | 3688768549 |
| **Technology Hardware, Storage & Peripherals — 23.3%** | **Technology Hardware, Storage & Peripherals — 23.3%** | **Technology Hardware, Storage & Peripherals — 23.3%** |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 28046233 | 4197714992 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| KT&G Corp. | &nbsp;&nbsp; 1004833 | 113854321 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| Posco International Corp. | &nbsp;&nbsp; 988136 | 49698614 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 1239165 | 68492879 |
| **Total Common Stocks — 97.7%** <br>**(Cost: $8,092,864,118)** | **Total Common Stocks — 97.7%** <br>**(Cost: $8,092,864,118)** | 17569978166 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Automobiles — 0.9%** | **Automobiles — 0.9%** | **Automobiles — 0.9%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 325118 | 72695643 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 432168 | 97185676 |
|  |  | 169881319 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 137211 | $13781401 |
| **Total Preferred Stocks — 1.0%** <br>**(Cost: $90,685,960)** | **Total Preferred Stocks — 1.0%** <br>**(Cost: $90,685,960)** | 183662720 |
| **Total Long-Term Investments — 98.7%** <br>**(Cost: $8,183,550,078)** | **Total Long-Term Investments — 98.7%** <br>**(Cost: $8,183,550,078)** | 17753640886 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.0%** | **Money Market Funds — 2.0%** | **Money Market Funds — 2.0%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 363296892 | 363478540 |
| **Total Short-Term Securities — 2.0%** <br>**(Cost: $363,478,540)** | **Total Short-Term Securities — 2.0%** <br>**(Cost: $363,478,540)** | 363478540 |
| **Total Investments — 100.7%** <br>**(Cost: $8,547,028,618)** | **Total Investments — 100.7%** <br>**(Cost: $8,547,028,618)** | 18117119426 |
| **Liabilities in Excess of Other Assets — (0.7)%** | **Liabilities in Excess of Other Assets — (0.7)%** | (124831891)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $17992287535 |

---

&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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $353089159 | $10381764 <br><sup>(a)</sup><br>| $— | $34404 | $(26787)<br>| $363478540 | 363296892 | $5500349 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<sup>(c)</sup><br>| 2420000 |  | &nbsp;&nbsp; (2420000 )<sup>(a)</sup><br>|  |  |  |  | 42701 |  |
|  |  |  |  | $34404 | $(26787) | $363478540 |  | $5543050 | $— |

---

&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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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 | 1421 | 03/12/26 | &nbsp;&nbsp; $231598 | $21719815 |

---

**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; $21719815 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21719815 |

---

&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 February 28, 2026, 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; $33417934 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33417934 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20305729 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20305729 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $139281915 |

---

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; $361713257 | &nbsp;&nbsp; $17208264909 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17569978166 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 183662720 | &nbsp;&nbsp; — | &nbsp;&nbsp; 183662720 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 363478540 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 363478540 |
|  | &nbsp;&nbsp; $725191797 | &nbsp;&nbsp; $17391927629 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18117119426 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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; $21719815 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21719815 |

---

&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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)

February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Canada ETF <br>| &nbsp;&nbsp; iShares <br>MSCI South Korea <br> ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $4447350047 | $17753640886 |
| Investments, at value—affiliated<sup>(c)</sup> | 47153181 | 363478540 |
| Cash | 6117 | 9827028 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 585756 |  |
| Foreign currency, at value<sup>(e)</sup> | 7956313 | 61766590 |
| Receivables: |  |  |
| Investments sold | 40141864 | 1186004107 |
| Securities lending income—affiliated | 4468 | 527778 |
| Capital shares sold |  | 57893582 |
| Dividends—unaffiliated | 5413423 | 47721340 |
| Dividends—affiliated | 3199 | 3026 |
| Variation margin on futures contracts |  | 70717689 |
| Total assets | 4548614368 | 19551580566 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 45571115 | 363524162 |
| Payables: |  |  |
| Investments purchased | 41637986 | 1190185868 |
| Capital shares redeemed | 84657 |  |
| Investment advisory fees | 1565386 | 5583001 |
| Variation margin on futures contracts | 73748 |  |
| Total liabilities | 88932892 | 1559293031 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $4459681476 | $17992287535 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $4518653538 | $9136011321 |
| Accumulated earnings (loss) | (58972062) | 8856276214 |
| NET ASSETS | $4459681476 | $17992287535 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 77000000 | 119100000 |
| Net asset value | $57.92 | $151.07 |
| Shares authorized | 1 billion | 700 million |
| Par value | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $3540958915 | $8183550078 |
| <sup>(b)</sup> Securities loaned, at value | $43601139 | $346229463 |
| <sup>(c)</sup> Investments, at cost—affiliated | $47152265 | $363478540 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $597716 | $— |
| <sup>(e)</sup> Foreign currency, at cost | $7945272 | $62263946 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI <br> Canada ETF <br>| &nbsp;&nbsp; iShares <br>MSCI South Korea <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $43892667 | &nbsp;&nbsp;&nbsp; $71318214 |
| Dividends—affiliated | &nbsp;&nbsp; 28440 | &nbsp;&nbsp;&nbsp; 42701 |
| Interest—unaffiliated | &nbsp;&nbsp; 5759 | &nbsp;&nbsp;&nbsp; 36389 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 25999 | &nbsp;&nbsp;&nbsp; 5500349 |
| Foreign taxes withheld | &nbsp;&nbsp; (6583900)<br>| &nbsp;&nbsp;&nbsp; (11054796)<br>|
| Total investment income | &nbsp;&nbsp; 37368965 | &nbsp;&nbsp;&nbsp; 65842857 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 8852585 | &nbsp;&nbsp;&nbsp; 22414174 |
| Commitment costs | &nbsp;&nbsp; 17406 | &nbsp;&nbsp;&nbsp; 20439 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3954 |
| Total expenses | &nbsp;&nbsp; 8869991 | &nbsp;&nbsp;&nbsp; 22438567 |
| Net investment income | &nbsp;&nbsp; 28498974 | &nbsp;&nbsp;&nbsp; 43404290 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (1676355)<br>| &nbsp;&nbsp;&nbsp; 209398349 |
| Investments—affiliated | &nbsp;&nbsp; (552)<br>| &nbsp;&nbsp;&nbsp; 34404 |
| Foreign currency transactions | &nbsp;&nbsp; 132974 | &nbsp;&nbsp;&nbsp; (2116870)<br>|
| Futures contracts | &nbsp;&nbsp; 1410297 | &nbsp;&nbsp;&nbsp; 33417934 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 77247854 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 77114218 | &nbsp;&nbsp;&nbsp; 240733817 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 568527383 | &nbsp;&nbsp;&nbsp; 7052258564 |
| Investments—affiliated | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (26787)<br>|
| Foreign currency translations | &nbsp;&nbsp; (47500)<br>| &nbsp;&nbsp;&nbsp; (639480)<br>|
| Futures contracts | &nbsp;&nbsp; (13143)<br>| &nbsp;&nbsp;&nbsp; 20305729 |
|  | &nbsp;&nbsp; 568466753 | &nbsp;&nbsp;&nbsp; 7071898026 |
| Net realized and unrealized gain | &nbsp;&nbsp; 645580971 | &nbsp;&nbsp;&nbsp; 7312631843 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $674079945 | &nbsp;&nbsp;&nbsp; $7356036133 |
| <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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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 South Korea ETF  | iShares <br>MSCI South Korea ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $28498974 | &nbsp;&nbsp;&nbsp; $52863809 | &nbsp;&nbsp;&nbsp; $43404290 | &nbsp;&nbsp;&nbsp; $52557754 |
| Net realized gain (loss) | &nbsp;&nbsp; 77114218 | &nbsp;&nbsp;&nbsp; 150749882 | &nbsp;&nbsp;&nbsp; 240733817 | &nbsp;&nbsp;&nbsp; (112876712)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 568466753 | &nbsp;&nbsp;&nbsp; 400339293 | &nbsp;&nbsp;&nbsp; 7071898026 | &nbsp;&nbsp;&nbsp; 362540346 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 674079945 | &nbsp;&nbsp;&nbsp; 603952984 | &nbsp;&nbsp;&nbsp; 7356036133 | &nbsp;&nbsp;&nbsp; 302221388 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (32626661 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (58172802)<br>| &nbsp;&nbsp;&nbsp; (163882362 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (84703374)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 615099855 | &nbsp;&nbsp;&nbsp; 66302379 | &nbsp;&nbsp;&nbsp; 5715089248 | &nbsp;&nbsp;&nbsp; (200225816)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 1256553139 | &nbsp;&nbsp;&nbsp; 612082561 | &nbsp;&nbsp;&nbsp; 12907243019 | &nbsp;&nbsp;&nbsp; 17292198 |
| Beginning of period | &nbsp;&nbsp; 3203128337 | &nbsp;&nbsp;&nbsp; 2591045776 | &nbsp;&nbsp;&nbsp; 5085044516 | &nbsp;&nbsp;&nbsp; 5067752318 |
| End of period | &nbsp;&nbsp; $4459681476 | &nbsp;&nbsp;&nbsp; $3203128337 | &nbsp;&nbsp;&nbsp; $17992287535 | &nbsp;&nbsp;&nbsp; $5085044516 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*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  | iShares MSCI Canada ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $48.75 | &nbsp;&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> | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 9.23 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 9.64 | &nbsp;&nbsp;&nbsp;&nbsp;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; (0.47 )<sup>(d)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $57.92 | &nbsp;&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>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 19.86 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.86 %<sup>(g)</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>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 1.57 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $4459681 | &nbsp;&nbsp;&nbsp; $3203128 | &nbsp;&nbsp;&nbsp; $2591046 | &nbsp;&nbsp;&nbsp; $3028303 | &nbsp;&nbsp;&nbsp; $3662225 | &nbsp;&nbsp;&nbsp; $4157136 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 1<br> %<br>| &nbsp;&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>(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>(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>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</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>(g)</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>(g)</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>(g)</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>(g)</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>(g)</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>(g)</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>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-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 South Korea ETF  | 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  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $72.44 | &nbsp;&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> | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 80.14 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 80.67 | &nbsp;&nbsp;&nbsp;&nbsp;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; (2.04 )<sup>(d)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $151.07 | &nbsp;&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>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 113.30 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.55 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 1.06 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $17992288 | &nbsp;&nbsp;&nbsp; $5085045 | &nbsp;&nbsp;&nbsp; $5067752 | &nbsp;&nbsp;&nbsp; $3654190 | &nbsp;&nbsp;&nbsp; $2959448 | &nbsp;&nbsp;&nbsp; $6136724 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&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>(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>(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>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <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>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <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. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements (unaudited)*

&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> MSCI Canada Diversified <br> MSCI South Korea 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 February 28, 2026, 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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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 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 (except ETF options, equity index options or those that are customized) 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 the 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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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 market 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; $10284804 | &nbsp;&nbsp;&nbsp; $(10284804) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 33316335 | &nbsp;&nbsp;&nbsp; (33316335) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $43601139 | &nbsp;&nbsp;&nbsp; $(43601139) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI South Korea |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $50033869 | &nbsp;&nbsp;&nbsp; $(50033869) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs International | &nbsp;&nbsp; 267950933 | &nbsp;&nbsp;&nbsp; (267950933) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 12804568 | &nbsp;&nbsp;&nbsp; (12804568) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 15440093 | &nbsp;&nbsp;&nbsp; (15440093) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $346229463 | &nbsp;&nbsp;&nbsp; $(346229463) | &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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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 the iShares MSCI Canada 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 $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.

**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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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 specific 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 this 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 six months ended February 28, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Canada | &nbsp;&nbsp; $9708 |
| MSCI South Korea | &nbsp;&nbsp; 1200537 |

---

**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 six months ended February 28, 2026, 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 South Korea | &nbsp;&nbsp; $169412595 | &nbsp;&nbsp;&nbsp; $65771296 | &nbsp;&nbsp;&nbsp; $11008508 |

---

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 six months ended February 28, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Canada | &nbsp;&nbsp; $67214641 | &nbsp;&nbsp;&nbsp; $43219112 |
| MSCI South Korea | &nbsp;&nbsp; 6857070535 | &nbsp;&nbsp;&nbsp; 1420528140 |

---

For the six months ended February 28, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Canada | &nbsp;&nbsp; $871386129 | &nbsp;&nbsp;&nbsp; $284830491 |

---

***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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2026, 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.

As of August 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| MSCI Canada | &nbsp;&nbsp; $(1033355395)<br>|
| MSCI South Korea | &nbsp;&nbsp; (626607751)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of February 28, 2026, 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; $3597518482 | &nbsp;&nbsp;&nbsp; $1000420833 | &nbsp;&nbsp;&nbsp; $(102870654) | &nbsp;&nbsp;&nbsp; $897550179 |
| MSCI South Korea | &nbsp;&nbsp; 8864131462 | &nbsp;&nbsp;&nbsp; 9596618103 | &nbsp;&nbsp;&nbsp; (321910324) | &nbsp;&nbsp;&nbsp; 9274707779 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), is a party to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. 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 six months ended February 28, 2026, 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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (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.

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. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Canada |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 16900000 | &nbsp;&nbsp;&nbsp; $901551259 | &nbsp;&nbsp;&nbsp; 27300000 | &nbsp;&nbsp;&nbsp; $1138268426 |
| Shares redeemed | &nbsp;&nbsp; (5600000)<br>| &nbsp;&nbsp;&nbsp; (286451404)<br>| &nbsp;&nbsp;&nbsp; (25600000)<br>| &nbsp;&nbsp;&nbsp; (1071966047)<br>|
|  | &nbsp;&nbsp; 11300000 | &nbsp;&nbsp;&nbsp; $615099855 | &nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; $66302379 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 02/28/26 | Six Months Ended<br> 02/28/26 | Year Ended<br> 08/31/25 | Year Ended<br> 08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI South Korea |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 48900000 | &nbsp;&nbsp;&nbsp; $5715089248 | &nbsp;&nbsp;&nbsp; 21500000 | &nbsp;&nbsp;&nbsp; $1455984802 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (28500000)<br>| &nbsp;&nbsp;&nbsp; (1656210618)<br>|
|  | &nbsp;&nbsp; 48900000 | &nbsp;&nbsp;&nbsp; $5715089248 | &nbsp;&nbsp;&nbsp; (7000000)<br>| &nbsp;&nbsp;&nbsp; $(200225816)<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 has evaluated the impact of all subsequent events on the Funds 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

------

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 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**.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| NVS | Non-Voting Shares |

---

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.©2026 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.

![](g948967imgaac5b3462.gif)

![](g948967img78c816513.gif)

------

February 28, 2026

![](g948967img0b2a1d411.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares, Inc.** |
| • iShares ESG Aware MSCI EM ETF \| ESGE \| 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_bef8d008-bd0a-451d-be04-381c187c718a_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_bef8d008-bd0a-451d-be04-381c187c718a_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 21 |
| [Statements of Operations](#xx_bef8d008-bd0a-451d-be04-381c187c718a_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 22 |
| [Statements of Changes in Net Assets](#xx_bef8d008-bd0a-451d-be04-381c187c718a_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 23 |
| [Financial Highlights](#xx_bef8d008-bd0a-451d-be04-381c187c718a_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 25 |
| [Notes to Financial Statements](#xx_bef8d008-bd0a-451d-be04-381c187c718a_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 28 |
| [Additional Information](#xx_bef8d008-bd0a-451d-be04-381c187c718a_SAI-Footer-iSharesReport-383_1)  | &nbsp;&nbsp; 37 |
| [Glossary of Terms Used in these Financial Statements](#xx_bef8d008-bd0a-451d-be04-381c187c718a_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 38 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 3.6%** | **Brazil — 3.6%** | **Brazil — 3.6%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 9647394 | $33685429 |
| Banco Bradesco SA | &nbsp;&nbsp; 2133116 | 7643683 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 587158 | 7016346 |
| Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 6775074 | 19374346 |
| Energisa SA | &nbsp;&nbsp; 669281 | 7030290 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 3262448 | 21433580 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 8950573 | 29069939 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 1137526 | 17040140 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 4279052 | 35666418 |
| Raia Drogasil SA | &nbsp;&nbsp; 1301246 | 6365990 |
| Rumo SA | &nbsp;&nbsp; 3184862 | 9921437 |
| TOTVS SA | &nbsp;&nbsp; 1899446 | 14020294 |
| Vibra Energia SA | &nbsp;&nbsp; 2983754 | 17414205 |
| XP, Inc., Class A | &nbsp;&nbsp; 561046 | 12079320 |
|  |  | 237761417 |
| **Chile — 0.5%** | **Chile — 0.5%** | **Chile — 0.5%** |
| Enel Chile SA | &nbsp;&nbsp; 314577202 | 26331314 |
| Plaza SA | &nbsp;&nbsp; 1786703 | 8352906 |
|  |  | 34684220 |
| **China — 23.5%** | **China — 23.5%** | **China — 23.5%** |
| 3SBio, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2136000 | 6021315 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 14956000 | 10126646 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 9150468 | 165593636 |
| Alibaba Health Information Technology Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10486000 | 7453260 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 1299000 | 14056376 |
| Baidu, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1436212 | 22309163 |
| Beijing Kingsoft Office Software, Inc., Class A | &nbsp;&nbsp; 144787 | 6358679 |
| BeOne Medicines Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 476700 | 11768002 |
| Bilibili, Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 207840 | 5801780 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 30478000 | 18893614 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 3026400 | 36483544 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 16353000 | 15046338 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 6382400 | 7988967 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 80429000 | 81827959 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 4233000 | 16981193 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 4170000 | 8592864 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 3723710 | 21014960 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 3132500 | 19486336 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 21035700 | 11894080 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 21557023 | 11139201 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 1147700 | 6818026 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 2289400 | 10478490 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 3629800 | 6063118 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 1872000 | 6700775 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 2622500 | 9156378 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 7488000 | 23036355 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 226285 | 11249954 |
| Contemporary Amperex Technology Co. Ltd., <br> Class H<sup>(c)</sup><br>| &nbsp;&nbsp; 129800 | 8202121 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 1947400 | 17085444 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 1677500 | 13551730 |
| Ganfeng Lithium Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 845200 | 7408553 |
| GDS Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1100000 | 5698476 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 5764000 | 11898740 |
| Genscript Biotech Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4210000 | 6415728 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 4683100 | 12915353 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 5278600 | 10749521 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 1732500 | 6480321 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 2456800 | 8342571 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2242000 | $9981343 |
| Huaqin Technology Co. Ltd., Class A | &nbsp;&nbsp; 500700 | 6702461 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 4481802 | 13948164 |
| Huatai Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 2854800 | 6105409 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 884700 | 8209974 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 35198000 | 28948868 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 6569100 | 17531388 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1798500 | 19567455 |
| JD Health International, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 833500 | 6032511 |
| JD.com, Inc., Class A | &nbsp;&nbsp; 1706778 | 22658644 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 764900 | 6288205 |
| Kanzhun Ltd., ADR | &nbsp;&nbsp; 373100 | 5999448 |
| KE Holdings, Inc., Class A | &nbsp;&nbsp; 1235990 | 6809692 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5215000 | 6691839 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 2047000 | 6798319 |
| Kuaishou Technology<sup>(b)</sup> | &nbsp;&nbsp; 1125800 | 8927067 |
| Lenovo Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 21328000 | 26325623 |
| Li Auto, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1954928 | 17164606 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 991800 | 7232074 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 2684230 | 27639507 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 1294400 | 5868504 |
| NetEase, Inc. | &nbsp;&nbsp; 1268970 | 28583777 |
| NIO, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1730399 | 8554080 |
| Orient Securities Co. Ltd./China, Class A | &nbsp;&nbsp; 5088205 | 7489815 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 103492 | 10735225 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 7486000 | 6115136 |
| Ping An Insurance Group Co. of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 1325600 | 12175021 |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 5919000 | 51203131 |
| Pop Mart International Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 492400 | 14487857 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 9879000 | 6216437 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 762692 | 11918457 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 918200 | 9742689 |
| Shenzhen Mindray Bio-Medical Electronics Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 307600 | 8326703 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 7728151 | 5959428 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 706253 | 14827988 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 971823 | 7186541 |
| TAL Education Group, ADR<sup>(a)</sup> | &nbsp;&nbsp; 593011 | 6244406 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 3518100 | 231469260 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 4366800 | 11503665 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 272971 | 14166680 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 519271 | 9045701 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 1387700 | 19824308 |
| Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4370500 | 22439138 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 9824600 | 43453327 |
| XPeng, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1876696 | 16452102 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7042000 | 10248731 |
| Yum China Holdings, Inc. | &nbsp;&nbsp; 290964 | 16097116 |
| Zhejiang Leapmotor Technology Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 1217500 | 6349720 |
|  |  | 1557337107 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Grupo Cibest SA | &nbsp;&nbsp; 333227 | 7284456 |
| **Czech Republic — 0.3%** | **Czech Republic — 0.3%** | **Czech Republic — 0.3%** |
| Moneta Money Bank AS<sup>(b)</sup> | &nbsp;&nbsp; 1938810 | 18652220 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Aware MSCI EM ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Commercial International Bank - Egypt(CIB) | &nbsp;&nbsp; 2889821 | $8045696 |
| **Greece — 0.5%** | **Greece — 0.5%** | **Greece — 0.5%** |
| Eurobank SA | &nbsp;&nbsp; 2659814 | 12324143 |
| Piraeus Bank SA | &nbsp;&nbsp; 2033654 | 19512083 |
|  |  | 31836226 |
| **Hungary — 0.2%** | **Hungary — 0.2%** | **Hungary — 0.2%** |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 980030 | 10847978 |
| **India — 12.0%** | **India — 12.0%** | **India — 12.0%** |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 276327 | 6794919 |
| Asian Paints Ltd. | &nbsp;&nbsp; 723013 | 18920037 |
| AU Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 687736 | 7241427 |
| Axis Bank Ltd. | &nbsp;&nbsp; 1651172 | 25150226 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 2149543 | 23574295 |
| Canara Bank | &nbsp;&nbsp; 3928591 | 6801225 |
| Dabur India Ltd. | &nbsp;&nbsp; 2332747 | 13303350 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 193353 | 17037843 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5011997 | 13563118 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 1550148 | 23727346 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 7781362 | 76062819 |
| HDFC Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1401000 | 11022632 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 1350266 | 13741860 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 943422 | 24256285 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 2125061 | 32315176 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1222019 | 25575385 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1024393 | 7375606 |
| Indian Hotels Co. Ltd. (The), Class A | &nbsp;&nbsp; 851723 | 6254433 |
| Info Edge India Ltd. | &nbsp;&nbsp; 2255781 | 25551143 |
| Infosys Ltd. | &nbsp;&nbsp; 2977815 | 42680640 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 3343190 | 15278939 |
| Lodha Developers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 789967 | 8596761 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 697844 | 26082906 |
| Mahindra & Mahindra Ltd., GDR | &nbsp;&nbsp; 289411 | 10968677 |
| Marico Ltd. | &nbsp;&nbsp; 2454707 | 21285019 |
| Mphasis Ltd. | &nbsp;&nbsp; 237692 | 6008586 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 378111 | 6337264 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 85549 | 6546920 |
| Persistent Systems Ltd., NVS | &nbsp;&nbsp; 252341 | 13168838 |
| PI Industries Ltd. | &nbsp;&nbsp; 191338 | 6565733 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 1953408 | 6423248 |
| Punjab National Bank | &nbsp;&nbsp; 5049904 | 7191586 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 3440146 | 52797079 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 1459444 | 12447423 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 772674 | 9186838 |
| State Bank of India | &nbsp;&nbsp; 892749 | 11803661 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 187455 | 11370257 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 211030 | 9236209 |
| Swiggy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3962626 | 13172191 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 1209160 | 15172213 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 397003 | 5941018 |
| Torrent Power Ltd. | &nbsp;&nbsp; 398274 | 6872763 |
| Trent Ltd. | &nbsp;&nbsp; 184360 | 7921671 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 378926 | 16138885 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 7510345 | 16717593 |
| United Spirits Ltd. | &nbsp;&nbsp; 755767 | 11470720 |
| UPL Ltd. | &nbsp;&nbsp; 1178267 | 8266248 |
| Voltas Ltd. | &nbsp;&nbsp; 607279 | 10423737 |
| Wipro Ltd. | &nbsp;&nbsp; 6128573 | 13581426 |
| Yes Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 27806394 | 6338426 |
|  |  | 794262600 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Indonesia — 0.6%** | **Indonesia — 0.6%** | **Indonesia — 0.6%** |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 14364800 | $6552856 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 15144392 | 6466500 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 46946100 | 14735056 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 29093900 | 6770712 |
| GoTo Gojek Tokopedia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 1841907900 | 6700884 |
|  |  | 41226008 |
| **Malaysia — 2.3%** | **Malaysia — 2.3%** | **Malaysia — 2.3%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 9304600 | 15368440 |
| Axiata Group Bhd<sup>(c)</sup> | &nbsp;&nbsp; 15878500 | 9296264 |
| CIMB Group Holdings Bhd<sup>(c)</sup> | &nbsp;&nbsp; 16295300 | 33648257 |
| Malayan Banking Bhd | &nbsp;&nbsp; 12628200 | 38801461 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 9772500 | 17895298 |
| SD Guthrie Bhd | &nbsp;&nbsp; 4490100 | 6635331 |
| Sunway Bhd | &nbsp;&nbsp; 20789123 | 31258143 |
|  |  | 152903194 |
| **Mexico — 1.4%** | **Mexico — 1.4%** | **Mexico — 1.4%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 7481913 | 9727095 |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 11703393 | 14651327 |
| Grupo Aeroportuario del Sureste SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 172751 | 6209788 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 5307474 | 19255079 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 2536087 | 28920109 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 4282093 | 13859242 |
|  |  | 92622640 |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Credicorp Ltd. | &nbsp;&nbsp; 45945 | 15914429 |
| **Poland — 1.2%** | **Poland — 1.2%** | **Poland — 1.2%** |
| Allegro.eu SA <sup>(a)(b)</sup> | &nbsp;&nbsp; 3186301 | 24795704 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 254351 | 23985799 |
| ORLEN SA | &nbsp;&nbsp; 496540 | 15993150 |
| Zabka Group SA<sup>(a)</sup> | &nbsp;&nbsp; 2800956 | 17527068 |
|  |  | 82301721 |
| **Qatar — 0.5%** | **Qatar — 0.5%** | **Qatar — 0.5%** |
| Qatar National Bank QPSC | &nbsp;&nbsp; 6519842 | 34524439 |
| **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 | 98 |
| Sberbank of Russia PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 10004860 | 1294 |
| TCS Group Holding PLC, GDR<sup>(a)(d)</sup> | &nbsp;&nbsp; 124025 | 16 |
|  |  | 1462 |
| **Saudi Arabia — 2.1%** | **Saudi Arabia — 2.1%** | **Saudi Arabia — 2.1%** |
| Al Rajhi Bank | &nbsp;&nbsp; 2166838 | 58110507 |
| Dr Sulaiman Al Habib Medical Services <br> Group Co.<br>| &nbsp;&nbsp; 217037 | 13366271 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 1282488 | 21952690 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | &nbsp;&nbsp; 603489 | 11268592 |
| Saudi Telecom Co. | &nbsp;&nbsp; 2938376 | 32733551 |
|  |  | 137431611 |
| **South Africa — 5.0%** | **South Africa — 5.0%** | **South Africa — 5.0%** |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 327946 | 41955239 |
| Clicks Group Ltd. | &nbsp;&nbsp; 315426 | 6311389 |
| Discovery Ltd. | &nbsp;&nbsp; 566596 | 9299664 |
| FirstRand Ltd. | &nbsp;&nbsp; 1803653 | 11239625 |
| Gold Fields Ltd. | &nbsp;&nbsp; 856175 | 50177002 |
| Impala Platinum Holdings Ltd. | &nbsp;&nbsp; 719820 | 15991294 |
| MTN Group Ltd. | &nbsp;&nbsp; 533322 | 6936981 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 345308 | 19216615 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 1676405 | 33162262 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Aware MSCI EM ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| NEPI Rockcastle NV | &nbsp;&nbsp; 4333218 | $40285083 |
| Sanlam Ltd. | &nbsp;&nbsp; 4190114 | 27986342 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 303676 | 35655222 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 3168590 | 32382846 |
|  |  | 330599564 |
| **South Korea — 17.4%** | **South Korea — 17.4%** | **South Korea — 17.4%** |
| Celltrion, Inc. | &nbsp;&nbsp; 58348 | 9660179 |
| Doosan Co. Ltd. | &nbsp;&nbsp; 9811 | 8729722 |
| Doosan Enerbility Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 266107 | 19666714 |
| Hana Financial Group, Inc. | &nbsp;&nbsp; 361209 | 30553658 |
| Hanwha Systems Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 144961 | 11447737 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 36381 | 7400785 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 16314 | 11910125 |
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 7519 | 3148766 |
| Hyundai Motor Co. | &nbsp;&nbsp; 21637 | 10143951 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 46319 | 7405607 |
| Kakao Corp. | &nbsp;&nbsp; 177620 | 7685575 |
| KakaoBank Corp. | &nbsp;&nbsp; 716076 | 13493714 |
| KB Financial Group, Inc. | &nbsp;&nbsp; 335658 | 37045938 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 48860 | 8785691 |
| LG Chem Ltd. | &nbsp;&nbsp; 37807 | 10993441 |
| LG Display Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 985495 | 9835301 |
| LG Energy Solution Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 23644 | 7026836 |
| NAVER Corp. | &nbsp;&nbsp; 117975 | 20840793 |
| POSCO Holdings, Inc. | &nbsp;&nbsp; 53509 | 15357105 |
| Samsung C&T Corp. | &nbsp;&nbsp; 119231 | 29055805 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 45233 | 14137113 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 2783313 | 416581960 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 17753 | 6540904 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 48852 | 7820439 |
| Samsung SDI Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 64433 | 20888841 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 54753 | 7420063 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 499249 | 33577731 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 137172 | 11420090 |
| SK Hynix, Inc. | &nbsp;&nbsp; 331185 | 244875533 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 211378 | 18771308 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 70342 | 31570739 |
| SK, Inc. | &nbsp;&nbsp; 118032 | 32957032 |
| Woori Financial Group, Inc. | &nbsp;&nbsp; 1155598 | 28918369 |
|  |  | 1155667565 |
| **Taiwan — 23.3%** | **Taiwan — 23.3%** | **Taiwan — 23.3%** |
| Accton Technology Corp. | &nbsp;&nbsp; 300000 | 13201586 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 666000 | 7063221 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 1981000 | 23870203 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 311000 | 17100784 |
| ASPEED Technology, Inc. | &nbsp;&nbsp; 21000 | 6481924 |
| Asustek Computer, Inc. | &nbsp;&nbsp; 388000 | 6556458 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 17146769 | 43484036 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 2329560 | 7716867 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 17383000 | 74807201 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 6323000 | 11247719 |
| Delta Electronics, Inc. | &nbsp;&nbsp; 1355000 | 61102124 |
| E Ink Holdings, Inc. | &nbsp;&nbsp; 1132000 | 6700218 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 34173902 | 38432090 |
| Eva Airways Corp. | &nbsp;&nbsp; 15165000 | 18361228 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 10550000 | 31005307 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 43652471 | 41613502 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 258200 | 8709407 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 4112580 | 12334340 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 5000000 | 38243946 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 111000 | 11945277 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Lite-On Technology Corp. | &nbsp;&nbsp; 2278000 | $12434347 |
| MediaTek, Inc. | &nbsp;&nbsp; 780000 | 48047657 |
| PharmaEssentia Corp. | &nbsp;&nbsp; 333000 | 7691021 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 18847097 | 19881034 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 14461000 | 902339816 |
| Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 3256000 | 8501193 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 24032135 | 19563749 |
| United Microelectronics Corp. | &nbsp;&nbsp; 12579000 | 26024136 |
| Wistron Corp. | &nbsp;&nbsp; 1934000 | 8262287 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 7320430 | 11407826 |
|  |  | 1544130504 |
| **Thailand — 1.2%** | **Thailand — 1.2%** | **Thailand — 1.2%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 1034400 | 12640062 |
| Bangkok Dusit Medical Services PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 16731100 | 11651013 |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 1986500 | 17790726 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 1953900 | 12630795 |
| PTT PCL, NVDR | &nbsp;&nbsp; 16817300 | 20014973 |
| Siam Cement PCL (The), NVDR | &nbsp;&nbsp; 987300 | 7143169 |
|  |  | 81870738 |
| **Turkey — 0.4%** | **Turkey — 0.4%** | **Turkey — 0.4%** |
| Akbank TAS | &nbsp;&nbsp; 3191320 | 6561866 |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 1060275 | 7776451 |
| Haci Omer Sabanci Holding AS | &nbsp;&nbsp; 5938543 | 13649829 |
|  |  | 27988146 |
| **United Arab Emirates — 1.5%** | **United Arab Emirates — 1.5%** | **United Arab Emirates — 1.5%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 5679165 | 23436677 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 2143127 | 14881949 |
| Air Arabia PJSC | &nbsp;&nbsp; 4461328 | 6573123 |
| Emaar Properties PJSC | &nbsp;&nbsp; 3717511 | 16406917 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 1006383 | 9041706 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 4949873 | 26440290 |
|  |  | 96780662 |
| **Total Common Stocks — 97.9%** <br>**(Cost: $4,066,364,779)** | **Total Common Stocks — 97.9%** <br>**(Cost: $4,066,364,779)** | 6494674603 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 4308648 | 17775852 |
| Itau Unibanco Holding SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1770955 | 16160202 |
|  |  | 33936054 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Sociedad Quimica y Minera de Chile SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 89312 | 6816158 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Grupo Cibest SA, Preference Shares | &nbsp;&nbsp; 655003 | 11106421 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., 6.00% | &nbsp;&nbsp; 2104520 | 231326 |
| **South Korea — 0.8%** | **South Korea — 0.8%** | **South Korea — 0.8%** |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 523056 | 52535471 |
| **Total Preferred Stocks — 1.6%** <br>**(Cost: $56,790,894)** | **Total Preferred Stocks — 1.6%** <br>**(Cost: $56,790,894)** | 104625430 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $4,123,155,673)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $4,123,155,673)** | 6599300033 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Aware MSCI EM 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 — 0.5%** | **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 29764879 | $29779762 |
| **Total Short-Term Securities — 0.5%** <br>**(Cost: $29,779,762)** | **Total Short-Term Securities — 0.5%** <br>**(Cost: $29,779,762)** | 29779762 |
| **Total Investments — 100.0%** <br>**(Cost: $4,152,935,435)** | **Total Investments — 100.0%** <br>**(Cost: $4,152,935,435)** | 6629079795 |
| **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 1407411 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6630487206 |

---

&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.

&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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $47441055 | $—<br> $(17659246 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(580)<br>| $(1467)<br>| $29779762 | 29764879 | $644120 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<sup>(c)</sup><br>| 4380000 | —<br> (4380000 )<sup>(a)</sup><br>|  |  |  |  | 488599 |  |
|  |  |  | $(580) | $(1467) | $29779762 |  | $1132719 | $— |

---

&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.

**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 | 258 | 03/20/26 | &nbsp;&nbsp; $20688 | $116237 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® ESG Aware MSCI EM 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; $116237 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $116237 |

---

&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 February 28, 2026, 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; $2483201 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2483201 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $151693 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $151693 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $10343865 |

---

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; $761277869 | &nbsp;&nbsp; $5733395272 | &nbsp;&nbsp; $1462 | &nbsp;&nbsp; $6494674603 |
| Preferred Stocks | &nbsp;&nbsp; 45042475 | &nbsp;&nbsp; 59582955 | &nbsp;&nbsp; — | &nbsp;&nbsp; 104625430 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 29779762 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29779762 |
|  | &nbsp;&nbsp; $836100106 | &nbsp;&nbsp; $5792978227 | &nbsp;&nbsp; $1462 | &nbsp;&nbsp; $6629079795 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $116237 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $116237 |

---

&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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 2.7%** | **Brazil — 2.7%** | **Brazil — 2.7%** |
| Ambev SA | &nbsp;&nbsp; 1014690 | $3220327 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 631193 | 18947487 |
| Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 2325967 | 6651454 |
| Eneva SA<sup>(a)</sup> | &nbsp;&nbsp; 599163 | 2501139 |
| Equatorial SA | &nbsp;&nbsp; 757776 | 6224509 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 129184 | 1935176 |
| Raia Drogasil SA | &nbsp;&nbsp; 1297674 | 6348515 |
| Rede D'Or Sao Luiz SA<sup>(b)</sup> | &nbsp;&nbsp; 223499 | 1756951 |
| Telefonica Brasil SA | &nbsp;&nbsp; 2139689 | 18022388 |
| TIM SA/Brazil | &nbsp;&nbsp; 893909 | 4864930 |
| TOTVS SA | &nbsp;&nbsp; 3201274 | 23629417 |
|  |  | 94102293 |
| **Chile — 1.4%** | **Chile — 1.4%** | **Chile — 1.4%** |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 23802 | 1630728 |
| Empresas Copec SA | &nbsp;&nbsp; 457018 | 3772518 |
| Falabella SA | &nbsp;&nbsp; 2658447 | 19739134 |
| Latam Airlines Group SA | &nbsp;&nbsp; 168035424 | 4722017 |
| Plaza SA | &nbsp;&nbsp; 3548976 | 16591601 |
|  |  | 46455998 |
| **China — 20.8%** | **China — 20.8%** | **China — 20.8%** |
| 360 Security Technology, Inc., Class A | &nbsp;&nbsp; 2286300 | 4131080 |
| ACM Research Shanghai, Inc., Class A | &nbsp;&nbsp; 85482 | 2140177 |
| Advanced Micro-Fabrication Equipment, Inc./China, <br> Class A<br>| &nbsp;&nbsp; 140695 | 7218278 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 47945039 | 32463389 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 1073 | 9515 |
| Anji Microelectronics Technology Shanghai Co. Ltd. | &nbsp;&nbsp; 43850 | 1713262 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 75858000 | 44888904 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 15084000 | 13201095 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 2225611 | 3140123 |
| Beijing Kingsoft Office Software, Inc., Class A | &nbsp;&nbsp; 72018 | 3162848 |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 17420100 | 12558636 |
| BOC Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 190800 | 2118961 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 12943000 | 8442480 |
| CGN Power Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 44166000 | 17724903 |
| Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp; 682400 | 6271207 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 27443000 | 25250208 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 2315262 | 3844932 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 2918784 | 3653496 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 26839000 | 27305830 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6061800 | 5064249 |
| China Gold International Resources Corp. Ltd. | &nbsp;&nbsp; 94400 | 2471453 |
| China Huishan Dairy Holdings Co. Ltd., NVS<sup>(c)</sup> | &nbsp;&nbsp; 5944807 | 8 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 1543300 | 1916575 |
| China National Software & Service Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 332500 | 2157911 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 23394000 | 16279152 |
| China Railway Signal & Communication Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2557944 | 2132189 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 472670 | 3925862 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 4474000 | 25651630 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 5349430 | 3243057 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 3916788 | 5573297 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 6802983 | 25815334 |
| CICT Mobile Communication Technology Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1217254 | 3077515 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 90490 | 3184051 |
| Empyrean Technology Co. Ltd., Class A | &nbsp;&nbsp; 172400 | 2532970 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Everdisplay Optronics Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5277618 | $2005895 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 207600 | 1722725 |
| GigaDevice Semiconductor, Inc., Class A | &nbsp;&nbsp; 37600 | 1638378 |
| Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp; 424812 | 3393741 |
| Guobo Electronics Co. Ltd. | &nbsp;&nbsp; 141475 | 2532946 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 448800 | 2103501 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 654000 | 2911596 |
| Hengtong Optic-Electric Co. Ltd., Class A | &nbsp;&nbsp; 878300 | 6060411 |
| Huaneng Power International, Inc., Class H | &nbsp;&nbsp; 16328000 | 12571226 |
| Hundsun Technologies, Inc., Class A | &nbsp;&nbsp; 623253 | 2724370 |
| Hwatsing Technology Co. Ltd., Class A | &nbsp;&nbsp; 122500 | 3453071 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 350015 | 13276179 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 823067 | 6676526 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 51555000 | 42401810 |
| Ingenic Semiconductor Co. Ltd., Class A | &nbsp;&nbsp; 163900 | 3174022 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 7252000 | 9436480 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 1099779 | 9041228 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 4252000 | 4557912 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 27690 | 5868432 |
| LONGi Green Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 2698173 | 7195862 |
| Loongson Technology Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 114782 | 2653056 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 1436100 | 9815143 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 1237400 | 4921177 |
| National Silicon Industry Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 850320 | 2685405 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 257895 | 17705902 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 1603200 | 2034603 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 2480200 | 14963595 |
| OFILM Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1185400 | 1695280 |
| OmniVision Integrated Circuits Group, Inc. | &nbsp;&nbsp; 195200 | 3491361 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 6477172 | 5291048 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 12774000 | 15558364 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 4364000 | 9004435 |
| Piotech, Inc., Class A | &nbsp;&nbsp; 100530 | 5400974 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 165400 | 4866555 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 21269162 | 13383785 |
| QuantumCTek Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 19278 | 1901028 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 1254700 | 3047915 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 294600 | 1624938 |
| SG Micro Corp., Class A | &nbsp;&nbsp; 179920 | 1804091 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 2626250 | 13855377 |
| Shanghai BOCHU Electronic Technology Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 108121 | 2387295 |
| Shanghai International Airport Co. Ltd., Class A | &nbsp;&nbsp; 443019 | 1968471 |
| Shanghai Stonehill Technology Co.Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1680200 | 2705658 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 71900 | 1687032 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 838810 | 1764837 |
| Skyverse Technology Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 124676 | 3575681 |
| SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp; 238345 | 2783922 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 7406150 | 5355637 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 125000 | 8224228 |
| Tianshui Huatian Technology Co. Ltd., Class A | &nbsp;&nbsp; 1195700 | 2639490 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 6312000 | 10540721 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1702938 | 4471640 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 302500 | 3508867 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 17967958 | 11253802 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 2110500 | 4915687 |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1520600 | 3443240 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 1852400 | 8192999 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Xinjiang Daqo New Energy Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 568243 | $1978607 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 322744 | 1765095 |
| Yum China Holdings, Inc. | &nbsp;&nbsp; 31598 | 1748109 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 200058 | 1634590 |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 437400 | 5477636 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 1463500 | 6451127 |
| Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp; 667900 | 1872286 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 59100 | 4574585 |
| ZTE Corp., Class A | &nbsp;&nbsp; 1434220 | 8063022 |
|  |  | 713699184 |
| **Czech Republic — 0.4%** | **Czech Republic — 0.4%** | **Czech Republic — 0.4%** |
| CEZ A/S | &nbsp;&nbsp; 230458 | 13091523 |
| **Egypt — 0.2%** | **Egypt — 0.2%** | **Egypt — 0.2%** |
| Commercial International Bank - Egypt(CIB) | &nbsp;&nbsp; 2516562 | 7006487 |
| Talaat Moustafa Group | &nbsp;&nbsp; 826492 | 1501302 |
|  |  | 8507789 |
| **Greece — 0.8%** | **Greece — 0.8%** | **Greece — 0.8%** |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 715602 | 14864561 |
| OPAP Holding SA | &nbsp;&nbsp; 614138 | 11465516 |
|  |  | 26330077 |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |
| Hua Hong Semiconductor Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 88000 | 1622280 |
| **Hungary — 0.4%** | **Hungary — 0.4%** | **Hungary — 0.4%** |
| OTP Bank Nyrt | &nbsp;&nbsp; 86881 | 10711767 |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 58540 | 2191734 |
|  |  | 12903501 |
| **India — 17.7%** | **India — 17.7%** | **India — 17.7%** |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 105806 | 1771265 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 152718 | 13153099 |
| Asian Paints Ltd. | &nbsp;&nbsp; 383979 | 10048086 |
| Avenue Supermarts Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 129733 | 5501847 |
| Axis Bank Ltd. | &nbsp;&nbsp; 202169 | 3079386 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 30557 | 3352470 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 2076470 | 42992851 |
| Bosch Ltd. | &nbsp;&nbsp; 11022 | 4414617 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 208980 | 13788241 |
| Cipla Ltd./India | &nbsp;&nbsp; 1007363 | 14959313 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 275175 | 6823802 |
| Dabur India Ltd. | &nbsp;&nbsp; 980004 | 5588834 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 107542 | 7590544 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 1037954 | 14728283 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 119594 | 10538362 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2363375 | 6395601 |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2120211 | 6213755 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 195819 | 2622829 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 1874844 | 28697306 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 1526368 | 14920248 |
| HDFC Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 211231 | 1661900 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 772449 | 19860405 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 738841 | 11235337 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 133705 | 2798285 |
| Indian Hotels Co. Ltd. (The), Class A | &nbsp;&nbsp; 560678 | 4117210 |
| Infosys Ltd. | &nbsp;&nbsp; 1928366 | 27639022 |
| InterGlobe Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 51618 | 2746484 |
| ITC Ltd. | &nbsp;&nbsp; 3223860 | 11124631 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 2452515 | 11208405 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 384382 | 18912298 |
| Lupin Ltd. | &nbsp;&nbsp; 473716 | 12040537 |
| Marico Ltd. | &nbsp;&nbsp; 1500874 | 13014234 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 133758 | 21866009 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 250921 | $3020311 |
| Mphasis Ltd. | &nbsp;&nbsp; 90472 | 2287030 |
| MRF Ltd. | &nbsp;&nbsp; 5505 | 8536376 |
| Nestle India Ltd. | &nbsp;&nbsp; 1360814 | 19336697 |
| Persistent Systems Ltd., NVS | &nbsp;&nbsp; 189963 | 9913537 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 1025893 | 16839753 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 528327 | 1737259 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 1005199 | 15427128 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 82504 | 1848797 |
| Shree Cement Ltd. | &nbsp;&nbsp; 5412 | 1551320 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 1311550 | 25143856 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 1211962 | 35223614 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 136252 | 1709653 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 1432876 | 21442514 |
| Titan Co. Ltd. | &nbsp;&nbsp; 379267 | 18066925 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 533990 | 25470095 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 95428 | 4064386 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 20296 | 2829810 |
| United Spirits Ltd. | &nbsp;&nbsp; 104277 | 1582673 |
| Wipro Ltd. | &nbsp;&nbsp; 6320864 | 14007558 |
|  |  | 605444788 |
| **Indonesia — 0.4%** | **Indonesia — 0.4%** | **Indonesia — 0.4%** |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 5599900 | 2391100 |
| Dian Swastatika Sentosa Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 2698300 | 12702853 |
|  |  | 15093953 |
| **Kuwait — 1.7%** | **Kuwait — 1.7%** | **Kuwait — 1.7%** |
| Boubyan Bank KSCP | &nbsp;&nbsp; 1160003 | 2568119 |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 10222119 | 26796817 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 10022122 | 30779547 |
|  |  | 60144483 |
| **Malaysia — 3.5%** | **Malaysia — 3.5%** | **Malaysia — 3.5%** |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 2846400 | 17025214 |
| IHH Healthcare Bhd<sup>(d)</sup> | &nbsp;&nbsp; 13108900 | 30650070 |
| IOI Corp. Bhd | &nbsp;&nbsp; 1766900 | 1796598 |
| Malayan Banking Bhd | &nbsp;&nbsp; 12149400 | 37330298 |
| MR DIY Group M Bhd<sup>(b)(d)</sup> | &nbsp;&nbsp; 3573050 | 1643715 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 81600 | 2304765 |
| QL Resources Bhd | &nbsp;&nbsp; 6258638 | 6562643 |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 6801900 | 13021030 |
| Tenaga Nasional Bhd | &nbsp;&nbsp; 2442000 | 9018204 |
|  |  | 119352537 |
| **Mexico — 0.7%** | **Mexico — 0.7%** | **Mexico — 0.7%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 14568397 | 18940101 |
| Industrias Penoles SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 62807 | 3988401 |
|  |  | 22928502 |
| **Peru — 1.3%** | **Peru — 1.3%** | **Peru — 1.3%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 376798 | 16454769 |
| Credicorp Ltd. | &nbsp;&nbsp; 79750 | 27623805 |
|  |  | 44078574 |
| **Philippines — 1.1%** | **Philippines — 1.1%** | **Philippines — 1.1%** |
| Bank of the Philippine Islands | &nbsp;&nbsp; 2564205 | 5158203 |
| BDO Unibank, Inc. | &nbsp;&nbsp; 2767908 | 6582509 |
| International Container Terminal Services, Inc. | &nbsp;&nbsp; 1146890 | 14297081 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 735300 | 2730994 |
| Manila Electric Co. | &nbsp;&nbsp; 684090 | 7568706 |
| SM Investments Corp. | &nbsp;&nbsp; 145015 | 1772922 |
|  |  | 38110415 |
| **Poland — 0.2%** | **Poland — 0.2%** | **Poland — 0.2%** |
| Asseco Poland SA | &nbsp;&nbsp; 64310 | 3177727 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Min Vol Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Poland (continued)** | **Poland (continued)** | **Poland (continued)** |
| Dino Polska SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 213217 | $2397433 |
|  |  | 5575160 |
| **Qatar — 1.7%** | **Qatar — 1.7%** | **Qatar — 1.7%** |
| Industries Qatar QSC | &nbsp;&nbsp; 459199 | 1523209 |
| Nebras Energy | &nbsp;&nbsp; 1691163 | 6843996 |
| Ooredoo QPSC | &nbsp;&nbsp; 4139513 | 15397602 |
| Qatar Fuel QSC | &nbsp;&nbsp; 1021245 | 4146903 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 1799609 | 2434206 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 929891 | 6043312 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 4277116 | 22648560 |
|  |  | 59037788 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Polyus PJSC<sup>(a)(c)</sup> | &nbsp;&nbsp; 959320 | 13 |
| Rosneft Oil Co. PJSC<sup>(a)(c)</sup> | &nbsp;&nbsp; 759070 | 97 |
|  |  | 110 |
| **Saudi Arabia — 6.7%** | **Saudi Arabia — 6.7%** | **Saudi Arabia — 6.7%** |
| Al Rajhi Bank | &nbsp;&nbsp; 892404 | 23932592 |
| Alinma Bank | &nbsp;&nbsp; 259945 | 1930808 |
| Almarai Co. JSC | &nbsp;&nbsp; 668342 | 7105813 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 142421 | 7089635 |
| Co. for Cooperative Insurance(The) | &nbsp;&nbsp; 84112 | 3038493 |
| Dar Al Arkan Real Estate Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 838442 | 4464379 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 258965 | 15948416 |
| Elm Co. | &nbsp;&nbsp; 132176 | 22532478 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 1149439 | 19675254 |
| Jarir Marketing Co. | &nbsp;&nbsp; 3489312 | 13009131 |
| Makkah Construction & Development Co. | &nbsp;&nbsp; 76748 | 1598021 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 445601 | 14687169 |
| Saudi Arabian Oil Co.<sup>(b)</sup> | &nbsp;&nbsp; 5091418 | 33931913 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 574528 | 8301852 |
| Saudi Electricity Co. | &nbsp;&nbsp; 1801469 | 6489690 |
| Saudi National Bank(The) | &nbsp;&nbsp; 165122 | 1834836 |
| Saudi Telecom Co. | &nbsp;&nbsp; 3924237 | 43716057 |
|  |  | 229286537 |
| **South Africa — 0.5%** | **South Africa — 0.5%** | **South Africa — 0.5%** |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 20079 | 2568774 |
| Gold Fields Ltd. | &nbsp;&nbsp; 242892 | 14234932 |
|  |  | 16803706 |
| **South Korea — 10.7%** | **South Korea — 10.7%** | **South Korea — 10.7%** |
| APR Corp./Korea<sup>(d)</sup> | &nbsp;&nbsp; 56661 | 12309046 |
| Celltrion, Inc. | &nbsp;&nbsp; 80105 | 13262299 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 10732 | 8921329 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 9879 | 2009630 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 2900 | 2117161 |
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 10260 | 4296627 |
| HMM Co. Ltd. | &nbsp;&nbsp; 118516 | 1756650 |
| HYBE Co. Ltd. | &nbsp;&nbsp; 8278 | 2225557 |
| Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 4940 | 9683350 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 15895 | 5713497 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 84992 | 13588752 |
| Kia Corp. | &nbsp;&nbsp; 22579 | 3224000 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 74717 | 9928323 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 348828 | 14020833 |
| Krafton, Inc. | &nbsp;&nbsp; 18386 | 3175036 |
| KT&G Corp. | &nbsp;&nbsp; 146785 | 16631725 |
| LG Display Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 399002 | 3982065 |
| LG Electronics, Inc. | &nbsp;&nbsp; 28898 | 2923473 |
| LG Uplus Corp. | &nbsp;&nbsp; 672350 | 7735185 |
| NAVER Corp. | &nbsp;&nbsp; 12759 | 2253932 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 23171 | 28588002 |
| Samsung C&T Corp. | &nbsp;&nbsp; 49469 | 12055268 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 83952 | $26238342 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 354792 | 53102165 |
| Samsung SDI Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10262 | 3326887 |
| Samsung SDS Co. Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 174284 | 23618764 |
| SK Hynix, Inc. | &nbsp;&nbsp; 83039 | 61398371 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 364946 | 20171811 |
|  |  | 368258080 |
| **Taiwan — 17.1%** | **Taiwan — 17.1%** | **Taiwan — 17.1%** |
| Accton Technology Corp. | &nbsp;&nbsp; 37000 | 1628196 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 1461940 | 15504513 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 1238000 | 14917371 |
| ASPEED Technology, Inc. | &nbsp;&nbsp; 37000 | 11420533 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 3146000 | 19212267 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 6661155 | 4600087 |
| Chroma ATE, Inc. | &nbsp;&nbsp; 199000 | 8647340 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 10443000 | 44941126 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 1235000 | 2196890 |
| Delta Electronics, Inc. | &nbsp;&nbsp; 1265000 | 57043680 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 15282378 | 17186616 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 138000 | 10568408 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 10488000 | 30823096 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 31052234 | 29601811 |
| Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 71000 | 1844379 |
| Hon Precision, Inc. | &nbsp;&nbsp; 146000 | 22707489 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 17036290 | 20689143 |
| Innolux Corp.<sup>(d)</sup> | &nbsp;&nbsp; 3831800 | 3251834 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 204000 | 21953482 |
| King Yuan Electronics Co. Ltd. | &nbsp;&nbsp; 418000 | 4301030 |
| MediaTek, Inc. | &nbsp;&nbsp; 113000 | 6960750 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 12815224 | 16486079 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 617000 | 7704239 |
| President Chain Store Corp. | &nbsp;&nbsp; 3393000 | 24300085 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 397000 | 6076064 |
| Taiwan Business Bank | &nbsp;&nbsp; 14917084 | 7816156 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 38426929 | 29334796 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 7855000 | 6798069 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 10384000 | 35693385 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 832000 | 51915270 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 5181000 | 11979254 |
| United Microelectronics Corp. | &nbsp;&nbsp; 14069000 | 29106731 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 422000 | 1789026 |
| Yageo Corp. | &nbsp;&nbsp; 691000 | 6472743 |
|  |  | 585471938 |
| **Thailand — 1.9%** | **Thailand — 1.9%** | **Thailand — 1.9%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 3982300 | 48662530 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 12789400 | 8906137 |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 771400 | 6908515 |
|  |  | 64477182 |
| **Turkey — 1.2%** | **Turkey — 1.2%** | **Turkey — 1.2%** |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 4543109 | 33320851 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 198626 | 3025288 |
| Turk Hava Yollari AO<sup>(d)</sup> | &nbsp;&nbsp; 410844 | 2879782 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 2148071 | 2121671 |
|  |  | 41347592 |
| **United Arab Emirates — 4.2%** | **United Arab Emirates — 4.2%** | **United Arab Emirates — 4.2%** |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 585676 | 4066955 |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 18219619 | 19841406 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 2739635 | 3818878 |
| Aldar Properties PJSC | &nbsp;&nbsp; 1086337 | 3194304 |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 11879232 | 9707157 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 13409193 | 30285544 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Emerging Markets Min Vol Factor 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)** |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 2589718 | $23266956 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 5458554 | 30138298 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 1545507 | 8255496 |
| Salik Co. PJSC | &nbsp;&nbsp; 6118022 | 10660171 |
|  |  | 143235165 |
| **Total Common Stocks — 97.3%** <br>**(Cost: $2,392,501,883)** | **Total Common Stocks — 97.3%** <br>**(Cost: $2,392,501,883)** | 3335359155 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Axia Energia |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 541359 | 7060424 |
| Preference Shares, NVS | &nbsp;&nbsp; 142310 | 1638931 |
|  |  | 8699355 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., 6.00% | &nbsp;&nbsp; 573276 | 63014 |
| **South Korea — 1.6%** | **South Korea — 1.6%** | **South Korea — 1.6%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 44852 | 10028805 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 9262 | 2082833 |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 420051 | 42189702 |
|  |  | 54301340 |
| **Total Preferred Stocks — 1.8%** <br>**(Cost: $33,003,710)** | **Total Preferred Stocks — 1.8%** <br>**(Cost: $33,003,710)** | 63063709 |
| **Rights** | **Rights** | **Rights** |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Kangmei Pharmaceutical Co. Ltd., (Expires <br> 12/31/49)<sup>(c)</sup><br>| &nbsp;&nbsp; 147474 |  |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.1%** <br>**(Cost: $2,425,505,593)** | **Total Long-Term Investments — 99.1%** <br>**(Cost: $2,425,505,593)** | 3398422864 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **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, 3.84%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 33563325 | $33580107 |
| **Total Short-Term Securities — 1.0%** <br>**(Cost: $33,576,541)** | **Total Short-Term Securities — 1.0%** <br>**(Cost: $33,576,541)** | 33580107 |
| **Total Investments — 100.1%** <br>**(Cost: $2,459,082,134)** | **Total Investments — 100.1%** <br>**(Cost: $2,459,082,134)** | 3432002971 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (3941534)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3428061437 |

---

&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> 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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $22727347 | $10850223 <br><sup>(a)</sup><br>| $— | $2493 | $44 | $33580107 | 33563325 | $178261 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<sup>(c)</sup><br>|  |  | &nbsp;&nbsp; 0 <br><sup>(a)</sup><br>|  |  |  |  | 505032 |  |
|  |  |  |  | $2493 | $44 | $33580107 |  | $683293 | $— |

---

&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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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 | 282 | 03/20/26 | &nbsp;&nbsp; $22612 | $143400 |
| 2-Year U.S. Treasury Note | 23 | 06/30/26 | &nbsp;&nbsp; 4812 | 2066 |
|  |  |  |  | $145466 |

---

**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; $143400 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2066 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $145466 |

---

&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 February 28, 2026, 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; $1245756 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2082)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1243674 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $116220 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1180 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $117400 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $19403668 |

---

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; $553536125 | &nbsp;&nbsp; $2781822912 | &nbsp;&nbsp; $118 | &nbsp;&nbsp; $3335359155 |
| Preferred Stocks | &nbsp;&nbsp; 8699355 | &nbsp;&nbsp; 54364354 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63063709 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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; $33580107 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33580107 |
|  | &nbsp;&nbsp; $595815587 | &nbsp;&nbsp; $2836187266 | &nbsp;&nbsp; $118 | &nbsp;&nbsp; $3432002971 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $2066 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2066 |
| Equity Contracts | &nbsp;&nbsp; 143400 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 143400 |
|  | &nbsp;&nbsp; $145466 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $145466 |

---

&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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**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; 25218 | $1795620 |
| **Belgium — 0.4%** | **Belgium — 0.4%** | **Belgium — 0.4%** |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 16958 | 13119194 |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 133609 | 2001463 |
| Rede D'Or Sao Luiz SA<sup>(b)</sup> | &nbsp;&nbsp; 205014 | 1611638 |
| Telefonica Brasil SA | &nbsp;&nbsp; 603936 | 5086893 |
| TOTVS SA | &nbsp;&nbsp; 400678 | 2957506 |
|  |  | 11657500 |
| **Canada — 1.8%** | **Canada — 1.8%** | **Canada — 1.8%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 9938 | 2496285 |
| CGI, Inc. | &nbsp;&nbsp; 142285 | 10406035 |
| Constellation Software, Inc. | &nbsp;&nbsp; 9697 | 17919314 |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 63396 | 4193092 |
| Dollarama, Inc. | &nbsp;&nbsp; 25285 | 3722542 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 14440 | 4035853 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 235247 | 10903057 |
| Waste Connections, Inc. | &nbsp;&nbsp; 71202 | 12256000 |
|  |  | 65932178 |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
| Latam Airlines Group SA | &nbsp;&nbsp; 169068386 | 4751045 |
| Plaza SA | &nbsp;&nbsp; 405910 | 1897645 |
|  |  | 6648690 |
| **China — 6.2%** | **China — 6.2%** | **China — 6.2%** |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 2624299 | 2448022 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 12982406 | 8790334 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 37860638 | 22403999 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 6499000 | 5687743 |
| BeOne Medicines Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 184000 | 4542296 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 238200 | 3093510 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18165 | 3111571 |
| CGN Power Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 7841000 | 3146786 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 5982000 | 5504017 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 1425000 | 2366483 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 12357000 | 12571934 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 906000 | 2024296 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 14250000 | 9916129 |
| China Ruyi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6992000 | 1815017 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 1194500 | 6848653 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 3271164 | 4654623 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 1078000 | 4090695 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 532808 | 2123632 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 80600 | 4007098 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 445116 | 3693701 |
| Hua Hong Semiconductor Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 171000 | 2106705 |
| Huaneng Power International, Inc., Class H | &nbsp;&nbsp; 3104000 | 2389826 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 101541 | 3851482 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 12392000 | 10191896 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 952600 | 2542266 |
| JD Logistics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1223600 | 1739335 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 281800 | 2316664 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 2868000 | 3074340 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 45500 | 9642963 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 31600 | 2169513 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 599400 | 3616313 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 5631867 | $4600539 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 7278000 | 8864395 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 5052000 | 10424016 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 130035 | 3826012 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 6556856 | 4125952 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1207200 | 1709428 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 31900 | 1572949 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 148800 | 9790121 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 751600 | 1979975 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 266000 | 1799615 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 3627040 | 2271710 |
| Wharf Holdings Ltd.(The) | &nbsp;&nbsp; 785000 | 2598806 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 169200 | 2563642 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 1053600 | 4659979 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 35500 | 2747847 |
| ZTO Express Cayman, Inc. | &nbsp;&nbsp; 105627 | 2550110 |
|  |  | 222566938 |
| **Finland — 0.5%** | **Finland — 0.5%** | **Finland — 0.5%** |
| Elisa OYJ | &nbsp;&nbsp; 104525 | 5368835 |
| Nokia OYJ | &nbsp;&nbsp; 912416 | 7002809 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 433858 | 4808487 |
|  |  | 17180131 |
| **France — 1.1%** | **France — 1.1%** | **France — 1.1%** |
| Danone SA | &nbsp;&nbsp; 25277 | 2173796 |
| Dassault Systemes SE | &nbsp;&nbsp; 198188 | 4340071 |
| Getlink SE | &nbsp;&nbsp; 207057 | 4495678 |
| Orange SA | &nbsp;&nbsp; 1374968 | 29620313 |
|  |  | 40629858 |
| **Germany — 1.0%** | **Germany — 1.0%** | **Germany — 1.0%** |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 547962 | 22006235 |
| SAP SE | &nbsp;&nbsp; 48089 | 9660709 |
| Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp; 56047 | 4763670 |
|  |  | 36430614 |
| **Greece — 0.1%** | **Greece — 0.1%** | **Greece — 0.1%** |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 117761 | 2446144 |
| **Hong Kong — 1.3%** | **Hong Kong — 1.3%** | **Hong Kong — 1.3%** |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 1100000 | 6291729 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 1060754 | 10051788 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 2791000 | 4399617 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 6739579 | 6547856 |
| MTR Corp. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1140000 | 5429135 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 829500 | 6723196 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 2106000 | 3432803 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 197500 | 2121535 |
|  |  | 44997659 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| OTP Bank Nyrt | &nbsp;&nbsp; 31925 | 3936110 |
| **India — 4.5%** | **India — 4.5%** | **India — 4.5%** |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 94163 | 2240831 |
| Adani Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2140964 | 3303141 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 298932 | 1642893 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 35247 | 3035708 |
| Asian Paints Ltd. | &nbsp;&nbsp; 265080 | 6936699 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 425709 | 1803536 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 932383 | 19304783 |
| Cipla Ltd./India | &nbsp;&nbsp; 116771 | 1734046 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 24590 | $1735615 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 48684 | 4289927 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1768717 | 4786379 |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 845628 | 2478303 |
| GMR Airports Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1740792 | 1928759 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 689888 | 10559773 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 307672 | 3007494 |
| Indian Hotels Co. Ltd. (The), Class A | &nbsp;&nbsp; 620133 | 4553805 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 1404600 | 2895124 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 382085 | 1914331 |
| Infosys Ltd. | &nbsp;&nbsp; 195450 | 2801360 |
| InterGlobe Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 39263 | 2089101 |
| Jio Financial Services Ltd. | &nbsp;&nbsp; 1375726 | 3868372 |
| JSW Steel Ltd. | &nbsp;&nbsp; 244927 | 3411369 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 55170 | 2714465 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 39966 | 6533418 |
| MRF Ltd. | &nbsp;&nbsp; 1525 | 2364755 |
| Nestle India Ltd. | &nbsp;&nbsp; 178163 | 2531635 |
| Persistent Systems Ltd., NVS | &nbsp;&nbsp; 76777 | 4006736 |
| PI Industries Ltd. | &nbsp;&nbsp; 58396 | 2003850 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 228541 | 3751438 |
| Shree Cement Ltd. | &nbsp;&nbsp; 6489 | 1860036 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 258774 | 4960982 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 480003 | 13950471 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 229110 | 3428555 |
| Titan Co. Ltd. | &nbsp;&nbsp; 104676 | 4986391 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 85027 | 4055592 |
| Trent Ltd. | &nbsp;&nbsp; 72941 | 3134165 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 47013 | 6554880 |
| WAAREE Energies Ltd. | &nbsp;&nbsp; 51871 | 1544734 |
| Wipro Ltd. | &nbsp;&nbsp; 1218709 | 2700760 |
| Wipro Ltd., ADR<sup>(c)</sup> | &nbsp;&nbsp; 435484 | 966774 |
|  |  | 162370986 |
| **Indonesia — 0.3%** | **Indonesia — 0.3%** | **Indonesia — 0.3%** |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 20540500 | 8770583 |
| Dian Swastatika Sentosa Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 608500 | 2864650 |
|  |  | 11635233 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| Ryanair Holdings PLC | &nbsp;&nbsp; 63665 | 2057339 |
| **Israel — 0.7%** | **Israel — 0.7%** | **Israel — 0.7%** |
| Bank Hapoalim BM | &nbsp;&nbsp; 480559 | 12128406 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 53976 | 8208130 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 46590 | 3490637 |
|  |  | 23827173 |
| **Japan — 10.3%** | **Japan — 10.3%** | **Japan — 10.3%** |
| Aeon Co. Ltd. | &nbsp;&nbsp; 115200 | 1640035 |
| ANA Holdings, Inc. | &nbsp;&nbsp; 120200 | 2620937 |
| Astellas Pharma, Inc. | &nbsp;&nbsp; 578100 | 9620453 |
| Canon, Inc. | &nbsp;&nbsp; 636600 | 19239207 |
| Central Japan Railway Co. | &nbsp;&nbsp; 567600 | 16753073 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp; 371700 | 6277642 |
| East Japan Railway Co. | &nbsp;&nbsp; 708200 | 17492887 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 338000 | 6950635 |
| Fujitsu Ltd. | &nbsp;&nbsp; 581400 | 12961096 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp; 138500 | 4039750 |
| Inpex Corp. | &nbsp;&nbsp; 303400 | 7406816 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 100600 | 2078571 |
| KDDI Corp. | &nbsp;&nbsp; 2035600 | 34966533 |
| Keyence Corp. | &nbsp;&nbsp; 30300 | 12769981 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 211100 | 3664214 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Kyocera Corp. | &nbsp;&nbsp; 943200 | $16658462 |
| NEC Corp. | &nbsp;&nbsp; 144500 | 4006014 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 276690 | 7591312 |
| NTT, Inc. | &nbsp;&nbsp; 21886800 | 21412602 |
| Obic Co. Ltd. | &nbsp;&nbsp; 241300 | 6498585 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 515200 | 9282010 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 262500 | 10957800 |
| Otsuka Corp. | &nbsp;&nbsp; 168400 | 3396284 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 203800 | 14043918 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 768200 | 5133818 |
| Secom Co. Ltd. | &nbsp;&nbsp; 292900 | 11363756 |
| Seibu Holdings, Inc. | &nbsp;&nbsp; 60100 | 1784133 |
| Shimadzu Corp. | &nbsp;&nbsp; 175700 | 4890505 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 379100 | 8951418 |
| SoftBank Corp. | &nbsp;&nbsp; 21076000 | 28827805 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 104600 | 3289433 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 538100 | 20139577 |
| TIS, Inc. | &nbsp;&nbsp; 156600 | 3236546 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 395000 | 3958473 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 113000 | 5547085 |
| Tokyu Corp. | &nbsp;&nbsp; 149800 | 1916086 |
| Tsuruha Holdings, Inc. | &nbsp;&nbsp; 99100 | 1665786 |
| West Japan Railway Co. | &nbsp;&nbsp; 293600 | 6315807 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 168000 | 6701013 |
|  |  | 366050058 |
| **Kuwait — 0.2%** | **Kuwait — 0.2%** | **Kuwait — 0.2%** |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 789201 | 2068855 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 1708712 | 5247729 |
|  |  | 7316584 |
| **Malaysia — 0.4%** | **Malaysia — 0.4%** | **Malaysia — 0.4%** |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 2340400 | 1918755 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 349700 | 2091666 |
| IHH Healthcare Bhd<sup>(c)</sup> | &nbsp;&nbsp; 1648600 | 3854611 |
| Malayan Banking Bhd | &nbsp;&nbsp; 1360900 | 4181507 |
| Petronas Gas Bhd | &nbsp;&nbsp; 608800 | 2807338 |
|  |  | 14853877 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 4084276 | 5309891 |
| **Netherlands — 0.8%** | **Netherlands — 0.8%** | **Netherlands — 0.8%** |
| ASML Holding NV | &nbsp;&nbsp; 2671 | 3884724 |
| Koninklijke Ahold Delhaize NV, Class N | &nbsp;&nbsp; 146578 | 7234421 |
| Koninklijke KPN NV | &nbsp;&nbsp; 2810358 | 15975805 |
|  |  | 27094950 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Infratil Ltd. | &nbsp;&nbsp; 553899 | 3723760 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 121529 | 5307171 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| BDO Unibank, Inc. | &nbsp;&nbsp; 1090939 | 2594420 |
| International Container Terminal Services, Inc. | &nbsp;&nbsp; 186750 | 2328017 |
|  |  | 4922437 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 71213 | 1871551 |
| **Qatar — 0.2%** | **Qatar — 0.2%** | **Qatar — 0.2%** |
| Industries Qatar QSC | &nbsp;&nbsp; 545870 | 1810705 |
| Qatar Fuel QSC | &nbsp;&nbsp; 109273 | 443718 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 868237 | 4597565 |
|  |  | 6851988 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Global Min Vol Factor ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **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)</sup> | &nbsp;&nbsp; 2 |  |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 535230 | 7 |
|  |  | 15 |
| **Saudi Arabia — 0.9%** | **Saudi Arabia — 0.9%** | **Saudi Arabia — 0.9%** |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 26225 | 1615072 |
| Elm Co. | &nbsp;&nbsp; 17927 | 3056075 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 85846 | 2829515 |
| Saudi Arabian Oil Co.<sup>(b)</sup> | &nbsp;&nbsp; 1854752 | 12361052 |
| Saudi Telecom Co. | &nbsp;&nbsp; 1143144 | 12734641 |
|  |  | 32596355 |
| **Singapore — 1.1%** | **Singapore — 1.1%** | **Singapore — 1.1%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 177440 | 7992818 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 335700 | 1903839 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 157900 | 2267542 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 570600 | 4490002 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 5466500 | 21748796 |
|  |  | 38402997 |
| **South Korea — 0.4%** | **South Korea — 0.4%** | **South Korea — 0.4%** |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4675 | 5767939 |
| SK Hynix, Inc. | &nbsp;&nbsp; 10912 | 8068245 |
|  |  | 13836184 |
| **Spain — 0.5%** | **Spain — 0.5%** | **Spain — 0.5%** |
| Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; 326585 | 10293368 |
| Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp; 55921 | 2125318 |
| Iberdrola SA | &nbsp;&nbsp; 107353 | 2533881 |
| Indra Sistemas SA | &nbsp;&nbsp; 57988 | 4284525 |
|  |  | 19237092 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Telia Co. AB | &nbsp;&nbsp; 597159 | 3065699 |
| **Switzerland — 1.9%** | **Switzerland — 1.9%** | **Switzerland — 1.9%** |
| BKW AG | &nbsp;&nbsp; 15694 | 3083852 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Registered<br>| &nbsp;&nbsp; 60 | 9883493 |
| Nestle SA, Registered | &nbsp;&nbsp; 42353 | 4627506 |
| Novartis AG, Registered | &nbsp;&nbsp; 200953 | 33788588 |
| Swisscom AG, Registered | &nbsp;&nbsp; 19019 | 17839817 |
|  |  | 69223256 |
| **Taiwan — 4.1%** | **Taiwan — 4.1%** | **Taiwan — 4.1%** |
| Advantech Co. Ltd. | &nbsp;&nbsp; 348959 | 3700863 |
| ASPEED Technology, Inc. | &nbsp;&nbsp; 8000 | 2469304 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 390000 | 2381686 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 5133292 | 3544970 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 2792000 | 12015285 |
| Delta Electronics, Inc. | &nbsp;&nbsp; 42000 | 1893940 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 10723960 | 12060203 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 1303000 | 3829376 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 8518010 | 8120141 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 6714193 | 8153823 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 4043905 | 5202261 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 418000 | 5219404 |
| PharmaEssentia Corp. | &nbsp;&nbsp; 148507 | 3429941 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 163000 | 2494706 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 3710696 | 3914262 |
| Taiwan Business Bank | &nbsp;&nbsp; 5329987 | 2792772 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 8148155 | 6220233 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 1289000 | 4430737 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 574000 | 35816545 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| United Microelectronics Corp. | &nbsp;&nbsp; 8310000 | $17192191 |
|  |  | 144882643 |
| **Thailand — 0.4%** | **Thailand — 0.4%** | **Thailand — 0.4%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 683500 | 8352168 |
| Airports of Thailand PCL, NVDR | &nbsp;&nbsp; 1698800 | 2976867 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 311800 | 2131418 |
|  |  | 13460453 |
| **Turkey — 0.1%** | **Turkey — 0.1%** | **Turkey — 0.1%** |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 561295 | 4116746 |
| **United Arab Emirates — 0.5%** | **United Arab Emirates — 0.5%** | **United Arab Emirates — 0.5%** |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 842486 | 7569197 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 1381434 | 7627307 |
| Salik Co. PJSC | &nbsp;&nbsp; 1433763 | 2498219 |
|  |  | 17694723 |
| **United Kingdom — 0.5%** | **United Kingdom — 0.5%** | **United Kingdom — 0.5%** |
| Compass Group PLC | &nbsp;&nbsp; 88857 | 2721110 |
| Halma PLC | &nbsp;&nbsp; 197409 | 11108127 |
| Sage Group PLC(The) | &nbsp;&nbsp; 230258 | 2533699 |
|  |  | 16362936 |
| **United States — 57.7%** | **United States — 57.7%** | **United States — 57.7%** |
| Abbott Laboratories | &nbsp;&nbsp; 148465 | 17273903 |
| AbbVie, Inc. | &nbsp;&nbsp; 65613 | 15227465 |
| Accenture PLC, Class A | &nbsp;&nbsp; 44818 | 9354413 |
| Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 38870 | 10199877 |
| Allstate Corp.(The) | &nbsp;&nbsp; 14278 | 3062917 |
| Alphabet, Inc., Class C, NVS | &nbsp;&nbsp; 24470 | 7620692 |
| Altria Group, Inc. | &nbsp;&nbsp; 29580 | 2042203 |
| Ameren Corp. | &nbsp;&nbsp; 39687 | 4495743 |
| American Electric Power Co., Inc. | &nbsp;&nbsp; 43634 | 5839102 |
| American Water Works Co., Inc. | &nbsp;&nbsp; 86681 | 11791216 |
| Amgen, Inc. | &nbsp;&nbsp; 30462 | 11824130 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 101965 | 14893008 |
| Aon PLC, Class A | &nbsp;&nbsp; 30454 | 10216403 |
| Apple, Inc. | &nbsp;&nbsp; 14709 | 3885824 |
| Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 165429 | 16567714 |
| AT&T, Inc. | &nbsp;&nbsp; 1193412 | 33427471 |
| Atmos Energy Corp. | &nbsp;&nbsp; 68909 | 12871512 |
| Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 62624 | 15397363 |
| AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4832 | 18146963 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 10022 | 1768683 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 74921 | 37831359 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 53981 | 4148440 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 54550 | 3402283 |
| Brown & Brown, Inc. | &nbsp;&nbsp; 73180 | 5255788 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6147 | 1852706 |
| Cardinal Health, Inc. | &nbsp;&nbsp; 49226 | 11284076 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp; 76881 | 23042773 |
| Cencora, Inc. | &nbsp;&nbsp; 135175 | 50304024 |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp; 104735 | 4700507 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp; 44629 | 1941361 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; 95778 | 9533742 |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp; 26996 | 5001009 |
| Cheniere Energy, Inc. | &nbsp;&nbsp; 29991 | 7069778 |
| Chevron Corp. | &nbsp;&nbsp; 15039 | 2808684 |
| Chubb Ltd. | &nbsp;&nbsp; 100049 | 34102702 |
| Church & Dwight Co., Inc. | &nbsp;&nbsp; 171684 | 18002784 |
| Cigna Group(The) | &nbsp;&nbsp; 23984 | 6951043 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 611921 | 48623243 |
| CME Group, Inc. | &nbsp;&nbsp; 71623 | 22883548 |
| CMS Energy Corp. | &nbsp;&nbsp; 102170 | 7976412 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Coca-Cola Co.(The) | &nbsp;&nbsp; 328614 | $26801758 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 108269 | 6975772 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 180233 | 17868300 |
| Consolidated Edison, Inc. | &nbsp;&nbsp; 264407 | 29751076 |
| Corning, Inc. | &nbsp;&nbsp; 34844 | 5239841 |
| Corteva, Inc. | &nbsp;&nbsp; 67408 | 5400729 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 15865 | 16036183 |
| Coterra Energy, Inc. | &nbsp;&nbsp; 59874 | 1831546 |
| Dollar General Corp. | &nbsp;&nbsp; 47371 | 7401245 |
| Duke Energy Corp. | &nbsp;&nbsp; 341168 | 44641833 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 53910 | 4661598 |
| Electronic Arts, Inc. | &nbsp;&nbsp; 87862 | 17622481 |
| Elevance Health, Inc. | &nbsp;&nbsp; 42178 | 13496960 |
| Eli Lilly & Co. | &nbsp;&nbsp; 5471 | 5755437 |
| Erie Indemnity Co., Class A, NVS | &nbsp;&nbsp; 11750 | 3165920 |
| Exelon Corp. | &nbsp;&nbsp; 38223 | 1890892 |
| Expand Energy Corp. | &nbsp;&nbsp; 85540 | 9231477 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 210715 | 32134037 |
| F5, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 42768 | 11605524 |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4097 | 5774148 |
| First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16029 | 3160919 |
| FirstEnergy Corp. | &nbsp;&nbsp; 79408 | 4062513 |
| Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 71567 | 5655940 |
| Gartner, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 12808 | 2013418 |
| Gen Digital, Inc. | &nbsp;&nbsp; 235299 | 5310698 |
| General Dynamics Corp. | &nbsp;&nbsp; 20728 | 7400932 |
| General Mills, Inc. | &nbsp;&nbsp; 209021 | 9454020 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 138013 | 20557036 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 99274 | 8652722 |
| HCA Healthcare, Inc. | &nbsp;&nbsp; 12529 | 6636611 |
| Hershey Co.(The) | &nbsp;&nbsp; 66394 | 15687574 |
| Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 94953 | 7155658 |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 122550 | 12410638 |
| International Business Machines Corp. | &nbsp;&nbsp; 83825 | 20135603 |
| Intuit, Inc. | &nbsp;&nbsp; 22063 | 9024429 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp; 36768 | 5973329 |
| Johnson & Johnson | &nbsp;&nbsp; 216084 | 53681748 |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp; 349695 | 10588765 |
| Kroger Co.(The) | &nbsp;&nbsp; 441123 | 30102233 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 8711 | 3175508 |
| Liberty Media Corp.-Liberty Formula One, Class C, <br> NVS<sup>(a)</sup><br>| &nbsp;&nbsp; 131179 | 12014685 |
| Linde PLC | &nbsp;&nbsp; 4037 | 2051119 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 19476 | 12816766 |
| Loews Corp. | &nbsp;&nbsp; 128214 | 14106104 |
| Marsh & McLennan Companies, Inc. | &nbsp;&nbsp; 103283 | 19287067 |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 11755 | 6079804 |
| McDonald's Corp. | &nbsp;&nbsp; 111764 | 38118230 |
| McKesson Corp. | &nbsp;&nbsp; 36628 | 36165388 |
| MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2601 | 4571466 |
| Merck & Co., Inc. | &nbsp;&nbsp; 144245 | 17860416 |
| Microsoft Corp. | &nbsp;&nbsp; 86296 | 33891891 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp; 331429 | 20409398 |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 244742 | 20876493 |
| Motorola Solutions, Inc. | &nbsp;&nbsp; 99034 | 47760137 |
| Netflix, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 23751 | 2285796 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 39856 | 5270956 |
| Newmont Corp. | &nbsp;&nbsp; 32052 | 4166760 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 37043 | 26833208 |
| Nvidia Corp. | &nbsp;&nbsp; 67948 | 12039706 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 246009 | 23095325 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 42708 | 6360075 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| PepsiCo, Inc. | &nbsp;&nbsp; 213295 | $36204693 |
| PG&E Corp. | &nbsp;&nbsp; 112970 | 2146430 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 28215 | 5271408 |
| PPL Corp. | &nbsp;&nbsp; 139855 | 5451548 |
| Procter & Gamble Co.(The) | &nbsp;&nbsp; 188064 | 31444301 |
| Progressive Corp.(The) | &nbsp;&nbsp; 78859 | 16849014 |
| PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 64220 | 10056210 |
| Qnity Electronics, Inc. | &nbsp;&nbsp; 18316 | 2321736 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp; 31002 | 6569634 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 7463 | 5833603 |
| Republic Services, Inc., Class A | &nbsp;&nbsp; 159048 | 36421992 |
| Rollins, Inc. | &nbsp;&nbsp; 149213 | 9085580 |
| Roper Technologies, Inc. | &nbsp;&nbsp; 78342 | 27398548 |
| Royalty Pharma PLC, Class A | &nbsp;&nbsp; 52656 | 2433234 |
| RTX Corp. | &nbsp;&nbsp; 27517 | 5575495 |
| Salesforce, Inc. | &nbsp;&nbsp; 54168 | 10551385 |
| ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 82515 | 8912445 |
| Southern Co.(The) | &nbsp;&nbsp; 406033 | 39539494 |
| Sysco Corp. | &nbsp;&nbsp; 34311 | 3127791 |
| TE Connectivity PLC, NVS | &nbsp;&nbsp; 28251 | 6501968 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 34446 | 23461171 |
| TJX Companies, Inc.(The) | &nbsp;&nbsp; 168817 | 27290956 |
| T-Mobile U.S., Inc. | &nbsp;&nbsp; 144049 | 31271597 |
| Travelers Companies, Inc.(The) | &nbsp;&nbsp; 39937 | 12326156 |
| Tyler Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 31637 | 11221328 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp; 183437 | 11921571 |
| Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 41017 | 3093502 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 21305 | 10735589 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 13231 | 3880255 |
| Ventas, Inc. | &nbsp;&nbsp; 33212 | 2861546 |
| VeriSign, Inc. | &nbsp;&nbsp; 61293 | 13971126 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 602759 | 30222336 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 37495 | 18628641 |
| Visa, Inc., Class A | &nbsp;&nbsp; 58713 | 18796380 |
| W R Berkley Corp. | &nbsp;&nbsp; 181843 | 13038143 |
| Walmart, Inc. | &nbsp;&nbsp; 180753 | 23127346 |
| Waste Management, Inc. | &nbsp;&nbsp; 158243 | 38111244 |
| WEC Energy Group, Inc. | &nbsp;&nbsp; 228860 | 26767466 |
| Welltower, Inc. | &nbsp;&nbsp; 56553 | 11713257 |
| Williams Companies, Inc.(The) | &nbsp;&nbsp; 43940 | 3283197 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 23185 | 7075366 |
| Workday, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 54556 | 7297411 |
| Xcel Energy, Inc. | &nbsp;&nbsp; 53442 | 4454925 |
| Yum! Brands, Inc. | &nbsp;&nbsp; 108772 | 18291100 |
| Zoom Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 103600 | 7660184 |
|  |  | 2059009007 |
| **Total Common Stocks — 99.2%** <br>**(Cost: $2,790,187,430)** | **Total Common Stocks — 99.2%** <br>**(Cost: $2,790,187,430)** | 3542421740 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 124828 | 12537659 |
| **Total Preferred Stocks — 0.3%** <br>**(Cost: $5,364,414)** | **Total Preferred Stocks — 0.3%** <br>**(Cost: $5,364,414)** | 12537659 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $2,795,551,844)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $2,795,551,844)** | 3554959399 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Global Min Vol Factor 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 — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 10407060 | $10412263 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $10,411,236)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $10,411,236)** | 10412263 |
| **Total Investments — 99.8%** <br>**(Cost: $2,805,963,080)** | **Total Investments — 99.8%** <br>**(Cost: $2,805,963,080)** | 3565371662 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 5488443 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3570860105 |

---

&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.

&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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $9924831 | $486797 <br><sup>(a)</sup><br>| $— | $1027 | $(392)<br>| $10412263 | 10407060 | $42680 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<sup>(c)</sup><br>| 5340000 |  | &nbsp;&nbsp; (5340000 )<sup>(a)</sup><br>|  |  |  |  | 125818 |  |
|  |  |  |  | $1027 | $(392) | $10412263 |  | $168498 | $— |

---

&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.

**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 | 20 | 03/20/26 | &nbsp;&nbsp; $3165 | $59316 |
| MSCI Emerging Markets Index | 21 | 03/20/26 | &nbsp;&nbsp; 1684 | 40678 |
| S&P 500 E-Mini Index | 17 | 03/20/26 | &nbsp;&nbsp; 5856 | (17630) |
| 2-Year U.S. Treasury Note | 7 | 06/30/26 | &nbsp;&nbsp; 1464 | 1344 |
|  |  |  |  | $83708 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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; $99994 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1344 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101338 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17630 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17630 |

---

&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 February 28, 2026, 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; $917659 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2506)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $915153 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16482)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(723)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(17205)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $16503507 |

---

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; $2235606892 | &nbsp;&nbsp; $1306814833 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $3542421740 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 12537659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12537659 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 10412263 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10412263 |
|  | &nbsp;&nbsp; $2246019155 | &nbsp;&nbsp; $1319352492 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $3565371662 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $1344 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1344 |
| Equity Contracts | &nbsp;&nbsp; 99994 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 99994 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Global Min Vol Factor ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(17630)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(17630)<br>|
|  | &nbsp;&nbsp; $83708 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83708 |

---

&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 (unaudited)

February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>ESG Aware MSCI <br> EM ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Emerging <br> Markets Min Vol <br> Factor ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global Min <br> Vol Factor ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $6599300033 | $3398422864 | $3554959399 |
| Investments, at value—affiliated<sup>(c)</sup> | 29779762 | 33580107 | 10412263 |
| Cash | 84570808 | 55156979 | 7391324 |
| Cash pledged for futures contracts | 1044000 | 253000 | 468000 |
| Foreign currency, at value<sup>(d)</sup> | 28079568 | 35504300 | 1337084 |
| Receivables: |  |  |  |
| Investments sold | 299972238 | 220650902 | 173410048 |
| Securities lending income—affiliated | 48360 | 25702 | 5213 |
| Loans | 45750000 | 30340000 |  |
| Capital shares sold | 9914826 |  |  |
| Dividends—unaffiliated | 9135071 | 7867907 | 5305990 |
| Dividends—affiliated | 74866 | 59798 | 11638 |
| Tax reclaims | 242882 |  | 2770829 |
| Foreign withholding tax claims | 190133 |  |  |
| Total assets | 7108102547 | 3781861559 | 3756071788 |
| **LIABILITIES** |  |  |  |
| Bank borrowings | 45750000 | 30340000 |  |
| Collateral on securities loaned, at value | 29791959 | 33535825 | 10319700 |
| Payables: |  |  |  |
| Investments purchased | 337683030 | 240111278 | 170087000 |
| Deferred foreign capital gain tax | 17296657 | 18734048 | 4106978 |
| Foreign taxes |  | 59824 | 39347 |
| Interest expense | 12124 | 8040 |  |
| Investment advisory fees | 1231817 | 649648 | 533951 |
| IRS compliance fee for foreign withholding tax claims |  |  | 83021 |
| Professional fees | 15951 |  | 11438 |
| Due to custodian | 45750000 | 30340000 |  |
| Variation margin on futures contracts | 83803 | 21459 | 30248 |
| Total liabilities | 477615341 | 353800122 | 185211683 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $6630487206 | $3428061437 | $3570860105 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $5215803276 | $3111613659 | $2844167563 |
| Accumulated earnings | 1414683930 | 316447778 | 726692542 |
| NET ASSETS | $6630487206 | $3428061437 | $3570860105 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 132400000 | 49700000 | 28500000 |
| Net asset value | $50.08 | $68.98 | $125.29 |
| Shares authorized | 1.5 billion | 800 million | 500 million |
| Par value | $0.001 | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $4123155673 | $2425505593 | $2795551844 |
| <sup>(b)</sup> Securities loaned, at value | $28214442 | $31952419 | $10202189 |
| <sup>(c)</sup> Investments, at cost—affiliated | $29779762 | $33576541 | $10411236 |
| <sup>(d)</sup> Foreign currency, at cost | $28090700 | $35500364 | $1294367 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>ESG Aware MSCI <br> EM ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Emerging <br> Markets Min <br> Vol Factor <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global <br> Min Vol <br> Factor ETF <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $44198552 | &nbsp;&nbsp;&nbsp; $39292311 | &nbsp;&nbsp;&nbsp; $32464224 |
| Dividends—affiliated | &nbsp;&nbsp; 488599 | &nbsp;&nbsp;&nbsp; 505032 | &nbsp;&nbsp;&nbsp; 125818 |
| Interest—unaffiliated | &nbsp;&nbsp; 77042 | &nbsp;&nbsp;&nbsp; 20672 | &nbsp;&nbsp;&nbsp; 34052 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 644120 | &nbsp;&nbsp;&nbsp; 178261 | &nbsp;&nbsp;&nbsp; 42680 |
| Other income—unaffiliated | &nbsp;&nbsp; 45570 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21359 |
| Foreign taxes withheld | &nbsp;&nbsp; (5254239)<br>| &nbsp;&nbsp;&nbsp; (4033853)<br>| &nbsp;&nbsp;&nbsp; (1369894)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 196128 |
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2507)<br>|
| Total investment income | &nbsp;&nbsp; 40199644 | &nbsp;&nbsp;&nbsp; 35962423 | &nbsp;&nbsp;&nbsp; 31511860 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 7087692 | &nbsp;&nbsp;&nbsp; 4963273 | &nbsp;&nbsp;&nbsp; 3306692 |
| Interest expense | &nbsp;&nbsp; 42702 | &nbsp;&nbsp;&nbsp; 21761 | &nbsp;&nbsp;&nbsp; 11343 |
| Commitment costs | &nbsp;&nbsp; 20439 | &nbsp;&nbsp;&nbsp; 20439 | &nbsp;&nbsp;&nbsp; 13839 |
| Professional | &nbsp;&nbsp; 16126 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13870 |
| Total expenses | &nbsp;&nbsp; 7166959 | &nbsp;&nbsp;&nbsp; 5005473 | &nbsp;&nbsp;&nbsp; 3345744 |
| Net investment income | &nbsp;&nbsp; 33032685 | &nbsp;&nbsp;&nbsp; 30956950 | &nbsp;&nbsp;&nbsp; 28166116 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 102647193 | &nbsp;&nbsp;&nbsp; 194547902 | &nbsp;&nbsp;&nbsp; 7192087 |
| Investments—affiliated | &nbsp;&nbsp; (580)<br>| &nbsp;&nbsp;&nbsp; 2493 | &nbsp;&nbsp;&nbsp; 1027 |
| Foreign currency transactions | &nbsp;&nbsp; (104457)<br>| &nbsp;&nbsp;&nbsp; (403373)<br>| &nbsp;&nbsp;&nbsp; (147250)<br>|
| Futures contracts | &nbsp;&nbsp; 2483201 | &nbsp;&nbsp;&nbsp; 1243674 | &nbsp;&nbsp;&nbsp; 915153 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 9310609 | &nbsp;&nbsp;&nbsp; 114971004 | &nbsp;&nbsp;&nbsp; 16904109 |
|  | &nbsp;&nbsp; 114335966 | &nbsp;&nbsp;&nbsp; 310361700 | &nbsp;&nbsp;&nbsp; 24865126 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 1172233121 | &nbsp;&nbsp;&nbsp; 91401388 | &nbsp;&nbsp;&nbsp; 154598412 |
| Investments—affiliated | &nbsp;&nbsp; (1467)<br>| &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; (392)<br>|
| Foreign currency translations | &nbsp;&nbsp; (21561)<br>| &nbsp;&nbsp;&nbsp; 339690 | &nbsp;&nbsp;&nbsp; 160760 |
| Futures contracts | &nbsp;&nbsp; 151693 | &nbsp;&nbsp;&nbsp; 117400 | &nbsp;&nbsp;&nbsp; (17205)<br>|
|  | &nbsp;&nbsp; 1172361786 | &nbsp;&nbsp;&nbsp; 91858522 | &nbsp;&nbsp;&nbsp; 154741575 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1286697752 | &nbsp;&nbsp;&nbsp; 402220222 | &nbsp;&nbsp;&nbsp; 179606701 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1319730437 | &nbsp;&nbsp;&nbsp; $433177172 | &nbsp;&nbsp;&nbsp; $207772817 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(1695239)<br>| &nbsp;&nbsp;&nbsp; $(5826457)<br>| &nbsp;&nbsp;&nbsp; $(258115)<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>(c)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $2505993 | &nbsp;&nbsp;&nbsp; $8458710 | &nbsp;&nbsp;&nbsp; $1153024 |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>ESG Aware MSCI EM ETF  | iShares <br>ESG Aware MSCI EM ETF  | iShares <br>MSCI Emerging Markets Min Vol Factor ETF  | iShares <br>MSCI Emerging Markets Min Vol Factor ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $33032685 | &nbsp;&nbsp;&nbsp; $109674942 | &nbsp;&nbsp;&nbsp; $30956950 | &nbsp;&nbsp;&nbsp; $118849713 |
| Net realized gain (loss) | &nbsp;&nbsp; 114335966 | &nbsp;&nbsp;&nbsp; (25021425)<br>| &nbsp;&nbsp;&nbsp; 310361700 | &nbsp;&nbsp;&nbsp; 165555602 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1172361786 | &nbsp;&nbsp;&nbsp; 818931003 | &nbsp;&nbsp;&nbsp; 91858522 | &nbsp;&nbsp;&nbsp; 33368457 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1319730437 | &nbsp;&nbsp;&nbsp; 903584520 | &nbsp;&nbsp;&nbsp; 433177172 | &nbsp;&nbsp;&nbsp; 317773772 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (92357829 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (117981538)<br>| &nbsp;&nbsp;&nbsp; (57420255 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (149027467)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 310295105 | &nbsp;&nbsp;&nbsp; (61928828)<br>| &nbsp;&nbsp;&nbsp; (1534537864)<br>| &nbsp;&nbsp;&nbsp; (288868397)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 1537667713 | &nbsp;&nbsp;&nbsp; 723674154 | &nbsp;&nbsp;&nbsp; (1158780947)<br>| &nbsp;&nbsp;&nbsp; (120122092)<br>|
| Beginning of period | &nbsp;&nbsp; 5092819493 | &nbsp;&nbsp;&nbsp; 4369145339 | &nbsp;&nbsp;&nbsp; 4586842384 | &nbsp;&nbsp;&nbsp; 4706964476 |
| End of period | &nbsp;&nbsp; $6630487206 | &nbsp;&nbsp;&nbsp; $5092819493 | &nbsp;&nbsp;&nbsp; $3428061437 | &nbsp;&nbsp;&nbsp; $4586842384 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2026 iShares Semi-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 Min Vol Factor ETF  | iShares <br>MSCI Global Min Vol Factor ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $28166116 | &nbsp;&nbsp;&nbsp; $78976824 |
| Net realized gain | &nbsp;&nbsp; 24865126 | &nbsp;&nbsp;&nbsp; 498382921 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 154741575 | &nbsp;&nbsp;&nbsp; (323968124)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 207772817 | &nbsp;&nbsp;&nbsp; 253391621 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (36194000 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (93989667)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 120330343 | &nbsp;&nbsp;&nbsp; (1338538202)<br>|
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 291909160 | &nbsp;&nbsp;&nbsp; (1179136248)<br>|
| Beginning of period | &nbsp;&nbsp; 3278950945 | &nbsp;&nbsp;&nbsp; 4458087193 |
| End of period | &nbsp;&nbsp; $3570860105 | &nbsp;&nbsp;&nbsp; $3278950945 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*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 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  | iShares ESG Aware MSCI EM ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $40.48 | &nbsp;&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> | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp; 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> | 10.07 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 10.33 | &nbsp;&nbsp;&nbsp;&nbsp;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; (0.73 )<sup>(e)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $50.08 | &nbsp;&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>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 25.84 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.25 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 1.17 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $6630487 | &nbsp;&nbsp;&nbsp; $5092819 | &nbsp;&nbsp;&nbsp; $4369145 | &nbsp;&nbsp;&nbsp; $4323755 | &nbsp;&nbsp;&nbsp; $4251525 | &nbsp;&nbsp;&nbsp; $7105443 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&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>(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>(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>(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>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-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 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  | iShares MSCI Emerging Markets Min Vol Factor ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $62.75 | &nbsp;&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> | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 6.70 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 7.20 | &nbsp;&nbsp;&nbsp;&nbsp;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; (0.97 )<sup>(f)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $68.98 | &nbsp;&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>(g)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 11.61 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(i)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.25 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 1.56 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $3428061 | &nbsp;&nbsp;&nbsp; $4586842 | &nbsp;&nbsp;&nbsp; $4706964 | &nbsp;&nbsp;&nbsp; $4496514 | &nbsp;&nbsp;&nbsp; $6177144 | &nbsp;&nbsp;&nbsp; $3874514 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&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>(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>(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>(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>(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>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(f)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(g)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. | <sup>(h)</sup> Not annualized. |
| <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. | <sup>(j)</sup> Annualized. |
| <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(k)</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 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  | iShares MSCI Global Min Vol Factor ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $119.23 | &nbsp;&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> | 1.01 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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> | 6.35 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 7.36 | &nbsp;&nbsp;&nbsp;&nbsp;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; (1.30 )<sup>(e)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $125.29 | &nbsp;&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>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.24 %<sup>(b)(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.20 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | 1.70 %<sup>(b)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $3570860 | &nbsp;&nbsp;&nbsp; $3278951 | &nbsp;&nbsp;&nbsp; $4458087 | &nbsp;&nbsp;&nbsp; $4718543 | &nbsp;&nbsp;&nbsp; $4476569 | &nbsp;&nbsp;&nbsp; $5306261 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 11<br> %<br>| &nbsp;&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>(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 six months ended February 28, <br> 2026, for the years ended August 31, 2025 and August 31, 2023, respectively:<br> • Net investment income per share by $0.01 and $0.02.<br> • Total return by 0.01%, 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01% 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 six months ended February 28, <br> 2026, for the years ended August 31, 2025 and August 31, 2023, respectively:<br> • Net investment income per share by $0.01 and $0.02.<br> • Total return by 0.01%, 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01% 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 six months ended February 28, <br> 2026, for the years ended August 31, 2025 and August 31, 2023, respectively:<br> • Net investment income per share by $0.01 and $0.02.<br> • Total return by 0.01%, 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01% 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 six months ended February 28, <br> 2026, for the years ended August 31, 2025 and August 31, 2023, respectively:<br> • Net investment income per share by $0.01 and $0.02.<br> • Total return by 0.01%, 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01% 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 six months ended February 28, <br> 2026, for the years ended August 31, 2025 and August 31, 2023, respectively:<br> • Net investment income per share by $0.01 and $0.02.<br> • Total return by 0.01%, 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01% 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 six months ended February 28, <br> 2026, for the years ended August 31, 2025 and August 31, 2023, respectively:<br> • Net investment income per share by $0.01 and $0.02.<br> • Total return by 0.01%, 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01% 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 six months ended February 28, <br> 2026, for the years ended August 31, 2025 and August 31, 2023, respectively:<br> • Net investment income per share by $0.01 and $0.02.<br> • Total return by 0.01%, 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01% 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>(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>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&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>|
| ESG Aware MSCI EM | &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.

Certain Russian securities held by iShares ESG Aware MSCI EM 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 February 28, 2026, 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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

**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 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 (except ETF options, equity index options or those that are customized) 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:

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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 the 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 market 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* |
| ESG Aware MSCI EM |  |  |  |  |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; $292731 | &nbsp;&nbsp;&nbsp; $(292731) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 164295 | &nbsp;&nbsp;&nbsp; (164295) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 2323289 | &nbsp;&nbsp;&nbsp; (2323289) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; 6194718 | &nbsp;&nbsp;&nbsp; (6194718) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 19227640 | &nbsp;&nbsp;&nbsp; (19227640) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 11769 | &nbsp;&nbsp;&nbsp; (11769) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $28214442 | &nbsp;&nbsp;&nbsp; $(28214442) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Emerging Markets Min Vol Factor |  |  |  |  |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; $490368 | &nbsp;&nbsp;&nbsp; $(490368) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 8712169 | &nbsp;&nbsp;&nbsp; (8712169) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 22260749 | &nbsp;&nbsp;&nbsp; (22260749) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; 489133 | &nbsp;&nbsp;&nbsp; (489133) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $31952419 | &nbsp;&nbsp;&nbsp; $(31952419) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (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 Min Vol Factor |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $2945088 | &nbsp;&nbsp;&nbsp; $(2754808) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $190280<sup>(b)</sup> <br>|
| BofA Securities, Inc. | &nbsp;&nbsp; 73125 | &nbsp;&nbsp;&nbsp; (73125) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 5135617 | &nbsp;&nbsp;&nbsp; (5135617) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 1779724 | &nbsp;&nbsp;&nbsp; (1779724) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; 171617 | &nbsp;&nbsp;&nbsp; (171617) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 30418 | &nbsp;&nbsp;&nbsp; (30418) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 66600 | &nbsp;&nbsp;&nbsp; (66600) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $10202189 | &nbsp;&nbsp;&nbsp; $(10011909) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $190280 |

---

&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 February 28, 2026. 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.

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 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* |
| ESG Aware MSCI EM | 0.25% |
| MSCI Emerging Markets Min Vol Factor | 0.25 |
| MSCI Global Min Vol Factor | 0.20 |

---

**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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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 specific 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 this 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 six months ended February 28, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| ESG Aware MSCI EM | &nbsp;&nbsp; $142039 |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 43446 |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; 11222 |

---

**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 six months ended February 28, 2026, 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>|
| ESG Aware MSCI EM | &nbsp;&nbsp; $81898741 | &nbsp;&nbsp;&nbsp; $50759569 | &nbsp;&nbsp;&nbsp; $1985499 |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 37489451 | &nbsp;&nbsp;&nbsp; 9036743 | &nbsp;&nbsp;&nbsp; (179336) |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; 96909291 | &nbsp;&nbsp;&nbsp; 80639510 | &nbsp;&nbsp;&nbsp; (4356707) |

---

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 six months ended February 28, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| ESG Aware MSCI EM | &nbsp;&nbsp; $1131323606 | &nbsp;&nbsp;&nbsp; $902942002 |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 468363099 | &nbsp;&nbsp;&nbsp; 1705217656 |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; 444229229 | &nbsp;&nbsp;&nbsp; 374806986 |

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

For the six months ended February 28, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| ESG Aware MSCI EM | &nbsp;&nbsp; $35376091 | &nbsp;&nbsp;&nbsp; $26240612 |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 2457139 | &nbsp;&nbsp;&nbsp; 344574154 |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; 121641505 | &nbsp;&nbsp;&nbsp; 60097264 |

---

***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 February 28, 2026, 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.

As of August 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| ESG Aware MSCI EM | &nbsp;&nbsp; $(1084476251)<br>|
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; (1049997550)<br>|
| MSCI Global Min Vol Factor | &nbsp;&nbsp; (45313721)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of February 28, 2026, 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>|
| ESG Aware MSCI EM | &nbsp;&nbsp; $4221480069 | &nbsp;&nbsp;&nbsp; $2675606540 | &nbsp;&nbsp;&nbsp; $(267890577) | &nbsp;&nbsp;&nbsp; $2407715963 |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 2368696621 | &nbsp;&nbsp;&nbsp; 1063451816 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1063451816 |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; 2822068485 | &nbsp;&nbsp;&nbsp; 916283513 | &nbsp;&nbsp;&nbsp; (172896628) | &nbsp;&nbsp;&nbsp; 743386885 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. 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 six months ended February 28, 2026, 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>|
| ESG Aware MSCI EM | &nbsp;&nbsp; $95100000 | &nbsp;&nbsp;&nbsp; $1556354 | &nbsp;&nbsp;&nbsp;&nbsp;4.91% |
| MSCI Emerging Markets Min Vol Factor | &nbsp;&nbsp; 30340000 | &nbsp;&nbsp;&nbsp; 339669 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 |
| MSCI Global Min Vol Factor | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 17680 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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.

**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.

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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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 of issuers located in Asia or with significant exposure to Asian issuers or countries. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have 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.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| ESG Aware MSCI EM |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 8400000 | &nbsp;&nbsp;&nbsp; $389504405 | &nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; $117543411 |
| Shares redeemed | &nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp;&nbsp; (79209300)<br>| &nbsp;&nbsp;&nbsp; (4700000)<br>| &nbsp;&nbsp;&nbsp; (179472239)<br>|
|  | &nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp; $310295105 | &nbsp;&nbsp;&nbsp; (1400000)<br>| &nbsp;&nbsp;&nbsp; $(61928828)<br>|
| MSCI Emerging Markets Min Vol Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; $34573346 | &nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; $214393808 |
| Shares redeemed | &nbsp;&nbsp; (23900000)<br>| &nbsp;&nbsp;&nbsp; (1569111210)<br>| &nbsp;&nbsp;&nbsp; (8400000)<br>| &nbsp;&nbsp;&nbsp; (503262205)<br>|
|  | &nbsp;&nbsp; (23400000)<br>| &nbsp;&nbsp;&nbsp; $(1534537864)<br>| &nbsp;&nbsp;&nbsp; (4900000)<br>| &nbsp;&nbsp;&nbsp; $(288868397)<br>|
| MSCI Global Min Vol Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; $191720886 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $349284 |
| Shares redeemed | &nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; (71390543)<br>| &nbsp;&nbsp;&nbsp; (11700000)<br>| &nbsp;&nbsp;&nbsp; (1338887486)<br>|
|  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; $120330343 | &nbsp;&nbsp;&nbsp; (11700000)<br>| &nbsp;&nbsp;&nbsp; $(1338538202)<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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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. FOREIGN WITHHOLDING TAX CLAIMS***

The iShares ESG Aware MSCI EM ETF has filed European Union Discrimination Claims ("ECJ Claims") to recover taxes withheld by either Finland or 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 February 28, 2026, is $190,133 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 February 28, 2026 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 the iShares ESG Aware MSCI EM 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 has evaluated the impact of all subsequent events on the Funds 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

------

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 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**.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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 |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |

---

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. 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.©2026 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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![](g948967imgfe5622a03.gif)

------

February 28, 2026

![](g948967img2226e3411.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<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_fe0927b2-cdb9-42b6-ad3a-5328c7cba2de_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_fe0927b2-cdb9-42b6-ad3a-5328c7cba2de_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 13 |
| [Statements of Operations](#xx_fe0927b2-cdb9-42b6-ad3a-5328c7cba2de_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 14 |
| [Statements of Changes in Net Assets](#xx_fe0927b2-cdb9-42b6-ad3a-5328c7cba2de_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 15 |
| [Financial Highlights](#xx_fe0927b2-cdb9-42b6-ad3a-5328c7cba2de_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 17 |
| [Notes to Financial Statements](#xx_fe0927b2-cdb9-42b6-ad3a-5328c7cba2de_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 20 |
| [Additional Information](#xx_fe0927b2-cdb9-42b6-ad3a-5328c7cba2de_SAI-Footer-iSharesReport-22_1)  | &nbsp;&nbsp; 28 |
| [Glossary of Terms Used in these Financial Statements](#xx_fe0927b2-cdb9-42b6-ad3a-5328c7cba2de_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 29 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 6.1%** | **Banks — 6.1%** | **Banks — 6.1%** |
| KBC Ancora | &nbsp;&nbsp; 4824 | $428599 |
| KBC Group NV | &nbsp;&nbsp; 9240 | 1251401 |
|  |  | 1680000 |
| **Beverages — 22.3%** | **Beverages — 22.3%** | **Beverages — 22.3%** |
| Anheuser-Busch InBev SA/NV | &nbsp;&nbsp; 76032 | 6182557 |
| **Biotechnology — 13.6%** | **Biotechnology — 13.6%** | **Biotechnology — 13.6%** |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 4592 | 3552503 |
| Galapagos NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 6302 | 211796 |
|  |  | 3764299 |
| **Building Products — 0.7%** | **Building Products — 0.7%** | **Building Products — 0.7%** |
| Recticel SA | &nbsp;&nbsp; 14503 | 196919 |
| **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** |
| Gimv NV | &nbsp;&nbsp; 4187 | 231549 |
| **Chemicals — 5.3%** | **Chemicals — 5.3%** | **Chemicals — 5.3%** |
| Solvay SA | &nbsp;&nbsp; 10140 | 333073 |
| Syensqo SA | &nbsp;&nbsp; 7817 | 445691 |
| Tessenderlo Group SA | &nbsp;&nbsp; 5715 | 180739 |
| Umicore SA | &nbsp;&nbsp; 23808 | 507394 |
|  |  | 1466897 |
| **Construction & Engineering — 4.1%** | **Construction & Engineering — 4.1%** | **Construction & Engineering — 4.1%** |
| Ackermans & van Haaren NV | &nbsp;&nbsp; 2486 | 852469 |
| Deme Group NV | &nbsp;&nbsp; 1259 | 292350 |
|  |  | 1144819 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| Colruyt Group NV | &nbsp;&nbsp; 5674 | 229961 |
| **Distributors — 2.0%** | **Distributors — 2.0%** | **Distributors — 2.0%** |
| D'ieteren Group | &nbsp;&nbsp; 2517 | 544228 |
| **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |
| Proximus SADP | &nbsp;&nbsp; 26964 | 222547 |
| **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** |
| Elia Group SA/NV, Class B | &nbsp;&nbsp; 4756 | 755651 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Barco NV | &nbsp;&nbsp; 12919 | 165482 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| Kinepolis Group NV | &nbsp;&nbsp; 4212 | 135337 |
| **Financial Services — 5.1%** | **Financial Services — 5.1%** | **Financial Services — 5.1%** |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 8491 | 851988 |
| Sofina SA | &nbsp;&nbsp; 1872 | 556062 |
|  |  | 1408050 |
| **Food Products — 2.2%** | **Food Products — 2.2%** | **Food Products — 2.2%** |
| Lotus Bakeries NV<sup>(b)</sup> | &nbsp;&nbsp; 48 | 596984 |
| **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** |
| Fagron | &nbsp;&nbsp; 10440 | 280788 |
| **Health Care REITs — 3.7%** | **Health Care REITs — 3.7%** | **Health Care REITs — 3.7%** |
| Aedifica SA | &nbsp;&nbsp; 5687 | 526745 |
| Cofinimmo SA | &nbsp;&nbsp; 4674 | 511438 |
|  |  | 1038183 |
| **Industrial REITs — 3.5%** | **Industrial REITs — 3.5%** | **Industrial REITs — 3.5%** |
| Montea NV | &nbsp;&nbsp; 3089 | 285904 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Industrial REITs (continued)** | **Industrial REITs (continued)** | **Industrial REITs (continued)** |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 22051 | $677341 |
|  |  | 963245 |
| **Insurance — 4.0%** | **Insurance — 4.0%** | **Insurance — 4.0%** |
| Ageas SA/NV | &nbsp;&nbsp; 14975 | 1111544 |
| **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** |
| Bekaert SA | &nbsp;&nbsp; 5578 | 287885 |
| **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** |
| CMB Tech NV | &nbsp;&nbsp; 21520 | 315254 |
| **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** |
| Ontex Group NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 20048 | 109806 |
| **Pharmaceuticals — 11.3%** | **Pharmaceuticals — 11.3%** | **Pharmaceuticals — 11.3%** |
| Financiere de Tubize SA | &nbsp;&nbsp; 2251 | 604697 |
| UCB SA | &nbsp;&nbsp; 8386 | 2519015 |
|  |  | 3123712 |
| **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** |
| VGP NV | &nbsp;&nbsp; 2187 | 283842 |
| **Residential REITs — 0.9%** | **Residential REITs — 0.9%** | **Residential REITs — 0.9%** |
| Xior Student Housing NV | &nbsp;&nbsp; 6830 | 241805 |
| **Retail REITs — 1.1%** | **Retail REITs — 1.1%** | **Retail REITs — 1.1%** |
| Retail Estates NV | &nbsp;&nbsp; 2577 | 209619 |
| Vastned NV<sup>(a)</sup> | &nbsp;&nbsp; 2770 | 102118 |
|  |  | 311737 |
| **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** |
| Melexis NV | &nbsp;&nbsp; 3491 | 234104 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| Shurgard Self Storage Ltd. | &nbsp;&nbsp; 6253 | 206060 |
| **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** |
| Azelis Group NV | &nbsp;&nbsp; 24758 | 246511 |
| **Total Long-Term Investments — 99.0%** <br>**(Cost: $27,808,181)** | **Total Long-Term Investments — 99.0%** <br>**(Cost: $27,808,181)** | 27479756 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.2%** | **Money Market Funds — 3.2%** | **Money Market Funds — 3.2%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.84%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 874586 | 875024 |
| **Total Short-Term Securities — 3.2%** <br>**(Cost: $875,021)** | **Total Short-Term Securities — 3.2%** <br>**(Cost: $875,021)** | 875024 |
| **Total Investments — 102.2%** <br>**(Cost: $28,683,202)** | **Total Investments — 102.2%** <br>**(Cost: $28,683,202)** | 28354780 |
| **Liabilities in Excess of Other Assets — (2.2)%** | **Liabilities in Excess of Other Assets — (2.2)%** | (608587)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $27746193 |

---

&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. 

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Belgium ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $766275 | $108730 <br><sup>(a)</sup><br>| $— | $56 | $(37)<br>| $875024 | 874586 | $2566 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(c)</sup> | 10000 |  | &nbsp;&nbsp; (10000 )<sup>(a)</sup><br>|  |  |  |  | 124 |  |
|  |  |  |  | $56 | $(37) | $875024 |  | $2690 | $— |

---

&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.

**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 | 37 | 03/20/26 | &nbsp;&nbsp; $269 | $13677 |

---

**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; $13677 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13677 |

---

&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 February 28, 2026, 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; $26667 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26667 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10399 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10399 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $279346 |

---

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 (unaudited)(continued)

February 28, 2026

**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; $554626 | &nbsp;&nbsp; $26925130 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27479756 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 875024 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 875024 |
|  | &nbsp;&nbsp; $1429650 | &nbsp;&nbsp; $26925130 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28354780 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $13677 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13677 |

---

&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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 13.3%** | **Aerospace & Defense — 13.3%** | **Aerospace & Defense — 13.3%** |
| Airbus SE | &nbsp;&nbsp; 98390 | $21365673 |
| Dassault Aviation SA | &nbsp;&nbsp; 3226 | 1295687 |
| Safran SA | &nbsp;&nbsp; 58879 | 23712855 |
| Thales SA | &nbsp;&nbsp; 15345 | 4657471 |
|  |  | 51031686 |
| **Automobile Components — 1.1%** | **Automobile Components — 1.1%** | **Automobile Components — 1.1%** |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 108160 | 4374121 |
| **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** |
| Renault SA | &nbsp;&nbsp; 31926 | 1207381 |
| **Banks — 8.5%** | **Banks — 8.5%** | **Banks — 8.5%** |
| BNP Paribas SA | &nbsp;&nbsp; 166426 | 18686585 |
| Credit Agricole SA | &nbsp;&nbsp; 175334 | 3873648 |
| Societe Generale SA | &nbsp;&nbsp; 114285 | 9904006 |
|  |  | 32464239 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Pernod Ricard SA | &nbsp;&nbsp; 33417 | 3083735 |
| **Building Products — 2.0%** | **Building Products — 2.0%** | **Building Products — 2.0%** |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 73824 | 7481454 |
| **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** |
| Amundi SA<sup>(a)</sup> | &nbsp;&nbsp; 10311 | 983596 |
| Euronext NV<sup>(a)</sup> | &nbsp;&nbsp; 12877 | 2127496 |
|  |  | 3111092 |
| **Chemicals — 5.3%** | **Chemicals — 5.3%** | **Chemicals — 5.3%** |
| Air Liquide SA | &nbsp;&nbsp; 95935 | 20172753 |
| **Construction & Engineering — 4.6%** | **Construction & Engineering — 4.6%** | **Construction & Engineering — 4.6%** |
| Bouygues SA | &nbsp;&nbsp; 31901 | 1974230 |
| Eiffage SA | &nbsp;&nbsp; 11359 | 1958774 |
| Vinci SA | &nbsp;&nbsp; 81999 | 13610693 |
|  |  | 17543697 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
| Carrefour SA | &nbsp;&nbsp; 97245 | 1844284 |
| **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** |
| Covivio SA/France | &nbsp;&nbsp; 9267 | 679251 |
| **Diversified Telecommunication Services — 1.7%** | **Diversified Telecommunication Services — 1.7%** | **Diversified Telecommunication Services — 1.7%** |
| Orange SA | &nbsp;&nbsp; 308318 | 6641955 |
| **Electrical Equipment — 9.8%** | **Electrical Equipment — 9.8%** | **Electrical Equipment — 9.8%** |
| Legrand SA | &nbsp;&nbsp; 43423 | 7865082 |
| Schneider Electric SE | &nbsp;&nbsp; 90782 | 29668447 |
|  |  | 37533529 |
| **Food Products — 2.4%** | **Food Products — 2.4%** | **Food Products — 2.4%** |
| Danone SA | &nbsp;&nbsp; 107185 | 9217800 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| Ayvens SA<sup>(a)</sup> | &nbsp;&nbsp; 58407 | 741433 |
| **Health Care Equipment & Supplies — 3.7%** | **Health Care Equipment & Supplies — 3.7%** | **Health Care Equipment & Supplies — 3.7%** |
| BioMerieux | &nbsp;&nbsp; 6817 | 805713 |
| EssilorLuxottica SA | &nbsp;&nbsp; 49863 | 13198080 |
|  |  | 14003793 |
| **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |
| Accor SA | &nbsp;&nbsp; 31090 | 1804624 |
| Sodexo SA | &nbsp;&nbsp; 14574 | 797737 |
|  |  | 2602361 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Insurance — 3.5%** | **Insurance — 3.5%** | **Insurance — 3.5%** |
| AXA SA | &nbsp;&nbsp; 276900 | $13540988 |
| **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| Capgemini SE | &nbsp;&nbsp; 25347 | 3203273 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| Eurofins Scientific SE | &nbsp;&nbsp; 19606 | 1579856 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 4806 | 1038588 |
|  |  | 2618444 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| Alstom SA<sup>(b)</sup> | &nbsp;&nbsp; 57200 | 1902866 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Publicis Groupe SA | &nbsp;&nbsp; 37898 | 3374630 |
| **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** |
| ArcelorMittal SA | &nbsp;&nbsp; 70579 | 4623552 |
| **Multi-Utilities — 3.8%** | **Multi-Utilities — 3.8%** | **Multi-Utilities — 3.8%** |
| Engie SA | &nbsp;&nbsp; 302428 | 10331872 |
| Veolia Environnement SA | &nbsp;&nbsp; 104393 | 4420701 |
|  |  | 14752573 |
| **Office REITs — 0.2%** | **Office REITs — 0.2%** | **Office REITs — 0.2%** |
| Gecina SA | &nbsp;&nbsp; 7561 | 698053 |
| **Oil, Gas & Consumable Fuels — 7.0%** | **Oil, Gas & Consumable Fuels — 7.0%** | **Oil, Gas & Consumable Fuels — 7.0%** |
| Bollore SE | &nbsp;&nbsp; 117379 | 685663 |
| TotalEnergies SE | &nbsp;&nbsp; 328832 | 26339971 |
|  |  | 27025634 |
| **Personal Care Products — 4.9%** | **Personal Care Products — 4.9%** | **Personal Care Products — 4.9%** |
| L'Oreal SA | &nbsp;&nbsp; 39773 | 18635484 |
| **Pharmaceuticals — 5.0%** | **Pharmaceuticals — 5.0%** | **Pharmaceuticals — 5.0%** |
| Ipsen SA | &nbsp;&nbsp; 6227 | 1215526 |
| Sanofi SA | &nbsp;&nbsp; 181734 | 17773822 |
|  |  | 18989348 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| Bureau Veritas SA | &nbsp;&nbsp; 56174 | 1952130 |
| **Retail REITs — 1.0%** | **Retail REITs — 1.0%** | **Retail REITs — 1.0%** |
| Klepierre SA | &nbsp;&nbsp; 35624 | 1499184 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 20173 | 2527428 |
|  |  | 4026612 |
| **Semiconductors & Semiconductor Equipment — 1.0%** | **Semiconductors & Semiconductor Equipment — 1.0%** | **Semiconductors & Semiconductor Equipment — 1.0%** |
| STMicroelectronics NV | &nbsp;&nbsp; 112111 | 3740590 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Dassault Systemes SE | &nbsp;&nbsp; 111060 | 2432076 |
| **Textiles, Apparel & Luxury Goods — 11.2%** | **Textiles, Apparel & Luxury Goods — 11.2%** | **Textiles, Apparel & Luxury Goods — 11.2%** |
| Hermes International SCA | &nbsp;&nbsp; 5244 | 12603762 |
| Kering SA | &nbsp;&nbsp; 12326 | 4133383 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 41204 | 26330193 |
|  |  | 43067338 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| Rexel SA | &nbsp;&nbsp; 36723 | 1590396 |
| **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** |
| Aeroports de Paris SA | &nbsp;&nbsp; 5723 | 798553 |
| Getlink SE | &nbsp;&nbsp; 49749 | 1080164 |
|  |  | 1878717 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $343,228,942)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $343,228,942)** | 381787268 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI France 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 — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 180000 | $180000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $180,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $180,000)** | 180000 |
| **Total Investments — 99.7%** <br>**(Cost: $343,408,942)** | **Total Investments — 99.7%** <br>**(Cost: $343,408,942)** | 381967268 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 1327238 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $383294506 |

---

&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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $140000<br> $40000 <br><sup>(a)</sup><br>| $— | $— | $— | $180000 | 180000 | $2149 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**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 | 14 | 03/20/26 | &nbsp;&nbsp; $1420 | $24594 |

---

**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; $24594 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24594 |

---

&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). 

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI France ETF**

For the period ended February 28, 2026, 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; $129311 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $129311 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26550 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26550 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1417419 |

---

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; $741433 | &nbsp;&nbsp; $381045835 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $381787268 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 180000 |
|  | &nbsp;&nbsp; $921433 | &nbsp;&nbsp; $381045835 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $381967268 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24594 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24594 |

---

&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 (unaudited)

February 28, 2026

**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 — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** |
| Saab AB, Class B | &nbsp;&nbsp; 132864 | $9701330 |
| **Banks — 10.1%** | **Banks — 10.1%** | **Banks — 10.1%** |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 627229 | 13335627 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 604925 | 9671111 |
| Swedbank AB, Class A | &nbsp;&nbsp; 351752 | 13511874 |
|  |  | 36518612 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 82122 | 3588443 |
| **Building Products — 5.0%** | **Building Products — 5.0%** | **Building Products — 5.0%** |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 361573 | 15390396 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 635617 | 2597177 |
|  |  | 17987573 |
| **Capital Markets — 1.7%** | **Capital Markets — 1.7%** | **Capital Markets — 1.7%** |
| EQT AB | &nbsp;&nbsp; 205219 | 6325097 |
| **Commercial Services & Supplies — 1.4%** | **Commercial Services & Supplies — 1.4%** | **Commercial Services & Supplies — 1.4%** |
| Securitas AB, Class B | &nbsp;&nbsp; 205603 | 3658834 |
| Verisure PLC<sup>(a)</sup> | &nbsp;&nbsp; 110453 | 1232679 |
|  |  | 4891513 |
| **Communications Equipment — 3.7%** | **Communications Equipment — 3.7%** | **Communications Equipment — 3.7%** |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 1159550 | 13404376 |
| **Construction & Engineering — 1.2%** | **Construction & Engineering — 1.2%** | **Construction & Engineering — 1.2%** |
| Skanska AB, Class B | &nbsp;&nbsp; 141972 | 4352416 |
| **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** |
| Telia Co. AB | &nbsp;&nbsp; 982869 | 5045859 |
| **Electronic Equipment, Instruments & Components — 2.7%** | **Electronic Equipment, Instruments & Components — 2.7%** | **Electronic Equipment, Instruments & Components — 2.7%** |
| Hexagon AB, Class B | &nbsp;&nbsp; 861233 | 9797586 |
| **Entertainment — 9.2%** | **Entertainment — 9.2%** | **Entertainment — 9.2%** |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 64760 | 33347514 |
| **Financial Services — 11.1%** | **Financial Services — 11.1%** | **Financial Services — 11.1%** |
| Industrivarden AB, Class A | &nbsp;&nbsp; 48904 | 2775540 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 65276 | 3685729 |
| Investor AB, Class B | &nbsp;&nbsp; 754547 | 31473324 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 32108 | 2101951 |
|  |  | 40036544 |
| **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 55619 | 3349954 |
| **Household Products — 2.2%** | **Household Products — 2.2%** | **Household Products — 2.2%** |
| Essity AB, Class B | &nbsp;&nbsp; 250376 | 7953063 |
| **Industrial Conglomerates — 1.4%** | **Industrial Conglomerates — 1.4%** | **Industrial Conglomerates — 1.4%** |
| Investment AB Latour, Class B | &nbsp;&nbsp; 62938 | 1600191 |
| Lifco AB, Class B | &nbsp;&nbsp; 97504 | 3459527 |
|  |  | 5059718 |
| **Machinery — 30.8%** | **Machinery — 30.8%** | **Machinery — 30.8%** |
| Alfa Laval AB | &nbsp;&nbsp; 120211 | 7095042 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 1112434 | $23933179 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 646788 | 12125103 |
| Epiroc AB, Class A | &nbsp;&nbsp; 273608 | 8219321 |
| Epiroc AB, Class B | &nbsp;&nbsp; 162793 | 4232604 |
| Indutrade AB | &nbsp;&nbsp; 114588 | 2970889 |
| Sandvik AB | &nbsp;&nbsp; 441632 | 19463250 |
| SKF AB, Class B | &nbsp;&nbsp; 142397 | 4070375 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 84744 | 3714690 |
| Volvo AB, Class B | &nbsp;&nbsp; 658066 | 25604292 |
|  |  | 111428745 |
| **Metals & Mining — 2.6%** | **Metals & Mining — 2.6%** | **Metals & Mining — 2.6%** |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 117967 | 9350974 |
| **Paper & Forest Products — 1.3%** | **Paper & Forest Products — 1.3%** | **Paper & Forest Products — 1.3%** |
| Holmen AB, Class B | &nbsp;&nbsp; 30163 | 1187309 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 254479 | 3454766 |
|  |  | 4642075 |
| **Real Estate Management & Development — 1.2%** | **Real Estate Management & Development — 1.2%** | **Real Estate Management & Development — 1.2%** |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 302537 | 2273357 |
| Sagax AB, Class B | &nbsp;&nbsp; 93048 | 1969432 |
|  |  | 4242789 |
| **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 205857 | 4388822 |
| **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** |
| AddTech AB, Class B | &nbsp;&nbsp; 108563 | 4012919 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 171784 | 2680229 |
|  |  | 6693148 |
| **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** |
| Tele2 AB, Class B | &nbsp;&nbsp; 228108 | 4814027 |
| **Total Long-Term Investments — 95.9%** <br>**(Cost: $299,700,047)** | **Total Long-Term Investments — 95.9%** <br>**(Cost: $299,700,047)** | 346920178 |
| **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> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 110000 | 110000 |
| **Total Short-Term Securities — 0.0%** <br>**(Cost: $110,000)** | **Total Short-Term Securities — 0.0%** <br>**(Cost: $110,000)** | 110000 |
| **Total Investments — 95.9%** <br>**(Cost: $299,810,047)** | **Total Investments — 95.9%** <br>**(Cost: $299,810,047)** | 347030178 |
| **Other Assets Less Liabilities — 4.1%** | **Other Assets Less Liabilities — 4.1%** | 14711885 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $361742063 |

---

&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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Sweden ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $220000 | $—<br> $(110000 )<sup>(a)</sup><br>| $— | $— | $110000 | 110000<br> $2954 <br><sup>(b)</sup><br>| $— |

---

&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 |  |  |  |  |
| OMX Stockholm 30 Index | 417 | 03/20/26 | &nbsp;&nbsp; $14866 | $291597 |

---

**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 | 4399726 | USD | 473802 | Standard Chartered Bank | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13998 |
| SEK | 3666582 | USD | 406705 | Standard Chartered Bank | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (188)<br>|
| USD | 2198225 | EUR | 1880122 | Standard Chartered Bank | 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25149)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25337)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(11339)<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; $291597 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $291597 |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13998 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13998 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $291597 | &nbsp;&nbsp; $13998 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $305595 |
| **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; $25337 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25337 |

---

&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 (unaudited)(continued)

February 28, 2026

**iShares® MSCI Sweden ETF**

For the period ended February 28, 2026, 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; $2678864 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2678864 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19247 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19247 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2678864 | &nbsp;&nbsp; $19247 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2698111 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $152886 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $152886 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (30)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $152886 | &nbsp;&nbsp; $(30)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $152856 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $14557171 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $2205635 |
| Average amounts sold — in USD | &nbsp;&nbsp; $673928 |

---

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; $76855 | &nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 13998 | &nbsp;&nbsp;&nbsp; 25337 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 90853 | &nbsp;&nbsp;&nbsp; 25337 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (76855)<br>| &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $13998 | &nbsp;&nbsp;&nbsp; $25337 |

---

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>|
| Standard Chartered Bank | &nbsp;&nbsp; $13998 | &nbsp;&nbsp; $(13998)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&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>|
| Standard Chartered Bank | &nbsp;&nbsp; $25337 | &nbsp;&nbsp; $(13998)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11339 |

---

&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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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; $34580193 | &nbsp;&nbsp; $312339985 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $346920178 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 110000 |
|  | &nbsp;&nbsp; $34690193 | &nbsp;&nbsp; $312339985 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $347030178 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13998 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13998 |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 291597 | &nbsp;&nbsp; — | &nbsp;&nbsp; 291597 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (25337)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (25337)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $280258 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $280258 |

---

&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 (unaudited)

February 28, 2026

&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> | $27479756 | $381787268 | $346920178 |
| Investments, at value—affiliated<sup>(c)</sup> | 875024 | 180000 | 110000 |
| Cash | 8872 | 3804 | 4691 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 18906 | 101618 | 1271656 |
| Foreign currency, at value<sup>(e)</sup> | 35475 | 358928 | 1220049 |
| Receivables: |  |  |  |
| Investments sold | 124865 | 2732990 | 2276120 |
| Securities lending income—affiliated | 656 |  |  |
| Dividends—unaffiliated | 1257 | 10501 | 46196 |
| Dividends—affiliated | 22 | 309 | 486 |
| Tax reclaims | 213886 | 981955 | 1099690 |
| Variation margin on futures contracts |  |  | 76855 |
| Foreign withholding tax claims |  |  | 12495929 |
| Unrealized appreciation on forward foreign currency exchange contracts |  |  | 13998 |
| Total assets | 28758719 | 386157373 | 365535848 |
| **LIABILITIES** |  |  |  |
| Collateral on securities loaned, at value | 874931 |  |  |
| Payables: |  |  |  |
| Investments purchased | 126899 | 2699294 | 2391612 |
| Investment advisory fees | 9997 | 145687 | 127909 |
| Professional fees |  | 9500 | 1248927 |
| Variation margin on futures contracts | 699 | 8386 |  |
| Unrealized depreciation on forward foreign currency exchange contracts |  |  | 25337 |
| Total liabilities | 1012526 | 2862867 | 3793785 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $27746193 | $383294506 | $361742063 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $47452962 | $446146400 | $406418854 |
| Accumulated loss | (19706769) | (62851894) | (44676791) |
| NET ASSETS | $27746193 | $383294506 | $361742063 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 1040000 | 8000000 | 6600000 |
| Net asset value | $26.68 | $47.91 | $54.81 |
| 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 | $27808181 | $343228942 | $299700047 |
| <sup>(b)</sup> Securities loaned, at value | $832785 | $— | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $875021 | $180000 | $110000 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $18862 | $106400 | $1273057 |
| <sup>(e)</sup> Foreign currency, at cost | $35406 | $350504 | $1020479 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended February 28, 2026

&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; $82050 | &nbsp;&nbsp;&nbsp; $2179085 | &nbsp;&nbsp;&nbsp; $1190864 |
| Dividends—affiliated | &nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 2149 | &nbsp;&nbsp;&nbsp; 2950 |
| Interest—unaffiliated | &nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp; 936 | &nbsp;&nbsp;&nbsp; 518 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 2566 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 |
| Foreign taxes withheld | &nbsp;&nbsp; (15863)<br>| &nbsp;&nbsp;&nbsp; (18656)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 69087 | &nbsp;&nbsp;&nbsp; 2163514 | &nbsp;&nbsp;&nbsp; 1194336 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 63104 | &nbsp;&nbsp;&nbsp; 951015 | &nbsp;&nbsp;&nbsp; 772378 |
| Commitment costs | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 1882 | &nbsp;&nbsp;&nbsp; 1493 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8601 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13 |
| Total expenses | &nbsp;&nbsp; 63229 | &nbsp;&nbsp;&nbsp; 952897 | &nbsp;&nbsp;&nbsp; 782485 |
| Net investment income | &nbsp;&nbsp; 5858 | &nbsp;&nbsp;&nbsp; 1210617 | &nbsp;&nbsp;&nbsp; 411851 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (397029)<br>| &nbsp;&nbsp;&nbsp; (5560958)<br>| &nbsp;&nbsp;&nbsp; (1334323)<br>|
| Investments—affiliated | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19247 |
| Foreign currency transactions | &nbsp;&nbsp; 1714 | &nbsp;&nbsp;&nbsp; 7684 | &nbsp;&nbsp;&nbsp; 59099 |
| Futures contracts | &nbsp;&nbsp; 26667 | &nbsp;&nbsp;&nbsp; 129311 | &nbsp;&nbsp;&nbsp; 2678864 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 2977494 | &nbsp;&nbsp;&nbsp; 13360857 | &nbsp;&nbsp;&nbsp; 10410507 |
|  | &nbsp;&nbsp; 2608902 | &nbsp;&nbsp;&nbsp; 7936894 | &nbsp;&nbsp;&nbsp; 11833394 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 852628 | &nbsp;&nbsp;&nbsp; 38211143 | &nbsp;&nbsp;&nbsp; 44212189 |
| Investments—affiliated | &nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (30)<br>|
| Foreign currency translations | &nbsp;&nbsp; 1744 | &nbsp;&nbsp;&nbsp; 9890 | &nbsp;&nbsp;&nbsp; 559793 |
| Futures contracts | &nbsp;&nbsp; 10399 | &nbsp;&nbsp;&nbsp; 26550 | &nbsp;&nbsp;&nbsp; 152886 |
|  | &nbsp;&nbsp; 864734 | &nbsp;&nbsp;&nbsp; 38247583 | &nbsp;&nbsp;&nbsp; 44924838 |
| Net realized and unrealized gain | &nbsp;&nbsp; 3473636 | &nbsp;&nbsp;&nbsp; 46184477 | &nbsp;&nbsp;&nbsp; 56758232 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $3479494 | &nbsp;&nbsp;&nbsp; $47395094 | &nbsp;&nbsp;&nbsp; $57170083 |
| <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  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months <br> Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $5858 | &nbsp;&nbsp;&nbsp; $479207 | &nbsp;&nbsp;&nbsp; $1210617 | &nbsp;&nbsp;&nbsp; $11281916 |
| Net realized gain | &nbsp;&nbsp; 2608902 | &nbsp;&nbsp;&nbsp; 159643 | &nbsp;&nbsp;&nbsp; 7936894 | &nbsp;&nbsp;&nbsp; 15464940 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 864734 | &nbsp;&nbsp;&nbsp; 3384605 | &nbsp;&nbsp;&nbsp; 38247583 | &nbsp;&nbsp;&nbsp; (4674148)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 3479494 | &nbsp;&nbsp;&nbsp; 4023455 | &nbsp;&nbsp;&nbsp; 47395094 | &nbsp;&nbsp;&nbsp; 22072708 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (205468 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (518220)<br>| &nbsp;&nbsp;&nbsp; (1870264 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (13075296)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (12605103)<br>| &nbsp;&nbsp;&nbsp; 17463699 | &nbsp;&nbsp;&nbsp; (45920233)<br>| &nbsp;&nbsp;&nbsp; (295220938)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (9331077)<br>| &nbsp;&nbsp;&nbsp; 20968934 | &nbsp;&nbsp;&nbsp; (395403)<br>| &nbsp;&nbsp;&nbsp; (286223526)<br>|
| Beginning of period | &nbsp;&nbsp; 37077270 | &nbsp;&nbsp;&nbsp; 16108336 | &nbsp;&nbsp;&nbsp; 383689909 | &nbsp;&nbsp;&nbsp; 669913435 |
| End of period | &nbsp;&nbsp; $27746193 | &nbsp;&nbsp;&nbsp; $37077270 | &nbsp;&nbsp;&nbsp; $383294506 | &nbsp;&nbsp;&nbsp; $383689909 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2026 iShares Semi-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  |
|  | Six Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $411851 | &nbsp;&nbsp;&nbsp; $8699994 |
| Net realized gain (loss) | &nbsp;&nbsp; 11833394 | &nbsp;&nbsp;&nbsp; (31761)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 44924838 | &nbsp;&nbsp;&nbsp; 27749041 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 57170083 | &nbsp;&nbsp;&nbsp; 36417274 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (3697386 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (8184726)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (11781098)<br>| &nbsp;&nbsp;&nbsp; (15234838)<br>|
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 41691599 | &nbsp;&nbsp;&nbsp; 12997710 |
| Beginning of period | &nbsp;&nbsp; 320050464 | &nbsp;&nbsp;&nbsp; 307052754 |
| End of period | &nbsp;&nbsp; $361742063 | &nbsp;&nbsp;&nbsp; $320050464 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*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  | iShares MSCI Belgium ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $23.17 | &nbsp;&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> | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 3.66 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 3.67 | &nbsp;&nbsp;&nbsp;&nbsp;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; (0.16 )<sup>(d)</sup><br>| &nbsp;&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; — | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.16)<br>| &nbsp;&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 period** | &nbsp;&nbsp; $26.68 | &nbsp;&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>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 15.89 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 0.05 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $27746 | &nbsp;&nbsp;&nbsp; $37077 | &nbsp;&nbsp;&nbsp; $16108 | &nbsp;&nbsp;&nbsp; $20343 | &nbsp;&nbsp;&nbsp; $17845 | &nbsp;&nbsp;&nbsp; $41002 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&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>(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>(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>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</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>(g)</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>(g)</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>(g)</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>(g)</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>(g)</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>(g)</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>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-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  | iShares MSCI France ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $42.63 | &nbsp;&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> | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 5.37 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 5.51 | &nbsp;&nbsp;&nbsp;&nbsp;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; (0.23 )<sup>(e)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $47.91 | &nbsp;&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>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 12.96 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 0.49 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 0.62 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $383295 | &nbsp;&nbsp;&nbsp; $383690 | &nbsp;&nbsp;&nbsp; $669913 | &nbsp;&nbsp;&nbsp; $939353 | &nbsp;&nbsp;&nbsp; $790162 | &nbsp;&nbsp;&nbsp; $761536 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&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>(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>(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>(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>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</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  | iShares MSCI Sweden ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $46.38 | &nbsp;&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> | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp; 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> | 8.97 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 9.03 | &nbsp;&nbsp;&nbsp;&nbsp;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; (0.60 )<sup>(e)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $54.81 | &nbsp;&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>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 19.64 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 0.49 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 0.26 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $361742 | &nbsp;&nbsp;&nbsp; $320050 | &nbsp;&nbsp;&nbsp; $307053 | &nbsp;&nbsp;&nbsp; $314889 | &nbsp;&nbsp;&nbsp; $408555 | &nbsp;&nbsp;&nbsp; $653396 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&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>(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>(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>(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>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&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 Belgium | &nbsp;&nbsp; Non-diversified |
| MSCI France | &nbsp;&nbsp; Non-diversified |
| MSCI Sweden | &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 February 28, 2026, 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 (unaudited)* (continued)

**Segment Reporting:** 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 (except ETF options, equity index options or those that are customized) 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 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 the 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 market 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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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 Belgium |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $176844 | &nbsp;&nbsp;&nbsp; $(176844) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| HSBC Bank PLC | &nbsp;&nbsp; 6945 | &nbsp;&nbsp;&nbsp; (6945) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 547236 | &nbsp;&nbsp;&nbsp; (547236) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 101760 | &nbsp;&nbsp;&nbsp; (101760) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $832785 | &nbsp;&nbsp;&nbsp; $(832785) | &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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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 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 specific 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 this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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 six months ended February 28, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Belgium | &nbsp;&nbsp; $649 |
| MSCI Sweden | &nbsp;&nbsp; 1 |

---

**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 six months ended February 28, 2026, 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; $235474 | &nbsp;&nbsp;&nbsp; $853899 | &nbsp;&nbsp;&nbsp; $(93278) |
| MSCI France | &nbsp;&nbsp; 3378191 | &nbsp;&nbsp;&nbsp; 2146613 | &nbsp;&nbsp;&nbsp; (2684693) |
| MSCI Sweden | &nbsp;&nbsp; 916571 | &nbsp;&nbsp;&nbsp; 3175215 | &nbsp;&nbsp;&nbsp; (611559) |

---

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 six months ended February 28, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Belgium | &nbsp;&nbsp; $1295080 | &nbsp;&nbsp;&nbsp; $1552217 |
| MSCI France | &nbsp;&nbsp; 6255864 | &nbsp;&nbsp;&nbsp; 7017760 |
| MSCI Sweden | &nbsp;&nbsp; 10074031 | &nbsp;&nbsp;&nbsp; 11443001 |

---

For the six months ended February 28, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Belgium | &nbsp;&nbsp; $13454715 | &nbsp;&nbsp;&nbsp; $25923741 |
| MSCI France | &nbsp;&nbsp; 26918484 | &nbsp;&nbsp;&nbsp; 72610441 |
| MSCI Sweden | &nbsp;&nbsp; 54764500 | &nbsp;&nbsp;&nbsp; 66059886 |

---

***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 February 28, 2026, 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.

As of August 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<br>|
| MSCI Belgium | &nbsp;&nbsp; $(21565362)<br>|
| MSCI France | &nbsp;&nbsp; (106616643)<br>|
| MSCI Sweden | &nbsp;&nbsp; (99861151)<br>|

---

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

As of February 28, 2026, 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; $29136612 | &nbsp;&nbsp;&nbsp; $2120980 | &nbsp;&nbsp;&nbsp; $(2889135) | &nbsp;&nbsp;&nbsp; $(768155) |
| MSCI France | &nbsp;&nbsp; 346060468 | &nbsp;&nbsp;&nbsp; 74365692 | &nbsp;&nbsp;&nbsp; (38434298) | &nbsp;&nbsp;&nbsp; 35931394 |
| MSCI Sweden | &nbsp;&nbsp; 303421133 | &nbsp;&nbsp;&nbsp; 65592214 | &nbsp;&nbsp;&nbsp; (21702911) | &nbsp;&nbsp;&nbsp; 43889303 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. 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 six months ended February 28, 2026, 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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Belgium |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; $13695048 | &nbsp;&nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; $32175717 |
| Shares redeemed | &nbsp;&nbsp; (1120000)<br>| &nbsp;&nbsp;&nbsp; (26300151)<br>| &nbsp;&nbsp;&nbsp; (720000)<br>| &nbsp;&nbsp;&nbsp; (14712018)<br>|
|  | &nbsp;&nbsp; (560000)<br>| &nbsp;&nbsp;&nbsp; $(12605103)<br>| &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; $17463699 |
| MSCI France |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; $27034407 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; $42438484 |
| Shares redeemed | &nbsp;&nbsp; (1600000)<br>| &nbsp;&nbsp;&nbsp; (72954640)<br>| &nbsp;&nbsp;&nbsp; (8800000)<br>| &nbsp;&nbsp;&nbsp; (337659422)<br>|
|  | &nbsp;&nbsp; (1000000)<br>| &nbsp;&nbsp;&nbsp; $(45920233)<br>| &nbsp;&nbsp;&nbsp; (7800000)<br>| &nbsp;&nbsp;&nbsp; $(295220938)<br>|
| MSCI Sweden |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp; $57426480 | &nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp; $226106210 |
| Shares redeemed | &nbsp;&nbsp; (1425000)<br>| &nbsp;&nbsp;&nbsp; (69207578)<br>| &nbsp;&nbsp;&nbsp; (5775000)<br>| &nbsp;&nbsp;&nbsp; (241341048)<br>|
|  | &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; $(11781098)<br>| &nbsp;&nbsp;&nbsp; (375000)<br>| &nbsp;&nbsp;&nbsp; $(15234838)<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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding claims, Swedish 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 Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of February 28, 2026, is $11,247,002 or $1.70 per share.

***13. SUBSEQUENT EVENTS***

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

2026 iShares Semi-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 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

------

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 |

---

2026 iShares Semi-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.©2026 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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![](g948967img5aaf64213.gif)

------

February 28, 2026

![](g948967img2a44a1fa1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares, Inc.** |
| • iShares MSCI Germany ETF \| EWG \| NYSE Arca |
| • iShares MSCI Spain ETF \| EWP \| NYSE Arca |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_cbeee102-d152-4d70-90ca-eb2e8ae1d5b4_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_cbeee102-d152-4d70-90ca-eb2e8ae1d5b4_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 10 |
| [Statements of Operations](#xx_cbeee102-d152-4d70-90ca-eb2e8ae1d5b4_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 11 |
| [Statements of Changes in Net Assets](#xx_cbeee102-d152-4d70-90ca-eb2e8ae1d5b4_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 12 |
| [Financial Highlights](#xx_cbeee102-d152-4d70-90ca-eb2e8ae1d5b4_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 13 |
| [Notes to Financial Statements](#xx_cbeee102-d152-4d70-90ca-eb2e8ae1d5b4_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 15 |
| [Additional Information](#xx_cbeee102-d152-4d70-90ca-eb2e8ae1d5b4_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 24 |
| [Glossary of Terms Used in these Financial Statements](#xx_cbeee102-d152-4d70-90ca-eb2e8ae1d5b4_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 25 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 5.8%** | **Aerospace & Defense — 5.8%** | **Aerospace & Defense — 5.8%** |
| Hensoldt AG | &nbsp;&nbsp; 55390 | $4859070 |
| MTU Aero Engines AG | &nbsp;&nbsp; 46898 | 20214771 |
| Rheinmetall AG | &nbsp;&nbsp; 40047 | 79219916 |
|  |  | 104293757 |
| **Air Freight & Logistics — 2.6%** | **Air Freight & Logistics — 2.6%** | **Air Freight & Logistics — 2.6%** |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 800899 | 47161039 |
| **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** |
| Continental AG | &nbsp;&nbsp; 95562 | 8234956 |
| **Automobiles — 3.9%** | **Automobiles — 3.9%** | **Automobiles — 3.9%** |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 244246 | 25597818 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 628687 | 43497987 |
|  |  | 69095805 |
| **Banks — 1.4%** | **Banks — 1.4%** | **Banks — 1.4%** |
| Commerzbank AG | &nbsp;&nbsp; 638000 | 25883419 |
| **Capital Markets — 5.6%** | **Capital Markets — 5.6%** | **Capital Markets — 5.6%** |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 1580079 | 56018766 |
| Deutsche Boerse AG | &nbsp;&nbsp; 163923 | 44798993 |
|  |  | 100817759 |
| **Chemicals — 3.3%** | **Chemicals — 3.3%** | **Chemicals — 3.3%** |
| BASF SE | &nbsp;&nbsp; 776979 | 44505469 |
| Evonik Industries AG | &nbsp;&nbsp; 221132 | 3844861 |
| Symrise AG, Class A | &nbsp;&nbsp; 115933 | 10590425 |
|  |  | 58940755 |
| **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** |
| HOCHTIEF AG | &nbsp;&nbsp; 13521 | 6522008 |
| **Construction Materials — 1.4%** | **Construction Materials — 1.4%** | **Construction Materials — 1.4%** |
| Heidelberg Materials AG | &nbsp;&nbsp; 116499 | 25955094 |
| **Diversified Telecommunication Services — 7.2%** | **Diversified Telecommunication Services — 7.2%** | **Diversified Telecommunication Services — 7.2%** |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 3202634 | 128618252 |
| **Electrical Equipment — 7.3%** | **Electrical Equipment — 7.3%** | **Electrical Equipment — 7.3%** |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 674666 | 130667703 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 54270 | 4394789 |
| **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** |
| Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp; 294592 | 14611640 |
| **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** |
| Fresenius Medical Care AG | &nbsp;&nbsp; 190823 | 8888536 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 368011 | 22060985 |
|  |  | 30949521 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| Delivery Hero SE, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 170420 | 3919641 |
| **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 90227 | 8171672 |
| **Independent Power and Renewable Electricity Producers — 2.0%** | **Independent Power and Renewable Electricity Producers — 2.0%** | **Independent Power and Renewable Electricity Producers — 2.0%** |
| RWE AG | &nbsp;&nbsp; 550414 | 35407397 |
| **Industrial Conglomerates — 10.7%** | **Industrial Conglomerates — 10.7%** | **Industrial Conglomerates — 10.7%** |
| Siemens AG, Registered | &nbsp;&nbsp; 661613 | 191301320 |
| **Insurance — 13.7%** | **Insurance — 13.7%** | **Insurance — 13.7%** |
| Allianz SE, Registered | &nbsp;&nbsp; 331171 | 148721349 |
| Hannover Rueck SE | &nbsp;&nbsp; 52492 | 15906239 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 113732 | $74224123 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 56029 | 7047354 |
|  |  | 245899065 |
| **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp; 65215 | 5542897 |
| **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| QIAGEN NV | &nbsp;&nbsp; 180028 | 8950850 |
| **Machinery — 2.3%** | **Machinery — 2.3%** | **Machinery — 2.3%** |
| Daimler Truck Holding AG | &nbsp;&nbsp; 399893 | 20176251 |
| GEA Group AG | &nbsp;&nbsp; 127135 | 9857238 |
| Knorr-Bremse AG | &nbsp;&nbsp; 62881 | 8230259 |
| Rational AG | &nbsp;&nbsp; 4479 | 3881991 |
|  |  | 42145739 |
| **Multi-Utilities — 2.5%** | **Multi-Utilities — 2.5%** | **Multi-Utilities — 2.5%** |
| E.ON SE | &nbsp;&nbsp; 1954474 | 45449124 |
| **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 519517 | 5549193 |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| Beiersdorf AG | &nbsp;&nbsp; 84702 | 10714451 |
| **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** |
| Bayer AG, Registered | &nbsp;&nbsp; 855242 | 42318077 |
| Merck KGaA | &nbsp;&nbsp; 112511 | 17047190 |
|  |  | 59365267 |
| **Real Estate Management & Development — 1.6%** | **Real Estate Management & Development — 1.6%** | **Real Estate Management & Development — 1.6%** |
| LEG Immobilien SE | &nbsp;&nbsp; 65849 | 5508749 |
| Vonovia SE | &nbsp;&nbsp; 664568 | 22533837 |
|  |  | 28042586 |
| **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** |
| Infineon Technologies AG | &nbsp;&nbsp; 1136860 | 61270872 |
| **Software — 10.4%** | **Software — 10.4%** | **Software — 10.4%** |
| Nemetschek SE | &nbsp;&nbsp; 50597 | 4030943 |
| SAP SE | &nbsp;&nbsp; 909046 | 182620334 |
|  |  | 186651277 |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| Zalando SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 195860 | 4761302 |
| **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** |
| adidas AG | &nbsp;&nbsp; 148863 | 27619300 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| Brenntag SE | &nbsp;&nbsp; 106718 | 6563725 |
| **Total Common Stocks — 96.6%** <br>**(Cost: $1,786,368,108)** | **Total Common Stocks — 96.6%** <br>**(Cost: $1,786,368,108)** | 1733472175 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Automobiles — 2.0%** | **Automobiles — 2.0%** | **Automobiles — 2.0%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 47710 | 4979005 |
| Dr Ing hc F Porsche AG, Preference Shares, NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 99440 | 4847863 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 133182 | 5631216 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 179681 | 21364186 |
|  |  | 36822270 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 139589 | 13692080 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Germany ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 22786 | $6449605 |
| **Total Preferred Stocks — 3.2%** <br>**(Cost: $85,196,233)** | **Total Preferred Stocks — 3.2%** <br>**(Cost: $85,196,233)** | 56963955 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $1,871,564,341)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $1,871,564,341)** | 1790436130 |
| **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, 3.84%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 4961133 | 4963614 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 570000 | 570000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $5,533,595)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $5,533,595)** | 5533614 |
| **Total Investments — 100.1%** <br>**(Cost: $1,877,097,936)** | **Total Investments — 100.1%** <br>**(Cost: $1,877,097,936)** | 1795969744 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (2049178)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1793920566 |

---

&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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $2727254 | $2236720 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(314)<br>| $(46)<br>| $4963614 | 4961133 | $14214 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1000000 |  | &nbsp;&nbsp; (430000 )<sup>(a)</sup><br>|  |  | 570000 | 570000 | 10416 |  |
|  |  |  |  | $(314) | $(46) | $5533614 |  | $24630 | $— |

---

&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 | 03/20/26 | &nbsp;&nbsp; $2246 | $71197 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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; $71197 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $71197 |

---

&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 February 28, 2026, 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; $372802 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $372802 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32103 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32103 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $8044399 |

---

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; $45449124 | &nbsp;&nbsp; $1688023051 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1733472175 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 56963955 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56963955 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 5533614 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5533614 |
|  | &nbsp;&nbsp; $50982738 | &nbsp;&nbsp; $1744987006 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1795969744 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $71197 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $71197 |

---

&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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 40.2%** | **Banks — 40.2%** | **Banks — 40.2%** |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 9822321 | $227500674 |
| Banco de Sabadell SA | &nbsp;&nbsp; 17483583 | 65826183 |
| Banco Santander SA | &nbsp;&nbsp; 27271948 | 343955557 |
| Bankinter SA | &nbsp;&nbsp; 2521821 | 41845449 |
| CaixaBank SA | &nbsp;&nbsp; 6868754 | 84659254 |
|  |  | 763787117 |
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
| Grifols SA | &nbsp;&nbsp; 2356427 | 29563679 |
| **Construction & Engineering — 8.6%** | **Construction & Engineering — 8.6%** | **Construction & Engineering — 8.6%** |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 594880 | 76760240 |
| Ferrovial SE | &nbsp;&nbsp; 1145041 | 85338463 |
|  |  | 162098703 |
| **Diversified Telecommunication Services — 6.0%** | **Diversified Telecommunication Services — 6.0%** | **Diversified Telecommunication Services — 6.0%** |
| Cellnex Telecom SA<sup>(a)</sup> | &nbsp;&nbsp; 1582832 | 60156666 |
| Telefonica SA | &nbsp;&nbsp; 11800563 | 53552255 |
|  |  | 113708921 |
| **Electric Utilities — 21.0%** | **Electric Utilities — 21.0%** | **Electric Utilities — 21.0%** |
| Acciona SA | &nbsp;&nbsp; 158531 | 46008453 |
| Endesa SA | &nbsp;&nbsp; 1299823 | 53027842 |
| Iberdrola SA | &nbsp;&nbsp; 11453150 | 270331664 |
| Redeia Corp. SA | &nbsp;&nbsp; 1595965 | 29663515 |
|  |  | 399031474 |
| **Gas Utilities — 1.8%** | **Gas Utilities — 1.8%** | **Gas Utilities — 1.8%** |
| Naturgy Energy Group SA | &nbsp;&nbsp; 1085988 | 33799582 |
| **Hotels, Restaurants & Leisure — 4.0%** | **Hotels, Restaurants & Leisure — 4.0%** | **Hotels, Restaurants & Leisure — 4.0%** |
| Amadeus IT Group SA | &nbsp;&nbsp; 1214619 | 75126557 |
| **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
| Mapfre SA | &nbsp;&nbsp; 4968310 | 23093134 |
| **IT Services — 1.4%** | **IT Services — 1.4%** | **IT Services — 1.4%** |
| Indra Sistemas SA | &nbsp;&nbsp; 369554 | 27305021 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels — 4.4%** | **Oil, Gas & Consumable Fuels — 4.4%** | **Oil, Gas & Consumable Fuels — 4.4%** |
| Repsol SA | &nbsp;&nbsp; 3697936 | $83686401 |
| **Passenger Airlines — 1.7%** | **Passenger Airlines — 1.7%** | **Passenger Airlines — 1.7%** |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 5724119 | 32372754 |
| **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 1237787 | 82656174 |
| **Transportation Infrastructure — 3.7%** | **Transportation Infrastructure — 3.7%** | **Transportation Infrastructure — 3.7%** |
| Aena SME SA<sup>(a)</sup> | &nbsp;&nbsp; 2248453 | 70867170 |
| **Total Long-Term Investments — 100.0%** <br>**(Cost: $1,234,802,263)** | **Total Long-Term Investments — 100.0%** <br>**(Cost: $1,234,802,263)** | 1897096687 |
| **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> 3.64%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 600000 | 600000 |
| **Total Short-Term Securities — 0.0%** <br>**(Cost: $600,000)** | **Total Short-Term Securities — 0.0%** <br>**(Cost: $600,000)** | 600000 |
| **Total Investments — 100.0%** <br>**(Cost: $1,235,402,263)** | **Total Investments — 100.0%** <br>**(Cost: $1,235,402,263)** | 1897696687 |
| **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 383217 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1898079904 |

---

&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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $— | $— | &nbsp;&nbsp; $(40 )<sup>(b)</sup><br>| $40 | $— | $— |  | $131 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 430000 | 170000 <br><sup>(b)</sup><br>|  |  |  | 600000 | 600000 | 17166 |  |
|  |  |  |  | $40 | $— | $600000 |  | $17297 | $— |

---

&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 (unaudited)(continued)

February 28, 2026

**iShares® MSCI Spain 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 |  |  |  |  |
| IBEX 35 Index | 17 | 03/20/26 | &nbsp;&nbsp; $3679 | $27786 |

---

**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 | $2025508 | 08/16/27 | 0.26% | 1D ESTR | Monthly | &nbsp;&nbsp; $(34180)<br>|
| Redeia Corp. SA | Merrill Lynch International | 1108473 | 02/15/28 | 0.45% | 1D ESTR | Monthly | &nbsp;&nbsp; (18706)<br>|
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  | (52886) |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; 22427 |
| 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; $(30459)<br>|

---

&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 of the individual underlying position. 

**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; $22427 | &nbsp;&nbsp;&nbsp; $(52886)<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; $27786 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27786 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22427 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22427 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50213 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50213 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized depreciation on OTC swaps; Swap premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52886 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52886 |

---

&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). 

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Spain ETF**

For the period ended February 28, 2026, 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; $1092901 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1092901 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (532151)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (532151)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $560750 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $560750 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25824 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25824 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (68367)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (68367)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(42543)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(42543)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $4788703 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; $7982264 |

---

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; $52548 |
| Swaps - OTC<sup>(a)</sup> | &nbsp;&nbsp; 22427 | &nbsp;&nbsp;&nbsp; 52886 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 22427 | &nbsp;&nbsp;&nbsp; 105434 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (52548)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $22427 | &nbsp;&nbsp;&nbsp; $52886 |

---

&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>*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)</sup> <br>|
| BNP Paribas | &nbsp;&nbsp; $34180 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34180 |
| Merrill Lynch International | &nbsp;&nbsp; 18706 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18706 |
|  | &nbsp;&nbsp; $52886 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52886 |

---

&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.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Spain 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; $63463097 | &nbsp;&nbsp; $1833633590 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1897096687 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 600000 |
|  | &nbsp;&nbsp; $64063097 | &nbsp;&nbsp; $1833633590 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1897696687 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50213 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50213 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (52886)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (52886)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2673)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2673)<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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)

February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Germany <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Spain ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $1790436130 | $1897096687 |
| Investments, at value—affiliated<sup>(c)</sup> | 5533614 | 600000 |
| Cash | 4660 |  |
| Cash pledged as collateral for OTC derivatives |  | 49700 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 163297 | 401744 |
| Foreign currency, at value<sup>(e)</sup> | 2820073 | 7895839 |
| Receivables: |  |  |
| Investments sold | 5106969 | 36154774 |
| Securities lending income—affiliated | 1700 | 3 |
| Swaps |  | 291196 |
| Dividends—unaffiliated | 409408 |  |
| Dividends—affiliated | 1209 | 1222 |
| Tax reclaims | 629307 | 259269 |
| Variation margin on futures contracts | 5061 |  |
| Unrealized appreciation on OTC swaps |  | 22427 |
| Total assets | 1805111428 | 1942772861 |
| **LIABILITIES** |  |  |
| Bank overdraft |  | 108699 |
| Due to broker |  | 4968 |
| Collateral on securities loaned, at value | 4963904 |  |
| Payables: |  |  |
| Investments purchased | 5567832 | 43690688 |
| Swaps |  | 89430 |
| Investment advisory fees | 659126 | 693738 |
| Variation margin on futures contracts |  | 52548 |
| Unrealized depreciation on OTC swaps |  | 52886 |
| Total liabilities | 11190862 | 44692957 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $1793920566 | $1898079904 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $2197758606 | $1655539630 |
| Accumulated earnings (loss) | (403838040) | 242540274 |
| NET ASSETS | $1793920566 | $1898079904 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 40500000 | 33000000 |
| Net asset value | $44.29 | $57.52 |
| Shares authorized | 482.2 million | 300 million |
| Par value | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $1871564341 | $1234802263 |
| <sup>(b)</sup> Securities loaned, at value | $4719451 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $5533595 | $600000 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $212876 | $397958 |
| <sup>(e)</sup> Foreign currency, at cost | $2772381 | $7812097 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI <br> Germany <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Spain <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $5976031 | &nbsp;&nbsp;&nbsp; $19610742 |
| Dividends—affiliated | &nbsp;&nbsp; 10416 | &nbsp;&nbsp;&nbsp; 17166 |
| Interest—unaffiliated | &nbsp;&nbsp; 8637 | &nbsp;&nbsp;&nbsp; 14056 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 14214 | &nbsp;&nbsp;&nbsp; 131 |
| Non-cash dividends—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3711056 |
| Foreign taxes withheld | &nbsp;&nbsp; (831404)<br>| &nbsp;&nbsp;&nbsp; (2837594)<br>|
| Total investment income | &nbsp;&nbsp; 5177894 | &nbsp;&nbsp;&nbsp; 20515557 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 4606821 | &nbsp;&nbsp;&nbsp; 3910057 |
| Commitment costs | &nbsp;&nbsp; 9138 | &nbsp;&nbsp;&nbsp; 7718 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 748 |
| Total expenses | &nbsp;&nbsp; 4615959 | &nbsp;&nbsp;&nbsp; 3918523 |
| Net investment income | &nbsp;&nbsp; 561935 | &nbsp;&nbsp;&nbsp; 16597034 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (11703508)<br>| &nbsp;&nbsp;&nbsp; 2726989 |
| Investments—affiliated | &nbsp;&nbsp; (314)<br>| &nbsp;&nbsp;&nbsp; 40 |
| Foreign currency transactions | &nbsp;&nbsp; 44553 | &nbsp;&nbsp;&nbsp; 156212 |
| Futures contracts | &nbsp;&nbsp; 372802 | &nbsp;&nbsp;&nbsp; 1092901 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 175149275 | &nbsp;&nbsp;&nbsp; 20539729 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (532151)<br>|
|  | &nbsp;&nbsp; 163862808 | &nbsp;&nbsp;&nbsp; 23983720 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (77716895)<br>| &nbsp;&nbsp;&nbsp; 289044603 |
| Investments—affiliated | &nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 20113 | &nbsp;&nbsp;&nbsp; 88537 |
| Futures contracts | &nbsp;&nbsp; 32103 | &nbsp;&nbsp;&nbsp; 25824 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (68367)<br>|
|  | &nbsp;&nbsp; (77664725)<br>| &nbsp;&nbsp;&nbsp; 289090597 |
| Net realized and unrealized gain | &nbsp;&nbsp; 86198083 | &nbsp;&nbsp;&nbsp; 313074317 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $86760018 | &nbsp;&nbsp;&nbsp; $329671351 |
| <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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Germany ETF  | iShares <br>MSCI Germany ETF  | iShares <br>MSCI Spain ETF  | iShares <br>MSCI Spain ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $561935 | &nbsp;&nbsp;&nbsp; $41111871 | &nbsp;&nbsp;&nbsp; $16597034 | &nbsp;&nbsp;&nbsp; $37496919 |
| Net realized gain | &nbsp;&nbsp; 163862808 | &nbsp;&nbsp;&nbsp; 142667791 | &nbsp;&nbsp;&nbsp; 23983720 | &nbsp;&nbsp;&nbsp; 83611829 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (77664725)<br>| &nbsp;&nbsp;&nbsp; 203688491 | &nbsp;&nbsp;&nbsp; 289090597 | &nbsp;&nbsp;&nbsp; 286436264 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 86760018 | &nbsp;&nbsp;&nbsp; 387468153 | &nbsp;&nbsp;&nbsp; 329671351 | &nbsp;&nbsp;&nbsp; 407545012 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (45446108)<br>| &nbsp;&nbsp;&nbsp; (23210725 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (36408251)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (802957319)<br>| &nbsp;&nbsp;&nbsp; 1237419657 | &nbsp;&nbsp;&nbsp; 231708953 | &nbsp;&nbsp;&nbsp; (59950346)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (716197301)<br>| &nbsp;&nbsp;&nbsp; 1579441702 | &nbsp;&nbsp;&nbsp; 538169579 | &nbsp;&nbsp;&nbsp; 311186415 |
| Beginning of period | &nbsp;&nbsp; 2510117867 | &nbsp;&nbsp;&nbsp; 930676165 | &nbsp;&nbsp;&nbsp; 1359910325 | &nbsp;&nbsp;&nbsp; 1048723910 |
| End of period | &nbsp;&nbsp; $1793920566 | &nbsp;&nbsp;&nbsp; $2510117867 | &nbsp;&nbsp;&nbsp; $1898079904 | &nbsp;&nbsp;&nbsp; $1359910325 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*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 Germany ETF  | iShares MSCI Germany ETF  | iShares MSCI Germany ETF  | iShares MSCI Germany ETF  | iShares MSCI Germany ETF  | iShares MSCI Germany ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $41.84 | &nbsp;&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> | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 2.44 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 2.45 | &nbsp;&nbsp;&nbsp;&nbsp;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; — | &nbsp;&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 period** | &nbsp;&nbsp; $44.29 | &nbsp;&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 | 5.88 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 0.06 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $1793921 | &nbsp;&nbsp;&nbsp; $2510118 | &nbsp;&nbsp;&nbsp; $930676 | &nbsp;&nbsp;&nbsp; $1555839 | &nbsp;&nbsp;&nbsp; $1205118 | &nbsp;&nbsp;&nbsp; $2872398 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&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>(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>(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>(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>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Not annualized. | <sup>(e)</sup> Not annualized. | <sup>(e)</sup> Not annualized. | <sup>(e)</sup> Not annualized. | <sup>(e)</sup> Not annualized. | <sup>(e)</sup> Not annualized. | <sup>(e)</sup> Not annualized. |
| <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>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Annualized. | <sup>(g)</sup> Annualized. | <sup>(g)</sup> Annualized. | <sup>(g)</sup> Annualized. | <sup>(g)</sup> Annualized. | <sup>(g)</sup> Annualized. | <sup>(g)</sup> Annualized. |
| <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. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-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 Spain ETF  | iShares MSCI Spain ETF  | iShares MSCI Spain ETF  | iShares MSCI Spain ETF  | iShares MSCI Spain ETF  | iShares MSCI Spain ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $47.72 | &nbsp;&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> | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 10.54 | &nbsp;&nbsp;&nbsp;&nbsp;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; (0.74 )<sup>(e)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $57.52 | &nbsp;&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>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 22.24 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.49 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.49 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 2.07 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $1898080 | &nbsp;&nbsp;&nbsp; $1359910 | &nbsp;&nbsp;&nbsp; $1048724 | &nbsp;&nbsp;&nbsp; $712043 | &nbsp;&nbsp;&nbsp; $415056 | &nbsp;&nbsp;&nbsp; $707646 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&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>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for 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 one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for 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 one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for 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 one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for 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 one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for 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 one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for 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 one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for 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>(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>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements (unaudited)*

&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> MSCI Germany Non-diversified <br> MSCI Spain 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 February 28, 2026, if any, are disclosed in the Statements of Assets and Liabilities.

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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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 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 Trustees of the Company (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' 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 (except ETF options, equity index options or those that are customized) 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:

&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 the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (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***

**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 market 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 Germany |  |  |  |  |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; $4719451 | &nbsp;&nbsp;&nbsp; $(4719451) | &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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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.

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 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 trustees).

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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 specific 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 this 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 six months ended February 28, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Germany | &nbsp;&nbsp; $4010 |
| MSCI Spain | &nbsp;&nbsp; 46 |

---

**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 six months ended February 28, 2026, 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 Germany | &nbsp;&nbsp; $6798060 | &nbsp;&nbsp;&nbsp; $11072605 | &nbsp;&nbsp;&nbsp; $(3776266) |
| MSCI Spain | &nbsp;&nbsp; 13603644 | &nbsp;&nbsp;&nbsp; 55530082 | &nbsp;&nbsp;&nbsp; 2284366 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the 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 six months ended February 28, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Germany | &nbsp;&nbsp; $40027850 | &nbsp;&nbsp;&nbsp; $30504093 |
| MSCI Spain | &nbsp;&nbsp; 120935289 | &nbsp;&nbsp;&nbsp; 94602704 |

---

For the six months ended February 28, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Germany | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $800644592 |
| MSCI Spain | &nbsp;&nbsp; 244492623 | &nbsp;&nbsp;&nbsp; 42864519 |

---

***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 February 28, 2026, 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.

As of August 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| MSCI Germany | &nbsp;&nbsp; $(475072714)<br>|
| MSCI Spain | &nbsp;&nbsp; (442505239)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of February 28, 2026, 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 Germany | &nbsp;&nbsp; $1889013350 | &nbsp;&nbsp;&nbsp; $204081523 | &nbsp;&nbsp;&nbsp; $(297053932) | &nbsp;&nbsp;&nbsp; $(92972409) |
| MSCI Spain | &nbsp;&nbsp; 1243765883 | &nbsp;&nbsp;&nbsp; 677638873 | &nbsp;&nbsp;&nbsp; (23710742) | &nbsp;&nbsp;&nbsp; 653928131 |

---

***9. LINE OF CREDIT***

The iShares MSCI Germany ETF and iShares MSCI Spain ETF, along with certain other iShares funds ("Participating Funds"), are parties to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. 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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

During the six months ended February 28, 2026, 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.

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Germany |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 48900000 | &nbsp;&nbsp;&nbsp; $1892076866 |
| Shares redeemed | &nbsp;&nbsp; (19500000)<br>| &nbsp;&nbsp;&nbsp; (802957319)<br>| &nbsp;&nbsp;&nbsp; (17400000)<br>| &nbsp;&nbsp;&nbsp; (654657209)<br>|
|  | &nbsp;&nbsp; (19500000)<br>| &nbsp;&nbsp;&nbsp; $(802957319)<br>| &nbsp;&nbsp;&nbsp; 31500000 | &nbsp;&nbsp;&nbsp; $1237419657 |
| MSCI Spain |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 5325000 | &nbsp;&nbsp;&nbsp; $275531270 | &nbsp;&nbsp;&nbsp; 8025000 | &nbsp;&nbsp;&nbsp; $316753453 |
| Shares redeemed | &nbsp;&nbsp; (825000)<br>| &nbsp;&nbsp;&nbsp; (43822317)<br>| &nbsp;&nbsp;&nbsp; (10575000)<br>| &nbsp;&nbsp;&nbsp; (376703799)<br>|
|  | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; $231708953 | &nbsp;&nbsp;&nbsp; (2550000)<br>| &nbsp;&nbsp;&nbsp; $(59950346)<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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***12. SUBSEQUENT EVENTS***

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

2026 iShares Semi-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 Trustees, 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 Trustee 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

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D ESTR | EUR - 1D Euro Short Term Rate |
| NVS | Non-Voting Shares |

---

2026 iShares Semi-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.©2026 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.

![](g948967imgfb0d9e252.gif)

![](g948967imgfc7773a23.gif)

------

February 28, 2026

![](g948967img9883dd861.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares, Inc.** |
| • iShares MSCI Agriculture Producers ETF \| VEGI \| NYSE Arca |
| • iShares MSCI Global Gold Miners ETF \| RING \| NASDAQ |
| • 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_e049735f-6733-4d98-86a7-d057236d9530_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_e049735f-6733-4d98-86a7-d057236d9530_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 12 |
| [Statements of Operations](#xx_e049735f-6733-4d98-86a7-d057236d9530_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 13 |
| [Statements of Changes in Net Assets](#xx_e049735f-6733-4d98-86a7-d057236d9530_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 14 |
| [Financial Highlights](#xx_e049735f-6733-4d98-86a7-d057236d9530_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 16 |
| [Notes to Financial Statements](#xx_e049735f-6733-4d98-86a7-d057236d9530_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 19 |
| [Additional Information](#xx_e049735f-6733-4d98-86a7-d057236d9530_SAI-Footer-iSharesReport-238_1)  | &nbsp;&nbsp; 28 |
| [Glossary of Terms Used in these Financial Statements](#xx_e049735f-6733-4d98-86a7-d057236d9530_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 29 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 0.5%** | **Australia — 0.5%** | **Australia — 0.5%** |
| Elders Ltd. | &nbsp;&nbsp; 39026 | $201485 |
| GrainCorp Ltd., Class A | &nbsp;&nbsp; 45200 | 198093 |
| Inghams Group Ltd. | &nbsp;&nbsp; 75051 | 109989 |
| Nufarm Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 70517 | 103347 |
|  |  | 612914 |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| Sao Martinho SA | &nbsp;&nbsp; 31500 | 110356 |
| SLC Agricola SA | &nbsp;&nbsp; 40288 | 129512 |
| Tres Tentos Agroindustrial SA, Class S | &nbsp;&nbsp; 25160 | 83973 |
|  |  | 323841 |
| **Canada — 6.8%** | **Canada — 6.8%** | **Canada — 6.8%** |
| Maple Leaf Foods, Inc. | &nbsp;&nbsp; 16511 | 339286 |
| Nutrien Ltd. | &nbsp;&nbsp; 98477 | 7406441 |
| Rogers Sugar, Inc. | &nbsp;&nbsp; 22589 | 109132 |
|  |  | 7854859 |
| **China — 2.6%** | **China — 2.6%** | **China — 2.6%** |
| China BlueChemical Ltd., Class H | &nbsp;&nbsp; 306000 | 114038 |
| China Modern Dairy Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 484000 | 87657 |
| China XLX Fertiliser Ltd. | &nbsp;&nbsp; 129000 | 195048 |
| China Youran Dairy Group Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 276000 | 177993 |
| COFCO Joycome Foods Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 552000 | 109195 |
| First Tractor Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 78000 | 99206 |
| Henan Shuanghui Investment & Development Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 42000 | 160814 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp; 77600 | 294785 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 66966 | 457684 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 55100 | 69927 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 64400 | 356918 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 25880 | 145463 |
| Sinofert Holdings Ltd. | &nbsp;&nbsp; 646000 | 153354 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 81620 | 190106 |
| Yunnan Yuntianhua Co. Ltd., Class A | &nbsp;&nbsp; 22700 | 146660 |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 19300 | 241697 |
|  |  | 3000545 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Abou Kir Fertilizers & Chemical Industries | &nbsp;&nbsp; 60423 | 87858 |
| **Germany — 0.8%** | **Germany — 0.8%** | **Germany — 0.8%** |
| K+S AG, Registered | &nbsp;&nbsp; 34555 | 611799 |
| KWS Saat SE & Co. KGaA | &nbsp;&nbsp; 2306 | 176182 |
| Suedzucker AG<sup>(b)</sup> | &nbsp;&nbsp; 12357 | 147819 |
|  |  | 935800 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1698000 | 2135685 |
| **India — 4.0%** | **India — 4.0%** | **India — 4.0%** |
| Balrampur Chini Mills Ltd. | &nbsp;&nbsp; 24721 | 128054 |
| Bayer Crop.Science Ltd./India | &nbsp;&nbsp; 2726 | 139977 |
| Chambal Fertilisers and Chemicals Ltd. | &nbsp;&nbsp; 33010 | 167719 |
| Coromandel International Ltd. | &nbsp;&nbsp; 24102 | 588616 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | &nbsp;&nbsp; 12733 | 139569 |
| EID Parry India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17958 | 171005 |
| Godrej Agrovet Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 9881 | 69624 |
| Gujarat State Fertilizers & Chemicals Ltd. | &nbsp;&nbsp; 45262 | 84232 |
| Kaveri Seed Co. Ltd. | &nbsp;&nbsp; 463 | 3938 |
| Paradeep Phosphates Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 95880 | 128419 |
| PI Industries Ltd. | &nbsp;&nbsp; 15406 | 528654 |
| Rallis India Ltd. | &nbsp;&nbsp; 18385 | 55988 |
| Rashtriya Chemicals & Fertilizers Ltd. | &nbsp;&nbsp; 27383 | 38236 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Shree Renuka Sugars Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 128112 | $34267 |
| Sumitomo Chemical India Ltd. | &nbsp;&nbsp; 25054 | 110579 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 120632 | 1513658 |
| Triveni Engineering & Industries Ltd. | &nbsp;&nbsp; 16053 | 69710 |
| UPL Ltd. | &nbsp;&nbsp; 103312 | 724796 |
|  |  | 4697041 |
| **Indonesia — 0.7%** | **Indonesia — 0.7%** | **Indonesia — 0.7%** |
| Astra Agro Lestari Tbk PT | &nbsp;&nbsp; 93400 | 41784 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 1498200 | 379548 |
| Dharma Satya Nusantara Tbk PT | &nbsp;&nbsp; 653300 | 53776 |
| Inti Agri Resources Tbk PT<sup>(a)(d)</sup> | &nbsp;&nbsp; 2230700 |  |
| Japfa Comfeed Indonesia Tbk PT | &nbsp;&nbsp; 1076600 | 152641 |
| Sawit Sumbermas Sarana Tbk PT | &nbsp;&nbsp; 678600 | 63549 |
| Triputra Agro Persada PT | &nbsp;&nbsp; 827100 | 80169 |
|  |  | 771467 |
| **Israel — 0.8%** | **Israel — 0.8%** | **Israel — 0.8%** |
| ICL Group Ltd. | &nbsp;&nbsp; 157276 | 745411 |
| Israel Corp Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 776 | 200533 |
|  |  | 945944 |
| **Italy — 1.9%** | **Italy — 1.9%** | **Italy — 1.9%** |
| CNH Industrial NV | &nbsp;&nbsp; 178011 | 2189535 |
| **Japan — 4.8%** | **Japan — 4.8%** | **Japan — 4.8%** |
| Kubota Corp. | &nbsp;&nbsp; 197100 | 4006490 |
| Kumiai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 15100 | 70994 |
| Maruha Nichiro Corp. | &nbsp;&nbsp; 24800 | 251752 |
| Mitsui DM Sugar Co. Ltd. | &nbsp;&nbsp; 2900 | 65901 |
| NH Foods Ltd. | &nbsp;&nbsp; 17100 | 784008 |
| Prima Meat Packers Ltd. | &nbsp;&nbsp; 4600 | 85574 |
| Sakata Seed Corp. | &nbsp;&nbsp; 5500 | 155264 |
| YAMABIKO Corp. | &nbsp;&nbsp; 5800 | 142432 |
|  |  | 5562415 |
| **Malaysia — 2.4%** | **Malaysia — 2.4%** | **Malaysia — 2.4%** |
| Farm Fresh Bhd | &nbsp;&nbsp; 212500 | 143086 |
| Genting Plantations Bhd | &nbsp;&nbsp; 55100 | 72336 |
| Hextar Global Bhd | &nbsp;&nbsp; 323500 | 66512 |
| IOI Corp. Bhd | &nbsp;&nbsp; 510500 | 519080 |
| Johor Plantations Group Bhd | &nbsp;&nbsp; 179300 | 71418 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 102700 | 501491 |
| QL Resources Bhd<sup>(b)</sup> | &nbsp;&nbsp; 332660 | 348819 |
| SD Guthrie Bhd | &nbsp;&nbsp; 421200 | 622436 |
| United Plantations Bhd | &nbsp;&nbsp; 51150 | 387735 |
|  |  | 2732913 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** | **Netherlands — 0.1%** |
| OCI NV | &nbsp;&nbsp; 21111 | 90472 |
| **Norway — 5.0%** | **Norway — 5.0%** | **Norway — 5.0%** |
| Austevoll Seafood ASA | &nbsp;&nbsp; 18458 | 190668 |
| Bakkafrost P/F | &nbsp;&nbsp; 10252 | 491598 |
| Grieg Seafood ASA<sup>(a)</sup> | &nbsp;&nbsp; 9326 | 73660 |
| Leroy Seafood Group ASA | &nbsp;&nbsp; 54224 | 283001 |
| Mowi ASA | &nbsp;&nbsp; 96643 | 2283036 |
| Salmar ASA | &nbsp;&nbsp; 13820 | 828850 |
| Yara International ASA | &nbsp;&nbsp; 33736 | 1707791 |
|  |  | 5858604 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| Grupa Azoty SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 9842 | 45724 |
| **Qatar — 0.0%** | **Qatar — 0.0%** | **Qatar — 0.0%** |
| Baladna<sup>(a)</sup> | &nbsp;&nbsp; 150642 | 51419 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Agriculture Producers ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 136 | $1 |
| PhosAgro PJSC, GDR<sup>(a)(d)</sup> | &nbsp;&nbsp; 2 |  |
| Ros Agro PLC, GDR<sup>(a)(d)</sup> | &nbsp;&nbsp; 5334 | 1 |
|  |  | 2 |
| **Saudi Arabia — 2.4%** | **Saudi Arabia — 2.4%** | **Saudi Arabia — 2.4%** |
| Almarai Co. JSC | &nbsp;&nbsp; 99873 | 1061850 |
| National Agriculture Development Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 29815 | 136459 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 47527 | 1566507 |
|  |  | 2764816 |
| **Singapore — 1.4%** | **Singapore — 1.4%** | **Singapore — 1.4%** |
| Bumitama Agri Ltd. | &nbsp;&nbsp; 72000 | 75137 |
| First Resources Ltd. | &nbsp;&nbsp; 114100 | 213207 |
| Golden Agri-Resources Ltd. | &nbsp;&nbsp; 1303200 | 293311 |
| Wilmar International Ltd. | &nbsp;&nbsp; 390200 | 1084789 |
|  |  | 1666444 |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| Dongwon Industries Co. Ltd. | &nbsp;&nbsp; 2267 | 67702 |
| Harim Holdings Co. Ltd. | &nbsp;&nbsp; 9122 | 102492 |
| Hyundai Feed, Inc.<sup>(a)(d)</sup> | &nbsp;&nbsp; 20538 | 33536 |
|  |  | 203730 |
| **Sweden — 0.3%** | **Sweden — 0.3%** | **Sweden — 0.3%** |
| Husqvarna AB, Class B | &nbsp;&nbsp; 71322 | 342960 |
| **Taiwan — 0.4%** | **Taiwan — 0.4%** | **Taiwan — 0.4%** |
| Charoen Pokphand Enterprise | &nbsp;&nbsp; 33800 | 165150 |
| Sinon Corp. | &nbsp;&nbsp; 72000 | 104291 |
| Taiwan Fertilizer Co. Ltd. | &nbsp;&nbsp; 127000 | 189882 |
|  |  | 459323 |
| **Thailand — 0.5%** | **Thailand — 0.5%** | **Thailand — 0.5%** |
| Betagro PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 137400 | 96806 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 767900 | 518224 |
|  |  | 615030 |
| **Turkey — 0.3%** | **Turkey — 0.3%** | **Turkey — 0.3%** |
| Gubre Fabrikalari TAS<sup>(a)</sup> | &nbsp;&nbsp; 16852 | 204413 |
| Hektas Ticaret TAS<sup>(a)(b)</sup> | &nbsp;&nbsp; 765704 | 53024 |
| Turk Traktor ve Ziraat Makineleri AS | &nbsp;&nbsp; 5207 | 60574 |
|  |  | 318011 |
| **United Kingdom — 0.8%** | **United Kingdom — 0.8%** | **United Kingdom — 0.8%** |
| Cranswick PLC | &nbsp;&nbsp; 10472 | 766314 |
| MP Evans Group PLC | &nbsp;&nbsp; 7825 | 151948 |
|  |  | 918262 |
| **United States — 58.3%** | **United States — 58.3%** | **United States — 58.3%** |
| AGCO Corp. | &nbsp;&nbsp; 17632 | 2406768 |
| Alamo Group, Inc. | &nbsp;&nbsp; 4838 | 1033058 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 97905 | 6759361 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Bunge Global SA | &nbsp;&nbsp; 27594 | $3329216 |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp; 8740 | 761341 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; 31800 | 3165372 |
| Corteva, Inc. | &nbsp;&nbsp; 137678 | 11030761 |
| Darling Ingredients, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 32226 | 1713134 |
| Deere & Co. | &nbsp;&nbsp; 43779 | 27568074 |
| FMC Corp. | &nbsp;&nbsp; 25336 | 373453 |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp; 8351 | 358508 |
| Ingredion, Inc. | &nbsp;&nbsp; 12945 | 1520520 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp; 26978 | 1300070 |
| Lindsay Corp. | &nbsp;&nbsp; 5914 | 796616 |
| Mosaic Co.(The) | &nbsp;&nbsp; 64613 | 1798826 |
| Pilgrim's Pride Corp. | &nbsp;&nbsp; 9643 | 416192 |
| Scotts Miracle-Gro Co.(The) | &nbsp;&nbsp; 9452 | 662774 |
| Toro Co.(The) | &nbsp;&nbsp; 26938 | 2663091 |
| Vital Farms, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7217 | 152207 |
|  |  | 67809342 |
| **Total Long-Term Investments — 97.2%** <br>**(Cost: $114,610,194)** | **Total Long-Term Investments — 97.2%** <br>**(Cost: $114,610,194)** | 112994956 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.84%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 652962 | 653288 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 150000 | 150000 |
| **Total Short-Term Securities — 0.7%** <br>**(Cost: $803,268)** | **Total Short-Term Securities — 0.7%** <br>**(Cost: $803,268)** | 803288 |
| **Total Investments — 97.9%** <br>**(Cost: $115,413,462)** | **Total Investments — 97.9%** <br>**(Cost: $115,413,462)** | 113798244 |
| **Other Assets Less Liabilities — 2.1%** | **Other Assets Less Liabilities — 2.1%** | 2442967 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $116241211 |

---

&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. 

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Agriculture Producers ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $88510<br> $564779 <br><sup>(a)</sup><br>| $— | $25 | $(26)<br>| $653288 | 652962 | $3225 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 90000<br> 60000 <br><sup>(a)</sup><br>|  |  |  | 150000 | 150000 | 2372 |  |
|  |  |  | $25 | $(26) | $803288 |  | $5597 | $— |

---

&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 | 5 | 03/20/26 | &nbsp;&nbsp; $363 | $3760 |
| S&P 500 E-Mini Index | 8 | 03/20/26 | &nbsp;&nbsp; 2756 | 1316 |
|  |  |  |  | $5076 |

---

**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; $5076 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5076 |

---

&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 February 28, 2026, 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; $1219 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1219 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8481 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8481 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2581593 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Agriculture Producers ETF**

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; $83736019 | &nbsp;&nbsp; $29225399 | &nbsp;&nbsp; $33538 | &nbsp;&nbsp; $112994956 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 803288 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 803288 |
|  | &nbsp;&nbsp; $84539307 | &nbsp;&nbsp; $29225399 | &nbsp;&nbsp; $33538 | &nbsp;&nbsp; $113798244 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $5076 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5076 |

---

&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 (unaudited)

February 28, 2026

**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 — 4.2%** | **Australia — 4.2%** | **Australia — 4.2%** |
| Catalyst Metals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1849897 | $11258123 |
| Emerald Resources NL<sup>(a)</sup> | &nbsp;&nbsp; 4780327 | 24543771 |
| Genesis Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8329435 | 44325663 |
| Ora Banda Mining Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10045755 | 9287483 |
| Regis Resources Ltd. | &nbsp;&nbsp; 4244556 | 28729315 |
| Resolute Mining Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15181859 | 16137272 |
| West African Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2804586 | 7003526 |
| Westgold Resources Ltd. | &nbsp;&nbsp; 5536126 | 30733262 |
|  |  | 172018415 |
| **Canada — 57.0%** | **Canada — 57.0%** | **Canada — 57.0%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 2150572 | 540193163 |
| Alamos Gold, Inc., Class A | &nbsp;&nbsp; 2352842 | 127521432 |
| Aris Mining Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1140212 | 25829369 |
| B2Gold Corp. | &nbsp;&nbsp; 8376887 | 51463152 |
| Barrick Mining Corp. | &nbsp;&nbsp; 6755862 | 342783042 |
| Centerra Gold, Inc. | &nbsp;&nbsp; 1911863 | 40184093 |
| Eldorado Gold Corp. | &nbsp;&nbsp; 1324954 | 61534281 |
| Equinox Gold Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4633941 | 86968139 |
| G Mining Ventures Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 892594 | 36553133 |
| IAMGOLD Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3610937 | 88840619 |
| Kinross Gold Corp. | &nbsp;&nbsp; 4789999 | 177054910 |
| Lundin Gold, Inc. | &nbsp;&nbsp; 735510 | 69326286 |
| New Gold, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5334507 | 71645591 |
| OceanaGold Corp. | &nbsp;&nbsp; 1291969 | 54944556 |
| Pan American Silver Corp. | &nbsp;&nbsp; 2034095 | 139548118 |
| SSR Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1638720 | 52703820 |
| Torex Gold Resources, Inc. | &nbsp;&nbsp; 755040 | 46003720 |
| Wesdome Gold Mines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1377188 | 27078320 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 1757639 | 286404766 |
|  |  | 2326580510 |
| **China — 5.0%** | **China — 5.0%** | **China — 5.0%** |
| China Gold International Resources Corp. Ltd. | &nbsp;&nbsp; 1427700 | 37378105 |
| Zijin Gold International Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 189500 | 5591065 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 2976635 | 17174718 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 24914000 | 142604228 |
|  |  | 202748116 |
| **Indonesia — 0.6%** | **Indonesia — 0.6%** | **Indonesia — 0.6%** |
| Aneka Tambang Tbk | &nbsp;&nbsp; 95427700 | 24812465 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Polyus PJSC<sup>(a)(c)</sup> | &nbsp;&nbsp; 625470 | 8 |
| **South Africa — 12.0%** | **South Africa — 12.0%** | **South Africa — 12.0%** |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 1557206 | 199218620 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| DRDGOLD Ltd. | &nbsp;&nbsp; 7396700 | $27848922 |
| Gold Fields Ltd. | &nbsp;&nbsp; 3156588 | 184995033 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 3354515 | 76331117 |
|  |  | 488393692 |
| **Turkey — 0.4%** | **Turkey — 0.4%** | **Turkey — 0.4%** |
| Turk Altin Isletmeleri AS<sup>(a)(b)</sup> | &nbsp;&nbsp; 12843974 | 17833168 |
| **United Kingdom — 2.7%** | **United Kingdom — 2.7%** | **United Kingdom — 2.7%** |
| Endeavour Mining PLC | &nbsp;&nbsp; 1009214 | 72106315 |
| Hochschild Mining PLC | &nbsp;&nbsp; 3525162 | 38340208 |
|  |  | 110446523 |
| **United States — 17.9%** | **United States — 17.9%** | **United States — 17.9%** |
| Coeur Mining, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3790706 | 102917668 |
| McEwen, Inc., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 407920 | 11564532 |
| Newmont Corp. | &nbsp;&nbsp; 4758872 | 618653360 |
|  |  | 733135560 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $1,731,269,169)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $1,731,269,169)** | 4075968457 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.8%** | **Money Market Funds — 2.8%** | **Money Market Funds — 2.8%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 111417908 | 111473617 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 1170000 | 1170000 |
| **Total Short-Term Securities — 2.8%** <br>**(Cost: $112,642,207)** | **Total Short-Term Securities — 2.8%** <br>**(Cost: $112,642,207)** | 112643617 |
| **Total Investments — 102.6%** <br>**(Cost: $1,843,911,376)** | **Total Investments — 102.6%** <br>**(Cost: $1,843,911,376)** | 4188612074 |
| **Liabilities in Excess of Other Assets — (2.6)%** | **Liabilities in Excess of Other Assets — (2.6)%** | (105464021)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4083148053 |

---

&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. 

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Global Gold Miners ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $16166918<br> $95307560 <br><sup>(a)</sup><br>| $— | $(861)<br>| $— | $111473617 | 111417908 | $262202 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 520000<br> 650000 <br><sup>(a)</sup><br>|  |  |  | 1170000 | 1170000 | 26131 |  |
|  |  |  | $(861) | $— | $112643617 |  | $288333 | $— |

---

&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 | 15 | 03/19/26 | &nbsp;&nbsp; $4336 | $123441 |

---

**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; $123441 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123441 |

---

&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 February 28, 2026, 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; $685725 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $685725 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(41654)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(41654)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $5331125 |

---

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 (unaudited)(continued)

February 28, 2026

**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; $3084552764 | &nbsp;&nbsp; $991415685 | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $4075968457 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 112643617 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 112643617 |
|  | &nbsp;&nbsp; $3197196381 | &nbsp;&nbsp; $991415685 | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $4188612074 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $123441 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123441 |

---

&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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

February 28, 2026

**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** |
| **Australia — 0.4%** | **Australia — 0.4%** | **Australia — 0.4%** |
| FireFly Metals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1788770 | $2775334 |
| Kingsgate Consolidated Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 604299 | 3039819 |
|  |  | 5815153 |
| **Canada — 55.0%** | **Canada — 55.0%** | **Canada — 55.0%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 245994 | 61790201 |
| Andean Precious Metals Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1030378 | 7931505 |
| Avino Silver & Gold Mines Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2466906 | 23727727 |
| Aya Gold & Silver, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2386076 | 51655602 |
| Discovery Silver Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7472598 | 61739804 |
| DPM Metals, Inc. | &nbsp;&nbsp; 430768 | 18651192 |
| Eldorado Gold Corp. | &nbsp;&nbsp; 363309 | 16873007 |
| Endeavour Silver Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4507681 | 62721884 |
| First Majestic Silver Corp. | &nbsp;&nbsp; 3732866 | 119425441 |
| First Majestic Silver Corp. | &nbsp;&nbsp; 973940 | 31175819 |
| Fortuna Mining Corp.<sup>(a)</sup> | &nbsp;&nbsp; 840838 | 11490210 |
| GoGold Resources, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6802546 | 18252497 |
| Kinross Gold Corp. | &nbsp;&nbsp; 1132311 | 41854126 |
| Lundin Gold, Inc. | &nbsp;&nbsp; 171568 | 16171326 |
| New Gold, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1491862 | 20036591 |
| Orla Mining Ltd. | &nbsp;&nbsp; 812943 | 17581334 |
| Pan American Silver Corp. | &nbsp;&nbsp; 357873 | 24551707 |
| Perpetua Resources Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 211906 | 7810855 |
| Seabridge Gold, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 228462 | 9002480 |
| Silvercorp Metals, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 4000250 | 55602610 |
| Skeena Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 215632 | 8218693 |
| SSR Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 503272 | 16186021 |
| Torex Gold Resources, Inc. | &nbsp;&nbsp; 124736 | 7600021 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 340723 | 55520326 |
|  |  | 765570979 |
| **China — 2.1%** | **China — 2.1%** | **China — 2.1%** |
| China Gold International Resources Corp. Ltd. | &nbsp;&nbsp; 574700 | 15046016 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 3085000 | 13598720 |
|  |  | 28644736 |
| **Mexico — 10.2%** | **Mexico — 10.2%** | **Mexico — 10.2%** |
| Industrias Penoles SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 2232927 | 141796440 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| Apex Mining Co., Inc. | &nbsp;&nbsp; 4294400 | 1304383 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa — 1.2%** | **South Africa — 1.2%** | **South Africa — 1.2%** |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 731689 | $16649393 |
| **United Kingdom — 10.8%** | **United Kingdom — 10.8%** | **United Kingdom — 10.8%** |
| Fresnillo PLC | &nbsp;&nbsp; 2467350 | 140785149 |
| Hochschild Mining PLC | &nbsp;&nbsp; 915983 | 9962373 |
|  |  | 150747522 |
| **United States — 20.2%** | **United States — 20.2%** | **United States — 20.2%** |
| Coeur Mining, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 908252 | 24659042 |
| Hecla Mining Co.<sup>(b)</sup> | &nbsp;&nbsp; 7846556 | 195457710 |
| Hycroft Mining Holding Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 108004 | 5440161 |
| Newmont Corp. | &nbsp;&nbsp; 426683 | 55468790 |
|  |  | 281025703 |
| **Total Long-Term Investments — 100.0%** <br>**(Cost: $711,603,938)** | **Total Long-Term Investments — 100.0%** <br>**(Cost: $711,603,938)** | 1391554309 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 9.4%** | **Money Market Funds — 9.4%** | **Money Market Funds — 9.4%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 130532578 | 130597844 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 810000 | 810000 |
| **Total Short-Term Securities — 9.4%** <br>**(Cost: $131,407,844)** | **Total Short-Term Securities — 9.4%** <br>**(Cost: $131,407,844)** | 131407844 |
| **Total Investments — 109.4%** <br>**(Cost: $843,011,782)** | **Total Investments — 109.4%** <br>**(Cost: $843,011,782)** | 1522962153 |
| **Liabilities in Excess of Other Assets — (9.4)%** | **Liabilities in Excess of Other Assets — (9.4)%** | (131147637)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1391814516 |

---

&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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $51725821<br> $78874001 <br><sup>(a)</sup><br>| $— | $409 | $(2387)<br>| $130597844 | 130532578 | $270289 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| —<br> 810000 <br><sup>(a)</sup><br>|  |  |  | 810000 | 810000 | 11394 |  |
|  |  |  | $409 | $(2387) | $131407844 |  | $281683 | $— |

---

&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 (unaudited)(continued)

February 28, 2026

**iShares® MSCI Global Silver and Metals Miners ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended February 28, 2026, 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; $103915 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $103915 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $131797 |

---

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; $1195512658 | &nbsp;&nbsp; $196041651 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1391554309 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 131407844 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 131407844 |
|  | &nbsp;&nbsp; $1326920502 | &nbsp;&nbsp; $196041651 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1522962153 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited)

February 28, 2026

&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 Gold <br> Miners ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global Silver <br> and Metals Miners <br> ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $112994956 | $4075968457 | $1391554309 |
| Investments, at value—affiliated<sup>(c)</sup> | 803288 | 112643617 | 131407844 |
| Cash | 14147 |  | 5977 |
| Cash pledged for futures contracts |  | 127000 |  |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 15362 |  | 63047 |
| Foreign currency, at value<sup>(e)</sup> | 98121 | 5497456 | 1201280 |
| Receivables: |  |  |  |
| Investments sold | 5776289 | 36909332 | 49965573 |
| Securities lending income—affiliated | 873 | 51938 | 56356 |
| Capital shares sold | 15320 |  |  |
| Dividends—unaffiliated | 121172 | 2470054 | 57254 |
| Dividends—affiliated | 272 | 3113 | 2386 |
| Tax reclaims | 15992 |  |  |
| Variation margin on futures contracts | 730 | 6486 |  |
| Total assets | 119856522 | 4233677453 | 1574314026 |
| **LIABILITIES** |  |  |  |
| Bank overdraft |  | 5059 |  |
| Collateral on securities loaned, at value | 652502 | 111474159 | 130607341 |
| Payables: |  |  |  |
| Investments purchased | 2845036 | 37969080 | 51509292 |
| Deferred foreign capital gain tax | 65031 |  |  |
| Foreign taxes | 13758 |  |  |
| Investment advisory fees | 32485 | 1081102 | 374838 |
| Professional fees | 6499 |  |  |
| Variation margin on futures contracts |  |  | 8039 |
| Total liabilities | 3615311 | 150529400 | 182499510 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $116241211 | $4083148053 | $1391814516 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $139024395 | $1694872515 | $705688345 |
| Accumulated earnings (loss) | (22783184) | 2388275538 | 686126171 |
| NET ASSETS | $116241211 | $4083148053 | $1391814516 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 2500000 | 41250000 | 29300000 |
| Net asset value | $46.50 | $98.99 | $47.50 |
| Shares authorized | 500 million | 500 million | 500 million |
| Par value | $0.001 | $0.001 | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $114610194 | $1731269169 | $711603938 |
| <sup>(b)</sup> Securities loaned, at value | $591535 | $109830626 | $129510778 |
| <sup>(c)</sup> Investments, at cost—affiliated | $803268 | $112642207 | $131407844 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $15362 | $— | $62238 |
| <sup>(e)</sup> Foreign currency, at cost | $97687 | $5422565 | $1185306 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>MSCI <br> Agriculture <br> Producers <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global Gold <br> Miners ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global <br> Silver and <br> Metals <br> Miners ETF <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $887698 | &nbsp;&nbsp;&nbsp; $14352244 | &nbsp;&nbsp;&nbsp; $804767 |
| Dividends—affiliated | &nbsp;&nbsp; 2372 | &nbsp;&nbsp;&nbsp; 26131 | &nbsp;&nbsp;&nbsp; 11394 |
| Interest—unaffiliated | &nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp; 4798 | &nbsp;&nbsp;&nbsp; 796 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 3225 | &nbsp;&nbsp;&nbsp; 262202 | &nbsp;&nbsp;&nbsp; 270289 |
| Other income—unaffiliated | &nbsp;&nbsp; 18824 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (38113)<br>| &nbsp;&nbsp;&nbsp; (1494590)<br>| &nbsp;&nbsp;&nbsp; (92702)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 168643 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 1043128 | &nbsp;&nbsp;&nbsp; 13150785 | &nbsp;&nbsp;&nbsp; 994544 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 177743 | &nbsp;&nbsp;&nbsp; 5415141 | &nbsp;&nbsp;&nbsp; 1521725 |
| Professional | &nbsp;&nbsp; 6382 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Commitment costs | &nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 7674 | &nbsp;&nbsp;&nbsp; 176 |
| Total expenses | &nbsp;&nbsp; 184465 | &nbsp;&nbsp;&nbsp; 5422815 | &nbsp;&nbsp;&nbsp; 1521901 |
| Less: |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (788)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses after fees waived | &nbsp;&nbsp; 183677 | &nbsp;&nbsp;&nbsp; 5422815 | &nbsp;&nbsp;&nbsp; 1521901 |
| Net investment income (loss) | &nbsp;&nbsp; 859451 | &nbsp;&nbsp;&nbsp; 7727970 | &nbsp;&nbsp;&nbsp; (527357)<br>|
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (97988)<br>| &nbsp;&nbsp;&nbsp; 31562713 | &nbsp;&nbsp;&nbsp; 8741884 |
| Investments—affiliated | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; (861)<br>| &nbsp;&nbsp;&nbsp; 409 |
| Foreign currency transactions | &nbsp;&nbsp; 8800 | &nbsp;&nbsp;&nbsp; 56975 | &nbsp;&nbsp;&nbsp; (6242)<br>|
| Futures contracts | &nbsp;&nbsp; 1219 | &nbsp;&nbsp;&nbsp; 685725 | &nbsp;&nbsp;&nbsp; 103915 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; (411491)<br>| &nbsp;&nbsp;&nbsp; 130004237 | &nbsp;&nbsp;&nbsp; 67354856 |
|  | &nbsp;&nbsp; (499435)<br>| &nbsp;&nbsp;&nbsp; 162308789 | &nbsp;&nbsp;&nbsp; 76194822 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 14987496 | &nbsp;&nbsp;&nbsp; 1587733183 | &nbsp;&nbsp;&nbsp; 541228757 |
| Investments—affiliated | &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2387)<br>|
| Foreign currency translations | &nbsp;&nbsp; 2165 | &nbsp;&nbsp;&nbsp; 66216 | &nbsp;&nbsp;&nbsp; 5340 |
| Futures contracts | &nbsp;&nbsp; 8481 | &nbsp;&nbsp;&nbsp; (41654)<br>| &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 14998116 | &nbsp;&nbsp;&nbsp; 1587757745 | &nbsp;&nbsp;&nbsp; 541231710 |
| Net realized and unrealized gain | &nbsp;&nbsp; 14498681 | &nbsp;&nbsp;&nbsp; 1750066534 | &nbsp;&nbsp;&nbsp; 617426532 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $15358132 | &nbsp;&nbsp;&nbsp; $1757794504 | &nbsp;&nbsp;&nbsp; $616899175 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(9748)<br>| &nbsp;&nbsp;&nbsp; $— | &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>(c)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $83843 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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 Gold Miners ETF  | iShares <br>MSCI Global Gold Miners ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>02/28/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $859451 | &nbsp;&nbsp;&nbsp; $2514976 | &nbsp;&nbsp;&nbsp; $7727970 | &nbsp;&nbsp;&nbsp; $12550396 |
| Net realized gain (loss) | &nbsp;&nbsp; (499435)<br>| &nbsp;&nbsp;&nbsp; (5044890)<br>| &nbsp;&nbsp;&nbsp; 162308789 | &nbsp;&nbsp;&nbsp; 68770090 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 14998116 | &nbsp;&nbsp;&nbsp; 13325559 | &nbsp;&nbsp;&nbsp; 1587757745 | &nbsp;&nbsp;&nbsp; 669814160 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 15358132 | &nbsp;&nbsp;&nbsp; 10795645 | &nbsp;&nbsp;&nbsp; 1757794504 | &nbsp;&nbsp;&nbsp; 751134646 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1093420 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (2348185)<br>| &nbsp;&nbsp;&nbsp; (15154979 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (13946637)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 9197504 | &nbsp;&nbsp;&nbsp; (22943431)<br>| &nbsp;&nbsp;&nbsp; 430502883 | &nbsp;&nbsp;&nbsp; 622611285 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 23462216 | &nbsp;&nbsp;&nbsp; (14495971)<br>| &nbsp;&nbsp;&nbsp; 2173142408 | &nbsp;&nbsp;&nbsp; 1359799294 |
| Beginning of period | &nbsp;&nbsp; 92778995 | &nbsp;&nbsp;&nbsp; 107274966 | &nbsp;&nbsp;&nbsp; 1910005645 | &nbsp;&nbsp;&nbsp; 550206351 |
| End of period | &nbsp;&nbsp; $116241211 | &nbsp;&nbsp;&nbsp; $92778995 | &nbsp;&nbsp;&nbsp; $4083148053 | &nbsp;&nbsp;&nbsp; $1910005645 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*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 ETF  | iShares <br>MSCI Global Silver and Metals Miners ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(527357)<br>| &nbsp;&nbsp;&nbsp; $1182062 |
| Net realized gain | &nbsp;&nbsp; 76194822 | &nbsp;&nbsp;&nbsp; 36179664 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 541231710 | &nbsp;&nbsp;&nbsp; 127052485 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 616899175 | &nbsp;&nbsp;&nbsp; 164414211 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (12489771 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (2253233)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 397385261 | &nbsp;&nbsp;&nbsp; (1465614)<br>|
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 1001794665 | &nbsp;&nbsp;&nbsp; 160695364 |
| Beginning of period | &nbsp;&nbsp; 390019851 | &nbsp;&nbsp;&nbsp; 229324487 |
| End of period | &nbsp;&nbsp; $1391814516 | &nbsp;&nbsp;&nbsp; $390019851 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2026 iShares Semi-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 Agriculture Producers ETF  | 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  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $40.34 | &nbsp;&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> | 0.38 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;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>(c)</sup> | 6.28 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 6.66 | &nbsp;&nbsp;&nbsp;&nbsp;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>(d)</sup> | &nbsp;&nbsp; (0.50 )<sup>(e)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $46.50 | &nbsp;&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>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 16.73 %<sup>(b)(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.40 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Total expenses after fees waived | 0.40 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income | 1.89 %<sup>(b)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $116241 | &nbsp;&nbsp;&nbsp; $92779 | &nbsp;&nbsp;&nbsp; $107275 | &nbsp;&nbsp;&nbsp; $212158 | &nbsp;&nbsp;&nbsp; $292172 | &nbsp;&nbsp;&nbsp; $85612 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&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>(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 six months ended February 28, <br> 2026:<br> • Net investment income per share by $0.07.<br> .• Total return by 0.16%.<br> .• Ratio of net investment income to average net assets by 0.36%. | <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 six months ended February 28, <br> 2026:<br> • Net investment income per share by $0.07.<br> .• Total return by 0.16%.<br> .• Ratio of net investment income to average net assets by 0.36%. | <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 six months ended February 28, <br> 2026:<br> • Net investment income per share by $0.07.<br> .• Total return by 0.16%.<br> .• Ratio of net investment income to average net assets by 0.36%. | <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 six months ended February 28, <br> 2026:<br> • Net investment income per share by $0.07.<br> .• Total return by 0.16%.<br> .• Ratio of net investment income to average net assets by 0.36%. | <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 six months ended February 28, <br> 2026:<br> • Net investment income per share by $0.07.<br> .• Total return by 0.16%.<br> .• Ratio of net investment income to average net assets by 0.36%. | <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 six months ended February 28, <br> 2026:<br> • Net investment income per share by $0.07.<br> .• Total return by 0.16%.<br> .• Ratio of net investment income to average net assets by 0.36%. | <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 six months ended February 28, <br> 2026:<br> • Net investment income per share by $0.07.<br> .• Total return by 0.16%.<br> .• Ratio of net investment income to average net assets by 0.36%. |
| <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>(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>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</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 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  | iShares MSCI Global Gold Miners ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $53.73 | &nbsp;&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> | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;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> | 45.44 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 45.64 | &nbsp;&nbsp;&nbsp;&nbsp;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; (0.38 )<sup>(d)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $98.99 | &nbsp;&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>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 85.20 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.39 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income | 0.56 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $4083148 | &nbsp;&nbsp;&nbsp; $1910006 | &nbsp;&nbsp;&nbsp; $550206 | &nbsp;&nbsp;&nbsp; $386218 | &nbsp;&nbsp;&nbsp; $362365 | &nbsp;&nbsp;&nbsp; $558142 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&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>(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>(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>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <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>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <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. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-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  | iShares MSCI Global Silver and Metals Miners ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $21.67 | &nbsp;&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 (loss)<sup>(a)</sup> | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;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> | 26.42 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 26.40 | &nbsp;&nbsp;&nbsp;&nbsp;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; (0.57 )<sup>(d)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $47.50 | &nbsp;&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>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 123.02 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.39 %<sup>(h)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.14 )%<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $1391815 | &nbsp;&nbsp;&nbsp; $390020 | &nbsp;&nbsp;&nbsp; $229324 | &nbsp;&nbsp;&nbsp; $167039 | &nbsp;&nbsp;&nbsp; $155795 | &nbsp;&nbsp;&nbsp; $267328 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&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>(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>(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>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <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>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. | <sup>(h)</sup> Annualized. |
| <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. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements (unaudited)*

&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 Gold Miners | &nbsp;&nbsp; Non-diversified |
| MSCI Global Silver and Metals Miners | &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:** 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 February 28, 2026, 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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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 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 (except ETF options, equity index options or those that are customized) 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 the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (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***

**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 market 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 |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $34624 | &nbsp;&nbsp;&nbsp; $(34624) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 248023 | &nbsp;&nbsp;&nbsp; (248023) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 45742 | &nbsp;&nbsp;&nbsp; (45742) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 2109 | &nbsp;&nbsp;&nbsp; (2109) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; 8913 | &nbsp;&nbsp;&nbsp; (8913) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Limited | &nbsp;&nbsp; 65135 | &nbsp;&nbsp;&nbsp; (65135) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mizuho Securities USA Inc. | &nbsp;&nbsp; 15263 | &nbsp;&nbsp;&nbsp; (15263) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 171726 | &nbsp;&nbsp;&nbsp; (171726) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $591535 | &nbsp;&nbsp;&nbsp; $(591535) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Global Gold Miners |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $333131 | &nbsp;&nbsp;&nbsp; $(333131) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 17570832 | &nbsp;&nbsp;&nbsp; (17570832) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 9864746 | &nbsp;&nbsp;&nbsp; (9864746) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 67396789 | &nbsp;&nbsp;&nbsp; (67396789) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 599213 | &nbsp;&nbsp;&nbsp; (599213) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 12929920 | &nbsp;&nbsp;&nbsp; (12929920) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 192780 | &nbsp;&nbsp;&nbsp; (192780) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 19005 | &nbsp;&nbsp;&nbsp; (19005) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 924210 | &nbsp;&nbsp;&nbsp; (924210) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $109830626 | &nbsp;&nbsp;&nbsp; $(109830626) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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 Silver and Metals Miners |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $27231573 | &nbsp;&nbsp;&nbsp; $(27231573) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 4969095 | &nbsp;&nbsp;&nbsp; (4969095) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 36509502 | &nbsp;&nbsp;&nbsp; (36509502) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 25822217 | &nbsp;&nbsp;&nbsp; (25535578) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 286639<sup>(b)</sup> <br>|
| Morgan Stanley | &nbsp;&nbsp; 16220251 | &nbsp;&nbsp;&nbsp; (16220251) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 18029093 | &nbsp;&nbsp;&nbsp; (17828962) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 200131<sup>(b)</sup> <br>|
| SG Americas Securities LLC | &nbsp;&nbsp; 704137 | &nbsp;&nbsp;&nbsp; (697209) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6928<sup>(b)</sup> <br>|
| Wells Fargo Bank, National Association | &nbsp;&nbsp; 24910 | &nbsp;&nbsp;&nbsp; (24910) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $129510778 | &nbsp;&nbsp;&nbsp; $(129017080) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $493698 |

---

&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 February 28, 2026. 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.

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 the iShares MSCI Agriculture Producers ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2028 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other iShares funds.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

The amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2026, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| MSCI Agriculture Producers | &nbsp;&nbsp; $788 |

---

**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 specific 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 this 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 six months ended February 28, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Agriculture Producers | &nbsp;&nbsp; $754 |
| MSCI Global Gold Miners | &nbsp;&nbsp; 70264 |
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; 69140 |

---

**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 six months ended February 28, 2026, 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; $232564 | &nbsp;&nbsp;&nbsp; $222627 | &nbsp;&nbsp;&nbsp; $(32459) |
| MSCI Global Gold Miners | &nbsp;&nbsp; 2403514 | &nbsp;&nbsp;&nbsp; 5590873 | &nbsp;&nbsp;&nbsp; (507681) |
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; 1873443 | &nbsp;&nbsp;&nbsp; 15654625 | &nbsp;&nbsp;&nbsp; 698087 |

---

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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***7. PURCHASES AND SALES***

For the six months ended February 28, 2026, 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; $9326762 | &nbsp;&nbsp;&nbsp; $10159171 |
| MSCI Global Gold Miners | &nbsp;&nbsp; 171229610 | &nbsp;&nbsp;&nbsp; 136130679 |
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; 111503198 | &nbsp;&nbsp;&nbsp; 107202816 |

---

For the six months ended February 28, 2026, 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; $11166897 | &nbsp;&nbsp;&nbsp; $3371056 |
| MSCI Global Gold Miners | &nbsp;&nbsp; 583977693 | &nbsp;&nbsp;&nbsp; 197416968 |
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; 481940941 | &nbsp;&nbsp;&nbsp; 101348747 |

---

***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 February 28, 2026, 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.

As of August 31, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| MSCI Agriculture Producers | &nbsp;&nbsp; $(19573208)<br>|
| MSCI Global Gold Miners | &nbsp;&nbsp; (111319735)<br>|
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; (55122093)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of February 28, 2026, 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; $116700386 | &nbsp;&nbsp;&nbsp; $16699660 | &nbsp;&nbsp;&nbsp; $(19596726) | &nbsp;&nbsp;&nbsp; $(2897066) |
| MSCI Global Gold Miners | &nbsp;&nbsp; 1852205289 | &nbsp;&nbsp;&nbsp; 2356985173 | &nbsp;&nbsp;&nbsp; (20454947) | &nbsp;&nbsp;&nbsp; 2336530226 |
| MSCI Global Silver and Metals Miners | &nbsp;&nbsp; 851129004 | &nbsp;&nbsp;&nbsp; 679997174 | &nbsp;&nbsp;&nbsp; (8164025) | &nbsp;&nbsp;&nbsp; 671833149 |

---

***9. LINE OF CREDIT***

The iShares MSCI Agriculture Producers, along with certain other iShares funds ("Participating Funds"), are parties to a $900 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 14, 2026. 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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

For the six months ended February 28, 2026, 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 Agriculture Producers | &nbsp;&nbsp; $120000 | &nbsp;&nbsp;&nbsp; $1326 | &nbsp;&nbsp;&nbsp;&nbsp;5.05% |

---

***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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Agriculture Producers |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; $13145101 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $15060919 |
| Shares redeemed | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (3947597)<br>| &nbsp;&nbsp;&nbsp; (1000000)<br>| &nbsp;&nbsp;&nbsp; (38004350)<br>|
|  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $9197504 | &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; $(22943431)<br>|
| MSCI Global Gold Miners |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 8650000 | &nbsp;&nbsp;&nbsp; $630867949 | &nbsp;&nbsp;&nbsp; 22200000 | &nbsp;&nbsp;&nbsp; $771022723 |
| Shares redeemed | &nbsp;&nbsp; (2950000)<br>| &nbsp;&nbsp;&nbsp; (200365066)<br>| &nbsp;&nbsp;&nbsp; (3700000)<br>| &nbsp;&nbsp;&nbsp; (148411438)<br>|
|  | &nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp; $430502883 | &nbsp;&nbsp;&nbsp; 18500000 | &nbsp;&nbsp;&nbsp; $622611285 |
| MSCI Global Silver and Metals Miners |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 14300000 | &nbsp;&nbsp;&nbsp; $498914259 | &nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; $44552505 |
| Shares redeemed | &nbsp;&nbsp; (3000000)<br>| &nbsp;&nbsp;&nbsp; (101528998)<br>| &nbsp;&nbsp;&nbsp; (3300000)<br>| &nbsp;&nbsp;&nbsp; (46018119)<br>|
|  | &nbsp;&nbsp; 11300000 | &nbsp;&nbsp;&nbsp; $397385261 | &nbsp;&nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; $(1465614)<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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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 February 28, 2026 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.

***13. SUBSEQUENT EVENTS***

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

2026 iShares Semi-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 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

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
| S&P | Standard & Poor's |

---

2026 iShares Semi-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.©2026 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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![](g948967img226b2a6a3.gif)

------

February 28, 2026

![](g948967imge3efd2591.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares, Inc.** |
| • iShares MSCI Russia ETF \| ERUS \| |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_661b24b3-20c8-4696-b918-50b7b3e0cff5_SOIs-Footer-iSharesReport-219_1)  | &nbsp;&nbsp; 3 |
| [Statement of Assets and Liabilities](#xx_661b24b3-20c8-4696-b918-50b7b3e0cff5_FS-Footer-iSharesReport-219_1)  | &nbsp;&nbsp; 5 |
| [Statement of Operations](#xx_661b24b3-20c8-4696-b918-50b7b3e0cff5_FS-Footer-iSharesReport-219_2)  | &nbsp;&nbsp; 6 |
| [Statements of Changes in Net Assets](#xx_661b24b3-20c8-4696-b918-50b7b3e0cff5_FS-Footer-iSharesReport-219_3)  | &nbsp;&nbsp; 7 |
| [Statement of Cash Flows](#xx_661b24b3-20c8-4696-b918-50b7b3e0cff5_FS-Footer-iSharesReport-219_4)  | &nbsp;&nbsp; 8 |
| [Financial Highlights](#xx_661b24b3-20c8-4696-b918-50b7b3e0cff5_FS-Footer-iSharesReport-219_5)  | &nbsp;&nbsp; 9 |
| [Notes to Financial Statements](#xx_661b24b3-20c8-4696-b918-50b7b3e0cff5_NTFS-Footer-iSharesReport-219_1)  | &nbsp;&nbsp; 10 |
| [Additional Information](#xx_661b24b3-20c8-4696-b918-50b7b3e0cff5_SAI-Footer-iSharesReport-219_1)  | &nbsp;&nbsp; 15 |
| [Glossary of Terms Used in these Financial Statements](#xx_661b24b3-20c8-4696-b918-50b7b3e0cff5_Abbreviations-Footer-iSharesReport-219_1)  | &nbsp;&nbsp; 16 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| Sberbank of Russia PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 18835860 | $2437 |
| TCS Group Holding PLC, GDR<sup>(a)(b)</sup> | &nbsp;&nbsp; 289152 | 37 |
| VTB Bank PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 1661569 |  |
|  |  | 2474 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| Ozon Holdings PLC, ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 106824 | 14 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 4737800 | 613 |
| **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 | 48 |
| **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 | 51 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Alrosa PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 7486250 | 968 |
| Polyus PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 891290 | 12 |
| Severstal PAO<sup>(a)(b)</sup> | &nbsp;&nbsp; 604068 | 78 |
| United Co. RUSAL International PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 5811330 | 752 |
|  |  | 1810 |

---

---

| | | |
|:---|:---|:---|
| *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 | $332 |
| **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 | 359 |
| **Total Long-Term Investments — 1.2%** <br>**(Cost: $170,608,491)** | **Total Long-Term Investments — 1.2%** <br>**(Cost: $170,608,491)** | 5730 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 96.9%** | **Money Market Funds — 96.9%** | **Money Market Funds — 96.9%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 440000 | 440000 |
| **Total Short-Term Securities — 96.9%** <br>**(Cost: $440,000)** | **Total Short-Term Securities — 96.9%** <br>**(Cost: $440,000)** | 440000 |
| **Total Investments — 98.1%** <br>**(Cost: $171,048,491)** | **Total Investments — 98.1%** <br>**(Cost: $171,048,491)** | 445730 |
| **Other Assets Less Liabilities — 1.9%** | **Other Assets Less Liabilities — 1.9%** | 8435 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $454165 |

---

&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 six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $430000<br> $10000 <br><sup>(a)</sup><br>| $— | $— | $— | $440000 | 440000 | $8359 | $— |

---

&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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5730 | &nbsp;&nbsp; $5730 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI Russia ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $440000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $440000 |
|  | &nbsp;&nbsp; $440000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5730 | &nbsp;&nbsp; $445730 |

---

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 period 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:

---

| | |
|:---|:---|
|  | *Common* <br>*Stocks*<br>|
| Assets: |  |
| Opening balance, as of August 31, 2025 | &nbsp;&nbsp; $5510 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Accrued discounts/premiums | &nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp; 220 |
| Purchases | &nbsp;&nbsp; — |
| Sales | &nbsp;&nbsp; — |
| Closing balance, as of February 28, 2026 | &nbsp;&nbsp; $5730 |
| Net change in unrealized appreciation (depreciation) on investment still held at August 31, 2025<sup>(b)</sup> | &nbsp;&nbsp; $220 |
| <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 <br> February 28, 2026 is generally due to investments no longer held or categorized as Level 3 at period end.<br>|  |

---

*See notes to financial statements.*

Schedule of Investments

------

Statement of Assets and Liabilities (unaudited)

February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Russia <br> ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)</sup> | $5730 |
| Investments, at value—affiliated<sup>(b)</sup> | 440000 |
| Cash | 6889 |
| Foreign currency, at value<sup>(c)</sup> | 317 |
| Receivables: |  |
| Dividends—affiliated | 1229 |
| From investment adviser | 711 |
| Total assets | 454876 |
| **LIABILITIES** |  |
| Payables: |  |
| Excise tax | 711 |
| Total liabilities | 711 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $454165 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $559001873 |
| Accumulated loss | (558547708) |
| NET ASSETS | $454165 |
| **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 | $440000 |
| <sup>(c)</sup> Foreign currency, at cost | $272 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>MSCI <br> Russia <br> ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—affiliated | &nbsp;&nbsp; $8359 |
| Interest—unaffiliated | &nbsp;&nbsp; 73 |
| Total investment income | &nbsp;&nbsp; 8432 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 1232 |
| Excise tax | &nbsp;&nbsp; 711 |
| Total expenses | &nbsp;&nbsp; 1943 |
| Less: |  |
| Investment advisory fees waived | &nbsp;&nbsp; (1232)<br>|
| Reimbursement of excise tax | &nbsp;&nbsp; (711)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; — |
| Net investment income | &nbsp;&nbsp; 8432 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 220 |
| Foreign currency translations | &nbsp;&nbsp; 4 |
|  | &nbsp;&nbsp; 224 |
| Net realized and unrealized gain | &nbsp;&nbsp; 224 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $8656 |

---

*See notes to financial statements.*

Statement of Operations

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI Russia ETF  | iShares <br>MSCI Russia ETF  |
|  | Six <br> Months <br> Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $8432 | &nbsp;&nbsp;&nbsp; $215816 |
| Net realized loss | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (223522146)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 271091943 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 8656 | &nbsp;&nbsp;&nbsp; 47785613 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (215816)<br>|
| Liquidating distribution | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (47654190)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (47870006)<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; 8656 | &nbsp;&nbsp;&nbsp; (84393)<br>|
| Beginning of period | &nbsp;&nbsp; 445509 | &nbsp;&nbsp;&nbsp; 529902 |
| End of period | &nbsp;&nbsp; $454165 | &nbsp;&nbsp;&nbsp; $445509 |

---

&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.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statement of Cash Flows (unaudited)

Six Months Ended February 28, 2026

&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; $8656 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities: |  |
| Net purchases of short-term securities | &nbsp;&nbsp; (10000)<br>|
| Net change in unrealized (appreciation) depreciation on investments | &nbsp;&nbsp; (220)<br>|
| (Increase) decrease in assets: |  |
| Receivables: |  |
| Dividends—affiliated | &nbsp;&nbsp; 329 |
| From investment adviser | &nbsp;&nbsp; (711)<br>|
| Increase (decrease) in liabilities: |  |
| Payables: |  |
| Excise tax | &nbsp;&nbsp; 711 |
| Net cash used for operating activities | &nbsp;&nbsp; (1235)<br>|
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |
| Net cash provided by financing activities | &nbsp;&nbsp; — |
| **CASH AND FOREIGN CURRENCY** |  |
| Net decrease in restricted and unrestricted cash and foreign currency | &nbsp;&nbsp; $(1235)<br>|
| Restricted and unrestricted cash and foreign currency at beginning of period | &nbsp;&nbsp; 8441 |
| Restricted and unrestricted cash and foreign currency at end of period | &nbsp;&nbsp; $7206 |
| **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENT** <br> **OF ASSETS AND LIABILITIES**<br>|  |
| Cash | &nbsp;&nbsp; $6889 |
| Foreign currency, at value | &nbsp;&nbsp; 317 |
|  | &nbsp;&nbsp; $7206 |

---

*See notes to financial statements.*

Statement 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  | iShares MSCI Russia ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $0.03 | &nbsp;&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> | 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;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) | 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;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 | 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;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; — | &nbsp;&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; — | &nbsp;&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; — | &nbsp;&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 period** | &nbsp;&nbsp; $0.03 | &nbsp;&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 | 1.96 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; 147,073.78 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp; 8,908.28 %<sup>(g)</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>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.71 %<sup>(i)(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(k)</sup> | 0.00 %<sup>(i)</sup><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; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 3.78 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $454 | &nbsp;&nbsp;&nbsp; $446 | &nbsp;&nbsp;&nbsp; $530 | &nbsp;&nbsp;&nbsp; $488 | &nbsp;&nbsp;&nbsp; $485 | &nbsp;&nbsp;&nbsp; $586497 |
| Portfolio turnover rate<sup>(l)</sup> | &nbsp;&nbsp; 0<br> %<br>| &nbsp;&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>(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>(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>(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>(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>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. | <sup>(f)</sup> Not annualized. |
| <sup>(g)</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> 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> 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> 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> 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> 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> 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>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Includes non-recurring expense of excise tax. Without this cost, total expenses would have been 0.55%. | <sup>(j)</sup> Includes non-recurring expense of excise tax. Without this cost, total expenses would have been 0.55%. | <sup>(j)</sup> Includes non-recurring expense of excise tax. Without this cost, total expenses would have been 0.55%. | <sup>(j)</sup> Includes non-recurring expense of excise tax. Without this cost, total expenses would have been 0.55%. | <sup>(j)</sup> Includes non-recurring expense of excise tax. Without this cost, total expenses would have been 0.55%. | <sup>(j)</sup> Includes non-recurring expense of excise tax. Without this cost, total expenses would have been 0.55%. | <sup>(j)</sup> Includes non-recurring expense of excise tax. Without this cost, total expenses would have been 0.55%. |
| <sup>(k)</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, August 31, 2025 and six months ended February 28, 2026. | <sup>(k)</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, August 31, 2025 and six months ended February 28, 2026. | <sup>(k)</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, August 31, 2025 and six months ended February 28, 2026. | <sup>(k)</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, August 31, 2025 and six months ended February 28, 2026. | <sup>(k)</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, August 31, 2025 and six months ended February 28, 2026. | <sup>(k)</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, August 31, 2025 and six months ended February 28, 2026. | <sup>(k)</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, August 31, 2025 and six months ended February 28, 2026. |
| <sup>(l)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(l)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(l)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(l)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(l)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(l)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(l)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)*

&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. The Fund has been able to dispose of certain Russian investments in accordance with applicable sanctions laws since entering into liquidation. The Fund has also made liquidating distributions to shareholders of available cash, less a reserve estimated to meet the Fund's expected transaction costs associated with the liquidation. During the period, the Fund did not dispose of any additional Russian investments.

On December 5, 2025, the Board unanimously voted to continue to have the Fund managed pursuant to the plan of liquidation through December 31, 2026 (absent significant market developments), 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. 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 (unaudited)* (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.

**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 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.

**Federal Excise Tax:** For the period ended February 28, 2026, the Fund did not distribute income to meet the full minimum distribution requirement as a regulated investment company due to the operational cost of the immaterial distribution. Instead, the Fund accrued a $711 federal excise tax liability, which was voluntarily reimbursed by BFA. As a result, the $711 accrual is included in excise tax on the Statement of Operations and BFA's reimbursement is included in reimbursement of excise tax on the Statement of Operations.

***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 (except ETF options, equity index options or those that are customized) 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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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.

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 February 28, 2026, 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 the 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 six months ended February 28, 2026.

This amount is included in investment advisory fees waived in the Statement of Operations. For the six months ended February 28, 2026, the amount waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| MSCI Russia | &nbsp;&nbsp; $1232 |

---

**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 (unaudited)* (continued)

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

**Other Transactions:** During the six months ended February 28, 2026, the Fund received a reimbursement of $711 from an affiliate, which is included in reimbursement of excise tax in the Statement of Operations.

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***

There were no purchases and sales transactions for the six months ended February 28, 2026.

There were no in-kind transactions for the six months ended February 28, 2026.

***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 February 28, 2026, 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.

As of August 31, 2025, the Fund had non-expiring capital loss carryforwards of $378,878,183 available to offset future realized capital gains.

As of February 28, 2026, 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; $180123732 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(179678002) | &nbsp;&nbsp;&nbsp; $(179678002) |

---

***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.

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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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 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

------

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**.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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 |

---

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 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.©2026 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.

![](g948967img816ab1882.gif)

![](g948967img64d27ced3.gif)

------

February 28, 2026

![](g948967img9f7bc3511.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2026 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares, Inc.** |
| • iShares MSCI World ETF \| URTH \| NYSE Arca |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_cf422482-7edb-4fee-975e-37f5c496a3b1_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statement of Assets and Liabilities](#xx_cf422482-7edb-4fee-975e-37f5c496a3b1_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 17 |
| [Statement of Operations](#xx_cf422482-7edb-4fee-975e-37f5c496a3b1_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 18 |
| [Statements of Changes in Net Assets](#xx_cf422482-7edb-4fee-975e-37f5c496a3b1_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 19 |
| [Financial Highlights](#xx_cf422482-7edb-4fee-975e-37f5c496a3b1_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 20 |
| [Notes to Financial Statements](#xx_cf422482-7edb-4fee-975e-37f5c496a3b1_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 21 |
| [Additional Information](#xx_cf422482-7edb-4fee-975e-37f5c496a3b1_SAI-Footer-iSharesReport-231_1)  | &nbsp;&nbsp; 28 |
| [Glossary of Terms Used in these Financial Statements](#xx_cf422482-7edb-4fee-975e-37f5c496a3b1_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 29 |

---

------

Schedule of Investments (unaudited)

February 28, 2026

**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 — 1.8%** | **Australia — 1.8%** | **Australia — 1.8%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 241427 | $6871182 |
| APA Group | &nbsp;&nbsp; 94229 | 616722 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 45480 | 1554810 |
| ASX Ltd. | &nbsp;&nbsp; 14712 | 554416 |
| BHP Group Ltd. | &nbsp;&nbsp; 409648 | 16621576 |
| Brambles Ltd. | &nbsp;&nbsp; 109175 | 1947040 |
| CAR Group Ltd. | &nbsp;&nbsp; 28044 | 529430 |
| Cochlear Ltd. | &nbsp;&nbsp; 5616 | 795251 |
| Coles Group Ltd. | &nbsp;&nbsp; 111187 | 1630602 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 135861 | 16856477 |
| Computershare Ltd. | &nbsp;&nbsp; 41543 | 915978 |
| CSL Ltd. | &nbsp;&nbsp; 39293 | 4113450 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 161959 | 1921490 |
| Fortescue Ltd. | &nbsp;&nbsp; 137870 | 2070975 |
| Goodman Group | &nbsp;&nbsp; 162416 | 3340958 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 194909 | 923498 |
| IREN Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26624 | 1090253 |
| Lottery Corp. Ltd.(The) | &nbsp;&nbsp; 171199 | 671438 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 74543 | 988011 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 29462 | 4471163 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 213346 | 664912 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 249158 | 8683797 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 109133 | 2392168 |
| Origin Energy Ltd. | &nbsp;&nbsp; 134753 | 1165604 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 4564 | 421201 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 73290 | 518709 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 121862 | 1892442 |
| REA Group Ltd. | &nbsp;&nbsp; 3964 | 468971 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 29869 | 3550827 |
| Santos Ltd. | &nbsp;&nbsp; 269626 | 1299370 |
| Scentre Group | &nbsp;&nbsp; 436786 | 1187290 |
| SGH Ltd. | &nbsp;&nbsp; 15827 | 525207 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 315653 | 636250 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 34854 | 591488 |
| South32 Ltd. | &nbsp;&nbsp; 356615 | 1168229 |
| Stockland | &nbsp;&nbsp; 192371 | 699577 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 83064 | 864568 |
| Telstra Group Ltd. | &nbsp;&nbsp; 316879 | 1168108 |
| Transurban Group | &nbsp;&nbsp; 258501 | 2635341 |
| Vicinity Ltd. | &nbsp;&nbsp; 302762 | 527742 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 27794 | 756117 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 91762 | 5198605 |
| Westpac Banking Corp. | &nbsp;&nbsp; 274753 | 8305525 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 16585 | 561459 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 156538 | 3196034 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 95110 | 2438262 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 13220 | 780388 |
|  |  | 120782911 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| BAWAG Group AG<sup>(b)</sup> | &nbsp;&nbsp; 6244 | 967089 |
| Erste Group Bank AG | &nbsp;&nbsp; 25937 | 3078571 |
| OMV AG | &nbsp;&nbsp; 11225 | 727157 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 10832 | 538133 |
| Verbund AG | &nbsp;&nbsp; 5199 | 370189 |
|  |  | 5681139 |
| **Belgium — 0.3%** | **Belgium — 0.3%** | **Belgium — 0.3%** |
| Ageas SA/NV | &nbsp;&nbsp; 13218 | 981128 |
| Anheuser-Busch InBev SA/NV | &nbsp;&nbsp; 79688 | 6479846 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 4906 | 3795422 |
| D'ieteren Group | &nbsp;&nbsp; 1788 | 386603 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| Elia Group SA/NV, Class B | &nbsp;&nbsp; 3993 | $634423 |
| Financiere de Tubize SA | &nbsp;&nbsp; 1650 | 443247 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 8626 | 865534 |
| KBC Group NV | &nbsp;&nbsp; 19034 | 2577831 |
| Lotus Bakeries NV | &nbsp;&nbsp; 19 | 236306 |
| Sofina SA | &nbsp;&nbsp; 1091 | 324072 |
| Syensqo SA | &nbsp;&nbsp; 5710 | 325559 |
| UCB SA | &nbsp;&nbsp; 9489 | 2850338 |
|  |  | 19900309 |
| **Canada — 3.6%** | **Canada — 3.6%** | **Canada — 3.6%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 40027 | 10054214 |
| Alamos Gold, Inc., Class A | &nbsp;&nbsp; 34011 | 1843359 |
| Alimentation Couche-Tard, Inc. | &nbsp;&nbsp; 61151 | 3711066 |
| AltaGas Ltd. | &nbsp;&nbsp; 21917 | 744894 |
| ARC Resources Ltd. | &nbsp;&nbsp; 52986 | 982769 |
| AtkinsRealis Group, Inc. | &nbsp;&nbsp; 13423 | 930424 |
| Bank of Montreal | &nbsp;&nbsp; 57952 | 8340279 |
| Bank of Nova Scotia(The) | &nbsp;&nbsp; 100526 | 7626136 |
| Barrick Mining Corp. | &nbsp;&nbsp; 140629 | 7135320 |
| BCE, Inc. | &nbsp;&nbsp; 6155 | 161766 |
| Bombardier, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 7110 | 1469329 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 33293 | 1554511 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 165852 | 7273389 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 11085 | 473046 |
| CAE, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 24638 | 730624 |
| Cameco Corp. | &nbsp;&nbsp; 36480 | 4315929 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 75887 | 7665752 |
| Canadian National Railway Co. | &nbsp;&nbsp; 43259 | 4854408 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 169292 | 7405633 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 74695 | 6540501 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 4421 | 620116 |
| Canadian Utilities Ltd., Class A, NVS | &nbsp;&nbsp; 10325 | 360075 |
| CCL Industries, Inc., Class B, NVS | &nbsp;&nbsp; 11696 | 813545 |
| Celestica, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9304 | 2583607 |
| Cenovus Energy, Inc. | &nbsp;&nbsp; 110703 | 2466379 |
| CGI, Inc. | &nbsp;&nbsp; 16508 | 1207315 |
| Constellation Software, Inc. | &nbsp;&nbsp; 1669 | 3084184 |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 7425 | 491099 |
| Dollarama, Inc. | &nbsp;&nbsp; 21834 | 3214474 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 35689 | 850068 |
| Emera, Inc. | &nbsp;&nbsp; 23365 | 1215655 |
| Empire Co. Ltd., Class A, NVS | &nbsp;&nbsp; 13200 | 468176 |
| Enbridge, Inc. | &nbsp;&nbsp; 175482 | 9323104 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 1581 | 2721156 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 59017 | 1766984 |
| FirstService Corp. | &nbsp;&nbsp; 3061 | 482337 |
| Fortis, Inc./Canada | &nbsp;&nbsp; 41843 | 2407111 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 15161 | 4237366 |
| George Weston Ltd. | &nbsp;&nbsp; 13300 | 976208 |
| GFL Environmental, Inc. | &nbsp;&nbsp; 19283 | 852153 |
| Gildan Activewear, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 14229 | 969811 |
| Great-West Lifeco, Inc. | &nbsp;&nbsp; 23053 | 1113737 |
| Hydro One Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 25678 | 1103511 |
| iA Financial Corp., Inc. | &nbsp;&nbsp; 8211 | 933816 |
| IGM Financial, Inc. | &nbsp;&nbsp; 6870 | 341775 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 15370 | 1797796 |
| Intact Financial Corp. | &nbsp;&nbsp; 14056 | 2713718 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 60126 | 687633 |
| Keyera Corp. | &nbsp;&nbsp; 17369 | 662901 |
| Kinross Gold Corp. | &nbsp;&nbsp; 97624 | 3608520 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 52353 | 2426419 |
| Lundin Gold, Inc. | &nbsp;&nbsp; 8778 | 827380 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Lundin Mining Corp.<sup>(c)</sup> | &nbsp;&nbsp; 52302 | $1666394 |
| Magna International, Inc. | &nbsp;&nbsp; 21811 | 1375290 |
| Manulife Financial Corp. | &nbsp;&nbsp; 136915 | 4875160 |
| Metro, Inc. | &nbsp;&nbsp; 18556 | 1322135 |
| National Bank of Canada | &nbsp;&nbsp; 31431 | 4386584 |
| Nutrien Ltd. | &nbsp;&nbsp; 39559 | 2975227 |
| Open Text Corp. | &nbsp;&nbsp; 20613 | 510621 |
| Pan American Silver Corp. | &nbsp;&nbsp; 34162 | 2343668 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 45898 | 2017217 |
| Power Corp. of Canada | &nbsp;&nbsp; 46366 | 2329092 |
| RB Global, Inc. | &nbsp;&nbsp; 14250 | 1435499 |
| Restaurant Brands International, Inc. | &nbsp;&nbsp; 25304 | 1815366 |
| Rogers Communications, Inc., Class B, NVS | &nbsp;&nbsp; 26930 | 1074791 |
| Royal Bank of Canada | &nbsp;&nbsp; 114340 | 19117718 |
| Saputo, Inc. | &nbsp;&nbsp; 19524 | 623199 |
| Shopify, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 98621 | 11905663 |
| Stantec, Inc. | &nbsp;&nbsp; 8558 | 792402 |
| Sun Life Financial, Inc. | &nbsp;&nbsp; 44320 | 2904738 |
| Suncor Energy, Inc. | &nbsp;&nbsp; 100350 | 5668390 |
| TC Energy Corp. | &nbsp;&nbsp; 81756 | 5253410 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 35833 | 2104455 |
| TELUS Corp. | &nbsp;&nbsp; 33694 | 461917 |
| TFI International, Inc. | &nbsp;&nbsp; 6317 | 754724 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 12997 | 1251344 |
| TMX Group Ltd. | &nbsp;&nbsp; 21051 | 710059 |
| Toromont Industries Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6292 | 976516 |
| Toronto-Dominion Bank(The) | &nbsp;&nbsp; 137499 | 13394573 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 26764 | 1256528 |
| Waste Connections, Inc. | &nbsp;&nbsp; 21015 | 3617312 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 36735 | 5985916 |
| Whitecap Resources, Inc. | &nbsp;&nbsp; 99623 | 994733 |
| WSP Global, Inc. | &nbsp;&nbsp; 9939 | 1683666 |
|  |  | 248725785 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Wharf Holdings Ltd.(The) | &nbsp;&nbsp; 52000 | 172150 |
| **Denmark — 0.4%** | **Denmark — 0.4%** | **Denmark — 0.4%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 299 | 732890 |
| AP Moller - Maersk A/S, Class B, NVS<sup>(c)</sup> | &nbsp;&nbsp; 374 | 928587 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 7526 | 1170795 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 10502 | 813724 |
| Danske Bank A/S | &nbsp;&nbsp; 51009 | 2661369 |
| Demant A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 8418 | 262541 |
| DSV A/S | &nbsp;&nbsp; 16220 | 4186730 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 5360 | 1578126 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 259606 | 9819214 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 28530 | 1696785 |
| Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 44492 | 1048177 |
| Pandora A/S | &nbsp;&nbsp; 7482 | 591455 |
| Rockwool AS, Class B | &nbsp;&nbsp; 6719 | 222785 |
| Tryg A/S | &nbsp;&nbsp; 27531 | 681714 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 80841 | 2066643 |
|  |  | 28461535 |
| **Finland — 0.2%** | **Finland — 0.2%** | **Finland — 0.2%** |
| Elisa OYJ | &nbsp;&nbsp; 10813 | 555400 |
| Fortum OYJ | &nbsp;&nbsp; 34154 | 798575 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 20574 | 506983 |
| Kone OYJ, Class B | &nbsp;&nbsp; 27916 | 2104677 |
| Metso OYJ | &nbsp;&nbsp; 51555 | 1071815 |
| Neste OYJ | &nbsp;&nbsp; 32291 | 806915 |
| Nokia OYJ | &nbsp;&nbsp; 455123 | 3493077 |
| Orion OYJ, Class B | &nbsp;&nbsp; 8148 | 652713 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| Sampo OYJ, Class A | &nbsp;&nbsp; 199734 | $2213670 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 44856 | 608456 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 44274 | 1409915 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 40867 | 1774633 |
|  |  | 15996829 |
| **France — 2.7%** | **France — 2.7%** | **France — 2.7%** |
| Accor SA | &nbsp;&nbsp; 15697 | 911135 |
| Aeroports de Paris SA | &nbsp;&nbsp; 2158 | 301114 |
| Air Liquide SA | &nbsp;&nbsp; 46513 | 9780531 |
| Airbus SE | &nbsp;&nbsp; 48044 | 10432893 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 29212 | 971792 |
| Amundi SA<sup>(b)</sup> | &nbsp;&nbsp; 4727 | 450922 |
| ArcelorMittal SA | &nbsp;&nbsp; 34563 | 2264184 |
| AXA SA | &nbsp;&nbsp; 135602 | 6631221 |
| Ayvens SA<sup>(b)</sup> | &nbsp;&nbsp; 28603 | 363094 |
| BioMerieux | &nbsp;&nbsp; 3145 | 371713 |
| BNP Paribas SA | &nbsp;&nbsp; 80382 | 9025423 |
| Bollore SE | &nbsp;&nbsp; 69738 | 407371 |
| Bouygues SA | &nbsp;&nbsp; 17555 | 1086412 |
| Bureau Veritas SA | &nbsp;&nbsp; 26055 | 905450 |
| Capgemini SE | &nbsp;&nbsp; 12886 | 1628492 |
| Carrefour SA | &nbsp;&nbsp; 47809 | 906714 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 36067 | 3655093 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 54733 | 2213469 |
| Covivio SA/France | &nbsp;&nbsp; 4091 | 299862 |
| Credit Agricole SA | &nbsp;&nbsp; 93971 | 2076098 |
| Danone SA | &nbsp;&nbsp; 52571 | 4521052 |
| Dassault Aviation SA | &nbsp;&nbsp; 1823 | 732188 |
| Dassault Systemes SE | &nbsp;&nbsp; 53871 | 1179708 |
| Eiffage SA | &nbsp;&nbsp; 6223 | 1073109 |
| Engie SA | &nbsp;&nbsp; 146740 | 5013090 |
| EssilorLuxottica SA | &nbsp;&nbsp; 23765 | 6290283 |
| Eurofins Scientific SE | &nbsp;&nbsp; 10365 | 835214 |
| Euronext NV<sup>(b)</sup> | &nbsp;&nbsp; 6618 | 1093404 |
| Gecina SA | &nbsp;&nbsp; 3487 | 321930 |
| Getlink SE | &nbsp;&nbsp; 33999 | 738196 |
| Hermes International SCA | &nbsp;&nbsp; 2526 | 6071148 |
| Ipsen SA | &nbsp;&nbsp; 2819 | 550276 |
| Kering SA | &nbsp;&nbsp; 6061 | 2032487 |
| Klepierre SA | &nbsp;&nbsp; 16433 | 691559 |
| Legrand SA | &nbsp;&nbsp; 20052 | 3631961 |
| L'Oreal SA | &nbsp;&nbsp; 19561 | 9165230 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 20196 | 12905654 |
| Orange SA | &nbsp;&nbsp; 150275 | 3237306 |
| Pernod Ricard SA | &nbsp;&nbsp; 16372 | 1510815 |
| Publicis Groupe SA | &nbsp;&nbsp; 18435 | 1641546 |
| Renault SA | &nbsp;&nbsp; 14942 | 565078 |
| Rexel SA | &nbsp;&nbsp; 17885 | 774562 |
| Safran SA | &nbsp;&nbsp; 29099 | 11719295 |
| Sanofi SA | &nbsp;&nbsp; 91484 | 8947254 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 2098 | 453383 |
| Schneider Electric SE | &nbsp;&nbsp; 44161 | 14432248 |
| Societe Generale SA | &nbsp;&nbsp; 57786 | 5007769 |
| Sodexo SA | &nbsp;&nbsp; 6673 | 365260 |
| STMicroelectronics NV | &nbsp;&nbsp; 52658 | 1756937 |
| Thales SA | &nbsp;&nbsp; 7924 | 2405070 |
| TotalEnergies SE | &nbsp;&nbsp; 160525 | 12858310 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 9583 | 1200631 |
| Veolia Environnement SA | &nbsp;&nbsp; 54603 | 2312258 |
| Vinci SA | &nbsp;&nbsp; 40344 | 6696542 |
|  |  | 187413736 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany — 2.3%** | **Germany — 2.3%** | **Germany — 2.3%** |
| adidas AG | &nbsp;&nbsp; 13708 | $2543314 |
| Allianz SE, Registered | &nbsp;&nbsp; 31367 | 14086205 |
| BASF SE | &nbsp;&nbsp; 71006 | 4067234 |
| Bayer AG, Registered | &nbsp;&nbsp; 78453 | 3881919 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 22687 | 2377675 |
| Beiersdorf AG | &nbsp;&nbsp; 7568 | 957321 |
| Brenntag SE | &nbsp;&nbsp; 11721 | 720904 |
| Commerzbank AG | &nbsp;&nbsp; 62315 | 2528096 |
| Continental AG | &nbsp;&nbsp; 8232 | 709384 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 4965 | 402066 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 43885 | 2214179 |
| Delivery Hero SE, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 16069 | 369585 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 156718 | 5556146 |
| Deutsche Boerse AG | &nbsp;&nbsp; 15329 | 4189307 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 51335 | 548332 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 74600 | 4392830 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 297820 | 11960495 |
| E.ON SE | &nbsp;&nbsp; 180337 | 4193537 |
| Evonik Industries AG | &nbsp;&nbsp; 20657 | 359167 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 15619 | 727533 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 35653 | 2137274 |
| GEA Group AG | &nbsp;&nbsp; 11715 | 908306 |
| Hannover Rueck SE | &nbsp;&nbsp; 4551 | 1379054 |
| Heidelberg Materials AG | &nbsp;&nbsp; 10862 | 2419971 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 7904 | 715849 |
| Hensoldt AG | &nbsp;&nbsp; 5156 | 452308 |
| HOCHTIEF AG | &nbsp;&nbsp; 1281 | 617905 |
| Infineon Technologies AG | &nbsp;&nbsp; 105268 | 5673401 |
| Knorr-Bremse AG | &nbsp;&nbsp; 5521 | 722623 |
| LEG Immobilien SE | &nbsp;&nbsp; 5573 | 466222 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 59416 | 4110911 |
| Merck KGaA | &nbsp;&nbsp; 10517 | 1593491 |
| MTU Aero Engines AG | &nbsp;&nbsp; 4094 | 1764665 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 10740 | 7009171 |
| Nemetschek SE | &nbsp;&nbsp; 4356 | 347032 |
| Rational AG | &nbsp;&nbsp; 364 | 315482 |
| Rheinmetall AG | &nbsp;&nbsp; 3703 | 7325177 |
| RWE AG | &nbsp;&nbsp; 48298 | 3106946 |
| SAP SE | &nbsp;&nbsp; 84476 | 16970577 |
| Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp; 6927 | 588755 |
| Siemens AG, Registered | &nbsp;&nbsp; 61474 | 17774828 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 62814 | 12165666 |
| Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp; 27339 | 1356003 |
| Symrise AG, Class A | &nbsp;&nbsp; 11014 | 1006124 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 4930 | 620098 |
| Vonovia SE | &nbsp;&nbsp; 59671 | 2023294 |
| Zalando SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 17059 | 414700 |
|  |  | 160771062 |
| **Hong Kong — 0.5%** | **Hong Kong — 0.5%** | **Hong Kong — 0.5%** |
| AIA Group Ltd. | &nbsp;&nbsp; 867400 | 9568744 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 321500 | 1838901 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 168500 | 1069095 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 204000 | 1679695 |
| CK Infrastructure Holdings Ltd., Class L | &nbsp;&nbsp; 56000 | 474862 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 151000 | 1430888 |
| Futu Holdings Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 4588 | 682878 |
| Galaxy Entertainment Group Ltd., Class L | &nbsp;&nbsp; 164000 | 872667 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 112000 | 506267 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 325000 | 512317 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 1009589 | 980869 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 76500 | 4087008 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 98500 | $852792 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 12500 | 1030503 |
| Link REIT | &nbsp;&nbsp; 209360 | 1035052 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 152500 | 726266 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 126500 | 1025297 |
| Sands China Ltd. | &nbsp;&nbsp; 156800 | 354243 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 226000 | 368382 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 42000 | 179160 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 135000 | 2509736 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 28500 | 306146 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 139000 | 2251199 |
| WH Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 694500 | 873518 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 114000 | 419670 |
|  |  | 35636155 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| AIB Group PLC | &nbsp;&nbsp; 159851 | 1659221 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 82332 | 1603110 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 13303 | 1182045 |
| Kingspan Group PLC | &nbsp;&nbsp; 11777 | 1165966 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 68576 | 2216039 |
|  |  | 7826381 |
| **Israel — 0.3%** | **Israel — 0.3%** | **Israel — 0.3%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 3195 | 459131 |
| Bank Hapoalim BM | &nbsp;&nbsp; 101390 | 2558893 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 118329 | 2864688 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7922 | 1204699 |
| CyberArk Software Ltd., NVS | &nbsp;&nbsp; 4086 | 183870 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 2063 | 1593342 |
| ICL Group Ltd. | &nbsp;&nbsp; 73557 | 348624 |
| Isracard Ltd. | &nbsp;&nbsp; 1 | 4 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 89721 | 1085890 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 10846 | 812609 |
| Monday.com Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3673 | 266807 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4725 | 541098 |
| Nova Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2384 | 1047043 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 18018 | 921228 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 94706 | 3206745 |
| Tower Semiconductor Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9125 | 1156420 |
|  |  | 18251091 |
| **Italy — 0.9%** | **Italy — 0.9%** | **Italy — 0.9%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 18248 | 391393 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 159894 | 1560404 |
| Banco BPM SpA | &nbsp;&nbsp; 94701 | 1394960 |
| BPER Banca SpA | &nbsp;&nbsp; 118397 | 1667495 |
| Buzzi SpA | &nbsp;&nbsp; 6341 | 365580 |
| CNH Industrial NV | &nbsp;&nbsp; 77622 | 954751 |
| Davide Campari-Milano NV | &nbsp;&nbsp; 55859 | 420783 |
| Enel SpA | &nbsp;&nbsp; 653698 | 7860684 |
| Eni SpA | &nbsp;&nbsp; 177272 | 4140141 |
| Ferrari NV | &nbsp;&nbsp; 10084 | 3809960 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 52737 | 1241117 |
| Generali | &nbsp;&nbsp; 68917 | 2934561 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 1150572 | 7894705 |
| Italgas SpA | &nbsp;&nbsp; 49415 | 636841 |
| Leonardo SpA | &nbsp;&nbsp; 32244 | 2172313 |
| Moncler SpA | &nbsp;&nbsp; 17895 | 1234454 |
| Poste Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 40382 | 1081832 |
| Prysmian SpA | &nbsp;&nbsp; 21486 | 2588008 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 8013 | 457814 |
| Snam SpA | &nbsp;&nbsp; 153760 | 1193913 |
| Stellantis NV | &nbsp;&nbsp; 157187 | 1275393 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 790185 | $592923 |
| Tenaris SA, NVS | &nbsp;&nbsp; 36350 | 993587 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 107001 | 1287575 |
| UniCredit SpA | &nbsp;&nbsp; 113250 | 9642938 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 30329 | 754540 |
|  |  | 58548665 |
| **Japan — 6.1%** | **Japan — 6.1%** | **Japan — 6.1%** |
| Advantest Corp. | &nbsp;&nbsp; 62000 | 10736502 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 183900 | 2618076 |
| AGC, Inc. | &nbsp;&nbsp; 8300 | 368114 |
| Aisin Corp. | &nbsp;&nbsp; 31900 | 566242 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp; 70200 | 2232789 |
| ANA Holdings, Inc. | &nbsp;&nbsp; 4800 | 104663 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 123400 | 1343535 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 122500 | 1443715 |
| Asics Corp. | &nbsp;&nbsp; 45800 | 1403574 |
| Astellas Pharma, Inc. | &nbsp;&nbsp; 153900 | 2561127 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp; 45500 | 1233594 |
| Bridgestone Corp. | &nbsp;&nbsp; 83800 | 2022938 |
| Canon, Inc. | &nbsp;&nbsp; 72100 | 2178993 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 30100 | 683583 |
| Central Japan Railway Co. | &nbsp;&nbsp; 63700 | 1880146 |
| Chiba Bank Ltd.(The) | &nbsp;&nbsp; 36900 | 548844 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp; 60600 | 1023474 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 53700 | 3621008 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 38200 | 793880 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 28000 | 1155770 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp; 302500 | 3104058 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 141000 | 2776996 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 23000 | 2922263 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 15500 | 356930 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 42300 | 1526458 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp; 132200 | 1389329 |
| Denso Corp. | &nbsp;&nbsp; 158100 | 2268405 |
| Disco Corp. | &nbsp;&nbsp; 7500 | 3606041 |
| East Japan Railway Co. | &nbsp;&nbsp; 71600 | 1768555 |
| Ebara Corp. | &nbsp;&nbsp; 38000 | 1334689 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 26200 | 882062 |
| ENEOS Holdings, Inc. | &nbsp;&nbsp; 235100 | 2243006 |
| FANUC Corp. | &nbsp;&nbsp; 72000 | 3260168 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 15400 | 6752324 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 11500 | 1019300 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 98100 | 2017329 |
| Fujikura Ltd. | &nbsp;&nbsp; 20300 | 3466276 |
| Fujitsu Ltd. | &nbsp;&nbsp; 136400 | 3040753 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp; 21300 | 621276 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp; 1200 | 339258 |
| Hitachi Ltd. | &nbsp;&nbsp; 373700 | 12233923 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 325100 | 3256670 |
| Hoya Corp. | &nbsp;&nbsp; 27800 | 5021452 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 32600 | 432026 |
| Ibiden Co. Ltd. | &nbsp;&nbsp; 19400 | 1179695 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 74200 | 709454 |
| IHI Corp. | &nbsp;&nbsp; 73300 | 2005313 |
| Inpex Corp. | &nbsp;&nbsp; 72800 | 1777245 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 38500 | 717561 |
| ITOCHU Corp. | &nbsp;&nbsp; 494000 | 7152540 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 4200 | 86779 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp; 72800 | 990730 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 152400 | 2983543 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 161200 | 2099250 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 11000 | 359050 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Japan Tobacco, Inc. | &nbsp;&nbsp; 100000 | $3825941 |
| JFE Holdings, Inc. | &nbsp;&nbsp; 42600 | 599684 |
| JX Advanced Metals Corp. | &nbsp;&nbsp; 45700 | 1212846 |
| Kajima Corp. | &nbsp;&nbsp; 34600 | 1582273 |
| Kansai Electric Power Co., Inc.(The) | &nbsp;&nbsp; 73000 | 1318508 |
| Kao Corp. | &nbsp;&nbsp; 35300 | 1507359 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 10800 | 1255805 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 31900 | 512849 |
| KDDI Corp. | &nbsp;&nbsp; 235900 | 4052174 |
| Keyence Corp. | &nbsp;&nbsp; 15400 | 6490353 |
| Kikkoman Corp. | &nbsp;&nbsp; 44100 | 424059 |
| Kioxia Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 15500 | 2094738 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 67000 | 1162967 |
| Komatsu Ltd. | &nbsp;&nbsp; 72300 | 3470426 |
| Konami Group Corp. | &nbsp;&nbsp; 6200 | 827342 |
| Kubota Corp. | &nbsp;&nbsp; 72900 | 1481852 |
| Kyocera Corp. | &nbsp;&nbsp; 108300 | 1912756 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 29400 | 546491 |
| Lasertec Corp. | &nbsp;&nbsp; 6500 | 1401419 |
| LY Corp. | &nbsp;&nbsp; 258300 | 638449 |
| M3, Inc. | &nbsp;&nbsp; 34400 | 376622 |
| Makita Corp. | &nbsp;&nbsp; 11200 | 433367 |
| Marubeni Corp. | &nbsp;&nbsp; 113600 | 4347218 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 30400 | 503990 |
| Minebea Mitsumi, Inc. | &nbsp;&nbsp; 32100 | 688213 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 123300 | 914977 |
| Mitsubishi Corp. | &nbsp;&nbsp; 263100 | 8878450 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 160700 | 6116724 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 80800 | 2724840 |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp; 67700 | 656134 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 267300 | 8520959 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 914200 | 16971203 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 201400 | 7550424 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 233300 | 3144842 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 30700 | 1139111 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp; 199290 | 8891118 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 28800 | 382898 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 103500 | 2884173 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 134400 | 3514548 |
| NEC Corp. | &nbsp;&nbsp; 104800 | 2905400 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 35900 | 762583 |
| Nidec Corp. | &nbsp;&nbsp; 69000 | 1085113 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 89600 | 5067720 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp; 622 | 578648 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 76200 | 564377 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 10000 | 383647 |
| Nippon Steel Corp. | &nbsp;&nbsp; 354135 | 1438669 |
| Nippon Yusen KK | &nbsp;&nbsp; 35500 | 1218939 |
| Nissan Motor Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 196600 | 541623 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 20700 | 414672 |
| Nitto Denko Corp. | &nbsp;&nbsp; 58700 | 1361279 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 242500 | 2251384 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 31300 | 858752 |
| NTT, Inc. | &nbsp;&nbsp; 2625500 | 2568616 |
| Obayashi Corp. | &nbsp;&nbsp; 40400 | 1140529 |
| Obic Co. Ltd. | &nbsp;&nbsp; 29600 | 797174 |
| Olympus Corp. | &nbsp;&nbsp; 92100 | 902465 |
| Oracle Corp./Japan | &nbsp;&nbsp; 1100 | 66404 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 79200 | 1426893 |
| ORIX Corp. | &nbsp;&nbsp; 97000 | 3404613 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 32400 | 1352506 |
| Otsuka Corp. | &nbsp;&nbsp; 23900 | 482014 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 35600 | $2453206 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 170200 | 1137433 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 193300 | 3117166 |
| Rakuten Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 125500 | 666260 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 113900 | 4956389 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 148500 | 2800532 |
| Resona Holdings, Inc. | &nbsp;&nbsp; 168000 | 2049905 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 40300 | 919665 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 11700 | 428963 |
| SBI Holdings, Inc. | &nbsp;&nbsp; 57200 | 1223433 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 4200 | 612264 |
| Secom Co. Ltd. | &nbsp;&nbsp; 31600 | 1225998 |
| Seibu Holdings, Inc. | &nbsp;&nbsp; 17000 | 504663 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 32500 | 632902 |
| Sekisui House Ltd. | &nbsp;&nbsp; 39500 | 964991 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 168500 | 2376278 |
| Shimadzu Corp. | &nbsp;&nbsp; 23400 | 651325 |
| Shimano, Inc. | &nbsp;&nbsp; 4100 | 437698 |
| Shimizu Corp. | &nbsp;&nbsp; 40700 | 909691 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 136465 | 5372840 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 66500 | 1570217 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 33200 | 701005 |
| SMC Corp. | &nbsp;&nbsp; 4600 | 2200424 |
| SoftBank Corp. | &nbsp;&nbsp; 2450800 | 3352210 |
| SoftBank Group Corp. | &nbsp;&nbsp; 309500 | 7925039 |
| Sompo Holdings, Inc. | &nbsp;&nbsp; 72800 | 2888311 |
| Sony Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 503000 | 514465 |
| Sony Group Corp. | &nbsp;&nbsp; 492200 | 11314821 |
| Subaru Corp. | &nbsp;&nbsp; 43900 | 823437 |
| Sumitomo Corp. | &nbsp;&nbsp; 86200 | 3660323 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 57900 | 3825985 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 24900 | 2022329 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 296200 | 11177277 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp; 50100 | 1746931 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 48900 | 1653131 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 6900 | 216989 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 132800 | 2008383 |
| Sysmex Corp. | &nbsp;&nbsp; 37000 | 349312 |
| T&D Holdings, Inc. | &nbsp;&nbsp; 37200 | 1001887 |
| Taisei Corp. | &nbsp;&nbsp; 9400 | 1221399 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 129426 | 4844053 |
| TDK Corp. | &nbsp;&nbsp; 164600 | 2542806 |
| Terumo Corp. | &nbsp;&nbsp; 116600 | 1577654 |
| TIS, Inc. | &nbsp;&nbsp; 16600 | 343082 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 30500 | 305654 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 147500 | 6125917 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 36500 | 10270172 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 32400 | 1590491 |
| Tokyu Corp. | &nbsp;&nbsp; 36100 | 461754 |
| Toppan Holdings, Inc. | &nbsp;&nbsp; 29100 | 996812 |
| Toray Industries, Inc. | &nbsp;&nbsp; 125800 | 1077252 |
| Toyota Industries Corp. | &nbsp;&nbsp; 13200 | 1709509 |
| Toyota Motor Corp. | &nbsp;&nbsp; 764400 | 18520155 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 56400 | 2521114 |
| Unicharm Corp. | &nbsp;&nbsp; 107600 | 736274 |
| West Japan Railway Co. | &nbsp;&nbsp; 39900 | 858313 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 78000 | 620254 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 20400 | 813694 |
| Yokohama Financial Group, Inc. | &nbsp;&nbsp; 73700 | 795749 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 4400 | 279298 |
| ZOZO, Inc. | &nbsp;&nbsp; 30900 | 224589 |
|  |  | 421583469 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Jersey — 0.0%** | **Jersey — 0.0%** | **Jersey — 0.0%** |
| Amcor PLC<sup>(c)</sup> | &nbsp;&nbsp; 37226 | $1802855 |
| **Netherlands — 1.4%** | **Netherlands — 1.4%** | **Netherlands — 1.4%** |
| ABN AMRO Bank NV, CVA<sup>(b)</sup> | &nbsp;&nbsp; 47180 | 1580188 |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 2052 | 2409720 |
| Aegon Ltd. | &nbsp;&nbsp; 115028 | 875403 |
| AerCap Holdings NV | &nbsp;&nbsp; 14263 | 2131463 |
| Akzo Nobel NV | &nbsp;&nbsp; 14203 | 997744 |
| ASM International NV | &nbsp;&nbsp; 3702 | 3122220 |
| ASML Holding NV | &nbsp;&nbsp; 31391 | 45655326 |
| ASR Nederland NV | &nbsp;&nbsp; 12374 | 899129 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 5948 | 1332873 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 18575 | 2051237 |
| CSG NV<sup>(a)</sup> | &nbsp;&nbsp; 16183 | 608648 |
| CVC Capital Partners PLC<sup>(b)</sup> | &nbsp;&nbsp; 16488 | 235258 |
| DSM-Firmenich AG | &nbsp;&nbsp; 15181 | 1084222 |
| EXOR NV, NVS | &nbsp;&nbsp; 8446 | 741214 |
| Heineken Holding NV | &nbsp;&nbsp; 10434 | 903859 |
| Heineken NV | &nbsp;&nbsp; 22125 | 2049192 |
| ING Groep NV | &nbsp;&nbsp; 244091 | 7042741 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 16328 | 293086 |
| JDE Peet's NV | &nbsp;&nbsp; 14456 | 541948 |
| Koninklijke Ahold Delhaize NV, Class N | &nbsp;&nbsp; 75107 | 3706939 |
| Koninklijke KPN NV | &nbsp;&nbsp; 313011 | 1779347 |
| Koninklijke Philips NV | &nbsp;&nbsp; 63383 | 2031130 |
| Magnum Ice Cream Co. NV (The)<sup>(a)</sup> | &nbsp;&nbsp; 38903 | 617623 |
| Nebius Group NV, Class A<sup>(a)</sup> | &nbsp;&nbsp; 17158 | 1564638 |
| NN Group NV | &nbsp;&nbsp; 19921 | 1633872 |
| Prosus NV | &nbsp;&nbsp; 105755 | 5435851 |
| QIAGEN NV | &nbsp;&nbsp; 15749 | 783028 |
| Randstad NV | &nbsp;&nbsp; 9682 | 319235 |
| Universal Music Group NV | &nbsp;&nbsp; 88685 | 1996954 |
| Wolters Kluwer NV | &nbsp;&nbsp; 18990 | 1534117 |
|  |  | 95958205 |
| **New Zealand — 0.0%** | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 105282 | 578485 |
| Contact Energy Ltd. | &nbsp;&nbsp; 63870 | 356040 |
| Fisher & Paykel Healthcare Corp. Ltd., Class C | &nbsp;&nbsp; 46141 | 1128018 |
| Infratil Ltd. | &nbsp;&nbsp; 70110 | 471337 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 101413 | 343825 |
|  |  | 2877705 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| Aker BP ASA | &nbsp;&nbsp; 24084 | 731735 |
| DNB Bank ASA | &nbsp;&nbsp; 70005 | 2215967 |
| Equinor ASA | &nbsp;&nbsp; 69280 | 2075917 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 15692 | 443364 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 34077 | 1381868 |
| Mowi ASA | &nbsp;&nbsp; 38651 | 913068 |
| Norsk Hydro ASA | &nbsp;&nbsp; 112998 | 1048444 |
| Orkla ASA | &nbsp;&nbsp; 58001 | 794036 |
| Salmar ASA | &nbsp;&nbsp; 5455 | 327162 |
| Telenor ASA | &nbsp;&nbsp; 53472 | 991462 |
| Yara International ASA | &nbsp;&nbsp; 12754 | 645636 |
|  |  | 11568659 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 675099 | 709086 |
| EDP Renovaveis SA | &nbsp;&nbsp; 22404 | 353942 |
| EDP SA | &nbsp;&nbsp; 244113 | 1298814 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 38687 | 839465 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 21895 | 575423 |
|  |  | 3776730 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 328816 | $698485 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 519827 | 1005704 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 212600 | 513759 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 172100 | 7752277 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 185796 | 784059 |
| Keppel Ltd. | &nbsp;&nbsp; 107600 | 1111358 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 273300 | 4625104 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 30866 | 3347418 |
| Sembcorp Industries Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 69600 | 336051 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 139700 | 792274 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 56570 | 812380 |
| Singapore Technologies Engineering Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 126600 | 996204 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 636700 | 2533149 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 99800 | 2911910 |
| Wilmar International Ltd. | &nbsp;&nbsp; 146900 | 408394 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 194600 | 665137 |
|  |  | 29293663 |
| **Spain — 1.0%** | **Spain — 1.0%** | **Spain — 1.0%** |
| Acciona SA | &nbsp;&nbsp; 2025 | 587690 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 14282 | 1842875 |
| Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; 56141 | 1769463 |
| Amadeus IT Group SA | &nbsp;&nbsp; 35899 | 2220423 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 464534 | 10759351 |
| Banco de Sabadell SA | &nbsp;&nbsp; 431212 | 1623525 |
| Banco Santander SA | &nbsp;&nbsp; 1202387 | 15164582 |
| Bankinter SA | &nbsp;&nbsp; 54550 | 905167 |
| CaixaBank SA | &nbsp;&nbsp; 333910 | 4115531 |
| Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp; 42623 | 1619918 |
| Endesa SA | &nbsp;&nbsp; 24394 | 995183 |
| Ferrovial SE | &nbsp;&nbsp; 41808 | 3115898 |
| Grifols SA | &nbsp;&nbsp; 19072 | 239277 |
| Iberdrola SA | &nbsp;&nbsp; 524478 | 12379390 |
| Indra Sistemas SA | &nbsp;&nbsp; 6446 | 476272 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 88221 | 5891167 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 101064 | 571567 |
| Mapfre SA | &nbsp;&nbsp; 76040 | 353441 |
| Naturgy Energy Group SA | &nbsp;&nbsp; 11373 | 353966 |
| Redeia Corp. SA | &nbsp;&nbsp; 5764 | 107133 |
| Repsol SA | &nbsp;&nbsp; 94448 | 2137412 |
| Telefonica SA | &nbsp;&nbsp; 317833 | 1442361 |
|  |  | 68671592 |
| **Sweden — 1.0%** | **Sweden — 1.0%** | **Sweden — 1.0%** |
| AddTech AB, Class B | &nbsp;&nbsp; 20862 | 771142 |
| Alfa Laval AB | &nbsp;&nbsp; 23863 | 1408432 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 79667 | 3391035 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 219491 | 4722184 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 126690 | 2375012 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 36026 | 562089 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 20410 | 1617854 |
| Epiroc AB, Class A | &nbsp;&nbsp; 55122 | 1655892 |
| Epiroc AB, Class B | &nbsp;&nbsp; 30101 | 782623 |
| EQT AB | &nbsp;&nbsp; 40102 | 1235992 |
| Essity AB, Class B | &nbsp;&nbsp; 47210 | 1499601 |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 11592 | 698191 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 49464 | 371688 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 39584 | 843921 |
| Hexagon AB, Class B | &nbsp;&nbsp; 162371 | 1847170 |
| Holmen AB, Class B | &nbsp;&nbsp; 6043 | 237871 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 8962 | 508637 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 12416 | 701054 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Indutrade AB | &nbsp;&nbsp; 20380 | $528386 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 11713 | 297802 |
| Investor AB, Class B | &nbsp;&nbsp; 147434 | 6149700 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 5923 | 387749 |
| Lifco AB, Class B | &nbsp;&nbsp; 18042 | 640146 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 110457 | 451335 |
| Nordea Bank Abp | &nbsp;&nbsp; 246537 | 4770623 |
| Saab AB, Class B | &nbsp;&nbsp; 24901 | 1818196 |
| Sagax AB, Class B | &nbsp;&nbsp; 19598 | 414807 |
| Sandvik AB | &nbsp;&nbsp; 84890 | 3741204 |
| Securitas AB, Class B | &nbsp;&nbsp; 38223 | 680202 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 122409 | 2602560 |
| Skanska AB, Class B | &nbsp;&nbsp; 26240 | 804436 |
| SKF AB, Class B | &nbsp;&nbsp; 29420 | 840962 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 12653 | 6515536 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 45471 | 617307 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 118012 | 1886692 |
| Swedbank AB, Class A | &nbsp;&nbsp; 68342 | 2625226 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 15099 | 659773 |
| Tele2 AB, Class B | &nbsp;&nbsp; 38963 | 822281 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 243321 | 2812786 |
| Telia Co. AB | &nbsp;&nbsp; 206321 | 1059212 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 17154 | 751933 |
| Volvo AB, Class B | &nbsp;&nbsp; 129503 | 5038754 |
|  |  | 72147996 |
| **Switzerland — 2.5%** | **Switzerland — 2.5%** | **Switzerland — 2.5%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 127523 | 11877008 |
| Alcon AG | &nbsp;&nbsp; 38890 | 3371309 |
| Amrize Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 41364 | 2688246 |
| Avolta AG, Registered | &nbsp;&nbsp; 8539 | 561348 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 2433 | 372214 |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 319 | 599582 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 786 | 783391 |
| BKW AG | &nbsp;&nbsp; 2394 | 470418 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 58 | 957559 |
| Chocoladefabriken Lindt & Spruengli AG, Registered | &nbsp;&nbsp; 8 | 1317799 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 43739 | 8916529 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 634 | 525980 |
| Galderma Group AG | &nbsp;&nbsp; 12535 | 2365480 |
| Geberit AG, Registered | &nbsp;&nbsp; 2734 | 2298903 |
| Givaudan SA, Registered | &nbsp;&nbsp; 743 | 2984178 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 7239 | 1879820 |
| Holcim AG | &nbsp;&nbsp; 41814 | 3844012 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 16873 | 1434710 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 4099 | 953744 |
| Logitech International SA, Registered | &nbsp;&nbsp; 13008 | 1193396 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 5954 | 4141260 |
| Nestle SA, Registered | &nbsp;&nbsp; 208272 | 22755882 |
| Novartis AG, Registered | &nbsp;&nbsp; 153263 | 25769908 |
| Partners Group Holding AG | &nbsp;&nbsp; 1825 | 2028033 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 2699 | 1337787 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 56618 | 26944586 |
| Sandoz Group AG | &nbsp;&nbsp; 33184 | 2923252 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 3684 | 1402615 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 1738 | 633582 |
| SGS SA | &nbsp;&nbsp; 12447 | 1572373 |
| Sika AG, Registered | &nbsp;&nbsp; 12297 | 2539982 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 4264 | 1111648 |
| Straumann Holding AG | &nbsp;&nbsp; 9015 | 1079327 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 2708 | 692819 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 2251 | 2577749 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 6947 | $1325625 |
| Swiss Re AG | &nbsp;&nbsp; 23982 | 4221772 |
| Swisscom AG, Registered | &nbsp;&nbsp; 1818 | 1705284 |
| UBS Group AG, Registered | &nbsp;&nbsp; 256824 | 10670996 |
| VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp; 2402 | 1694094 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 11722 | 8842193 |
|  |  | 175366393 |
| **United Kingdom — 3.9%** | **United Kingdom — 3.9%** | **United Kingdom — 3.9%** |
| 3i Group PLC | &nbsp;&nbsp; 78094 | 3488918 |
| Admiral Group PLC | &nbsp;&nbsp; 20165 | 805581 |
| Airtel Africa PLC<sup>(b)</sup> | &nbsp;&nbsp; 73951 | 346957 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 89345 | 4457651 |
| Antofagasta PLC | &nbsp;&nbsp; 29442 | 1691524 |
| Ashtead Group PLC | &nbsp;&nbsp; 33401 | 2392407 |
| Associated British Foods PLC | &nbsp;&nbsp; 26560 | 707355 |
| AstraZeneca PLC | &nbsp;&nbsp; 125172 | 26340288 |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 71575 | 474109 |
| Aviva PLC | &nbsp;&nbsp; 238909 | 2201649 |
| BAE Systems PLC | &nbsp;&nbsp; 239145 | 6828915 |
| Barclays PLC | &nbsp;&nbsp; 1128470 | 6849492 |
| Barratt Redrow PLC | &nbsp;&nbsp; 108712 | 532238 |
| BP PLC | &nbsp;&nbsp; 1273978 | 8257174 |
| British American Tobacco PLC | &nbsp;&nbsp; 176956 | 11050086 |
| BT Group PLC | &nbsp;&nbsp; 529910 | 1544475 |
| Bunzl PLC | &nbsp;&nbsp; 25148 | 742013 |
| Centrica PLC | &nbsp;&nbsp; 436986 | 1171885 |
| Coca-Cola HBC AG, Class DI<sup>(a)</sup> | &nbsp;&nbsp; 20223 | 1312702 |
| Compass Group PLC | &nbsp;&nbsp; 134160 | 4108445 |
| Diageo PLC | &nbsp;&nbsp; 177202 | 3974027 |
| Endeavour Mining PLC | &nbsp;&nbsp; 15887 | 1135094 |
| Entain PLC | &nbsp;&nbsp; 45307 | 351036 |
| Experian PLC | &nbsp;&nbsp; 75246 | 2832198 |
| Fresnillo PLC | &nbsp;&nbsp; 17868 | 1019535 |
| Glencore PLC | &nbsp;&nbsp; 814950 | 5888514 |
| GSK PLC | &nbsp;&nbsp; 326152 | 9691048 |
| Haleon PLC | &nbsp;&nbsp; 723612 | 3971862 |
| Halma PLC | &nbsp;&nbsp; 28360 | 1595806 |
| HSBC Holdings PLC | &nbsp;&nbsp; 1392055 | 26018919 |
| Imperial Brands PLC | &nbsp;&nbsp; 61792 | 2767593 |
| Informa PLC | &nbsp;&nbsp; 112176 | 1266946 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 13759 | 1890765 |
| Intertek Group PLC | &nbsp;&nbsp; 12097 | 770822 |
| J Sainsbury PLC | &nbsp;&nbsp; 130339 | 613024 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 192360 | 211909 |
| Kingfisher PLC | &nbsp;&nbsp; 156856 | 788990 |
| Land Securities Group PLC | &nbsp;&nbsp; 52544 | 456489 |
| Legal & General Group PLC | &nbsp;&nbsp; 477554 | 1744387 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 4788824 | 6541613 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 37895 | 4514942 |
| M&G PLC | &nbsp;&nbsp; 193880 | 827856 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 159192 | 851056 |
| Melrose Industries PLC | &nbsp;&nbsp; 103547 | 787914 |
| National Grid PLC | &nbsp;&nbsp; 391952 | 7332106 |
| NatWest Group PLC, NVS | &nbsp;&nbsp; 654181 | 5431283 |
| Next PLC | &nbsp;&nbsp; 9983 | 1819297 |
| Pearson PLC | &nbsp;&nbsp; 56211 | 723397 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 52223 | 539398 |
| Prudential PLC | &nbsp;&nbsp; 211601 | 3240986 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 53013 | 4670387 |
| RELX PLC | &nbsp;&nbsp; 147812 | 5163572 |
| Rentokil Initial PLC | &nbsp;&nbsp; 190051 | 1174199 |
| Rio Tinto PLC | &nbsp;&nbsp; 92465 | 9160483 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 681381 | $12252650 |
| Sage Group PLC(The) | &nbsp;&nbsp; 82315 | 905773 |
| Schroders PLC | &nbsp;&nbsp; 54937 | 432596 |
| Segro PLC | &nbsp;&nbsp; 103580 | 1172563 |
| Severn Trent PLC | &nbsp;&nbsp; 23399 | 1032817 |
| Shell PLC | &nbsp;&nbsp; 468266 | 19612325 |
| Smith & Nephew PLC | &nbsp;&nbsp; 65575 | 1210517 |
| Smiths Group PLC | &nbsp;&nbsp; 29573 | 1093325 |
| Spirax Group PLC | &nbsp;&nbsp; 5415 | 577007 |
| SSE PLC | &nbsp;&nbsp; 97576 | 3526921 |
| Standard Chartered PLC | &nbsp;&nbsp; 159586 | 3936573 |
| Tesco PLC | &nbsp;&nbsp; 530269 | 3432713 |
| Unilever PLC | &nbsp;&nbsp; 178989 | 13152484 |
| United Utilities Group PLC | &nbsp;&nbsp; 50808 | 952366 |
| Vodafone Group PLC | &nbsp;&nbsp; 1548398 | 2384269 |
| Whitbread PLC | &nbsp;&nbsp; 15063 | 527381 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 47219 | 547120 |
|  |  | 271820717 |
| **United States — 69.9%** | **United States — 69.9%** | **United States — 69.9%** |
| 3M Co. | &nbsp;&nbsp; 43075 | 7121159 |
| Abbott Laboratories | &nbsp;&nbsp; 140133 | 16304475 |
| AbbVie, Inc. | &nbsp;&nbsp; 142513 | 33074417 |
| Accenture PLC, Class A | &nbsp;&nbsp; 50641 | 10569790 |
| Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 33836 | 8878905 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 131505 | 26328616 |
| AECOM | &nbsp;&nbsp; 10299 | 1009096 |
| Affirm Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21790 | 1023694 |
| Aflac, Inc. | &nbsp;&nbsp; 41069 | 4637922 |
| Agilent Technologies, Inc. | &nbsp;&nbsp; 23021 | 2794289 |
| Air Products and Chemicals, Inc. | &nbsp;&nbsp; 17751 | 4893418 |
| Airbnb, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 35297 | 4768978 |
| Allegion PLC | &nbsp;&nbsp; 6808 | 1097109 |
| Alliant Energy Corp. | &nbsp;&nbsp; 20284 | 1467345 |
| Allstate Corp.(The) | &nbsp;&nbsp; 21258 | 4560266 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10336 | 3441061 |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 471909 | 147122350 |
| Alphabet, Inc., Class C, NVS | &nbsp;&nbsp; 395224 | 123084610 |
| Altria Group, Inc. | &nbsp;&nbsp; 135896 | 9382260 |
| Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 780155 | 163832550 |
| Ameren Corp. | &nbsp;&nbsp; 21982 | 2490121 |
| American Electric Power Co., Inc. | &nbsp;&nbsp; 42719 | 5716657 |
| American Express Co. | &nbsp;&nbsp; 45116 | 13936332 |
| American International Group, Inc. | &nbsp;&nbsp; 44759 | 3602652 |
| American Tower Corp. | &nbsp;&nbsp; 37734 | 7239645 |
| American Water Works Co., Inc. | &nbsp;&nbsp; 14999 | 2040314 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp; 7754 | 3645310 |
| AMETEK, Inc. | &nbsp;&nbsp; 18537 | 4434421 |
| Amgen, Inc. | &nbsp;&nbsp; 43399 | 16845756 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 98791 | 14429413 |
| Analog Devices, Inc. | &nbsp;&nbsp; 40237 | 14315922 |
| Annaly Capital Management, Inc. | &nbsp;&nbsp; 43979 | 1022072 |
| Aon PLC, Class A | &nbsp;&nbsp; 16570 | 5558738 |
| Apollo Global Management, Inc. | &nbsp;&nbsp; 35314 | 3693844 |
| Apple, Inc. | &nbsp;&nbsp; 1191813 | 314853158 |
| Applied Materials, Inc. | &nbsp;&nbsp; 64421 | 23983938 |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18684 | 8123243 |
| Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp; 17801 | 1309086 |
| Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 28742 | 2878511 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 38627 | 2666808 |
| Ares Management Corp., Class A | &nbsp;&nbsp; 17480 | 1957935 |
| Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 85773 | 11450695 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 20643 | 4710733 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| AST SpaceMobile, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18241 | $1444505 |
| Astera Labs, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10951 | 1301307 |
| AT&T, Inc. | &nbsp;&nbsp; 576703 | 16153451 |
| Atlassian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 13379 | 1005164 |
| Atmos Energy Corp. | &nbsp;&nbsp; 12546 | 2343467 |
| Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17287 | 4250355 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp; 32699 | 7009358 |
| AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1401 | 5261568 |
| AvalonBay Communities, Inc. | &nbsp;&nbsp; 11482 | 2034955 |
| Avery Dennison Corp. | &nbsp;&nbsp; 6392 | 1255069 |
| Axon Enterprise, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5849 | 3172498 |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 79466 | 5185951 |
| Ball Corp. | &nbsp;&nbsp; 21545 | 1446316 |
| Bank of America Corp. | &nbsp;&nbsp; 555596 | 27685349 |
| Bank of New York Mellon Corp.(The) | &nbsp;&nbsp; 55807 | 6646614 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 22892 | 4039980 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 111533 | 56318588 |
| Best Buy Co., Inc. | &nbsp;&nbsp; 16473 | 1020832 |
| Biogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11965 | 2295126 |
| Blackrock, Inc.<sup>(d)</sup> | &nbsp;&nbsp; 11886 | 12637552 |
| Blackstone, Inc., NVS | &nbsp;&nbsp; 58818 | 6668197 |
| Block, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 44767 | 2851658 |
| Bloom Energy Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18312 | 2850629 |
| Boeing Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 63041 | 14343719 |
| Booking Holdings, Inc. | &nbsp;&nbsp; 2639 | 11187645 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 119620 | 9192797 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 163777 | 10214771 |
| Broadcom, Inc. | &nbsp;&nbsp; 365234 | 116710525 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp; 9066 | 1685097 |
| Brown & Brown, Inc. | &nbsp;&nbsp; 23828 | 1711327 |
| Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9470 | 987626 |
| Bunge Global SA | &nbsp;&nbsp; 11417 | 1377461 |
| Burlington Stores, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5211 | 1599100 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22168 | 6681435 |
| Capital One Financial Corp. | &nbsp;&nbsp; 51538 | 10082894 |
| Cardinal Health, Inc. | &nbsp;&nbsp; 19961 | 4575660 |
| Carlisle Companies, Inc. | &nbsp;&nbsp; 3623 | 1430252 |
| Carlyle Group, Inc.(The) | &nbsp;&nbsp; 19009 | 988278 |
| Carnival Corp. | &nbsp;&nbsp; 82760 | 2611078 |
| Carrier Global Corp. | &nbsp;&nbsp; 61967 | 3990675 |
| Carvana Co., Class A<sup>(a)</sup> | &nbsp;&nbsp; 10617 | 3547777 |
| Casey's General Stores, Inc. | &nbsp;&nbsp; 3006 | 2060884 |
| Caterpillar, Inc. | &nbsp;&nbsp; 38005 | 28231254 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp; 8662 | 2596175 |
| CBRE Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 24762 | 3656357 |
| CDW Corp. | &nbsp;&nbsp; 10540 | 1292626 |
| Cencora, Inc. | &nbsp;&nbsp; 14891 | 5541537 |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp; 42662 | 1914671 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp; 52086 | 2265741 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; 14802 | 1473391 |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp; 8761 | 1622975 |
| Charles Schwab Corp.(The) | &nbsp;&nbsp; 139669 | 13296489 |
| Charter Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7594 | 1781780 |
| Cheniere Energy, Inc. | &nbsp;&nbsp; 18064 | 4258227 |
| Chevron Corp. | &nbsp;&nbsp; 155881 | 29112336 |
| Chipotle Mexican Grill, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 108331 | 4032080 |
| Chubb Ltd. | &nbsp;&nbsp; 30666 | 10452813 |
| Church & Dwight Co., Inc. | &nbsp;&nbsp; 18975 | 1989718 |
| Ciena Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11608 | 4047710 |
| Cigna Group(The) | &nbsp;&nbsp; 21584 | 6255475 |
| Cincinnati Financial Corp. | &nbsp;&nbsp; 12084 | 1981534 |
| Cintas Corp. | &nbsp;&nbsp; 29393 | 5911814 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Cisco Systems, Inc. | &nbsp;&nbsp; 320940 | $25501892 |
| Citigroup, Inc. | &nbsp;&nbsp; 145087 | 15987137 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp; 35270 | 2122901 |
| Clorox Co.(The) | &nbsp;&nbsp; 10452 | 1329076 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 24510 | 4220377 |
| CME Group, Inc. | &nbsp;&nbsp; 29131 | 9307354 |
| CMS Energy Corp. | &nbsp;&nbsp; 22924 | 1789677 |
| Coca-Cola Co.(The) | &nbsp;&nbsp; 330550 | 26959658 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 40103 | 2583836 |
| Coherent Corp.<sup>(a)</sup> | &nbsp;&nbsp; 16560 | 4287881 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16123 | 2835230 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 62140 | 6160560 |
| Comcast Corp., Class A | &nbsp;&nbsp; 301128 | 9322923 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp; 2902 | 4148032 |
| ConocoPhillips | &nbsp;&nbsp; 100967 | 11455716 |
| Consolidated Edison, Inc. | &nbsp;&nbsp; 28205 | 3173627 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp; 12764 | 2014925 |
| Constellation Energy Corp. | &nbsp;&nbsp; 25444 | 8393467 |
| Cooper Companies, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 15430 | 1291028 |
| Copart, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 74296 | 2829935 |
| CoreWeave, Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 19023 | 1513470 |
| Corning, Inc. | &nbsp;&nbsp; 65386 | 9832747 |
| Corpay, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5775 | 1877452 |
| Corteva, Inc. | &nbsp;&nbsp; 55734 | 4465408 |
| CoStar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 34241 | 1528176 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 35746 | 36131699 |
| Coterra Energy, Inc. | &nbsp;&nbsp; 58748 | 1797101 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12804 | 1437505 |
| CRH PLC | &nbsp;&nbsp; 54682 | 6560746 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 19988 | 7435136 |
| Crown Castle, Inc. | &nbsp;&nbsp; 34557 | 3094234 |
| CSX Corp. | &nbsp;&nbsp; 150773 | 6436499 |
| Cummins, Inc. | &nbsp;&nbsp; 10945 | 6390457 |
| Curtiss-Wright Corp. | &nbsp;&nbsp; 2990 | 2093987 |
| CVS Health Corp. | &nbsp;&nbsp; 102777 | 8211882 |
| Danaher Corp. | &nbsp;&nbsp; 52344 | 11025740 |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 9040 | 1933204 |
| Datadog, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 23331 | 2612139 |
| Deckers Outdoor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 12417 | 1456142 |
| Deere & Co. | &nbsp;&nbsp; 20803 | 13099857 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp; 25203 | 3732060 |
| Delta Air Lines, Inc. | &nbsp;&nbsp; 13473 | 885176 |
| Devon Energy Corp. | &nbsp;&nbsp; 49600 | 2159088 |
| Dexcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 31041 | 2279341 |
| Diamondback Energy, Inc. | &nbsp;&nbsp; 15266 | 2657505 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp; 4857 | 989031 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp; 26853 | 4758352 |
| Dollar General Corp. | &nbsp;&nbsp; 18059 | 2821538 |
| Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15638 | 1977894 |
| Dominion Energy, Inc. | &nbsp;&nbsp; 69100 | 4362974 |
| Domino's Pizza, Inc. | &nbsp;&nbsp; 2788 | 1122198 |
| DoorDash, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 30943 | 5460511 |
| Dover Corp. | &nbsp;&nbsp; 11231 | 2532590 |
| Dow, Inc. | &nbsp;&nbsp; 55225 | 1697064 |
| DR Horton, Inc. | &nbsp;&nbsp; 22402 | 3593057 |
| DraftKings, Inc., Class A <sup>(a)</sup> | &nbsp;&nbsp; 36415 | 868134 |
| DTE Energy Co. | &nbsp;&nbsp; 16231 | 2406083 |
| Duke Energy Corp. | &nbsp;&nbsp; 63320 | 8285422 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp; 33568 | 1679743 |
| Eaton Corp. PLC | &nbsp;&nbsp; 31794 | 11952000 |
| eBay, Inc. | &nbsp;&nbsp; 37359 | 3394439 |
| EchoStar Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11592 | 1339224 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Ecolab, Inc. | &nbsp;&nbsp; 20676 | $6375445 |
| Edison International | &nbsp;&nbsp; 31513 | 2355282 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 47250 | 4085707 |
| Electronic Arts, Inc. | &nbsp;&nbsp; 20104 | 4032259 |
| Elevance Health, Inc. | &nbsp;&nbsp; 18473 | 5911360 |
| Eli Lilly & Co. | &nbsp;&nbsp; 65099 | 68483497 |
| EMCOR Group, Inc. | &nbsp;&nbsp; 3663 | 2654283 |
| Emerson Electric Co. | &nbsp;&nbsp; 45896 | 6918822 |
| Entegris, Inc. | &nbsp;&nbsp; 12629 | 1672711 |
| Entergy Corp. | &nbsp;&nbsp; 35621 | 3815365 |
| EOG Resources, Inc. | &nbsp;&nbsp; 45467 | 5641545 |
| EQT Corp. | &nbsp;&nbsp; 45151 | 2773174 |
| Equifax, Inc. | &nbsp;&nbsp; 9876 | 2063689 |
| Equinix, Inc. | &nbsp;&nbsp; 7892 | 7688860 |
| Equitable Holdings, Inc. | &nbsp;&nbsp; 18126 | 729028 |
| Equity Residential | &nbsp;&nbsp; 27682 | 1749779 |
| Erie Indemnity Co., Class A, NVS | &nbsp;&nbsp; 2052 | 552891 |
| Essex Property Trust, Inc. | &nbsp;&nbsp; 4906 | 1251570 |
| Estee Lauder Companies, Inc. (The), Class A | &nbsp;&nbsp; 18963 | 2075880 |
| Everest Group Ltd. | &nbsp;&nbsp; 3262 | 1094368 |
| Evergy, Inc. | &nbsp;&nbsp; 18454 | 1543862 |
| Eversource Energy | &nbsp;&nbsp; 29026 | 2212071 |
| Exelon Corp. | &nbsp;&nbsp; 81987 | 4055897 |
| Expand Energy Corp. | &nbsp;&nbsp; 16464 | 1776795 |
| Expedia Group, Inc. | &nbsp;&nbsp; 10056 | 2168979 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp; 11764 | 1706133 |
| Extra Space Storage, Inc. | &nbsp;&nbsp; 17164 | 2592279 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 341958 | 52148595 |
| F5, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4698 | 1274849 |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2049 | 2887779 |
| Fastenal Co. | &nbsp;&nbsp; 92360 | 4252254 |
| FedEx Corp. | &nbsp;&nbsp; 18403 | 7121961 |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp; 16102 | 4198758 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp; 21163 | 1119099 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp; 43764 | 2230213 |
| Fifth Third Bancorp | &nbsp;&nbsp; 72798 | 3601317 |
| First Citizens BancShares, Inc., Class A | &nbsp;&nbsp; 773 | 1467270 |
| First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8391 | 1654705 |
| FirstEnergy Corp. | &nbsp;&nbsp; 45732 | 2339649 |
| Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 45020 | 2804296 |
| Flex Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 30792 | 1940512 |
| Flutter Entertainment PLC, Class DI<sup>(a)</sup> | &nbsp;&nbsp; 13493 | 1432147 |
| Ford Motor Co. | &nbsp;&nbsp; 313084 | 4411354 |
| Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 53314 | 4213405 |
| Fortive Corp. | &nbsp;&nbsp; 28636 | 1695251 |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 18446 | 1039248 |
| Fox Corp., Class B | &nbsp;&nbsp; 13048 | 674973 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 114902 | 7822528 |
| FTAI Aviation Ltd. | &nbsp;&nbsp; 8317 | 2543339 |
| Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 22329 | 1092111 |
| Garmin Ltd. | &nbsp;&nbsp; 13065 | 3303224 |
| Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6332 | 995390 |
| GE HealthCare Technologies, Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 36791 | 3100378 |
| GE Vernova, Inc. | &nbsp;&nbsp; 22229 | 19419254 |
| Gen Digital, Inc. | &nbsp;&nbsp; 47104 | 1063137 |
| General Dynamics Corp. | &nbsp;&nbsp; 18870 | 6737533 |
| General Electric Co. | &nbsp;&nbsp; 85747 | 29347768 |
| General Mills, Inc. | &nbsp;&nbsp; 46229 | 2090938 |
| General Motors Co. | &nbsp;&nbsp; 78068 | 6144732 |
| Genuine Parts Co. | &nbsp;&nbsp; 11102 | 1324025 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 100556 | 14977816 |
| Global Payments, Inc. | &nbsp;&nbsp; 20947 | 1601608 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| GoDaddy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 10990 | $957888 |
| Goldman Sachs Group, Inc.(The) | &nbsp;&nbsp; 24494 | 21054308 |
| Graco, Inc. | &nbsp;&nbsp; 13254 | 1244816 |
| Halliburton Co. | &nbsp;&nbsp; 72680 | 2616480 |
| Hanover Insurance Group, Inc.(The) | &nbsp;&nbsp; 23253 | 3274720 |
| HCA Healthcare, Inc. | &nbsp;&nbsp; 13225 | 7005282 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp; 56046 | 990893 |
| HEICO Corp. | &nbsp;&nbsp; 3447 | 1101179 |
| HEICO Corp., Class A | &nbsp;&nbsp; 5812 | 1395519 |
| Hershey Co.(The) | &nbsp;&nbsp; 11709 | 2766603 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 101209 | 2172957 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 19645 | 6124918 |
| Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19798 | 1491977 |
| Home Depot, Inc.(The) | &nbsp;&nbsp; 80150 | 30514708 |
| Honeywell International, Inc. | &nbsp;&nbsp; 51332 | 12503962 |
| Hormel Foods Corp. | &nbsp;&nbsp; 24294 | 621926 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 31075 | 8158120 |
| HP, Inc. | &nbsp;&nbsp; 78810 | 1496602 |
| Hubbell, Inc., Class B | &nbsp;&nbsp; 4368 | 2234800 |
| HubSpot, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3894 | 1030002 |
| Humana, Inc. | &nbsp;&nbsp; 9636 | 1836043 |
| Huntington Bancshares, Inc./Ohio | &nbsp;&nbsp; 163692 | 2750026 |
| Hyatt Hotels Corp., Class A | &nbsp;&nbsp; 3847 | 621291 |
| IDEX Corp. | &nbsp;&nbsp; 5983 | 1253259 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6593 | 4329821 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp; 22382 | 6504881 |
| Illumina, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 12230 | 1644446 |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 15174 | 1536671 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp; 32841 | 3091652 |
| Insmed, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17392 | 2597147 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5673 | 1399019 |
| Intel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 365720 | 16680489 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp; 35126 | 2500620 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 46645 | 7655844 |
| International Business Machines Corp. | &nbsp;&nbsp; 74693 | 17942006 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 21122 | 1736862 |
| International Paper Co. | &nbsp;&nbsp; 40304 | 1755239 |
| Intuit, Inc. | &nbsp;&nbsp; 22649 | 9264120 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28838 | 14520221 |
| Invitation Homes, Inc. | &nbsp;&nbsp; 50027 | 1317711 |
| IonQ, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 24330 | 933542 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13733 | 2455598 |
| Iron Mountain, Inc. | &nbsp;&nbsp; 23803 | 2578579 |
| Jabil, Inc. | &nbsp;&nbsp; 8701 | 2305678 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp; 5967 | 969399 |
| Jacobs Solutions, Inc., NVS | &nbsp;&nbsp; 10245 | 1412376 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 6558 | 1530703 |
| Johnson & Johnson | &nbsp;&nbsp; 194347 | 48281625 |
| Johnson Controls International PLC | &nbsp;&nbsp; 49631 | 7161753 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 220741 | 66288522 |
| Kenvue, Inc. | &nbsp;&nbsp; 157022 | 3002261 |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp; 103886 | 3145668 |
| KeyCorp | &nbsp;&nbsp; 75140 | 1558404 |
| Keysight Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14003 | 4303542 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 26620 | 2966533 |
| Kimco Realty Corp. | &nbsp;&nbsp; 55812 | 1314373 |
| Kinder Morgan, Inc. | &nbsp;&nbsp; 160554 | 5341632 |
| KKR & Co., Inc. | &nbsp;&nbsp; 49842 | 4370147 |
| KLA Corp. | &nbsp;&nbsp; 10712 | 16330980 |
| Kraft Heinz Co.(The) | &nbsp;&nbsp; 72822 | 1792149 |
| Kroger Co.(The) | &nbsp;&nbsp; 50903 | 3473621 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 15047 | 5485233 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Labcorp Holdings, Inc. | &nbsp;&nbsp; 6593 | $1906168 |
| Lam Research Corp. | &nbsp;&nbsp; 101955 | 23846255 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 24875 | 1410910 |
| Leidos Holdings, Inc. | &nbsp;&nbsp; 10710 | 1875321 |
| Lennar Corp., Class A | &nbsp;&nbsp; 17165 | 1962989 |
| Lennox International, Inc. | &nbsp;&nbsp; 2503 | 1426560 |
| Liberty Media Corp.-Liberty Formula One, Class C, <br> NVS<sup>(a)</sup><br>| &nbsp;&nbsp; 16950 | 1552450 |
| Linde PLC | &nbsp;&nbsp; 38101 | 19358356 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12791 | 2073933 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 17010 | 11193941 |
| Loews Corp. | &nbsp;&nbsp; 14402 | 1584508 |
| Lowe's Companies, Inc. | &nbsp;&nbsp; 44996 | 11904592 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp; 6391 | 1919729 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8901 | 1648198 |
| Lumentum Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4654 | 3262035 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 20016 | 1151320 |
| M&T Bank Corp. | &nbsp;&nbsp; 12616 | 2737420 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 24860 | 4927501 |
| Markel Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1045 | 2165731 |
| Marriott International, Inc./MD, Class A | &nbsp;&nbsp; 19077 | 6519183 |
| Marsh & McLennan Companies, Inc. | &nbsp;&nbsp; 39418 | 7360917 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp; 4701 | 3180556 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 69489 | 5676556 |
| Masco Corp. | &nbsp;&nbsp; 19480 | 1395158 |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 69152 | 35766106 |
| McCormick & Co., Inc./MD, NVS | &nbsp;&nbsp; 20941 | 1487649 |
| McDonald's Corp. | &nbsp;&nbsp; 57636 | 19657334 |
| McKesson Corp. | &nbsp;&nbsp; 10055 | 9928005 |
| Medtronic PLC | &nbsp;&nbsp; 103432 | 10101169 |
| MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3643 | 6402864 |
| Merck & Co., Inc. | &nbsp;&nbsp; 202864 | 25118620 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 176628 | 114486737 |
| MetLife, Inc. | &nbsp;&nbsp; 45728 | 3295617 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1745 | 2384874 |
| Microchip Technology, Inc. | &nbsp;&nbsp; 43696 | 3261469 |
| Micron Technology, Inc. | &nbsp;&nbsp; 91264 | 37634536 |
| Microsoft Corp. | &nbsp;&nbsp; 572537 | 224858181 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp; 9038 | 1209827 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp; 107690 | 6631550 |
| MongoDB, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6592 | 2165274 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp; 3929 | 4489825 |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 60274 | 5141372 |
| Moody's Corp. | &nbsp;&nbsp; 13002 | 6209625 |
| Morgan Stanley | &nbsp;&nbsp; 97506 | 16235724 |
| Motorola Solutions, Inc. | &nbsp;&nbsp; 13429 | 6476270 |
| MSCI, Inc., Class A | &nbsp;&nbsp; 6153 | 3518470 |
| Nasdaq, Inc. | &nbsp;&nbsp; 37131 | 3251933 |
| Natera, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10110 | 2103284 |
| NetApp, Inc. | &nbsp;&nbsp; 17621 | 1745008 |
| Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 345431 | 33244279 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7719 | 1020838 |
| Newmont Corp. | &nbsp;&nbsp; 88780 | 11541400 |
| News Corp., Class A, NVS | &nbsp;&nbsp; 32238 | 783061 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 166920 | 15652088 |
| NIKE, Inc., Class B | &nbsp;&nbsp; 95245 | 5922334 |
| NiSource, Inc. | &nbsp;&nbsp; 37253 | 1762067 |
| Nordson Corp. | &nbsp;&nbsp; 4506 | 1322241 |
| Norfolk Southern Corp. | &nbsp;&nbsp; 18150 | 5712531 |
| Northern Trust Corp. | &nbsp;&nbsp; 17155 | 2454709 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 11363 | 8231130 |
| NRG Energy, Inc. | &nbsp;&nbsp; 16672 | 2983621 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Nucor Corp. | &nbsp;&nbsp; 19289 | $3411838 |
| Nvidia Corp. | &nbsp;&nbsp; 1970418 | 349138365 |
| NVR, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 240 | 1804270 |
| NXP Semiconductors NV | &nbsp;&nbsp; 20756 | 4711820 |
| Occidental Petroleum Corp. | &nbsp;&nbsp; 56668 | 3007937 |
| Oklo, Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 9127 | 574545 |
| Okta, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13113 | 950692 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 15694 | 3186667 |
| Omnicom Group, Inc. | &nbsp;&nbsp; 25878 | 2207135 |
| ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 35244 | 2343021 |
| ONEOK, Inc. | &nbsp;&nbsp; 49613 | 4106468 |
| Oracle Corp. | &nbsp;&nbsp; 138406 | 20124232 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 70280 | 6597886 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 31650 | 2929524 |
| PACCAR, Inc. | &nbsp;&nbsp; 42524 | 5361851 |
| Packaging Corp. of America | &nbsp;&nbsp; 7356 | 1707622 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 184140 | 25262167 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 63760 | 9495139 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 10292 | 10386481 |
| Paychex, Inc. | &nbsp;&nbsp; 26085 | 2442860 |
| PayPal Holdings, Inc. | &nbsp;&nbsp; 73407 | 3392137 |
| Pentair PLC | &nbsp;&nbsp; 12522 | 1242057 |
| PepsiCo, Inc. | &nbsp;&nbsp; 110670 | 18785126 |
| Pfizer, Inc. | &nbsp;&nbsp; 457967 | 12662788 |
| PG&E Corp. | &nbsp;&nbsp; 176668 | 3356692 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 125403 | 23429042 |
| Phillips 66 | &nbsp;&nbsp; 33912 | 5233639 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp; 12144 | 1102189 |
| Pinterest, Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 48125 | 824381 |
| PNC Financial Services Group, Inc.(The) | &nbsp;&nbsp; 31641 | 6718966 |
| PPG Industries, Inc. | &nbsp;&nbsp; 18304 | 2256334 |
| PPL Corp. | &nbsp;&nbsp; 60146 | 2344491 |
| Principal Financial Group, Inc. | &nbsp;&nbsp; 17990 | 1716606 |
| Procter & Gamble Co.(The) | &nbsp;&nbsp; 188939 | 31590601 |
| Progressive Corp.(The) | &nbsp;&nbsp; 46971 | 10035824 |
| Prologis, Inc. | &nbsp;&nbsp; 74638 | 10641140 |
| Prudential Financial, Inc. | &nbsp;&nbsp; 28592 | 2812881 |
| PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9698 | 1518610 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 40030 | 3445382 |
| Public Storage | &nbsp;&nbsp; 12515 | 3842856 |
| PulteGroup, Inc. | &nbsp;&nbsp; 15963 | 2190124 |
| Pure Storage, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 24861 | 1596573 |
| Qnity Electronics, Inc. | &nbsp;&nbsp; 16790 | 2128300 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 86774 | 12353147 |
| Quanta Services, Inc. | &nbsp;&nbsp; 11814 | 6652227 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp; 9409 | 1993861 |
| Raymond James Financial, Inc. | &nbsp;&nbsp; 16150 | 2472242 |
| Realty Income Corp. | &nbsp;&nbsp; 70559 | 4727453 |
| Reddit, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8414 | 1226845 |
| Regency Centers Corp. | &nbsp;&nbsp; 14837 | 1172123 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 8594 | 6717672 |
| Regions Financial Corp. | &nbsp;&nbsp; 74266 | 2066823 |
| Reliance, Inc. | &nbsp;&nbsp; 4536 | 1431743 |
| Republic Services, Inc., Class A | &nbsp;&nbsp; 17685 | 4049865 |
| ResMed, Inc. | &nbsp;&nbsp; 11782 | 3019255 |
| Revolution Medicines, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11757 | 1199449 |
| Rivian Automotive, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 63722 | 976858 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 59023 | 4476895 |
| ROBLOX Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 45899 | 3151425 |
| Rocket Cos., Inc., Class A | &nbsp;&nbsp; 74090 | 1347697 |
| Rocket Lab Corp.<sup>(a)</sup> | &nbsp;&nbsp; 35020 | 2419882 |
| Rockwell Automation, Inc. | &nbsp;&nbsp; 9260 | 3772987 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**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)** |
| Rollins, Inc. | &nbsp;&nbsp; 23034 | $1402540 |
| Roper Technologies, Inc. | &nbsp;&nbsp; 8539 | 2986344 |
| Ross Stores, Inc. | &nbsp;&nbsp; 27121 | 5577162 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 20887 | 6495022 |
| Royalty Pharma PLC, Class A | &nbsp;&nbsp; 32940 | 1522157 |
| RPM International, Inc. | &nbsp;&nbsp; 10116 | 1154438 |
| RTX Corp. | &nbsp;&nbsp; 107858 | 21854188 |
| S&P Global, Inc. | &nbsp;&nbsp; 25456 | 11248497 |
| Salesforce, Inc. | &nbsp;&nbsp; 77433 | 15083174 |
| Samsara, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 21391 | 618200 |
| SBA Communications Corp., Class A | &nbsp;&nbsp; 8892 | 1788715 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 17073 | 6963052 |
| Sempra | &nbsp;&nbsp; 52700 | 5073429 |
| ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 83249 | 8991724 |
| Sherwin-Williams Co.(The) | &nbsp;&nbsp; 19241 | 6976594 |
| Simon Property Group, Inc. | &nbsp;&nbsp; 26146 | 5329862 |
| SLB Ltd. | &nbsp;&nbsp; 121539 | 6239812 |
| Smurfit WestRock PLC | &nbsp;&nbsp; 39736 | 1867989 |
| Snap, Inc., Class A, NVS<sup>(a)</sup> | &nbsp;&nbsp; 84970 | 442694 |
| Snap-on, Inc. | &nbsp;&nbsp; 4229 | 1629095 |
| Snowflake, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 25621 | 4314833 |
| SoFi Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 89714 | 1593321 |
| Solventum Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11101 | 823694 |
| Southern Co.(The) | &nbsp;&nbsp; 89126 | 8679090 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 18583 | 1399114 |
| Starbucks Corp. | &nbsp;&nbsp; 91507 | 8969516 |
| State Street Corp. | &nbsp;&nbsp; 22894 | 2944626 |
| Steel Dynamics, Inc. | &nbsp;&nbsp; 12467 | 2407752 |
| STERIS PLC | &nbsp;&nbsp; 8278 | 2088953 |
| Strategy, Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 21105 | 2733097 |
| Stryker Corp. | &nbsp;&nbsp; 27722 | 10741166 |
| Sun Communities, Inc. | &nbsp;&nbsp; 10387 | 1417410 |
| Super Micro Computer, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 42243 | 1368251 |
| Synchrony Financial | &nbsp;&nbsp; 30096 | 2079935 |
| Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14830 | 6139620 |
| Sysco Corp. | &nbsp;&nbsp; 39361 | 3588149 |
| T Rowe Price Group, Inc. | &nbsp;&nbsp; 16325 | 1544835 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14816 | 3133288 |
| Tapestry, Inc. | &nbsp;&nbsp; 16875 | 2623556 |
| Targa Resources Corp. | &nbsp;&nbsp; 17047 | 4019683 |
| Target Corp. | &nbsp;&nbsp; 36351 | 4136380 |
| TE Connectivity PLC, NVS | &nbsp;&nbsp; 24221 | 5574463 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3809 | 2594310 |
| Teradyne, Inc. | &nbsp;&nbsp; 12628 | 4041339 |
| Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 228496 | 91971925 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 73410 | 15570995 |
| Texas Pacific Land Corp. | &nbsp;&nbsp; 4599 | 2411210 |
| Textron, Inc. | &nbsp;&nbsp; 15298 | 1509148 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 30540 | 15914699 |
| TJX Companies, Inc.(The) | &nbsp;&nbsp; 90555 | 14639121 |
| T-Mobile U.S., Inc. | &nbsp;&nbsp; 41318 | 8969725 |
| Toast, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 36326 | 992063 |
| Tractor Supply Co. | &nbsp;&nbsp; 43413 | 2250530 |
| Trade Desk, Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp; 35101 | 836106 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp; 9718 | 1197792 |
| Trane Technologies PLC | &nbsp;&nbsp; 18039 | 8339790 |
| TransDigm Group, Inc. | &nbsp;&nbsp; 4428 | 5768754 |
| TransUnion | &nbsp;&nbsp; 15022 | 1179978 |
| Travelers Companies, Inc.(The) | &nbsp;&nbsp; 18401 | 5679285 |
| Trimble, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19710 | 1318008 |
| Truist Financial Corp. | &nbsp;&nbsp; 104983 | 5176712 |
| Twilio, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 13125 | 1587600 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Tyler Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3472 | $1231484 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp; 23000 | 1494770 |
| U.S. Bancorp | &nbsp;&nbsp; 124974 | 6831079 |
| Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 160580 | 12110944 |
| UDR, Inc. | &nbsp;&nbsp; 24199 | 907462 |
| Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3873 | 2652192 |
| Union Pacific Corp. | &nbsp;&nbsp; 48324 | 12804894 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6784 | 721139 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 59346 | 6881762 |
| United Rentals, Inc. | &nbsp;&nbsp; 5281 | 4436040 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3507 | 1767177 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 73665 | 21603735 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp; 4756 | 980212 |
| Valero Energy Corp. | &nbsp;&nbsp; 24732 | 5061156 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12111 | 2204323 |
| Ventas, Inc. | &nbsp;&nbsp; 35535 | 3061696 |
| Veralto Corp. | &nbsp;&nbsp; 19708 | 1920150 |
| VeriSign, Inc. | &nbsp;&nbsp; 7708 | 1756962 |
| Verisk Analytics, Inc., Class A | &nbsp;&nbsp; 11192 | 2323123 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 338443 | 16969532 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20805 | 10336548 |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 29160 | 7432592 |
| VICI Properties, Inc., Class A | &nbsp;&nbsp; 84158 | 2542413 |
| Visa, Inc., Class A | &nbsp;&nbsp; 137362 | 43975071 |
| Vistra Corp. | &nbsp;&nbsp; 27338 | 4753805 |
| Vulcan Materials Co. | &nbsp;&nbsp; 10651 | 3301810 |
| W R Berkley Corp. | &nbsp;&nbsp; 20030 | 1436151 |
| Walmart, Inc. | &nbsp;&nbsp; 356017 | 45552375 |
| Walt Disney Co.(The) | &nbsp;&nbsp; 145744 | 15454694 |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 184610 | 5200464 |
| Waste Management, Inc. | &nbsp;&nbsp; 32254 | 7768053 |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7727 | 2467849 |
| Watsco, Inc. | &nbsp;&nbsp; 2813 | 1173949 |
| WEC Energy Group, Inc. | &nbsp;&nbsp; 25815 | 3019322 |
| Wells Fargo & Co. | &nbsp;&nbsp; 254539 | 20732202 |
| Welltower, Inc. | &nbsp;&nbsp; 54124 | 11210163 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp; 5998 | 1525531 |
| Western Digital Corp. | &nbsp;&nbsp; 28060 | 7848382 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 13764 | 3633008 |
| Weyerhaeuser Co. | &nbsp;&nbsp; 58060 | 1424212 |
| Williams Companies, Inc.(The) | &nbsp;&nbsp; 98756 | 7379048 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp; 9684 | 1991515 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 7884 | 2405960 |
| Workday, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17336 | 2318863 |
| WP Carey, Inc. | &nbsp;&nbsp; 16991 | 1268378 |
| WW Grainger, Inc. | &nbsp;&nbsp; 3669 | 4200014 |
| Xcel Energy, Inc. | &nbsp;&nbsp; 46130 | 3845397 |
| Xylem, Inc. | &nbsp;&nbsp; 19707 | 2553239 |
| Yum! Brands, Inc. | &nbsp;&nbsp; 22372 | 3762076 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4151 | 929658 |
| Zillow Group, Inc., Class C, NVS<sup>(a)</sup> | &nbsp;&nbsp; 13665 | 609732 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 17018 | 1675252 |
| Zoetis, Inc. | &nbsp;&nbsp; 36476 | 4782004 |
| Zoom Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 20904 | 1545642 |
| Zscaler, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8032 | 1180624 |
|  |  | 4832770292 |
| **Total Common Stocks — 99.7%** <br>**(Cost: $4,923,090,137)** | **Total Common Stocks — 99.7%** <br>**(Cost: $4,923,090,137)** | 6895806024 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **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; 4472 | $466697 |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 8766 | 427357 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 13456 | 1319879 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 11692 | 494363 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 2054 | 581387 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 15885 | 1888737 |
|  |  | 5178420 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Telecom Italia SpA/Milano, Preference Shares, NVS | &nbsp;&nbsp; 488777 | 427365 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $6,479,144)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $6,479,144)** | 5605785 |
| **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)(c)(e)</sup><br>| &nbsp;&nbsp; 989 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $4,929,569,281)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $4,929,569,281)** | 6901411809 |

---

---

| | | |
|:---|:---|:---|
| *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, 3.84%<sup>(d)(f)(g)</sup><br>| &nbsp;&nbsp; 13642994 | $13649815 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(d)(f)</sup><br>| &nbsp;&nbsp; 9400000 | 9400000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $23,049,815)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $23,049,815)** | 23049815 |
| **Total Investments — 100.1%** <br>**(Cost: $4,952,619,096)** | **Total Investments — 100.1%** <br>**(Cost: $4,952,619,096)** | 6924461624 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (6611288)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6917850336 |

---

&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> 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. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/25*<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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<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>| $43133839 | $— | &nbsp;&nbsp; $(29482448 )<sup>(a)</sup><br>| $322 | $(1898)<br>| $13649815 | 13642994 | $46959 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 2540000 | 6860000 <br><sup>(a)</sup><br>|  |  |  | 9400000 | 9400000 | 164283 |  |
| Blackrock, Inc. | 11872166 | 1988465 | &nbsp;&nbsp; (421244)<br>| 226732 | (1028567)<br>| 12637552 | 11886 | 116631 |  |
|  |  |  |  | $227054 | $(1030465) | $35687367 |  | $327873 | $— |

---

&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 | 03/12/26 | &nbsp;&nbsp; $1006 | $71725 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World ETF**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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>|
| Euro STOXX 50 | 21 | 03/20/26 | &nbsp;&nbsp; $1527 | $51433 |
| FTSE 100 Index | 7 | 03/20/26 | &nbsp;&nbsp; 1029 | 71561 |
| S&P 500 E-Mini Index | 30 | 03/20/26 | &nbsp;&nbsp; 10334 | (44922) |
|  |  |  |  | $149797 |

---

**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; $194719 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $194719 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44922 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44922 |

---

&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). 

For the period ended February 28, 2026, 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; $1366008 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1366008 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(119128)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(119128)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $18637857 |

---

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; $5125939768 | &nbsp;&nbsp; $1769866256 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6895806024 |
| Preferred Stocks | &nbsp;&nbsp; 427365 | &nbsp;&nbsp; 5178420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5605785 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

February 28, 2026

**iShares® MSCI World ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $23049815 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23049815 |
|  | &nbsp;&nbsp; $5149416948 | &nbsp;&nbsp; $1775044676 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6924461624 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $51433 | &nbsp;&nbsp; $143286 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $194719 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (44922)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (44922)<br>|
|  | &nbsp;&nbsp; $6511 | &nbsp;&nbsp; $143286 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $149797 |

---

&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 (unaudited)

February 28, 2026

&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> | $6888774257 |
| Investments, at value—affiliated<sup>(c)</sup> | 35687367 |
| Cash | 5709 |
| Cash pledged for futures contracts | 1129000 |
| Foreign currency collateral pledged for futures contracts | 346770 |
| Foreign currency, at value<sup>(d)</sup> | 5357983 |
| Receivables: |  |
| Investments sold | 23399463 |
| Securities lending income—affiliated | 3404 |
| Dividends—unaffiliated | 6512012 |
| Dividends—affiliated | 22898 |
| Tax reclaims | 1224580 |
| Total assets | 6962463443 |
| **LIABILITIES** |  |
| Collateral on securities loaned, at value | 13653700 |
| Payables: |  |
| Investments purchased | 29614715 |
| Investment advisory fees | 1268645 |
| Professional fees | 49182 |
| Variation margin on futures contracts | 26865 |
| Total liabilities | 44613107 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $6917850336 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $4966841796 |
| Accumulated earnings | 1951008540 |
| NET ASSETS | $6917850336 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 36200000 |
| Net asset value | $191.10 |
| Shares authorized | 500 million |
| Par value | $0.001 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $4919495396 |
| <sup>(b)</sup> Securities loaned, at value | $12763565 |
| <sup>(c)</sup> Investments, at cost—affiliated | $33123700 |
| <sup>(d)</sup> Foreign currency, at cost | $5220694 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statement of Operations (unaudited)

Six Months Ended February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>MSCI World <br> ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $43820902 |
| Dividends—affiliated | &nbsp;&nbsp; 280914 |
| Interest—unaffiliated | &nbsp;&nbsp; 22305 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 46959 |
| Other income—unaffiliated | &nbsp;&nbsp; 19138 |
| Foreign taxes withheld | &nbsp;&nbsp; (1282061)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 17527 |
| Total investment income | &nbsp;&nbsp; 42925684 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 7734433 |
| Professional | &nbsp;&nbsp; 34069 |
| Total expenses | &nbsp;&nbsp; 7768502 |
| Net investment income | &nbsp;&nbsp; 35157182 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (16748685)<br>|
| Investments—affiliated | &nbsp;&nbsp; 322 |
| Foreign currency transactions | &nbsp;&nbsp; (56739)<br>|
| Futures contracts | &nbsp;&nbsp; 1366008 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 127002858 |
| In-kind redemptions—affiliated | &nbsp;&nbsp; 226732 |
|  | &nbsp;&nbsp; 111790496 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 438525977 |
| Investments—affiliated | &nbsp;&nbsp; (1030465)<br>|
| Foreign currency translations | &nbsp;&nbsp; 119710 |
| Futures contracts | &nbsp;&nbsp; (119128)<br>|
|  | &nbsp;&nbsp; 437496094 |
| Net realized and unrealized gain | &nbsp;&nbsp; 549286590 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $584443772 |
| <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

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI World ETF  | iShares <br>MSCI World ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $35157182 | &nbsp;&nbsp;&nbsp; $67883303 |
| Net realized gain | &nbsp;&nbsp; 111790496 | &nbsp;&nbsp;&nbsp; 5467670 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 437496094 | &nbsp;&nbsp;&nbsp; 622516464 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 584443772 | &nbsp;&nbsp;&nbsp; 695867437 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (52928876 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (67716994)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 781898535 | &nbsp;&nbsp;&nbsp; 1262704741 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 1313413431 | &nbsp;&nbsp;&nbsp; 1890855184 |
| Beginning of period | &nbsp;&nbsp; 5604436905 | &nbsp;&nbsp;&nbsp; 3713581721 |
| End of period | &nbsp;&nbsp; $6917850336 | &nbsp;&nbsp;&nbsp; $5604436905 |

---

&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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2026 iShares Semi-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  | iShares MSCI World ETF  |
|  | Six Months Ended <br>02/28/26 <br>(unaudited)<br>| &nbsp;&nbsp; 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 period** | &nbsp;&nbsp; $175.69 | &nbsp;&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> | 1.00 | &nbsp;&nbsp;&nbsp;&nbsp; 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> | 15.91 | &nbsp;&nbsp;&nbsp;&nbsp;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 | 16.91 | &nbsp;&nbsp;&nbsp;&nbsp;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; (1.50 )<sup>(e)</sup><br>| &nbsp;&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 period** | &nbsp;&nbsp; $191.10 | &nbsp;&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>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.66 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.24 %<sup>(i)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>|
| Net investment income | 1.09 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 period (000) | &nbsp;&nbsp; $6917850 | &nbsp;&nbsp;&nbsp; $5604437 | &nbsp;&nbsp;&nbsp; $3713582 | &nbsp;&nbsp;&nbsp; $2712306 | &nbsp;&nbsp;&nbsp; $2126700 | &nbsp;&nbsp;&nbsp; $1569839 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 1<br> %<br>| &nbsp;&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>(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>(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>(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>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. | <sup>(e)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| <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>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. | <sup>(g)</sup> Not annualized. |
| <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. | <sup>(i)</sup> Annualized. |
| <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(j)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements (unaudited)*

&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 February 28, 2026, 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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (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 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 (except ETF options, equity index options or those that are customized) 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 the 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

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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 market 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; $631962 | &nbsp;&nbsp;&nbsp; $(610837) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21125<sup>(b)</sup> <br>|
| BofA Securities, Inc. | &nbsp;&nbsp; 259890 | &nbsp;&nbsp;&nbsp; (259890) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 672390 | &nbsp;&nbsp;&nbsp; (672390) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 7476917 | &nbsp;&nbsp;&nbsp; (7476917) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 28935 | &nbsp;&nbsp;&nbsp; (28935) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1406372 | &nbsp;&nbsp;&nbsp; (1406372) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 264119 | &nbsp;&nbsp;&nbsp; (264119) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 97575 | &nbsp;&nbsp;&nbsp; (97575) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 1089972 | &nbsp;&nbsp;&nbsp; (1089972) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 268883 | &nbsp;&nbsp;&nbsp; (268883) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 566550 | &nbsp;&nbsp;&nbsp; (566550) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $12763565 | &nbsp;&nbsp;&nbsp; $(12742440) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21125 |

---

&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. 

<sup>(b)</sup> The market value of the loaned securities is determined as of February 28, 2026. 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, 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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

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.

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 specific 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 this 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 (unaudited)* (continued)

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 six months ended February 28, 2026, the Fund paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI World | &nbsp;&nbsp; $16482 |

---

**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 six months ended February 28, 2026, 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; $18874546 | &nbsp;&nbsp;&nbsp; $18622775 | &nbsp;&nbsp;&nbsp; $(4762633) |

---

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 six months ended February 28, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI World | &nbsp;&nbsp; $102425894 | &nbsp;&nbsp;&nbsp; $71658119 |

---

For the six months ended February 28, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI World | &nbsp;&nbsp; $955389927 | &nbsp;&nbsp;&nbsp; $219886618 |

---

***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 February 28, 2026, 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.

As of August 31, 2025, the Fund had non-expiring capital loss carryforwards of $118,888,002 available to offset future realized capital gains.

As of February 28, 2026, 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; $4968566610 | &nbsp;&nbsp;&nbsp; $2148941086 | &nbsp;&nbsp;&nbsp; $(192896275) | &nbsp;&nbsp;&nbsp; $1956044811 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

*Notes to Financial Statements (unaudited)* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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 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.

Notes to Financial Statements

------

*Notes to Financial Statements (unaudited)* (continued)

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>02/28/26 | Six Months Ended <br>02/28/26 | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI World |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; $1004226872 | &nbsp;&nbsp;&nbsp; 8200000 | &nbsp;&nbsp;&nbsp; $1327456768 |
| Shares redeemed | &nbsp;&nbsp; (1200000)<br>| &nbsp;&nbsp;&nbsp; (222328337)<br>| &nbsp;&nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (64752027)<br>|
|  | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp; $781898535 | &nbsp;&nbsp;&nbsp; 7800000 | &nbsp;&nbsp;&nbsp; $1262704741 |

---

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 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, 2026 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.

2026 iShares Semi-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

------

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 |

---

2026 iShares Semi-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.©2026 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.

![](g948967imgc217a4672.gif)

![](g948967img497e4d6d3.gif)

------

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 – Not Applicable

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 (the "Exchange Act").

&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 – Not Applicable to this semi-annual report

(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](d948967dex99cert.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](d948967dex99906cert.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: April 21, 2026

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: April 21, 2026

---

| | |
|:---|:---|
| By: | <u>/s/ Trent Walker</u> |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of |
|  | iShares, Inc. |

---

Date: April 21, 2026

## 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 twenty-seven series: 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 Min Vol Factor ETF, iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Min Vol Factor ETF, iShares MSCI Global Silver and Metals Miners ETF, iShares MSCI Hong Kong 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 Thailand ETF, and iShares MSCI World 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;&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;&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;&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;&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;&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;&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: April 21, 2026

<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 twenty-seven series: 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 Min Vol Factor ETF, iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Min Vol Factor ETF, iShares MSCI Global Silver and Metals Miners ETF, iShares MSCI Hong Kong 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 Thailand ETF, and iShares MSCI World 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;&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;&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;&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;&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;&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;&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: April 21, 2026

<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 February 28, 2026 (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: April 21, 2026

<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 February 28, 2026 (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: April 21, 2026

<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**.**