# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001193125-26-145050
**Filing Date:** 2026-4
**Character Count:** 1339939
**Document Hash:** 5bdbc45389c8eaa74e05f39617228dc9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-145050.hdr.sgml**: 20260407

**ACCESSION NUMBER**: 0001193125-26-145050

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260407

**DATE AS OF CHANGE**: 20260407

**EFFECTIVENESS DATE**: 20260407

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iSHARES TRUST
- **CENTRAL INDEX KEY:** 0001100663

**ORGANIZATION NAME:**
- **EIN:** 943351276
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09729
- **FILM NUMBER:** 26843784

**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 TRUST
- **DATE OF NAME CHANGE:** 19991213

## Series and Classes Contracts Data

### iShares MSCI EAFE Small-Cap ETF (Series ID: S000019124)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000052896 | iShares MSCI EAFE Small-Cap ETF | SCZ             |

### iShares MSCI Kokusai ETF (Series ID: S000019898)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000055846 | iShares MSCI Kokusai ETF | TOK             |

### iShares MSCI ACWI ex U.S. ETF (Series ID: S000021460)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000061363 | iShares MSCI ACWI ex U.S. ETF | ACWX            |

### iShares MSCI ACWI ETF (Series ID: S000021461)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000061364 | iShares MSCI ACWI ETF | ACWI            |

### iShares Core MSCI Pacific ETF (Series ID: S000045103)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000140338 | iShares Core MSCI Pacific ETF | IPAC            |

### iShares MSCI China A ETF (Series ID: S000047435)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000148919 | iShares MSCI China A ETF | CNYA            |

### iShares MSCI Intl Momentum Factor ETF (Series ID: S000047503)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000149147 | iShares MSCI Intl Momentum Factor ETF | IMTM            |

### iShares MSCI Intl Quality Factor ETF (Series ID: S000047504)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000149148 | iShares MSCI Intl Quality Factor ETF | IQLT            |

### iShares Low Carbon Optimized MSCI ACWI ETF (Series ID: S000047644)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000149539 | iShares Low Carbon Optimized MSCI ACWI ETF | CRBN            |

### iShares MSCI Intl Value Factor ETF (Series ID: S000049573)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000156614 | iShares MSCI Intl Value Factor ETF | IVLU            |

?xml version='1.0' encoding='ASCII'? iShares Trust

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:

811-09729

Name of Fund:

iShares Trust

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

Name and address of agent for service: The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801

Registrant's telephone number, including area code:

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

Date of fiscal year end:

7/31/2026

Date of reporting period:

1/31/2026

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

![TSR - BLK iShares Logo](g110648images_5731.jpg)

### iShares Core MSCI Pacific ETF

### IPAC \| NYSE Arca

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares Core MSCI Pacific ETF (the "Fund") for the period of August 1, 2025 to January 31, 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 Core MSCI Pacific ETF | $5 | 0.09%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2324421394 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1361 |
| Portfolio Turnover Rate | &nbsp;&nbsp;3% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 22.8% |
| Industrials | 20.9% |
| Consumer Discretionary | 13.1% |
| Information Technology | 10.4% |
| Materials | 8.4% |
| Real Estate | 5.8% |
| Health Care | 5.6% |
| Communication Services | 5.1% |
| Consumer Staples | 4.4% |
| Utilities | 1.9% |
| Other\* | 1.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Japan | 68.8% |
| Australia | 20.0% |
| Hong Kong | 5.5% |
| Singapore | 5.0% |
| New Zealand | 0.6% |
| China | 0.1% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>\*</sup></sup> <sup>Ten largest sectors are presented. Additional sectors 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](g110648images_5732.jpg)

iShares Core MSCI Pacific ETF

Semi-Annual Shareholder Report — January 31, 2026

IPAC-01/26-SAR

![TSR - BLK iShares Logo](g110648images_5731.jpg)

### iShares MSCI ACWI ETF

### ACWI \| NASDAQ

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares MSCI ACWI ETF (the "Fund") for the period of August 1, 2025 to January 31, 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 ACWI ETF | $17 | 0.31%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$27027423770 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2281 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 26.7% |
| Financials | 17.3% |
| Industrials | 11.1% |
| Consumer Discretionary | 10.0% |
| Communication Services | 8.9% |
| Health Care | 8.9% |
| Consumer Staples | 5.2% |
| Materials | 3.9% |
| Energy | 3.7% |
| Utilities | 2.6% |
| Other\* | 1.7% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 63.1% |
| Japan | 5.0% |
| United Kingdom | 3.4% |
| China | 3.1% |
| Canada | 3.0% |
| Taiwan | 2.4% |
| France | 2.3% |
| Switzerland | 2.1% |
| Germany | 2.1% |
| South Korea | 1.8% |
| Other<sup>#</sup> | 11.7% |

---

---

| |
|:---|
| <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](g110648images_5732.jpg)

iShares MSCI ACWI ETF

Semi-Annual Shareholder Report — January 31, 2026

ACWI-01/26-SAR

![TSR - BLK iShares Logo](g110648images_5731.jpg)

### iShares MSCI ACWI ex U.S. ETF

### ACWX \| NASDAQ

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares MSCI ACWI ex U.S. ETF (the "Fund") for the period of August 1, 2025 to January 31, 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 ACWI ex U.S. ETF | $17 | 0.30%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$8677405487 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1754 |
| Portfolio Turnover Rate | &nbsp;&nbsp;2% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Financials | 25.1% |
| Information Technology | 15.5% |
| Industrials | 15.0% |
| Consumer Discretionary | 9.3% |
| Health Care | 7.8% |
| Materials | 7.1% |
| Consumer Staples | 5.7% |
| Communication Services | 5.3% |
| Energy | 4.5% |
| Utilities | 3.2% |
| Other\* | 1.5% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| Japan | 13.6% |
| United Kingdom | 9.1% |
| China | 8.3% |
| Canada | 8.1% |
| Taiwan | 6.5% |
| France | 6.3% |
| Switzerland | 5.7% |
| Germany | 5.7% |
| South Korea | 4.9% |
| India | 4.2% |
| Other<sup>#</sup> | 27.6% |

---

---

| |
|:---|
| <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](g110648images_5732.jpg)

iShares MSCI ACWI ex U.S. ETF

Semi-Annual Shareholder Report — January 31, 2026

ACWX-01/26-SAR

![TSR - BLK iShares Logo](g110648images_5731.jpg)

### iShares Low Carbon Optimized MSCI ACWI ETF

### CRBN \| NYSE Arca

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares Low Carbon Optimized MSCI ACWI ETF (the "Fund") (formerly known as iShares MSCI ACWI Low Carbon Target ETF) for the period of August 1, 2025 to January 31, 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 Low Carbon Optimized MSCI ACWI ETF | $11 | 0.20%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1028533988 |
| Number of Portfolio Holdings | &nbsp;&nbsp;990 |
| Portfolio Turnover Rate | &nbsp;&nbsp;10% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 26.9% |
| Financials | 19.7% |
| Industrials | 10.7% |
| Communication Services | 10.1% |
| Consumer Discretionary | 9.1% |
| Health Care | 9.0% |
| Consumer Staples | 4.5% |
| Real Estate | 2.9% |
| Materials | 2.8% |
| Utilities | 2.3% |
| Other\* | 2.0% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 62.5% |
| Japan | 5.1% |
| China | 3.5% |
| Canada | 3.4% |
| United Kingdom | 2.8% |
| Taiwan | 2.6% |
| France | 2.1% |
| Switzerland | 2.1% |
| Germany | 1.8% |
| South Korea | 1.7% |
| Other<sup>#</sup> | 12.4% |

---

---

| |
|:---|
| <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](g110648images_5732.jpg)

iShares Low Carbon Optimized MSCI ACWI ETF

Semi-Annual Shareholder Report — January 31, 2026

CRBN-01/26-SAR

![TSR - BLK iShares Logo](g110648images_5731.jpg)

### iShares MSCI China A ETF

### CNYA \| Cboe BZX Exchange

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares MSCI China A ETF (the "Fund") for the period of August 1, 2025 to January 31, 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 China A ETF | $33 | 0.60%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$222455642 |
| Number of Portfolio Holdings | &nbsp;&nbsp;387 |
| Portfolio Turnover Rate | &nbsp;&nbsp;43% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 23.5% |
| Financials | 20.9% |
| Industrials | 15.3% |
| Materials | 13.0% |
| Consumer Staples | 8.2% |
| Consumer Discretionary | 5.6% |
| Health Care | 4.8% |
| Utilities | 3.5% |
| Energy | 3.1% |
| Communication Services | 1.3% |
| Real Estate | 0.8% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Kweichow Moutai Co. Ltd., Class A | 3.7% |
| Contemporary Amperex Technology Co. Ltd., Class A | 3.3% |
| Zijin Mining Group Co. Ltd., Class A | 1.7% |
| China Merchants Bank Co. Ltd., Class A | 1.7% |
| Foxconn Industrial Internet Co. Ltd., Class A | 1.6% |
| Ping An Insurance Group Co. of China Ltd., Class A | 1.5% |
| Zhongji Innolight Co. Ltd., Class A | 1.5% |
| China Yangtze Power Co. Ltd., Class A | 1.4% |
| Hygon Information Technology Co. Ltd., Class A | 1.3% |
| Agricultural Bank of China Ltd., Class A | 1.2% |

---

<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](g110648images_5732.jpg)

iShares MSCI China A ETF

Semi-Annual Shareholder Report — January 31, 2026

CNYA-01/26-SAR

![TSR - BLK iShares Logo](g110648images_5731.jpg)

### iShares MSCI EAFE Small-Cap ETF

### SCZ \| NASDAQ

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares MSCI EAFE Small-Cap ETF (the "Fund") for the period of August 1, 2025 to January 31, 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 EAFE Small-Cap ETF | $21 | 0.39%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$13629263217 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2014 |
| Portfolio Turnover Rate | &nbsp;&nbsp;7% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 23.1% |
| Financials | 12.9% |
| Consumer Discretionary | 11.9% |
| Materials | 11.3% |
| Real Estate | 11.0% |
| Information Technology | 9.3% |
| Health Care | 5.4% |
| Consumer Staples | 5.3% |
| Communication Services | 4.0% |
| Energy | 3.1% |
| Other\* | 2.7% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 35.5% |
| United Kingdom | 12.8% |
| Australia | 11.0% |
| Sweden | 5.0% |
| Israel | 4.8% |
| Switzerland | 4.5% |
| Germany | 4.0% |
| France | 3.6% |
| Italy | 3.1% |
| Singapore | 2.3% |
| Other<sup>#</sup> | 13.4% |

---

---

| |
|:---|
| <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](g110648images_5732.jpg)

iShares MSCI EAFE Small-Cap ETF

Semi-Annual Shareholder Report — January 31, 2026

SCZ-01/26-SAR

![TSR - BLK iShares Logo](g110648images_5731.jpg)

### iShares MSCI Intl Momentum Factor ETF

### IMTM \| NYSE Arca

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares MSCI Intl Momentum Factor ETF (the "Fund") for the period of August 1, 2025 to January 31, 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 Intl Momentum Factor ETF | $16 | 0.30%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3728534866 |
| Number of Portfolio Holdings | &nbsp;&nbsp;305 |
| Portfolio Turnover Rate | &nbsp;&nbsp;36% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 40.1% |
| Industrials | 22.2% |
| Information Technology | 8.1% |
| Materials | 5.9% |
| Consumer Discretionary | 4.8% |
| Consumer Staples | 4.7% |
| Communication Services | 4.7% |
| Utilities | 4.5% |
| Health Care | 2.5% |
| Energy | 1.6% |
| Real Estate | 0.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 19.7% |
| Canada | 16.0% |
| United Kingdom | 13.1% |
| Germany | 8.9% |
| Spain | 8.1% |
| France | 5.8% |
| Netherlands | 5.2% |
| Italy | 4.9% |
| Australia | 3.5% |
| Switzerland | 3.2% |
| Other<sup>#</sup> | 11.6% |

---

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

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

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](g110648images_5732.jpg)

iShares MSCI Intl Momentum Factor ETF

Semi-Annual Shareholder Report — January 31, 2026

IMTM-01/26-SAR

![TSR - BLK iShares Logo](g110648images_5731.jpg)

### iShares MSCI Intl Quality Factor ETF

### IQLT \| NYSE Arca

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares MSCI Intl Quality Factor ETF (the "Fund") for the period of August 1, 2025 to January 31, 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 Intl Quality Factor ETF | $16 | 0.30%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$12437588265 |
| Number of Portfolio Holdings | &nbsp;&nbsp;307 |
| Portfolio Turnover Rate | &nbsp;&nbsp;7% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 24.8% |
| Industrials | 18.3% |
| Information Technology | 10.7% |
| Health Care | 10.6% |
| Consumer Discretionary | 8.3% |
| Materials | 7.0% |
| Consumer Staples | 6.8% |
| Energy | 4.7% |
| Utilities | 3.6% |
| Communication Services | 3.6% |
| Real Estate | 1.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United Kingdom | 16.6% |
| Switzerland | 15.3% |
| Japan | 12.5% |
| Netherlands | 8.3% |
| Canada | 7.7% |
| France | 7.1% |
| Germany | 6.7% |
| Australia | 4.8% |
| Sweden | 4.0% |
| Spain | 2.9% |
| Other<sup>#</sup> | 14.1% |

---

<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](g110648images_5732.jpg)

iShares MSCI Intl Quality Factor ETF

Semi-Annual Shareholder Report — January 31, 2026

IQLT-01/26-SAR

![TSR - BLK iShares Logo](g110648images_5731.jpg)

### iShares MSCI Intl Value Factor ETF

### IVLU \| NYSE Arca

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares MSCI Intl Value Factor ETF (the "Fund") for the period of August 1, 2025 to January 31, 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 Intl Value Factor ETF | $17 | 0.30%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3575430607 |
| Number of Portfolio Holdings | &nbsp;&nbsp;356 |
| Portfolio Turnover Rate | &nbsp;&nbsp;9% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 26.9% |
| Industrials | 18.3% |
| Health Care | 10.2% |
| Consumer Discretionary | 8.8% |
| Information Technology | 8.2% |
| Materials | 7.2% |
| Consumer Staples | 6.6% |
| Energy | 4.7% |
| Communication Services | 4.0% |
| Utilities | 3.5% |
| Real Estate | 1.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 30.0% |
| United Kingdom | 15.6% |
| France | 11.5% |
| Germany | 11.4% |
| Spain | 4.1% |
| Switzerland | 3.9% |
| Italy | 3.6% |
| Canada | 3.4% |
| Netherlands | 2.7% |
| Hong Kong | 2.5% |
| Other<sup>#</sup> | 11.3% |

---

<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](g110648images_5732.jpg)

iShares MSCI Intl Value Factor ETF

Semi-Annual Shareholder Report — January 31, 2026

IVLU-01/26-SAR

![TSR - BLK iShares Logo](g110648images_5731.jpg)

### iShares MSCI Kokusai ETF

### TOK \| NYSE Arca

#### Semi-Annual Shareholder Report — January 31, 2026

------

This semi-annual shareholder report contains important information about iShares MSCI Kokusai ETF (the "Fund") for the period of August 1, 2025 to January 31, 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 Kokusai ETF | $13 | 0.25%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$232945256 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1143 |
| Portfolio Turnover Rate | &nbsp;&nbsp;1% |

---

#### What did the Fund invest in?
(as of January 31, 2026)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 26.9% |
| Financials | 16.7% |
| Industrials | 10.7% |
| Health Care | 9.9% |
| Consumer Discretionary | 9.5% |
| Communication Services | 9.1% |
| Consumer Staples | 5.5% |
| Energy | 3.8% |
| Materials | 3.4% |
| Utilities | 2.7% |
| Real Estate | 1.8% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 75.5% |
| United Kingdom | 4.0% |
| Canada | 3.6% |
| France | 2.8% |
| Switzerland | 2.6% |
| Germany | 2.5% |
| Australia | 1.7% |
| Netherlands | 1.5% |
| Sweden | 1.1% |
| Spain | 1.0% |
| Other<sup>#</sup> | 3.7% |

---

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

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

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](g110648images_5732.jpg)

iShares MSCI Kokusai ETF

Semi-Annual Shareholder Report — January 31, 2026

TOK-01/26-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.

------

January 31, 2026

![](g110648imga05ba0061.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 Trust** |
| • iShares MSCI ACWI ex U.S. ETF \| ACWX \| NASDAQ |
| • iShares MSCI EAFE Small-Cap ETF \| SCZ \| NASDAQ |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_cd9de31f-87db-4189-b63f-f01c0c7bcafd_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_cd9de31f-87db-4189-b63f-f01c0c7bcafd_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 40 |
| [Statements of Operations](#xx_cd9de31f-87db-4189-b63f-f01c0c7bcafd_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 41 |
| [Statements of Changes in Net Assets](#xx_cd9de31f-87db-4189-b63f-f01c0c7bcafd_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 42 |
| [Financial Highlights](#xx_cd9de31f-87db-4189-b63f-f01c0c7bcafd_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 43 |
| [Notes to Financial Statements](#xx_cd9de31f-87db-4189-b63f-f01c0c7bcafd_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 45 |
| [Additional Information](#xx_cd9de31f-87db-4189-b63f-f01c0c7bcafd_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 54 |
| [Glossary of Terms Used in these Financial Statements](#xx_cd9de31f-87db-4189-b63f-f01c0c7bcafd_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 55 |

---

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares® MSCI ACWI ex U.S. 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 — 3.9%** | **Australia — 3.9%** | **Australia — 3.9%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 728042 | $18521632 |
| APA Group | &nbsp;&nbsp; 334051 | 2056582 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 135495 | 5033601 |
| ASX Ltd. | &nbsp;&nbsp; 48111 | 1915028 |
| BHP Group Ltd. | &nbsp;&nbsp; 1240064 | 42710723 |
| Brambles Ltd. | &nbsp;&nbsp; 342326 | 5313825 |
| CAR Group Ltd. | &nbsp;&nbsp; 98197 | 1878991 |
| Cochlear Ltd. | &nbsp;&nbsp; 16231 | 3025351 |
| Coles Group Ltd. | &nbsp;&nbsp; 326165 | 4819036 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 409040 | 42344166 |
| Computershare Ltd. | &nbsp;&nbsp; 130922 | 2973312 |
| CSL Ltd. | &nbsp;&nbsp; 117840 | 14848999 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 493631 | 4740451 |
| Fortescue Ltd. | &nbsp;&nbsp; 418283 | 6057100 |
| Goodman Group | &nbsp;&nbsp; 497060 | 10559383 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 590794 | 3114749 |
| Lottery Corp. Ltd.(The) | &nbsp;&nbsp; 518636 | 1847601 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 222432 | 2239028 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 89000 | 13061616 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 684499 | 2196327 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 751177 | 22564911 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 334333 | 6146143 |
| Origin Energy Ltd. | &nbsp;&nbsp; 415449 | 3407227 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 14164 | 1810772 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 197197 | 1378729 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 371807 | 5095902 |
| REA Group Ltd. | &nbsp;&nbsp; 13087 | 1720729 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 91129 | 9494253 |
| Santos Ltd. | &nbsp;&nbsp; 801277 | 3907626 |
| Scentre Group | &nbsp;&nbsp; 1289492 | 3654380 |
| SGH Ltd. | &nbsp;&nbsp; 49201 | 1576797 |
| Sigma Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1283640 | 2750637 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 110266 | 1763354 |
| South32 Ltd. | &nbsp;&nbsp; 1133756 | 3591588 |
| Stockland | &nbsp;&nbsp; 587587 | 2198519 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 265758 | 3128485 |
| Telstra Group Ltd. | &nbsp;&nbsp; 957485 | 3252859 |
| Transurban Group | &nbsp;&nbsp; 771977 | 7467157 |
| Vicinity Ltd. | &nbsp;&nbsp; 1034814 | 1765442 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 83955 | 2247779 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 278034 | 16038831 |
| Westpac Banking Corp. | &nbsp;&nbsp; 836378 | 22472719 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 50392 | 2019037 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 467219 | 8249449 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 295636 | 6344461 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 39970 | 2604895 |
|  |  | 335910182 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| Erste Group Bank AG | &nbsp;&nbsp; 75165 | 9772119 |
| OMV AG | &nbsp;&nbsp; 35666 | 2118836 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 32291 | 1627643 |
| Verbund AG | &nbsp;&nbsp; 16839 | 1235570 |
|  |  | 14754168 |
| **Belgium — 0.7%** | **Belgium — 0.7%** | **Belgium — 0.7%** |
| Ageas SA | &nbsp;&nbsp; 34169 | 2427037 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 240115 | 17284200 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 15076 | 12678472 |
| D'ieteren Group | &nbsp;&nbsp; 5328 | 1213603 |
| Elia Group SA, Class B | &nbsp;&nbsp; 11144 | 1613436 |
| Financiere de Tubize SA | &nbsp;&nbsp; 4900 | 1249929 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 20874 | $1975150 |
| KBC Group NV | &nbsp;&nbsp; 55727 | 7852799 |
| Lotus Bakeries NV | &nbsp;&nbsp; 91 | 1072858 |
| Sofina SA | &nbsp;&nbsp; 4096 | 1193621 |
| Syensqo SA | &nbsp;&nbsp; 18038 | 1518146 |
| UCB SA | &nbsp;&nbsp; 30922 | 9422720 |
|  |  | 59501971 |
| **Brazil — 1.1%** | **Brazil — 1.1%** | **Brazil — 1.1%** |
| Ambev SA | &nbsp;&nbsp; 1102753 | 3111659 |
| Axia Energia | &nbsp;&nbsp; 255348 | 2638026 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 1286797 | 3948843 |
| Banco Bradesco SA | &nbsp;&nbsp; 368299 | 1282075 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 295730 | 3368774 |
| Banco do Brasil SA | &nbsp;&nbsp; 427635 | 2049300 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 169244 | 1199847 |
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 111203 | 365764 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 117274 | 3146916 |
| Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 236942 | 593396 |
| CPFL Energia SA | &nbsp;&nbsp; 52871 | 516981 |
| Embraer SA | &nbsp;&nbsp; 170138 | 3134270 |
| Energisa SA | &nbsp;&nbsp; 81308 | 788090 |
| Eneva SA<sup>(a)</sup> | &nbsp;&nbsp; 191627 | 769020 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 60148 | 374530 |
| Equatorial Energia SA | &nbsp;&nbsp; 268936 | 2091086 |
| JBS NV, Class A<sup>(a)</sup> | &nbsp;&nbsp; 97834 | 1540885 |
| Klabin SA | &nbsp;&nbsp; 205426 | 747891 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 236476 | 2174352 |
| MBRF Global Foods Co. SA | &nbsp;&nbsp; 154090 | 546646 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 248757 | 792203 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 828823 | 14711608 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 917768 | 7043589 |
| Porto Seguro SA | &nbsp;&nbsp; 41751 | 398569 |
| PRIO SA<sup>(a)</sup> | &nbsp;&nbsp; 199324 | 1931221 |
| Raia Drogasil SA | &nbsp;&nbsp; 321768 | 1497946 |
| Rede D'Or Sao Luiz SA<sup>(c)</sup> | &nbsp;&nbsp; 202632 | 1632145 |
| Rumo SA | &nbsp;&nbsp; 318516 | 893316 |
| StoneCo Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 54998 | 887668 |
| Suzano SA | &nbsp;&nbsp; 171821 | 1610551 |
| Telefonica Brasil SA | &nbsp;&nbsp; 202587 | 1438925 |
| TIM SA/Brazil | &nbsp;&nbsp; 246828 | 1150011 |
| TOTVS SA | &nbsp;&nbsp; 140969 | 1193860 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 186920 | 901435 |
| Vale SA | &nbsp;&nbsp; 881719 | 14126939 |
| Vibra Energia SA | &nbsp;&nbsp; 263141 | 1438019 |
| WEG SA | &nbsp;&nbsp; 407009 | 3999906 |
| XP, Inc., Class A | &nbsp;&nbsp; 97524 | 1902693 |
|  |  | 91938955 |
| **Canada — 8.0%** | **Canada — 8.0%** | **Canada — 8.0%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 123187 | 23416974 |
| Alamos Gold, Inc., Class A | &nbsp;&nbsp; 103003 | 3817083 |
| Alimentation Couche-Tard, Inc. | &nbsp;&nbsp; 184314 | 9588957 |
| AltaGas Ltd. | &nbsp;&nbsp; 74116 | 2235482 |
| ARC Resources Ltd. | &nbsp;&nbsp; 147435 | 2736153 |
| AtkinsRealis Group, Inc. | &nbsp;&nbsp; 40547 | 2845571 |
| Bank of Montreal | &nbsp;&nbsp; 175138 | 23842640 |
| Bank of Nova Scotia(The) | &nbsp;&nbsp; 303956 | 22724430 |
| Barrick Mining Corp. | &nbsp;&nbsp; 417176 | 19068802 |
| BCE, Inc. | &nbsp;&nbsp; 14185 | 366696 |
| Bombardier, Inc., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 21817 | 3726987 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 101794 | 5057367 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Brookfield Corp., Class A | &nbsp;&nbsp; 504775 | $23009866 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 36794 | 1532397 |
| CAE, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 78033 | 2500907 |
| Cameco Corp. | &nbsp;&nbsp; 106668 | 13192787 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 227746 | 21047668 |
| Canadian National Railway Co. | &nbsp;&nbsp; 129782 | 12484959 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 514707 | 19138263 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 223601 | 16621667 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 12201 | 1501055 |
| Canadian Utilities Ltd., Class A, NVS | &nbsp;&nbsp; 33037 | 1069247 |
| CCL Industries, Inc., Class B, NVS | &nbsp;&nbsp; 36240 | 2184008 |
| Celestica, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28471 | 8000484 |
| Cenovus Energy, Inc. | &nbsp;&nbsp; 353845 | 6982569 |
| CGI, Inc. | &nbsp;&nbsp; 49063 | 4204937 |
| Constellation Software, Inc. | &nbsp;&nbsp; 4960 | 9153807 |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 21709 | 1621260 |
| Dollarama, Inc. | &nbsp;&nbsp; 67962 | 9158761 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 99376 | 2517880 |
| Emera, Inc. | &nbsp;&nbsp; 74959 | 3715333 |
| Empire Co. Ltd., Class A, NVS | &nbsp;&nbsp; 32321 | 1055806 |
| Enbridge, Inc. | &nbsp;&nbsp; 534215 | 26078119 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 5167 | 8527096 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 175684 | 4966091 |
| FirstService Corp. | &nbsp;&nbsp; 10324 | 1599494 |
| Fortis, Inc./Canada | &nbsp;&nbsp; 123970 | 6609791 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 47734 | 11173749 |
| George Weston Ltd. | &nbsp;&nbsp; 43184 | 3011923 |
| GFL Environmental, Inc. | &nbsp;&nbsp; 59947 | 2575038 |
| Gildan Activewear, Inc. | &nbsp;&nbsp; 35692 | 2319004 |
| Great-West Lifeco, Inc. | &nbsp;&nbsp; 68668 | 3214408 |
| Hydro One Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 84203 | 3328790 |
| iA Financial Corp., Inc. | &nbsp;&nbsp; 22725 | 2792289 |
| IGM Financial, Inc. | &nbsp;&nbsp; 18834 | 910959 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 43067 | 4351138 |
| Intact Financial Corp. | &nbsp;&nbsp; 44213 | 8049679 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 200776 | 2539098 |
| Keyera Corp. | &nbsp;&nbsp; 56447 | 1911483 |
| Kinross Gold Corp. | &nbsp;&nbsp; 298745 | 9407840 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 148914 | 6700665 |
| Lundin Gold, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 27409 | 2054794 |
| Lundin Mining Corp. | &nbsp;&nbsp; 167792 | 4232846 |
| Magna International, Inc. | &nbsp;&nbsp; 66766 | 3413198 |
| Manulife Financial Corp. | &nbsp;&nbsp; 415143 | 15814245 |
| Metro, Inc./CN | &nbsp;&nbsp; 50349 | 3342302 |
| National Bank of Canada | &nbsp;&nbsp; 96559 | 11505672 |
| Nutrien Ltd. | &nbsp;&nbsp; 118874 | 8184510 |
| Open Text Corp. | &nbsp;&nbsp; 62657 | 1600419 |
| Pan American Silver Corp. | &nbsp;&nbsp; 104052 | 5669311 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 145138 | 6030851 |
| Power Corp. of Canada | &nbsp;&nbsp; 136101 | 6863772 |
| RB Global, Inc. | &nbsp;&nbsp; 45478 | 5162178 |
| Restaurant Brands International, Inc. | &nbsp;&nbsp; 76591 | 5131566 |
| Rogers Communications, Inc., Class B, NVS | &nbsp;&nbsp; 92494 | 3491493 |
| Royal Bank of Canada | &nbsp;&nbsp; 344280 | 57323954 |
| Saputo, Inc. | &nbsp;&nbsp; 64174 | 1936083 |
| Shopify, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 299396 | 39285487 |
| Stantec, Inc. | &nbsp;&nbsp; 28570 | 2831297 |
| Sun Life Financial, Inc. | &nbsp;&nbsp; 112340 | 7078744 |
| Suncor Energy, Inc. | &nbsp;&nbsp; 298097 | 15755915 |
| TC Energy Corp. | &nbsp;&nbsp; 254795 | 14939840 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 112652 | 6046053 |
| TELUS Corp. | &nbsp;&nbsp; 117984 | 1646309 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| TFI International, Inc. | &nbsp;&nbsp; 19707 | $2117817 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 39380 | 4351134 |
| TMX Group Ltd. | &nbsp;&nbsp; 68383 | 2524594 |
| Toromont Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 19935 | 2539365 |
| Toronto-Dominion Bank(The) | &nbsp;&nbsp; 416693 | 38944186 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 90016 | 4260001 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 111924 | 14745380 |
| Whitecap Resources, Inc. | &nbsp;&nbsp; 297336 | 2712087 |
| WSP Global, Inc. | &nbsp;&nbsp; 31998 | 6185755 |
|  |  | 697908615 |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
| Banco de Chile | &nbsp;&nbsp; 11123292 | 2451674 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 23339 | 1735889 |
| Banco Santander Chile | &nbsp;&nbsp; 16160733 | 1422014 |
| Cencosud SA | &nbsp;&nbsp; 357464 | 1196551 |
| Empresas CMPC SA | &nbsp;&nbsp; 291332 | 436764 |
| Empresas Copec SA | &nbsp;&nbsp; 103490 | 882218 |
| Enel Americas SA | &nbsp;&nbsp; 3457105 | 326432 |
| Enel Chile SA | &nbsp;&nbsp; 8915176 | 756509 |
| Falabella SA | &nbsp;&nbsp; 204089 | 1584450 |
| Latam Airlines Group SA | &nbsp;&nbsp; 69988352 | 2270984 |
| Plaza SA | &nbsp;&nbsp; 187183 | 813997 |
|  |  | 13877482 |
| **China — 8.3%** | **China — 8.3%** | **China — 8.3%** |
| 3SBio, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 454000 | 1353742 |
| AAC Technologies Holdings, Inc. | &nbsp;&nbsp; 188500 | 894815 |
| Advanced Micro-Fabrication Equipment, Inc./China, <br> Class A<br>| &nbsp;&nbsp; 11259 | 560345 |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 29400 | 195674 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 1418900 | 1369864 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 6834000 | 4777764 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 237742 | 378180 |
| Akeso, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 152000 | 2145453 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 4236664 | 90128984 |
| Alibaba Health Information Technology Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1414000 | 1172754 |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp; 190700 | 382521 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 922000 | 1609877 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 88498 | 311753 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 287500 | 911754 |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 14700 | 278817 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 19800 | 206383 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 307600 | 3072902 |
| APT Medical, Inc., Class A | &nbsp;&nbsp; 5599 | 186619 |
| Autohome, Inc., ADR | &nbsp;&nbsp; 13432 | 296041 |
| AviChina Industry & Technology Co. Ltd., Class H | &nbsp;&nbsp; 565000 | 299697 |
| Baidu, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 567588 | 10879270 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 355698 | 270841 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 790900 | 609840 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 17805000 | 10632847 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 1168600 | 1110852 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 2141800 | 1840001 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 413600 | 601931 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 328274 | 496617 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 119477 | 531253 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 400999 | 532319 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 596096 | 622781 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 123000 | 557186 |
| Beijing Kingsoft Office Software, Inc., Class A | &nbsp;&nbsp; 7000 | 338238 |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1066600 | 745928 |
| BeOne Medicines Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 213376 | 5627349 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Bilibili, Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 63334 | $2169810 |
| BOC Aviation Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 61500 | 637118 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 1353900 | 850149 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 1026000 | 626164 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 90700 | 1184212 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 906700 | 11303699 |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 186000 | 794183 |
| C&D International Investment Group Ltd. | &nbsp;&nbsp; 228000 | 469660 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6400 | 1156207 |
| CGN Power Co. Ltd., Class A | &nbsp;&nbsp; 640800 | 354300 |
| CGN Power Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 2357000 | 982810 |
| Changchun High-Tech Industry Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 14300 | 197005 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 2112000 | 1967100 |
| China CITIC Financial Asset Management Co. Ltd., <br> Class H<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 3268000 | 368004 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 390000 | 570793 |
| China Common Rich Renewable Energy <br> Investments Ltd., NVS<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 7401 |  |
| China Communications Services Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 534000 | 324306 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 311700 | 390277 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 24163050 | 24398160 |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 154500 | 744431 |
| China Energy Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 802900 | 280258 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 1310200 | 624657 |
| China Feihe Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 690000 | 342745 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 217500 | 469079 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 828500 | 1114081 |
| China Gas Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 772800 | 765499 |
| China Gold International Resources Corp. Ltd. | &nbsp;&nbsp; 58200 | 1473680 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 724500 | 3313625 |
| China International Capital Corp. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 430000 | 1165377 |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 43000 | 306845 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 1797000 | 7997076 |
| China Literature Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 93600 | 428417 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 779000 | 707669 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 747000 | 1560019 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 394500 | 2190459 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 955593 | 5838286 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 308000 | 619880 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 268160 | 658819 |
| China Merchants Shekou Industrial Zone Holdings <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 123777 | 187883 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 796295 | 429004 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 1469740 | 731303 |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 910000 | 654561 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 466500 | 576736 |
| China Nonferrous Mining Corp Ltd. | &nbsp;&nbsp; 303000 | 600565 |
| China Northern Rare Earth Group High-Tech Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 56200 | 412649 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 356000 | 391257 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 937500 | 1680201 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 180097 | 1177790 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 650600 | 3276966 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 806398 | 754635 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 5451000 | 3751405 |
| China Power International Development Ltd. | &nbsp;&nbsp; 1322000 | 551452 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 872696 | 714651 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 1022000 | 589770 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 373500 | 1249514 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 256600 | 705942 |

---

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| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Resources Land Ltd. | &nbsp;&nbsp; 785000 | $3074206 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 148600 | 878815 |
| China Resources Power Holdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 506000 | 1152578 |
| China Ruyi Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2672000 | 738991 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 132300 | 796968 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 804500 | 4426444 |
| China State Construction Engineering Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 836898 | 605880 |
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 356000 | 427630 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 351800 | 1152790 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 965500 | 570201 |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 39298 | 504192 |
| China Tower Corp. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 1062000 | 1527981 |
| China United Network Communications Ltd., <br> Class A<br>| &nbsp;&nbsp; 684100 | 502189 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 203800 | 142916 |
| China Vanke Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 388500 | 188778 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 439432 | 1664154 |
| Chongqing Changan Automobile Co. Ltd., Class A | &nbsp;&nbsp; 218300 | 348618 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 735000 | 548514 |
| Chongqing Zhifei Biological Products Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 72300 | 180456 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 545200 | 1002018 |
| CITIC Ltd. | &nbsp;&nbsp; 1130000 | 1805943 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 315000 | 1269675 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 384825 | 1440130 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 416500 | 1433829 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 909000 | 2554803 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 69160 | 3483570 |
| Contemporary Amperex Technology Co. Ltd., <br> Class H<sup>(b)</sup><br>| &nbsp;&nbsp; 19000 | 1185552 |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 317230 | 655963 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 614749 | 1080091 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 809000 | 733206 |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 1034000 | 768124 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 164100 | 566582 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 1930960 | 2368778 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 627200 | 452341 |
| Dongfeng Motor Group Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 484000 | 559533 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 284642 | 927830 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 10900 | 391711 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 192800 | 1659765 |
| Eoptolink Technology, Inc. Ltd., Class A | &nbsp;&nbsp; 14000 | 840904 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 35600 | 326050 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 530000 | 530171 |
| Focus Media Information Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 447050 | 462450 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 140676 | 712582 |
| Fosun International Ltd. | &nbsp;&nbsp; 452500 | 240743 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 197000 | 1624665 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 159200 | 1364585 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 37900 | 370690 |
| Ganfeng Lithium Group Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 98400 | 751185 |
| GCL Technology Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6121000 | 846854 |
| GDS Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 284300 | 1583010 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 1537000 | 3163903 |
| Genscript Biotech Corp.<sup>(a)</sup> | &nbsp;&nbsp; 266000 | 436639 |
| GF Securities Co. Ltd., Class A | &nbsp;&nbsp; 175187 | 565432 |
| GF Securities Co. Ltd., Class H | &nbsp;&nbsp; 258600 | 603458 |

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2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Giant Biogene Holding Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 85600 | $364250 |
| GigaDevice Semiconductor, Inc., Class A | &nbsp;&nbsp; 12400 | 558235 |
| GoerTek, Inc., Class A | &nbsp;&nbsp; 72800 | 272099 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 639500 | 1084648 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 724000 | 684497 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 402157 | 1144674 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 471384 | 1003323 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 51445 | 2444152 |
| Haidilao International Holding Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 401000 | 817570 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 185800 | 670232 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 594000 | 1958250 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 123000 | 380498 |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | &nbsp;&nbsp; 18100 | 163844 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 370000 | 1823423 |
| Henan Shuanghui Investment & Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 97100 | 358195 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 153500 | 554875 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 213800 | 801257 |
| Hithink RoyalFlush Information Network Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 8700 | 436151 |
| Horizon Robotics<sup>(a)(b)</sup> | &nbsp;&nbsp; 1234800 | 1296671 |
| Hua Hong Semiconductor Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 179000 | 2648967 |
| Huaneng Power International, Inc., Class H | &nbsp;&nbsp; 1034000 | 753893 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 336300 | 1108271 |
| Huatai Securities Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 312000 | 743890 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 361100 | 328907 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 36415 | 1376451 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 74200 | 634379 |
| Industrial & Commercial Bank of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 1110340 | 1156067 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 16187285 | 13427295 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 358142 | 962173 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 152399 | 576843 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 271800 | 543513 |
| Innovent Biologics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 350000 | 3633026 |
| J&T Global Express Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 654800 | 852436 |
| JA Solar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 128024 | 207910 |
| JD Health International, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 278950 | 2244330 |
| JD Logistics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 409400 | 585092 |
| JD.com, Inc., Class A | &nbsp;&nbsp; 614308 | 8760420 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 218000 | 287426 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 29800 | 462896 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 118056 | 985719 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 51900 | 412568 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 299000 | 1786279 |
| Kanzhun Ltd., ADR | &nbsp;&nbsp; 93248 | 1726953 |
| KE Holdings, Inc., Class A | &nbsp;&nbsp; 519386 | 3301797 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 753000 | 1243743 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 238000 | 913073 |
| Kuaishou Technology<sup>(c)</sup> | &nbsp;&nbsp; 641900 | 6558361 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 946000 | 969254 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 20600 | 4145581 |
| Laopu Gold Co. Ltd., Class H | &nbsp;&nbsp; 6000 | 592987 |
| Legend Biotech Corp., ADR<sup>(a)</sup> | &nbsp;&nbsp; 18077 | 316348 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 1898000 | 2138502 |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 125125 | 651739 |
| Li Auto, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 359006 | 3000199 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 527000 | 1378093 |
| Longfor Group Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 425000 | 558907 |

---

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| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| LONGi Green Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 207196 | $532214 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 114388 | 846787 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 30700 | 532250 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 61400 | 224546 |
| Meitu, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 942000 | 930506 |
| Meituan, Class B<sup>(a)(c)</sup> | &nbsp;&nbsp; 1251560 | 15472388 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 82600 | 920932 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 100200 | 1098237 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 126832 | 588959 |
| MMG Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1020000 | 1320594 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 21600 | 562822 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 122858 | 812761 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 205844 | 743269 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 11880 | 809768 |
| NetEase Cloud Music, Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 21800 | 503043 |
| NetEase, Inc. | &nbsp;&nbsp; 433585 | 11242889 |
| New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 68100 | 813672 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 226100 | 1838515 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 324707 | 421833 |
| New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp; 334110 | 2037110 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 25113 | 302864 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 32700 | 338752 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 218900 | 747063 |
| NIO, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 466038 | 2221784 |
| Nongfu Spring Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 523000 | 3207226 |
| OmniVision Integrated Circuits Group, Inc. | &nbsp;&nbsp; 24385 | 424891 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 30500 | 499687 |
| Orient Securities Co. Ltd., Class A | &nbsp;&nbsp; 288200 | 423561 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 173860 | 17568553 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 2158000 | 1876447 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 279100 | 442468 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 5328000 | 6329445 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 1658285 | 3432975 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 470100 | 731395 |
| Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp; 207406 | 1987402 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 1633500 | 15151281 |
| Poly Developments and Holdings Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 175300 | 171471 |
| Pop Mart International Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 132800 | 3796293 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 637400 | 463361 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 2135000 | 1392025 |
| Qfin Holdings, Inc. | &nbsp;&nbsp; 25966 | 403771 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 132200 | 622661 |
| Remegen Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 41500 | 447118 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 276750 | 586292 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 197300 | 400457 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 161027 | 507125 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 27100 | 405842 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 92500 | 498285 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 173300 | 554135 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 91700 | 682436 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 222000 | 1193024 |
| Shandong Weigao Group Medical Polymer Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 597200 | 382369 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 570200 | 822068 |
| Shanghai United Imaging Healthcare Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 19938 | 370165 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 24580 | 603008 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 61500 | $606746 |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 12900 | 430312 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 1169206 | 851491 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 41200 | 442274 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 21900 | 595052 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 192100 | 1527840 |
| Sichuan Biokin Pharmaceutical Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6363 | 253906 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 10900 | 580287 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 2684000 | 2277390 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 313200 | 835693 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 159500 | 732453 |
| Smoore International Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 437000 | 631053 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 31620 | 685737 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 171400 | 1373525 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 24400 | 271685 |
| Suzhou TFC Optical Communication Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 14000 | 497534 |
| TAL Education Group, ADR<sup>(a)</sup> | &nbsp;&nbsp; 107620 | 1366774 |
| TCL Zhonghuan Renewable Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 269525 | 364170 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 1574200 | 120995846 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 149400 | 2506932 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 414000 | 627471 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 310800 | 924475 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 97900 | 255854 |
| Trina Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 84068 | 226623 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 151410 | 9292882 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 140000 | 885990 |
| UBTech Robotics Corp. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 46950 | 838069 |
| Victory Giant Technology Huizhou Co. Ltd., Class A | &nbsp;&nbsp; 15100 | 568750 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 85076 | 1455650 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 70131 | 886489 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 1243000 | 749659 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 473000 | 1603294 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 193860 | 434479 |
| Wharf Holdings Ltd.(The) | &nbsp;&nbsp; 261000 | 843261 |
| Wingtech Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 35500 | 200568 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 67700 | 1020230 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 44000 | 439323 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 52614 | 719846 |
| WuXi AppTec Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 86836 | 1235680 |
| Wuxi Biologics Cayman, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 850000 | 4022497 |
| WuXi XDC Cayman, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 86500 | 694950 |
| Xiaomi Corp., Class B<sup>(a)(c)</sup> | &nbsp;&nbsp; 4318400 | 19547536 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 1228000 | 530793 |
| XPeng, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 347232 | 3125643 |
| XtalPi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 381000 | 588518 |
| Yadea Group Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 254000 | 358880 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 842700 | 1227756 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 105300 | 229122 |
| Yum China Holdings, Inc. | &nbsp;&nbsp; 92157 | 4582285 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 73398 | 586415 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 21200 | 488536 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 397000 | 1746077 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 395840 | 373439 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 45900 | 470428 |
| Zhejiang Leapmotor Technology Co. Ltd., <br> Class H<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 128872 | 699783 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 16000 | $1483255 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 114200 | 624416 |
| Zijin Gold International Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 47400 | 1313171 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 372900 | 2083023 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 1446000 | 7539475 |
| ZTE Corp., Class A | &nbsp;&nbsp; 57400 | 316723 |
| ZTE Corp., Class H<sup>(b)</sup> | &nbsp;&nbsp; 153800 | 556411 |
| ZTO Express Cayman, Inc. | &nbsp;&nbsp; 104479 | 2306911 |
|  |  | 719470664 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Grupo Cibest SA | &nbsp;&nbsp; 49542 | 1118983 |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 109671 | 898872 |
|  |  | 2017855 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| CEZ A/S | &nbsp;&nbsp; 34325 | 1973682 |
| Komercni Banka AS | &nbsp;&nbsp; 19148 | 1160312 |
| Moneta Money Bank AS<sup>(c)</sup> | &nbsp;&nbsp; 63542 | 637730 |
|  |  | 3771724 |
| **Denmark — 1.2%** | **Denmark — 1.2%** | **Denmark — 1.2%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 807 | 1978900 |
| AP Moller - Maersk A/S, Class B, NVS<sup>(b)</sup> | &nbsp;&nbsp; 807 | 1995489 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 23256 | 3161633 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 31047 | 2646600 |
| Danske Bank A/S | &nbsp;&nbsp; 162505 | 8279310 |
| Demant A/S<sup>(a)</sup> | &nbsp;&nbsp; 19627 | 687011 |
| DSV A/S | &nbsp;&nbsp; 50225 | 14122512 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 14700 | 4789047 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 789278 | 46866713 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 86866 | 5322588 |
| Orsted A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 129244 | 2907377 |
| Pandora A/S | &nbsp;&nbsp; 20228 | 1637328 |
| Rockwool AS, Class B | &nbsp;&nbsp; 23075 | 779242 |
| Tryg A/S | &nbsp;&nbsp; 85945 | 2088722 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 249779 | 7571147 |
|  |  | 104833619 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| Commercial International Bank - Egypt(CIB) | &nbsp;&nbsp; 562541 | 1603540 |
| Eastern Co. SAE | &nbsp;&nbsp; 263319 | 212092 |
|  |  | 1815632 |
| **Finland — 0.5%** | **Finland — 0.5%** | **Finland — 0.5%** |
| Elisa OYJ | &nbsp;&nbsp; 35088 | 1552118 |
| Fortum OYJ | &nbsp;&nbsp; 106846 | 2523952 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 70573 | 1785028 |
| Kone OYJ, Class B | &nbsp;&nbsp; 84721 | 6088464 |
| Metso OYJ | &nbsp;&nbsp; 159290 | 3114237 |
| Neste OYJ | &nbsp;&nbsp; 104622 | 2672563 |
| Nokia OYJ | &nbsp;&nbsp; 1298141 | 8361207 |
| Orion OYJ, Class B | &nbsp;&nbsp; 26872 | 2222262 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 595170 | 6637516 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 140194 | 1613912 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 126897 | 3500850 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 124858 | 5061744 |
|  |  | 45133853 |
| **France — 6.2%** | **France — 6.2%** | **France — 6.2%** |
| Accor SA | &nbsp;&nbsp; 45171 | 2456449 |
| Aeroports de Paris SA | &nbsp;&nbsp; 8740 | 1154745 |
| Air Liquide SA | &nbsp;&nbsp; 141642 | 26524196 |
| Airbus SE | &nbsp;&nbsp; 145587 | 33332104 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 87726 | 2800949 |
| Amundi SA<sup>(c)</sup> | &nbsp;&nbsp; 15643 | 1390805 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| ArcelorMittal SA | &nbsp;&nbsp; 115969 | $6298046 |
| AXA SA | &nbsp;&nbsp; 426906 | 19466522 |
| BioMerieux | &nbsp;&nbsp; 10659 | 1237792 |
| BNP Paribas SA | &nbsp;&nbsp; 246080 | 26609225 |
| Bollore SE | &nbsp;&nbsp; 173051 | 986637 |
| Bouygues SA | &nbsp;&nbsp; 48726 | 2633825 |
| Bureau Veritas SA | &nbsp;&nbsp; 84906 | 2733322 |
| Capgemini SE | &nbsp;&nbsp; 38144 | 5926740 |
| Carrefour SA | &nbsp;&nbsp; 136539 | 2236395 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 109968 | 10854442 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 164149 | 6095776 |
| Covivio SA/France | &nbsp;&nbsp; 13110 | 837544 |
| Credit Agricole SA | &nbsp;&nbsp; 261252 | 5657784 |
| Danone SA | &nbsp;&nbsp; 159419 | 12492054 |
| Dassault Aviation SA | &nbsp;&nbsp; 4823 | 1833583 |
| Dassault Systemes SE | &nbsp;&nbsp; 165446 | 4550559 |
| Edenred SE | &nbsp;&nbsp; 60117 | 1259198 |
| Eiffage SA | &nbsp;&nbsp; 17129 | 2540356 |
| Engie SA | &nbsp;&nbsp; 450022 | 13436040 |
| EssilorLuxottica SA | &nbsp;&nbsp; 73705 | 22531312 |
| Eurofins Scientific SE | &nbsp;&nbsp; 29043 | 2349375 |
| Euronext NV<sup>(c)</sup> | &nbsp;&nbsp; 18652 | 2612282 |
| FDJ United | &nbsp;&nbsp; 27696 | 733000 |
| Gecina SA | &nbsp;&nbsp; 11301 | 1038011 |
| Getlink SE | &nbsp;&nbsp; 78514 | 1554137 |
| Hermes International SCA | &nbsp;&nbsp; 7754 | 18656107 |
| Ipsen SA | &nbsp;&nbsp; 9984 | 1631038 |
| Kering SA | &nbsp;&nbsp; 18226 | 5689750 |
| Klepierre SA | &nbsp;&nbsp; 52899 | 2037848 |
| Legrand SA | &nbsp;&nbsp; 64963 | 10371851 |
| L'Oreal SA | &nbsp;&nbsp; 58805 | 27017311 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 61225 | 39514876 |
| Orange SA | &nbsp;&nbsp; 459000 | 8532817 |
| Pernod Ricard SA | &nbsp;&nbsp; 50853 | 4547104 |
| Publicis Groupe SA | &nbsp;&nbsp; 57185 | 5715541 |
| Renault SA | &nbsp;&nbsp; 47931 | 1808885 |
| Rexel SA | &nbsp;&nbsp; 54910 | 2301034 |
| Safran SA | &nbsp;&nbsp; 88160 | 31498788 |
| Sanofi SA | &nbsp;&nbsp; 271763 | 25633676 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 7051 | 1575672 |
| Schneider Electric SE | &nbsp;&nbsp; 134232 | 38484561 |
| Societe Generale SA | &nbsp;&nbsp; 174061 | 15252867 |
| Sodexo SA | &nbsp;&nbsp; 22016 | 1124832 |
| STMicroelectronics NV | &nbsp;&nbsp; 166777 | 4709454 |
| Thales SA | &nbsp;&nbsp; 22689 | 6945684 |
| TotalEnergies SE | &nbsp;&nbsp; 486214 | 35361706 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 30268 | 3346579 |
| Veolia Environnement SA | &nbsp;&nbsp; 156953 | 5886860 |
| Vinci SA | &nbsp;&nbsp; 122144 | 17562427 |
|  |  | 541370473 |
| **Germany — 5.5%** | **Germany — 5.5%** | **Germany — 5.5%** |
| adidas AG | &nbsp;&nbsp; 42382 | 7514478 |
| Allianz SE, Registered | &nbsp;&nbsp; 94231 | 41491946 |
| BASF SE | &nbsp;&nbsp; 218951 | 11870199 |
| Bayer AG, Registered | &nbsp;&nbsp; 241647 | 12781107 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 67713 | 6973103 |
| Beiersdorf AG | &nbsp;&nbsp; 22807 | 2720404 |
| Brenntag SE | &nbsp;&nbsp; 30115 | 1832186 |
| Commerzbank AG | &nbsp;&nbsp; 182277 | 7492438 |
| Continental AG | &nbsp;&nbsp; 27891 | 2194721 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 16142 | 1356590 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 116317 | 5631945 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Delivery Hero SE, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 49059 | $1368215 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 455601 | 17978511 |
| Deutsche Boerse AG | &nbsp;&nbsp; 46354 | 11738000 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 152484 | 1570809 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 235365 | 13163604 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 902891 | 30299445 |
| E.ON SE | &nbsp;&nbsp; 551941 | 11706577 |
| Evonik Industries AG | &nbsp;&nbsp; 65550 | 1015364 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 54049 | 2433230 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 104785 | 5861437 |
| GEA Group AG | &nbsp;&nbsp; 39242 | 2805914 |
| Hannover Rueck SE | &nbsp;&nbsp; 14466 | 4090255 |
| Heidelberg Materials AG | &nbsp;&nbsp; 32971 | 9029787 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 27500 | 2270101 |
| Hensoldt AG<sup>(b)</sup> | &nbsp;&nbsp; 15697 | 1559381 |
| HOCHTIEF AG | &nbsp;&nbsp; 3831 | 1606509 |
| Infineon Technologies AG | &nbsp;&nbsp; 322471 | 15763185 |
| Knorr-Bremse AG | &nbsp;&nbsp; 18615 | 2167441 |
| LEG Immobilien SE | &nbsp;&nbsp; 18593 | 1344415 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 175367 | 11985319 |
| Merck KGaA | &nbsp;&nbsp; 32084 | 4780281 |
| MTU Aero Engines AG | &nbsp;&nbsp; 13284 | 5905732 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen, Registered<br>| &nbsp;&nbsp; 31968 | 19375049 |
| Nemetschek SE | &nbsp;&nbsp; 14814 | 1294364 |
| Rational AG | &nbsp;&nbsp; 1269 | 1016870 |
| Rheinmetall AG | &nbsp;&nbsp; 11304 | 23951438 |
| RWE AG | &nbsp;&nbsp; 157091 | 9975884 |
| SAP SE | &nbsp;&nbsp; 255498 | 51040419 |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 19224 | 1913964 |
| Siemens AG, Registered | &nbsp;&nbsp; 186719 | 56450777 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 190526 | 32461824 |
| Siemens Healthineers AG<sup>(c)</sup> | &nbsp;&nbsp; 82216 | 4103685 |
| Symrise AG, Class A | &nbsp;&nbsp; 34304 | 2887953 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 15661 | 1975332 |
| Vonovia SE | &nbsp;&nbsp; 187321 | 5484622 |
| Zalando SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 54957 | 1580308 |
|  |  | 475815118 |
| **Greece — 0.2%** | **Greece — 0.2%** | **Greece — 0.2%** |
| Alpha Bank SA | &nbsp;&nbsp; 538728 | 2578869 |
| Eurobank SA | &nbsp;&nbsp; 631967 | 3088407 |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 34927 | 655070 |
| Jumbo SA | &nbsp;&nbsp; 26249 | 779101 |
| National Bank of Greece SA | &nbsp;&nbsp; 212854 | 3757817 |
| OPAP SA | &nbsp;&nbsp; 45323 | 913301 |
| Piraeus Bank SA | &nbsp;&nbsp; 275646 | 2780531 |
| Public Power Corp. SA | &nbsp;&nbsp; 45226 | 1068967 |
|  |  | 15622063 |
| **Hong Kong — 1.2%** | **Hong Kong — 1.2%** | **Hong Kong — 1.2%** |
| AIA Group Ltd. | &nbsp;&nbsp; 2643400 | 30498157 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 955500 | 5031652 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 471060 | 2759535 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 648060 | 5225502 |
| CK Infrastructure Holdings Ltd., Class L | &nbsp;&nbsp; 156500 | 1285374 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 406000 | 3837727 |
| Futu Holdings Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 14531 | 2362305 |
| Galaxy Entertainment Group Ltd., Class L | &nbsp;&nbsp; 482000 | 2448928 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 355617 | 1414508 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 961000 | 1440174 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 2902748 | 2733950 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 252400 | 13915083 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 277400 | $2353703 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 39700 | 2893253 |
| Link REIT | &nbsp;&nbsp; 639320 | 2939440 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 363000 | 1605120 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 353000 | 2738133 |
| Sands China Ltd. | &nbsp;&nbsp; 700000 | 1519195 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 1070000 | 1610252 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 331000 | 1236011 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 373000 | 5989965 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 80000 | 771991 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 364500 | 4975971 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1999000 | 2359011 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 409000 | 1419951 |
|  |  | 105364891 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 114943 | 1403792 |
| OTP Bank Nyrt | &nbsp;&nbsp; 55055 | 6927679 |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 34073 | 1140416 |
|  |  | 9471887 |
| **India — 4.2%** | **India — 4.2%** | **India — 4.2%** |
| ABB India Ltd. | &nbsp;&nbsp; 13609 | 827943 |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 41140 | 904782 |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 128346 | 1983705 |
| Adani Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 724636 | 1066679 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 10528 | 650353 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 154601 | 859402 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 48798 | 1085166 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 25513 | 1932079 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 825530 | 1768253 |
| Asian Paints Ltd. | &nbsp;&nbsp; 93954 | 2480978 |
| Astral Ltd. | &nbsp;&nbsp; 26824 | 431047 |
| AU Small Finance Bank Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 79394 | 849196 |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 74871 | 984626 |
| Avenue Supermarts Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 39088 | 1568617 |
| Axis Bank Ltd. | &nbsp;&nbsp; 564639 | 8424040 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 16903 | 1765286 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 679374 | 6873467 |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 96755 | 2056128 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 6682 | 784971 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 20477 | 513773 |
| Bank of Baroda | &nbsp;&nbsp; 259722 | 846388 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 873581 | 4267851 |
| Bharat Forge Ltd. | &nbsp;&nbsp; 62616 | 981353 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 271904 | 778461 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 381264 | 1511539 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 615487 | 13200323 |
| Bosch Ltd. | &nbsp;&nbsp; 2083 | 828019 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 26285 | 1674611 |
| BSE Ltd. | &nbsp;&nbsp; 21498 | 653879 |
| Canara Bank | &nbsp;&nbsp; 437971 | 702942 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 176710 | 1125820 |
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 98799 | 1754560 |
| Cipla Ltd. | &nbsp;&nbsp; 131243 | 1891468 |
| Coal India Ltd. | &nbsp;&nbsp; 444548 | 2132445 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 32441 | 745940 |
| Coromandel International Ltd. | &nbsp;&nbsp; 29154 | 724482 |
| Cummins India Ltd. | &nbsp;&nbsp; 34639 | 1550144 |
| Dabur India Ltd. | &nbsp;&nbsp; 131219 | 723039 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 29681 | 1955422 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 9277 | 1054929 |
| DLF Ltd. | &nbsp;&nbsp; 195069 | 1350687 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 139601 | $1847153 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 34077 | 2641004 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 615802 | 1835559 |
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 116423 | 1079111 |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 272842 | 704531 |
| GAIL India Ltd. | &nbsp;&nbsp; 591114 | 1076808 |
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 33534 | 1177604 |
| GMR Airports Infrastructure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 639074 | 652871 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 103627 | 1301170 |
| Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 38413 | 659389 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 72641 | 2229307 |
| Havells India Ltd. | &nbsp;&nbsp; 65439 | 914136 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 226709 | 4183372 |
| HDFC Asset Management Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 46936 | 1285125 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 2746724 | 27772869 |
| HDFC Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 223397 | 1776824 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 29537 | 1779080 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 337532 | 3513474 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 50286 | 2526469 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 228960 | 1062737 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 196197 | 5065330 |
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 3687 | 756719 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 43045 | 1028406 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 1171579 | 17272145 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 51213 | 1010631 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 101774 | 704894 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 816174 | 742590 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 216792 | 1590351 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 711937 | 1264346 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 78700 | 533611 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 325376 | 1578347 |
| IndusInd Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 148248 | 1446008 |
| Info Edge India Ltd. | &nbsp;&nbsp; 98259 | 1337359 |
| Infosys Ltd. | &nbsp;&nbsp; 813806 | 14555962 |
| InterGlobe Aviation Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 48403 | 2418973 |
| ITC Ltd. | &nbsp;&nbsp; 727761 | 2551118 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 94345 | 841921 |
| Jindal Steel Ltd. | &nbsp;&nbsp; 97022 | 1188853 |
| Jio Financial Services Ltd. | &nbsp;&nbsp; 707120 | 1958331 |
| JSW Energy Ltd. | &nbsp;&nbsp; 117600 | 587875 |
| JSW Steel Ltd. | &nbsp;&nbsp; 160477 | 2109411 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 107214 | 580148 |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 105142 | 413976 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 1328500 | 5895921 |
| Kwality Wall S India Ltd. Npv, NVS | &nbsp;&nbsp; 182515 | 79762 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 161737 | 6920292 |
| Lodha Developers Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 80158 | 847862 |
| LTIMindtree Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 16717 | 1086776 |
| Lupin Ltd. | &nbsp;&nbsp; 58305 | 1366322 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 230845 | 8619683 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 32002 | 739871 |
| Marico Ltd. | &nbsp;&nbsp; 143089 | 1137513 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 31697 | 5035646 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 194568 | 2026065 |
| Mphasis Ltd. | &nbsp;&nbsp; 21335 | 641645 |
| MRF Ltd. | &nbsp;&nbsp; 573 | 823829 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 26983 | 1124406 |
| Nestle India Ltd. | &nbsp;&nbsp; 162666 | 2362423 |
| NHPC Ltd., NVS | &nbsp;&nbsp; 921383 | 784563 |
| NMDC Ltd. | &nbsp;&nbsp; 800916 | 705521 |
| NTPC Ltd. | &nbsp;&nbsp; 1050486 | 4070168 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 32261 | 523603 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 769456 | $2255760 |
| Oil India Ltd. | &nbsp;&nbsp; 124993 | 694705 |
| One 97 Communications Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 90877 | 1125528 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 5452 | 460249 |
| Page Industries Ltd. | &nbsp;&nbsp; 1516 | 544137 |
| PB Fintech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 90197 | 1625151 |
| Persistent Systems Ltd., NVS | &nbsp;&nbsp; 26744 | 1758492 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 197728 | 623607 |
| Phoenix Mills Ltd.(The) | &nbsp;&nbsp; 50684 | 921308 |
| PI Industries Ltd. | &nbsp;&nbsp; 22251 | 773298 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 80005 | 1245110 |
| Polycab India Ltd. | &nbsp;&nbsp; 13981 | 1068717 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 372428 | 1538089 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 1119246 | 3124401 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 42376 | 674075 |
| Punjab National Bank | &nbsp;&nbsp; 558092 | 760829 |
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 133776 | 500141 |
| REC Ltd. | &nbsp;&nbsp; 338814 | 1343007 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 1482017 | 22519132 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 1035482 | 1273258 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 52324 | 428632 |
| SBI Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 111063 | 2415900 |
| Shree Cement Ltd. | &nbsp;&nbsp; 1882 | 552868 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 346237 | 3843421 |
| Siemens Energy India Ltd., NVS | &nbsp;&nbsp; 21202 | 574343 |
| Siemens Ltd. | &nbsp;&nbsp; 22009 | 742874 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 7464 | 1095143 |
| SRF Ltd. | &nbsp;&nbsp; 34026 | 1042572 |
| State Bank of India | &nbsp;&nbsp; 438008 | 5133736 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 236028 | 4095916 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 17075 | 979106 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 15712 | 601221 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2515315 | 1306117 |
| Swiggy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 339069 | 1143215 |
| Tata Communications Ltd. | &nbsp;&nbsp; 28837 | 493543 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 221738 | 7540881 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 149968 | 1851393 |
| Tata Motors Ltd./new, NVS<sup>(a)</sup> | &nbsp;&nbsp; 505306 | 2518633 |
| Tata Motors Passenger Vehicles Limited | &nbsp;&nbsp; 496130 | 1890692 |
| Tata Power Co. Ltd.(The) | &nbsp;&nbsp; 417793 | 1664410 |
| Tata Steel Ltd. | &nbsp;&nbsp; 1828811 | 3817383 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 126512 | 2400442 |
| Titan Co. Ltd. | &nbsp;&nbsp; 84666 | 3663520 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 26678 | 1149599 |
| Torrent Power Ltd. | &nbsp;&nbsp; 44471 | 671394 |
| Trent Ltd. | &nbsp;&nbsp; 44222 | 1821272 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 28826 | 733566 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 57162 | 2288155 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 28090 | 3882383 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 389798 | 767222 |
| United Spirits Ltd. | &nbsp;&nbsp; 74697 | 1106478 |
| UPL Ltd. | &nbsp;&nbsp; 127600 | 977672 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 353874 | 1812659 |
| Vedanta Ltd. | &nbsp;&nbsp; 346935 | 2565859 |
| Vishal Mega Mart Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 459252 | 628852 |
| Vodafone Idea Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6798177 | 827874 |
| Voltas Ltd. | &nbsp;&nbsp; 53781 | 777385 |
| WAAREE Energies Ltd. | &nbsp;&nbsp; 21684 | 658119 |
| Wipro Ltd. | &nbsp;&nbsp; 623914 | 1609818 |
| Yes Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3630531 | 846079 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 63935 | 615920 |
|  |  | 362977823 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Indonesia — 0.3%** | **Indonesia — 0.3%** | **Indonesia — 0.3%** |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 3582900 | $1610910 |
| Astra International Tbk PT | &nbsp;&nbsp; 4695600 | 1780436 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 13559900 | 5991434 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 9324268 | 2683022 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 3794500 | 1018462 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 16837616 | 3822203 |
| Barito Pacific Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 5402588 | 695239 |
| Barito Renewables Energy Tbk PT | &nbsp;&nbsp; 1971700 | 1001415 |
| Bumi Resources Minerals Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 13647300 | 865940 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 1967848 | 759281 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 2091800 | 552833 |
| Dian Swastatika Sentosa Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 241600 | 1424987 |
| GoTo Gojek Tokopedia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 215687600 | 829213 |
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 808000 | 328122 |
| Petrindo Jaya Kreasi Tbk PT | &nbsp;&nbsp; 5514600 | 596304 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 5082600 | 528864 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 11962100 | 2557021 |
| United Tractors Tbk PT | &nbsp;&nbsp; 335545 | 522731 |
|  |  | 27568417 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| AIB Group PLC | &nbsp;&nbsp; 473523 | 5293102 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 239195 | 4859833 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 37179 | 3304913 |
| Kingspan Group PLC | &nbsp;&nbsp; 39357 | 3426994 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 208957 | 7091862 |
|  |  | 23976704 |
| **Israel — 0.7%** | **Israel — 0.7%** | **Israel — 0.7%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 12565 | 1685031 |
| Bank Hapoalim BM | &nbsp;&nbsp; 299342 | 7400162 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 366146 | 8801904 |
| Check Point Software Technologies Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 21181 | 3802201 |
| CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12098 | 5212181 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 6929 | 4900871 |
| ICL Group Ltd. | &nbsp;&nbsp; 177267 | 962533 |
| Isracard Ltd. | &nbsp;&nbsp; 1 | 2 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 302111 | 3559279 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 38088 | 2979587 |
| Monday.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10289 | 1180663 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15456 | 1634842 |
| Nova Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7183 | 3506347 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 50892 | 2470179 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 279801 | 9535618 |
| Wix.com Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 13499 | 1172253 |
|  |  | 58803653 |
| **Italy — 1.9%** | **Italy — 1.9%** | **Italy — 1.9%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 55400 | 1299584 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 480461 | 4984204 |
| Banco BPM SpA | &nbsp;&nbsp; 287464 | 4308888 |
| BPER Banca SpA | &nbsp;&nbsp; 358214 | 5044882 |
| Buzzi SpA | &nbsp;&nbsp; 18923 | 1077127 |
| Davide Campari-Milano NV | &nbsp;&nbsp; 141131 | 1005869 |
| Enel SpA | &nbsp;&nbsp; 1959911 | 21654169 |
| Eni SpA | &nbsp;&nbsp; 493853 | 10093914 |
| Ferrari NV | &nbsp;&nbsp; 30910 | 10309900 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 150176 | 3981201 |
| Generali | &nbsp;&nbsp; 206087 | 8406367 |
| Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 78836 | 696962 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 3466625 | 24541566 |
| Leonardo SpA | &nbsp;&nbsp; 98949 | 6612426 |
| Moncler SpA | &nbsp;&nbsp; 58368 | 3400734 |
| Nexi SpA<sup>(c)</sup> | &nbsp;&nbsp; 153816 | 656712 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 113724 | $2995280 |
| Prysmian SpA | &nbsp;&nbsp; 70183 | 8312703 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 25601 | 1410598 |
| Snam SpA | &nbsp;&nbsp; 519419 | 3569803 |
| Stellantis NV | &nbsp;&nbsp; 487908 | 4787571 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 2867969 | 1945438 |
| Tenaris SA, NVS | &nbsp;&nbsp; 91085 | 2023266 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 342460 | 3711003 |
| UniCredit SpA | &nbsp;&nbsp; 343149 | 29904071 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 97220 | 2165261 |
|  |  | 168899499 |
| **Japan — 13.6%** | **Japan — 13.6%** | **Japan — 13.6%** |
| Advantest Corp. | &nbsp;&nbsp; 188000 | 31092658 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 559700 | 7655351 |
| AGC, Inc. | &nbsp;&nbsp; 44500 | 1642027 |
| Aisin Corp. | &nbsp;&nbsp; 118700 | 2126511 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp; 217200 | 4968849 |
| ANA Holdings, Inc. | &nbsp;&nbsp; 31500 | 611570 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 374200 | 3917444 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 297900 | 2889930 |
| Asics Corp. | &nbsp;&nbsp; 165800 | 3991250 |
| Astellas Pharma, Inc. | &nbsp;&nbsp; 451000 | 6273358 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp; 142700 | 3702881 |
| Bridgestone Corp. | &nbsp;&nbsp; 280400 | 6312998 |
| Canon, Inc. | &nbsp;&nbsp; 212800 | 6477393 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 86300 | 2199693 |
| Central Japan Railway Co. | &nbsp;&nbsp; 189100 | 5275524 |
| Chiba Bank Ltd.(The) | &nbsp;&nbsp; 138000 | 1868343 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp; 160200 | 2327482 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 161600 | 9230703 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 90300 | 1620181 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 76400 | 2740711 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp; 874200 | 7687840 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 443600 | 8126581 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 63800 | 7645178 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 65600 | 1331511 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 131900 | 4494369 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp; 338900 | 3302371 |
| Denso Corp. | &nbsp;&nbsp; 427500 | 5931461 |
| Disco Corp. | &nbsp;&nbsp; 22600 | 9633264 |
| East Japan Railway Co. | &nbsp;&nbsp; 230900 | 5796569 |
| Ebara Corp. | &nbsp;&nbsp; 108000 | 3269682 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 61700 | 1720161 |
| ENEOS Holdings, Inc. | &nbsp;&nbsp; 685700 | 5795477 |
| FANUC Corp. | &nbsp;&nbsp; 224000 | 8994624 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 46800 | 17855736 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 31800 | 2265197 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 277500 | 5543135 |
| Fujikura Ltd. | &nbsp;&nbsp; 61900 | 7780020 |
| Fujitsu Ltd. | &nbsp;&nbsp; 433300 | 12039580 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp; 52200 | 1457583 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp; 4400 | 1215197 |
| Hitachi Ltd. | &nbsp;&nbsp; 1140100 | 39561593 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 921000 | 9262987 |
| Hoya Corp. | &nbsp;&nbsp; 83500 | 14007611 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 98800 | 1177391 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 200160 | 1698410 |
| IHI Corp. | &nbsp;&nbsp; 259200 | 5996899 |
| Inpex Corp. | &nbsp;&nbsp; 214000 | 4794502 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 133500 | 2150659 |
| ITOCHU Corp. | &nbsp;&nbsp; 1461300 | 18708399 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 26200 | 495054 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Japan Exchange Group, Inc. | &nbsp;&nbsp; 253700 | $2768429 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 451400 | 8020205 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 434000 | 5222241 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 41100 | 1272952 |
| Japan Tobacco, Inc. | &nbsp;&nbsp; 292000 | 10553366 |
| JFE Holdings, Inc. | &nbsp;&nbsp; 130000 | 1750213 |
| JX Advanced Metals Corp. | &nbsp;&nbsp; 134700 | 2179630 |
| Kajima Corp. | &nbsp;&nbsp; 100800 | 4112212 |
| Kansai Electric Power Co., Inc.(The) | &nbsp;&nbsp; 227200 | 3624960 |
| Kao Corp. | &nbsp;&nbsp; 107300 | 4292265 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 34600 | 2888276 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 89500 | 1293280 |
| KDDI Corp. | &nbsp;&nbsp; 725100 | 12242571 |
| Keyence Corp. | &nbsp;&nbsp; 47700 | 17499239 |
| Kikkoman Corp. | &nbsp;&nbsp; 153100 | 1384876 |
| Kioxia Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 43900 | 6004917 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 180400 | 2804723 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 35300 | 862714 |
| Komatsu Ltd. | &nbsp;&nbsp; 226800 | 8680813 |
| Konami Group Corp. | &nbsp;&nbsp; 23000 | 3358534 |
| Kubota Corp. | &nbsp;&nbsp; 220800 | 3383022 |
| Kyocera Corp. | &nbsp;&nbsp; 330300 | 4955427 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 58100 | 943201 |
| Lasertec Corp. | &nbsp;&nbsp; 18700 | 4296089 |
| LY Corp. | &nbsp;&nbsp; 681400 | 1744670 |
| M3, Inc. | &nbsp;&nbsp; 104500 | 1289429 |
| Makita Corp. | &nbsp;&nbsp; 48400 | 1681684 |
| Marubeni Corp. | &nbsp;&nbsp; 349700 | 11591907 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 77700 | 1244124 |
| Minebea Mitsumi, Inc. | &nbsp;&nbsp; 91000 | 1859761 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 330100 | 2179386 |
| Mitsubishi Corp. | &nbsp;&nbsp; 805400 | 21396521 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 467900 | 14627439 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 268200 | 6835322 |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp; 192500 | 1679936 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 801700 | 23605199 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 2847700 | 51572855 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 614400 | 20069397 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 655300 | 7514261 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 81100 | 2542074 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp; 621560 | 26986834 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 63300 | 853850 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 318800 | 8122246 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 412300 | 8376101 |
| NEC Corp. | &nbsp;&nbsp; 317500 | 10763136 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 91100 | 2179494 |
| Nidec Corp. | &nbsp;&nbsp; 205200 | 2935337 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 273600 | 16942819 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp; 1846 | 1712322 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 220700 | 1465452 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 39300 | 1192485 |
| Nippon Steel Corp. | &nbsp;&nbsp; 1170630 | 4878077 |
| Nippon Yusen KK | &nbsp;&nbsp; 96900 | 3184605 |
| Nissan Motor Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 555000 | 1352737 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 91600 | 1565808 |
| Nitto Denko Corp. | &nbsp;&nbsp; 165400 | 3675739 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 765100 | 6933594 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 90600 | 2756087 |
| NTT, Inc. | &nbsp;&nbsp; 7385900 | 7421937 |
| Obayashi Corp. | &nbsp;&nbsp; 155700 | 3514666 |
| Obic Co. Ltd. | &nbsp;&nbsp; 75900 | 2109561 |
| Olympus Corp. | &nbsp;&nbsp; 285300 | 3407767 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Oracle Corp./Japan | &nbsp;&nbsp; 8900 | $602219 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 267900 | 4689966 |
| ORIX Corp. | &nbsp;&nbsp; 283800 | 8648916 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 85300 | 3202389 |
| Otsuka Corp. | &nbsp;&nbsp; 47500 | 941758 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 100900 | 6040719 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 471800 | 2793311 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 580100 | 7953574 |
| Rakuten Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 356400 | 2136871 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 345500 | 18198785 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 441100 | 7333487 |
| Resona Holdings, Inc. | &nbsp;&nbsp; 519600 | 6058601 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 125800 | 2509055 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 41500 | 1283945 |
| SBI Holdings, Inc. | &nbsp;&nbsp; 136200 | 3080028 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 19500 | 2483383 |
| Secom Co. Ltd. | &nbsp;&nbsp; 97700 | 3579101 |
| Seibu Holdings, Inc. | &nbsp;&nbsp; 49900 | 1322159 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 90700 | 1604245 |
| Sekisui House Ltd. | &nbsp;&nbsp; 146200 | 3258330 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 518600 | 7426661 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 74400 | 716309 |
| Shimadzu Corp. | &nbsp;&nbsp; 52900 | 1433702 |
| Shimano, Inc. | &nbsp;&nbsp; 16800 | 1914990 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 410700 | 13505688 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 179300 | 3691640 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 92800 | 1584998 |
| SMC Corp. | &nbsp;&nbsp; 14100 | 5481675 |
| SoftBank Corp. | &nbsp;&nbsp; 7257600 | 9864958 |
| SoftBank Group Corp. | &nbsp;&nbsp; 940400 | 25679867 |
| Sompo Holdings, Inc. | &nbsp;&nbsp; 213400 | 7358994 |
| Sony Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1551300 | 1558718 |
| Sony Group Corp. | &nbsp;&nbsp; 1529200 | 33715659 |
| Subaru Corp. | &nbsp;&nbsp; 138000 | 2962606 |
| Sumitomo Corp. | &nbsp;&nbsp; 271600 | 11029429 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 170800 | 7477541 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 61500 | 3475265 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 908700 | 31977560 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp; 150800 | 5036537 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 147600 | 4110214 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 30800 | 975714 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 389300 | 5308132 |
| Sysmex Corp. | &nbsp;&nbsp; 125000 | 1182783 |
| T&D Holdings, Inc. | &nbsp;&nbsp; 110900 | 2739117 |
| Taisei Corp. | &nbsp;&nbsp; 34200 | 3411385 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 392013 | 13344006 |
| TDK Corp. | &nbsp;&nbsp; 477100 | 6156130 |
| Terumo Corp. | &nbsp;&nbsp; 327600 | 4285418 |
| TIS, Inc. | &nbsp;&nbsp; 45400 | 1321072 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 24000 | 1221556 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 451800 | 16839731 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 108700 | 28964076 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 77300 | 3429463 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 73700 | 786956 |
| Tokyu Corp. | &nbsp;&nbsp; 123800 | 1396310 |
| Toppan Holdings, Inc. | &nbsp;&nbsp; 57400 | 1773072 |
| Toray Industries, Inc. | &nbsp;&nbsp; 336600 | 2482832 |
| Toyota Industries Corp. | &nbsp;&nbsp; 39000 | 4990284 |
| Toyota Motor Corp. | &nbsp;&nbsp; 2345600 | 53164166 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 164000 | 5972752 |
| Trend Micro, Inc./Japan<sup>(a)</sup> | &nbsp;&nbsp; 27800 | 1090537 |
| Tsuruha Holdings, Inc. | &nbsp;&nbsp; 64200 | 1023012 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Unicharm Corp. | &nbsp;&nbsp; 275100 | $1669869 |
| West Japan Railway Co. | &nbsp;&nbsp; 100900 | 2061835 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 225500 | 1702908 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 49900 | 1663609 |
| Yokohama Financial Group, Inc. | &nbsp;&nbsp; 262000 | 2386225 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 21000 | 1138135 |
| ZOZO, Inc. | &nbsp;&nbsp; 109700 | 906062 |
|  |  | 1175933672 |
| **Kuwait — 0.2%** | **Kuwait — 0.2%** | **Kuwait — 0.2%** |
| Boubyan Bank KSCP | &nbsp;&nbsp; 481861 | 1063829 |
| Gulf Bank KSCP | &nbsp;&nbsp; 415990 | 467329 |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 2688504 | 7073628 |
| Mabanee Co. KPSC | &nbsp;&nbsp; 134970 | 441696 |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 552856 | 918126 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 1948311 | 6036605 |
| Warba Bank KSCP<sup>(a)</sup> | &nbsp;&nbsp; 472485 | 436089 |
|  |  | 16437302 |
| **Malaysia — 0.4%** | **Malaysia — 0.4%** | **Malaysia — 0.4%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 443800 | 725839 |
| Axiata Group Bhd<sup>(b)</sup> | &nbsp;&nbsp; 561100 | 327146 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 968400 | 800924 |
| CIMB Group Holdings Bhd<sup>(b)</sup> | &nbsp;&nbsp; 1974500 | 4301868 |
| Gamuda Bhd | &nbsp;&nbsp; 1040300 | 1169644 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 191400 | 1252568 |
| IHH Healthcare Bhd | &nbsp;&nbsp; 601100 | 1364779 |
| IOI Corp. Bhd | &nbsp;&nbsp; 845400 | 853681 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 99400 | 491705 |
| Malayan Banking Bhd | &nbsp;&nbsp; 1479500 | 4427962 |
| Maxis Bhd | &nbsp;&nbsp; 815700 | 791607 |
| MISC Bhd | &nbsp;&nbsp; 168200 | 341179 |
| MR DIY Group M Bhd<sup>(c)</sup> | &nbsp;&nbsp; 832300 | 387112 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 15600 | 443227 |
| Petronas Chemicals Group Bhd<sup>(b)</sup> | &nbsp;&nbsp; 655400 | 538048 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 61800 | 332212 |
| Petronas Gas Bhd | &nbsp;&nbsp; 297100 | 1385261 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 1036000 | 1985939 |
| Public Bank Bhd | &nbsp;&nbsp; 3226100 | 3987437 |
| QL Resources Bhd | &nbsp;&nbsp; 399000 | 406895 |
| RHB Bank Bhd | &nbsp;&nbsp; 519195 | 1112672 |
| SD Guthrie Bhd | &nbsp;&nbsp; 398500 | 590370 |
| Sunway Bhd<sup>(b)</sup> | &nbsp;&nbsp; 574300 | 837560 |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 131500 | 263770 |
| Tenaga Nasional Bhd | &nbsp;&nbsp; 680900 | 2409102 |
| YTL Corp. Bhd | &nbsp;&nbsp; 741900 | 391190 |
| YTL Power International Bhd<sup>(b)</sup> | &nbsp;&nbsp; 598440 | 489862 |
|  |  | 32409559 |
| **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 4338874 | 4471453 |
| Arca Continental SAB de CV | &nbsp;&nbsp; 123000 | 1386108 |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 3747408 | 4648879 |
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 122800 | 1284355 |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 785500 | 1221669 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 411000 | 4289677 |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 42040 | 757013 |
| Grupo Aeroportuario del Centro Norte SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 71592 | 1041968 |
| Grupo Aeroportuario del Pacifico SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 96960 | 2662128 |
| Grupo Aeroportuario del Sureste SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 45570 | 1576567 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 337700 | 1172945 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Grupo Carso SAB de CV, Series A1, Class A | &nbsp;&nbsp; 135200 | $920390 |
| Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp; 66900 | 459258 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 613700 | 6938013 |
| Grupo Financiero Inbursa SAB de CV, Class O | &nbsp;&nbsp; 430600 | 1077239 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 748629 | 8312626 |
| Industrias Penoles SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 50800 | 2944051 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 471000 | 1043283 |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 249550 | 1146651 |
| Promotora y Operadora de Infraestructura SAB <br> de CV<br>| &nbsp;&nbsp; 40715 | 636632 |
| Sigma Foods SAB de CV, Class A | &nbsp;&nbsp; 735928 | 727253 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 1221000 | 3874838 |
|  |  | 52592996 |
| **Netherlands — 3.3%** | **Netherlands — 3.3%** | **Netherlands — 3.3%** |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 143281 | 5278937 |
| Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 6158 | 9131352 |
| Aegon Ltd. | &nbsp;&nbsp; 325233 | 2554535 |
| AerCap Holdings NV | &nbsp;&nbsp; 42982 | 6174794 |
| Akzo Nobel NV | &nbsp;&nbsp; 43039 | 3015193 |
| ASM International NV | &nbsp;&nbsp; 11502 | 9659761 |
| ASML Holding NV | &nbsp;&nbsp; 95005 | 136228164 |
| ASR Nederland NV | &nbsp;&nbsp; 38403 | 2789234 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 18440 | 3589223 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 49337 | 4524203 |
| CVC Capital Partners PLC<sup>(c)</sup> | &nbsp;&nbsp; 52981 | 941301 |
| DSM-Firmenich AG | &nbsp;&nbsp; 40709 | 3210049 |
| EXOR NV, NVS | &nbsp;&nbsp; 22895 | 1879818 |
| Heineken Holding NV | &nbsp;&nbsp; 30871 | 2294612 |
| Heineken NV | &nbsp;&nbsp; 69526 | 5739343 |
| IMCD NV | &nbsp;&nbsp; 14659 | 1370212 |
| ING Groep NV | &nbsp;&nbsp; 735878 | 21701702 |
| InPost SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 65663 | 1029189 |
| JDE Peet's NV | &nbsp;&nbsp; 42117 | 1585584 |
| Koninklijke Ahold Delhaize NV, Class N | &nbsp;&nbsp; 219629 | 8587525 |
| Koninklijke KPN NV | &nbsp;&nbsp; 958551 | 4694515 |
| Koninklijke Philips NV | &nbsp;&nbsp; 185900 | 5338269 |
| Magnum Ice Cream Co NV.(The)<sup>(a)</sup> | &nbsp;&nbsp; 112285 | 1995656 |
| Nebius Group NV, Class A<sup>(a)</sup> | &nbsp;&nbsp; 47008 | 4004612 |
| NN Group NV | &nbsp;&nbsp; 66540 | 5274439 |
| Prosus NV | &nbsp;&nbsp; 320685 | 18439786 |
| QIAGEN NV | &nbsp;&nbsp; 51257 | 2717605 |
| Randstad NV | &nbsp;&nbsp; 25559 | 914668 |
| Universal Music Group NV | &nbsp;&nbsp; 265007 | 6497319 |
| Wolters Kluwer NV | &nbsp;&nbsp; 57012 | 5353597 |
|  |  | 286515197 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 381303 | 1896351 |
| Contact Energy Ltd. | &nbsp;&nbsp; 194975 | 1098847 |
| Fisher & Paykel Healthcare Corp. Ltd., Class C | &nbsp;&nbsp; 139498 | 3258860 |
| Infratil Ltd. | &nbsp;&nbsp; 227588 | 1513973 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 365980 | 1241546 |
|  |  | 9009577 |
| **Norway — 0.4%** | **Norway — 0.4%** | **Norway — 0.4%** |
| Aker BP ASA | &nbsp;&nbsp; 73990 | 2178109 |
| DNB Bank ASA | &nbsp;&nbsp; 215181 | 6169957 |
| Equinor ASA | &nbsp;&nbsp; 186111 | 5002386 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 50347 | 1433004 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 110076 | 3781229 |
| Mowi ASA | &nbsp;&nbsp; 114984 | 2650621 |
| Norsk Hydro ASA | &nbsp;&nbsp; 348589 | 3094731 |
| Orkla ASA | &nbsp;&nbsp; 169332 | 2014773 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| Salmar ASA | &nbsp;&nbsp; 18359 | $1093654 |
| Telenor ASA | &nbsp;&nbsp; 153696 | 2585406 |
| Yara International ASA | &nbsp;&nbsp; 40724 | 1871787 |
|  |  | 31875657 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 44971 | 1540707 |
| Credicorp Ltd. | &nbsp;&nbsp; 16613 | 5928017 |
| Southern Copper Corp. | &nbsp;&nbsp; 21401 | 4073038 |
|  |  | 11541762 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| Ayala Corp. | &nbsp;&nbsp; 51290 | 440770 |
| Ayala Land, Inc. | &nbsp;&nbsp; 1849020 | 666701 |
| Bank of the Philippine Islands | &nbsp;&nbsp; 429113 | 903695 |
| BDO Unibank, Inc. | &nbsp;&nbsp; 590716 | 1353883 |
| International Container Terminal Services, Inc. | &nbsp;&nbsp; 291060 | 3187963 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 155090 | 539773 |
| Manila Electric Co. | &nbsp;&nbsp; 62440 | 625667 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 458328 | 568235 |
| PLDT, Inc. | &nbsp;&nbsp; 22850 | 521509 |
| SM Investments Corp. | &nbsp;&nbsp; 50795 | 603876 |
| SM Prime Holdings, Inc. | &nbsp;&nbsp; 2679300 | 982887 |
|  |  | 10394959 |
| **Poland — 0.3%** | **Poland — 0.3%** | **Poland — 0.3%** |
| Allegro.eu SA <sup>(a)(c)</sup> | &nbsp;&nbsp; 175952 | 1445421 |
| Bank Millennium SA<sup>(a)</sup> | &nbsp;&nbsp; 153500 | 742558 |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 43400 | 2639500 |
| Budimex SA | &nbsp;&nbsp; 2829 | 546882 |
| CCC SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 13416 | 443436 |
| CD Projekt SA | &nbsp;&nbsp; 13772 | 1005309 |
| Dino Polska SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 123042 | 1301728 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 36846 | 3418814 |
| LPP SA | &nbsp;&nbsp; 253 | 1397200 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 3433 | 1001411 |
| ORLEN SA | &nbsp;&nbsp; 139452 | 4238306 |
| PGE Polska Grupa Energetyczna SA<sup>(a)</sup> | &nbsp;&nbsp; 166457 | 469469 |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 214962 | 5591347 |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 145883 | 2870441 |
| Santander Bank Polska SA | &nbsp;&nbsp; 9461 | 1484283 |
| Zabka Group SA<sup>(a)</sup> | &nbsp;&nbsp; 97798 | 594520 |
|  |  | 29190625 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 2039203 | 2207237 |
| Banco Espirito Santo SA, Registered,NVS<sup>(d)(e)</sup> | &nbsp;&nbsp; 4 |  |
| EDP Renovaveis SA | &nbsp;&nbsp; 86170 | 1309041 |
| EDP SA | &nbsp;&nbsp; 778500 | 3980816 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 104489 | 2079084 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 68485 | 1614948 |
|  |  | 11191126 |
| **Qatar — 0.2%** | **Qatar — 0.2%** | **Qatar — 0.2%** |
| Al Rayan Bank | &nbsp;&nbsp; 1404229 | 876363 |
| Barwa Real Estate Co. | &nbsp;&nbsp; 298500 | 224324 |
| Commercial Bank PSQC(The) | &nbsp;&nbsp; 806302 | 1050895 |
| Dukhan Bank | &nbsp;&nbsp; 428663 | 419193 |
| Industries Qatar QSC | &nbsp;&nbsp; 385051 | 1342739 |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 1216376 | 365273 |
| Nebras Energy | &nbsp;&nbsp; 172911 | 725909 |
| Ooredoo QPSC | &nbsp;&nbsp; 297887 | 1160668 |
| Qatar Fuel QSC | &nbsp;&nbsp; 91366 | 388583 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 678498 | 893630 |
| Qatar International Islamic Bank QSC | &nbsp;&nbsp; 205585 | 644514 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 412243 | 2828566 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Qatar (continued)** | **Qatar (continued)** | **Qatar (continued)** |
| Qatar National Bank QPSC | &nbsp;&nbsp; 1095304 | $5961998 |
|  |  | 16882655 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 504040 | 66 |
| Mobile TeleSystems PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 193438 | 25 |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 287200 | 38 |
| Ozon Holdings PLC, ADR<sup>(a)(d)</sup> | &nbsp;&nbsp; 8288 | 1 |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 187 | 2 |
| PhosAgro PJSC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 1 |  |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 51980 | 1 |
| Rosneft Oil Co. PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 165180 | 22 |
| Sberbank of Russia PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 1882550 | 248 |
| Severstal PAO<sup>(a)(d)</sup> | &nbsp;&nbsp; 30098 | 4 |
| TCS Group Holding PLC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 20990 | 3 |
| United Co. RUSAL International PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 563790 | 74 |
| VK IPJSC<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 21979 | 3 |
| VTB Bank PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 98760 |  |
| X5 Retail Group NV, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 16185 | 2 |
|  |  | 489 |
| **Saudi Arabia — 0.9%** | **Saudi Arabia — 0.9%** | **Saudi Arabia — 0.9%** |
| ACWA Power Co.<sup>(a)</sup> | &nbsp;&nbsp; 37814 | 1887203 |
| Ades Holding Co. | &nbsp;&nbsp; 81336 | 416748 |
| Al Rajhi Bank | &nbsp;&nbsp; 477466 | 13634659 |
| Alinma Bank | &nbsp;&nbsp; 300487 | 2282437 |
| Almarai Co. JSC | &nbsp;&nbsp; 111089 | 1310451 |
| Arab National Bank | &nbsp;&nbsp; 202644 | 1229897 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 3379 | 211171 |
| Bank AlBilad | &nbsp;&nbsp; 204054 | 1444823 |
| Bank Al-Jazira<sup>(a)</sup> | &nbsp;&nbsp; 193368 | 645872 |
| Banque Saudi Fransi | &nbsp;&nbsp; 319690 | 1538863 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 21604 | 949092 |
| Co. for Cooperative Insurance(The) | &nbsp;&nbsp; 20781 | 759057 |
| Dallah Healthcare Co. | &nbsp;&nbsp; 7637 | 251877 |
| Dar Al Arkan Real Estate Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 164345 | 819212 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 21052 | 1468313 |
| Elm Co. | &nbsp;&nbsp; 5870 | 1214088 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 92814 | 1746584 |
| Jabal Omar Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 144802 | 636987 |
| Jarir Marketing Co. | &nbsp;&nbsp; 196559 | 747774 |
| Makkah Construction & Development Co. | &nbsp;&nbsp; 23980 | 577970 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 23511 | 436402 |
| Riyad Bank | &nbsp;&nbsp; 356572 | 2675950 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 53720 | 1789792 |
| Sahara International Petrochemical Co. | &nbsp;&nbsp; 89945 | 367505 |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 7841 | 376898 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | &nbsp;&nbsp; 332249 | 6750617 |
| Saudi Arabian Oil Co.<sup>(c)</sup> | &nbsp;&nbsp; 1447313 | 9949154 |
| Saudi Awwal Bank | &nbsp;&nbsp; 252439 | 2398670 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 224317 | 3400011 |
| Saudi Electricity Co. | &nbsp;&nbsp; 258596 | 992740 |
| Saudi Investment Bank(The) | &nbsp;&nbsp; 146380 | 546320 |
| Saudi National Bank(The) | &nbsp;&nbsp; 711238 | 8506715 |
| Saudi Research & Media Group<sup>(a)</sup> | &nbsp;&nbsp; 8611 | 274844 |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 14883 | 637667 |
| Saudi Telecom Co. | &nbsp;&nbsp; 477121 | 5663799 |
| Yanbu National Petrochemical Co. | &nbsp;&nbsp; 71721 | 516590 |
|  |  | 79056752 |
| **Singapore — 1.0%** | **Singapore — 1.0%** | **Singapore — 1.0%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 977777 | 2188126 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 1397769 | 2624177 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 637100 | 1542500 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 509390 | $23677647 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 613138 | 2636493 |
| Keppel Ltd. | &nbsp;&nbsp; 363200 | 3124545 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 819575 | 13678330 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 94870 | 11051406 |
| Sembcorp Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 225700 | 1069474 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 341950 | 1707020 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 183600 | 2543981 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 416100 | 3198805 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 1844900 | 6657673 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 305100 | 9195450 |
| Wilmar International Ltd. | &nbsp;&nbsp; 462400 | 1234627 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 654400 | 1718658 |
|  |  | 87848912 |
| **South Africa — 1.1%** | **South Africa — 1.1%** | **South Africa — 1.1%** |
| Absa Group Ltd. | &nbsp;&nbsp; 205601 | 3239770 |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 122746 | 11065248 |
| Bid Corp. Ltd. | &nbsp;&nbsp; 88533 | 2215826 |
| Bidvest Group Ltd.(The) | &nbsp;&nbsp; 84488 | 1222514 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 22165 | 5951161 |
| Clicks Group Ltd. | &nbsp;&nbsp; 69324 | 1381114 |
| Discovery Ltd. | &nbsp;&nbsp; 125112 | 1821719 |
| FirstRand Ltd. | &nbsp;&nbsp; 1205358 | 6875188 |
| Gold Fields Ltd. | &nbsp;&nbsp; 222146 | 10986149 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 143590 | 3051082 |
| Impala Platinum Holdings Ltd. | &nbsp;&nbsp; 226169 | 4215619 |
| MTN Group Ltd. | &nbsp;&nbsp; 412257 | 4577938 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 192359 | 11777227 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 113520 | 1864669 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 144391 | 1319508 |
| Northam Platinum Holdings Ltd. | &nbsp;&nbsp; 88752 | 2114555 |
| OUTsurance Group Ltd. | &nbsp;&nbsp; 147396 | 651585 |
| Pepkor Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 750213 | 1225829 |
| Reinet Investments SCA | &nbsp;&nbsp; 32784 | 1126939 |
| Remgro Ltd. | &nbsp;&nbsp; 126215 | 1428345 |
| Sanlam Ltd. | &nbsp;&nbsp; 409851 | 2562560 |
| Sasol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 141627 | 1000351 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 118094 | 1948433 |
| Sibanye Stillwater Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 692899 | 3015778 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 323549 | 5946173 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 64764 | 5818924 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 138025 | 1286453 |
|  |  | 99690657 |
| **South Korea — 4.7%** | **South Korea — 4.7%** | **South Korea — 4.7%** |
| Alteogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10092 | 2885994 |
| Amorepacific Corp. | &nbsp;&nbsp; 7669 | 738189 |
| APR Corp./Korea | &nbsp;&nbsp; 5813 | 1090392 |
| Celltrion, Inc. | &nbsp;&nbsp; 36738 | 5346700 |
| Coway Co. Ltd. | &nbsp;&nbsp; 14701 | 850602 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 12264 | 1210818 |
| Doosan Bobcat, Inc. | &nbsp;&nbsp; 15372 | 625824 |
| Doosan Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1792 | 1050212 |
| Doosan Enerbility Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 105983 | 6616095 |
| Ecopro BM Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 12530 | 2007119 |
| Ecopro Co. Ltd. | &nbsp;&nbsp; 26163 | 2935053 |
| Hana Financial Group, Inc. | &nbsp;&nbsp; 68118 | 4732981 |
| Hanjin Kal Corp. | &nbsp;&nbsp; 5042 | 393701 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 20095 | 888778 |
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 11234 | 1625076 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 8284 | 7457099 |
| Hanwha Ocean Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 30557 | 2934434 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 18877 | $1235385 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 10950 | 1777051 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 5776 | 3538636 |
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 9068 | 3609335 |
| HD Hyundai Marine Solution Co. Ltd., Class C | &nbsp;&nbsp; 3744 | 474709 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 10743 | 3077157 |
| HLB, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 30170 | 1157149 |
| HMM Co. Ltd. | &nbsp;&nbsp; 61849 | 857268 |
| HYBE Co. Ltd. | &nbsp;&nbsp; 5255 | 1358166 |
| Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 1322 | 2371086 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 9178 | 1547404 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 14826 | 4632484 |
| Hyundai Motor Co. | &nbsp;&nbsp; 31797 | 11068709 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 19207 | 3071109 |
| Industrial Bank of Korea | &nbsp;&nbsp; 76121 | 1169516 |
| Kakao Corp. | &nbsp;&nbsp; 78287 | 3327534 |
| KakaoBank Corp. | &nbsp;&nbsp; 43422 | 688780 |
| KB Financial Group, Inc. | &nbsp;&nbsp; 88692 | 8301499 |
| Kia Corp. | &nbsp;&nbsp; 58178 | 6190322 |
| Korea Aerospace Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 18516 | 2158025 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 62676 | 2527916 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 10788 | 1613827 |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 40591 | 654454 |
| Krafton, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7562 | 1327554 |
| KT&G Corp. | &nbsp;&nbsp; 23808 | 2545541 |
| LG Chem Ltd. | &nbsp;&nbsp; 12288 | 2638495 |
| LG Corp. | &nbsp;&nbsp; 23996 | 1523226 |
| LG Display Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 83950 | 676899 |
| LG Electronics, Inc. | &nbsp;&nbsp; 27537 | 1888039 |
| LG Energy Solution Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11772 | 3235961 |
| LG H&H Co. Ltd. | &nbsp;&nbsp; 2157 | 391950 |
| LG Uplus Corp. | &nbsp;&nbsp; 39381 | 437749 |
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 3289 | 1097049 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 3596 | 1401359 |
| Meritz Financial Group, Inc. | &nbsp;&nbsp; 19618 | 1586218 |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 48724 | 1444449 |
| NAVER Corp. | &nbsp;&nbsp; 35241 | 6698668 |
| NH Investment & Securities Co. Ltd., Class C | &nbsp;&nbsp; 27473 | 515074 |
| POSCO Future M Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9096 | 1407371 |
| POSCO Holdings, Inc. | &nbsp;&nbsp; 17735 | 4255754 |
| Posco International Corp. | &nbsp;&nbsp; 14093 | 608537 |
| Samsung Biologics Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2763 | 3339110 |
| Samsung C&T Corp. | &nbsp;&nbsp; 21233 | 4426116 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 13943 | 2681500 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 1159026 | 128043064 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 7320 | 2547812 |
| Samsung Heavy Industries Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 172734 | 3520520 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 20551 | 2675854 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 15057 | 4052985 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 10756 | 1289776 |
| Samyang Foods Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 958 | 782932 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 106939 | 6249913 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9037 | 737351 |
| SK Hynix, Inc. | &nbsp;&nbsp; 133629 | 83434878 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 16591 | 1287181 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 22707 | 8888680 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 26006 | 1310597 |
| SK, Inc. | &nbsp;&nbsp; 9218 | 2128729 |
| S-Oil Corp.<sup>(a)</sup> | &nbsp;&nbsp; 12058 | 885842 |
| Woori Financial Group, Inc. | &nbsp;&nbsp; 161693 | 3382433 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Yuhan Corp. | &nbsp;&nbsp; 15328 | $1145702 |
|  |  | 406287456 |
| **Spain — 2.4%** | **Spain — 2.4%** | **Spain — 2.4%** |
| Acciona SA | &nbsp;&nbsp; 6098 | 1310556 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 44786 | 5024816 |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 182395 | 5664742 |
| Amadeus IT Group SA | &nbsp;&nbsp; 109268 | 7326052 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 1409832 | 35786671 |
| Banco de Sabadell SA | &nbsp;&nbsp; 1277746 | 5012320 |
| Banco Santander SA | &nbsp;&nbsp; 3654574 | 46661830 |
| Bankinter SA | &nbsp;&nbsp; 166150 | 2836176 |
| CaixaBank SA | &nbsp;&nbsp; 964142 | 12726843 |
| Cellnex Telecom SA<sup>(c)</sup> | &nbsp;&nbsp; 123823 | 3829863 |
| Endesa SA | &nbsp;&nbsp; 70826 | 2610116 |
| Ferrovial SE | &nbsp;&nbsp; 129093 | 8719591 |
| Grifols SA | &nbsp;&nbsp; 70796 | 905767 |
| Iberdrola SA | &nbsp;&nbsp; 1551163 | 34874397 |
| Iberdrola SA, NVS | &nbsp;&nbsp; 21075 | 473824 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 264217 | 17192625 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 307237 | 1762254 |
| Mapfre SA | &nbsp;&nbsp; 227333 | 1040216 |
| Naturgy Energy Group SA | &nbsp;&nbsp; 59503 | 1867683 |
| Redeia Corp. SA | &nbsp;&nbsp; 64486 | 1114443 |
| Repsol SA | &nbsp;&nbsp; 279726 | 5510908 |
| Telefonica SA | &nbsp;&nbsp; 892142 | 3611655 |
|  |  | 205863348 |
| **Sweden — 2.4%** | **Sweden — 2.4%** | **Sweden — 2.4%** |
| AddTech AB, Class B | &nbsp;&nbsp; 63566 | 2063923 |
| Alfa Laval AB | &nbsp;&nbsp; 70191 | 4065621 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 246265 | 9957462 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 644422 | 13289390 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 394953 | 7104282 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 101711 | 1447843 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 70513 | 4937792 |
| Epiroc AB, Class A | &nbsp;&nbsp; 158496 | 4443146 |
| Epiroc AB, Class B | &nbsp;&nbsp; 95009 | 2369248 |
| EQT AB | &nbsp;&nbsp; 120752 | 4583229 |
| Essity AB, Class B | &nbsp;&nbsp; 144633 | 4282388 |
| Evolution AB<sup>(c)</sup> | &nbsp;&nbsp; 32215 | 2092722 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 193016 | 1455843 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 119400 | 2391001 |
| Hexagon AB, Class B | &nbsp;&nbsp; 512693 | 5780633 |
| Holmen AB, Class B | &nbsp;&nbsp; 18639 | 698644 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 32166 | 1607992 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 36371 | 1820881 |
| Indutrade AB | &nbsp;&nbsp; 69051 | 1621005 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 40282 | 1003112 |
| Investor AB, Class B | &nbsp;&nbsp; 444833 | 17152606 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 17925 | 1067767 |
| Lifco AB, Class B | &nbsp;&nbsp; 57647 | 1980865 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 383129 | 1467682 |
| Nordea Bank Abp | &nbsp;&nbsp; 750942 | 14508494 |
| Saab AB, Class B | &nbsp;&nbsp; 79156 | 6175980 |
| Sagax AB, Class B | &nbsp;&nbsp; 52417 | 1155855 |
| Sandvik AB | &nbsp;&nbsp; 255531 | 10089985 |
| Securitas AB, Class B | &nbsp;&nbsp; 116733 | 1930402 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 366391 | 7875362 |
| Skanska AB, Class B | &nbsp;&nbsp; 80488 | 2444596 |
| SKF AB, Class B | &nbsp;&nbsp; 81629 | 2134329 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 38053 | 19039819 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 148691 | $1861747 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 349371 | 5507852 |
| Swedbank AB, Class A | &nbsp;&nbsp; 207961 | 8085578 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 49519 | 1880501 |
| Tele2 AB, Class B | &nbsp;&nbsp; 136283 | 2507406 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 696381 | 7541920 |
| Telia Co. AB | &nbsp;&nbsp; 590895 | 2699479 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 50008 | 2023635 |
| Volvo AB, Class B | &nbsp;&nbsp; 386826 | 14056249 |
|  |  | 210204266 |
| **Switzerland — 5.7%** | **Switzerland — 5.7%** | **Switzerland — 5.7%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 383824 | 33046487 |
| Alcon AG | &nbsp;&nbsp; 123598 | 10004304 |
| Avolta AG, Registered | &nbsp;&nbsp; 24808 | 1518782 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 8201 | 1109842 |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 835 | 1472954 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 2339 | 2558344 |
| BKW AG | &nbsp;&nbsp; 5448 | 1030006 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 210 | 3018010 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Registered<br>| &nbsp;&nbsp; 24 | 3547481 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 132541 | 25727472 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 1842 | 1432096 |
| Galderma Group AG | &nbsp;&nbsp; 38846 | 7240853 |
| Geberit AG, Registered | &nbsp;&nbsp; 8387 | 6404231 |
| Givaudan SA, Registered | &nbsp;&nbsp; 2211 | 8546593 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 19937 | 5056435 |
| Holcim AG | &nbsp;&nbsp; 124941 | 12877524 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 50448 | 4213936 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 11713 | 2712288 |
| Logitech International SA, Registered | &nbsp;&nbsp; 38094 | 3281878 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 17199 | 11685861 |
| Nestle SA, Registered | &nbsp;&nbsp; 630980 | 60212221 |
| Novartis AG, Registered | &nbsp;&nbsp; 465592 | 69079779 |
| Partners Group Holding AG | &nbsp;&nbsp; 5631 | 7678116 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 7879 | 3641053 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 172055 | 78240215 |
| Sandoz Group AG | &nbsp;&nbsp; 104561 | 8283931 |
| Schindler Holding AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 9971 | 3847234 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 5279 | 1941518 |
| SGS SA | &nbsp;&nbsp; 40935 | 4926914 |
| Sika AG, Registered | &nbsp;&nbsp; 37957 | 7283587 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 12596 | 3447314 |
| Straumann Holding AG | &nbsp;&nbsp; 27743 | 3336643 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 7005 | 1652743 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 7091 | 7775654 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 20302 | 3456224 |
| Swiss Re AG | &nbsp;&nbsp; 74268 | 11866823 |
| Swisscom AG, Registered | &nbsp;&nbsp; 6397 | 5252455 |
| UBS Group AG, Registered | &nbsp;&nbsp; 777412 | 36783543 |
| VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp; 6612 | 4275758 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 35841 | 25498067 |
|  |  | 494965169 |
| **Taiwan — 6.5%** | **Taiwan — 6.5%** | **Taiwan — 6.5%** |
| Accton Technology Corp. | &nbsp;&nbsp; 124000 | 4335442 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 115360 | 1088675 |
| Airtac International Group | &nbsp;&nbsp; 33928 | 1227875 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 18000 | 1767230 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 811762 | 7547040 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Asia Cement Corp. | &nbsp;&nbsp; 564440 | $629807 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 81000 | 3680032 |
| ASPEED Technology, Inc. | &nbsp;&nbsp; 7000 | 1957592 |
| Asustek Computer, Inc. | &nbsp;&nbsp; 173000 | 2717790 |
| Bizlink Holding, Inc. | &nbsp;&nbsp; 42000 | 1705673 |
| Caliway Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 234000 | 1223155 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 136000 | 868582 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 2288019 | 5451164 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 368770 | 1215404 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 1700853 | 1100968 |
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 371000 | 359715 |
| China Airlines Ltd. | &nbsp;&nbsp; 541000 | 380588 |
| China Steel Corp. | &nbsp;&nbsp; 2833288 | 1864148 |
| Chroma ATE, Inc. | &nbsp;&nbsp; 91000 | 2794281 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 930000 | 3943612 |
| Compal Electronics, Inc. | &nbsp;&nbsp; 986000 | 1017618 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 4100036 | 6605750 |
| Delta Electronics, Inc. | &nbsp;&nbsp; 477000 | 18203423 |
| E Ink Holdings, Inc. | &nbsp;&nbsp; 191000 | 1061800 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 3561435 | 3771324 |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 47000 | 587971 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 71000 | 3851217 |
| eMemory Technology, Inc. | &nbsp;&nbsp; 14000 | 806329 |
| Eva Airways Corp. | &nbsp;&nbsp; 641000 | 758711 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 259200 | 1530886 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 698000 | 614578 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 410000 | 1153379 |
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 92512 | 282004 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 2821940 | 2576200 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 774340 | 1036588 |
| Formosa Plastics Corp. | &nbsp;&nbsp; 1026960 | 1538405 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 39200 | 1196438 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 2044397 | 5870648 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 117000 | 860729 |
| Global Unichip Corp. | &nbsp;&nbsp; 21000 | 1722990 |
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 62000 | 974802 |
| Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 75000 | 1637777 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 3107377 | 21479493 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 70080 | 1208024 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 2212960 | 2327581 |
| Innolux Corp. | &nbsp;&nbsp; 1924892 | 1320578 |
| International Games System Co. Ltd., Class C | &nbsp;&nbsp; 59000 | 1339860 |
| Inventec Corp. | &nbsp;&nbsp; 679000 | 963843 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 20000 | 1772005 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 3968382 | 2269142 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 13000 | 1279785 |
| King Yuan Electronics Co. Ltd. | &nbsp;&nbsp; 269000 | 2492330 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 23000 | 1752997 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 475000 | 2441585 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 18000 | 810673 |
| MediaTek, Inc. | &nbsp;&nbsp; 373000 | 20690510 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 2924937 | 3596647 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 1273840 | 3045213 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 42000 | 566676 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 234000 | 2776553 |
| Pegatron Corp. | &nbsp;&nbsp; 492000 | 1084958 |
| PharmaEssentia Corp. | &nbsp;&nbsp; 70144 | 1712359 |
| President Chain Store Corp. | &nbsp;&nbsp; 133000 | 903093 |
| Quanta Computer, Inc. | &nbsp;&nbsp; 659000 | 5801287 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 114000 | 1744176 |
| Shanghai Commercial & Savings Bank Ltd.(The) | &nbsp;&nbsp; 913784 | 1144652 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 3160015 | 2862291 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Taiwan Business Bank | &nbsp;&nbsp; 2204605 | $1074248 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 2873307 | 2147353 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 518000 | 449532 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 428000 | 1435098 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 6030000 | 333434297 |
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 1662553 | 1391021 |
| Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 294000 | 749891 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 5700944 | 4097358 |
| Unimicron Technology Corp. | &nbsp;&nbsp; 327217 | 3889567 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 1181972 | 2689013 |
| United Microelectronics Corp. | &nbsp;&nbsp; 2790000 | 5551411 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 266466 | 1207917 |
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 163435 | 382764 |
| Wistron Corp. | &nbsp;&nbsp; 725000 | 2966987 |
| Wiwynn Corp. | &nbsp;&nbsp; 27000 | 3026487 |
| Yageo Corp. | &nbsp;&nbsp; 406052 | 3544987 |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 412000 | 699045 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 2662763 | 3627298 |
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 184000 | 1133920 |
|  |  | 564402845 |
| **Thailand — 0.3%** | **Thailand — 0.3%** | **Thailand — 0.3%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 266200 | 2952265 |
| Airports of Thailand PCL, NVDR | &nbsp;&nbsp; 1078100 | 1721080 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 2694500 | 1718377 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 135800 | 722512 |
| Central Pattana PCL, NVDR | &nbsp;&nbsp; 589400 | 1078266 |
| Charoen Pokphand Foods PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 1182600 | 774661 |
| CP ALL PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 1191900 | 1643214 |
| CP Axtra PCL, NVDR | &nbsp;&nbsp; 601025 | 282064 |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 770200 | 4983339 |
| Gulf Development PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 1114106 | 1657246 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 140600 | 839735 |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 867000 | 777989 |
| Minor International PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 1020220 | 739640 |
| PTT Exploration & Production PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 337499 | 1319358 |
| PTT PCL, NVDR | &nbsp;&nbsp; 2365300 | 2553309 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 214400 | 922948 |
| Siam Cement PCL (The), NVDR<sup>(b)</sup> | &nbsp;&nbsp; 191500 | 1250366 |
| True Corp. PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 2640096 | 972338 |
|  |  | 26908707 |
| **Turkey — 0.2%** | **Turkey — 0.2%** | **Turkey — 0.2%** |
| Akbank TAS | &nbsp;&nbsp; 748924 | 1601993 |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 354441 | 2480165 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 109947 | 1677868 |
| Eregli Demir ve Celik Fabrikalari TAS | &nbsp;&nbsp; 771761 | 499607 |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 196753 | 514278 |
| Haci Omer Sabanci Holding AS | &nbsp;&nbsp; 255859 | 643848 |
| KOC Holding AS | &nbsp;&nbsp; 177274 | 847869 |
| Turk Hava Yollari AO | &nbsp;&nbsp; 140181 | 980512 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 308139 | 830466 |
| Turkiye Is Bankasi AS, Class C | &nbsp;&nbsp; 2286256 | 878879 |
| Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp; 242223 | 1364946 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 876617 | 827956 |
|  |  | 13148387 |
| **United Arab Emirates — 0.5%** | **United Arab Emirates — 0.5%** | **United Arab Emirates — 0.5%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 761937 | 3160436 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 359041 | 2381212 |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 832518 | 929428 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 797736 | 1157776 |
| Adnoc Gas PLC | &nbsp;&nbsp; 1519791 | 1494809 |
| ADNOC Logistics & Services | &nbsp;&nbsp; 451402 | 689824 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Arab Emirates (continued)** | **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |
| Aldar Properties PJSC | &nbsp;&nbsp; 998265 | $2609676 |
| Americana Restaurants International PLC - <br> Foreign Co.<br>| &nbsp;&nbsp; 710722 | 301603 |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 1488483 | 1224517 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 704879 | 1854379 |
| Emaar Development PJSC | &nbsp;&nbsp; 241820 | 1132554 |
| Emaar Properties PJSC | &nbsp;&nbsp; 1615412 | 6608155 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 482944 | 4089737 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 829894 | 4451712 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 1086711 | 5503832 |
| Multiply Group PJSC<sup>(a)</sup> | &nbsp;&nbsp; 970845 | 596642 |
| Salik Co. PJSC | &nbsp;&nbsp; 467504 | 812165 |
|  |  | 38998457 |
| **United Kingdom — 9.0%** | **United Kingdom — 9.0%** | **United Kingdom — 9.0%** |
| 3i Group PLC | &nbsp;&nbsp; 236751 | 10876132 |
| Admiral Group PLC | &nbsp;&nbsp; 60953 | 2293903 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 270381 | 12536973 |
| Antofagasta PLC | &nbsp;&nbsp; 94156 | 4665573 |
| Ashtead Group PLC | &nbsp;&nbsp; 104320 | 6716091 |
| Associated British Foods PLC | &nbsp;&nbsp; 81030 | 2117662 |
| AstraZeneca PLC | &nbsp;&nbsp; 377629 | 70357615 |
| Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 221096 | 1629806 |
| Aviva PLC | &nbsp;&nbsp; 746890 | 6511274 |
| BAE Systems PLC | &nbsp;&nbsp; 737142 | 20011149 |
| Barclays PLC | &nbsp;&nbsp; 3454150 | 23053234 |
| Barratt Redrow PLC | &nbsp;&nbsp; 326895 | 1740628 |
| BP PLC | &nbsp;&nbsp; 3859009 | 24468264 |
| British American Tobacco PLC | &nbsp;&nbsp; 533525 | 32232171 |
| BT Group PLC | &nbsp;&nbsp; 1478194 | 3885463 |
| Bunzl PLC | &nbsp;&nbsp; 81988 | 2299195 |
| Centrica PLC | &nbsp;&nbsp; 1214154 | 3179275 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 55384 | 3007886 |
| Compass Group PLC | &nbsp;&nbsp; 412362 | 12364853 |
| DCC PLC | &nbsp;&nbsp; 24206 | 1534404 |
| Diageo PLC | &nbsp;&nbsp; 541476 | 12459525 |
| Endeavour Mining PLC | &nbsp;&nbsp; 47108 | 2681304 |
| Entain PLC | &nbsp;&nbsp; 148564 | 1232521 |
| Experian PLC | &nbsp;&nbsp; 221855 | 8402700 |
| Fresnillo PLC | &nbsp;&nbsp; 52792 | 2599825 |
| Glencore PLC | &nbsp;&nbsp; 2472493 | 16855860 |
| GSK PLC | &nbsp;&nbsp; 998301 | 25817721 |
| Haleon PLC | &nbsp;&nbsp; 2188366 | 11444934 |
| Halma PLC | &nbsp;&nbsp; 92954 | 4514644 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 42371 | 888790 |
| HSBC Holdings PLC | &nbsp;&nbsp; 4213910 | 74337273 |
| Imperial Brands PLC | &nbsp;&nbsp; 191785 | 8077559 |
| Informa PLC | &nbsp;&nbsp; 319419 | 3854690 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 35320 | 4771739 |
| Intertek Group PLC | &nbsp;&nbsp; 38204 | 2343726 |
| J Sainsbury PLC | &nbsp;&nbsp; 425019 | 1862311 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 607854 | 680266 |
| Kingfisher PLC | &nbsp;&nbsp; 436037 | 2009429 |
| Land Securities Group PLC | &nbsp;&nbsp; 178485 | 1593056 |
| Legal & General Group PLC | &nbsp;&nbsp; 1411041 | 5123229 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 14171000 | 21160195 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 114559 | 12778147 |
| M&G PLC | &nbsp;&nbsp; 570212 | 2417269 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 505988 | 2537632 |
| Melrose Industries PLC | &nbsp;&nbsp; 325581 | 2799324 |
| National Grid PLC | &nbsp;&nbsp; 1210870 | 20572136 |
| NatWest Group PLC, NVS | &nbsp;&nbsp; 1964442 | 17905459 |
| Next PLC | &nbsp;&nbsp; 28486 | 5171886 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| NMC Health PLC, NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 14180 | $— |
| Pearson PLC | &nbsp;&nbsp; 145959 | 1919791 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 171464 | 1737904 |
| Prudential PLC | &nbsp;&nbsp; 640075 | 10513390 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 165712 | 13813736 |
| RELX PLC | &nbsp;&nbsp; 450835 | 15983010 |
| Rentokil Initial PLC | &nbsp;&nbsp; 606713 | 3765755 |
| Rio Tinto PLC | &nbsp;&nbsp; 275457 | 25131127 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 2064436 | 34511124 |
| Sage Group PLC(The) | &nbsp;&nbsp; 245931 | 3224943 |
| Schroders PLC | &nbsp;&nbsp; 213471 | 1322182 |
| Segro PLC | &nbsp;&nbsp; 315939 | 3291635 |
| Severn Trent PLC | &nbsp;&nbsp; 70450 | 2829679 |
| Shell PLC | &nbsp;&nbsp; 1412505 | 54295981 |
| Smith & Nephew PLC | &nbsp;&nbsp; 201738 | 3438273 |
| Smiths Group PLC | &nbsp;&nbsp; 82318 | 2826950 |
| Spirax Group PLC | &nbsp;&nbsp; 17501 | 1743876 |
| SSE PLC | &nbsp;&nbsp; 294284 | 9781251 |
| Standard Chartered PLC | &nbsp;&nbsp; 482009 | 12332890 |
| Tesco PLC | &nbsp;&nbsp; 1601716 | 9320066 |
| Unilever PLC | &nbsp;&nbsp; 533863 | 36318371 |
| United Utilities Group PLC | &nbsp;&nbsp; 171236 | 2932509 |
| Vodafone Group PLC | &nbsp;&nbsp; 4774232 | 7031139 |
| Whitbread PLC | &nbsp;&nbsp; 44152 | 1648123 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 163471 | 2108406 |
|  |  | 784196812 |
| **Total Common Stocks — 98.8%** <br>**(Cost: $6,051,625,961)** | **Total Common Stocks — 98.8%** <br>**(Cost: $6,051,625,961)** | 8576352592 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.4%** | **Brazil — 0.4%** | **Brazil — 0.4%** |
| Axia Energia |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 90474 | 907708 |
| Class B, Preference Shares, NVS | &nbsp;&nbsp; 91161 | 1001381 |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 1318868 | 5340378 |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 460763 | 1005094 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 359632 | 1532079 |
| Itau Unibanco Holding SA, Preference Shares, NVS | &nbsp;&nbsp; 1349241 | 11665092 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 1530979 | 3973811 |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1121537 | 8046979 |
|  |  | 33472522 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Sociedad Quimica y Minera de Chile SA, Class B, <br> Preference Shares, NVS<br>| &nbsp;&nbsp; 37379 | 2878074 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Grupo Cibest SA, Preference Shares, NVS | &nbsp;&nbsp; 124346 | 2539465 |
| **Germany — 0.2%** | **Germany — 0.2%** | **Germany — 0.2%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 14496 | 1495197 |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 28741 | 1398620 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 37926 | 3331871 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 39143 | 1674751 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 6508 | 1818939 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 50379 | $6111226 |
|  |  | 15830604 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 189960 | 20651 |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 6101 | 1126296 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 8557 | 1616152 |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 199703 | 16176147 |
|  |  | 18918595 |
| **Total Preferred Stocks — 0.9%** <br>**(Cost: $47,644,767)** | **Total Preferred Stocks — 0.9%** <br>**(Cost: $47,644,767)** | 73659911 |
| **Rights** | **Rights** | **Rights** |
| **Spain — 0.0%** | **Spain — 0.0%** | **Spain — 0.0%** |
| ACS Actividades de Construccion y Servicios SA, <br> (Expires 02/19/26)<sup>(a)</sup><br>| &nbsp;&nbsp; 44786 | 24632 |
| **Total Rights — 0.0%** <br>**(Cost: $23,986)** | **Total Rights — 0.0%** <br>**(Cost: $23,986)** | 24632 |
| **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)(b)(d)</sup><br>| &nbsp;&nbsp; 3748 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $6,099,294,714)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $6,099,294,714)** | 8650037135 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.82%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 36640209 | 36658529 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.64%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 13670000 | 13670000 |
| **Total Short-Term Securities — 0.6%** <br>**(Cost: $50,317,474)** | **Total Short-Term Securities — 0.6%** <br>**(Cost: $50,317,474)** | 50328529 |
| **Total Investments — 100.3%** <br>**(Cost: $6,149,612,188)** | **Total Investments — 100.3%** <br>**(Cost: $6,149,612,188)** | 8700365664 |
| **Liabilities in Excess of Other Assets — (0.3)%** | **Liabilities in Excess of Other Assets — (0.3)%** | (22960177)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $8677405487 |

---

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 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>*07/31/25*<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>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<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>| $42546752 | $— | &nbsp;&nbsp; $(5893511 )<sup>(a)</sup><br>| $2715 | $2573 | $36658529 | 36640209 | $352731 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 8300000 | 5370000 <br><sup>(a)</sup><br>|  |  |  | 13670000 | 13670000 | 154660 |  |
|  |  |  |  | $2715 | $2573 | $50328529 |  | $507391 | $— |

---

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

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

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI EAFE Index | 89 | 03/20/26 | &nbsp;&nbsp; $13514 | $496319 |
| MSCI Emerging Markets Index | 90 | 03/20/26 | &nbsp;&nbsp; 6843 | 466709 |
|  |  |  |  | $963028 |

---

**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; $963028 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $963028 |

---

&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 January 31, 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; $1326206 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1326206 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $913985 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $913985 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ex U.S. ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $19170108 |

---

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; $1109169207 | &nbsp;&nbsp; $7467182896 | &nbsp;&nbsp; $489 | &nbsp;&nbsp; $8576352592 |
| Preferred Stocks | &nbsp;&nbsp; 36011987 | &nbsp;&nbsp; 37647924 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73659911 |
| Rights | &nbsp;&nbsp; 24632 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24632 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 50328529 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50328529 |
|  | &nbsp;&nbsp; $1195534355 | &nbsp;&nbsp; $7504830820 | &nbsp;&nbsp; $489 | &nbsp;&nbsp; $8700365664 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $963028 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $963028 |

---

&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)

January 31, 2026

**iShares® MSCI EAFE 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** |
| **Australia — 10.9%** | **Australia — 10.9%** | **Australia — 10.9%** |
| Abacus Group | &nbsp;&nbsp; 1692540 | $1360680 |
| Abacus Storage King | &nbsp;&nbsp; 1890733 | 2034332 |
| Accent Group Ltd. | &nbsp;&nbsp; 1658350 | 1065035 |
| AET&D Holdings No. 1 Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 169200 | 1 |
| AGL Energy Ltd. | &nbsp;&nbsp; 2321707 | 14607242 |
| Alkane Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3836117 | 4153869 |
| Alpha HPA Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3440373 | 1745891 |
| ALS Ltd. | &nbsp;&nbsp; 1936520 | 33020505 |
| Amotiv Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 501910 | 2928131 |
| AMP Ltd. | &nbsp;&nbsp; 9164766 | 10729337 |
| Ampol Ltd. | &nbsp;&nbsp; 909155 | 18265554 |
| Ansell Ltd. | &nbsp;&nbsp; 557949 | 12649910 |
| ARB Corp. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 298731 | 5342493 |
| Arena REIT | &nbsp;&nbsp; 1495275 | 3682238 |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 3891254 | 13429041 |
| AUB Group Ltd. | &nbsp;&nbsp; 446893 | 9380461 |
| Aurizon Holdings Ltd. | &nbsp;&nbsp; 6697789 | 17132772 |
| Aussie Broadband Ltd. | &nbsp;&nbsp; 934792 | 2932722 |
| Austal Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1087968 | 5246657 |
| Bank of Queensland Ltd. | &nbsp;&nbsp; 2517361 | 11856425 |
| Bapcor Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1171684 | 1732336 |
| Beach Energy Ltd. | &nbsp;&nbsp; 5658640 | 4850260 |
| Bega Cheese Ltd. | &nbsp;&nbsp; 1052607 | 4455422 |
| Bellevue Gold Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 5631104 | 6603433 |
| Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp; 2173040 | 16547263 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 1676898 | 34998638 |
| Boss Energy Ltd. <sup>(b)(c)</sup> | &nbsp;&nbsp; 1661608 | 2201362 |
| Bravura Solutions Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1191467 | 1690378 |
| Brazilian Rare Earths Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 313366 | 829207 |
| Breville Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 388281 | 8652026 |
| BWP Property Group Ltd. | &nbsp;&nbsp; 2198617 | 5712466 |
| Capricorn Metals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1486151 | 13919903 |
| Catalyst Metals Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 939241 | 5326876 |
| Catapult Sports Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 875822 | 2124059 |
| Centuria Capital Group | &nbsp;&nbsp; 2668269 | 3577628 |
| Centuria Industrial REIT | &nbsp;&nbsp; 2011677 | 4545387 |
| Centuria Office REIT | &nbsp;&nbsp; 1512977 | 1122043 |
| Challenger Ltd. | &nbsp;&nbsp; 1986630 | 12653722 |
| Champion Iron Ltd. | &nbsp;&nbsp; 1433526 | 5789900 |
| Charter Hall Group | &nbsp;&nbsp; 1724884 | 27469146 |
| Charter Hall Long Wale REIT | &nbsp;&nbsp; 2412584 | 6525437 |
| Charter Hall Retail REIT | &nbsp;&nbsp; 1994585 | 5431501 |
| Charter Hall Social Infrastructure REIT | &nbsp;&nbsp; 1304572 | 2636871 |
| Clarity Pharmaceuticals Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1080188 | 2291675 |
| Cleanaway Waste Management Ltd., Class L | &nbsp;&nbsp; 8590339 | 14724217 |
| Codan Ltd. | &nbsp;&nbsp; 418760 | 11026711 |
| Collins Foods Ltd. | &nbsp;&nbsp; 428524 | 3180020 |
| Corporate Travel Management Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 408317 | 4081359 |
| Credit Corp. Group Ltd. | &nbsp;&nbsp; 257435 | 2528677 |
| Cromwell Property Group | &nbsp;&nbsp; 6268923 | 1787596 |
| Data#3 Ltd. | &nbsp;&nbsp; 563154 | 3814556 |
| Deep Yellow Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3559100 | 6950136 |
| Deterra Royalties Ltd. | &nbsp;&nbsp; 1611167 | 4704531 |
| Develop Global Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 992164 | 3564555 |
| Dexus | &nbsp;&nbsp; 4138698 | 19308129 |
| Dexus Industria REIT | &nbsp;&nbsp; 1045861 | 1865828 |
| Dicker Data Ltd. | &nbsp;&nbsp; 462889 | 3227472 |
| DigiCo Infrastructure REIT | &nbsp;&nbsp; 1563380 | 2786874 |
| Domino's Pizza Enterprises Ltd., Class L<sup>(c)</sup> | &nbsp;&nbsp; 275582 | 4365223 |
| Downer EDI Ltd. | &nbsp;&nbsp; 2536193 | 14143402 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| DroneShield Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 3192723 | $7326085 |
| Dyno Nobel Ltd. | &nbsp;&nbsp; 6862466 | 16713466 |
| Eagers Automotive Ltd. | &nbsp;&nbsp; 662917 | 12306149 |
| Elders Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 724978 | 3713870 |
| Emerald Resources NL<sup>(b)</sup> | &nbsp;&nbsp; 2021533 | 9504161 |
| Endeavour Group Ltd./Australia | &nbsp;&nbsp; 5818989 | 14948672 |
| EVT Ltd. | &nbsp;&nbsp; 341369 | 2955566 |
| Firefinch Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 4681624 | 33 |
| Flight Centre Travel Group Ltd., Class L<sup>(c)</sup> | &nbsp;&nbsp; 652678 | 7319963 |
| Gemlife Communities Group<sup>(b)</sup> | &nbsp;&nbsp; 657213 | 2301982 |
| Generation Development Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1198117 | 4456525 |
| Genesis Minerals Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 3949316 | 19501683 |
| GPT Group(The) | &nbsp;&nbsp; 7318527 | 26888351 |
| GrainCorp Ltd., Class A | &nbsp;&nbsp; 836349 | 4193820 |
| Greatland Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1859556 | 16030502 |
| Greatland Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 46856 | 384895 |
| Growthpoint Properties Australia Ltd. | &nbsp;&nbsp; 1125591 | 1792196 |
| Guzman y Gomez Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 193776 | 2974901 |
| Hansen Technologies Ltd. | &nbsp;&nbsp; 699899 | 2417033 |
| Harvey Norman Holdings Ltd. | &nbsp;&nbsp; 2100554 | 9439287 |
| Helia Group Ltd. | &nbsp;&nbsp; 1000626 | 4046073 |
| HMC Capital Ltd. | &nbsp;&nbsp; 1114917 | 3253487 |
| HomeCo Daily Needs REIT | &nbsp;&nbsp; 6653139 | 5969891 |
| HUB24 Ltd. | &nbsp;&nbsp; 311681 | 21838263 |
| IDP Education Ltd. | &nbsp;&nbsp; 1078445 | 4693083 |
| IGO Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 2613668 | 14940328 |
| Iluka Resources Ltd. | &nbsp;&nbsp; 1651537 | 6052691 |
| Imdex Ltd. | &nbsp;&nbsp; 1962740 | 5073358 |
| Ingenia Communities Group | &nbsp;&nbsp; 1528319 | 5011066 |
| Inghams Group Ltd. | &nbsp;&nbsp; 1470260 | 2555460 |
| Insignia Financial Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2063597 | 6667586 |
| IperionX Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1152115 | 5773660 |
| IPH Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 963337 | 2499671 |
| IRESS Ltd. | &nbsp;&nbsp; 715946 | 4030782 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp; 417192 | 23504821 |
| Judo Capital Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3827376 | 4823180 |
| Karoon Energy Ltd. | &nbsp;&nbsp; 2838543 | 3360394 |
| Kelsian Group Ltd. | &nbsp;&nbsp; 721932 | 1960627 |
| L1 Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2967474 | 2528139 |
| Lendlease Corp. Ltd. | &nbsp;&nbsp; 2355317 | 7882099 |
| Leo Lithium Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 4370759 | 30 |
| Liontown Resources Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 7323252 | 9297027 |
| Lovisa Holdings Ltd. | &nbsp;&nbsp; 250767 | 5378542 |
| MA Financial Group Ltd. | &nbsp;&nbsp; 434958 | 3140898 |
| Maas Group Holdings Ltd. | &nbsp;&nbsp; 648319 | 2450784 |
| Macquarie Technology Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 54960 | 2672598 |
| Mader Group Ltd. | &nbsp;&nbsp; 180658 | 1032828 |
| Magellan Financial Group Ltd. | &nbsp;&nbsp; 654970 | 3959542 |
| McMillan Shakespeare Ltd. | &nbsp;&nbsp; 232072 | 2751238 |
| Megaport Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 613496 | 4899075 |
| Mesoblast Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 3422074 | 6002643 |
| Metcash Ltd. | &nbsp;&nbsp; 4170511 | 9614773 |
| Mineral Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 681320 | 26800004 |
| Mirvac Group | &nbsp;&nbsp; 15148758 | 21038081 |
| Monadelphous Group Ltd. | &nbsp;&nbsp; 354112 | 7619162 |
| Myer Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 4928570 | 1487581 |
| Nanosonics Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1004166 | 2711437 |
| National Storage REIT | &nbsp;&nbsp; 5399319 | 10346949 |
| Netwealth Group Ltd. | &nbsp;&nbsp; 464564 | 7871492 |
| Neuren Pharmaceuticals Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 434455 | 5030570 |
| New Hope Corp. Ltd. | &nbsp;&nbsp; 1953606 | 6125910 |
| NEXTDC Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 2444904 | 22589709 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| nib holdings Ltd. | &nbsp;&nbsp; 1875839 | $8749331 |
| Nick Scali Ltd. | &nbsp;&nbsp; 295785 | 5024441 |
| Nickel Industries Ltd. | &nbsp;&nbsp; 8158350 | 5164762 |
| Nine Entertainment Co. Holdings Ltd. | &nbsp;&nbsp; 4853555 | 3848924 |
| NRW Holdings Ltd. | &nbsp;&nbsp; 1672829 | 6035940 |
| Nufarm Ltd./Australia<sup>(b)</sup> | &nbsp;&nbsp; 1330096 | 2171985 |
| Nuix Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 812774 | 972665 |
| Objective Corp. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 127514 | 1334650 |
| Ora Banda Mining Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4752152 | 3983205 |
| Orica Ltd. | &nbsp;&nbsp; 1786693 | 31828507 |
| Orora Ltd. | &nbsp;&nbsp; 4826712 | 6853952 |
| Paladin Energy Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1667309 | 15632436 |
| Pantoro Gold Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1282771 | 4255631 |
| Perenti Ltd. | &nbsp;&nbsp; 3237673 | 6232873 |
| Perpetual Ltd. | &nbsp;&nbsp; 436760 | 5469233 |
| Perseus Mining Ltd. | &nbsp;&nbsp; 5190302 | 19990415 |
| PEXA Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 505674 | 4834747 |
| Pilbara Minerals Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 12333322 | 36188182 |
| Pinnacle Investment Management Group Ltd. | &nbsp;&nbsp; 646222 | 7578451 |
| PolyNovo Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 2414857 | 1696507 |
| Predictive Discovery Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7075896 | 3909622 |
| Premier Investments Ltd. | &nbsp;&nbsp; 369248 | 3420117 |
| PWR Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 345136 | 2230243 |
| Qube Holdings Ltd. | &nbsp;&nbsp; 6447566 | 21325755 |
| Ramelius Resources Ltd. | &nbsp;&nbsp; 7372414 | 22705666 |
| Ramsay Health Care Ltd. | &nbsp;&nbsp; 750851 | 18940809 |
| Redox Ltd./Australia<sup>(c)</sup> | &nbsp;&nbsp; 772274 | 1697846 |
| Reece Ltd. | &nbsp;&nbsp; 862456 | 8828060 |
| Region Group | &nbsp;&nbsp; 4480716 | 7186817 |
| Regis Healthcare Ltd. | &nbsp;&nbsp; 745866 | 3497034 |
| Regis Resources Ltd. | &nbsp;&nbsp; 2884945 | 15037066 |
| Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp; 2933581 | 7623089 |
| Resolute Mining Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8121028 | 7274989 |
| Sandfire Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1739332 | 23601052 |
| SEEK Ltd. | &nbsp;&nbsp; 1362474 | 19789216 |
| Service Stream Ltd. | &nbsp;&nbsp; 2262476 | 3585816 |
| Silex Systems Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 849376 | 4027593 |
| Sims Ltd. | &nbsp;&nbsp; 626096 | 8766076 |
| SiteMinder Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 930183 | 3262768 |
| SmartGroup Corp. Ltd. | &nbsp;&nbsp; 496257 | 2910417 |
| SRG Global Ltd. | &nbsp;&nbsp; 2211322 | 4637087 |
| Stanmore Resources Ltd. | &nbsp;&nbsp; 1380097 | 2888991 |
| Steadfast Group Ltd. | &nbsp;&nbsp; 4053619 | 14680145 |
| Super Retail Group Ltd. | &nbsp;&nbsp; 599788 | 6120391 |
| Superloop Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1819055 | 2898483 |
| Supply Network Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 73029 | 1864457 |
| Tabcorp Holdings Ltd. | &nbsp;&nbsp; 8768204 | 5382613 |
| Technology One Ltd. | &nbsp;&nbsp; 1125765 | 19654499 |
| Telix Pharmaceuticals Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1030434 | 7518397 |
| Temple & Webster Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 339623 | 2824751 |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp; 3092279 | 11523027 |
| Tuas Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1150342 | 5689506 |
| Vault Minerals Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3974707 | 15210299 |
| Ventia Services Group Pty. Ltd. | &nbsp;&nbsp; 3202696 | 12826672 |
| Virgin Australia Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1030351 | 2245729 |
| Viva Energy Group Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 4340597 | 5433748 |
| Vulcan Energy Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1422480 | 3900162 |
| Vulcan Steel Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 288079 | 1394197 |
| WA1 Resources Ltd., NVS<sup>(b)</sup> | &nbsp;&nbsp; 192267 | 2266452 |
| Waypoint REIT Ltd. | &nbsp;&nbsp; 2393284 | 4079480 |
| WEB Travel Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1320720 | 4226262 |
| Westgold Resources Ltd. | &nbsp;&nbsp; 3597965 | 17168400 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Whitehaven Coal Ltd. | &nbsp;&nbsp; 3024317 | $18477510 |
| Worley Ltd. | &nbsp;&nbsp; 1870792 | 17401202 |
| Yancoal Australia Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1524408 | 6101991 |
| Zip Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4934189 | 9102854 |
|  |  | 1492748386 |
| **Austria — 1.2%** | **Austria — 1.2%** | **Austria — 1.2%** |
| Andritz AG | &nbsp;&nbsp; 259980 | 22494607 |
| AT&S Austria Technologie & Systemtechnik AG<sup>(b)</sup> | &nbsp;&nbsp; 96888 | 4355742 |
| BAWAG Group AG<sup>(d)</sup> | &nbsp;&nbsp; 303218 | 49326238 |
| CA Immobilien Anlagen AG | &nbsp;&nbsp; 126422 | 3772406 |
| CPI Europe AG<sup>(b)</sup> | &nbsp;&nbsp; 127346 | 2349030 |
| DO & CO AG | &nbsp;&nbsp; 29521 | 6900561 |
| EVN AG | &nbsp;&nbsp; 140261 | 4726047 |
| Frequentis AG | &nbsp;&nbsp; 6299 | 618228 |
| Lenzing AG<sup>(b)(c)</sup> | &nbsp;&nbsp; 72681 | 2194245 |
| Oesterreichische Post AG | &nbsp;&nbsp; 130462 | 5087887 |
| Palfinger AG | &nbsp;&nbsp; 58701 | 2522384 |
| Porr AG | &nbsp;&nbsp; 75129 | 3089902 |
| UNIQA Insurance Group AG | &nbsp;&nbsp; 469691 | 8706642 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe<br>| &nbsp;&nbsp; 147048 | 11558561 |
| voestalpine AG | &nbsp;&nbsp; 409614 | 19450718 |
| Wienerberger AG | &nbsp;&nbsp; 421522 | 13933207 |
|  |  | 161086405 |
| **Belgium — 1.6%** | **Belgium — 1.6%** | **Belgium — 1.6%** |
| Ackermans & van Haaren NV | &nbsp;&nbsp; 88993 | 26330196 |
| Aedifica SA | &nbsp;&nbsp; 182817 | 16098505 |
| Azelis Group NV | &nbsp;&nbsp; 657840 | 6514297 |
| Barco NV | &nbsp;&nbsp; 232979 | 3198309 |
| Bekaert SA | &nbsp;&nbsp; 130401 | 6397066 |
| CMB Tech NV | &nbsp;&nbsp; 138905 | 1800050 |
| CMB Tech NV | &nbsp;&nbsp; 337121 | 4443624 |
| Cofinimmo SA | &nbsp;&nbsp; 146737 | 15257746 |
| Colruyt Group NV | &nbsp;&nbsp; 120291 | 4614112 |
| Deme Group NV | &nbsp;&nbsp; 29112 | 5803178 |
| Fagron | &nbsp;&nbsp; 253686 | 6669236 |
| Galapagos NV<sup>(b)(c)</sup> | &nbsp;&nbsp; 129393 | 4377780 |
| Gimv NV | &nbsp;&nbsp; 90803 | 4903721 |
| KBC Ancora | &nbsp;&nbsp; 147903 | 13591901 |
| Kinepolis Group NV | &nbsp;&nbsp; 55018 | 1742533 |
| Melexis NV | &nbsp;&nbsp; 76098 | 5752839 |
| Montea NV | &nbsp;&nbsp; 75451 | 6390806 |
| Ontex Group NV<sup>(b)(c)</sup> | &nbsp;&nbsp; 244308 | 1420894 |
| Proximus SADP | &nbsp;&nbsp; 585048 | 5337905 |
| Recticel SA<sup>(c)</sup> | &nbsp;&nbsp; 155843 | 1885767 |
| Retail Estates NV | &nbsp;&nbsp; 49083 | 3762077 |
| Shurgard Self Storage Ltd. | &nbsp;&nbsp; 135485 | 4917799 |
| Solvay SA | &nbsp;&nbsp; 285780 | 8413413 |
| Tessenderlo Group SA | &nbsp;&nbsp; 85071 | 2759418 |
| Umicore SA | &nbsp;&nbsp; 751763 | 17871117 |
| Vastned NV<sup>(b)</sup> | &nbsp;&nbsp; 37236 | 1324130 |
| VGP NV | &nbsp;&nbsp; 51805 | 6353075 |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 774107 | 21934812 |
| Xior Student Housing NV | &nbsp;&nbsp; 152748 | 5083587 |
|  |  | 214949893 |
| **China — 0.1%** | **China — 0.1%** | **China — 0.1%** |
| HBM Holdings Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 2527000 | 3855297 |
| Mobvista, Inc.<sup>(b)(d)</sup> | &nbsp;&nbsp; 2117000 | 4037785 |
| United Energy Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 45768000 | 3769063 |
|  |  | 11662145 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Denmark — 2.0%** | **Denmark — 2.0%** | **Denmark — 2.0%** |
| AL Sydbank | &nbsp;&nbsp; 196474 | $17793547 |
| ALK-Abello A/S<sup>(b)</sup> | &nbsp;&nbsp; 502756 | 16612936 |
| Alm Brand A/S | &nbsp;&nbsp; 2833206 | 7847095 |
| Ambu A/S, Class B<sup>(c)</sup> | &nbsp;&nbsp; 719605 | 9758349 |
| Bavarian Nordic A/S<sup>(b)</sup> | &nbsp;&nbsp; 303086 | 9234814 |
| cBrain A/S<sup>(c)</sup> | &nbsp;&nbsp; 43925 | 566099 |
| Chemometec A/S | &nbsp;&nbsp; 66600 | 6436749 |
| D/S Norden A/S | &nbsp;&nbsp; 77855 | 3516733 |
| DFDS A/S<sup>(b)</sup> | &nbsp;&nbsp; 115614 | 1812236 |
| FLSmidth & Co. A/S | &nbsp;&nbsp; 165278 | 14167420 |
| GN Store Nord A/S<sup>(b)(c)</sup> | &nbsp;&nbsp; 520545 | 9137557 |
| Gubra AS<sup>(c)</sup> | &nbsp;&nbsp; 24979 | 1792933 |
| H Lundbeck A/S | &nbsp;&nbsp; 1056353 | 7082159 |
| ISS A/S | &nbsp;&nbsp; 534164 | 20258004 |
| Jyske Bank A/S, Registered | &nbsp;&nbsp; 164860 | 23991498 |
| Matas A/S<sup>(c)</sup> | &nbsp;&nbsp; 131031 | 2007923 |
| Netcompany Group A/S<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 154461 | 8152256 |
| NKT A/S<sup>(b)</sup> | &nbsp;&nbsp; 205507 | 26877499 |
| NTG Nordic Transport Group A/S, Class A<sup>(b)(c)</sup> | &nbsp;&nbsp; 42657 | 1304524 |
| Per Aarsleff Holding A/S | &nbsp;&nbsp; 66487 | 9481237 |
| Ringkjoebing Landbobank A/S | &nbsp;&nbsp; 96945 | 24438653 |
| Royal Unibrew A/S | &nbsp;&nbsp; 192871 | 18171267 |
| Scandinavian Tobacco Group A/S, Class A<sup>(d)</sup> | &nbsp;&nbsp; 187802 | 2920733 |
| Schouw & Co. A/S | &nbsp;&nbsp; 46945 | 4954044 |
| TORM PLC, Class A<sup>(c)</sup> | &nbsp;&nbsp; 226100 | 5551703 |
| Zealand Pharma A/S<sup>(b)</sup> | &nbsp;&nbsp; 245887 | 16444301 |
|  |  | 270312269 |
| **Finland — 1.1%** | **Finland — 1.1%** | **Finland — 1.1%** |
| Citycon OYJ | &nbsp;&nbsp; 324224 | 1461180 |
| Finnair OYJ | &nbsp;&nbsp; 353709 | 1241250 |
| Harvia OYJ<sup>(c)</sup> | &nbsp;&nbsp; 61581 | 2997243 |
| Hiab OYJ, Class B | &nbsp;&nbsp; 149107 | 8860139 |
| Huhtamaki OYJ | &nbsp;&nbsp; 376997 | 13230614 |
| Kalmar OYJ, Class B | &nbsp;&nbsp; 145887 | 7458881 |
| Kemira OYJ | &nbsp;&nbsp; 478148 | 11246449 |
| Kempower OYJ<sup>(b)(c)</sup> | &nbsp;&nbsp; 87192 | 1675432 |
| Kojamo OYJ<sup>(b)</sup> | &nbsp;&nbsp; 574806 | 6493228 |
| Konecranes OYJ | &nbsp;&nbsp; 258183 | 30404178 |
| Mandatum OYJ | &nbsp;&nbsp; 1656262 | 13507358 |
| Marimekko OYJ | &nbsp;&nbsp; 117650 | 1795107 |
| Metsa Board OYJ, Class B<sup>(c)</sup> | &nbsp;&nbsp; 629347 | 1954990 |
| Nokian Renkaat OYJ | &nbsp;&nbsp; 475735 | 6103365 |
| Outokumpu OYJ | &nbsp;&nbsp; 1452266 | 8153817 |
| Puuilo OYJ | &nbsp;&nbsp; 309405 | 4514730 |
| QT Group OYJ<sup>(b)</sup> | &nbsp;&nbsp; 72377 | 2275891 |
| Revenio Group OYJ | &nbsp;&nbsp; 82586 | 1964672 |
| TietoEVRY OYJ | &nbsp;&nbsp; 403764 | 8764805 |
| TietoEVRY OYJ, New | &nbsp;&nbsp; 7131 | 154542 |
| Tokmanni Group Corp.<sup>(c)</sup> | &nbsp;&nbsp; 171151 | 1562269 |
| Valmet OYJ | &nbsp;&nbsp; 564976 | 19359776 |
| YIT OYJ<sup>(b)</sup> | &nbsp;&nbsp; 430172 | 1573936 |
|  |  | 156753852 |
| **France — 3.6%** | **France — 3.6%** | **France — 3.6%** |
| Air France-KLM, NVS<sup>(b)</sup> | &nbsp;&nbsp; 448068 | 5747865 |
| Altarea SCA | &nbsp;&nbsp; 22211 | 3063628 |
| Alten SA | &nbsp;&nbsp; 113200 | 11097097 |
| Antin Infrastructure Partners SA | &nbsp;&nbsp; 129443 | 1595402 |
| Aperam SA | &nbsp;&nbsp; 169412 | 7289529 |
| ARGAN SA, NVS | &nbsp;&nbsp; 45255 | 3541521 |
| Arkema SA | &nbsp;&nbsp; 214901 | 12941777 |
| Assystem SA<sup>(c)</sup> | &nbsp;&nbsp; 24418 | 1373277 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Aubay | &nbsp;&nbsp; 28173 | $1999187 |
| Beneteau SACA | &nbsp;&nbsp; 138324 | 1300890 |
| Canal+ SA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 2643542 | 11430280 |
| Carmila SA | &nbsp;&nbsp; 235059 | 4548488 |
| Cie des Alpes | &nbsp;&nbsp; 77308 | 2380215 |
| Clariane SE<sup>(b)</sup> | &nbsp;&nbsp; 414300 | 1871074 |
| Coface SA | &nbsp;&nbsp; 399998 | 7315623 |
| Derichebourg SA | &nbsp;&nbsp; 364713 | 3437376 |
| Elior Group SA<sup>(b)(d)</sup> | &nbsp;&nbsp; 439909 | 1484447 |
| Elis SA | &nbsp;&nbsp; 632550 | 18365737 |
| Emeis SA<sup>(b)</sup> | &nbsp;&nbsp; 280058 | 4522728 |
| Equasens<sup>(c)</sup> | &nbsp;&nbsp; 20118 | 946457 |
| Eramet SA<sup>(c)</sup> | &nbsp;&nbsp; 33813 | 2930370 |
| Etablissements Maurel et Prom SA | &nbsp;&nbsp; 220283 | 1721262 |
| Eurazeo SE | &nbsp;&nbsp; 151662 | 9110184 |
| Eutelsat Communications SACA<sup>(b)(c)</sup> | &nbsp;&nbsp; 1053713 | 2860433 |
| Exail Technologies SA, NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 36842 | 4840092 |
| Exosens SAS<sup>(c)</sup> | &nbsp;&nbsp; 115154 | 7376828 |
| Fnac Darty SA | &nbsp;&nbsp; 45369 | 1910107 |
| Forvia SE<sup>(b)</sup> | &nbsp;&nbsp; 609705 | 9954911 |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 141169 | 30414632 |
| GL Events SACA | &nbsp;&nbsp; 29979 | 1142955 |
| ICADE | &nbsp;&nbsp; 133738 | 3302949 |
| ID Logistics Group SACA<sup>(b)</sup> | &nbsp;&nbsp; 12172 | 5903916 |
| Imerys SA | &nbsp;&nbsp; 134038 | 4179425 |
| Interparfums SA | &nbsp;&nbsp; 95682 | 2912846 |
| IPSOS SA | &nbsp;&nbsp; 135905 | 5765588 |
| JCDecaux SE | &nbsp;&nbsp; 282897 | 5579791 |
| Kaufman & Broad SA | &nbsp;&nbsp; 48460 | 1803112 |
| LISI SA | &nbsp;&nbsp; 79572 | 5044610 |
| Louis Hachette Group, NVS | &nbsp;&nbsp; 2550701 | 5017232 |
| Manitou BF SA | &nbsp;&nbsp; 39625 | 1044711 |
| Medincell SA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 71387 | 1908735 |
| Mercialys SA | &nbsp;&nbsp; 361723 | 4551192 |
| Mersen SA | &nbsp;&nbsp; 84686 | 2589363 |
| Metropole Television SA | &nbsp;&nbsp; 92461 | 1324448 |
| Nanobiotix SA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 119245 | 2463131 |
| Nexans SA | &nbsp;&nbsp; 142434 | 22435110 |
| Nexity SA<sup>(b)(c)</sup> | &nbsp;&nbsp; 163690 | 1850871 |
| Opmobility | &nbsp;&nbsp; 219254 | 4200842 |
| OVH Groupe SAS, NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 111810 | 1321151 |
| Peugeot Invest SA | &nbsp;&nbsp; 19352 | 1672664 |
| Pierre Et Vacances SA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 496664 | 1065989 |
| Planisware SA, NVS | &nbsp;&nbsp; 93144 | 2213786 |
| Pluxee NV, NVS | &nbsp;&nbsp; 333493 | 4418122 |
| Quadient SA | &nbsp;&nbsp; 96411 | 1824486 |
| Remy Cointreau SA<sup>(c)</sup> | &nbsp;&nbsp; 90366 | 4309482 |
| Robertet SA | &nbsp;&nbsp; 3188 | 3196465 |
| Rubis SCA | &nbsp;&nbsp; 282089 | 11422648 |
| SCOR SE | &nbsp;&nbsp; 618207 | 20145617 |
| SEB SA | &nbsp;&nbsp; 95034 | 5360720 |
| Seche Environnement SACA, NVS<sup>(c)</sup> | &nbsp;&nbsp; 8754 | 816100 |
| SES SA, Class A | &nbsp;&nbsp; 1380363 | 11305912 |
| Societe BIC SA | &nbsp;&nbsp; 77463 | 4990083 |
| SOITEC<sup>(b)</sup> | &nbsp;&nbsp; 100999 | 3145362 |
| Sopra Steria Group | &nbsp;&nbsp; 55070 | 10059363 |
| SPIE SA | &nbsp;&nbsp; 545663 | 29898988 |
| Technip Energies NV | &nbsp;&nbsp; 509193 | 19954971 |
| Teleperformance SE | &nbsp;&nbsp; 205395 | 13267566 |
| Television Francaise 1 SA | &nbsp;&nbsp; 154713 | 1495350 |
| Trigano SA | &nbsp;&nbsp; 32884 | 6542964 |
| Ubisoft Entertainment SA<sup>(b)(c)</sup> | &nbsp;&nbsp; 355279 | 1832953 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Valeo SE | &nbsp;&nbsp; 798581 | $11153292 |
| Vallourec SACA | &nbsp;&nbsp; 622015 | 13200928 |
| Valneva SE<sup>(b)(c)</sup> | &nbsp;&nbsp; 524751 | 2430647 |
| Vicat SACA | &nbsp;&nbsp; 60583 | 5613645 |
| Virbac SACA | &nbsp;&nbsp; 15726 | 6555677 |
| Vivendi SE | &nbsp;&nbsp; 2548510 | 7110186 |
| Voltalia SA<sup>(b)(c)</sup> | &nbsp;&nbsp; 154589 | 1300543 |
| VusionGroup | &nbsp;&nbsp; 32132 | 5002249 |
| Wavestone<sup>(c)</sup> | &nbsp;&nbsp; 28816 | 2057331 |
| Wendel SE | &nbsp;&nbsp; 91680 | 8857040 |
| Worldline SA<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 781927 | 1324473 |
| X-Fab Silicon Foundries SE<sup>(b)(d)</sup> | &nbsp;&nbsp; 208995 | 1269065 |
|  |  | 486528062 |
| **Germany — 3.8%** | **Germany — 3.8%** | **Germany — 3.8%** |
| 1&1 AG<sup>(c)</sup> | &nbsp;&nbsp; 107026 | 3408406 |
| Adesso SE | &nbsp;&nbsp; 12864 | 1240529 |
| Aixtron SE | &nbsp;&nbsp; 436569 | 10015481 |
| AlzChem Group AG | &nbsp;&nbsp; 23588 | 4312237 |
| Aroundtown SA<sup>(b)</sup> | &nbsp;&nbsp; 2979849 | 9469177 |
| Atoss Software SE | &nbsp;&nbsp; 36080 | 4158180 |
| Aumovio SE<sup>(b)</sup> | &nbsp;&nbsp; 209961 | 10074811 |
| Aurubis AG<sup>(c)</sup> | &nbsp;&nbsp; 121086 | 22865148 |
| Auto1 Group SE<sup>(b)</sup> | &nbsp;&nbsp; 507065 | 16678804 |
| Bechtle AG<sup>(c)</sup> | &nbsp;&nbsp; 313622 | 16255709 |
| Befesa SA<sup>(d)</sup> | &nbsp;&nbsp; 129060 | 4726908 |
| Bilfinger SE | &nbsp;&nbsp; 136958 | 19189006 |
| Cancom SE | &nbsp;&nbsp; 96294 | 3239947 |
| Carl Zeiss Meditec AG, Bearer<sup>(c)</sup> | &nbsp;&nbsp; 136755 | 4538829 |
| Ceconomy AG, NVS<sup>(b)</sup> | &nbsp;&nbsp; 545721 | 2885041 |
| Cewe Stiftung & Co. KGaA | &nbsp;&nbsp; 21042 | 2520331 |
| Dermapharm Holding SE<sup>(c)</sup> | &nbsp;&nbsp; 51459 | 2125840 |
| Deutsche Pfandbriefbank AG<sup>(c)(d)</sup> | &nbsp;&nbsp; 516052 | 2546355 |
| Deutz AG | &nbsp;&nbsp; 554256 | 7097638 |
| Douglas AG<sup>(b)(c)</sup> | &nbsp;&nbsp; 123053 | 1548223 |
| Duerr AG | &nbsp;&nbsp; 199020 | 5304565 |
| Eckert & Ziegler SE | &nbsp;&nbsp; 169383 | 2998749 |
| Elmos Semiconductor SE | &nbsp;&nbsp; 30687 | 4176045 |
| Energiekontor AG<sup>(c)</sup> | &nbsp;&nbsp; 26981 | 1226134 |
| Evotec SE<sup>(b)(c)</sup> | &nbsp;&nbsp; 541154 | 3985287 |
| Fielmann Group AG | &nbsp;&nbsp; 97191 | 4763619 |
| flatexDEGIRO AG | &nbsp;&nbsp; 316231 | 15425659 |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(b)</sup> | &nbsp;&nbsp; 142330 | 13169119 |
| Freenet AG | &nbsp;&nbsp; 457190 | 16508745 |
| Friedrich Vorwerk Group SE | &nbsp;&nbsp; 26539 | 2850963 |
| Gerresheimer AG<sup>(c)</sup> | &nbsp;&nbsp; 126826 | 3788175 |
| GFT Technologies SE<sup>(c)</sup> | &nbsp;&nbsp; 66847 | 1646137 |
| Grand City Properties SA<sup>(b)</sup> | &nbsp;&nbsp; 277714 | 3112548 |
| Grenke AG<sup>(c)</sup> | &nbsp;&nbsp; 90706 | 1548231 |
| HelloFresh SE<sup>(b)</sup> | &nbsp;&nbsp; 545867 | 3585473 |
| Hornbach Holding AG & Co. KGaA | &nbsp;&nbsp; 39614 | 3785296 |
| Hugo Boss AG | &nbsp;&nbsp; 162550 | 6739913 |
| Hypoport SE<sup>(b)(c)</sup> | &nbsp;&nbsp; 15713 | 1832757 |
| IONOS Group SE<sup>(b)</sup> | &nbsp;&nbsp; 189370 | 6105292 |
| Jenoptik AG | &nbsp;&nbsp; 198482 | 6263958 |
| JOST Werke SE<sup>(d)</sup> | &nbsp;&nbsp; 55492 | 4115917 |
| K+S AG, Registered<sup>(c)</sup> | &nbsp;&nbsp; 654908 | 10730509 |
| KION Group AG | &nbsp;&nbsp; 275836 | 19483622 |
| Kloeckner & Co. SE<sup>(c)</sup> | &nbsp;&nbsp; 209393 | 2727781 |
| Kontron AG<sup>(c)</sup> | &nbsp;&nbsp; 149007 | 4134071 |
| Krones AG | &nbsp;&nbsp; 54474 | 8765943 |
| Lanxess AG | &nbsp;&nbsp; 329571 | 6807404 |
| MBB SE | &nbsp;&nbsp; 6347 | 1636542 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Mutares SE & Co. KGaA<sup>(c)</sup> | &nbsp;&nbsp; 53925 | $2083949 |
| Nagarro SE<sup>(c)</sup> | &nbsp;&nbsp; 31758 | 2669037 |
| Nordex SE<sup>(b)</sup> | &nbsp;&nbsp; 499024 | 19979128 |
| Norma Group SE<sup>(c)</sup> | &nbsp;&nbsp; 102619 | 1786211 |
| Northern Data AG<sup>(b)(c)</sup> | &nbsp;&nbsp; 49947 | 763768 |
| Patrizia SE<sup>(c)</sup> | &nbsp;&nbsp; 160753 | 1626858 |
| Pfisterer Holding SE<sup>(b)</sup> | &nbsp;&nbsp; 27975 | 2420408 |
| PNE AG<sup>(c)</sup> | &nbsp;&nbsp; 102045 | 1196284 |
| ProSiebenSat.1 Media SE<sup>(c)</sup> | &nbsp;&nbsp; 221738 | 1325381 |
| Puma SE | &nbsp;&nbsp; 396404 | 10132892 |
| Redcare Pharmacy NV<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 62557 | 4622757 |
| RENK Group AG | &nbsp;&nbsp; 326218 | 21002529 |
| RTL Group SA<sup>(b)(c)</sup> | &nbsp;&nbsp; 147712 | 6440214 |
| SAF-Holland SE | &nbsp;&nbsp; 172481 | 3467431 |
| Salzgitter AG | &nbsp;&nbsp; 92563 | 4967044 |
| Schaeffler AG<sup>(c)</sup> | &nbsp;&nbsp; 725868 | 8560960 |
| Schott Pharma AG & Co. KGaA | &nbsp;&nbsp; 144119 | 2451267 |
| Secunet Security Networks AG<sup>(c)</sup> | &nbsp;&nbsp; 6085 | 1709402 |
| Siltronic AG<sup>(c)</sup> | &nbsp;&nbsp; 51327 | 3186820 |
| Sixt SE | &nbsp;&nbsp; 52671 | 4127375 |
| SMA Solar Technology AG<sup>(b)</sup> | &nbsp;&nbsp; 59663 | 2595519 |
| Stabilus SE | &nbsp;&nbsp; 91246 | 2094719 |
| Stroeer SE & Co. KGaA | &nbsp;&nbsp; 129493 | 5177304 |
| Suedzucker AG<sup>(c)</sup> | &nbsp;&nbsp; 244806 | 2802779 |
| SUESS MicroTec SE<sup>(c)</sup> | &nbsp;&nbsp; 72304 | 4252840 |
| TAG Immobilien AG | &nbsp;&nbsp; 724276 | 12287589 |
| TeamViewer SE<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 577285 | 3859920 |
| thyssenkrupp AG | &nbsp;&nbsp; 1909104 | 25449739 |
| Thyssenkrupp Nucera AG & Co. KGaa<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 94823 | 1007938 |
| Tkms AG& Co. KGaA<sup>(b)</sup> | &nbsp;&nbsp; 97491 | 11423196 |
| United Internet AG, Registered<sup>(e)</sup> | &nbsp;&nbsp; 330542 | 10753499 |
| Verbio SE<sup>(b)(c)</sup> | &nbsp;&nbsp; 88118 | 2602011 |
| Vossloh AG<sup>(c)</sup> | &nbsp;&nbsp; 37340 | 3574539 |
| Wacker Chemie AG<sup>(c)</sup> | &nbsp;&nbsp; 69724 | 5662464 |
| Wacker Neuson SE | &nbsp;&nbsp; 108777 | 2484337 |
| Wuestenrot & Wuerttembergische AG | &nbsp;&nbsp; 93181 | 1658612 |
|  |  | 518321774 |
| **Hong Kong — 1.7%** | **Hong Kong — 1.7%** | **Hong Kong — 1.7%** |
| ASMPT Ltd. | &nbsp;&nbsp; 1188500 | 15849808 |
| Bank of East Asia Ltd.(The) | &nbsp;&nbsp; 3590800 | 6858795 |
| Bright Smart Securities & Commodities Group <br> Ltd.<sup>(b)</sup><br>| &nbsp;&nbsp; 3242000 | 3672083 |
| Brightoil Petroleum Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12938512 | 17 |
| Cafe de Coral Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1390000 | 836267 |
| Chow Sang Sang Holdings International Ltd. | &nbsp;&nbsp; 1432000 | 2681090 |
| CITIC Telecom International Holdings Ltd. | &nbsp;&nbsp; 6528000 | 2148654 |
| Comba Telecom Systems Holdings Ltd. | &nbsp;&nbsp; 7328000 | 2133550 |
| Cowell e Holdings, Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 983000 | 3822300 |
| Crystal International Group Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 2247000 | 2118764 |
| Dah Sing Banking Group Ltd. | &nbsp;&nbsp; 1615200 | 2300778 |
| Dah Sing Financial Holdings Ltd. | &nbsp;&nbsp; 715600 | 3460445 |
| Deep Source Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 19230000 | 2027981 |
| DFI Retail Group Holdings Ltd. | &nbsp;&nbsp; 1301800 | 5360320 |
| Dream International Ltd. | &nbsp;&nbsp; 702000 | 797962 |
| Envision Greenwise Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 5327000 | 2244764 |
| First Pacific Co. Ltd. | &nbsp;&nbsp; 8746000 | 6843260 |
| Fortune REIT | &nbsp;&nbsp; 5906000 | 3838459 |
| Great Eagle Holdings Ltd. | &nbsp;&nbsp; 591000 | 1220107 |
| Guotai Junan International Holdings Ltd. | &nbsp;&nbsp; 11014000 | 3766874 |
| Hang Lung Group Ltd. | &nbsp;&nbsp; 3096000 | 6669869 |
| Hang Lung Properties Ltd. | &nbsp;&nbsp; 6994000 | 8439472 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Health and Happiness H&H International <br> Holdings Ltd.<br>| &nbsp;&nbsp; 920500 | $1802064 |
| HKBN Ltd. | &nbsp;&nbsp; 551500 | 493463 |
| Hysan Development Co. Ltd. | &nbsp;&nbsp; 2360000 | 6481448 |
| Jiaxin International Resources Investment Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 348800 | 3594219 |
| Johnson Electric Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1420250 | 4892070 |
| JS Global Lifestyle Co. Ltd.<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 3802500 | 871273 |
| Kerry Logistics Network Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1391388 | 1256095 |
| Kerry Properties Ltd. | &nbsp;&nbsp; 2190500 | 6649838 |
| Luk Fook Holdings International Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1242000 | 5102300 |
| Man Wah Holdings Ltd. | &nbsp;&nbsp; 6037200 | 3744558 |
| Melco International Development Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 3458500 | 1869657 |
| Melco Resorts & Entertainment Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 610456 | 3699363 |
| MGM China Holdings Ltd. | &nbsp;&nbsp; 3658000 | 5841335 |
| New World Development Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5261000 | 7654579 |
| NWS Holdings Ltd. | &nbsp;&nbsp; 4299900 | 5037065 |
| OSL Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1687631 | 3623512 |
| Pacific Basin Shipping Ltd. | &nbsp;&nbsp; 17000000 | 6676466 |
| PAX Global Technology Ltd. | &nbsp;&nbsp; 2819000 | 1778993 |
| PCCW Ltd. | &nbsp;&nbsp; 16373000 | 12236284 |
| Realord Group Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1662000 | 3325234 |
| SJM Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 10756000 | 3301085 |
| SmarTone Telecommunications Holdings Ltd. | &nbsp;&nbsp; 1278000 | 799967 |
| Stella International Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2261000 | 4179265 |
| SUNeVision Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2759000 | 2353916 |
| Time Interconnect Technology Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2270000 | 4491682 |
| United Laboratories International Holdings <br> Ltd.(The)<br>| &nbsp;&nbsp; 4150000 | 6318816 |
| Vitasoy International Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2602000 | 2327580 |
| Viva Goods Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 13680000 | 1120754 |
| Vobile Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 7163000 | 4441909 |
| VSTECS Holdings Ltd. | &nbsp;&nbsp; 2588000 | 2560596 |
| VTech Holdings Ltd. | &nbsp;&nbsp; 628300 | 4892879 |
| Wynn Macau Ltd. | &nbsp;&nbsp; 5998400 | 4438960 |
| Xinyi Electric Storage Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1 |  |
| Xinyi Glass Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6641000 | 8677883 |
| Yue Yuen Industrial Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3037500 | 6774523 |
|  |  | 230401250 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| Cairn Homes PLC | &nbsp;&nbsp; 2384177 | 5891663 |
| Glanbia PLC | &nbsp;&nbsp; 780530 | 15016010 |
| Glenveagh Properties PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 2169401 | 5034994 |
| Irish Residential Properties REIT PLC | &nbsp;&nbsp; 2124906 | 2543944 |
| Uniphar PLC | &nbsp;&nbsp; 945760 | 4283764 |
|  |  | 32770375 |
| **Israel — 4.8%** | **Israel — 4.8%** | **Israel — 4.8%** |
| Africa Israel Residences Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 24606 | 2304826 |
| Airport City Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 226575 | 4214921 |
| Alony Hetz Properties & Investments Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 590732 | 7794843 |
| Amot Investments Ltd. | &nbsp;&nbsp; 927948 | 7185790 |
| Aryt Industries Ltd. | &nbsp;&nbsp; 213854 | 4260796 |
| Ashtrom Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 193055 | 4268216 |
| Aura Investments Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 612432 | 4318565 |
| Azorim-Investment Development & Construction <br> Co. Ltd.<sup>(c)</sup><br>| &nbsp;&nbsp; 287806 | 1842052 |
| Bet Shemesh Engines Holdings 1997 Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 28384 | 7168756 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | &nbsp;&nbsp; 10616067 | 27264012 |
| Big Shopping Centers Ltd. | &nbsp;&nbsp; 61320 | 14749504 |
| Blue Square Real Estate Ltd. | &nbsp;&nbsp; 22368 | 3264016 |
| Camtek Ltd./Israel<sup>(b)(c)</sup> | &nbsp;&nbsp; 113181 | 16916251 |
| Carasso Motors Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 133265 | 1597929 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| Cellcom Israel Ltd. | &nbsp;&nbsp; 442702 | $5256790 |
| Cellebrite DI Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 421578 | 6201412 |
| Clal Insurance Enterprises Holdings Ltd. | &nbsp;&nbsp; 275190 | 20013760 |
| Danel Adir Yeoshua Ltd. | &nbsp;&nbsp; 20158 | 3071408 |
| Danya Cebus Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 41792 | 1950963 |
| Delek Automotive Systems Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 200706 | 1498742 |
| Delek Group Ltd. | &nbsp;&nbsp; 35021 | 9855557 |
| Delta Galil Ltd. | &nbsp;&nbsp; 42643 | 2322242 |
| Doral Group Renewable Energy Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 332857 | 4656387 |
| El Al Israel Airlines<sup>(c)</sup> | &nbsp;&nbsp; 1163121 | 6577692 |
| Elco Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 37854 | 1987011 |
| Electra Consumer Products 1970 Ltd. | &nbsp;&nbsp; 49198 | 1576895 |
| Electra Ltd./Israel<sup>(c)</sup> | &nbsp;&nbsp; 161619 | 5605479 |
| Electra Real Estate Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 122002 | 2239460 |
| Energix-Renewable Energies Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1045943 | 6648135 |
| Enlight Renewable Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 502136 | 28337031 |
| Equital Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 91597 | 4287024 |
| Etoro Group Ltd., Class A<sup>(b)</sup> | &nbsp;&nbsp; 54586 | 1604828 |
| Fattal Holdings 1998 Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 28148 | 5790515 |
| FIBI Holdings Ltd. | &nbsp;&nbsp; 69294 | 6166622 |
| First International Bank Of Israel Ltd.(The) | &nbsp;&nbsp; 213903 | 18160754 |
| Fiverr International Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 122891 | 2058424 |
| Formula Systems 1985 Ltd. | &nbsp;&nbsp; 38820 | 6195456 |
| Fox Wizel Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 32482 | 3279348 |
| G City Ltd. | &nbsp;&nbsp; 413845 | 1274490 |
| Gav-Yam Lands Corp. Ltd. | &nbsp;&nbsp; 182374 | 2352287 |
| Global-e Online Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 424241 | 15506009 |
| Harel Insurance Investments & Financial <br> Services Ltd.<br>| &nbsp;&nbsp; 433629 | 19889871 |
| Hilan Ltd. | &nbsp;&nbsp; 62164 | 4959939 |
| Inmode Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 224202 | 3522213 |
| Inrom Construction Industries Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 384917 | 2505931 |
| Isracard Ltd. | &nbsp;&nbsp; 759193 | 3601143 |
| Israel Canada T.R Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 704744 | 3976686 |
| Israel Corp Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 14657 | 4380825 |
| Isras Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 13899 | 1978365 |
| Isras Investment Co. Ltd. | &nbsp;&nbsp; 4911 | 1553572 |
| Isrotel Ltd. | &nbsp;&nbsp; 61476 | 3421586 |
| Ituran Location and Control Ltd. | &nbsp;&nbsp; 60325 | 2692305 |
| Kenon Holdings Ltd. | &nbsp;&nbsp; 80307 | 5727013 |
| Kornit Digital Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 177785 | 2302316 |
| Kvutzat Acro Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 104657 | 1460825 |
| M Yochananof & Sons Ltd. | &nbsp;&nbsp; 18731 | 2232262 |
| Magic Software Enterprises Ltd. | &nbsp;&nbsp; 103294 | 2691532 |
| Matrix IT Ltd. | &nbsp;&nbsp; 133295 | 5982891 |
| Mega Or Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 90565 | 9854874 |
| Meitav Investment House Ltd. | &nbsp;&nbsp; 133453 | 5196924 |
| Melisron Ltd. | &nbsp;&nbsp; 94331 | 12359073 |
| Menora Mivtachim Holdings Ltd. | &nbsp;&nbsp; 83716 | 10757098 |
| Meshek Energy Renewable Energies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1176890 | 4073836 |
| Migdal Insurance & Financial Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2230030 | 11965495 |
| Mivne Real Estate KD Ltd. | &nbsp;&nbsp; 2179329 | 10155946 |
| Nayax Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 55267 | 3102671 |
| Next Vision Stabilized Systems Ltd. | &nbsp;&nbsp; 278821 | 25087728 |
| Oddity Tech Ltd., Class A<sup>(b)(c)</sup> | &nbsp;&nbsp; 157703 | 5178966 |
| Oil Refineries Ltd. | &nbsp;&nbsp; 8679952 | 2856307 |
| One Software Technologies Ltd. | &nbsp;&nbsp; 172954 | 4971861 |
| OPC Energy Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 620688 | 16884791 |
| OY Nofar Energy Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 105921 | 5290491 |
| Partner Communications Co. Ltd. | &nbsp;&nbsp; 578523 | 7029749 |
| Paz Retail & Energy Ltd. | &nbsp;&nbsp; 38457 | 9404419 |
| Prashkovsky Investments and Construction Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 25721 | 1298567 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| Radware Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 131595 | $3178019 |
| Rami Levy Chain Stores Hashikma Marketing 2006 <br> Ltd.<br>| &nbsp;&nbsp; 35817 | 4082444 |
| Reit 1 Ltd. | &nbsp;&nbsp; 759400 | 6666960 |
| Retailors Ltd. | &nbsp;&nbsp; 78263 | 1116942 |
| Riskified Ltd., Class A<sup>(b)(c)</sup> | &nbsp;&nbsp; 337728 | 1438721 |
| Sella Capital Real Estate Ltd. | &nbsp;&nbsp; 928046 | 3324350 |
| Shapir Engineering and Industry Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 617632 | 5934955 |
| Shikun & Binui Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1403756 | 8184219 |
| Shufersal Ltd. | &nbsp;&nbsp; 754908 | 9749669 |
| SimilarWeb Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 170019 | 885799 |
| Strauss Group Ltd. | &nbsp;&nbsp; 220901 | 8337330 |
| Summit Real Estate Holdings Ltd. | &nbsp;&nbsp; 156950 | 3193540 |
| Tamar Petroleum Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 130336 | 1436381 |
| Tel Aviv Stock Exchange Ltd. | &nbsp;&nbsp; 355225 | 13647870 |
| Tower Semiconductor Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 427980 | 56512190 |
| Turpaz Industries Ltd. | &nbsp;&nbsp; 187172 | 4718960 |
| YD More Investments Ltd. | &nbsp;&nbsp; 141108 | 2185006 |
| YH Dimri Construction & Development Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 38047 | 4830585 |
| ZIM Integrated Shipping Services Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 461643 | 10169995 |
|  |  | 649567204 |
| **Italy — 3.0%** | **Italy — 3.0%** | **Italy — 3.0%** |
| A2A SpA | &nbsp;&nbsp; 5998103 | 18095063 |
| ACEA SpA | &nbsp;&nbsp; 201025 | 5603027 |
| Amplifon SpA | &nbsp;&nbsp; 475761 | 7670531 |
| Ariston Holding NV | &nbsp;&nbsp; 315334 | 1778391 |
| Arnoldo Mondadori Editore SpA | &nbsp;&nbsp; 497448 | 1255954 |
| Ascopiave SpA | &nbsp;&nbsp; 272720 | 1087826 |
| Avio SpA | &nbsp;&nbsp; 108986 | 4485516 |
| Azimut Holding SpA | &nbsp;&nbsp; 440322 | 18600921 |
| Banca Generali SpA | &nbsp;&nbsp; 222404 | 14985593 |
| Banca IFIS SpA | &nbsp;&nbsp; 115527 | 3762049 |
| Banca Popolare di Sondrio SpA | &nbsp;&nbsp; 342157 | 6995865 |
| Banco di Desio e della Brianza SpA | &nbsp;&nbsp; 136522 | 1509740 |
| BFF Bank SpA<sup>(b)(d)</sup> | &nbsp;&nbsp; 683581 | 6554985 |
| Bio On SpA<sup>(a)(c)</sup> | &nbsp;&nbsp; 19879 |  |
| Brembo NV | &nbsp;&nbsp; 562571 | 6767356 |
| Brunello Cucinelli SpA<sup>(c)</sup> | &nbsp;&nbsp; 129482 | 12410103 |
| Carel Industries SpA<sup>(d)</sup> | &nbsp;&nbsp; 193643 | 4820228 |
| Cembre SpA | &nbsp;&nbsp; 21168 | 1746367 |
| Cementir Holding NV | &nbsp;&nbsp; 187655 | 4219410 |
| CIR SpA-Compagnie Industriali<sup>(b)</sup> | &nbsp;&nbsp; 2487867 | 2062100 |
| Credito Emiliano SpA | &nbsp;&nbsp; 290526 | 5343666 |
| d'Amico International Shipping SA | &nbsp;&nbsp; 186854 | 1319798 |
| Danieli & C Officine Meccaniche SpA<sup>(c)</sup> | &nbsp;&nbsp; 35029 | 2586126 |
| De' Longhi SpA | &nbsp;&nbsp; 262842 | 11619504 |
| DiaSorin SpA | &nbsp;&nbsp; 86057 | 7377055 |
| El.En. SpA | &nbsp;&nbsp; 184998 | 3028782 |
| Enav SpA<sup>(d)</sup> | &nbsp;&nbsp; 1029701 | 5942963 |
| ERG SpA | &nbsp;&nbsp; 201470 | 5361910 |
| Ferretti SpA<sup>(c)</sup> | &nbsp;&nbsp; 526910 | 2247038 |
| Fila SpA<sup>(c)</sup> | &nbsp;&nbsp; 120464 | 1308359 |
| Fincantieri SpA<sup>(b)</sup> | &nbsp;&nbsp; 370683 | 7036156 |
| GVS SpA<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 287787 | 1416139 |
| Hera SpA | &nbsp;&nbsp; 3124440 | 15461929 |
| Industrie De Nora SpA | &nbsp;&nbsp; 124644 | 1124744 |
| Intercos SpA, NVS | &nbsp;&nbsp; 199593 | 3020393 |
| Interpump Group SpA | &nbsp;&nbsp; 289811 | 16813395 |
| Iren SpA | &nbsp;&nbsp; 2238378 | 7164694 |
| Italgas SpA | &nbsp;&nbsp; 2325121 | 27934420 |
| Italmobiliare SpA | &nbsp;&nbsp; 49802 | 1644471 |
| Iveco Group NV | &nbsp;&nbsp; 776602 | 17371567 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Juventus Football Club SpA, NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 427198 | $1299667 |
| Lottomatica Group SpA | &nbsp;&nbsp; 956422 | 23526181 |
| LU-VE SpA, NVS | &nbsp;&nbsp; 32607 | 1552168 |
| Maire SpA | &nbsp;&nbsp; 564376 | 9860973 |
| MARR SpA<sup>(c)</sup> | &nbsp;&nbsp; 126924 | 1348232 |
| MFE-MediaForEurope NV, Class A | &nbsp;&nbsp; 942814 | 3516992 |
| MFE-MediaForEurope NV, Class B<sup>(c)</sup> | &nbsp;&nbsp; 261937 | 1259164 |
| NewPrinces SpA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 75006 | 1746029 |
| OVS SpA<sup>(d)</sup> | &nbsp;&nbsp; 597705 | 3378428 |
| Pharmanutra SpA | &nbsp;&nbsp; 13498 | 1010634 |
| Piaggio & C SpA<sup>(c)</sup> | &nbsp;&nbsp; 692782 | 1432722 |
| Pirelli & C SpA<sup>(d)</sup> | &nbsp;&nbsp; 1520782 | 11451807 |
| RAI Way SpA<sup>(d)</sup> | &nbsp;&nbsp; 354807 | 2405844 |
| Reply SpA | &nbsp;&nbsp; 85062 | 11151882 |
| Saipem SpA | &nbsp;&nbsp; 4940864 | 18247872 |
| Salvatore Ferragamo SpA<sup>(b)(c)</sup> | &nbsp;&nbsp; 193765 | 1526435 |
| Sanlorenzo SpA/Ameglia | &nbsp;&nbsp; 55053 | 2109416 |
| Sesa SpA | &nbsp;&nbsp; 29814 | 3162606 |
| SOL SpA | &nbsp;&nbsp; 146414 | 7879250 |
| Tamburi Investment Partners SpA | &nbsp;&nbsp; 381103 | 4314417 |
| Technogym SpA<sup>(d)</sup> | &nbsp;&nbsp; 426428 | 8905050 |
| Technoprobe SpA<sup>(b)</sup> | &nbsp;&nbsp; 498991 | 9260372 |
| Webuild SpA | &nbsp;&nbsp; 1600198 | 6627872 |
| Wiit SpA | &nbsp;&nbsp; 35771 | 1107914 |
| Zignago Vetro SpA<sup>(c)</sup> | &nbsp;&nbsp; 123114 | 1105831 |
|  |  | 408721892 |
| **Japan — 35.3%** | **Japan — 35.3%** | **Japan — 35.3%** |
| 77 Bank Ltd.(The) | &nbsp;&nbsp; 233900 | 12845677 |
| ABC-Mart, Inc. | &nbsp;&nbsp; 377600 | 6042430 |
| Acom Co. Ltd. | &nbsp;&nbsp; 1528000 | 5054671 |
| Activia Properties, Inc. | &nbsp;&nbsp; 7956 | 7430375 |
| ADEKA Corp. | &nbsp;&nbsp; 297000 | 8828122 |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 11041 | 11982701 |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 405900 | 4430681 |
| Aeon Hokkaido Corp. | &nbsp;&nbsp; 141200 | 855457 |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 6148 | 5321083 |
| Ai Holdings Corp. | &nbsp;&nbsp; 158400 | 2730737 |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 205500 | 4664554 |
| Aichi Corp. | &nbsp;&nbsp; 113800 | 1003320 |
| Aichi Financial Group, Inc., NVS | &nbsp;&nbsp; 139900 | 4963751 |
| Aichi Steel Corp. | &nbsp;&nbsp; 121300 | 2415412 |
| Aiful Corp. | &nbsp;&nbsp; 1224600 | 4354329 |
| Ain Holdings, Inc. | &nbsp;&nbsp; 100300 | 4188508 |
| Air Water, Inc. | &nbsp;&nbsp; 704900 | 10699828 |
| Aisan Industry Co. Ltd. | &nbsp;&nbsp; 122700 | 1746465 |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 624900 | 10063935 |
| Alpen Co. Ltd. | &nbsp;&nbsp; 59500 | 835000 |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp; 638700 | 8365625 |
| ALSOK Co. Ltd. | &nbsp;&nbsp; 1361600 | 10548193 |
| Amada Co. Ltd. | &nbsp;&nbsp; 1186200 | 15195993 |
| Amano Corp. | &nbsp;&nbsp; 196500 | 4987085 |
| and ST HD Co., Ltd. | &nbsp;&nbsp; 100580 | 1810097 |
| Anritsu Corp. | &nbsp;&nbsp; 497100 | 6888295 |
| Anycolor, Inc. | &nbsp;&nbsp; 118400 | 3379917 |
| AOKI Holdings, Inc. | &nbsp;&nbsp; 138000 | 1647958 |
| Aoyama Trading Co. Ltd. | &nbsp;&nbsp; 162800 | 2763286 |
| Aozora Bank Ltd. | &nbsp;&nbsp; 402300 | 6517695 |
| Appier Group, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 263100 | 1767128 |
| Arata Corp. | &nbsp;&nbsp; 100200 | 1999060 |
| Arclands Corp. | &nbsp;&nbsp; 204862 | 2536651 |
| Arcs Co. Ltd. | &nbsp;&nbsp; 135100 | 3035190 |
| ARE Holdings, Inc. | &nbsp;&nbsp; 293200 | 6873524 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Argo Graphics, Inc. | &nbsp;&nbsp; 245000 | $2281796 |
| Ariake Japan Co. Ltd. | &nbsp;&nbsp; 69400 | 2515881 |
| Artience Co. Ltd. | &nbsp;&nbsp; 135800 | 3255711 |
| As One Corp. | &nbsp;&nbsp; 229700 | 3450317 |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 833400 | 13892911 |
| Asahi Yukizai Corp. | &nbsp;&nbsp; 54900 | 1918192 |
| ASKUL Corp. | &nbsp;&nbsp; 118500 | 1046653 |
| Atom Corp.<sup>(b)(c)</sup> | &nbsp;&nbsp; 482300 | 1886678 |
| Autobacs Seven Co. Ltd. | &nbsp;&nbsp; 246800 | 2629053 |
| Awa Bank Ltd.(The) | &nbsp;&nbsp; 111400 | 3746057 |
| Axial Retailing, Inc. | &nbsp;&nbsp; 216400 | 1625023 |
| Azbil Corp. | &nbsp;&nbsp; 1754300 | 15353116 |
| AZ-COM MARUWA Holdings, Inc. | &nbsp;&nbsp; 244900 | 1571900 |
| Bank of Nagoya Ltd.(The) | &nbsp;&nbsp; 119100 | 3773856 |
| BayCurrent, Inc. | &nbsp;&nbsp; 535600 | 18872022 |
| Belc Co. Ltd. | &nbsp;&nbsp; 35800 | 1773539 |
| Bell System24 Holdings, Inc. | &nbsp;&nbsp; 115400 | 1070086 |
| Belluna Co. Ltd. | &nbsp;&nbsp; 142500 | 897409 |
| Bic Camera, Inc. | &nbsp;&nbsp; 362800 | 4031454 |
| BIPROGY, Inc. | &nbsp;&nbsp; 288800 | 9590861 |
| Blue Zones Holdings Co. Ltd. | &nbsp;&nbsp; 79000 | 4532444 |
| BML, Inc. | &nbsp;&nbsp; 85100 | 2153614 |
| Brother Industries Ltd. | &nbsp;&nbsp; 885900 | 18061368 |
| Bunka Shutter Co. Ltd. | &nbsp;&nbsp; 202200 | 2643798 |
| C Uyemura & Co. Ltd. | &nbsp;&nbsp; 36000 | 4163282 |
| Calbee, Inc. | &nbsp;&nbsp; 308400 | 6034166 |
| Canon Electronics, Inc. | &nbsp;&nbsp; 73900 | 1734381 |
| Canon Marketing Japan, Inc. | &nbsp;&nbsp; 184400 | 8045115 |
| Casio Computer Co. Ltd. | &nbsp;&nbsp; 777500 | 7601615 |
| CCI Group, Inc. | &nbsp;&nbsp; 762100 | 4571094 |
| Central Automotive Products Ltd. | &nbsp;&nbsp; 115000 | 1554940 |
| Central Glass Co. Ltd. | &nbsp;&nbsp; 80900 | 1907118 |
| Change Holdings, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 158500 | 1078152 |
| Chiyoda Corp.<sup>(b)</sup> | &nbsp;&nbsp; 595500 | 4949915 |
| Chudenko Corp. | &nbsp;&nbsp; 96400 | 2749631 |
| Chugin Financial Group, Inc., NVS | &nbsp;&nbsp; 561100 | 10156055 |
| Chugoku Electric Power Co., Inc.(The) | &nbsp;&nbsp; 1180400 | 7534578 |
| Chugoku Marine Paints Ltd. | &nbsp;&nbsp; 148400 | 4185461 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 755800 | 6679915 |
| CKD Corp. | &nbsp;&nbsp; 211100 | 5630914 |
| Coca-Cola Bottlers Japan Holdings, Inc. | &nbsp;&nbsp; 490300 | 10936965 |
| Colowide Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 341300 | 3893435 |
| Comforia Residential REIT, Inc. | &nbsp;&nbsp; 7422 | 5360502 |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 431200 | 13472390 |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 386800 | 11599020 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 154100 | 6903107 |
| Cover Corp.<sup>(b)</sup> | &nbsp;&nbsp; 150000 | 1578317 |
| CRE Logistics REIT, Inc. | &nbsp;&nbsp; 2182 | 2350561 |
| Create Restaurants Holdings, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 989100 | 4733714 |
| Create SD Holdings Co. Ltd. | &nbsp;&nbsp; 97000 | 2037493 |
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 467500 | 12621601 |
| CyberAgent, Inc. | &nbsp;&nbsp; 1648000 | 14950794 |
| Cybozu, Inc. | &nbsp;&nbsp; 89300 | 1377237 |
| Daicel Corp. | &nbsp;&nbsp; 814700 | 7690924 |
| Dai-Dan Co. Ltd. | &nbsp;&nbsp; 341800 | 5928740 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 495900 | 6370249 |
| Daiei Kankyo Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 153900 | 4059167 |
| Daihen Corp. | &nbsp;&nbsp; 69300 | 5225274 |
| Daiichikosho Co. Ltd. | &nbsp;&nbsp; 268300 | 2901025 |
| Daikokutenbussan Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 25400 | 833973 |
| Daio Paper Corp. | &nbsp;&nbsp; 347000 | 2177559 |
| Daiseki Co. Ltd. | &nbsp;&nbsp; 147560 | 3316494 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Daishi Hokuetsu Financial Group, Inc. | &nbsp;&nbsp; 789300 | $9410105 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 16695 | 14546856 |
| Daiwa Industries Ltd. | &nbsp;&nbsp; 101100 | 1016710 |
| Daiwa Office Investment Corp.<sup>(c)</sup> | &nbsp;&nbsp; 2176 | 5184225 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 7767 | 5764064 |
| Daiwabo Holdings Co. Ltd. | &nbsp;&nbsp; 299000 | 5880083 |
| DCM Holdings Co. Ltd. | &nbsp;&nbsp; 369700 | 3898023 |
| DeNA Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 282100 | 4626131 |
| Denka Co. Ltd. | &nbsp;&nbsp; 317900 | 6118886 |
| Dentsu Group, Inc. | &nbsp;&nbsp; 763200 | 14814882 |
| Dentsu Soken, Inc. | &nbsp;&nbsp; 298000 | 4697396 |
| Dexerials Corp. | &nbsp;&nbsp; 643600 | 11291469 |
| DIC Corp. | &nbsp;&nbsp; 289300 | 7080578 |
| Digital Arts, Inc. | &nbsp;&nbsp; 44900 | 1630758 |
| Digital Garage, Inc. | &nbsp;&nbsp; 77400 | 1263028 |
| Dip Corp. | &nbsp;&nbsp; 132000 | 1751965 |
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 516100 | 9108257 |
| Doshisha Co. Ltd. | &nbsp;&nbsp; 79400 | 1659864 |
| Doutor Nichires Holdings Co. Ltd. | &nbsp;&nbsp; 103900 | 1893241 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 198700 | 11768602 |
| DTS Corp. | &nbsp;&nbsp; 503800 | 4104203 |
| Duskin Co. Ltd. | &nbsp;&nbsp; 146400 | 4021093 |
| DyDo Group Holdings, Inc. | &nbsp;&nbsp; 73100 | 1166625 |
| Eagle Industry Co. Ltd. | &nbsp;&nbsp; 76700 | 1536265 |
| Earth Corp. | &nbsp;&nbsp; 58600 | 1851602 |
| EDION Corp. | &nbsp;&nbsp; 302900 | 4146220 |
| Eiken Chemical Co. Ltd. | &nbsp;&nbsp; 113500 | 1757637 |
| Eizo Corp. | &nbsp;&nbsp; 109400 | 1531831 |
| Elecom Co. Ltd. | &nbsp;&nbsp; 157200 | 1680009 |
| Electric Power Development Co. Ltd., Class C | &nbsp;&nbsp; 560200 | 11897653 |
| ES-Con Japan Ltd. | &nbsp;&nbsp; 175100 | 1351978 |
| Exedy Corp. | &nbsp;&nbsp; 102400 | 3773493 |
| EXEO Group, Inc. | &nbsp;&nbsp; 716400 | 11952580 |
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 181700 | 6526837 |
| FCC Co. Ltd. | &nbsp;&nbsp; 144900 | 3527679 |
| Ferrotec Corp. | &nbsp;&nbsp; 164300 | 6281761 |
| Financial Products Group Co. Ltd. | &nbsp;&nbsp; 229500 | 3015044 |
| Food & Life Companies Ltd. | &nbsp;&nbsp; 422400 | 23075694 |
| FP Corp. | &nbsp;&nbsp; 168400 | 2866667 |
| Freee KK<sup>(b)(c)</sup> | &nbsp;&nbsp; 172100 | 3024740 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 9359 | 5513642 |
| Fuji Co. Ltd./Ehime | &nbsp;&nbsp; 115200 | 1569967 |
| Fuji Corp./Aichi | &nbsp;&nbsp; 280800 | 6918026 |
| Fuji Kyuko Co. Ltd. | &nbsp;&nbsp; 85200 | 1128586 |
| Fuji Media Holdings, Inc. | &nbsp;&nbsp; 179500 | 4520032 |
| Fuji Oil Co. Ltd. | &nbsp;&nbsp; 166100 | 4348098 |
| Fuji Seal International, Inc. | &nbsp;&nbsp; 150200 | 3106236 |
| Fujimi, Inc. | &nbsp;&nbsp; 200600 | 3545945 |
| Fujita Kanko, Inc. | &nbsp;&nbsp; 143700 | 2316145 |
| Fukuda Denshi Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 60600 | 3322922 |
| Fukuoka Financial Group, Inc. | &nbsp;&nbsp; 662600 | 24094674 |
| Fukuoka REIT Corp. | &nbsp;&nbsp; 2619 | 3157840 |
| Fukuyama Transporting Co. Ltd. | &nbsp;&nbsp; 69000 | 2052013 |
| Funai Soken Holdings, Inc. | &nbsp;&nbsp; 268920 | 1949322 |
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 257800 | 22456687 |
| Furuno Electric Co. Ltd. | &nbsp;&nbsp; 92200 | 4255190 |
| Fuso Chemical Co. Ltd. | &nbsp;&nbsp; 74800 | 3605192 |
| Future Corp. | &nbsp;&nbsp; 164700 | 2021068 |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 192000 | 5399412 |
| Galilei Co. Ltd. | &nbsp;&nbsp; 92500 | 2307469 |
| GENDA, Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 364300 | 1579492 |
| Genky DrugStores Co. Ltd. | &nbsp;&nbsp; 65800 | 1792110 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 3712 | $3275137 |
| Glory Ltd. | &nbsp;&nbsp; 167500 | 4363010 |
| GLP J-REIT | &nbsp;&nbsp; 17424 | 16009904 |
| GMO Financial Holdings, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 139200 | 801071 |
| GMO internet group, Inc. | &nbsp;&nbsp; 241100 | 6008499 |
| GMO Payment Gateway, Inc. | &nbsp;&nbsp; 160600 | 9275600 |
| GNI Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 218397 | 3614624 |
| Goldcrest Co. Ltd. | &nbsp;&nbsp; 61200 | 1315444 |
| Goldwin, Inc. | &nbsp;&nbsp; 221300 | 3693310 |
| GS Yuasa Corp. | &nbsp;&nbsp; 309200 | 7197715 |
| GungHo Online Entertainment, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 154730 | 2629782 |
| Gunma Bank Ltd.(The) | &nbsp;&nbsp; 1227300 | 15451346 |
| Gunze Ltd. | &nbsp;&nbsp; 119100 | 3462102 |
| H.U. Group Holdings, Inc. | &nbsp;&nbsp; 215200 | 4469892 |
| H2O Retailing Corp. | &nbsp;&nbsp; 344300 | 4714799 |
| Hachijuni Bank Ltd.(The) | &nbsp;&nbsp; 1413000 | 17653131 |
| Hakuhodo DY Holdings, Inc. | &nbsp;&nbsp; 817000 | 6104604 |
| Hakuto Co. Ltd. | &nbsp;&nbsp; 44100 | 1184010 |
| Halows Co. Ltd. | &nbsp;&nbsp; 28500 | 838156 |
| Hamakyorex Co. Ltd. | &nbsp;&nbsp; 224400 | 2661787 |
| Hamamatsu Photonics KK | &nbsp;&nbsp; 1098000 | 12269340 |
| Hankyu Hanshin REIT, Inc. | &nbsp;&nbsp; 2404 | 2548565 |
| Hanwa Co. Ltd. | &nbsp;&nbsp; 124000 | 6305913 |
| Happinet Corp. | &nbsp;&nbsp; 113200 | 2027797 |
| Harmonic Drive Systems, Inc. | &nbsp;&nbsp; 242400 | 5339136 |
| Haseko Corp. | &nbsp;&nbsp; 922300 | 18903794 |
| Hazama Ando Corp. | &nbsp;&nbsp; 554700 | 7172941 |
| Heiwa Corp. | &nbsp;&nbsp; 212400 | 2782264 |
| Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp; 152600 | 2233035 |
| Heiwa Real Estate REIT, Inc. | &nbsp;&nbsp; 4315 | 4254775 |
| Heiwado Co. Ltd. | &nbsp;&nbsp; 95900 | 1827444 |
| Hiday Hidaka Corp. | &nbsp;&nbsp; 98200 | 1973456 |
| Hino Motors Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1102000 | 2966265 |
| Hioki EE Corp | &nbsp;&nbsp; 32600 | 1298333 |
| Hirogin Holdings, Inc. | &nbsp;&nbsp; 925000 | 10476459 |
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 108400 | 11703054 |
| HIS Co. Ltd. | &nbsp;&nbsp; 230600 | 1915343 |
| Hisamitsu Pharmaceutical Co., Inc. | &nbsp;&nbsp; 188800 | 7777658 |
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 370000 | 12098627 |
| Hogy Medical Co. Ltd. | &nbsp;&nbsp; 77700 | 3358833 |
| Hokkaido Electric Power Co., Inc. | &nbsp;&nbsp; 664500 | 4509715 |
| Hokuetsu Corp. | &nbsp;&nbsp; 404100 | 2375259 |
| Hokuhoku Financial Group, Inc. | &nbsp;&nbsp; 400300 | 13757845 |
| Hokuriku Electric Power Co. | &nbsp;&nbsp; 650500 | 4114430 |
| Horiba Ltd. | &nbsp;&nbsp; 130900 | 15525473 |
| Hoshino Resorts REIT, Inc. | &nbsp;&nbsp; 2260 | 3751899 |
| Hoshizaki Corp. | &nbsp;&nbsp; 416100 | 13716770 |
| Hosiden Corp. | &nbsp;&nbsp; 154000 | 2565487 |
| House Foods Group, Inc. | &nbsp;&nbsp; 227200 | 4396164 |
| Hulic REIT, Inc. | &nbsp;&nbsp; 4979 | 5542785 |
| Hyakugo Bank Ltd.(The) | &nbsp;&nbsp; 774400 | 7042582 |
| Hyakujushi Bank Ltd.(The) | &nbsp;&nbsp; 86800 | 4693536 |
| Ibiden Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 917200 | 48349952 |
| Ichibanya Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 306700 | 1778480 |
| Ichigo Office REIT Investment Corp. | &nbsp;&nbsp; 3943 | 2475990 |
| Ichigo, Inc. | &nbsp;&nbsp; 801800 | 2115901 |
| IDOM, Inc. | &nbsp;&nbsp; 238300 | 2346016 |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 591900 | 9775640 |
| Iino Kaiun Kaisha Ltd. | &nbsp;&nbsp; 265900 | 2698083 |
| Imperial Hotel Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 160200 | 1443487 |
| Inaba Denki Sangyo Co. Ltd. | &nbsp;&nbsp; 385000 | 6412657 |
| Inabata & Co. Ltd. | &nbsp;&nbsp; 159800 | 4044619 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 9318 | $9023934 |
| Infomart Corp. | &nbsp;&nbsp; 776200 | 2268309 |
| Infroneer Holdings, Inc. | &nbsp;&nbsp; 731428 | 10955027 |
| Integral Corp.<sup>(c)</sup> | &nbsp;&nbsp; 39300 | 903149 |
| Internet Initiative Japan, Inc. | &nbsp;&nbsp; 417500 | 6746010 |
| Invincible Investment Corp. | &nbsp;&nbsp; 29403 | 12452707 |
| Ise Chemicals Corp.<sup>(c)</sup> | &nbsp;&nbsp; 69600 | 2674331 |
| Isetan Mitsukoshi Holdings Ltd., Class L | &nbsp;&nbsp; 1235500 | 19828007 |
| Ito En Ltd. | &nbsp;&nbsp; 231300 | 4274454 |
| Itochu Enex Co. Ltd. | &nbsp;&nbsp; 176700 | 2189149 |
| Itochu-Shokuhin Co. Ltd. | &nbsp;&nbsp; 18700 | 1335796 |
| Itoham Yonekyu Holdings, Inc. | &nbsp;&nbsp; 109640 | 4268436 |
| Itoki Corp. | &nbsp;&nbsp; 157500 | 2656446 |
| Iwatani Corp. | &nbsp;&nbsp; 715600 | 8487725 |
| Iyogin Holdings, Inc., NVS | &nbsp;&nbsp; 895800 | 16675277 |
| Izumi Co. Ltd. | &nbsp;&nbsp; 129000 | 2551924 |
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 924600 | 13498329 |
| JAC Recruitment Co. Ltd. | &nbsp;&nbsp; 266800 | 1707352 |
| Jaccs Co. Ltd. | &nbsp;&nbsp; 85000 | 2329996 |
| JAFCO Group Co. Ltd. | &nbsp;&nbsp; 192800 | 3043576 |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 248000 | 7765738 |
| Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp; 175600 | 2743448 |
| Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp; 543700 | 5724657 |
| Japan Excellent, Inc. | &nbsp;&nbsp; 4437 | 4289062 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 19505 | 10486820 |
| Japan Lifeline Co. Ltd. | &nbsp;&nbsp; 221200 | 2209496 |
| Japan Logistics Fund, Inc. | &nbsp;&nbsp; 9532 | 6227227 |
| Japan Material Co. Ltd. | &nbsp;&nbsp; 262800 | 3047595 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp; 27573 | 21702210 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 587600 | 7234354 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 12714 | 8622298 |
| Japan Pulp & Paper Co. Ltd. | &nbsp;&nbsp; 369800 | 2304626 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 24505 | 19770482 |
| Japan Securities Finance Co. Ltd. | &nbsp;&nbsp; 299400 | 4118267 |
| Japan Steel Works Ltd.(The) | &nbsp;&nbsp; 241500 | 13367663 |
| Japan Wool Textile Co. Ltd.(The) | &nbsp;&nbsp; 167000 | 2012549 |
| JCU Corp. | &nbsp;&nbsp; 74700 | 2730455 |
| Jeol Ltd. | &nbsp;&nbsp; 167600 | 6761489 |
| JGC Holdings Corp. | &nbsp;&nbsp; 845800 | 11853096 |
| JINS Holdings, Inc. | &nbsp;&nbsp; 48100 | 1610094 |
| JMDC, Inc. | &nbsp;&nbsp; 98000 | 2153170 |
| Joyful Honda Co. Ltd. | &nbsp;&nbsp; 193800 | 2665760 |
| JTEKT Corp. | &nbsp;&nbsp; 839300 | 9910324 |
| Juroku Financial Group, Inc. | &nbsp;&nbsp; 113300 | 6024722 |
| Justsystems Corp. | &nbsp;&nbsp; 87400 | 2699505 |
| JVCKenwood Corp. | &nbsp;&nbsp; 565700 | 4597950 |
| K&O Energy Group, Inc. | &nbsp;&nbsp; 46900 | 1287156 |
| Kadokawa Corp. | &nbsp;&nbsp; 315534 | 6669272 |
| Kaga Electronics Co. Ltd. | &nbsp;&nbsp; 143400 | 3601345 |
| Kagome Co. Ltd. | &nbsp;&nbsp; 321800 | 5698618 |
| Kakaku.com, Inc. | &nbsp;&nbsp; 488800 | 6671224 |
| Kaken Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 109200 | 2870164 |
| Kameda Seika Co. Ltd. | &nbsp;&nbsp; 55700 | 1404562 |
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 307400 | 10757706 |
| Kanadevia Corp. | &nbsp;&nbsp; 621400 | 4102924 |
| Kanamoto Co. Ltd. | &nbsp;&nbsp; 109100 | 2631382 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 393200 | 14156136 |
| Kaneka Corp. | &nbsp;&nbsp; 160300 | 4860912 |
| Kanematsu Corp. | &nbsp;&nbsp; 607000 | 7972751 |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 544700 | 8693067 |
| Kasumigaseki Capital Co. Ltd. | &nbsp;&nbsp; 72300 | 3508597 |
| Katitas Co. Ltd. | &nbsp;&nbsp; 195300 | 3858848 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Kato Sangyo Co. Ltd. | &nbsp;&nbsp; 78300 | $3295722 |
| KDX Realty Investment Corp. | &nbsp;&nbsp; 15822 | 17116813 |
| KeePer Technical Laboratory Co. Ltd. | &nbsp;&nbsp; 48000 | 993819 |
| Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 369700 | 8212419 |
| Keihanshin Building Co. Ltd. | &nbsp;&nbsp; 108300 | 1343016 |
| Keikyu Corp. | &nbsp;&nbsp; 795700 | 7820393 |
| Keio Corp. | &nbsp;&nbsp; 390100 | 9729621 |
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 1486000 | 11742534 |
| Keiyo Bank Ltd.(The) | &nbsp;&nbsp; 360200 | 4327841 |
| Kewpie Corp.<sup>(c)</sup> | &nbsp;&nbsp; 381200 | 10677837 |
| KH Neochem Co. Ltd. | &nbsp;&nbsp; 121800 | 2003441 |
| Kinden Corp. | &nbsp;&nbsp; 460400 | 20372671 |
| Kintetsu Group Holdings Co. Ltd., Class L | &nbsp;&nbsp; 695000 | 14423908 |
| Kissei Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 103800 | 3091689 |
| Kitz Corp. | &nbsp;&nbsp; 233100 | 3042320 |
| Kiyo Bank Ltd.(The) | &nbsp;&nbsp; 220500 | 5384998 |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 177200 | 6197255 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 1352600 | 19470414 |
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 381400 | 4230530 |
| Kohnan Shoji Co. Ltd. | &nbsp;&nbsp; 70100 | 1764194 |
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 700100 | 10960210 |
| Kokusai Electric Corp., NVS | &nbsp;&nbsp; 730100 | 30311050 |
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 1243800 | 7287369 |
| KOMEDA Holdings Co. Ltd. | &nbsp;&nbsp; 174700 | 3202655 |
| Komeri Co. Ltd. | &nbsp;&nbsp; 95500 | 2037853 |
| Konica Minolta, Inc. | &nbsp;&nbsp; 1825700 | 7991526 |
| Konishi Co. Ltd. | &nbsp;&nbsp; 197200 | 1663519 |
| Konoike Transport Co. Ltd. | &nbsp;&nbsp; 108700 | 2339553 |
| Kose Corp. | &nbsp;&nbsp; 138100 | 4926867 |
| Koshidaka Holdings Co. Ltd. | &nbsp;&nbsp; 183000 | 1412976 |
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 385100 | 4472491 |
| Kraftia Corp. | &nbsp;&nbsp; 163000 | 8500726 |
| Krosaki Harima Corp. | &nbsp;&nbsp; 73200 | 1986136 |
| K's Holdings Corp. | &nbsp;&nbsp; 523540 | 5444761 |
| Kumagai Gumi Co. Ltd. | &nbsp;&nbsp; 492500 | 5527388 |
| Kumiai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 282200 | 1283821 |
| Kura Sushi, Inc. | &nbsp;&nbsp; 83800 | 1843473 |
| Kurabo Industries Ltd. | &nbsp;&nbsp; 46800 | 2749384 |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 1057200 | 11413012 |
| Kureha Corp. | &nbsp;&nbsp; 107200 | 3044401 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 399700 | 19992903 |
| Kusuri no Aoki Holdings Co. Ltd., Class L | &nbsp;&nbsp; 160900 | 4217221 |
| KYB Corp. | &nbsp;&nbsp; 130000 | 3693387 |
| Kyoei Steel Ltd. | &nbsp;&nbsp; 71400 | 1150789 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | &nbsp;&nbsp; 113200 | 2418035 |
| Kyorin Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 152200 | 1597429 |
| Kyoritsu Maintenance Co. Ltd. | &nbsp;&nbsp; 272200 | 4949651 |
| Kyoto Financial Group, Inc. | &nbsp;&nbsp; 860700 | 20793057 |
| Kyushu Electric Power Co., Inc. | &nbsp;&nbsp; 1631200 | 18158366 |
| Kyushu Financial Group, Inc. | &nbsp;&nbsp; 1234000 | 9249894 |
| Kyushu Railway Co. | &nbsp;&nbsp; 536700 | 13684532 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 6945 | 7048869 |
| Leopalace21 Corp. | &nbsp;&nbsp; 779000 | 3482333 |
| Life Corp. | &nbsp;&nbsp; 154700 | 2553010 |
| Lifedrink Co., Inc. | &nbsp;&nbsp; 175700 | 1842419 |
| Lifenet Insurance Co.<sup>(b)</sup> | &nbsp;&nbsp; 234000 | 3034529 |
| Lintec Corp. | &nbsp;&nbsp; 161200 | 4973450 |
| Lion Corp. | &nbsp;&nbsp; 964300 | 10324665 |
| Lixil Corp. | &nbsp;&nbsp; 1046100 | 12000573 |
| M&A Capital Partners Co. Ltd. | &nbsp;&nbsp; 56700 | 1154912 |
| Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 653400 | 6137971 |
| Macnica Holdings, Inc. | &nbsp;&nbsp; 547350 | 9384632 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Maeda Kosen Co. Ltd. | &nbsp;&nbsp; 171500 | $2052552 |
| Makino Milling Machine Co. Ltd. | &nbsp;&nbsp; 90600 | 6676939 |
| Mani, Inc. | &nbsp;&nbsp; 286800 | 2829508 |
| Maruha Nichiro Corp. | &nbsp;&nbsp; 453900 | 4088042 |
| Marui Group Co. Ltd. | &nbsp;&nbsp; 630900 | 12346654 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 678200 | 6720196 |
| Maruwa Co. Ltd./Aichi | &nbsp;&nbsp; 32800 | 10084595 |
| Maruzen Showa Unyu Co. Ltd. | &nbsp;&nbsp; 40600 | 2208697 |
| Matsuda Sangyo Co. Ltd. | &nbsp;&nbsp; 49000 | 1946487 |
| Matsui Securities Co. Ltd. | &nbsp;&nbsp; 411800 | 2422823 |
| Matsuyafoods Holdings Co. Ltd. | &nbsp;&nbsp; 32800 | 1398811 |
| Max Co. Ltd. | &nbsp;&nbsp; 91800 | 3881881 |
| Maxell Ltd. | &nbsp;&nbsp; 149900 | 2156460 |
| Maxvalu Tokai Co. Ltd. | &nbsp;&nbsp; 33600 | 814013 |
| Mazda Motor Corp. | &nbsp;&nbsp; 2289700 | 17620049 |
| McDonald's Holdings Co. Japan Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 330200 | 14318622 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 253900 | 2587337 |
| Mebuki Financial Group, Inc. | &nbsp;&nbsp; 3246800 | 24494493 |
| Medipal Holdings Corp. | &nbsp;&nbsp; 709700 | 12862856 |
| Megachips Corp. | &nbsp;&nbsp; 42600 | 2333278 |
| Megmilk Snow Brand Co. Ltd. | &nbsp;&nbsp; 166300 | 3621839 |
| Meidensha Corp. | &nbsp;&nbsp; 132000 | 5173129 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 970300 | 22715152 |
| Meiko Electronics Co. Ltd. | &nbsp;&nbsp; 77300 | 6339409 |
| MEITEC Group Holdings, Inc. | &nbsp;&nbsp; 267100 | 5974727 |
| Menicon Co. Ltd. | &nbsp;&nbsp; 238400 | 2500039 |
| Mercari, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 439400 | 9751283 |
| Metaplanet, Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1830300 | 5165966 |
| METAWATER Co. Ltd. | &nbsp;&nbsp; 89900 | 1925552 |
| Micronics Japan Co. Ltd. | &nbsp;&nbsp; 108100 | 6250192 |
| Milbon Co. Ltd. | &nbsp;&nbsp; 109200 | 1794148 |
| Mirai Corp. | &nbsp;&nbsp; 7312 | 2362077 |
| Mirai Industry Co. Ltd. | &nbsp;&nbsp; 30100 | 652082 |
| Mirait One Corp. | &nbsp;&nbsp; 327900 | 7868242 |
| MISUMI Group, Inc. | &nbsp;&nbsp; 1040800 | 17204720 |
| Mitani Sekisan Co. Ltd. | &nbsp;&nbsp; 29900 | 1480607 |
| Mitsubishi Estate Logistics REIT Investment Corp. | &nbsp;&nbsp; 5334 | 4535188 |
| Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp; 564100 | 11190444 |
| Mitsubishi Logisnext Co. Ltd. | &nbsp;&nbsp; 124200 | 1257575 |
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 948300 | 8100336 |
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 473500 | 13619800 |
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 2496600 | 6137453 |
| Mitsubishi Pencil Co. Ltd. | &nbsp;&nbsp; 138200 | 2050072 |
| Mitsubishi Research Institute, Inc. | &nbsp;&nbsp; 29900 | 939059 |
| Mitsuboshi Belting Ltd. | &nbsp;&nbsp; 89000 | 2318555 |
| Mitsui Chemicals, Inc. | &nbsp;&nbsp; 1376400 | 20110676 |
| Mitsui DM Sugar Co. Ltd. | &nbsp;&nbsp; 60200 | 1308569 |
| Mitsui E&S Co. Ltd. | &nbsp;&nbsp; 376300 | 16722409 |
| Mitsui Fudosan Accommodations Fund, Inc. | &nbsp;&nbsp; 9101 | 8133034 |
| Mitsui Fudosan Logistics Park, Inc. | &nbsp;&nbsp; 12407 | 9260122 |
| Mitsui High-Tec, Inc. | &nbsp;&nbsp; 353400 | 1708867 |
| Mitsui Kinzoku Co. Ltd. | &nbsp;&nbsp; 220800 | 28816351 |
| Mitsui-Soko Holdings Co. Ltd. | &nbsp;&nbsp; 217400 | 5085224 |
| Mitsuuroko Group Holdings Co. Ltd. | &nbsp;&nbsp; 96900 | 1363025 |
| Miura Co. Ltd. | &nbsp;&nbsp; 334700 | 6882120 |
| Mixi, Inc. | &nbsp;&nbsp; 136100 | 2395829 |
| Mizuho Leasing Co. Ltd. | &nbsp;&nbsp; 544800 | 5029971 |
| Mizuno Corp. | &nbsp;&nbsp; 199300 | 4129141 |
| Mochida Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 79500 | 1863740 |
| Modec, Inc. | &nbsp;&nbsp; 183800 | 17923707 |
| Monex Group, Inc. | &nbsp;&nbsp; 693770 | 3187251 |
| Money Forward, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 172100 | 4343843 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Monogatari Corp.(The) | &nbsp;&nbsp; 121100 | $3251734 |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 5417 | 5082375 |
| Mori Trust REIT, Inc. | &nbsp;&nbsp; 9994 | 5020515 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 247100 | 4321485 |
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 260700 | 6732295 |
| Morita Holdings Corp. | &nbsp;&nbsp; 113500 | 2058905 |
| MOS Food Services, Inc. | &nbsp;&nbsp; 93400 | 2544404 |
| MTG Co. Ltd. | &nbsp;&nbsp; 48600 | 1328769 |
| Musashi Seimitsu Industry Co. Ltd. | &nbsp;&nbsp; 177600 | 3143110 |
| Musashino Bank Ltd.(The) | &nbsp;&nbsp; 95200 | 3397567 |
| Nabtesco Corp. | &nbsp;&nbsp; 439800 | 11917542 |
| Nachi-Fujikoshi Corp. | &nbsp;&nbsp; 52700 | 1668341 |
| Nagase & Co. Ltd. | &nbsp;&nbsp; 295400 | 7677634 |
| Nagawa Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 26000 | 1035275 |
| Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 719400 | 8040229 |
| Nakanishi, Inc. | &nbsp;&nbsp; 251300 | 3523479 |
| Namura Shipbuilding Co. Ltd. | &nbsp;&nbsp; 201500 | 5492922 |
| Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp; 377700 | 6994117 |
| Nanto Bank Ltd.(The) | &nbsp;&nbsp; 90900 | 3923134 |
| Nextage Co. Ltd. | &nbsp;&nbsp; 170900 | 3620551 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 924500 | 22149149 |
| NH Foods Ltd. | &nbsp;&nbsp; 323200 | 14673779 |
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 667100 | 12123669 |
| Nichias Corp. | &nbsp;&nbsp; 206800 | 10374918 |
| Nichicon Corp. | &nbsp;&nbsp; 164100 | 1795866 |
| Nichiha Corp. | &nbsp;&nbsp; 82900 | 1824745 |
| Nichirei Corp. | &nbsp;&nbsp; 787000 | 9723081 |
| Nifco, Inc./Japan | &nbsp;&nbsp; 282600 | 8798458 |
| Nihon Kohden Corp. | &nbsp;&nbsp; 589300 | 6533193 |
| Nihon M&A Center Holdings, Inc. | &nbsp;&nbsp; 1095100 | 5029417 |
| Nihon Parkerizing Co. Ltd. | &nbsp;&nbsp; 336900 | 3211611 |
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 364700 | 8645409 |
| Nikon Corp. | &nbsp;&nbsp; 954100 | 12008940 |
| Nippn Corp., New | &nbsp;&nbsp; 206000 | 3516519 |
| Nippon Densetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 136200 | 3072159 |
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 253400 | 11020361 |
| Nippon Express Holdings, Inc. | &nbsp;&nbsp; 800600 | 18185327 |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 409300 | 7762385 |
| Nippon Kanzai Holdings Co. Ltd. | &nbsp;&nbsp; 70200 | 1252078 |
| Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 485200 | 5638823 |
| Nippon Light Metal Holdings Co. Ltd. | &nbsp;&nbsp; 211390 | 3729369 |
| Nippon Paper Industries Co. Ltd., Class L | &nbsp;&nbsp; 380500 | 2889313 |
| Nippon Prologis REIT, Inc. | &nbsp;&nbsp; 25439 | 14844232 |
| Nippon REIT Investment Corp. | &nbsp;&nbsp; 6655 | 4134053 |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 200800 | 6702681 |
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 419600 | 6043405 |
| Nippon Soda Co. Ltd. | &nbsp;&nbsp; 159900 | 3816051 |
| Nippon Television Holdings, Inc. | &nbsp;&nbsp; 201000 | 4830798 |
| Nipro Corp. | &nbsp;&nbsp; 611800 | 5622237 |
| Nishimatsu Construction Co. Ltd. | &nbsp;&nbsp; 113200 | 4212492 |
| Nishimatsuya Chain Co. Ltd. | &nbsp;&nbsp; 177100 | 2449843 |
| Nishi-Nippon Financial Holdings, Inc. | &nbsp;&nbsp; 442000 | 10705701 |
| Nishi-Nippon Railroad Co. Ltd. | &nbsp;&nbsp; 228700 | 4211812 |
| Nishio Holdings Co. Ltd. | &nbsp;&nbsp; 70500 | 2190104 |
| Nissan Chemical Corp. | &nbsp;&nbsp; 470800 | 16228234 |
| Nissan Shatai Co. Ltd. | &nbsp;&nbsp; 277200 | 1782535 |
| Nisshin Oillio Group Ltd.(The) | &nbsp;&nbsp; 97800 | 3570747 |
| Nisshin Seifun Group, Inc. | &nbsp;&nbsp; 776100 | 9849188 |
| Nisshinbo Holdings, Inc. | &nbsp;&nbsp; 547300 | 5074363 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 740400 | 15023246 |
| Nissui Corp. | &nbsp;&nbsp; 1070800 | 9026899 |
| Niterra Co. Ltd. | &nbsp;&nbsp; 569900 | 24917078 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nitta Corp. | &nbsp;&nbsp; 65800 | $1733638 |
| Nittetsu Mining Co. Ltd. | &nbsp;&nbsp; 190000 | 4409000 |
| Nitto Boseki Co. Ltd. | &nbsp;&nbsp; 93900 | 8961240 |
| Nitto Kogyo Corp. | &nbsp;&nbsp; 91300 | 2442513 |
| Noevir Holdings Co. Ltd. | &nbsp;&nbsp; 63500 | 1917277 |
| NOF Corp. | &nbsp;&nbsp; 771400 | 14899189 |
| Nohmi Bosai Ltd. | &nbsp;&nbsp; 91600 | 2248283 |
| Nojima Corp. | &nbsp;&nbsp; 712200 | 4969492 |
| NOK Corp. | &nbsp;&nbsp; 329700 | 6421082 |
| Nomura Co. Ltd. | &nbsp;&nbsp; 301500 | 2664918 |
| Nomura Micro Science Co. Ltd. | &nbsp;&nbsp; 109000 | 2463150 |
| Nomura Real Estate Holdings, Inc. | &nbsp;&nbsp; 2109000 | 14014810 |
| Nomura Real Estate Master Fund, Inc. | &nbsp;&nbsp; 15412 | 16653061 |
| Noritake Co. Ltd. | &nbsp;&nbsp; 72800 | 2892145 |
| Noritsu Koki Co. Ltd. | &nbsp;&nbsp; 213000 | 3036043 |
| Noritz Corp. | &nbsp;&nbsp; 112400 | 1502831 |
| North Pacific Bank Ltd. | &nbsp;&nbsp; 999900 | 5973500 |
| NS Solutions Corp.<sup>(c)</sup> | &nbsp;&nbsp; 246200 | 6504451 |
| NS United Kaiun Kaisha Ltd. | &nbsp;&nbsp; 39900 | 1780035 |
| NSD Co. Ltd. | &nbsp;&nbsp; 245380 | 5150110 |
| NSK Ltd. | &nbsp;&nbsp; 1435300 | 9981869 |
| NTN Corp. | &nbsp;&nbsp; 1721800 | 4126697 |
| NTT UD REIT Investment Corp. | &nbsp;&nbsp; 5335 | 4919464 |
| Nxera Pharma Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 311700 | 1642920 |
| Obara Group, Inc. | &nbsp;&nbsp; 30300 | 740197 |
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 113300 | 5018971 |
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 1206900 | 12927302 |
| Ogaki Kyoritsu Bank Ltd.(The) | &nbsp;&nbsp; 138600 | 5062084 |
| Ohsho Food Service Corp. | &nbsp;&nbsp; 138000 | 2809843 |
| Oji Holdings Corp. | &nbsp;&nbsp; 2903400 | 17198191 |
| Okamoto Industries, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 30900 | 1100304 |
| Okamura Corp. | &nbsp;&nbsp; 226900 | 3482479 |
| Okasan Securities Group, Inc. | &nbsp;&nbsp; 539800 | 3091173 |
| Oki Electric Industry Co. Ltd. | &nbsp;&nbsp; 317200 | 4185459 |
| Okinawa Cellular Telephone Co. | &nbsp;&nbsp; 152200 | 3190423 |
| OKUMA Corp. | &nbsp;&nbsp; 165800 | 4114957 |
| Okumura Corp. | &nbsp;&nbsp; 118400 | 4930929 |
| Omron Corp. | &nbsp;&nbsp; 707900 | 18061884 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1427800 | 21271860 |
| Onward Holdings Co. Ltd. | &nbsp;&nbsp; 432300 | 2050158 |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 276600 | 16275629 |
| Open Up Group, Inc. | &nbsp;&nbsp; 217431 | 2613825 |
| Organo Corp. | &nbsp;&nbsp; 106300 | 11224363 |
| Orient Corp. | &nbsp;&nbsp; 290960 | 2068479 |
| Orix JREIT, Inc. | &nbsp;&nbsp; 19787 | 13251766 |
| Osaka Soda Co. Ltd. | &nbsp;&nbsp; 279400 | 4060663 |
| Osaka Steel Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 54600 | 1112073 |
| OSG Corp. | &nbsp;&nbsp; 259200 | 4377018 |
| Pacific Industrial Co. Ltd. | &nbsp;&nbsp; 82300 | 1604597 |
| PAL GROUP Holdings Co. Ltd. | &nbsp;&nbsp; 354000 | 3799735 |
| PALTAC Corp. | &nbsp;&nbsp; 103800 | 3248330 |
| Park24 Co. Ltd. | &nbsp;&nbsp; 491500 | 6849383 |
| Pasona Group, Inc. | &nbsp;&nbsp; 81700 | 1052197 |
| Penta-Ocean Construction Co. Ltd. | &nbsp;&nbsp; 1038700 | 10901353 |
| PeptiDream, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 375300 | 3808173 |
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 6950500 | 12173233 |
| PHC Holdings Corp. | &nbsp;&nbsp; 117700 | 826078 |
| Pigeon Corp. | &nbsp;&nbsp; 443000 | 4616782 |
| PILLAR Corp./Japan<sup>(c)</sup> | &nbsp;&nbsp; 66000 | 2755945 |
| Pilot Corp. | &nbsp;&nbsp; 104500 | 3285548 |
| PKSHA Technology, Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 76900 | 1570053 |
| Plus Alpha Consulting Co. Ltd. | &nbsp;&nbsp; 95600 | 1373355 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Pola Orbis Holdings, Inc. | &nbsp;&nbsp; 356900 | $3122193 |
| Prestige International, Inc. | &nbsp;&nbsp; 355500 | 1593259 |
| Prima Meat Packers Ltd. | &nbsp;&nbsp; 89300 | 1593736 |
| Raito Kogyo Co. Ltd. | &nbsp;&nbsp; 133600 | 3020998 |
| Raiznext Corp. | &nbsp;&nbsp; 85500 | 1394357 |
| Rakus Co. Ltd. | &nbsp;&nbsp; 619400 | 3525206 |
| Rakuten Bank Ltd., NVS<sup>(b)</sup> | &nbsp;&nbsp; 367600 | 17592673 |
| Relo Group, Inc. | &nbsp;&nbsp; 355100 | 4033809 |
| Rengo Co. Ltd. | &nbsp;&nbsp; 729400 | 6248587 |
| Resonac Holdings Corp. | &nbsp;&nbsp; 672200 | 39037982 |
| Resorttrust, Inc. | &nbsp;&nbsp; 649500 | 7568344 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 2070300 | 18319365 |
| Ricoh Leasing Co. Ltd. | &nbsp;&nbsp; 57000 | 2208875 |
| Rigaku Holdings Corp. | &nbsp;&nbsp; 449500 | 3510509 |
| Riken Keiki Co. Ltd. | &nbsp;&nbsp; 117100 | 2500890 |
| Riken Vitamin Co. Ltd. | &nbsp;&nbsp; 72200 | 1451627 |
| Rinnai Corp. | &nbsp;&nbsp; 413100 | 10850235 |
| Riso Kagaku Corp. | &nbsp;&nbsp; 151200 | 1193738 |
| Rohm Co. Ltd. | &nbsp;&nbsp; 1307500 | 22896611 |
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 724100 | 11988038 |
| Roland Corp. | &nbsp;&nbsp; 58300 | 1439031 |
| Rorze Corp. | &nbsp;&nbsp; 407600 | 8634623 |
| Round One Corp. | &nbsp;&nbsp; 664800 | 4696682 |
| Royal Holdings Co. Ltd. | &nbsp;&nbsp; 273200 | 2340806 |
| RS Technologies Co. Ltd. | &nbsp;&nbsp; 56900 | 1399329 |
| Ryoyo Ryosan Holdings, Inc. | &nbsp;&nbsp; 120692 | 2432391 |
| S Foods, Inc. | &nbsp;&nbsp; 68500 | 1349201 |
| Saizeriya Co. Ltd. | &nbsp;&nbsp; 132600 | 5363816 |
| Sakai Moving Service Co. Ltd. | &nbsp;&nbsp; 92900 | 1753592 |
| Sakata INX Corp. | &nbsp;&nbsp; 162600 | 2493493 |
| Sakata Seed Corp. | &nbsp;&nbsp; 104300 | 2743417 |
| Sakura Internet, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 98200 | 1694039 |
| Samty Residential Investment Corp.<sup>(c)</sup> | &nbsp;&nbsp; 1596 | 1175513 |
| San-A Co. Ltd. | &nbsp;&nbsp; 161200 | 3073056 |
| San-Ai Obbli Co. Ltd. | &nbsp;&nbsp; 179600 | 2552346 |
| SanBio Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 210400 | 2516038 |
| Sangetsu Corp. | &nbsp;&nbsp; 184900 | 3774648 |
| San-In Godo Bank Ltd.(The) | &nbsp;&nbsp; 539500 | 5518733 |
| Sanken Electric Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 73400 | 3459769 |
| Sanki Engineering Co. Ltd. | &nbsp;&nbsp; 139800 | 6022635 |
| Sankyo Co. Ltd. | &nbsp;&nbsp; 700200 | 10952901 |
| Sankyu, Inc. | &nbsp;&nbsp; 170000 | 10127811 |
| Sansan, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 268300 | 2592756 |
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1180600 | 13281314 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 722000 | 16354242 |
| Sanyo Chemical Industries Ltd. | &nbsp;&nbsp; 39900 | 1425455 |
| Sanyo Denki Co. Ltd. | &nbsp;&nbsp; 96700 | 2600031 |
| Sapporo Holdings Ltd. | &nbsp;&nbsp; 1209400 | 12911560 |
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 418100 | 6413132 |
| SBS Holdings, Inc. | &nbsp;&nbsp; 65000 | 1620391 |
| Sega Sammy Holdings, Inc. | &nbsp;&nbsp; 590000 | 9254104 |
| Seiko Epson Corp. | &nbsp;&nbsp; 1140900 | 14680763 |
| Seiko Group Corp. | &nbsp;&nbsp; 102900 | 5140361 |
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; 358500 | 5580919 |
| Seiren Co. Ltd. | &nbsp;&nbsp; 177500 | 3632498 |
| Sekisui House REIT, Inc. | &nbsp;&nbsp; 15756 | 9252304 |
| Senko Group Holdings Co. Ltd. | &nbsp;&nbsp; 500800 | 6238154 |
| Senshu Electric Co. Ltd. | &nbsp;&nbsp; 48600 | 1816098 |
| Senshu Ikeda Holdings, Inc. | &nbsp;&nbsp; 868600 | 4598087 |
| Septeni Holdings Co. Ltd. | &nbsp;&nbsp; 332100 | 936891 |
| Seria Co. Ltd. | &nbsp;&nbsp; 170200 | 4044072 |
| Seven Bank Ltd. | &nbsp;&nbsp; 2318300 | 4462563 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sharp Corp./Japan<sup>(b)</sup> | &nbsp;&nbsp; 897800 | $4097260 |
| Shibaura Machine Co. Ltd. | &nbsp;&nbsp; 83600 | 2301557 |
| Shibaura Mechatronics Corp. | &nbsp;&nbsp; 49000 | 7387157 |
| Shibuya Corp. | &nbsp;&nbsp; 65300 | 1487051 |
| SHIFT, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 724200 | 3433378 |
| Shiga Bank Ltd.(The) | &nbsp;&nbsp; 133300 | 6817364 |
| Shikoku Electric Power Co., Inc. | &nbsp;&nbsp; 610900 | 6183851 |
| Shikoku Kasei Holdings Corp. | &nbsp;&nbsp; 100300 | 2792921 |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 169000 | 11327226 |
| Shimizu Corp. | &nbsp;&nbsp; 1919400 | 34086460 |
| Shin Nippon Air Technologies Co. Ltd. | &nbsp;&nbsp; 85200 | 1811513 |
| Shinagawa Refra Co. Ltd. | &nbsp;&nbsp; 85300 | 1183954 |
| Shin-Etsu Polymer Co. Ltd. | &nbsp;&nbsp; 150300 | 1963311 |
| Shinmaywa Industries Ltd. | &nbsp;&nbsp; 197200 | 2786430 |
| Shinnihon Corp. | &nbsp;&nbsp; 83400 | 1076672 |
| Ship Healthcare Holdings, Inc. | &nbsp;&nbsp; 284300 | 4686363 |
| Shizuoka Financial Group, Inc., NVS | &nbsp;&nbsp; 1663300 | 27171650 |
| Shizuoka Gas Co. Ltd. | &nbsp;&nbsp; 133700 | 1058294 |
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 589200 | 5289100 |
| Shochiku Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 34000 | 2603267 |
| Shoei Co. Ltd. | &nbsp;&nbsp; 180100 | 2072566 |
| Showa Sangyo Co. Ltd. | &nbsp;&nbsp; 74900 | 1525790 |
| Simplex Holdings, Inc. | &nbsp;&nbsp; 560500 | 3474843 |
| Sinfonia Technology Co. Ltd. | &nbsp;&nbsp; 80500 | 5447927 |
| Sinko Industries Ltd. | &nbsp;&nbsp; 179800 | 1726477 |
| SKY Perfect JSAT Holdings, Inc. | &nbsp;&nbsp; 625100 | 9035736 |
| Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 871000 | 17722790 |
| SMS Co. Ltd. | &nbsp;&nbsp; 256500 | 2714445 |
| Socionext, Inc. | &nbsp;&nbsp; 687800 | 9203631 |
| Sojitz Corp. | &nbsp;&nbsp; 806720 | 29417288 |
| SOSiLA Logistics REIT, Inc. | &nbsp;&nbsp; 2714 | 2246840 |
| Sotetsu Holdings, Inc. | &nbsp;&nbsp; 300100 | 5423976 |
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 910800 | 15737136 |
| Stanley Electric Co. Ltd. | &nbsp;&nbsp; 385300 | 7590488 |
| Star Asia Investment Corp. | &nbsp;&nbsp; 10194 | 3956871 |
| Starts Corp., Inc. | &nbsp;&nbsp; 118700 | 3765763 |
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 400300 | 9205658 |
| SUMCO Corp. | &nbsp;&nbsp; 1346500 | 14057477 |
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 283500 | 9984848 |
| Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 5701500 | 17344666 |
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 1785300 | 19356779 |
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 420000 | 13076540 |
| Sumitomo Osaka Cement Co. Ltd. | &nbsp;&nbsp; 119700 | 3226249 |
| Sumitomo Pharma Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 687200 | 10226234 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 700900 | 11295812 |
| Sumitomo Warehouse Co. Ltd.(The) | &nbsp;&nbsp; 182600 | 4380210 |
| Sun Corp.<sup>(c)</sup> | &nbsp;&nbsp; 47700 | 2565925 |
| Sun Frontier Fudousan Co. Ltd. | &nbsp;&nbsp; 117500 | 1863804 |
| Sundrug Co. Ltd. | &nbsp;&nbsp; 273000 | 7267769 |
| Suruga Bank Ltd. | &nbsp;&nbsp; 472600 | 5935838 |
| Suzuken Co. Ltd. | &nbsp;&nbsp; 221400 | 8924554 |
| SWCC Corp. | &nbsp;&nbsp; 107000 | 7974831 |
| Systena Corp. | &nbsp;&nbsp; 1004200 | 3295283 |
| T Hasegawa Co. Ltd. | &nbsp;&nbsp; 115400 | 2122933 |
| Tadano Ltd. | &nbsp;&nbsp; 337900 | 2497228 |
| Taihei Dengyo Kaisha Ltd. | &nbsp;&nbsp; 157300 | 2272357 |
| Taiheiyo Cement Corp. | &nbsp;&nbsp; 409300 | 11247299 |
| Taikisha Ltd. | &nbsp;&nbsp; 177800 | 3971885 |
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 311600 | 10085523 |
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 471800 | 9976444 |
| Takamatsu Construction Group Co. Ltd. | &nbsp;&nbsp; 56600 | 1400152 |
| Takara Bio, Inc. | &nbsp;&nbsp; 200900 | 1055381 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Takara Holdings, Inc. | &nbsp;&nbsp; 566700 | $5853026 |
| Takara Leben Real Estate Investment Corp. | &nbsp;&nbsp; 3392 | 2049629 |
| Takara Standard Co. Ltd. | &nbsp;&nbsp; 156200 | 2982579 |
| Takasago International Corp. | &nbsp;&nbsp; 230500 | 2250797 |
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 349100 | 10092735 |
| Takashimaya Co. Ltd. | &nbsp;&nbsp; 961500 | 12018239 |
| Takeuchi Manufacturing Co. Ltd. | &nbsp;&nbsp; 132500 | 5486028 |
| Takuma Co. Ltd. | &nbsp;&nbsp; 222300 | 3593548 |
| Tama Home Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 58500 | 1405312 |
| Tamron Co. Ltd. | &nbsp;&nbsp; 532600 | 3555218 |
| TBS Holdings, Inc. | &nbsp;&nbsp; 128700 | 4990078 |
| TechMatrix Corp. | &nbsp;&nbsp; 148600 | 2032498 |
| Teijin Ltd. | &nbsp;&nbsp; 678400 | 6563091 |
| THK Co. Ltd. | &nbsp;&nbsp; 409400 | 12231765 |
| Timee, Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 228000 | 2000534 |
| TKC Corp. | &nbsp;&nbsp; 102700 | 2700303 |
| Toa Corp./Tokyo | &nbsp;&nbsp; 217900 | 4431255 |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 321400 | 3653198 |
| Tobu Railway Co. Ltd. | &nbsp;&nbsp; 698400 | 12329845 |
| Tocalo Co. Ltd. | &nbsp;&nbsp; 216100 | 3615314 |
| Toda Corp. | &nbsp;&nbsp; 792900 | 6921007 |
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 281300 | 4675978 |
| Toei Co. Ltd. | &nbsp;&nbsp; 112600 | 4098885 |
| Toenec Corp. | &nbsp;&nbsp; 162500 | 2152728 |
| Toho Bank Ltd.(The) | &nbsp;&nbsp; 722100 | 2812134 |
| Toho Gas Co. Ltd. | &nbsp;&nbsp; 248000 | 8215339 |
| Toho Holdings Co. Ltd. | &nbsp;&nbsp; 207600 | 6201440 |
| Tohoku Electric Power Co., Inc. | &nbsp;&nbsp; 1824700 | 13161333 |
| Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 772700 | 5346595 |
| TOKAI Holdings Corp. | &nbsp;&nbsp; 377500 | 2804701 |
| Tokai Rika Co. Ltd. | &nbsp;&nbsp; 189800 | 3846975 |
| Tokai Tokyo Financial Holdings, Inc. | &nbsp;&nbsp; 830900 | 3980888 |
| Token Corp. | &nbsp;&nbsp; 16900 | 1624050 |
| Tokuyama Corp. | &nbsp;&nbsp; 248100 | 6486388 |
| Tokyo Century Corp. | &nbsp;&nbsp; 564300 | 7861070 |
| Tokyo Electric Power Co. Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 5862500 | 22021361 |
| Tokyo Electron Device Ltd. | &nbsp;&nbsp; 74300 | 1699774 |
| Tokyo Kiraboshi Financial Group, Inc. | &nbsp;&nbsp; 88900 | 5804234 |
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 366900 | 17318255 |
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 153700 | 13925304 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 215100 | 2100180 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 717600 | 16886722 |
| Tokyotokeiba Co. Ltd. | &nbsp;&nbsp; 57000 | 1974396 |
| Tokyu Construction Co. Ltd. | &nbsp;&nbsp; 322840 | 2667701 |
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 2214200 | 20502410 |
| Tokyu REIT, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 3102 | 4158260 |
| TOMONY Holdings, Inc. | &nbsp;&nbsp; 624100 | 3532087 |
| Tomy Co. Ltd. | &nbsp;&nbsp; 309700 | 5468842 |
| Topre Corp. | &nbsp;&nbsp; 140300 | 2285536 |
| Toridoll Holdings Corp.<sup>(c)</sup> | &nbsp;&nbsp; 187000 | 5044318 |
| Tosei Corp. | &nbsp;&nbsp; 228600 | 2328868 |
| Toshiba TEC Corp. | &nbsp;&nbsp; 114600 | 1927228 |
| Tosoh Corp. | &nbsp;&nbsp; 1054400 | 17208449 |
| Totech Corp. | &nbsp;&nbsp; 94200 | 2451076 |
| Totetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 84800 | 2553294 |
| TOTO Ltd. | &nbsp;&nbsp; 509800 | 16022452 |
| Towa Corp. | &nbsp;&nbsp; 229700 | 4433300 |
| Towa Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 100000 | 2329056 |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 390600 | 9800095 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 338800 | 24189139 |
| Toyo Tanso Co. Ltd. | &nbsp;&nbsp; 55200 | 1928635 |
| Toyo Tire Corp. | &nbsp;&nbsp; 487200 | 13129904 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Toyobo Co. Ltd. | &nbsp;&nbsp; 299100 | $2566839 |
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 364100 | 9891831 |
| Toyota Boshoku Corp. | &nbsp;&nbsp; 315100 | 5291136 |
| Transcosmos, Inc. | &nbsp;&nbsp; 82900 | 2021706 |
| TRE Holdings Corp. | &nbsp;&nbsp; 157400 | 1746718 |
| Tri Chemical Laboratories, Inc. | &nbsp;&nbsp; 104200 | 2233557 |
| Trial Holdings, Inc. | &nbsp;&nbsp; 142100 | 2652483 |
| Trusco Nakayama Corp. | &nbsp;&nbsp; 173700 | 2745244 |
| TS Tech Co. Ltd. | &nbsp;&nbsp; 313900 | 3856295 |
| Tsubakimoto Chain Co. | &nbsp;&nbsp; 277500 | 4256811 |
| Tsuburaya Fields Holdings, Inc. | &nbsp;&nbsp; 134300 | 1591163 |
| Tsugami Corp. | &nbsp;&nbsp; 150000 | 3119890 |
| Tsumura & Co. | &nbsp;&nbsp; 222200 | 5873815 |
| Tsurumi Manufacturing Co. Ltd. | &nbsp;&nbsp; 111100 | 1568247 |
| TV Asahi Holdings Corp. | &nbsp;&nbsp; 82700 | 1912609 |
| UACJ Corp. | &nbsp;&nbsp; 569176 | 9008643 |
| UBE Corp. | &nbsp;&nbsp; 358200 | 6194457 |
| Ulvac, Inc. | &nbsp;&nbsp; 175500 | 9422971 |
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 241500 | 2907251 |
| Union Tool Co. | &nbsp;&nbsp; 34300 | 2284427 |
| United Super Markets Holdings, Inc. | &nbsp;&nbsp; 341000 | 2055783 |
| United Urban Investment Corp. | &nbsp;&nbsp; 11889 | 13735824 |
| Ushio, Inc. | &nbsp;&nbsp; 259000 | 4655947 |
| USS Co. Ltd. | &nbsp;&nbsp; 1458200 | 16112131 |
| UT Group Co. Ltd. | &nbsp;&nbsp; 1741100 | 2324063 |
| Valor Holdings Co. Ltd. | &nbsp;&nbsp; 137300 | 3108549 |
| Visional, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 91400 | 5037048 |
| Wacoal Holdings Corp. | &nbsp;&nbsp; 150900 | 4254739 |
| Wacom Co. Ltd. | &nbsp;&nbsp; 470700 | 2281029 |
| Wakita & Co. Ltd. | &nbsp;&nbsp; 120600 | 1571531 |
| West Holdings Corp.<sup>(c)</sup> | &nbsp;&nbsp; 83330 | 857495 |
| WingArc1st, Inc. | &nbsp;&nbsp; 74600 | 1571765 |
| Workman Co. Ltd. | &nbsp;&nbsp; 77900 | 3204843 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 950700 | 15363004 |
| Yamabiko Corp. | &nbsp;&nbsp; 108300 | 2254585 |
| Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 2043700 | 7164702 |
| Yamaguchi Financial Group, Inc. | &nbsp;&nbsp; 671000 | 10688311 |
| Yamaha Corp. | &nbsp;&nbsp; 1542300 | 11210153 |
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 895900 | 11713643 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 149100 | 10748924 |
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 462400 | 9797083 |
| Yamazen Corp. | &nbsp;&nbsp; 174000 | 1604861 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 868200 | 27712307 |
| Yellow Hat Ltd. | &nbsp;&nbsp; 243400 | 2657376 |
| Yodoko Ltd. | &nbsp;&nbsp; 398900 | 3613949 |
| Yokogawa Bridge Holdings Corp. | &nbsp;&nbsp; 114600 | 2306554 |
| Yokohama Rubber Co. Ltd.(The) | &nbsp;&nbsp; 478000 | 18866799 |
| Yonex Co. Ltd. | &nbsp;&nbsp; 212600 | 4482170 |
| Yoshinoya Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 249000 | 4917667 |
| Yuasa Trading Co. Ltd. | &nbsp;&nbsp; 61600 | 2257669 |
| Yurtec Corp. | &nbsp;&nbsp; 127000 | 2232930 |
| Zacros Corp. | &nbsp;&nbsp; 183000 | 1377874 |
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 401600 | 7984447 |
| Zeon Corp. | &nbsp;&nbsp; 572900 | 7000747 |
| ZERIA Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 91000 | 1207767 |
| Zojirushi Corp. | &nbsp;&nbsp; 133300 | 1332539 |
| Zuken, Inc. | &nbsp;&nbsp; 59300 | 1848832 |
|  |  | 4813410473 |
| **Netherlands — 1.2%** | **Netherlands — 1.2%** | **Netherlands — 1.2%** |
| Aalberts NV | &nbsp;&nbsp; 382368 | 14682369 |
| Allfunds Group PLC | &nbsp;&nbsp; 1164609 | 11286312 |
| AMG Critical Materials NV | &nbsp;&nbsp; 117219 | 5014601 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Arcadis NV | &nbsp;&nbsp; 277112 | $12445133 |
| Basic-Fit NV<sup>(b)(d)</sup> | &nbsp;&nbsp; 190026 | 7244020 |
| Corbion NV | &nbsp;&nbsp; 200620 | 4818748 |
| Eurocommercial Properties NV | &nbsp;&nbsp; 166371 | 4907807 |
| Flow Traders Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 132735 | 4318203 |
| Fugro NV | &nbsp;&nbsp; 434884 | 6009495 |
| Havas NV | &nbsp;&nbsp; 261313 | 5399244 |
| Koninklijke BAM Groep NV | &nbsp;&nbsp; 938738 | 9845203 |
| Koninklijke Heijmans NV | &nbsp;&nbsp; 95130 | 7751225 |
| Koninklijke Vopak NV | &nbsp;&nbsp; 221647 | 11062168 |
| OCI NV | &nbsp;&nbsp; 404417 | 1616660 |
| Pharming Group NV<sup>(b)</sup> | &nbsp;&nbsp; 2601502 | 5303912 |
| Pharvaris NV<sup>(b)(c)</sup> | &nbsp;&nbsp; 85468 | 2311909 |
| PostNL NV<sup>(c)</sup> | &nbsp;&nbsp; 1322145 | 1851457 |
| SBM Offshore NV | &nbsp;&nbsp; 541288 | 19443193 |
| Signify NV<sup>(d)</sup> | &nbsp;&nbsp; 493691 | 10480836 |
| Sligro Food Group NV<sup>(c)</sup> | &nbsp;&nbsp; 98968 | 1333322 |
| TKH Group NV | &nbsp;&nbsp; 146538 | 6430759 |
| TomTom NV<sup>(b)</sup> | &nbsp;&nbsp; 225970 | 1697827 |
| Van Lanschot Kempen NV | &nbsp;&nbsp; 108205 | 6561452 |
| Wereldhave NV | &nbsp;&nbsp; 150505 | 3728845 |
|  |  | 165544700 |
| **New Zealand — 0.4%** | **New Zealand — 0.4%** | **New Zealand — 0.4%** |
| Air New Zealand Ltd. | &nbsp;&nbsp; 6296921 | 2198998 |
| EBOS Group Ltd. | &nbsp;&nbsp; 744247 | 11520935 |
| Fletcher Building Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4122105 | 9267237 |
| Goodman Property Trust | &nbsp;&nbsp; 4119732 | 4799748 |
| Kiwi Property Group Ltd. | &nbsp;&nbsp; 6038322 | 3666136 |
| Mercury NZ Ltd. | &nbsp;&nbsp; 2719344 | 10374330 |
| Ryman Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3463532 | 5804794 |
| Spark New Zealand Ltd. | &nbsp;&nbsp; 7312384 | 9950295 |
|  |  | 57582473 |
| **Norway — 2.1%** | **Norway — 2.1%** | **Norway — 2.1%** |
| Aker ASA, Class A | &nbsp;&nbsp; 86854 | 7999798 |
| Aker Solutions ASA | &nbsp;&nbsp; 1140144 | 4166145 |
| Atea ASA | &nbsp;&nbsp; 303759 | 4861021 |
| Austevoll Seafood ASA | &nbsp;&nbsp; 354986 | 3412501 |
| AutoStore Holdings Ltd.<sup>(b)(d)</sup> | &nbsp;&nbsp; 4599196 | 5331342 |
| Bakkafrost P/F<sup>(c)</sup> | &nbsp;&nbsp; 192976 | 9322087 |
| BlueNord ASA | &nbsp;&nbsp; 87070 | 4069744 |
| BW LPG Ltd.<sup>(c)(d)</sup> | &nbsp;&nbsp; 364242 | 5766184 |
| BW Offshore Ltd. | &nbsp;&nbsp; 350632 | 1711199 |
| Cadeler AS<sup>(b)(c)</sup> | &nbsp;&nbsp; 829263 | 4936496 |
| DNO ASA | &nbsp;&nbsp; 1666065 | 2829922 |
| DOF Group ASA | &nbsp;&nbsp; 561679 | 6573932 |
| Elkem ASA<sup>(d)</sup> | &nbsp;&nbsp; 1119708 | 3326260 |
| Elopak ASA | &nbsp;&nbsp; 413990 | 2153668 |
| Entra ASA<sup>(d)</sup> | &nbsp;&nbsp; 185723 | 2179191 |
| Europris ASA<sup>(d)</sup> | &nbsp;&nbsp; 602872 | 5538524 |
| Frontline PLC | &nbsp;&nbsp; 555728 | 15818828 |
| Grieg Seafood ASA<sup>(b)</sup> | &nbsp;&nbsp; 179750 | 1391808 |
| Hoegh Autoliners ASA | &nbsp;&nbsp; 408673 | 4553800 |
| Kitron ASA | &nbsp;&nbsp; 762728 | 6555938 |
| Leroy Seafood Group ASA | &nbsp;&nbsp; 1023511 | 5043701 |
| LINK Mobility Group Holding ASA<sup>(b)</sup> | &nbsp;&nbsp; 965594 | 3367142 |
| MPC Container Ships ASA | &nbsp;&nbsp; 1452262 | 2814517 |
| NORBIT ASA | &nbsp;&nbsp; 134866 | 2592111 |
| Norconsult Norge A/S | &nbsp;&nbsp; 411201 | 1939119 |
| Nordic Semiconductor ASA<sup>(b)</sup> | &nbsp;&nbsp; 687171 | 9228314 |
| Norwegian Air Shuttle ASA | &nbsp;&nbsp; 2047502 | 3456110 |
| Odfjell Drilling Ltd. | &nbsp;&nbsp; 457041 | 4549147 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| Odfjell SE, Class A | &nbsp;&nbsp; 57814 | $815592 |
| Paratus Energy Services Ltd. | &nbsp;&nbsp; 359600 | 1747229 |
| Protector Forsikring ASA | &nbsp;&nbsp; 205367 | 11124941 |
| Public Property Invest AS | &nbsp;&nbsp; 416600 | 1032826 |
| Scatec ASA<sup>(b)(d)</sup> | &nbsp;&nbsp; 488064 | 5830642 |
| SpareBank 1 Nord Norge | &nbsp;&nbsp; 344766 | 5255925 |
| SpareBank 1 Oestlandet | &nbsp;&nbsp; 163820 | 3329989 |
| SpareBank 1 SMN | &nbsp;&nbsp; 524941 | 10547332 |
| SpareBank 1 Sor-Norge ASA | &nbsp;&nbsp; 795143 | 16029487 |
| Stolt-Nielsen Ltd. | &nbsp;&nbsp; 88818 | 2786152 |
| Storebrand ASA | &nbsp;&nbsp; 1588307 | 27795142 |
| Subsea 7 SA | &nbsp;&nbsp; 858558 | 21946535 |
| TGS ASA | &nbsp;&nbsp; 752866 | 7935455 |
| TOMRA Systems ASA | &nbsp;&nbsp; 848260 | 11253176 |
| Vend Marketplaces ASA, Class B | &nbsp;&nbsp; 653687 | 18068790 |
| Wallenius Wilhelmsen ASA | &nbsp;&nbsp; 401917 | 4669754 |
| Wilh Wilhelmsen Holding ASA, Class A | &nbsp;&nbsp; 45708 | 3251127 |
|  |  | 288908643 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| Altri SGPS SA<sup>(c)</sup> | &nbsp;&nbsp; 248831 | 1276740 |
| Corticeira Amorim SGPS SA | &nbsp;&nbsp; 153415 | 1216946 |
| CTT-Correios de Portugal SA | &nbsp;&nbsp; 302638 | 2434897 |
| Mota-Engil SGPS SA<sup>(c)</sup> | &nbsp;&nbsp; 360879 | 1906049 |
| Navigator Co. SA (The)<sup>(c)</sup> | &nbsp;&nbsp; 850003 | 3217466 |
| NOS SGPS SA | &nbsp;&nbsp; 788748 | 4100287 |
| REN - Redes Energeticas Nacionais SGPS SA | &nbsp;&nbsp; 1449862 | 5911961 |
| Semapa-Sociedade de Investimento e Gestao | &nbsp;&nbsp; 60995 | 1617896 |
| Sonae SGPS SA | &nbsp;&nbsp; 3082337 | 6468402 |
|  |  | 28150644 |
| **Singapore — 2.3%** | **Singapore — 2.3%** | **Singapore — 2.3%** |
| AIMS APAC REIT | &nbsp;&nbsp; 2233475 | 2638614 |
| Bitdeer Technologies Group, Class A, NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 386998 | 5046454 |
| Bumitama Agri Ltd. | &nbsp;&nbsp; 1376500 | 1558179 |
| CapitaLand Ascott Trust | &nbsp;&nbsp; 10341496 | 7981569 |
| CapitaLand China Trust<sup>(c)</sup> | &nbsp;&nbsp; 4738134 | 2920234 |
| Capitaland India Trust<sup>(c)</sup> | &nbsp;&nbsp; 3969942 | 3873579 |
| CDL Hospitality Trusts<sup>(c)</sup> | &nbsp;&nbsp; 3052000 | 2078359 |
| Centurion Corp. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 839800 | 1003360 |
| City Developments Ltd. | &nbsp;&nbsp; 1919500 | 13986582 |
| ComfortDelGro Corp. Ltd. | &nbsp;&nbsp; 8176400 | 9446329 |
| Digital Core REIT Management Pte. Ltd. | &nbsp;&nbsp; 3552600 | 1918795 |
| Eagle Hospitality Trust<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 1640200 | 16 |
| ESR-REIT | &nbsp;&nbsp; 2365387 | 5078977 |
| Far East Hospitality Trust<sup>(c)</sup> | &nbsp;&nbsp; 4009700 | 1924108 |
| First Resources Ltd. | &nbsp;&nbsp; 2116400 | 3559828 |
| Food Empire Holdings Ltd. | &nbsp;&nbsp; 856300 | 1812138 |
| Frasers Centrepoint Trust | &nbsp;&nbsp; 5067199 | 8922254 |
| Frasers Logistics & Commercial Trust<sup>(c)</sup> | &nbsp;&nbsp; 10684036 | 8492125 |
| Genting Singapore Ltd. | &nbsp;&nbsp; 22659800 | 13082566 |
| Golden Agri-Resources Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 24788700 | 5626982 |
| Hafnia Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1074571 | 6586952 |
| Hong Leong Asia Ltd. | &nbsp;&nbsp; 731200 | 1973515 |
| Hutchison Port Holdings Trust, Class U | &nbsp;&nbsp; 18363600 | 4223628 |
| iFAST Corp. Ltd. | &nbsp;&nbsp; 639300 | 5301441 |
| Keppel DC REIT | &nbsp;&nbsp; 7920907 | 14193498 |
| Keppel Infrastructure Trust | &nbsp;&nbsp; 16452290 | 6717038 |
| Keppel REIT<sup>(c)</sup> | &nbsp;&nbsp; 12241207 | 9491434 |
| Lendlease Global Commercial REIT | &nbsp;&nbsp; 8393429 | 4211936 |
| Mapletree Industrial Trust<sup>(c)</sup> | &nbsp;&nbsp; 8191093 | 13578689 |
| Mapletree Logistics Trust<sup>(c)</sup> | &nbsp;&nbsp; 13360500 | 14214770 |
| Mapletree Pan Asia Commercial Trust<sup>(c)</sup> | &nbsp;&nbsp; 8942100 | 10255276 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| NetLink NBN Trust<sup>(c)</sup> | &nbsp;&nbsp; 11218300 | $8630269 |
| NTT DC REIT<sup>(b)</sup> | &nbsp;&nbsp; 2433200 | 2482438 |
| Olam Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3708900 | 2605236 |
| Parkway Life REIT<sup>(c)</sup> | &nbsp;&nbsp; 1803000 | 5785915 |
| Propnex Ltd. | &nbsp;&nbsp; 735800 | 1267665 |
| Raffles Medical Group Ltd. | &nbsp;&nbsp; 3009200 | 2353710 |
| Riverstone Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2275300 | 1368802 |
| Sasseur REIT<sup>(c)</sup> | &nbsp;&nbsp; 2174900 | 1172276 |
| SATS Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 3464279 | 10320583 |
| Seatrium Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 8483000 | 14068143 |
| Sheng Siong Group Ltd. | &nbsp;&nbsp; 2615200 | 5593594 |
| SIA Engineering Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1109400 | 2879093 |
| Singapore Post Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6013600 | 1867204 |
| Starhill Global REIT | &nbsp;&nbsp; 5471900 | 2538203 |
| StarHub Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2399500 | 2150326 |
| Stoneweg Europe Stapled Trust, NVS | &nbsp;&nbsp; 1183760 | 2231039 |
| Suntec REIT<sup>(c)</sup> | &nbsp;&nbsp; 7585100 | 8568247 |
| Super Hi International Holding Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 767000 | 1257560 |
| UMS Integration Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2939175 | 3098155 |
| UOL Group Ltd. | &nbsp;&nbsp; 1784100 | 15237239 |
| Venture Corp. Ltd. | &nbsp;&nbsp; 1060900 | 13623142 |
| Yangzijiang Financial Holding Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 7445200 | 2073501 |
| Yangzijiang Maritime Development Pte Ltd., <br> NVS<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7336700 | 3460436 |
| Yanlord Land Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 2044200 | 1166364 |
|  |  | 307498365 |
| **Spain — 1.5%** | **Spain — 1.5%** | **Spain — 1.5%** |
| Acerinox SA | &nbsp;&nbsp; 707442 | 10508808 |
| Aedas Homes SA<sup>(d)</sup> | &nbsp;&nbsp; 31181 | 885340 |
| Almirall SA | &nbsp;&nbsp; 308271 | 4614619 |
| Atresmedia Corp. de Medios de Comunicacion SA | &nbsp;&nbsp; 379904 | 2364066 |
| CIE Automotive SA | &nbsp;&nbsp; 158057 | 5384262 |
| Cirsa Enterprises SA<sup>(b)</sup> | &nbsp;&nbsp; 116657 | 2007816 |
| Colonial SFL Socimi SA | &nbsp;&nbsp; 1120268 | 6929005 |
| Construcciones y Auxiliar de Ferrocarriles SA | &nbsp;&nbsp; 70078 | 4671622 |
| Distribuidora Internacional de Alimentacion SA<sup>(b)</sup> | &nbsp;&nbsp; 58241 | 2702452 |
| eDreams ODIGEO SA<sup>(b)</sup> | &nbsp;&nbsp; 341052 | 1411124 |
| Elecnor SA | &nbsp;&nbsp; 149354 | 4760634 |
| Enagas SA | &nbsp;&nbsp; 884357 | 14555259 |
| Ence Energia y Celulosa SA<sup>(b)(c)</sup> | &nbsp;&nbsp; 449258 | 1183007 |
| Fluidra SA | &nbsp;&nbsp; 363498 | 10573544 |
| Gestamp Automocion SA<sup>(d)</sup> | &nbsp;&nbsp; 597755 | 2143155 |
| Grenergy Renovables SA<sup>(b)</sup> | &nbsp;&nbsp; 54532 | 6224619 |
| Indra Sistemas SA<sup>(c)</sup> | &nbsp;&nbsp; 304747 | 19697000 |
| Laboratorios Farmaceuticos Rovi SA, Class R | &nbsp;&nbsp; 70532 | 6022115 |
| Let's Gowex SA.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 51450 | 1 |
| Linea Directa Aseguradora SA Cia de Seguros <br> y Reaseguros<br>| &nbsp;&nbsp; 2127692 | 2965941 |
| Logista Integral SA | &nbsp;&nbsp; 226537 | 8263319 |
| Melia Hotels International SA | &nbsp;&nbsp; 412770 | 3682747 |
| Merlin Properties SOCIMI SA | &nbsp;&nbsp; 1500505 | 22332320 |
| Neinor Homes SA<sup>(d)</sup> | &nbsp;&nbsp; 151671 | 3613974 |
| Pharma Mar SA | &nbsp;&nbsp; 47755 | 4467808 |
| Prosegur Cash SA<sup>(c)(d)</sup> | &nbsp;&nbsp; 911733 | 692743 |
| Prosegur Cia. de Seguridad SA | &nbsp;&nbsp; 492439 | 1639252 |
| Sacyr SA | &nbsp;&nbsp; 2077429 | 9775529 |
| Sacyr SA, NVS | &nbsp;&nbsp; 25466 | 119833 |
| Solaria Energia y Medio Ambiente SA<sup>(b)</sup> | &nbsp;&nbsp; 288750 | 6368443 |
| Tecnicas Reunidas SA<sup>(b)</sup> | &nbsp;&nbsp; 174165 | 6594681 |
| Unicaja Banco SA<sup>(d)</sup> | &nbsp;&nbsp; 3887053 | 13320482 |
| Vidrala SA | &nbsp;&nbsp; 85638 | 8946881 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Viscofan SA | &nbsp;&nbsp; 152241 | $10216990 |
|  |  | 209639391 |
| **Sweden — 5.0%** | **Sweden — 5.0%** | **Sweden — 5.0%** |
| AAK AB | &nbsp;&nbsp; 698747 | 19552300 |
| AcadeMedia AB<sup>(d)</sup> | &nbsp;&nbsp; 296875 | 3145694 |
| AddLife AB, Class B | &nbsp;&nbsp; 450395 | 6899525 |
| Addnode Group AB, Class B | &nbsp;&nbsp; 474200 | 4557511 |
| AFRY AB | &nbsp;&nbsp; 373480 | 5926375 |
| Alimak Group AB<sup>(d)</sup> | &nbsp;&nbsp; 267420 | 4094605 |
| Alleima AB | &nbsp;&nbsp; 720936 | 6300792 |
| Ambea AB<sup>(d)</sup> | &nbsp;&nbsp; 299073 | 4566256 |
| Apotea AB<sup>(b)</sup> | &nbsp;&nbsp; 221908 | 1484770 |
| AQ Group AB | &nbsp;&nbsp; 224424 | 4939797 |
| Arjo AB, Class B | &nbsp;&nbsp; 789327 | 2366223 |
| Asker Healthcare Group AB<sup>(b)</sup> | &nbsp;&nbsp; 811948 | 6843836 |
| Asmodee Group AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 597090 | 7164538 |
| Atrium Ljungberg AB, Class B | &nbsp;&nbsp; 992966 | 3760876 |
| Attendo AB<sup>(d)</sup> | &nbsp;&nbsp; 469151 | 4683300 |
| Avanza Bank Holding AB | &nbsp;&nbsp; 482433 | 18796750 |
| Axfood AB | &nbsp;&nbsp; 416939 | 14281009 |
| Betsson AB, Class B | &nbsp;&nbsp; 433517 | 5090177 |
| Better Collective A/S<sup>(b)(c)</sup> | &nbsp;&nbsp; 129533 | 1544362 |
| Bilia AB, Class A | &nbsp;&nbsp; 242873 | 3441353 |
| Billerud Aktiebolag | &nbsp;&nbsp; 865351 | 6997310 |
| BioArctic AB, Class B<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 171158 | 6146517 |
| BioGaia AB, Class B | &nbsp;&nbsp; 347615 | 4275581 |
| BoneSupport Holding AB<sup>(b)(d)</sup> | &nbsp;&nbsp; 218128 | 4529506 |
| Boozt AB<sup>(b)(d)</sup> | &nbsp;&nbsp; 211631 | 2149193 |
| Bravida Holding AB<sup>(d)</sup> | &nbsp;&nbsp; 791952 | 7802373 |
| Bufab AB | &nbsp;&nbsp; 505862 | 5599549 |
| Bure Equity AB | &nbsp;&nbsp; 212167 | 5238696 |
| Camurus AB<sup>(b)</sup> | &nbsp;&nbsp; 149135 | 11195108 |
| Castellum AB | &nbsp;&nbsp; 1415299 | 17496279 |
| Catena AB | &nbsp;&nbsp; 174047 | 9034719 |
| Cibus Nordic Real Estate AB publ | &nbsp;&nbsp; 272701 | 4723858 |
| Clas Ohlson AB, Class B | &nbsp;&nbsp; 149171 | 5107731 |
| Cloetta AB, Class B | &nbsp;&nbsp; 709110 | 3466141 |
| Coffee Stain Group AB<sup>(b)</sup> | &nbsp;&nbsp; 493364 | 1026884 |
| Corem Property Group AB, Class B | &nbsp;&nbsp; 2661882 | 1234193 |
| Creades AB, Class A | &nbsp;&nbsp; 198218 | 1542868 |
| Dios Fastigheter AB | &nbsp;&nbsp; 421095 | 3049737 |
| Dometic Group AB<sup>(d)</sup> | &nbsp;&nbsp; 1229488 | 5291508 |
| Dynavox Group AB<sup>(b)</sup> | &nbsp;&nbsp; 402140 | 3934181 |
| Electrolux AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 843258 | 6811498 |
| Electrolux Professional AB, Class B | &nbsp;&nbsp; 855206 | 5892714 |
| Elekta AB, Class B | &nbsp;&nbsp; 1408138 | 9051794 |
| Embracer Group AB, Class B<sup>(b)(c)</sup> | &nbsp;&nbsp; 492822 | 2699436 |
| Engcon AB | &nbsp;&nbsp; 149417 | 1340396 |
| Fabege AB | &nbsp;&nbsp; 771226 | 7121340 |
| FastPartner AB, Class A | &nbsp;&nbsp; 221303 | 1137881 |
| Getinge AB, Class B | &nbsp;&nbsp; 876643 | 19209272 |
| Granges AB | &nbsp;&nbsp; 408503 | 6851569 |
| Hacksaw AB<sup>(b)(c)</sup> | &nbsp;&nbsp; 200047 | 1272934 |
| Hemnet Group AB | &nbsp;&nbsp; 330685 | 5273200 |
| Hexpol AB | &nbsp;&nbsp; 1009682 | 8263930 |
| HMS Networks AB<sup>(b)</sup> | &nbsp;&nbsp; 123975 | 5588667 |
| Hoist Finance AB<sup>(d)</sup> | &nbsp;&nbsp; 186493 | 2623376 |
| Hufvudstaden AB, Class A | &nbsp;&nbsp; 431127 | 5957428 |
| Husqvarna AB, Class B | &nbsp;&nbsp; 1358784 | 6941460 |
| Instalco AB | &nbsp;&nbsp; 918607 | 2620188 |
| Intea Fastigheter AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 428209 | 3143965 |
| Intrum AB<sup>(b)</sup> | &nbsp;&nbsp; 351004 | 1755525 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| INVISIO AB<sup>(c)</sup> | &nbsp;&nbsp; 140415 | $4108768 |
| Inwido AB | &nbsp;&nbsp; 221895 | 3819321 |
| JM AB | &nbsp;&nbsp; 232180 | 3572894 |
| Kinnevik AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 932458 | 7652907 |
| Lagercrantz Group AB, Class B | &nbsp;&nbsp; 762835 | 16714175 |
| Lindab International AB | &nbsp;&nbsp; 283239 | 5954318 |
| Logistea AB, Class B | &nbsp;&nbsp; 1179980 | 1907574 |
| Loomis AB, Class B | &nbsp;&nbsp; 262077 | 10875209 |
| Medcap AB<sup>(b)</sup> | &nbsp;&nbsp; 46386 | 2560037 |
| Medicover AB, Class B | &nbsp;&nbsp; 257614 | 5862475 |
| Mildef Group AB<sup>(c)</sup> | &nbsp;&nbsp; 151471 | 2231905 |
| Millicom International Cellular SA | &nbsp;&nbsp; 389076 | 23745308 |
| MIPS AB | &nbsp;&nbsp; 100870 | 3139685 |
| Modern Times Group MTG AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 333594 | 3894188 |
| Munters Group AB<sup>(d)</sup> | &nbsp;&nbsp; 493917 | 9751728 |
| Mycronic AB | &nbsp;&nbsp; 598390 | 13773806 |
| NCAB Group AB<sup>(b)</sup> | &nbsp;&nbsp; 687588 | 3549290 |
| NCC AB, Class B | &nbsp;&nbsp; 339782 | 8700712 |
| New Wave Group AB, Class B | &nbsp;&nbsp; 361231 | 4331498 |
| Nolato AB, Class B | &nbsp;&nbsp; 742131 | 4850274 |
| Nordnet AB publ | &nbsp;&nbsp; 526807 | 17043834 |
| Norion Bank AB<sup>(b)</sup> | &nbsp;&nbsp; 177601 | 1352858 |
| NP3 Fastigheter AB | &nbsp;&nbsp; 125260 | 3712449 |
| Nyfosa AB | &nbsp;&nbsp; 629981 | 5008137 |
| Pandox AB, Class B | &nbsp;&nbsp; 410357 | 8845192 |
| Paradox Interactive AB | &nbsp;&nbsp; 139040 | 2026745 |
| Peab AB, Class B | &nbsp;&nbsp; 655991 | 6556438 |
| Platzer Fastigheter Holding AB, Class B | &nbsp;&nbsp; 222345 | 1852266 |
| Plejd AB<sup>(b)</sup> | &nbsp;&nbsp; 30154 | 2928230 |
| Ratos AB, Class B | &nbsp;&nbsp; 778720 | 3328463 |
| RaySearch Laboratories AB, Class B | &nbsp;&nbsp; 107884 | 2304486 |
| Rusta AB | &nbsp;&nbsp; 202374 | 1860576 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(b)(c)</sup> | &nbsp;&nbsp; 4420686 | 2434535 |
| Scandic Hotels Group AB<sup>(d)</sup> | &nbsp;&nbsp; 580851 | 5804298 |
| Sdiptech AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 119359 | 2286242 |
| Sectra AB, Class B | &nbsp;&nbsp; 522765 | 12925051 |
| Sinch AB<sup>(b)(d)</sup> | &nbsp;&nbsp; 2593242 | 7770426 |
| SkiStar AB | &nbsp;&nbsp; 150583 | 2834612 |
| SSAB AB, Class A | &nbsp;&nbsp; 887585 | 7338337 |
| SSAB AB, Class B | &nbsp;&nbsp; 2385407 | 19623208 |
| Storskogen Group AB, Class B | &nbsp;&nbsp; 5670210 | 6884201 |
| Storytel AB | &nbsp;&nbsp; 217010 | 2060906 |
| Sveafastigheter AB<sup>(b)(c)</sup> | &nbsp;&nbsp; 287646 | 1271297 |
| Svolder AB, Class B | &nbsp;&nbsp; 353377 | 2178403 |
| Sweco AB, Class B | &nbsp;&nbsp; 828421 | 13724542 |
| Synsam AB | &nbsp;&nbsp; 444057 | 3265883 |
| TF Bank AB | &nbsp;&nbsp; 95148 | 1835547 |
| Thule Group AB<sup>(d)</sup> | &nbsp;&nbsp; 411892 | 9867979 |
| Troax Group AB | &nbsp;&nbsp; 148640 | 2425027 |
| Truecaller AB, Class B<sup>(c)</sup> | &nbsp;&nbsp; 1084878 | 1878566 |
| VBG Group AB, Class B | &nbsp;&nbsp; 66610 | 2878437 |
| Vimian Group AB<sup>(b)(c)</sup> | &nbsp;&nbsp; 708758 | 2124972 |
| Vitec Software Group AB, Class B | &nbsp;&nbsp; 126760 | 3559430 |
| Vitrolife AB | &nbsp;&nbsp; 285088 | 3716215 |
| Wallenstam AB, Class B | &nbsp;&nbsp; 1472380 | 6705324 |
| Wihlborgs Fastigheter AB | &nbsp;&nbsp; 1061588 | 10968406 |
| Xvivo Perfusion AB<sup>(b)(c)</sup> | &nbsp;&nbsp; 95324 | 2409342 |
| Yubico AB<sup>(b)(c)</sup> | &nbsp;&nbsp; 185143 | 1379854 |
|  |  | 680805340 |
| **Switzerland — 4.5%** | **Switzerland — 4.5%** | **Switzerland — 4.5%** |
| Accelleron Industries AG | &nbsp;&nbsp; 362269 | 34700649 |
| Adecco Group AG, Registered | &nbsp;&nbsp; 644441 | 18937797 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Allreal Holding AG, Registered | &nbsp;&nbsp; 57608 | $16851077 |
| ALSO Holding AG, Registered | &nbsp;&nbsp; 22247 | 5733107 |
| ams-OSRAM AG<sup>(b)(c)</sup> | &nbsp;&nbsp; 379905 | 3952816 |
| Aryzta AG<sup>(b)</sup> | &nbsp;&nbsp; 90538 | 6417743 |
| Autoneum Holding AG | &nbsp;&nbsp; 10395 | 1700186 |
| Bachem Holding AG | &nbsp;&nbsp; 129342 | 11724574 |
| Basilea Pharmaceutica Ag Allschwil, Registered<sup>(b)</sup> | &nbsp;&nbsp; 48680 | 3409556 |
| Bossard Holding AG, Class A, Registered | &nbsp;&nbsp; 21747 | 4273796 |
| Bucher Industries AG, Registered | &nbsp;&nbsp; 25590 | 11871308 |
| Burckhardt Compression Holding AG | &nbsp;&nbsp; 12066 | 8341786 |
| Burkhalter Holding AG | &nbsp;&nbsp; 28783 | 5230932 |
| Bystronic AG, Registered | &nbsp;&nbsp; 5058 | 1765264 |
| Cembra Money Bank AG | &nbsp;&nbsp; 115802 | 14803198 |
| Cicor Technologies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9721 | 1546719 |
| Cie Financiere Tradition SA | &nbsp;&nbsp; 7160 | 2727648 |
| Clariant AG, Registered | &nbsp;&nbsp; 821503 | 7601039 |
| Comet Holding AG, Registered | &nbsp;&nbsp; 28271 | 10946177 |
| COSMO Pharmaceuticals NV | &nbsp;&nbsp; 30756 | 4611704 |
| Daetwyler Holding AG, Bearer | &nbsp;&nbsp; 28815 | 5889270 |
| DKSH Holding AG | &nbsp;&nbsp; 136535 | 10017859 |
| dormakaba Holding AG | &nbsp;&nbsp; 115252 | 8667261 |
| Dottikon Es Holding AG<sup>(b)(c)</sup> | &nbsp;&nbsp; 13306 | 6411270 |
| EFG International AG | &nbsp;&nbsp; 407426 | 10411752 |
| Emmi AG, Registered | &nbsp;&nbsp; 8214 | 8321595 |
| Flughafen Zurich AG, Registered | &nbsp;&nbsp; 77294 | 24006061 |
| Forbo Holding AG, Registered | &nbsp;&nbsp; 3610 | 4263353 |
| Galenica AG<sup>(d)</sup> | &nbsp;&nbsp; 191218 | 23901784 |
| Georg Fischer AG | &nbsp;&nbsp; 297971 | 19860024 |
| Hiag Immobilien Holding AG | &nbsp;&nbsp; 16723 | 2691082 |
| Huber + Suhner AG, Registered | &nbsp;&nbsp; 54957 | 11115306 |
| Idorsia Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 572200 | 2715502 |
| Implenia AG, Registered | &nbsp;&nbsp; 59125 | 5662283 |
| Inficon Holding AG | &nbsp;&nbsp; 64820 | 10257793 |
| Interroll Holding AG, Registered | &nbsp;&nbsp; 2740 | 6598257 |
| Intershop Holding AG | &nbsp;&nbsp; 20905 | 4530247 |
| Kardex Holding AG, Registered | &nbsp;&nbsp; 23644 | 8311762 |
| Kuros Biosciences AG<sup>(b)</sup> | &nbsp;&nbsp; 104865 | 3488102 |
| Landis+Gyr Group AG | &nbsp;&nbsp; 99628 | 6998758 |
| LEM Holding SA, Registered<sup>(b)</sup> | &nbsp;&nbsp; 1909 | 697486 |
| Medacta Group SA<sup>(d)</sup> | &nbsp;&nbsp; 27084 | 5795174 |
| Mobilezone Holding AG, Registered | &nbsp;&nbsp; 153308 | 2795592 |
| Mobimo Holding AG, Registered | &nbsp;&nbsp; 28838 | 14522371 |
| Montana Aerospace AG<sup>(b)(d)</sup> | &nbsp;&nbsp; 119155 | 5142951 |
| OC Oerlikon Corp. AG Pfaffikon, Registered | &nbsp;&nbsp; 733497 | 3364314 |
| PolyPeptide Group AG<sup>(b)(d)</sup> | &nbsp;&nbsp; 58920 | 2082754 |
| PSP Swiss Property AG, Registered | &nbsp;&nbsp; 176551 | 35437146 |
| R&S Group Holding AG | &nbsp;&nbsp; 113712 | 2372489 |
| Sensirion Holding AG<sup>(b)(d)</sup> | &nbsp;&nbsp; 35953 | 2685971 |
| SFS Group AG | &nbsp;&nbsp; 66949 | 9829061 |
| Siegfried Holding AG | &nbsp;&nbsp; 146810 | 18052007 |
| SIG Group AG | &nbsp;&nbsp; 1171394 | 18125475 |
| SKAN Group AG | &nbsp;&nbsp; 48975 | 3702133 |
| Softwareone Holding AG | &nbsp;&nbsp; 429324 | 4418177 |
| Softwareone Holding AG<sup>(b)</sup> | &nbsp;&nbsp; 209131 | 2154394 |
| Stadler Rail AG | &nbsp;&nbsp; 208431 | 5339976 |
| Sulzer AG, Registered | &nbsp;&nbsp; 72069 | 15528495 |
| Sunrise Communications AG, Class A | &nbsp;&nbsp; 259572 | 14732364 |
| Swissquote Group Holding SA, Registered | &nbsp;&nbsp; 40984 | 23332449 |
| Tecan Group AG, Registered | &nbsp;&nbsp; 49570 | 8733497 |
| Temenos AG, Registered | &nbsp;&nbsp; 207081 | 18300543 |
| TX Group AG | &nbsp;&nbsp; 12000 | 2584922 |
| Valiant Holding AG, Registered | &nbsp;&nbsp; 61026 | 12250587 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Vetropack Holding AG, Class A, Registered | &nbsp;&nbsp; 49154 | $1434351 |
| Vontobel Holding AG, Registered | &nbsp;&nbsp; 109917 | 9473300 |
| Ypsomed Holding AG, Registered<sup>(c)</sup> | &nbsp;&nbsp; 15698 | 6212723 |
| Zehnder Group AG, Registered | &nbsp;&nbsp; 33379 | 3554308 |
|  |  | 613921407 |
| **United Kingdom — 12.8%** | **United Kingdom — 12.8%** | **United Kingdom — 12.8%** |
| 4imprint Group PLC | &nbsp;&nbsp; 106686 | 5977255 |
| Aberdeen Group PLC | &nbsp;&nbsp; 7011353 | 20934416 |
| Advanced Medical Solutions Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 819009 | 2412884 |
| AG Barr PLC | &nbsp;&nbsp; 397428 | 3467970 |
| AJ Bell PLC | &nbsp;&nbsp; 1308111 | 8283908 |
| Alfa Financial Software Holdings PLC<sup>(d)</sup> | &nbsp;&nbsp; 471677 | 1392651 |
| AO World PLC<sup>(b)</sup> | &nbsp;&nbsp; 1177744 | 1750161 |
| Ashmore Group PLC | &nbsp;&nbsp; 1689486 | 5469739 |
| Aston Martin Lagonda Global Holdings PLC<sup>(b)(c)(d)</sup> | &nbsp;&nbsp; 1027215 | 863115 |
| Atalaya Mining PLC | &nbsp;&nbsp; 403913 | 5657608 |
| Avon Technologies PLC | &nbsp;&nbsp; 109961 | 2639159 |
| B&M European Value Retail SA | &nbsp;&nbsp; 3845750 | 9284398 |
| Babcock International Group PLC | &nbsp;&nbsp; 957526 | 18878996 |
| Balfour Beatty PLC | &nbsp;&nbsp; 1911638 | 18719363 |
| Baltic Classifieds Group PLC | &nbsp;&nbsp; 1709640 | 4760651 |
| Beazley PLC | &nbsp;&nbsp; 2301914 | 35761457 |
| Bellway PLC | &nbsp;&nbsp; 453662 | 16883003 |
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 367938 | 20788063 |
| Big Yellow Group PLC | &nbsp;&nbsp; 714323 | 10111811 |
| Bodycote PLC | &nbsp;&nbsp; 679544 | 6932063 |
| Breedon Group PLC | &nbsp;&nbsp; 1036810 | 4772572 |
| Bridgepoint Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 933712 | 3473152 |
| British Land Co. PLC(The) | &nbsp;&nbsp; 3802844 | 21691146 |
| Burberry Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 1378449 | 20826880 |
| Bytes Technology Group PLC | &nbsp;&nbsp; 875399 | 4036737 |
| C&C Group PLC | &nbsp;&nbsp; 1466990 | 2188018 |
| Carnival PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 526424 | 15636411 |
| Cerillion PLC | &nbsp;&nbsp; 85174 | 1981314 |
| Chemring Group PLC | &nbsp;&nbsp; 1040740 | 7114868 |
| Chesnara PLC | &nbsp;&nbsp; 804935 | 3364878 |
| Clarkson PLC | &nbsp;&nbsp; 109215 | 6270630 |
| Close Brothers Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 580061 | 4026706 |
| CMC Markets PLC<sup>(d)</sup> | &nbsp;&nbsp; 404430 | 1806862 |
| Coats Group PLC | &nbsp;&nbsp; 7192783 | 8370467 |
| Cohort PLC<sup>(c)</sup> | &nbsp;&nbsp; 133448 | 2115113 |
| Computacenter PLC | &nbsp;&nbsp; 244307 | 11181395 |
| Conduit Holdings Ltd. | &nbsp;&nbsp; 561612 | 2955147 |
| Convatec Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 6151519 | 19403850 |
| Craneware PLC | &nbsp;&nbsp; 116060 | 2668020 |
| Cranswick PLC | &nbsp;&nbsp; 200526 | 14432904 |
| Crest Nicholson Holdings PLC | &nbsp;&nbsp; 889945 | 1854643 |
| Croda International PLC | &nbsp;&nbsp; 513845 | 19202327 |
| Currys PLC | &nbsp;&nbsp; 3847909 | 7711419 |
| CVS Group PLC | &nbsp;&nbsp; 271818 | 4850517 |
| Derwent London PLC | &nbsp;&nbsp; 405406 | 10737839 |
| Diploma PLC | &nbsp;&nbsp; 518172 | 37749678 |
| DiscoverIE Group PLC | &nbsp;&nbsp; 364921 | 3165814 |
| Diversified Energy Co. | &nbsp;&nbsp; 217363 | 2837470 |
| Domino's Pizza Group PLC | &nbsp;&nbsp; 1380270 | 3444079 |
| Dowlais Group PLC | &nbsp;&nbsp; 4954097 | 6313993 |
| Dr. Martens PLC | &nbsp;&nbsp; 2185571 | 2014187 |
| Drax Group PLC | &nbsp;&nbsp; 1331120 | 16411161 |
| Dunelm Group PLC | &nbsp;&nbsp; 498906 | 6307946 |
| easyJet PLC | &nbsp;&nbsp; 1142885 | 7477865 |
| Elementis PLC | &nbsp;&nbsp; 2249486 | 4974185 |
| Energean PLC | &nbsp;&nbsp; 539121 | 6252062 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Ferrari Group PLC | &nbsp;&nbsp; 62161 | $745667 |
| Fevertree Drinks PLC | &nbsp;&nbsp; 391488 | 4668711 |
| Firstgroup PLC | &nbsp;&nbsp; 2212712 | 5643754 |
| Foresight Group Holdings Ltd. | &nbsp;&nbsp; 278932 | 1616786 |
| Frasers Group PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 421907 | 4019067 |
| Future PLC | &nbsp;&nbsp; 361745 | 2680392 |
| Games Workshop Group PLC | &nbsp;&nbsp; 125972 | 29387768 |
| Gamma Communications PLC | &nbsp;&nbsp; 346631 | 4317576 |
| GB Group PLC | &nbsp;&nbsp; 939070 | 3079688 |
| Genuit Group PLC | &nbsp;&nbsp; 925150 | 4212165 |
| Genus PLC | &nbsp;&nbsp; 252392 | 10939437 |
| Georgia Capital PLC<sup>(b)</sup> | &nbsp;&nbsp; 114959 | 5315700 |
| GlobalData PLC, NVS<sup>(c)</sup> | &nbsp;&nbsp; 1090129 | 1581179 |
| Grafton Group PLC | &nbsp;&nbsp; 660993 | 8451320 |
| Grainger PLC | &nbsp;&nbsp; 2587211 | 6868009 |
| Great Portland Estates PLC | &nbsp;&nbsp; 1292073 | 6612352 |
| Greencore Group PLC | &nbsp;&nbsp; 2087755 | 8270379 |
| Greencore Group PLC, NVS<sup>(a)</sup> | &nbsp;&nbsp; 723742 | 19807 |
| Greggs PLC | &nbsp;&nbsp; 387116 | 8517781 |
| Hammerson PLC | &nbsp;&nbsp; 1955681 | 9496137 |
| Harbour Energy PLC | &nbsp;&nbsp; 2165845 | 6937048 |
| Hays PLC | &nbsp;&nbsp; 5919811 | 3849493 |
| HBX Group International PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 289774 | 2694045 |
| Helios Towers PLC<sup>(b)</sup> | &nbsp;&nbsp; 2999949 | 7118809 |
| Hill & Smith PLC | &nbsp;&nbsp; 304266 | 9297454 |
| Hilton Food Group PLC | &nbsp;&nbsp; 305213 | 1974153 |
| Hiscox Ltd. | &nbsp;&nbsp; 1274509 | 25922674 |
| Hochschild Mining PLC | &nbsp;&nbsp; 1281559 | 11565493 |
| Hollywood Bowl Group PLC | &nbsp;&nbsp; 635900 | 2253647 |
| Home REIT PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 3524118 | 467274 |
| Howden Joinery Group PLC | &nbsp;&nbsp; 2070535 | 23719862 |
| Hunting PLC | &nbsp;&nbsp; 517311 | 3147344 |
| Ibstock PLC<sup>(d)</sup> | &nbsp;&nbsp; 1492452 | 2596660 |
| ICG PLC | &nbsp;&nbsp; 1109924 | 27618645 |
| IG Group Holdings PLC | &nbsp;&nbsp; 1321726 | 24520720 |
| IMI PLC | &nbsp;&nbsp; 945570 | 35706877 |
| Inchcape PLC | &nbsp;&nbsp; 1255624 | 14028560 |
| IntegraFin Holdings PLC | &nbsp;&nbsp; 1101419 | 5302308 |
| International Workplace Group PLC | &nbsp;&nbsp; 2875263 | 9747540 |
| Investec PLC | &nbsp;&nbsp; 2265772 | 18850249 |
| IP Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 3588698 | 2914473 |
| ITV PLC | &nbsp;&nbsp; 12927086 | 14412979 |
| J D Wetherspoon PLC | &nbsp;&nbsp; 315640 | 2895930 |
| JET2 PLC | &nbsp;&nbsp; 386230 | 6547522 |
| Johnson Matthey PLC | &nbsp;&nbsp; 649716 | 21010424 |
| Johnson Service Group PLC | &nbsp;&nbsp; 1607763 | 3093176 |
| JTC PLC<sup>(d)</sup> | &nbsp;&nbsp; 590089 | 10448383 |
| Jupiter Fund Management PLC | &nbsp;&nbsp; 1750269 | 4499252 |
| Just Group PLC | &nbsp;&nbsp; 3572654 | 10584639 |
| Kainos Group PLC | &nbsp;&nbsp; 320553 | 3946617 |
| Keller Group PLC | &nbsp;&nbsp; 272968 | 6618701 |
| Kier Group PLC | &nbsp;&nbsp; 1690057 | 5178805 |
| Lancashire Holdings Ltd. | &nbsp;&nbsp; 878754 | 7421376 |
| Lion Finance Group PLC | &nbsp;&nbsp; 132717 | 18336092 |
| LondonMetric Property PLC | &nbsp;&nbsp; 8695480 | 23869863 |
| Man Group PLC/Jersey | &nbsp;&nbsp; 4453868 | 16075799 |
| Marshalls PLC | &nbsp;&nbsp; 905667 | 1938218 |
| Me Group International PLC | &nbsp;&nbsp; 818023 | 1550132 |
| Metlen Energy & Metals PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 377290 | 20572145 |
| Metro Bank Holdings PLC<sup>(b)</sup> | &nbsp;&nbsp; 1265824 | 2307145 |
| Mitchells & Butlers PLC<sup>(b)</sup> | &nbsp;&nbsp; 1019838 | 3677131 |
| Mitie Group PLC | &nbsp;&nbsp; 4848933 | 11120325 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Molten Ventures PLC<sup>(b)</sup> | &nbsp;&nbsp; 606657 | $4205404 |
| Mondi PLC, NVS<sup>(c)</sup> | &nbsp;&nbsp; 1685945 | 19702314 |
| MONY Group PLC | &nbsp;&nbsp; 1889463 | 4823286 |
| Moonpig Group PLC | &nbsp;&nbsp; 1200900 | 3524775 |
| Morgan Advanced Materials PLC | &nbsp;&nbsp; 1069528 | 3351390 |
| Morgan Sindall Group PLC | &nbsp;&nbsp; 173045 | 11673559 |
| NCC Group PLC | &nbsp;&nbsp; 1103315 | 2127024 |
| Ninety One PLC | &nbsp;&nbsp; 1033834 | 3599097 |
| Ocado Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 2101055 | 6296610 |
| OSB Group PLC | &nbsp;&nbsp; 1374938 | 11492073 |
| Oxford Biomedica PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 310703 | 3535573 |
| Oxford Instruments PLC | &nbsp;&nbsp; 222805 | 7667614 |
| Oxford Nanopore Technologies PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 1720856 | 3669808 |
| Pagegroup PLC | &nbsp;&nbsp; 1157433 | 3270572 |
| Pan African Resources PLC | &nbsp;&nbsp; 7776086 | 13762593 |
| Paragon Banking Group PLC | &nbsp;&nbsp; 745679 | 9060709 |
| Penno Group PLC | &nbsp;&nbsp; 1788770 | 13407836 |
| Persimmon PLC | &nbsp;&nbsp; 1222971 | 23551026 |
| Pets at Home Group PLC | &nbsp;&nbsp; 1712394 | 4795829 |
| Playtech PLC | &nbsp;&nbsp; 1009038 | 4099785 |
| Plus500 Ltd. | &nbsp;&nbsp; 271959 | 15654359 |
| Polar Capital Holdings PLC | &nbsp;&nbsp; 344920 | 2784059 |
| Polestar Automotive Holding UK PLC, ADR, <br> Class A, ADR<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 59663 | 902701 |
| PPHE Hotel Group Ltd. | &nbsp;&nbsp; 85372 | 2091604 |
| Premier Foods PLC | &nbsp;&nbsp; 2512113 | 6489907 |
| Primary Health Properties PLC | &nbsp;&nbsp; 9718922 | 13795364 |
| QinetiQ Group PLC | &nbsp;&nbsp; 1864267 | 12843700 |
| Quilter PLC<sup>(d)</sup> | &nbsp;&nbsp; 5340133 | 14197837 |
| Rank Group PLC | &nbsp;&nbsp; 671417 | 809404 |
| Raspberry PI Holdings PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 266672 | 978664 |
| Rathbones Group PLC | &nbsp;&nbsp; 236503 | 7158582 |
| Renew Holdings PLC | &nbsp;&nbsp; 302736 | 3881594 |
| Renishaw PLC | &nbsp;&nbsp; 145794 | 7580896 |
| RHI Magnesita NV | &nbsp;&nbsp; 72562 | 2755004 |
| Rightmove PLC | &nbsp;&nbsp; 2941174 | 19910000 |
| Rotork PLC | &nbsp;&nbsp; 3175207 | 15408487 |
| RS Group PLC | &nbsp;&nbsp; 1806583 | 16589056 |
| Safestore Holdings PLC | &nbsp;&nbsp; 819986 | 9279172 |
| Savills PLC | &nbsp;&nbsp; 507998 | 7493385 |
| Senior PLC | &nbsp;&nbsp; 1559017 | 5216854 |
| Serco Group PLC | &nbsp;&nbsp; 3870842 | 15893420 |
| Serica Energy PLC | &nbsp;&nbsp; 986844 | 2915128 |
| Shaftesbury Capital PLC | &nbsp;&nbsp; 5517515 | 10854452 |
| SigmaRoc PLC<sup>(b)</sup> | &nbsp;&nbsp; 3773046 | 7405332 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 5676336 | 7631290 |
| Softcat PLC | &nbsp;&nbsp; 490761 | 9611112 |
| Spire Healthcare Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 1024484 | 2871033 |
| SSP Group PLC | &nbsp;&nbsp; 3049942 | 7636568 |
| St. James's Place PLC | &nbsp;&nbsp; 2015822 | 42101093 |
| Supermarket Income REIT PLC | &nbsp;&nbsp; 4804205 | 5500335 |
| Target Healthcare REIT PLC | &nbsp;&nbsp; 2387603 | 3398136 |
| Tate & Lyle PLC | &nbsp;&nbsp; 1441685 | 7458780 |
| Taylor Wimpey PLC | &nbsp;&nbsp; 13554410 | 19816013 |
| TBC Bank Group PLC | &nbsp;&nbsp; 159312 | 9262752 |
| Telecom Plus PLC | &nbsp;&nbsp; 266303 | 4864935 |
| THG PLC<sup>(b)(c)</sup> | &nbsp;&nbsp; 2491914 | 1270513 |
| TP ICAP Group PLC | &nbsp;&nbsp; 2831507 | 9877456 |
| Trainline PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 1622764 | 4547852 |
| Travis Perkins PLC | &nbsp;&nbsp; 807164 | 6909343 |
| Tritax Big Box REIT PLC | &nbsp;&nbsp; 8484994 | 19260322 |
| Trustpilot Group PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 1388291 | 3499189 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| TUI AG<sup>(b)</sup> | &nbsp;&nbsp; 1745351 | $18608963 |
| UNITE Group PLC(The) | &nbsp;&nbsp; 1702398 | 13240201 |
| Vesuvius PLC | &nbsp;&nbsp; 748208 | 4705434 |
| Victrex PLC | &nbsp;&nbsp; 323901 | 2907458 |
| Vistry Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 1231196 | 11219035 |
| Volex PLC | &nbsp;&nbsp; 498516 | 3011668 |
| Volution Group PLC | &nbsp;&nbsp; 750297 | 6591216 |
| Watches of Switzerland Group PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 843979 | 6011362 |
| Weir Group PLC(The) | &nbsp;&nbsp; 988926 | 43679592 |
| WH Smith PLC | &nbsp;&nbsp; 479219 | 4426241 |
| Workspace Group PLC | &nbsp;&nbsp; 526539 | 3022455 |
| WPP PLC | &nbsp;&nbsp; 4104426 | 17026072 |
| XPS Pensions Group PLC | &nbsp;&nbsp; 737728 | 3492767 |
| Yellow Cake PLC<sup>(b)(d)</sup> | &nbsp;&nbsp; 903979 | 8439177 |
| Young & Co's Brewery PLC, Series A, Class A<sup>(c)</sup> | &nbsp;&nbsp; 122635 | 1397838 |
| Zigup PLC | &nbsp;&nbsp; 850239 | 4444283 |
|  |  | 1741618905 |
| **Total Common Stocks — 99.3%** <br>**(Cost: $11,605,323,717)** | **Total Common Stocks — 99.3%** <br>**(Cost: $11,605,323,717)** | 13540903848 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.2%** | **Germany — 0.2%** | **Germany — 0.2%** |
| Draegerwerk AG & Co. KGaA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 33261 | 3512331 |
| FUCHS SE, Preference Shares, NVS | &nbsp;&nbsp; 254013 | 10980186 |
| Jungheinrich AG, Preference Shares, NVS | &nbsp;&nbsp; 184663 | 7946920 |
| Sixt SE, Preference Shares, NVS | &nbsp;&nbsp; 63870 | 4026994 |
| STO SE & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 10687 | 1498159 |
|  |  | 27964590 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Danieli & C Officine Meccaniche SpA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 144805 | 7470694 |
| **Japan — 0.0%** | **Japan — 0.0%** | **Japan — 0.0%** |
| Ito En Ltd., Preference Shares, NVS | &nbsp;&nbsp; 73700 | 864854 |
| **Total Preferred Stocks — 0.3%** <br>**(Cost: $29,760,193)** | **Total Preferred Stocks — 0.3%** <br>**(Cost: $29,760,193)** | 36300138 |
| **Warrants** | **Warrants** | **Warrants** |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Webuild SpA, (Issued/Exercisable 08/02/21, <br> 1 Share for 1 Warrant, Expires 08/31/30, Strike <br> Price EUR)<sup>(c)</sup><br>| &nbsp;&nbsp; 96743 | 1 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | 1 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $11,635,083,910)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $11,635,083,910)** | 13577203987 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.0%** | **Money Market Funds — 4.0%** | **Money Market Funds — 4.0%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.82%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 541191414 | 541462010 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.64%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 5920000 | $5920000 |
| **Total Short-Term Securities — 4.0%** <br>**(Cost: $547,382,010)** | **Total Short-Term Securities — 4.0%** <br>**(Cost: $547,382,010)** | 547382010 |
| **Total Investments — 103.6%** <br>**(Cost: $12,182,465,920)** | **Total Investments — 103.6%** <br>**(Cost: $12,182,465,920)** | 14124585997 |
| **Liabilities in Excess of Other Assets — (3.6)%** | **Liabilities in Excess of Other Assets — (3.6)%** | (495322780)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $13629263217 |

---

&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> All or a portion of this security is on loan.

<sup>(d)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

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

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 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>*07/31/25*<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>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<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>| $367603061<br> $173826189 <br><sup>(a)</sup><br>| $— | $26763 | $5997 | $541462010 | 541191414 | $5061119 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 3370000<br> 2550000 <br><sup>(a)</sup><br>|  |  |  | 5920000 | 5920000 | 109776 |  |
|  |  |  | $26763 | $5997 | $547382010 |  | $5170895 | $— |

---

&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 | 86 | 03/12/26 | &nbsp;&nbsp; $19883 | $929569 |
| Euro STOXX 50 | 159 | 03/20/26 | &nbsp;&nbsp; 11216 | 267145 |
| FTSE 100 Index | 126 | 03/20/26 | &nbsp;&nbsp; 17615 | 600414 |
|  |  |  |  | $1797128 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI EAFE 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; $1797128 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1797128 |

---

&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 January 31, 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; $11021281 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11021281 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $434867 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $434867 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $68639408 |

---

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; $1025147301 | &nbsp;&nbsp; $12511188009 | &nbsp;&nbsp; $4568538 | &nbsp;&nbsp; $13540903848 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 36300138 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36300138 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 547382010 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 547382010 |
|  | &nbsp;&nbsp; $1572529311 | &nbsp;&nbsp; $12547488148 | &nbsp;&nbsp; $4568538 | &nbsp;&nbsp; $14124585997 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $267145 | &nbsp;&nbsp; $1529983 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1797128 |

---

&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)

January 31, 2026

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI ACWI ex <br> U.S. ETF <br>| &nbsp;&nbsp; iShares <br>MSCI EAFE <br> Small-Cap ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $8650037135 | $13577203987 |
| Investments, at value—affiliated<sup>(c)</sup> | 50328529 | 547382010 |
| Cash | 16598 | 83017 |
| Cash pledged for futures contracts | 649000 |  |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  | 2892825 |
| Foreign currency, at value<sup>(e)</sup> | 12369328 | 16439724 |
| Receivables: |  |  |
| Investments sold | 3678524 | 2585763 |
| Securities lending income—affiliated | 41363 | 657806 |
| Capital shares sold |  | 1459267 |
| Dividends—unaffiliated | 5939742 | 15825974 |
| Dividends—affiliated | 24657 | 19642 |
| Tax reclaims | 7821522 | 11167846 |
| Variation margin on futures contracts |  | 431343 |
| Foreign withholding tax claims | 95212 |  |
| Total assets | 8731001610 | 14176149204 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 36661827 | 541265524 |
| Payables: |  |  |
| Investments purchased |  | 543297 |
| Deferred foreign capital gain tax | 14264786 | 575846 |
| Investment advisory fees | 2161686 | 4354043 |
| Professional fees | 18834 | 147277 |
| Due to custodian | 191326 |  |
| Variation margin on futures contracts | 297664 |  |
| Total liabilities | 53596123 | 546885987 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $8677405487 | $13629263217 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $7053562238 | $12742198954 |
| Accumulated earnings | 1623843249 | 887064263 |
| NET ASSETS | $8677405487 | $13629263217 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 122600000 | 166800000 |
| Net asset value | $70.78 | $81.71 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $6099294714 | $11635083910 |
| <sup>(b)</sup> Securities loaned, at value | $29509832 | $483879553 |
| <sup>(c)</sup> Investments, at cost—affiliated | $50317474 | $547382010 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $2924049 |
| <sup>(e)</sup> Foreign currency, at cost | $12099344 | $16366046 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended January 31, 2026

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI ACWI ex <br> U.S. ETF <br>| &nbsp;&nbsp; iShares <br>MSCI EAFE <br> Small-Cap ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $68995650 | &nbsp;&nbsp;&nbsp; $127349497 |
| Dividends—affiliated | &nbsp;&nbsp; 154660 | &nbsp;&nbsp;&nbsp; 109776 |
| Interest—unaffiliated | &nbsp;&nbsp; 41221 | &nbsp;&nbsp;&nbsp; 52106 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 352731 | &nbsp;&nbsp;&nbsp; 5061119 |
| Other income—unaffiliated | &nbsp;&nbsp; 14297 | &nbsp;&nbsp;&nbsp; 46805 |
| Foreign taxes withheld | &nbsp;&nbsp; (5907357)<br>| &nbsp;&nbsp;&nbsp; (9477794)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 25111 | &nbsp;&nbsp;&nbsp; 1029019 |
| Total investment income | &nbsp;&nbsp; 63676313 | &nbsp;&nbsp;&nbsp; 124170528 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 11186298 | &nbsp;&nbsp;&nbsp; 22959714 |
| Professional | &nbsp;&nbsp; 22790 | &nbsp;&nbsp;&nbsp; 116183 |
| Commitment costs | &nbsp;&nbsp; 20439 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 11229527 | &nbsp;&nbsp;&nbsp; 23075897 |
| Less: |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (78967)<br>| &nbsp;&nbsp;&nbsp; — |
| Total expenses after fees waived | &nbsp;&nbsp; 11150560 | &nbsp;&nbsp;&nbsp; 23075897 |
| Net investment income | &nbsp;&nbsp; 52525753 | &nbsp;&nbsp;&nbsp; 101094631 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (33455701)<br>| &nbsp;&nbsp;&nbsp; 139624087 |
| Investments—affiliated | &nbsp;&nbsp; 2715 | &nbsp;&nbsp;&nbsp; 26763 |
| Foreign currency transactions | &nbsp;&nbsp; (440615)<br>| &nbsp;&nbsp;&nbsp; (2274889)<br>|
| Futures contracts | &nbsp;&nbsp; 1326206 | &nbsp;&nbsp;&nbsp; 11021281 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 52517098 |
|  | &nbsp;&nbsp; (32567395)<br>| &nbsp;&nbsp;&nbsp; 200914340 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 1272344052 | &nbsp;&nbsp;&nbsp; 1436747508 |
| Investments—affiliated | &nbsp;&nbsp; 2573 | &nbsp;&nbsp;&nbsp; 5997 |
| Foreign currency translations | &nbsp;&nbsp; 900166 | &nbsp;&nbsp;&nbsp; 1799241 |
| Futures contracts | &nbsp;&nbsp; 913985 | &nbsp;&nbsp;&nbsp; 434867 |
|  | &nbsp;&nbsp; 1274160776 | &nbsp;&nbsp;&nbsp; 1438987613 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1241593381 | &nbsp;&nbsp;&nbsp; 1639901953 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1294119134 | &nbsp;&nbsp;&nbsp; $1740996584 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(123197)<br>| &nbsp;&nbsp;&nbsp; $— |
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $(640755)<br>| &nbsp;&nbsp;&nbsp; $(289716)<br>|

---

*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 ACWI ex U.S. ETF  | iShares <br>MSCI ACWI ex U.S. ETF  | iShares <br>MSCI EAFE Small-Cap ETF  | iShares <br>MSCI EAFE Small-Cap ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $52525753 | &nbsp;&nbsp;&nbsp; $140699318 | &nbsp;&nbsp;&nbsp; $101094631 | &nbsp;&nbsp;&nbsp; $266454342 |
| Net realized gain (loss) | &nbsp;&nbsp; (32567395)<br>| &nbsp;&nbsp;&nbsp; (72963423)<br>| &nbsp;&nbsp;&nbsp; 200914340 | &nbsp;&nbsp;&nbsp; 148032551 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1274160776 | &nbsp;&nbsp;&nbsp; 685813772 | &nbsp;&nbsp;&nbsp; 1438987613 | &nbsp;&nbsp;&nbsp; 923455406 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1294119134 | &nbsp;&nbsp;&nbsp; 753549667 | &nbsp;&nbsp;&nbsp; 1740996584 | &nbsp;&nbsp;&nbsp; 1337942299 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (120188011 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (157695029)<br>| &nbsp;&nbsp;&nbsp; (240779508 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (320855509)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 1140428199 | &nbsp;&nbsp;&nbsp; 1200799242 | &nbsp;&nbsp;&nbsp; 1963482619 | &nbsp;&nbsp;&nbsp; (602864846)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 2314359322 | &nbsp;&nbsp;&nbsp; 1796653880 | &nbsp;&nbsp;&nbsp; 3463699695 | &nbsp;&nbsp;&nbsp; 414221944 |
| Beginning of period | &nbsp;&nbsp; 6363046165 | &nbsp;&nbsp;&nbsp; 4566392285 | &nbsp;&nbsp;&nbsp; 10165563522 | &nbsp;&nbsp;&nbsp; 9751341578 |
| End of period | &nbsp;&nbsp; $8677405487 | &nbsp;&nbsp;&nbsp; $6363046165 | &nbsp;&nbsp;&nbsp; $13629263217 | &nbsp;&nbsp;&nbsp; $10165563522 |

---

&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 ACWI ex U.S. ETF  | iShares MSCI ACWI ex U.S. ETF  | iShares MSCI ACWI ex U.S. ETF  | iShares MSCI ACWI ex U.S. ETF  | iShares MSCI ACWI ex U.S. ETF  | iShares MSCI ACWI ex U.S. ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $60.26 | &nbsp;&nbsp;&nbsp; $54.36 | &nbsp;&nbsp;&nbsp; $51.10 | &nbsp;&nbsp;&nbsp; $46.36 | &nbsp;&nbsp;&nbsp; $56.45 | &nbsp;&nbsp;&nbsp; $45.11 |
| Net investment income<sup>(a)</sup> | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp; 1.50 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 11.09 | &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp; (9.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.31 |
| Net increase (decrease) from investment operations | 11.57 | &nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;5.92 | &nbsp;&nbsp;&nbsp; (8.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.45 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.05 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $70.78 | &nbsp;&nbsp;&nbsp; $60.26 | &nbsp;&nbsp;&nbsp; $54.36 | &nbsp;&nbsp;&nbsp; $51.10 | &nbsp;&nbsp;&nbsp; $46.36 | &nbsp;&nbsp;&nbsp; $56.45 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 19.34 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.02 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.96 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (15.04 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.66<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.31 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| Total expenses after fees waived | 0.30 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.31 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| Net investment income | 1.44 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.67 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $8677405 | &nbsp;&nbsp;&nbsp; $6363046 | &nbsp;&nbsp;&nbsp; $4566392 | &nbsp;&nbsp;&nbsp; $4619435 | &nbsp;&nbsp;&nbsp; $4125856 | &nbsp;&nbsp;&nbsp; $4290381 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 10<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 July 31, 2025, <br> July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.06 and $0.01.<br> • Total return by 0.02%, 0.01%, 0.12% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.01%, 0.12% and 0.09%. | <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 July 31, 2025, <br> July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.06 and $0.01.<br> • Total return by 0.02%, 0.01%, 0.12% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.01%, 0.12% and 0.09%. | <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 July 31, 2025, <br> July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.06 and $0.01.<br> • Total return by 0.02%, 0.01%, 0.12% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.01%, 0.12% and 0.09%. | <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 July 31, 2025, <br> July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.06 and $0.01.<br> • Total return by 0.02%, 0.01%, 0.12% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.01%, 0.12% and 0.09%. | <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 July 31, 2025, <br> July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.06 and $0.01.<br> • Total return by 0.02%, 0.01%, 0.12% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.01%, 0.12% and 0.09%. | <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 July 31, 2025, <br> July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.06 and $0.01.<br> • Total return by 0.02%, 0.01%, 0.12% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.01%, 0.12% and 0.09%. | <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 July 31, 2025, <br> July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.06 and $0.01.<br> • Total return by 0.02%, 0.01%, 0.12% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.03%, 0.01%, 0.12% and 0.09%. |
| <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 EAFE Small-Cap ETF  | iShares MSCI EAFE Small-Cap ETF  | iShares MSCI EAFE Small-Cap ETF  | iShares MSCI EAFE Small-Cap ETF  | iShares MSCI EAFE Small-Cap ETF  | iShares MSCI EAFE Small-Cap ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $71.99 | &nbsp;&nbsp;&nbsp; $64.92 | &nbsp;&nbsp;&nbsp; $61.27 | &nbsp;&nbsp;&nbsp; $58.15 | &nbsp;&nbsp;&nbsp; $75.41 | &nbsp;&nbsp;&nbsp; $55.23 |
| Net investment income<sup>(a)</sup> | 0.67 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 10.55 | &nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp; (16.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.00 |
| Net increase (decrease) from investment operations | 11.22 | &nbsp;&nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp; (14.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.39 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.50 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp;&nbsp; (1.21)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $81.71 | &nbsp;&nbsp;&nbsp; $71.99 | &nbsp;&nbsp;&nbsp; $64.92 | &nbsp;&nbsp;&nbsp; $61.27 | &nbsp;&nbsp;&nbsp; $58.15 | &nbsp;&nbsp;&nbsp; $75.41 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 15.72 %<sup>(b)(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.80 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.98 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.12 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (19.80 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.84<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.39 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax <br> claims<br>| 0.39 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income | 1.72 %<sup>(b)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $13629263 | &nbsp;&nbsp;&nbsp; $10165564 | &nbsp;&nbsp;&nbsp; $9751342 | &nbsp;&nbsp;&nbsp; $11040507 | &nbsp;&nbsp;&nbsp; $10966490 | &nbsp;&nbsp;&nbsp; $13135610 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 15<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> 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 January 31, <br> 2026, the year ended July 31, 2025, July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.01, $0.01 and $0.03.<br> • Total return by 0.00%, 0.01%, 0.02%, 0.03% and 0.04%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.01%, 0.02% and 0.04%. | <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 January 31, <br> 2026, the year ended July 31, 2025, July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.01, $0.01 and $0.03.<br> • Total return by 0.00%, 0.01%, 0.02%, 0.03% and 0.04%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.01%, 0.02% and 0.04%. | <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 January 31, <br> 2026, the year ended July 31, 2025, July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.01, $0.01 and $0.03.<br> • Total return by 0.00%, 0.01%, 0.02%, 0.03% and 0.04%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.01%, 0.02% and 0.04%. | <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 January 31, <br> 2026, the year ended July 31, 2025, July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.01, $0.01 and $0.03.<br> • Total return by 0.00%, 0.01%, 0.02%, 0.03% and 0.04%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.01%, 0.02% and 0.04%. | <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 January 31, <br> 2026, the year ended July 31, 2025, July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.01, $0.01 and $0.03.<br> • Total return by 0.00%, 0.01%, 0.02%, 0.03% and 0.04%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.01%, 0.02% and 0.04%. | <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 January 31, <br> 2026, the year ended July 31, 2025, July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.01, $0.01 and $0.03.<br> • Total return by 0.00%, 0.01%, 0.02%, 0.03% and 0.04%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.01%, 0.02% and 0.04%. | <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 January 31, <br> 2026, the year ended July 31, 2025, July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.00, $0.01, $0.01 and $0.03.<br> • Total return by 0.00%, 0.01%, 0.02%, 0.03% and 0.04%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.01%, 0.02% and 0.04%. |
| <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 Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These 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 ACWI ex U.S. Diversified <br> MSCI EAFE Small-Cap 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.

**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 January 31, 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.

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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange ("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 ACWI ex U.S. |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $69680 | &nbsp;&nbsp;&nbsp; $(69680) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 3365320 | &nbsp;&nbsp;&nbsp; (3365320) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; 1604 | &nbsp;&nbsp;&nbsp; (1604) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 4123202 | &nbsp;&nbsp;&nbsp; (4123202) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 9173372 | &nbsp;&nbsp;&nbsp; (9173372) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 880654 | &nbsp;&nbsp;&nbsp; (880654) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 2204751 | &nbsp;&nbsp;&nbsp; (2204751) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; 1270811 | &nbsp;&nbsp;&nbsp; (1270811) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;(66) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 6750710 | &nbsp;&nbsp;&nbsp; (6750710) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 545590 | &nbsp;&nbsp;&nbsp; (545590) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 627020 | &nbsp;&nbsp;&nbsp; (627020) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 74460 | &nbsp;&nbsp;&nbsp; (74460) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 422592 | &nbsp;&nbsp;&nbsp; (418466) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4126<sup>(b)</sup> <br>|
|  | &nbsp;&nbsp; $29509832 | &nbsp;&nbsp;&nbsp; $(29505706) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4126 |

---

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 EAFE Small-Cap |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $1614799 | &nbsp;&nbsp;&nbsp; $(1614799) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 21363162 | &nbsp;&nbsp;&nbsp; (21363162) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 10131589 | &nbsp;&nbsp;&nbsp; (10131589) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 67092709 | &nbsp;&nbsp;&nbsp; (67092709) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 10888272 | &nbsp;&nbsp;&nbsp; (10888272) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 149534475 | &nbsp;&nbsp;&nbsp; (149534475) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 38901953 | &nbsp;&nbsp;&nbsp; (38901953) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 28233545 | &nbsp;&nbsp;&nbsp; (28233545) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 1639746 | &nbsp;&nbsp;&nbsp; (1639746) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 376457 | &nbsp;&nbsp;&nbsp; (376457) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mizuho Securities USA LLC | &nbsp;&nbsp; 968359 | &nbsp;&nbsp;&nbsp; (968359) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 117797241 | &nbsp;&nbsp;&nbsp; (117797241) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 390993 | &nbsp;&nbsp;&nbsp; (390993) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 3207407 | &nbsp;&nbsp;&nbsp; (3207407) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 694461 | &nbsp;&nbsp;&nbsp; (694461) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 295546 | &nbsp;&nbsp;&nbsp; (295546) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 13815040 | &nbsp;&nbsp;&nbsp; (13815040) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 11676050 | &nbsp;&nbsp;&nbsp; (11676050) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 5187714 | &nbsp;&nbsp;&nbsp; (5187714) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Virtu Americas LLC | &nbsp;&nbsp; 70035 | &nbsp;&nbsp;&nbsp; (70035) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $483879553 | &nbsp;&nbsp;&nbsp; $(483879553) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of January 31, 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 trustees).

Notes to Financial Statements

------

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

For its investment advisory services to the iShares MSCI ACWI ex U.S. 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 $30 billion | 0.350% |
| Over $30 billion, up to and including $60 billion | 0.320 |
| Over $60 billion, up to and including $90 billion | 0.280 |
| Over $90 billion, up to and including $120 billion | 0.252 |
| Over $120 billion, up to and including $150 billion | 0.227 |
| Over $150 billion | 0.204 |

---

For its investment advisory services to the iShares MSCI EAFE Small-Cap 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 $12 billion | 0.4000% |
| Over $12 billion, up to and including $18 billion | 0.380000 |
| Over $18 billion, up to and including $24 billion | 0.361000 |
| Over $24 billion, up to and including $30 billion | 0.342950 |
| Over $30 billion | 0.325802 |

---

**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 ACWI ex U.S. ETF, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other iShares funds.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2026, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| MSCI ACWI ex U.S. | &nbsp;&nbsp; $78967 |

---

**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 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 securities lending agreement effective as of January 1, 2026, 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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

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 January 31, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI ACWI ex U.S. | &nbsp;&nbsp; $81071 |
| MSCI EAFE Small-Cap | &nbsp;&nbsp; 1124740 |

---

**Trustees and Officers:** Certain trustees and/or officers of the Trust 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 January 31, 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 ACWI ex U.S. | &nbsp;&nbsp; $21328770 | &nbsp;&nbsp;&nbsp; $25507122 | &nbsp;&nbsp;&nbsp; $(9889436) |
| MSCI EAFE Small-Cap | &nbsp;&nbsp; 226929061 | &nbsp;&nbsp;&nbsp; 355525092 | &nbsp;&nbsp;&nbsp; 187753950 |

---

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 January 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI ACWI ex U.S. | &nbsp;&nbsp; $462246999 | &nbsp;&nbsp;&nbsp; $155062446 |
| MSCI EAFE Small-Cap | &nbsp;&nbsp; 945234087 | &nbsp;&nbsp;&nbsp; 756404575 |

---

For the six months ended January 31, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI ACWI ex U.S. | &nbsp;&nbsp; $763406028 | &nbsp;&nbsp;&nbsp; $— |
| MSCI EAFE Small-Cap | &nbsp;&nbsp; 1881661362 | &nbsp;&nbsp;&nbsp; 167794239 |

---

***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 January 31, 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 July 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 ACWI ex U.S. | &nbsp;&nbsp; $(747165202)<br>|
| MSCI EAFE Small-Cap | &nbsp;&nbsp; (1047878182)<br>|

---

Notes to Financial Statements

------

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

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

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

As of January 31, 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 ACWI ex U.S. | &nbsp;&nbsp; $6251261996 | &nbsp;&nbsp;&nbsp; $2824307303 | &nbsp;&nbsp;&nbsp; $(374240607) | &nbsp;&nbsp;&nbsp; $2450066696 |
| MSCI EAFE Small-Cap | &nbsp;&nbsp; 12353997277 | &nbsp;&nbsp;&nbsp; 3182711447 | &nbsp;&nbsp;&nbsp; (1410325599) | &nbsp;&nbsp;&nbsp; 1772385848 |

---

***9. LINE OF CREDIT***

The iShares MSCI ACWI ex U.S. ETF, 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 January 31, 2026, the Fund did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

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

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

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

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

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

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds' investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect**,** the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities 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.

Notes to Financial Statements

------

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>01/31/26 | Six Months Ended <br>01/31/26 | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI ACWI ex U.S. |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp; $1140428199 | &nbsp;&nbsp;&nbsp; 23000000 | &nbsp;&nbsp;&nbsp; $1274648635 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1400000)<br>| &nbsp;&nbsp;&nbsp; (73849393)<br>|
|  | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp; $1140428199 | &nbsp;&nbsp;&nbsp; 21600000 | &nbsp;&nbsp;&nbsp; $1200799242 |
| MSCI EAFE Small-Cap |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 27800000 | &nbsp;&nbsp;&nbsp; $2132088655 | &nbsp;&nbsp;&nbsp; 14200000 | &nbsp;&nbsp;&nbsp; $937327033 |
| Shares redeemed | &nbsp;&nbsp; (2200000)<br>| &nbsp;&nbsp;&nbsp; (168606036)<br>| &nbsp;&nbsp;&nbsp; (23200000)<br>| &nbsp;&nbsp;&nbsp; (1540191879)<br>|
|  | &nbsp;&nbsp; 25600000 | &nbsp;&nbsp;&nbsp; $1963482619 | &nbsp;&nbsp;&nbsp; (9000000)<br>| &nbsp;&nbsp;&nbsp; $(602864846)<br>|

---

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

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***12. FOREIGN WITHHOLDING TAX CLAIMS***

The iShares MSCI ACWI ex U.S. 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 Fund has recorded receivables for all recoverable taxes withheld by the ECJ Paying Countries based upon previous determinations made by the local tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding ECJ Claims, ECJ Paying Countries' tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the local tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of January 31, 2026, is $95,212 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 each of the iShares MSCI ACWI ex U.S. and iShares MSCI EAFE Small-Cap ETFs 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.

***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 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**  |
| 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 |
| REIT | Real Estate Investment Trust |

---

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.

![](g110648img773658fb2.gif)

![](g110648imgb04c9d3a3.gif)

------

January 31, 2026

![](g110648imge8e646fc1.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 Trust** |
| • iShares MSCI China A ETF \| CNYA \| Cboe BZX Exchange |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_981d6f44-4448-4ea0-bcec-ae048c595768_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statement of Assets and Liabilities](#xx_981d6f44-4448-4ea0-bcec-ae048c595768_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 10 |
| [Statement of Operations](#xx_981d6f44-4448-4ea0-bcec-ae048c595768_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 11 |
| [Statements of Changes in Net Assets](#xx_981d6f44-4448-4ea0-bcec-ae048c595768_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 12 |
| [Financial Highlights](#xx_981d6f44-4448-4ea0-bcec-ae048c595768_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 13 |
| [Notes to Financial Statements](#xx_981d6f44-4448-4ea0-bcec-ae048c595768_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 14 |
| [Additional Information](#xx_981d6f44-4448-4ea0-bcec-ae048c595768_SAI-Footer-iSharesReport-379_1)  | &nbsp;&nbsp; 20 |
| [Glossary of Terms Used in these Financial Statements](#xx_981d6f44-4448-4ea0-bcec-ae048c595768_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 21 |

---

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares® MSCI China A 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 — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 88698 | $590336 |
| Kuang-Chi Technologies Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 72240 | 492624 |
|  |  | 1082960 |
| **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 151215 | 814575 |
| YTO Express Group Co. Ltd., Class A | &nbsp;&nbsp; 116444 | 282278 |
|  |  | 1096853 |
| **Automobile Components — 1.1%** | **Automobile Components — 1.1%** | **Automobile Components — 1.1%** |
| Changzhou Xingyu Automotive Lighting Systems Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 8697 | 172394 |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 63000 | 558627 |
| Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp; 101600 | 280700 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | &nbsp;&nbsp; 19700 | 346164 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 58292 | 603870 |
| Sailun Group Co. Ltd., Class A | &nbsp;&nbsp; 113400 | 258062 |
| Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | &nbsp;&nbsp; 63000 | 139021 |
|  |  | 2358838 |
| **Automobiles — 2.5%** | **Automobiles — 2.5%** | **Automobiles — 2.5%** |
| Anhui Jianghuai Automobile Group Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 75600 | 593730 |
| BAIC BluePark New Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 176400 | 204021 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 176418 | 2303377 |
| Chongqing Changan Automobile Co. Ltd., Class A | &nbsp;&nbsp; 264638 | 422619 |
| Chongqing Qianli Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 143800 | 218776 |
| Great Wall Motor Co. Ltd., Class A | &nbsp;&nbsp; 88263 | 262285 |
| Guangzhou Automobile Group Co. Ltd., Class A | &nbsp;&nbsp; 201600 | 229267 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 252806 | 513116 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 50400 | 754776 |
|  |  | 5501967 |
| **Banks — 11.4%** | **Banks — 11.4%** | **Banks — 11.4%** |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 2772000 | 2676202 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 688200 | 524019 |
| Bank of Changsha Co. Ltd., Class A | &nbsp;&nbsp; 126000 | 176626 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 138877 | 321635 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 1297800 | 1000696 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 1738802 | 1652876 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 239488 | 556009 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 592200 | 861855 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 403280 | 610087 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 218321 | 970762 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 466269 | 618963 |
| Bank of Suzhou Co. Ltd., Class A | &nbsp;&nbsp; 151200 | 178776 |
| China CITIC Bank Corp. Ltd., Class A | &nbsp;&nbsp; 390600 | 403232 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 693000 | 867700 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 1512000 | 720868 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 667802 | 3707968 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 1146680 | 617774 |
| China Zheshang Bank Co. Ltd., Class A | &nbsp;&nbsp; 705600 | 294947 |
| Chongqing Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 289830 | 269820 |
| CNPC Capital Co. Ltd., Class A | &nbsp;&nbsp; 277240 | 358375 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 428460 | 390262 |
| Industrial & Commercial Bank of China Ltd., Class A | &nbsp;&nbsp; 2041200 | 2125263 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 693047 | 1861919 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 630456 | 980882 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 982800 | 714450 |
| Shanghai Pudong Development Bank Co. Ltd., Class A | &nbsp;&nbsp; 1033220 | 1489613 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 315000 | 388741 |
|  |  | 25340320 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Beverages — 6.2%** | **Beverages — 6.2%** | **Beverages — 6.2%** |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 13499 | $256037 |
| Beijing Yanjing Brewery Co. Ltd., Class A | &nbsp;&nbsp; 88200 | 153495 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 17080 | 613801 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp; 37790 | 181796 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 50400 | 400644 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 40698 | 8190138 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 50400 | 873791 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | &nbsp;&nbsp; 37841 | 928333 |
| Tsingtao Brewery Co. Ltd., Class A | &nbsp;&nbsp; 25200 | 217486 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 126014 | 1899015 |
|  |  | 13714536 |
| **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** |
| Beijing Tiantan Biological Products Corp. Ltd., Class A | &nbsp;&nbsp; 64560 | 154431 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 37877 | 228776 |
| Chongqing Zhifei Biological Products Co. Ltd., Class A | &nbsp;&nbsp; 79850 | 199300 |
| Imeik Technology Development Co. Ltd., Class A | &nbsp;&nbsp; 12620 | 253324 |
| Shanghai RAAS Blood Products Co. Ltd., Class A | &nbsp;&nbsp; 214200 | 193834 |
|  |  | 1029665 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| CCOOP Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 592200 | 206743 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| Beijing New Building Materials PLC, Class A | &nbsp;&nbsp; 51200 | 205216 |
| **Capital Markets — 6.5%** | **Capital Markets — 6.5%** | **Capital Markets — 6.5%** |
| Beijing Compass Technology Development Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 20200 | 359568 |
| BOC International China Co. Ltd., Class A | &nbsp;&nbsp; 88600 | 172987 |
| Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp; 151651 | 202790 |
| Capital Securities Co. Ltd., Class A | &nbsp;&nbsp; 63000 | 161889 |
| Changjiang Securities Co. Ltd., Class A | &nbsp;&nbsp; 176400 | 219379 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 226800 | 489136 |
| China Great Wall Securities Co. Ltd., Class A | &nbsp;&nbsp; 126000 | 178130 |
| China International Capital Corp. Ltd., Class A | &nbsp;&nbsp; 106400 | 527806 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 239407 | 588179 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 403870 | 1627885 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 139439 | 481436 |
| Dongxing Securities Co. Ltd., Class A | &nbsp;&nbsp; 117939 | 235412 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 516639 | 1684056 |
| Everbright Securities Co. Ltd., Class A | &nbsp;&nbsp; 126400 | 304295 |
| Founder Securities Co. Ltd., Class A | &nbsp;&nbsp; 252000 | 284530 |
| GF Securities Co. Ltd., Class A | &nbsp;&nbsp; 189000 | 610015 |
| Guolian Securities Co. Ltd., Class A | &nbsp;&nbsp; 128159 | 178790 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 226800 | 408336 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 466245 | 1327091 |
| Guoyuan Securities Co. Ltd., Class A | &nbsp;&nbsp; 138644 | 166222 |
| Hithink RoyalFlush Information Network Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 17800 | 892356 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 241000 | 794211 |
| Industrial Securities Co. Ltd., Class A | &nbsp;&nbsp; 277208 | 273802 |
| Orient Securities Co. Ltd., Class A | &nbsp;&nbsp; 235021 | 345405 |
| SDIC Capital Co. Ltd., Class A | &nbsp;&nbsp; 201600 | 222652 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 743400 | 541392 |
| Sinolink Securities Co. Ltd., Class A | &nbsp;&nbsp; 113800 | 152394 |
| SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp; 163860 | 225354 |
| Tianfeng Securities Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 315000 | 186777 |
| Western Securities Co. Ltd., Class A | &nbsp;&nbsp; 138620 | 159389 |
| Zheshang Securities Co. Ltd., Class A | &nbsp;&nbsp; 139427 | 214289 |
| Zhongtai Securities Co. Ltd., Class A | &nbsp;&nbsp; 226800 | 208210 |
|  |  | 14424163 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI China A ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chemicals — 4.8%** | **Chemicals — 4.8%** | **Chemicals — 4.8%** |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 50470 | $493633 |
| Guangzhou Tinci Materials Technology Co. Ltd., Class A | &nbsp;&nbsp; 63020 | 368277 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 226815 | 850033 |
| Hoshine Silicon Industry Co. Ltd., Class A | &nbsp;&nbsp; 33040 | 235678 |
| Huafon Chemical Co. Ltd., Class A | &nbsp;&nbsp; 164400 | 304071 |
| Inner Mongolia Junzheng Energy & Chemical Industry <br> Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 277200 | 235176 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 214200 | 406808 |
| Kingfa Sci & Tech Co. Ltd., Class A | &nbsp;&nbsp; 80400 | 220340 |
| LB Group Co. Ltd., Class A | &nbsp;&nbsp; 76009 | 241950 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 240000 | 819073 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 176450 | 831078 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 315001 | 667326 |
| Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp; 100877 | 352755 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 63060 | 339853 |
| Shanghai Putailai New Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 71714 | 283522 |
| Sinoma Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 59200 | 364980 |
| Tianqi Lithium Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 50400 | 390898 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 100800 | 1274159 |
| Yunnan Yuntianhua Co. Ltd., Class A | &nbsp;&nbsp; 63000 | 345670 |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 50457 | 625181 |
| Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp; 88600 | 500639 |
| Zhejiang Longsheng Group Co. Ltd., Class A | &nbsp;&nbsp; 100800 | 220434 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 100968 | 404405 |
|  |  | 10775939 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| Zhejiang Weiming Environment Protection Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 50413 | 199353 |
| **Communications Equipment — 2.5%** | **Communications Equipment — 2.5%** | **Communications Equipment — 2.5%** |
| Hengtong Optic-Electric Co. Ltd., Class A | &nbsp;&nbsp; 81900 | 411298 |
| Suzhou TFC Optical Communication Co. Ltd., Class A | &nbsp;&nbsp; 25292 | 898831 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 37877 | 208716 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 35443 | 3285688 |
| ZTE Corp., Class A | &nbsp;&nbsp; 133200 | 734975 |
|  |  | 5539508 |
| **Construction & Engineering — 1.4%** | **Construction & Engineering — 1.4%** | **Construction & Engineering — 1.4%** |
| China Energy Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 1033200 | 360646 |
| China National Chemical Engineering Co. Ltd., Class A | &nbsp;&nbsp; 201810 | 257969 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 668800 | 547681 |
| China State Construction Engineering Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1348200 | 976041 |
| Metallurgical Corp. of China Ltd., Class A | &nbsp;&nbsp; 567000 | 254793 |
| Power Construction Corp. of China Ltd., Class A | &nbsp;&nbsp; 554400 | 450844 |
| Sichuan Road & Bridge Group Co. Ltd., Class A | &nbsp;&nbsp; 239400 | 333964 |
|  |  | 3181938 |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 126000 | 443861 |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 126050 | 386789 |
|  |  | 830650 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Yonghui Superstores Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 289800 | 183193 |
| **Distributors — 0.2%** | **Distributors — 0.2%** | **Distributors — 0.2%** |
| Zhejiang China Commodities City Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 172200 | 397471 |
| **Electrical Equipment — 7.2%** | **Electrical Equipment — 7.2%** | **Electrical Equipment — 7.2%** |
| China XD Electric Co. Ltd., Class A | &nbsp;&nbsp; 163800 | 340449 |
| CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp; 25260 | 198769 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp; 143267 | $7216318 |
| Dongfang Electric Corp. Ltd., Class A | &nbsp;&nbsp; 100890 | 360179 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 63082 | 577749 |
| GEM Co. Ltd., Class A | &nbsp;&nbsp; 163896 | 211067 |
| Goldwind Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 113451 | 425110 |
| Goneo Group Co. Ltd., Class A | &nbsp;&nbsp; 25271 | 151726 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 63000 | 343827 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | &nbsp;&nbsp; 114400 | 366027 |
| JL Mag Rare-Earth Co. Ltd., Class A | &nbsp;&nbsp; 31800 | 171614 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 265088 | 957190 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 25289 | 304986 |
| Ningbo Orient Wires & Cables Co. Ltd., Class A | &nbsp;&nbsp; 25200 | 200200 |
| Ningbo Sanxing Medical Electric Co. Ltd., Class A | &nbsp;&nbsp; 50400 | 171227 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 415850 | 519560 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 68493 | 1485395 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 63299 | 213131 |
| TBEA Co. Ltd., Class A | &nbsp;&nbsp; 163820 | 636520 |
| Wolong Electric Group Co. Ltd., Class A | &nbsp;&nbsp; 50400 | 318139 |
| Zhejiang Chint Electrics Co. Ltd., Class A | &nbsp;&nbsp; 63000 | 264502 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 63012 | 645809 |
|  |  | 16079494 |
| **Electronic Equipment, Instruments & Components — 8.6%** | **Electronic Equipment, Instruments & Components — 8.6%** | **Electronic Equipment, Instruments & Components — 8.6%** |
| Accelink Technologies Co. Ltd., Class A | &nbsp;&nbsp; 25200 | 261256 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 75600 | 619260 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 1209628 | 759557 |
| Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp; 63529 | 452693 |
| China Railway Signal & Communication Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 237400 | 187628 |
| Eoptolink Technology, Inc. Ltd., Class A | &nbsp;&nbsp; 31880 | 1914859 |
| Everdisplay Optronics Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 453600 | 172810 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 428406 | 3533078 |
| GoerTek, Inc., Class A | &nbsp;&nbsp; 114204 | 426851 |
| Huagong Tech Co. Ltd., Class A | &nbsp;&nbsp; 37800 | 420267 |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 164200 | 855269 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 239400 | 503295 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 239668 | 1774205 |
| Maxscend Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 12656 | 142182 |
| OFILM Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 113400 | 158934 |
| Shanghai BOCHU Electronic Technology Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 9564 | 208040 |
| Shengyi Electronics Co. Ltd., Class A | &nbsp;&nbsp; 25200 | 318831 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 75682 | 746662 |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 20747 | 692068 |
| Shenzhen Everwin Precision Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 50400 | 279570 |
| Shenzhen Kinwong Electronic Co. Ltd., Class A | &nbsp;&nbsp; 31200 | 287254 |
| SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp; 25228 | 303377 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 63000 | 701481 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 693081 | 483700 |
| Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp; 91691 | 329306 |
| Victory Giant Technology Huizhou Co. Ltd., Class A | &nbsp;&nbsp; 28500 | 1073468 |
| Wingtech Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 37811 | 213625 |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 142204 | 339118 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 63020 | 629230 |
| Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp; 113400 | 308596 |
|  |  | 19096470 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Yantai Jereh Oilfield Services Group Co. Ltd., Class A | &nbsp;&nbsp; 37885 | 480568 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI China A ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| 37 Interactive Entertainment Network Technology Group <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 75893 | $288859 |
| Beijing Enlight Media Co. Ltd., Class A | &nbsp;&nbsp; 100800 | 282966 |
| Giant Network Group Co. Ltd., Class A | &nbsp;&nbsp; 63000 | 397557 |
| Kingnet Network Co. Ltd., Class A | &nbsp;&nbsp; 75600 | 270236 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 63080 | 230690 |
|  |  | 1470308 |
| **Food Products — 1.9%** | **Food Products — 1.9%** | **Food Products — 1.9%** |
| Angel Yeast Co. Ltd., Class A | &nbsp;&nbsp; 29096 | 174850 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 151619 | 768013 |
| Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp; 50899 | 376667 |
| Henan Shuanghui Investment & Development Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 113378 | 418244 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp; 201644 | 763239 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 176459 | 1167355 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 151200 | 196427 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 214246 | 480169 |
|  |  | 4344964 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp; 88200 | 247219 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A | &nbsp;&nbsp; 1600200 | 1119101 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 667800 | 481622 |
|  |  | 1600723 |
| **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| APT Medical, Inc., Class A | &nbsp;&nbsp; 4383 | 146089 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 37793 | 216666 |
| Shanghai United Imaging Healthcare Co. Ltd., Class A | &nbsp;&nbsp; 26172 | 485904 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 37838 | 1028109 |
| Shenzhen New Industries Biomedical Engineering Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 25200 | 195063 |
|  |  | 2071831 |
| **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 302481 | 481162 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 50400 | 182794 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 50425 | 261302 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A | &nbsp;&nbsp; 88609 | 220184 |
|  |  | 1145442 |
| **Household Durables — 1.4%** | **Household Durables — 1.4%** | **Household Durables — 1.4%** |
| Beijing Roborock Technology Co. Ltd., Class A | &nbsp;&nbsp; 8582 | 175751 |
| Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp; 21000 | 216318 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | &nbsp;&nbsp; 92100 | 512271 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 201600 | 727227 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 113400 | 1264331 |
| Sichuan Changhong Electric Co. Ltd., Class A | &nbsp;&nbsp; 151200 | 211666 |
|  |  | 3107564 |
| **Independent Power and Renewable Electricity Producers — 3.4%** | **Independent Power and Renewable Electricity Producers — 3.4%** | **Independent Power and Renewable Electricity Producers — 3.4%** |
| CGN Power Co. Ltd., Class A | &nbsp;&nbsp; 529200 | 292596 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 667847 | 825662 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 945000 | 558095 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 793888 | 3006499 |
| Datang International Power Generation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 403200 | 218831 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 579600 | 385537 |
| Huadian Power International Corp. Ltd., Class A | &nbsp;&nbsp; 327600 | 230541 |
| Huaneng Power International, Inc., Class A | &nbsp;&nbsp; 304000 | 308167 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 265000 | $485414 |
| Shanghai Electric Power Co. Ltd., Class A | &nbsp;&nbsp; 93000 | 284189 |
| Shenergy Co. Ltd., Class A | &nbsp;&nbsp; 163800 | 196009 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 164000 | 327987 |
| Wintime Energy Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 718200 | 174443 |
| Zhejiang Zheneng Electric Power Co. Ltd., Class A | &nbsp;&nbsp; 365400 | 259723 |
|  |  | 7553693 |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 89000 | 635098 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 226816 | 1483321 |
| New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 63000 | 752736 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class A<br>| &nbsp;&nbsp; 303700 | 401637 |
| Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp; 352823 | 3380815 |
|  |  | 6653607 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Kunlun Tech Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 37800 | 302211 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| Isoftstone Information Technology Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 31950 | 220098 |
| Range Intelligent Computing Technology Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 50480 | 592116 |
|  |  | 812214 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | &nbsp;&nbsp; 12604 | 114093 |
| Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp; 50450 | 215034 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 81748 | 1118447 |
|  |  | 1447574 |
| **Machinery — 3.2%** | **Machinery — 3.2%** | **Machinery — 3.2%** |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 239400 | 1153507 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 793890 | 719512 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 43324 | 672970 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 277250 | 873148 |
| Shandong Himile Mechanical Science & Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 25200 | 301880 |
| Shenzhen Envicool Technology Co. Ltd., Class A | &nbsp;&nbsp; 29600 | 454922 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 43261 | 464398 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 214200 | 730384 |
| XCMG Construction Machinery Co. Ltd., Class A | &nbsp;&nbsp; 379400 | 585341 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 75800 | 336499 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | &nbsp;&nbsp; 63100 | 461874 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class A | &nbsp;&nbsp; 25269 | 207401 |
| Zoomlion Heavy Industry Science and Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 226850 | 285827 |
|  |  | 7247663 |
| **Marine Transportation — 0.4%** | **Marine Transportation — 0.4%** | **Marine Transportation — 0.4%** |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 403250 | 833834 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Focus Media Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 467060 | 483150 |
| **Metals & Mining — 7.6%** | **Metals & Mining — 7.6%** | **Metals & Mining — 7.6%** |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp; 430416 | 863363 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 705670 | 737260 |
| Chifeng Jilong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 53400 | 311439 |
| China Northern Rare Earth Group High-Tech Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 113400 | 832640 |
| China Rare Earth Resources & Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 37800 | 291689 |
| Citic Pacific Special Steel Group Co. Ltd., Class A | &nbsp;&nbsp; 100800 | 237391 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 568000 | 1955378 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI China A ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Guangdong HEC Technology Holding Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 100800 | $394231 |
| Henan Shenhuo Coal Industry & Electricity Power Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 75600 | 352089 |
| Huaibei Mining Holdings Co. Ltd., Class A | &nbsp;&nbsp; 88200 | 158962 |
| Hunan Valin Steel Co. Ltd., Class A | &nbsp;&nbsp; 217340 | 195235 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | &nbsp;&nbsp; 1461600 | 522735 |
| Inner Mongolia Xingye Silver&Tin Mining Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 63000 | 530150 |
| Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp; 63400 | 568293 |
| Jinduicheng Molybdenum Co. Ltd., Class A | &nbsp;&nbsp; 101800 | 297476 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 113428 | 844137 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp; 365400 | 382536 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 88220 | 424472 |
| Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp; 142100 | 380411 |
| Tongling Nonferrous Metals Group Co. Ltd., Class A | &nbsp;&nbsp; 416600 | 486181 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp; 75600 | 380161 |
| Western Superconducting Technologies Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 25299 | 307664 |
| Xiamen Tungsten Co. Ltd., Class A | &nbsp;&nbsp; 50868 | 408010 |
| Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp; 113600 | 542606 |
| Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp; 163800 | 826851 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 667875 | 3730756 |
|  |  | 16962116 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |
| China Merchants Energy Shipping Co. Ltd., Class A | &nbsp;&nbsp; 257000 | 418347 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 1058443 | 990501 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 214299 | 1290926 |
| Cosco Shipping Energy Transportation Co. Ltd., Class A | &nbsp;&nbsp; 126049 | 285395 |
| Guanghui Energy Co. Ltd., Class A | &nbsp;&nbsp; 190183 | 153395 |
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A  | &nbsp;&nbsp; 75600 | 311682 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 705600 | 1118614 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 315001 | 1007230 |
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 176460 | 185217 |
| Shanxi Lu'an Environmental Energy Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 101340 | 198442 |
| Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 189085 | 396921 |
|  |  | 6356670 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Shandong Sun Paper Industry JSC Ltd., Class A | &nbsp;&nbsp; 89000 | 214852 |
| **Passenger Airlines — 0.9%** | **Passenger Airlines — 0.9%** | **Passenger Airlines — 0.9%** |
| Air China Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 415800 | 495513 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 555200 | 433309 |
| China Southern Airlines Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 365424 | 378036 |
| Hainan Airlines Holding Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1411200 | 342635 |
| Spring Airlines Co. Ltd., Class A | &nbsp;&nbsp; 34300 | 276899 |
|  |  | 1926392 |
| **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** |
| Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp; 50375 | 219432 |
| Changchun High-Tech Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 14340 | 197556 |
| China Resources Sanjiu Medical & Pharmaceutical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 50920 | 205635 |
| CSPC Innovation Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 50440 | 282240 |
| Haisco Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp; 25200 | 183438 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 201682 | 1683961 |
| Shanghai Allist Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 15200 | 215189 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 63063 | 241488 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 37800 | 254763 |
| Sichuan Biokin Pharmaceutical Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5726 | 228487 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 50800 | $225877 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 63060 | 503819 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 18899 | 435512 |
|  |  | 4877397 |
| **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** |
| China Merchants Shekou Industrial Zone Holdings Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 289800 | 439891 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 302400 | 212059 |
| Hainan Airport Infrastructure Co. Ltd., Class A | &nbsp;&nbsp; 378000 | 243252 |
| Poly Developments and Holdings Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 378031 | 369775 |
| Shanghai Zhangjiang High-Tech Park Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 52000 | 310076 |
| Youngor Fashion Co. Ltd., Class A | &nbsp;&nbsp; 151294 | 159801 |
|  |  | 1734854 |
| **Semiconductors & Semiconductor Equipment — 9.4%** | **Semiconductors & Semiconductor Equipment — 9.4%** | **Semiconductors & Semiconductor Equipment — 9.4%** |
| ACM Research Shanghai, Inc., Class A | &nbsp;&nbsp; 7948 | 214962 |
| Advanced Micro-Fabrication Equipment, Inc./China, <br> Class A<br>| &nbsp;&nbsp; 20471 | 1018813 |
| Amlogic Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11750 | 148126 |
| Bestechnic Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 5182 | 164178 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 13610 | 2458747 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 38712 | 354487 |
| CSI Solar Co. Ltd., Class A | &nbsp;&nbsp; 126000 | 277256 |
| Flat Glass Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 63000 | 145818 |
| GalaxyCore, Inc., Class A | &nbsp;&nbsp; 75600 | 174902 |
| GigaDevice Semiconductor, Inc., Class A | &nbsp;&nbsp; 20757 | 934459 |
| Hangzhou Chang Chuan Technology Co. Ltd., Class A | &nbsp;&nbsp; 23200 | 424616 |
| Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp; 85254 | 208350 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 50400 | 240959 |
| Hua Hong Semiconductor Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 13060 | 290096 |
| Hwatsing Technology Co. Ltd., Class A | &nbsp;&nbsp; 11645 | 316269 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 75610 | 2857983 |
| Ingenic Semiconductor Co. Ltd., Class A | &nbsp;&nbsp; 15200 | 312983 |
| JA Solar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 113480 | 184291 |
| JCET Group Co. Ltd., Class A | &nbsp;&nbsp; 63000 | 447267 |
| Jinko Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 327600 | 297764 |
| LONGi Green Energy Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 252046 | 647418 |
| Loongson Technology Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11186 | 267949 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 38006 | 990306 |
| National Silicon Industry Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 90800 | 292186 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 23630 | 1610676 |
| Nexchip Semiconductor Corp., Class A | &nbsp;&nbsp; 61172 | 320840 |
| OmniVision Integrated Circuits Group, Inc. | &nbsp;&nbsp; 37855 | 659597 |
| Piotech, Inc., Class A | &nbsp;&nbsp; 9202 | 465489 |
| Rockchip Electronics Co. Ltd., Class A | &nbsp;&nbsp; 13200 | 361922 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 163800 | 380121 |
| SG Micro Corp., Class A | &nbsp;&nbsp; 25253 | 273801 |
| Shenzhen Goodix Technology Co. Ltd., Class A | &nbsp;&nbsp; 12600 | 146155 |
| TCL Zhonghuan Renewable Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 138623 | 187301 |
| Tianshui Huatian Technology Co. Ltd., Class A | &nbsp;&nbsp; 113400 | 246409 |
| TongFu Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 50400 | 378338 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 151293 | 395393 |
| Trina Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 75600 | 203796 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 28679 | 344952 |
| United Nova Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 272891 | 297415 |
| Verisilicon Microelectronics Shanghai Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 14758 | 467867 |
| Xinjiang Daqo New Energy Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 75662 | 263519 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI China A ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 37801 | $242148 |
|  |  | 20915924 |
| **Software — 1.4%** | **Software — 1.4%** | **Software — 1.4%** |
| 360 Security Technology, Inc., Class A | &nbsp;&nbsp; 226800 | 395275 |
| Beijing Kingsoft Office Software, Inc., Class A | &nbsp;&nbsp; 14951 | 722427 |
| China National Software & Service Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 37820 | 245239 |
| Empyrean Technology Co. Ltd., Class A | &nbsp;&nbsp; 13000 | 192736 |
| Hundsun Technologies, Inc., Class A | &nbsp;&nbsp; 63732 | 284026 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 75650 | 646776 |
| Jiangsu Hoperun Software Co. Ltd., Class A | &nbsp;&nbsp; 25200 | 180564 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 63005 | 206637 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 113649 | 247288 |
|  |  | 3120968 |
| **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 63041 | 808814 |
| **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** |
| Anker Innovations Technology Co. Ltd., Class A | &nbsp;&nbsp; 17810 | 254822 |
| China Greatwall Technology Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 100800 | 229741 |
| Huaqin Technology Co. Ltd., Class A | &nbsp;&nbsp; 25200 | 311849 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 50460 | 453958 |
| Sharetronic Data Technology Co. Ltd., Class A | &nbsp;&nbsp; 12600 | 410862 |
| Shenzhen Longsys Electronics Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12600 | 603160 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 37852 | 314988 |
|  |  | 2579380 |
| **Transportation Infrastructure — 0.2%** | **Transportation Infrastructure — 0.2%** | **Transportation Infrastructure — 0.2%** |
| China Merchants Expressway Network & Technology <br> Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 189800 | 255774 |
| Shanghai International Airport Co. Ltd., Class A | &nbsp;&nbsp; 37822 | 167269 |
|  |  | 423043 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| China United Network Communications Ltd., Class A | &nbsp;&nbsp; 1020600 | 749209 |
| **Total Common Stocks — 99.7%** <br>**(Cost: $129,385,781)** | **Total Common Stocks — 99.7%** <br>**(Cost: $129,385,781)** | 221717461 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Rights** | **Rights** | **Rights** |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| Kangmei Pharmaceutical Co. Ltd. (Expires 12/31/49) <br> (Expires 12/31/49)<sup>(b)</sup><br>| &nbsp;&nbsp; 26458 | $— |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $129,385,781)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $129,385,781)** | 221717461 |
| **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: Treasury, SL Agency Shares, <br> 3.64%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 630000 | 630000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $630,000)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $630,000)** | 630000 |
| **Total Investments — 100.0%** <br>**(Cost: $130,015,781)** | **Total Investments — 100.0%** <br>**(Cost: $130,015,781)** | 222347461 |
| **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 108181 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $222455642 |

---

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(c)</sup> 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 January 31, 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>*07/31/25*<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>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $670000 | $—<br> $(40000 )<sup>(a)</sup><br>| $— | $— | $630000 | 630000 | $45150 | $— |

---

&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)

January 31, 2026

**iShares® MSCI China A ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| FTSE China A50 Index | 45 | 02/26/26 | &nbsp;&nbsp; $672 | $576 |

---

**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; $576 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $576 |

---

&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 January 31, 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; $20665 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20665 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12873 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12873 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $633193 |

---

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; $22581790 | &nbsp;&nbsp; $199135671 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $221717461 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 630000 |
|  | &nbsp;&nbsp; $23211790 | &nbsp;&nbsp; $199135671 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $222347461 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI China A ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $576 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $576 |

---

&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

------

Statement of Assets and Liabilities (unaudited)

January 31, 2026

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI China <br> A ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)</sup> | $221717461 |
| Investments, at value—affiliated<sup>(b)</sup> | 630000 |
| Cash pledged for futures contracts | 45000 |
| Foreign currency, at value<sup>(c)</sup> | 186391 |
| Receivables: |  |
| Dividends—affiliated | 713 |
| Total assets | 222579565 |
| **LIABILITIES** |  |
| Bank overdraft | 3886 |
| Payables: |  |
| Investment advisory fees | 111551 |
| Variation margin on futures contracts | 8486 |
| Total liabilities | 123923 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $222455642 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $274597384 |
| Accumulated loss | (52141742) |
| NET ASSETS | $222455642 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 6300000 |
| Net asset value | $35.31 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $129385781 |
| <sup>(b)</sup> Investments, at cost—affiliated | $630000 |
| <sup>(c)</sup> Foreign currency, at cost | $186459 |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

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

---

| | |
|:---|:---|
|  | iShares <br>MSCI China <br> A ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $1805617 |
| Dividends—affiliated | &nbsp;&nbsp; 45150 |
| Interest—unaffiliated | &nbsp;&nbsp; 2333 |
| Foreign taxes withheld | &nbsp;&nbsp; (180562)<br>|
| Total investment income | &nbsp;&nbsp; 1672538 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 676670 |
| Commitment costs | &nbsp;&nbsp; 1164 |
| Interest expense | &nbsp;&nbsp; 49 |
| Total expenses | &nbsp;&nbsp; 677883 |
| Net investment income | &nbsp;&nbsp; 994655 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 9103491 |
| Foreign currency transactions | &nbsp;&nbsp; 8422 |
| Futures contracts | &nbsp;&nbsp; 20665 |
|  | &nbsp;&nbsp; 9132578 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 28185356 |
| Foreign currency translations | &nbsp;&nbsp; 1477 |
| Futures contracts | &nbsp;&nbsp; 12873 |
|  | &nbsp;&nbsp; 28199706 |
| Net realized and unrealized gain | &nbsp;&nbsp; 37332284 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $38326939 |

---

*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI China A ETF  | iShares <br>MSCI China A ETF  |
|  | Six Months <br> Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $994655 | &nbsp;&nbsp;&nbsp; $4031979 |
| Net realized gain (loss) | &nbsp;&nbsp; 9132578 | &nbsp;&nbsp;&nbsp; (1126444)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 28199706 | &nbsp;&nbsp;&nbsp; 36131673 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 38326939 | &nbsp;&nbsp;&nbsp; 39037208 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (3385138 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (6847580)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (10577565)<br>| &nbsp;&nbsp;&nbsp; (103037240)<br>|
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 24364236 | &nbsp;&nbsp;&nbsp; (70847612)<br>|
| Beginning of period | &nbsp;&nbsp; 198091406 | &nbsp;&nbsp;&nbsp; 268939018 |
| End of period | &nbsp;&nbsp; $222455642 | &nbsp;&nbsp;&nbsp; $198091406 |

---

&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.*

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 China A ETF  | iShares MSCI China A ETF  | iShares MSCI China A ETF  | iShares MSCI China A ETF  | iShares MSCI China A ETF  | iShares MSCI China A ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $29.79 | &nbsp;&nbsp;&nbsp; $25.61 | &nbsp;&nbsp;&nbsp; $31.18 | &nbsp;&nbsp;&nbsp; $35.39 | &nbsp;&nbsp;&nbsp; $41.70 | &nbsp;&nbsp;&nbsp; $36.39 |
| Net investment income<sup>(a)</sup> | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 5.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.48 | &nbsp;&nbsp;&nbsp; (5.07)<br>| &nbsp;&nbsp;&nbsp; (3.92)<br>| &nbsp;&nbsp;&nbsp; (6.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.22 |
| Net increase (decrease) from investment operations | 6.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp;&nbsp; (5.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.74 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.55 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $35.31 | &nbsp;&nbsp;&nbsp; $29.79 | &nbsp;&nbsp;&nbsp; $25.61 | &nbsp;&nbsp;&nbsp; $31.18 | &nbsp;&nbsp;&nbsp; $35.39 | &nbsp;&nbsp;&nbsp; $41.70 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 20.51 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.34<br> %<br>| &nbsp;&nbsp;&nbsp; (14.19)%<br>| &nbsp;&nbsp;&nbsp; (9.55)%<br>| &nbsp;&nbsp;&nbsp; (14.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.79<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.60 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Total expenses after fees waived | 0.60 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<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 | 0.88 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $222456 | &nbsp;&nbsp;&nbsp; $198091 | &nbsp;&nbsp;&nbsp; $268939 | &nbsp;&nbsp;&nbsp; $328988 | &nbsp;&nbsp;&nbsp; $550305 | &nbsp;&nbsp;&nbsp; $627526 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 38<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 Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following fund (the "Fund"):

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> MSCI China A 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. 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 January 31, 2026, if any, are disclosed in the Statement of Assets and Liabilities.

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.

**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.

Notes to Financial Statements

------

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

**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 Trust (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 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 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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

***4. DERIVATIVE FINANCIAL INSTRUMENTS***

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

Futures contracts are exchange-traded agreements between the 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.

***5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, 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 0.60%, 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.

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

**Other Transactions:** The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.

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

***6. PURCHASES AND SALES***

For the six months ended January 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI China A | &nbsp;&nbsp; $94003834 | &nbsp;&nbsp;&nbsp; $106720065 |

---

There were no in-kind transactions for the six months ended January 31, 2026.

***7. INCOME TAX INFORMATION***

The Fund is treated as an entity separate from the Trust'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 January 31, 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 July 31, 2025, the Fund had non-expiring capital loss carryforwards of $139,451,097 available to offset future realized capital gains.

Notes to Financial Statements

------

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

As of January 31, 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 China A | &nbsp;&nbsp; $144057404 | &nbsp;&nbsp;&nbsp; $93578606 | &nbsp;&nbsp;&nbsp; $(15287973) | &nbsp;&nbsp;&nbsp; $78290633 |

---

***8. LINE OF CREDIT***

The Fund, 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 January 31, 2026, the Fund did not borrow under the Syndicated Credit Agreement.

***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.

**Market Risk:** The Fund invests in A-shares (i.e., equity securities of companies based in the People's Republic of China ("China" or "PRC") that trade on the Shanghai Stock Exchange and Shenzhen Stock Exchange) primarily through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together, "Stock Connect"). Investing in A-shares through Stock Connect is subject to trading, clearance and settlement procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to a daily quota, which limits the maximum net purchases under Stock Connect each day. The daily quota may restrict the Fund's ability to invest in A-shares on a timely basis and could affect the Fund's ability to effectively pursue its investment strategy. Additionally, the Fund may be subject to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is not trading. The A-shares market has a higher propensity for trading suspensions than many other global equity 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.

**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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

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 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 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 Fund invests a significant portion of its 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 Fund's 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.

***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>01/31/26 | Six Months Ended <br>01/31/26 | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI China A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; $85005150 | &nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp; $103922089 |
| Shares redeemed | &nbsp;&nbsp; (2850000)<br>| &nbsp;&nbsp;&nbsp; (95582715)<br>| &nbsp;&nbsp;&nbsp; (7250000)<br>| &nbsp;&nbsp;&nbsp; (206959329)<br>|
|  | &nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; $(10577565)<br>| &nbsp;&nbsp;&nbsp; (3850000)<br>| &nbsp;&nbsp;&nbsp; $(103037240)<br>|

---

Notes to Financial Statements

------

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

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. 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 Trust'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. 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 Trustees, 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 Trustee for services to the Fund from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Trust'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**  |
| JSC | Joint Stock Company |

---

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.

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------

January 31, 2026

![](g110648img6e72cd5c1.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 Trust** |
| • iShares Core MSCI Pacific ETF \| IPAC \| NYSE Arca |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_5914ec54-208e-40c9-ab7c-6d0b23669dcd_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statement of Assets and Liabilities](#xx_5914ec54-208e-40c9-ab7c-6d0b23669dcd_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 16 |
| [Statement of Operations](#xx_5914ec54-208e-40c9-ab7c-6d0b23669dcd_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 17 |
| [Statements of Changes in Net Assets](#xx_5914ec54-208e-40c9-ab7c-6d0b23669dcd_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 18 |
| [Financial Highlights](#xx_5914ec54-208e-40c9-ab7c-6d0b23669dcd_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 19 |
| [Notes to Financial Statements](#xx_5914ec54-208e-40c9-ab7c-6d0b23669dcd_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 20 |
| [Additional Information](#xx_5914ec54-208e-40c9-ab7c-6d0b23669dcd_SAI-Footer-iSharesReport-310_1)  | &nbsp;&nbsp; 27 |
| [Glossary of Terms Used in these Financial Statements](#xx_5914ec54-208e-40c9-ab7c-6d0b23669dcd_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 28 |

---

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares® Core MSCI Pacific 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 — 19.9%** | **Australia — 19.9%** | **Australia — 19.9%** |
| Abacus Group | &nbsp;&nbsp; 109312 | $87879 |
| Abacus Storage King | &nbsp;&nbsp; 107509 | 115674 |
| Accent Group Ltd. | &nbsp;&nbsp; 99197 | 63707 |
| AGL Energy Ltd. | &nbsp;&nbsp; 158570 | 997658 |
| Alkane Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 283863 | 307376 |
| Alpha HPA Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 264230 | 134089 |
| ALS Ltd. | &nbsp;&nbsp; 135256 | 2306313 |
| Amotiv Ltd. | &nbsp;&nbsp; 34833 | 203215 |
| AMP Ltd. | &nbsp;&nbsp; 647363 | 757878 |
| Ampol Ltd. | &nbsp;&nbsp; 62741 | 1260510 |
| Ansell Ltd. | &nbsp;&nbsp; 37496 | 850115 |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 781442 | 19880146 |
| APA Group | &nbsp;&nbsp; 345713 | 2128379 |
| ARB Corp. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 19972 | 357178 |
| Arena REIT | &nbsp;&nbsp; 95530 | 235251 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 145494 | 5405061 |
| ASX Ltd. | &nbsp;&nbsp; 52272 | 2080654 |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 272432 | 940186 |
| AUB Group Ltd. | &nbsp;&nbsp; 29301 | 615040 |
| Aurizon Holdings Ltd. | &nbsp;&nbsp; 466305 | 1192796 |
| Aussie Broadband Ltd. | &nbsp;&nbsp; 52354 | 164250 |
| Austal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 73702 | 355423 |
| Bank of Queensland Ltd. | &nbsp;&nbsp; 179837 | 847008 |
| Bapcor Ltd. | &nbsp;&nbsp; 81814 | 120962 |
| Beach Energy Ltd. | &nbsp;&nbsp; 461913 | 395925 |
| Bega Cheese Ltd. | &nbsp;&nbsp; 60692 | 256894 |
| Bellevue Gold Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 402665 | 472194 |
| Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp; 149581 | 1139029 |
| BHP Group Ltd. | &nbsp;&nbsp; 1330060 | 45810397 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 113642 | 2371829 |
| Boss Energy Ltd. <sup>(a)(b)</sup> | &nbsp;&nbsp; 116784 | 154720 |
| Brambles Ltd. | &nbsp;&nbsp; 357247 | 5545439 |
| Bravura Solutions Ltd. | &nbsp;&nbsp; 87003 | 123434 |
| Brazilian Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 32160 | 85100 |
| Breville Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 26716 | 595310 |
| BWP Property Group Ltd. | &nbsp;&nbsp; 155419 | 403811 |
| Capricorn Metals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 98587 | 923407 |
| CAR Group Ltd. | &nbsp;&nbsp; 100168 | 1916706 |
| Catalyst Metals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 71163 | 403599 |
| Catapult Sports Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 62975 | 152728 |
| Centuria Capital Group | &nbsp;&nbsp; 188188 | 252323 |
| Centuria Industrial REIT | &nbsp;&nbsp; 152958 | 345609 |
| Centuria Office REIT | &nbsp;&nbsp; 105819 | 78477 |
| Challenger Ltd. | &nbsp;&nbsp; 134784 | 858499 |
| Champion Iron Ltd. | &nbsp;&nbsp; 101476 | 409854 |
| Charter Hall Group | &nbsp;&nbsp; 118072 | 1880322 |
| Charter Hall Long Wale REIT | &nbsp;&nbsp; 189585 | 512780 |
| Charter Hall Retail REIT | &nbsp;&nbsp; 133131 | 362532 |
| Charter Hall Social Infrastructure REIT | &nbsp;&nbsp; 77675 | 157001 |
| Clarity Pharmaceuticals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 77363 | 164130 |
| Cleanaway Waste Management Ltd., Class L | &nbsp;&nbsp; 587711 | 1007362 |
| Cochlear Ltd. | &nbsp;&nbsp; 16997 | 3168128 |
| Codan Ltd. | &nbsp;&nbsp; 30338 | 798855 |
| Coles Group Ltd. | &nbsp;&nbsp; 351832 | 5198262 |
| Collins Foods Ltd. | &nbsp;&nbsp; 32361 | 240147 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 438223 | 45365215 |
| Computershare Ltd. | &nbsp;&nbsp; 135430 | 3075691 |
| Corporate Travel Management Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 26152 | 261404 |
| Credit Corp. Group Ltd. | &nbsp;&nbsp; 17117 | 168133 |
| Cromwell Property Group | &nbsp;&nbsp; 389323 | 111016 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| CSL Ltd. | &nbsp;&nbsp; 127855 | $16110988 |
| Data#3 Ltd. | &nbsp;&nbsp; 33010 | 223595 |
| Deep Yellow Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 245313 | 479042 |
| Deterra Royalties Ltd. | &nbsp;&nbsp; 111722 | 326223 |
| Develop Global Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 72900 | 261908 |
| Dexus | &nbsp;&nbsp; 293340 | 1368509 |
| Dexus Industria REIT | &nbsp;&nbsp; 41284 | 73651 |
| Dicker Data Ltd. | &nbsp;&nbsp; 36780 | 256447 |
| DigiCo Infrastructure REIT | &nbsp;&nbsp; 105246 | 187611 |
| Domino's Pizza Enterprises Ltd., Class L<sup>(b)</sup> | &nbsp;&nbsp; 21954 | 347752 |
| Downer EDI Ltd. | &nbsp;&nbsp; 176532 | 984453 |
| DroneShield Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 226400 | 519502 |
| Dyno Nobel Ltd. | &nbsp;&nbsp; 467946 | 1139678 |
| Eagers Automotive Ltd. | &nbsp;&nbsp; 43776 | 812642 |
| Elders Ltd. | &nbsp;&nbsp; 51447 | 263549 |
| Emerald Resources NL<sup>(a)</sup> | &nbsp;&nbsp; 135013 | 634759 |
| Endeavour Group Ltd./Australia | &nbsp;&nbsp; 395597 | 1016268 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 532357 | 5112345 |
| EVT Ltd. | &nbsp;&nbsp; 20298 | 175740 |
| Firefinch Ltd., NVS<sup>(c)</sup> | &nbsp;&nbsp; 298353 | 2 |
| Flight Centre Travel Group Ltd., Class L<sup>(b)</sup> | &nbsp;&nbsp; 50261 | 563691 |
| Fortescue Ltd. | &nbsp;&nbsp; 443917 | 6428302 |
| Gemlife Communities Group<sup>(a)</sup> | &nbsp;&nbsp; 52671 | 184488 |
| Generation Development Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 86568 | 321999 |
| Genesis Minerals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 264624 | 1306711 |
| Goodman Group | &nbsp;&nbsp; 535692 | 11380069 |
| GPT Group(The) | &nbsp;&nbsp; 498339 | 1830903 |
| GrainCorp Ltd., Class A | &nbsp;&nbsp; 59454 | 298128 |
| Greatland Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 135422 | 1112413 |
| Growthpoint Properties Australia Ltd. | &nbsp;&nbsp; 67576 | 107596 |
| Guzman y Gomez Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 12811 | 196678 |
| Hansen Technologies Ltd. | &nbsp;&nbsp; 52205 | 180285 |
| Harvey Norman Holdings Ltd. | &nbsp;&nbsp; 147266 | 661771 |
| Helia Group Ltd. | &nbsp;&nbsp; 78880 | 318955 |
| HMC Capital Ltd. | &nbsp;&nbsp; 95906 | 279867 |
| HomeCo Daily Needs REIT | &nbsp;&nbsp; 442282 | 396862 |
| HUB24 Ltd. | &nbsp;&nbsp; 22029 | 1543486 |
| IDP Education Ltd. | &nbsp;&nbsp; 67793 | 295016 |
| IGO Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 176157 | 1006954 |
| Iluka Resources Ltd. | &nbsp;&nbsp; 104476 | 382892 |
| Imdex Ltd. | &nbsp;&nbsp; 150261 | 388400 |
| Ingenia Communities Group | &nbsp;&nbsp; 97726 | 320425 |
| Inghams Group Ltd. | &nbsp;&nbsp; 98998 | 172068 |
| Insignia Financial Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 154120 | 497969 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 612265 | 3227947 |
| IperionX Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 93392 | 468021 |
| IPH Ltd. | &nbsp;&nbsp; 60175 | 156142 |
| IRESS Ltd. | &nbsp;&nbsp; 46293 | 260630 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp; 28226 | 1590268 |
| Judo Capital Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 291042 | 366765 |
| Karoon Energy Ltd. | &nbsp;&nbsp; 208387 | 246698 |
| Kelsian Group Ltd. | &nbsp;&nbsp; 42550 | 115558 |
| L1 Group Ltd. | &nbsp;&nbsp; 211425 | 180123 |
| Lendlease Corp. Ltd. | &nbsp;&nbsp; 169605 | 567585 |
| Leo Lithium Ltd., NVS<sup>(c)</sup> | &nbsp;&nbsp; 292832 | 2 |
| Liontown Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 518263 | 657946 |
| Lottery Corp. Ltd.(The) | &nbsp;&nbsp; 578154 | 2059629 |
| Lovisa Holdings Ltd. | &nbsp;&nbsp; 18693 | 400934 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 234712 | 2362640 |
| MA Financial Group Ltd. | &nbsp;&nbsp; 34720 | 250718 |
| Maas Group Holdings Ltd. | &nbsp;&nbsp; 51271 | 193815 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 95493 | 14014527 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Macquarie Technology Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3518 | $171074 |
| Mader Group Ltd. | &nbsp;&nbsp; 13518 | 77283 |
| Magellan Financial Group Ltd. | &nbsp;&nbsp; 54712 | 330755 |
| McMillan Shakespeare Ltd. | &nbsp;&nbsp; 12739 | 151022 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 707083 | 2268791 |
| Megaport Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 44236 | 353247 |
| Mesoblast Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 228710 | 401179 |
| Metcash Ltd. | &nbsp;&nbsp; 311802 | 718834 |
| Mineral Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 46480 | 1828310 |
| Mirvac Group | &nbsp;&nbsp; 1057704 | 1468903 |
| Monadelphous Group Ltd. | &nbsp;&nbsp; 26035 | 560176 |
| Myer Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 328329 | 99099 |
| Nanosonics Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 72369 | 195410 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 802178 | 24096951 |
| National Storage REIT | &nbsp;&nbsp; 379150 | 726582 |
| Netwealth Group Ltd. | &nbsp;&nbsp; 31985 | 541948 |
| Neuren Pharmaceuticals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 27600 | 319581 |
| New Hope Corp. Ltd. | &nbsp;&nbsp; 131686 | 412927 |
| NEXTDC Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 167315 | 1545908 |
| nib holdings Ltd. | &nbsp;&nbsp; 127796 | 596069 |
| Nick Scali Ltd. | &nbsp;&nbsp; 20625 | 350353 |
| Nickel Industries Ltd. | &nbsp;&nbsp; 624423 | 395300 |
| Nine Entertainment Co. Holdings Ltd. | &nbsp;&nbsp; 337864 | 267930 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 356230 | 6548683 |
| NRW Holdings Ltd. | &nbsp;&nbsp; 108085 | 389995 |
| Nufarm Ltd./Australia<sup>(a)</sup> | &nbsp;&nbsp; 89530 | 146198 |
| Nuix Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 53094 | 63539 |
| Objective Corp. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8427 | 88203 |
| Ora Banda Mining Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 366279 | 307011 |
| Orica Ltd. | &nbsp;&nbsp; 119790 | 2133963 |
| Origin Energy Ltd. | &nbsp;&nbsp; 452121 | 3707985 |
| Orora Ltd. | &nbsp;&nbsp; 345408 | 490481 |
| Paladin Energy Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 102437 | 960434 |
| Pantoro Gold Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 82842 | 274831 |
| Perenti Ltd. | &nbsp;&nbsp; 243120 | 468032 |
| Perpetual Ltd. | &nbsp;&nbsp; 36022 | 451078 |
| Perseus Mining Ltd. | &nbsp;&nbsp; 346619 | 1335001 |
| PEXA Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 33837 | 323515 |
| Pilbara Minerals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 845737 | 2481544 |
| Pinnacle Investment Management Group Ltd. | &nbsp;&nbsp; 51950 | 609234 |
| PolyNovo Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 152212 | 106933 |
| Predictive Discovery Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 507153 | 280216 |
| Premier Investments Ltd. | &nbsp;&nbsp; 25409 | 235348 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 14967 | 1913430 |
| PWR Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 22155 | 143164 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 190849 | 1334346 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 396039 | 5428021 |
| Qube Holdings Ltd. | &nbsp;&nbsp; 447001 | 1478486 |
| Ramelius Resources Ltd. | &nbsp;&nbsp; 500226 | 1540603 |
| Ramsay Health Care Ltd. | &nbsp;&nbsp; 50755 | 1280335 |
| REA Group Ltd. | &nbsp;&nbsp; 13756 | 1808691 |
| Redox Ltd./Australia<sup>(b)</sup> | &nbsp;&nbsp; 47933 | 105381 |
| Reece Ltd. | &nbsp;&nbsp; 63141 | 646308 |
| Region Group | &nbsp;&nbsp; 315594 | 506195 |
| Regis Healthcare Ltd. | &nbsp;&nbsp; 57458 | 269395 |
| Regis Resources Ltd. | &nbsp;&nbsp; 199569 | 1040204 |
| Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp; 212319 | 551724 |
| Resolute Mining Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 537491 | 481496 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 97268 | 10133843 |
| Sandfire Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 119533 | 1621947 |
| Santos Ltd. | &nbsp;&nbsp; 843074 | 4111460 |
| Scentre Group | &nbsp;&nbsp; 1359188 | 3851896 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| SEEK Ltd. | &nbsp;&nbsp; 92563 | $1344429 |
| Service Stream Ltd. | &nbsp;&nbsp; 148155 | 234812 |
| SGH Ltd. | &nbsp;&nbsp; 53570 | 1716815 |
| Sigma Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1344771 | 2881631 |
| Silex Systems Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 59517 | 282219 |
| Sims Ltd. | &nbsp;&nbsp; 43907 | 614749 |
| SiteMinder Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 62047 | 217640 |
| SmartGroup Corp. Ltd. | &nbsp;&nbsp; 37329 | 218925 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 123465 | 1974430 |
| South32 Ltd. | &nbsp;&nbsp; 1189737 | 3768929 |
| SRG Global Ltd. | &nbsp;&nbsp; 159547 | 334566 |
| Stanmore Resources Ltd. | &nbsp;&nbsp; 103894 | 217484 |
| Steadfast Group Ltd. | &nbsp;&nbsp; 268487 | 972323 |
| Stockland | &nbsp;&nbsp; 622896 | 2330631 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 284026 | 3343535 |
| Super Retail Group Ltd. | &nbsp;&nbsp; 37201 | 379609 |
| Superloop Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 123722 | 197139 |
| Supply Network Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5350 | 136587 |
| Tabcorp Holdings Ltd. | &nbsp;&nbsp; 589616 | 361953 |
| Technology One Ltd. | &nbsp;&nbsp; 79815 | 1393474 |
| Telix Pharmaceuticals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 71216 | 519616 |
| Telstra Group Ltd. | &nbsp;&nbsp; 1042545 | 3541833 |
| Temple & Webster Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24894 | 207051 |
| Transurban Group | &nbsp;&nbsp; 816231 | 7895216 |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp; 198028 | 737929 |
| Tuas Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 73501 | 363530 |
| Vault Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 269201 | 1030171 |
| Ventia Services Group Pty. Ltd. | &nbsp;&nbsp; 221718 | 887972 |
| Vicinity Ltd. | &nbsp;&nbsp; 1048771 | 1789253 |
| Virgin Australia Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 75895 | 165419 |
| Viva Energy Group Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 310459 | 388646 |
| Vulcan Energy Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 98422 | 269854 |
| Vulcan Steel Ltd. | &nbsp;&nbsp; 17096 | 82738 |
| WA1 Resources Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 10277 | 121146 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 88168 | 2360576 |
| Waypoint REIT Ltd. | &nbsp;&nbsp; 154072 | 262624 |
| WEB Travel Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 91029 | 291290 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 298860 | 17240212 |
| Westgold Resources Ltd. | &nbsp;&nbsp; 249486 | 1190472 |
| Westpac Banking Corp. | &nbsp;&nbsp; 895847 | 24070597 |
| Whitehaven Coal Ltd. | &nbsp;&nbsp; 205653 | 1256467 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 53594 | 2147330 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 498284 | 8797948 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 320263 | 6872966 |
| Worley Ltd. | &nbsp;&nbsp; 132220 | 1229846 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 43099 | 2808816 |
| Yancoal Australia Ltd. | &nbsp;&nbsp; 104321 | 417582 |
| Zip Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 354502 | 654004 |
|  |  | 462213315 |
| **China — 0.1%** | **China — 0.1%** | **China — 0.1%** |
| HBM Holdings Ltd.<sup>(a)(d)</sup> | &nbsp;&nbsp; 189000 | 288346 |
| Mobvista, Inc.<sup>(a)(d)</sup> | &nbsp;&nbsp; 126000 | 240322 |
| United Energy Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3808000 | 313594 |
| Wharf Holdings Ltd.(The) | &nbsp;&nbsp; 282898 | 914011 |
|  |  | 1756273 |
| **Hong Kong — 5.5%** | **Hong Kong — 5.5%** | **Hong Kong — 5.5%** |
| AIA Group Ltd. | &nbsp;&nbsp; 2760000 | 31843426 |
| ASMPT Ltd. | &nbsp;&nbsp; 86800 | 1157563 |
| Bank of East Asia Ltd.(The) | &nbsp;&nbsp; 261400 | 499301 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 961000 | 5060614 |
| Bright Smart Securities & Commodities Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 196000 | 222001 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Brightoil Petroleum Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 763800 | $1 |
| Cafe de Coral Holdings Ltd. | &nbsp;&nbsp; 92000 | 55350 |
| Chow Sang Sang Holdings International Ltd. | &nbsp;&nbsp; 145000 | 271479 |
| CITIC Telecom International Holdings Ltd. | &nbsp;&nbsp; 403000 | 132645 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 507072 | 2970498 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 707572 | 5705365 |
| CK Infrastructure Holdings Ltd., Class L | &nbsp;&nbsp; 162500 | 1334653 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 432500 | 4088219 |
| Comba Telecom Systems Holdings Ltd. | &nbsp;&nbsp; 512000 | 149069 |
| Cowell e Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 91000 | 353845 |
| Crystal International Group Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 150500 | 141911 |
| Dah Sing Banking Group Ltd. | &nbsp;&nbsp; 113200 | 161248 |
| Dah Sing Financial Holdings Ltd. | &nbsp;&nbsp; 48000 | 232115 |
| Deep Source Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2170000 | 228847 |
| DFI Retail Group Holdings Ltd. | &nbsp;&nbsp; 109700 | 451703 |
| Dream International Ltd. | &nbsp;&nbsp; 84000 | 95483 |
| Envision Greenwise Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 503000 | 211961 |
| First Pacific Co. Ltd. | &nbsp;&nbsp; 584000 | 456948 |
| Fortune REIT | &nbsp;&nbsp; 495000 | 321713 |
| Futu Holdings Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 14948 | 2430096 |
| Galaxy Entertainment Group Ltd., Class L | &nbsp;&nbsp; 518000 | 2631835 |
| Great Eagle Holdings Ltd. | &nbsp;&nbsp; 53000 | 109417 |
| Guotai Junan International Holdings Ltd. | &nbsp;&nbsp; 1788000 | 611510 |
| Hang Lung Group Ltd. | &nbsp;&nbsp; 208000 | 448105 |
| Hang Lung Properties Ltd. | &nbsp;&nbsp; 476000 | 574376 |
| Health and Happiness H&H International <br> Holdings Ltd.<br>| &nbsp;&nbsp; 96000 | 187939 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 382970 | 1523308 |
| HKBN Ltd. | &nbsp;&nbsp; 109500 | 97977 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 1018720 | 1526674 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 2952525 | 2780832 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 277600 | 15304386 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 278900 | 2366431 |
| Hsin Chong Group Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1002000 | 1 |
| Hysan Development Co. Ltd. | &nbsp;&nbsp; 171000 | 469630 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 42400 | 3090024 |
| Jiaxin International Resources Investment Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 21600 | 222578 |
| Johnson Electric Holdings Ltd. | &nbsp;&nbsp; 101500 | 349618 |
| JS Global Lifestyle Co. Ltd.<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 404500 | 92684 |
| Kerry Logistics Network Ltd. | &nbsp;&nbsp; 96651 | 87253 |
| Kerry Properties Ltd. | &nbsp;&nbsp; 149000 | 452329 |
| Link REIT | &nbsp;&nbsp; 678700 | 3120500 |
| Luk Fook Holdings International Ltd. | &nbsp;&nbsp; 84000 | 345083 |
| Man Wah Holdings Ltd. | &nbsp;&nbsp; 386000 | 239415 |
| Melco International Development Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 298500 | 161368 |
| Melco Resorts & Entertainment Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 42507 | 257592 |
| MGM China Holdings Ltd. | &nbsp;&nbsp; 252000 | 402410 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 394500 | 1744408 |
| New World Development Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 399000 | 580532 |
| NWS Holdings Ltd. | &nbsp;&nbsp; 369900 | 433315 |
| OSL Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 260500 | 559319 |
| Pacific Basin Shipping Ltd. | &nbsp;&nbsp; 1319000 | 518015 |
| PAX Global Technology Ltd. | &nbsp;&nbsp; 178000 | 112331 |
| PCCW Ltd. | &nbsp;&nbsp; 1161000 | 867668 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 359500 | 2788552 |
| Realord Group Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 108000 | 216080 |
| Sands China Ltd. | &nbsp;&nbsp; 634400 | 1376825 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 980000 | 1474811 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 339000 | 1265885 |
| SJM Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 935000 | 286957 |
| SmarTone Telecommunications Holdings Ltd. | &nbsp;&nbsp; 11500 | 7198 |
| Stella International Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 180500 | 333639 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 380000 | $6102377 |
| SUNeVision Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 229000 | 195378 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 96500 | 931214 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 383500 | 5235349 |
| Time Interconnect Technology Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 176000 | 348254 |
| United Laboratories International Holdings Ltd.(The) | &nbsp;&nbsp; 320000 | 487234 |
| Vitasoy International Holdings Ltd. | &nbsp;&nbsp; 194000 | 173540 |
| Viva Goods Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1432000 | 117319 |
| Vobile Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 630000 | 390675 |
| VSTECS Holdings Ltd. | &nbsp;&nbsp; 238000 | 235480 |
| VTech Holdings Ltd. | &nbsp;&nbsp; 52700 | 410401 |
| WH Group Ltd.<sup>(d)</sup> | &nbsp;&nbsp; 2207000 | 2604471 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 436000 | 1513688 |
| Wynn Macau Ltd. | &nbsp;&nbsp; 402000 | 297490 |
| Xinyi Glass Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 468000 | 611542 |
| Yue Yuen Industrial Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 210500 | 469477 |
|  |  | 128718753 |
| **Japan — 68.4%** | **Japan — 68.4%** | **Japan — 68.4%** |
| 77 Bank Ltd.(The) | &nbsp;&nbsp; 17000 | 933632 |
| ABC-Mart, Inc. | &nbsp;&nbsp; 25400 | 406456 |
| Acom Co. Ltd. | &nbsp;&nbsp; 93700 | 309963 |
| Activia Properties, Inc. | &nbsp;&nbsp; 525 | 490315 |
| ADEKA Corp. | &nbsp;&nbsp; 20300 | 603404 |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 721 | 782495 |
| Advantest Corp. | &nbsp;&nbsp; 200800 | 33209605 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 588515 | 8049471 |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 28300 | 308914 |
| Aeon Hokkaido Corp. | &nbsp;&nbsp; 10100 | 61191 |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 406 | 351392 |
| AGC, Inc. | &nbsp;&nbsp; 50900 | 1878183 |
| Ai Holdings Corp. | &nbsp;&nbsp; 9800 | 168947 |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 11800 | 267843 |
| Aichi Corp. | &nbsp;&nbsp; 5000 | 44083 |
| Aichi Financial Group, Inc., NVS | &nbsp;&nbsp; 8900 | 315778 |
| Aichi Steel Corp. | &nbsp;&nbsp; 8800 | 175232 |
| Aiful Corp. | &nbsp;&nbsp; 81000 | 288013 |
| Ain Holdings, Inc. | &nbsp;&nbsp; 5500 | 229679 |
| Air Water, Inc. | &nbsp;&nbsp; 49500 | 751371 |
| Aisan Industry Co. Ltd. | &nbsp;&nbsp; 8700 | 123832 |
| Aisin Corp. | &nbsp;&nbsp; 132900 | 2380904 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp; 240800 | 5508743 |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 41400 | 666742 |
| Alpen Co. Ltd. | &nbsp;&nbsp; 1700 | 23857 |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp; 39224 | 513752 |
| ALSOK Co. Ltd. | &nbsp;&nbsp; 95300 | 738281 |
| Amada Co. Ltd. | &nbsp;&nbsp; 86500 | 1108121 |
| Amano Corp. | &nbsp;&nbsp; 14200 | 360390 |
| ANA Holdings, Inc. | &nbsp;&nbsp; 41800 | 811543 |
| and ST HD Co., Ltd. | &nbsp;&nbsp; 6800 | 122377 |
| Anritsu Corp. | &nbsp;&nbsp; 30700 | 425409 |
| Anycolor, Inc. | &nbsp;&nbsp; 7300 | 208390 |
| AOKI Holdings, Inc. | &nbsp;&nbsp; 7500 | 89563 |
| Aoyama Trading Co. Ltd. | &nbsp;&nbsp; 8900 | 151064 |
| Aozora Bank Ltd. | &nbsp;&nbsp; 29600 | 479552 |
| Appier Group, Inc. | &nbsp;&nbsp; 17200 | 115525 |
| Arata Corp. | &nbsp;&nbsp; 6900 | 137660 |
| Arclands Corp. | &nbsp;&nbsp; 17223 | 213259 |
| Arcs Co. Ltd. | &nbsp;&nbsp; 9200 | 206689 |
| ARE Holdings, Inc. | &nbsp;&nbsp; 18700 | 438386 |
| Argo Graphics, Inc. | &nbsp;&nbsp; 11700 | 108967 |
| Ariake Japan Co. Ltd. | &nbsp;&nbsp; 4300 | 155883 |
| Artience Co. Ltd. | &nbsp;&nbsp; 9300 | 222961 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| As One Corp. | &nbsp;&nbsp; 11700 | $175745 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 404100 | 4230463 |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 55600 | 926861 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 345900 | 3355578 |
| Asahi Yukizai Corp. | &nbsp;&nbsp; 3400 | 118795 |
| Asics Corp. | &nbsp;&nbsp; 185200 | 4458260 |
| ASKUL Corp. | &nbsp;&nbsp; 9500 | 83909 |
| Astellas Pharma, Inc. | &nbsp;&nbsp; 474500 | 6600241 |
| Atom Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 29200 | 114226 |
| Autobacs Seven Co. Ltd. | &nbsp;&nbsp; 12300 | 131027 |
| Awa Bank Ltd.(The) | &nbsp;&nbsp; 6900 | 232027 |
| Axial Retailing, Inc. | &nbsp;&nbsp; 19000 | 142678 |
| Azbil Corp. | &nbsp;&nbsp; 127300 | 1114092 |
| AZ-COM MARUWA Holdings, Inc. | &nbsp;&nbsp; 17500 | 112324 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp; 156300 | 4055784 |
| Bank of Nagoya Ltd.(The) | &nbsp;&nbsp; 8400 | 266166 |
| BayCurrent, Inc. | &nbsp;&nbsp; 36200 | 1275518 |
| Belc Co. Ltd. | &nbsp;&nbsp; 2400 | 118896 |
| Bell System24 Holdings, Inc. | &nbsp;&nbsp; 11300 | 104783 |
| Belluna Co. Ltd. | &nbsp;&nbsp; 7600 | 47862 |
| Bic Camera, Inc. | &nbsp;&nbsp; 25400 | 282246 |
| BIPROGY, Inc. | &nbsp;&nbsp; 21400 | 710680 |
| Blue Zones Holdings Co. Ltd. | &nbsp;&nbsp; 4500 | 258177 |
| BML, Inc. | &nbsp;&nbsp; 5200 | 131596 |
| Bridgestone Corp. | &nbsp;&nbsp; 299200 | 6736266 |
| Brother Industries Ltd. | &nbsp;&nbsp; 60200 | 1227333 |
| Bunka Shutter Co. Ltd. | &nbsp;&nbsp; 17700 | 231430 |
| C Uyemura & Co. Ltd. | &nbsp;&nbsp; 2300 | 265987 |
| Calbee, Inc. | &nbsp;&nbsp; 21600 | 422626 |
| Canon Electronics, Inc. | &nbsp;&nbsp; 4100 | 96224 |
| Canon Marketing Japan, Inc. | &nbsp;&nbsp; 13000 | 567172 |
| Canon, Inc. | &nbsp;&nbsp; 228500 | 6955283 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 92400 | 2355175 |
| Casio Computer Co. Ltd. | &nbsp;&nbsp; 46900 | 458541 |
| CCI Group, Inc. | &nbsp;&nbsp; 59000 | 353883 |
| Central Automotive Products Ltd. | &nbsp;&nbsp; 9000 | 121691 |
| Central Glass Co. Ltd. | &nbsp;&nbsp; 5000 | 117869 |
| Central Japan Railway Co. | &nbsp;&nbsp; 203200 | 5668887 |
| Change Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 12400 | 84348 |
| Chiba Bank Ltd.(The) | &nbsp;&nbsp; 149300 | 2021330 |
| Chiyoda Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 30300 | 251860 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp; 180100 | 2616602 |
| Chudenko Corp. | &nbsp;&nbsp; 6200 | 176843 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 176300 | 10070377 |
| Chugin Financial Group, Inc., NVS | &nbsp;&nbsp; 38100 | 689620 |
| Chugoku Electric Power Co., Inc.(The) | &nbsp;&nbsp; 72400 | 462134 |
| Chugoku Marine Paints Ltd. | &nbsp;&nbsp; 9000 | 253835 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 47700 | 421582 |
| CKD Corp. | &nbsp;&nbsp; 12200 | 325425 |
| Coca-Cola Bottlers Japan Holdings, Inc. | &nbsp;&nbsp; 33325 | 743370 |
| Colowide Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 26400 | 301162 |
| Comforia Residential REIT, Inc. | &nbsp;&nbsp; 534 | 385679 |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 29700 | 927945 |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 25100 | 752677 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 10000 | 447963 |
| Cover Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7500 | 78916 |
| CRE Logistics REIT, Inc. | &nbsp;&nbsp; 173 | 186364 |
| Create Restaurants Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 60400 | 289067 |
| Create SD Holdings Co. Ltd. | &nbsp;&nbsp; 7100 | 149136 |
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 31400 | 847740 |
| CyberAgent, Inc. | &nbsp;&nbsp; 120000 | 1088650 |
| Cybozu, Inc. | &nbsp;&nbsp; 5600 | 86366 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 104600 | $1876754 |
| Daicel Corp. | &nbsp;&nbsp; 60000 | 566411 |
| Dai-Dan Co. Ltd. | &nbsp;&nbsp; 23400 | 405888 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 34700 | 445750 |
| Daiei Kankyo Co. Ltd. | &nbsp;&nbsp; 10400 | 274304 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 86200 | 3092269 |
| Daihen Corp. | &nbsp;&nbsp; 4400 | 331763 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp; 931800 | 8194382 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 475400 | 8709145 |
| Daiichikosho Co. Ltd. | &nbsp;&nbsp; 18300 | 197871 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 69200 | 8292262 |
| Daikokutenbussan Co. Ltd. | &nbsp;&nbsp; 1000 | 32834 |
| Daio Paper Corp. | &nbsp;&nbsp; 27600 | 173201 |
| Daiseki Co. Ltd. | &nbsp;&nbsp; 7740 | 173961 |
| Daishi Hokuetsu Financial Group, Inc. | &nbsp;&nbsp; 50000 | 596104 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 76900 | 1560872 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 147200 | 5015703 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 1184 | 1031655 |
| Daiwa Industries Ltd. | &nbsp;&nbsp; 5300 | 53299 |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 157 | 374046 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp; 359500 | 3503105 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 525 | 389614 |
| Daiwabo Holdings Co. Ltd. | &nbsp;&nbsp; 20600 | 405116 |
| DCM Holdings Co. Ltd. | &nbsp;&nbsp; 29300 | 308932 |
| DeNA Co. Ltd. | &nbsp;&nbsp; 22200 | 364056 |
| Denka Co. Ltd. | &nbsp;&nbsp; 21200 | 408054 |
| Denso Corp. | &nbsp;&nbsp; 463500 | 6430952 |
| Dentsu Group, Inc. | &nbsp;&nbsp; 53100 | 1030752 |
| Dentsu Soken, Inc. | &nbsp;&nbsp; 21800 | 343635 |
| Dexerials Corp. | &nbsp;&nbsp; 47300 | 829842 |
| DIC Corp. | &nbsp;&nbsp; 19200 | 469917 |
| Digital Arts, Inc. | &nbsp;&nbsp; 2800 | 101695 |
| Digital Garage, Inc. | &nbsp;&nbsp; 6300 | 102805 |
| Dip Corp. | &nbsp;&nbsp; 8400 | 111489 |
| Disco Corp. | &nbsp;&nbsp; 24200 | 10315264 |
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 36000 | 635337 |
| Doshisha Co. Ltd. | &nbsp;&nbsp; 4000 | 83620 |
| Doutor Nichires Holdings Co. Ltd. | &nbsp;&nbsp; 7500 | 136663 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 11700 | 692968 |
| DTS Corp. | &nbsp;&nbsp; 29900 | 243580 |
| Duskin Co. Ltd. | &nbsp;&nbsp; 10100 | 277411 |
| DyDo Group Holdings, Inc. | &nbsp;&nbsp; 2900 | 46282 |
| Eagle Industry Co. Ltd. | &nbsp;&nbsp; 5800 | 116171 |
| Earth Corp. | &nbsp;&nbsp; 3900 | 123230 |
| East Japan Railway Co. | &nbsp;&nbsp; 254500 | 6389029 |
| Ebara Corp. | &nbsp;&nbsp; 123600 | 3741969 |
| EDION Corp. | &nbsp;&nbsp; 19600 | 268293 |
| Eiken Chemical Co. Ltd. | &nbsp;&nbsp; 7700 | 119241 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 67000 | 1867922 |
| Eizo Corp. | &nbsp;&nbsp; 8800 | 123219 |
| Elecom Co. Ltd. | &nbsp;&nbsp; 10700 | 114352 |
| Electric Power Development Co. Ltd., Class C | &nbsp;&nbsp; 39100 | 830415 |
| ENEOS Holdings, Inc. | &nbsp;&nbsp; 717000 | 6060021 |
| ES-Con Japan Ltd. | &nbsp;&nbsp; 8200 | 63314 |
| Exedy Corp. | &nbsp;&nbsp; 6500 | 239528 |
| EXEO Group, Inc. | &nbsp;&nbsp; 47600 | 794169 |
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 12800 | 459788 |
| FANUC Corp. | &nbsp;&nbsp; 243900 | 9793700 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 50400 | 19229254 |
| FCC Co. Ltd. | &nbsp;&nbsp; 10100 | 245891 |
| Ferrotec Corp. | &nbsp;&nbsp; 10300 | 393805 |
| Financial Products Group Co. Ltd. | &nbsp;&nbsp; 12600 | 165532 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Food & Life Companies Ltd. | &nbsp;&nbsp; 29200 | $1595195 |
| FP Corp. | &nbsp;&nbsp; 11400 | 194062 |
| Freee KK<sup>(a)(b)</sup> | &nbsp;&nbsp; 10800 | 189815 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 704 | 414746 |
| Fuji Co. Ltd./Ehime | &nbsp;&nbsp; 6100 | 83132 |
| Fuji Corp./Aichi | &nbsp;&nbsp; 21500 | 529692 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 35800 | 2550128 |
| Fuji Kyuko Co. Ltd. | &nbsp;&nbsp; 6100 | 80803 |
| Fuji Media Holdings, Inc. | &nbsp;&nbsp; 10600 | 266921 |
| Fuji Oil Co. Ltd. | &nbsp;&nbsp; 11700 | 306278 |
| Fuji Seal International, Inc. | &nbsp;&nbsp; 9000 | 186126 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 297100 | 5934650 |
| Fujikura Ltd. | &nbsp;&nbsp; 65100 | 8182219 |
| Fujimi, Inc. | &nbsp;&nbsp; 17200 | 304039 |
| Fujita Kanko, Inc. | &nbsp;&nbsp; 6500 | 104766 |
| Fujitsu Ltd. | &nbsp;&nbsp; 463200 | 12870375 |
| Fukuda Denshi Co. Ltd. | &nbsp;&nbsp; 4300 | 235785 |
| Fukuoka Financial Group, Inc. | &nbsp;&nbsp; 45432 | 1652082 |
| Fukuoka REIT Corp. | &nbsp;&nbsp; 182 | 219445 |
| Fukuyama Transporting Co. Ltd. | &nbsp;&nbsp; 3400 | 101114 |
| Funai Soken Holdings, Inc. | &nbsp;&nbsp; 20700 | 150048 |
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 19000 | 1655070 |
| Furuno Electric Co. Ltd. | &nbsp;&nbsp; 5500 | 253835 |
| Fuso Chemical Co. Ltd. | &nbsp;&nbsp; 3800 | 183151 |
| Future Corp. | &nbsp;&nbsp; 11800 | 144800 |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 11900 | 334651 |
| Galilei Co. Ltd. | &nbsp;&nbsp; 5900 | 147179 |
| GENDA, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 23800 | 103189 |
| Genky DrugStores Co. Ltd. | &nbsp;&nbsp; 4100 | 111666 |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 299 | 263811 |
| Glory Ltd. | &nbsp;&nbsp; 9200 | 239640 |
| GLP J-REIT | &nbsp;&nbsp; 1266 | 1163254 |
| GMO Financial Holdings, Inc. | &nbsp;&nbsp; 9500 | 54671 |
| GMO internet group, Inc. | &nbsp;&nbsp; 17200 | 428644 |
| GMO Payment Gateway, Inc. | &nbsp;&nbsp; 10400 | 600662 |
| GNI Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11600 | 191988 |
| Goldcrest Co. Ltd. | &nbsp;&nbsp; 3600 | 77379 |
| Goldwin, Inc. | &nbsp;&nbsp; 18700 | 312087 |
| GS Yuasa Corp. | &nbsp;&nbsp; 22000 | 512127 |
| GungHo Online Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10300 | 175058 |
| Gunma Bank Ltd.(The) | &nbsp;&nbsp; 83700 | 1053758 |
| Gunze Ltd. | &nbsp;&nbsp; 7800 | 226737 |
| H.U. Group Holdings, Inc. | &nbsp;&nbsp; 18000 | 373876 |
| H2O Retailing Corp. | &nbsp;&nbsp; 25600 | 350563 |
| Hachijuni Bank Ltd.(The) | &nbsp;&nbsp; 98600 | 1231846 |
| Hakuhodo DY Holdings, Inc. | &nbsp;&nbsp; 58200 | 434869 |
| Hakuto Co. Ltd. | &nbsp;&nbsp; 3000 | 80545 |
| Halows Co. Ltd. | &nbsp;&nbsp; 2200 | 64700 |
| Hamakyorex Co. Ltd. | &nbsp;&nbsp; 16900 | 200464 |
| Hamamatsu Photonics KK | &nbsp;&nbsp; 80500 | 899528 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp; 63300 | 1767528 |
| Hankyu Hanshin REIT, Inc. | &nbsp;&nbsp; 186 | 197185 |
| Hanwa Co. Ltd. | &nbsp;&nbsp; 7000 | 355979 |
| Happinet Corp. | &nbsp;&nbsp; 8200 | 146890 |
| Harmonic Drive Systems, Inc. | &nbsp;&nbsp; 17800 | 392065 |
| Haseko Corp. | &nbsp;&nbsp; 62400 | 1278973 |
| Hazama Ando Corp. | &nbsp;&nbsp; 38100 | 492679 |
| Heiwa Corp. | &nbsp;&nbsp; 17900 | 234475 |
| Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp; 11000 | 160966 |
| Heiwa Real Estate REIT, Inc. | &nbsp;&nbsp; 280 | 276092 |
| Heiwado Co. Ltd. | &nbsp;&nbsp; 6100 | 116240 |
| Hiday Hidaka Corp. | &nbsp;&nbsp; 4300 | 86414 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Hikari Tsushin, Inc. | &nbsp;&nbsp; 4200 | $1159961 |
| Hino Motors Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 65900 | 177384 |
| Hioki EE Corp | &nbsp;&nbsp; 2000 | 79652 |
| Hirogin Holdings, Inc. | &nbsp;&nbsp; 65600 | 742979 |
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 6900 | 744936 |
| HIS Co. Ltd. | &nbsp;&nbsp; 12400 | 102993 |
| Hisamitsu Pharmaceutical Co., Inc. | &nbsp;&nbsp; 12000 | 494343 |
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 26600 | 869793 |
| Hitachi Ltd. | &nbsp;&nbsp; 1199700 | 41629720 |
| Hogy Medical Co. Ltd. | &nbsp;&nbsp; 4000 | 172913 |
| Hokkaido Electric Power Co., Inc. | &nbsp;&nbsp; 47400 | 321686 |
| Hokuetsu Corp. | &nbsp;&nbsp; 21100 | 124024 |
| Hokuhoku Financial Group, Inc. | &nbsp;&nbsp; 26800 | 921085 |
| Hokuriku Electric Power Co. | &nbsp;&nbsp; 47200 | 298541 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 977000 | 9826209 |
| Horiba Ltd. | &nbsp;&nbsp; 7700 | 913263 |
| Hoshino Resorts REIT, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 175 | 290523 |
| Hoshizaki Corp. | &nbsp;&nbsp; 28900 | 952691 |
| Hosiden Corp. | &nbsp;&nbsp; 10600 | 176585 |
| House Foods Group, Inc. | &nbsp;&nbsp; 12100 | 234127 |
| Hoya Corp. | &nbsp;&nbsp; 90500 | 15181901 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 123800 | 1475314 |
| Hulic REIT, Inc. | &nbsp;&nbsp; 365 | 406330 |
| Hyakugo Bank Ltd.(The) | &nbsp;&nbsp; 59200 | 538379 |
| Hyakujushi Bank Ltd.(The) | &nbsp;&nbsp; 5300 | 286587 |
| Ibiden Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 61800 | 3257770 |
| Ichibanya Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11900 | 69005 |
| Ichigo Office REIT Investment Corp. | &nbsp;&nbsp; 290 | 182104 |
| Ichigo, Inc. | &nbsp;&nbsp; 66400 | 175226 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 204935 | 1738927 |
| IDOM, Inc. | &nbsp;&nbsp; 18300 | 180160 |
| IHI Corp. | &nbsp;&nbsp; 271800 | 6288415 |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 41700 | 688704 |
| Iino Kaiun Kaisha Ltd. | &nbsp;&nbsp; 18000 | 182646 |
| Imperial Hotel Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 16900 | 152278 |
| Inaba Denki Sangyo Co. Ltd. | &nbsp;&nbsp; 28100 | 468041 |
| Inabata & Co. Ltd. | &nbsp;&nbsp; 8700 | 220201 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 634 | 613992 |
| Infomart Corp.<sup>(b)</sup> | &nbsp;&nbsp; 52100 | 152253 |
| Infroneer Holdings, Inc. | &nbsp;&nbsp; 47100 | 705444 |
| Inpex Corp. | &nbsp;&nbsp; 233500 | 5231385 |
| Integral Corp. | &nbsp;&nbsp; 2800 | 64346 |
| Internet Initiative Japan, Inc. | &nbsp;&nbsp; 27500 | 444348 |
| Invincible Investment Corp. | &nbsp;&nbsp; 2070 | 876683 |
| Ise Chemicals Corp. | &nbsp;&nbsp; 4900 | 188279 |
| Isetan Mitsukoshi Holdings Ltd., Class L | &nbsp;&nbsp; 85000 | 1364128 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 144000 | 2319812 |
| Ito En Ltd. | &nbsp;&nbsp; 16300 | 301226 |
| ITOCHU Corp. | &nbsp;&nbsp; 1560700 | 19980974 |
| Itochu Enex Co. Ltd. | &nbsp;&nbsp; 11700 | 144952 |
| Itochu-Shokuhin Co. Ltd. | &nbsp;&nbsp; 1300 | 92863 |
| Itoham Yonekyu Holdings, Inc. | &nbsp;&nbsp; 6980 | 271741 |
| Itoki Corp. | &nbsp;&nbsp; 10300 | 173723 |
| Iwatani Corp. | &nbsp;&nbsp; 48900 | 580002 |
| Iyogin Holdings, Inc., NVS | &nbsp;&nbsp; 61500 | 1144820 |
| Izumi Co. Ltd. | &nbsp;&nbsp; 9100 | 180019 |
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 62400 | 910984 |
| JAC Recruitment Co. Ltd. | &nbsp;&nbsp; 11900 | 76153 |
| Jaccs Co. Ltd. | &nbsp;&nbsp; 5800 | 158988 |
| JAFCO Group Co. Ltd. | &nbsp;&nbsp; 12800 | 202063 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 38400 | 725576 |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 17100 | 535460 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp; 11200 | $174981 |
| Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp; 33000 | 347459 |
| Japan Excellent, Inc. | &nbsp;&nbsp; 261 | 252298 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp; 264500 | 2886281 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 1335 | 717760 |
| Japan Lifeline Co. Ltd. | &nbsp;&nbsp; 17400 | 173803 |
| Japan Logistics Fund, Inc. | &nbsp;&nbsp; 660 | 431176 |
| Japan Material Co. Ltd. | &nbsp;&nbsp; 17600 | 204101 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp; 1920 | 1511197 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 40400 | 497393 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 473000 | 8403981 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 466600 | 5614510 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 49800 | 1542408 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 880 | 596793 |
| Japan Pulp & Paper Co. Ltd. | &nbsp;&nbsp; 28600 | 178238 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 1649 | 1330403 |
| Japan Securities Finance Co. Ltd. | &nbsp;&nbsp; 21700 | 298485 |
| Japan Steel Works Ltd.(The) | &nbsp;&nbsp; 17900 | 990812 |
| Japan Tobacco, Inc. | &nbsp;&nbsp; 312800 | 11305112 |
| Japan Wool Textile Co. Ltd.(The) | &nbsp;&nbsp; 7800 | 93999 |
| JCU Corp. | &nbsp;&nbsp; 4400 | 160830 |
| Jeol Ltd. | &nbsp;&nbsp; 10300 | 415533 |
| JFE Holdings, Inc. | &nbsp;&nbsp; 150500 | 2026208 |
| JGC Holdings Corp. | &nbsp;&nbsp; 58800 | 824027 |
| JINS Holdings, Inc. | &nbsp;&nbsp; 3400 | 113811 |
| JMDC, Inc. | &nbsp;&nbsp; 6000 | 131827 |
| Joyful Honda Co. Ltd. | &nbsp;&nbsp; 17000 | 233839 |
| JTEKT Corp. | &nbsp;&nbsp; 55800 | 658878 |
| Juroku Financial Group, Inc. | &nbsp;&nbsp; 7400 | 393495 |
| Justsystems Corp. | &nbsp;&nbsp; 5200 | 160611 |
| JVCKenwood Corp. | &nbsp;&nbsp; 34700 | 282038 |
| JX Advanced Metals Corp. | &nbsp;&nbsp; 145100 | 2347916 |
| K&O Energy Group, Inc. | &nbsp;&nbsp; 3500 | 96056 |
| Kadokawa Corp. | &nbsp;&nbsp; 22700 | 479798 |
| Kaga Electronics Co. Ltd. | &nbsp;&nbsp; 7000 | 175798 |
| Kagome Co. Ltd. | &nbsp;&nbsp; 22200 | 393130 |
| Kajima Corp. | &nbsp;&nbsp; 111100 | 4532409 |
| Kakaku.com, Inc. | &nbsp;&nbsp; 33600 | 458578 |
| Kaken Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 5600 | 147188 |
| Kameda Seika Co. Ltd. | &nbsp;&nbsp; 4300 | 108431 |
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 22000 | 769907 |
| Kanadevia Corp. | &nbsp;&nbsp; 47200 | 311648 |
| Kanamoto Co. Ltd. | &nbsp;&nbsp; 7300 | 176069 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 26600 | 957663 |
| Kaneka Corp. | &nbsp;&nbsp; 8700 | 263817 |
| Kanematsu Corp. | &nbsp;&nbsp; 41900 | 550343 |
| Kansai Electric Power Co., Inc.(The) | &nbsp;&nbsp; 248300 | 3961609 |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 37300 | 595284 |
| Kao Corp. | &nbsp;&nbsp; 121800 | 4872300 |
| Kasumigaseki Capital Co. Ltd. | &nbsp;&nbsp; 5100 | 247494 |
| Katitas Co. Ltd. | &nbsp;&nbsp; 12400 | 245006 |
| Kato Sangyo Co. Ltd. | &nbsp;&nbsp; 5600 | 235709 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 38900 | 3247224 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 93300 | 1348190 |
| KDDI Corp. | &nbsp;&nbsp; 772500 | 13042871 |
| KDX Realty Investment Corp. | &nbsp;&nbsp; 1131 | 1223557 |
| KeePer Technical Laboratory Co. Ltd. | &nbsp;&nbsp; 3600 | 74536 |
| Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 26100 | 579779 |
| Keihanshin Building Co. Ltd. | &nbsp;&nbsp; 4300 | 53324 |
| Keikyu Corp. | &nbsp;&nbsp; 58800 | 577905 |
| Keio Corp. | &nbsp;&nbsp; 26400 | 658452 |
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 105600 | 834463 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Keiyo Bank Ltd.(The) | &nbsp;&nbsp; 26000 | $312393 |
| Kewpie Corp. | &nbsp;&nbsp; 26800 | 750698 |
| Keyence Corp. | &nbsp;&nbsp; 51100 | 18746565 |
| KH Neochem Co. Ltd. | &nbsp;&nbsp; 9100 | 149682 |
| Kikkoman Corp. | &nbsp;&nbsp; 181500 | 1641770 |
| Kinden Corp. | &nbsp;&nbsp; 31600 | 1398298 |
| Kintetsu Group Holdings Co. Ltd., Class L | &nbsp;&nbsp; 47900 | 994108 |
| Kioxia Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 50300 | 6880349 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 206400 | 3208951 |
| Kissei Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 6900 | 205517 |
| Kitz Corp. | &nbsp;&nbsp; 12300 | 160534 |
| Kiyo Bank Ltd.(The) | &nbsp;&nbsp; 16900 | 412728 |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 12100 | 423176 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 39400 | 962915 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 96200 | 1384780 |
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 27272 | 302504 |
| Kohnan Shoji Co. Ltd. | &nbsp;&nbsp; 5300 | 133384 |
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 52100 | 815636 |
| Kokusai Electric Corp., NVS | &nbsp;&nbsp; 49500 | 2055057 |
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 80800 | 473404 |
| Komatsu Ltd. | &nbsp;&nbsp; 251400 | 9622382 |
| KOMEDA Holdings Co. Ltd. | &nbsp;&nbsp; 11200 | 205322 |
| Komeri Co. Ltd. | &nbsp;&nbsp; 4900 | 104560 |
| Konami Group Corp. | &nbsp;&nbsp; 26900 | 3928024 |
| Konica Minolta, Inc. | &nbsp;&nbsp; 129100 | 565102 |
| Konishi Co. Ltd. | &nbsp;&nbsp; 12700 | 107133 |
| Konoike Transport Co. Ltd. | &nbsp;&nbsp; 7100 | 152813 |
| Kose Corp. | &nbsp;&nbsp; 7900 | 281841 |
| Koshidaka Holdings Co. Ltd. | &nbsp;&nbsp; 12400 | 95743 |
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 28600 | 332156 |
| Kraftia Corp. | &nbsp;&nbsp; 11100 | 578884 |
| Krosaki Harima Corp. | &nbsp;&nbsp; 4800 | 130238 |
| K's Holdings Corp. | &nbsp;&nbsp; 36800 | 382716 |
| Kubota Corp. | &nbsp;&nbsp; 259500 | 3975971 |
| Kumagai Gumi Co. Ltd. | &nbsp;&nbsp; 36800 | 413011 |
| Kumiai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 24500 | 111459 |
| Kura Sushi, Inc. | &nbsp;&nbsp; 4700 | 103393 |
| Kurabo Industries Ltd. | &nbsp;&nbsp; 2700 | 158618 |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 66800 | 721140 |
| Kureha Corp. | &nbsp;&nbsp; 7700 | 218674 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 27000 | 1350534 |
| Kusuri no Aoki Holdings Co. Ltd., Class L | &nbsp;&nbsp; 11600 | 304038 |
| KYB Corp. | &nbsp;&nbsp; 6900 | 196034 |
| Kyocera Corp. | &nbsp;&nbsp; 342500 | 5138461 |
| Kyoei Steel Ltd. | &nbsp;&nbsp; 4800 | 77364 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | &nbsp;&nbsp; 7100 | 151661 |
| Kyorin Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 10900 | 114402 |
| Kyoritsu Maintenance Co. Ltd. | &nbsp;&nbsp; 20500 | 372769 |
| Kyoto Financial Group, Inc. | &nbsp;&nbsp; 57600 | 1391519 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 61300 | 995150 |
| Kyushu Electric Power Co., Inc. | &nbsp;&nbsp; 118000 | 1313565 |
| Kyushu Financial Group, Inc. | &nbsp;&nbsp; 90300 | 676876 |
| Kyushu Railway Co. | &nbsp;&nbsp; 36200 | 923011 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 474 | 481089 |
| Lasertec Corp. | &nbsp;&nbsp; 21100 | 4847459 |
| Leopalace21 Corp. | &nbsp;&nbsp; 38300 | 171211 |
| Life Corp. | &nbsp;&nbsp; 9700 | 160079 |
| Lifedrink Co., Inc. | &nbsp;&nbsp; 6100 | 63966 |
| Lifenet Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp; 16900 | 219160 |
| Lintec Corp. | &nbsp;&nbsp; 11400 | 351720 |
| Lion Corp. | &nbsp;&nbsp; 66600 | 713080 |
| Lixil Corp. | &nbsp;&nbsp; 67900 | 778930 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| LY Corp. | &nbsp;&nbsp; 745500 | $1908793 |
| M&A Capital Partners Co. Ltd. | &nbsp;&nbsp; 5300 | 107955 |
| M3, Inc. | &nbsp;&nbsp; 119400 | 1473281 |
| Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 43500 | 408634 |
| Macnica Holdings, Inc. | &nbsp;&nbsp; 35700 | 612097 |
| Maeda Kosen Co. Ltd. | &nbsp;&nbsp; 11400 | 136438 |
| Makino Milling Machine Co. Ltd. | &nbsp;&nbsp; 6300 | 464290 |
| Makita Corp. | &nbsp;&nbsp; 59500 | 2067360 |
| Mani, Inc. | &nbsp;&nbsp; 19300 | 190410 |
| Marubeni Corp. | &nbsp;&nbsp; 372000 | 12331111 |
| Maruha Nichiro Corp. | &nbsp;&nbsp; 28800 | 259387 |
| Marui Group Co. Ltd. | &nbsp;&nbsp; 40400 | 790624 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 40600 | 402300 |
| Maruwa Co. Ltd./Aichi | &nbsp;&nbsp; 2100 | 645660 |
| Maruzen Showa Unyu Co. Ltd. | &nbsp;&nbsp; 3200 | 174084 |
| Matsuda Sangyo Co. Ltd. | &nbsp;&nbsp; 3600 | 143007 |
| Matsui Securities Co. Ltd. | &nbsp;&nbsp; 30400 | 178858 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 88290 | 1413690 |
| Matsuyafoods Holdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1700 | 72499 |
| Max Co. Ltd. | &nbsp;&nbsp; 5800 | 245260 |
| Maxell Ltd. | &nbsp;&nbsp; 10400 | 149614 |
| Maxvalu Tokai Co. Ltd. | &nbsp;&nbsp; 2400 | 58144 |
| Mazda Motor Corp. | &nbsp;&nbsp; 156900 | 1207401 |
| McDonald's Holdings Co. Japan Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 23600 | 1023378 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 17500 | 178332 |
| Mebuki Financial Group, Inc. | &nbsp;&nbsp; 223790 | 1688315 |
| Medipal Holdings Corp. | &nbsp;&nbsp; 48700 | 882656 |
| Megachips Corp. | &nbsp;&nbsp; 3000 | 164315 |
| Megmilk Snow Brand Co. Ltd. | &nbsp;&nbsp; 12000 | 261347 |
| Meidensha Corp. | &nbsp;&nbsp; 8400 | 329199 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 66800 | 1563818 |
| Meiko Electronics Co. Ltd. | &nbsp;&nbsp; 5300 | 434655 |
| MEITEC Group Holdings, Inc. | &nbsp;&nbsp; 18100 | 404877 |
| Menicon Co. Ltd. | &nbsp;&nbsp; 17200 | 180372 |
| Mercari, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28400 | 630260 |
| Metaplanet, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 130400 | 368050 |
| METAWATER Co. Ltd. | &nbsp;&nbsp; 5100 | 109236 |
| Micronics Japan Co. Ltd. | &nbsp;&nbsp; 6300 | 364257 |
| Milbon Co. Ltd. | &nbsp;&nbsp; 6400 | 105152 |
| Minebea Mitsumi, Inc. | &nbsp;&nbsp; 96900 | 1980339 |
| Mirai Corp. | &nbsp;&nbsp; 535 | 172827 |
| Mirai Industry Co. Ltd. | &nbsp;&nbsp; 3200 | 69324 |
| Mirait One Corp. | &nbsp;&nbsp; 24200 | 580700 |
| MISUMI Group, Inc. | &nbsp;&nbsp; 67400 | 1114141 |
| Mitani Sekisan Co. Ltd. | &nbsp;&nbsp; 1800 | 89134 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 335600 | 2215698 |
| Mitsubishi Corp. | &nbsp;&nbsp; 847000 | 22501681 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 499400 | 15612188 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 280900 | 7158993 |
| Mitsubishi Estate Logistics REIT Investment Corp. | &nbsp;&nbsp; 328 | 278879 |
| Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp; 38400 | 761767 |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp; 235500 | 2055194 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 842500 | 24806511 |
| Mitsubishi Logisnext Co. Ltd. | &nbsp;&nbsp; 8400 | 85053 |
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 64100 | 547539 |
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 33300 | 957844 |
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 161200 | 396282 |
| Mitsubishi Pencil Co. Ltd. | &nbsp;&nbsp; 6600 | 97905 |
| Mitsubishi Research Institute, Inc. | &nbsp;&nbsp; 1600 | 50251 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 3005100 | 54423425 |
| Mitsuboshi Belting Ltd. | &nbsp;&nbsp; 4300 | 112020 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 648300 | 21176742 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Mitsui Chemicals, Inc. | &nbsp;&nbsp; 95200 | $1390974 |
| Mitsui DM Sugar Co. Ltd. | &nbsp;&nbsp; 3200 | 69558 |
| Mitsui E&S Co. Ltd. | &nbsp;&nbsp; 27100 | 1204298 |
| Mitsui Fudosan Accommodations Fund, Inc. | &nbsp;&nbsp; 634 | 566569 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 698800 | 8013071 |
| Mitsui Fudosan Logistics Park, Inc. | &nbsp;&nbsp; 856 | 638886 |
| Mitsui High-Tec, Inc. | &nbsp;&nbsp; 28600 | 138295 |
| Mitsui Kinzoku Co. Ltd. | &nbsp;&nbsp; 15200 | 1983734 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 92300 | 2893138 |
| Mitsui-Soko Holdings Co. Ltd. | &nbsp;&nbsp; 17800 | 416361 |
| Mitsuuroko Group Holdings Co. Ltd. | &nbsp;&nbsp; 7600 | 106904 |
| Miura Co. Ltd. | &nbsp;&nbsp; 22700 | 466759 |
| Mixi, Inc. | &nbsp;&nbsp; 9200 | 161952 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp; 652920 | 28348419 |
| Mizuho Leasing Co. Ltd. | &nbsp;&nbsp; 31100 | 287137 |
| Mizuno Corp. | &nbsp;&nbsp; 12500 | 258978 |
| Mochida Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 5000 | 117216 |
| Modec, Inc. | &nbsp;&nbsp; 11100 | 1082444 |
| Monex Group, Inc. | &nbsp;&nbsp; 47100 | 216382 |
| Money Forward, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10200 | 257450 |
| Monogatari Corp.(The) | &nbsp;&nbsp; 8100 | 217498 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 65500 | 883526 |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 398 | 373414 |
| Mori Trust REIT, Inc. | &nbsp;&nbsp; 634 | 318492 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 18000 | 314799 |
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 17400 | 449336 |
| Morita Holdings Corp. | &nbsp;&nbsp; 7500 | 136051 |
| MOS Food Services, Inc. | &nbsp;&nbsp; 6300 | 171625 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 339600 | 8652180 |
| MTG Co. Ltd. | &nbsp;&nbsp; 2800 | 76555 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 437300 | 8883990 |
| Musashi Seimitsu Industry Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11800 | 208833 |
| Musashino Bank Ltd.(The) | &nbsp;&nbsp; 5800 | 206995 |
| Nabtesco Corp. | &nbsp;&nbsp; 29400 | 796671 |
| Nachi-Fujikoshi Corp. | &nbsp;&nbsp; 2200 | 69646 |
| Nagase & Co. Ltd. | &nbsp;&nbsp; 21700 | 563997 |
| Nagawa Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2500 | 99546 |
| Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 53300 | 595697 |
| Nakanishi, Inc. | &nbsp;&nbsp; 18500 | 259389 |
| Namura Shipbuilding Co. Ltd. | &nbsp;&nbsp; 10900 | 297136 |
| Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp; 27500 | 509235 |
| Nanto Bank Ltd.(The) | &nbsp;&nbsp; 6600 | 284848 |
| NEC Corp. | &nbsp;&nbsp; 340200 | 11532658 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 98200 | 2349356 |
| Nextage Co. Ltd. | &nbsp;&nbsp; 12300 | 260578 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 60600 | 1451853 |
| NH Foods Ltd. | &nbsp;&nbsp; 23100 | 1048776 |
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 46900 | 852346 |
| Nichias Corp. | &nbsp;&nbsp; 14200 | 712398 |
| Nichicon Corp. | &nbsp;&nbsp; 10700 | 117098 |
| Nichiha Corp. | &nbsp;&nbsp; 4900 | 107856 |
| Nichirei Corp. | &nbsp;&nbsp; 53000 | 654795 |
| Nidec Corp. | &nbsp;&nbsp; 222400 | 3181379 |
| Nifco, Inc./Japan | &nbsp;&nbsp; 21200 | 660040 |
| Nihon Kohden Corp. | &nbsp;&nbsp; 36400 | 403544 |
| Nihon M&A Center Holdings, Inc. | &nbsp;&nbsp; 82900 | 380731 |
| Nihon Parkerizing Co. Ltd. | &nbsp;&nbsp; 24600 | 234508 |
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 24900 | 590268 |
| Nikon Corp. | &nbsp;&nbsp; 67800 | 853376 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 290300 | 17976975 |
| Nippn Corp., New | &nbsp;&nbsp; 11000 | 187775 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp; 2024 | 1877433 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nippon Densetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 10100 | $227818 |
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 19400 | 843706 |
| Nippon Express Holdings, Inc. | &nbsp;&nbsp; 54800 | 1244761 |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 28600 | 542400 |
| Nippon Kanzai Holdings Co. Ltd. | &nbsp;&nbsp; 4400 | 78478 |
| Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 36700 | 426514 |
| Nippon Light Metal Holdings Co. Ltd. | &nbsp;&nbsp; 16910 | 298328 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 251500 | 1669965 |
| Nippon Paper Industries Co. Ltd., Class L | &nbsp;&nbsp; 29700 | 225526 |
| Nippon Prologis REIT, Inc. | &nbsp;&nbsp; 1767 | 1031084 |
| Nippon REIT Investment Corp. | &nbsp;&nbsp; 413 | 256554 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 48000 | 1456471 |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 12200 | 407235 |
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 29400 | 423442 |
| Nippon Soda Co. Ltd. | &nbsp;&nbsp; 10600 | 252971 |
| Nippon Steel Corp. | &nbsp;&nbsp; 1289740 | 5374414 |
| Nippon Television Holdings, Inc. | &nbsp;&nbsp; 17000 | 408575 |
| Nippon Yusen KK | &nbsp;&nbsp; 108700 | 3572411 |
| Nipro Corp. | &nbsp;&nbsp; 46000 | 422725 |
| Nishimatsu Construction Co. Ltd. | &nbsp;&nbsp; 7700 | 286539 |
| Nishimatsuya Chain Co. Ltd. | &nbsp;&nbsp; 8700 | 120348 |
| Nishi-Nippon Financial Holdings, Inc. | &nbsp;&nbsp; 30100 | 729053 |
| Nishi-Nippon Railroad Co. Ltd. | &nbsp;&nbsp; 11500 | 211788 |
| Nishio Holdings Co. Ltd. | &nbsp;&nbsp; 3100 | 96302 |
| Nissan Chemical Corp. | &nbsp;&nbsp; 32800 | 1130599 |
| Nissan Motor Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 574500 | 1400266 |
| Nissan Shatai Co. Ltd. | &nbsp;&nbsp; 22100 | 142114 |
| Nisshin Oillio Group Ltd.(The) | &nbsp;&nbsp; 6500 | 237320 |
| Nisshin Seifun Group, Inc. | &nbsp;&nbsp; 53600 | 680217 |
| Nisshinbo Holdings, Inc. | &nbsp;&nbsp; 31600 | 292983 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 53000 | 1075408 |
| Nissui Corp. | &nbsp;&nbsp; 70700 | 596005 |
| Niterra Co. Ltd. | &nbsp;&nbsp; 37700 | 1648313 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 106000 | 1811961 |
| Nitta Corp. | &nbsp;&nbsp; 5800 | 152813 |
| Nittetsu Mining Co. Ltd. | &nbsp;&nbsp; 12000 | 278463 |
| Nitto Boseki Co. Ltd. | &nbsp;&nbsp; 5900 | 563060 |
| Nitto Denko Corp. | &nbsp;&nbsp; 180900 | 4020200 |
| Nitto Kogyo Corp. | &nbsp;&nbsp; 6000 | 160516 |
| Noevir Holdings Co. Ltd. | &nbsp;&nbsp; 3900 | 117754 |
| NOF Corp. | &nbsp;&nbsp; 53500 | 1033325 |
| Nohmi Bosai Ltd. | &nbsp;&nbsp; 6100 | 149722 |
| Nojima Corp. | &nbsp;&nbsp; 41800 | 291666 |
| NOK Corp. | &nbsp;&nbsp; 20200 | 393406 |
| Nomura Co. Ltd. | &nbsp;&nbsp; 23600 | 208597 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 796600 | 7219058 |
| Nomura Micro Science Co. Ltd. | &nbsp;&nbsp; 7200 | 162703 |
| Nomura Real Estate Holdings, Inc. | &nbsp;&nbsp; 146300 | 972199 |
| Nomura Real Estate Master Fund, Inc. | &nbsp;&nbsp; 1036 | 1119425 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 98710 | 3002796 |
| Noritake Co. Ltd. | &nbsp;&nbsp; 4000 | 158909 |
| Noritsu Koki Co. Ltd. | &nbsp;&nbsp; 11700 | 166769 |
| Noritz Corp. | &nbsp;&nbsp; 8300 | 110974 |
| North Pacific Bank Ltd. | &nbsp;&nbsp; 60600 | 362030 |
| NS Solutions Corp. | &nbsp;&nbsp; 17500 | 462339 |
| NS United Kaiun Kaisha Ltd. | &nbsp;&nbsp; 3600 | 160605 |
| NSD Co. Ltd. | &nbsp;&nbsp; 18200 | 381987 |
| NSK Ltd. | &nbsp;&nbsp; 103000 | 716319 |
| NTN Corp. | &nbsp;&nbsp; 123000 | 294798 |
| NTT UD REIT Investment Corp. | &nbsp;&nbsp; 380 | 350402 |
| NTT, Inc. | &nbsp;&nbsp; 7835100 | 7873329 |
| Nxera Pharma Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 20900 | 110161 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Obara Group, Inc. | &nbsp;&nbsp; 1900 | $46415 |
| Obayashi Corp. | &nbsp;&nbsp; 166800 | 3765230 |
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 7700 | 341095 |
| Obic Co. Ltd. | &nbsp;&nbsp; 85700 | 2381941 |
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 84300 | 902951 |
| Ogaki Kyoritsu Bank Ltd.(The) | &nbsp;&nbsp; 7700 | 281227 |
| Ohsho Food Service Corp. | &nbsp;&nbsp; 8700 | 177142 |
| Oji Holdings Corp. | &nbsp;&nbsp; 208000 | 1232081 |
| Okamoto Industries, Inc. | &nbsp;&nbsp; 1600 | 56974 |
| Okamura Corp. | &nbsp;&nbsp; 17900 | 274731 |
| Okasan Securities Group, Inc. | &nbsp;&nbsp; 39400 | 225625 |
| Oki Electric Industry Co. Ltd. | &nbsp;&nbsp; 22700 | 299527 |
| Okinawa Cellular Telephone Co. | &nbsp;&nbsp; 11000 | 230582 |
| OKUMA Corp. | &nbsp;&nbsp; 11100 | 275489 |
| Okumura Corp. | &nbsp;&nbsp; 7200 | 299854 |
| Olympus Corp. | &nbsp;&nbsp; 305200 | 3645463 |
| Omron Corp. | &nbsp;&nbsp; 48600 | 1240016 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 98900 | 1473447 |
| Onward Holdings Co. Ltd. | &nbsp;&nbsp; 26900 | 127572 |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 19500 | 1147414 |
| Open Up Group, Inc. | &nbsp;&nbsp; 12200 | 146661 |
| Oracle Corp./Japan | &nbsp;&nbsp; 9300 | 629285 |
| Organo Corp. | &nbsp;&nbsp; 6700 | 707462 |
| Orient Corp. | &nbsp;&nbsp; 11950 | 84954 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 283800 | 4968318 |
| ORIX Corp. | &nbsp;&nbsp; 307500 | 9371183 |
| Orix JREIT, Inc. | &nbsp;&nbsp; 1408 | 942967 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 93800 | 3521501 |
| Osaka Soda Co. Ltd. | &nbsp;&nbsp; 22100 | 321191 |
| Osaka Steel Co. Ltd. | &nbsp;&nbsp; 5400 | 109985 |
| OSG Corp. | &nbsp;&nbsp; 17700 | 298894 |
| Otsuka Corp. | &nbsp;&nbsp; 58700 | 1163815 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 114500 | 6854929 |
| Pacific Industrial Co. Ltd. | &nbsp;&nbsp; 8300 | 161824 |
| PAL GROUP Holdings Co. Ltd. | &nbsp;&nbsp; 24200 | 259756 |
| PALTAC Corp. | &nbsp;&nbsp; 7200 | 225318 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 509900 | 3018883 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 616300 | 8449901 |
| Park24 Co. Ltd. | &nbsp;&nbsp; 34900 | 486355 |
| Pasona Group, Inc. | &nbsp;&nbsp; 3700 | 47652 |
| Penta-Ocean Construction Co. Ltd. | &nbsp;&nbsp; 69400 | 728366 |
| PeptiDream, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 24500 | 248602 |
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 503700 | 882189 |
| PHC Holdings Corp. | &nbsp;&nbsp; 3900 | 27372 |
| Pigeon Corp. | &nbsp;&nbsp; 29400 | 306396 |
| PILLAR Corp./Japan | &nbsp;&nbsp; 4200 | 175378 |
| Pilot Corp. | &nbsp;&nbsp; 6900 | 216941 |
| PKSHA Technology, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5600 | 114334 |
| Plus Alpha Consulting Co. Ltd. | &nbsp;&nbsp; 5300 | 76138 |
| Pola Orbis Holdings, Inc. | &nbsp;&nbsp; 26400 | 230950 |
| Prestige International, Inc. | &nbsp;&nbsp; 26800 | 120111 |
| Prima Meat Packers Ltd. | &nbsp;&nbsp; 4300 | 76742 |
| Raito Kogyo Co. Ltd. | &nbsp;&nbsp; 9400 | 212555 |
| Raiznext Corp. | &nbsp;&nbsp; 3400 | 55448 |
| Rakus Co. Ltd. | &nbsp;&nbsp; 47200 | 268631 |
| Rakuten Bank Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 26100 | 1249099 |
| Rakuten Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 394900 | 2367706 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 367500 | 19357608 |
| Relo Group, Inc. | &nbsp;&nbsp; 22200 | 252184 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 470500 | 7822276 |
| Rengo Co. Ltd. | &nbsp;&nbsp; 51700 | 442901 |
| Resona Holdings, Inc. | &nbsp;&nbsp; 544600 | 6350104 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Resonac Holdings Corp. | &nbsp;&nbsp; 45500 | $2642410 |
| Resorttrust, Inc. | &nbsp;&nbsp; 41800 | 487077 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 143600 | 1270666 |
| Ricoh Leasing Co. Ltd. | &nbsp;&nbsp; 2600 | 100756 |
| Rigaku Holdings Corp. | &nbsp;&nbsp; 29500 | 230389 |
| Riken Keiki Co. Ltd. | &nbsp;&nbsp; 8600 | 183669 |
| Riken Vitamin Co. Ltd. | &nbsp;&nbsp; 3700 | 74391 |
| Rinnai Corp. | &nbsp;&nbsp; 29400 | 772203 |
| Riso Kagaku Corp. | &nbsp;&nbsp; 4000 | 31580 |
| Rohm Co. Ltd. | &nbsp;&nbsp; 90800 | 1590067 |
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 48700 | 806266 |
| Roland Corp. | &nbsp;&nbsp; 2600 | 64176 |
| Rorze Corp. | &nbsp;&nbsp; 28600 | 605864 |
| Round One Corp. | &nbsp;&nbsp; 48200 | 340524 |
| Royal Holdings Co. Ltd. | &nbsp;&nbsp; 13800 | 118240 |
| RS Technologies Co. Ltd. | &nbsp;&nbsp; 3500 | 86075 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 135200 | 2696536 |
| Ryoyo Ryosan Holdings, Inc. | &nbsp;&nbsp; 7596 | 153088 |
| S Foods, Inc. | &nbsp;&nbsp; 5800 | 114239 |
| Saizeriya Co. Ltd. | &nbsp;&nbsp; 8000 | 323609 |
| Sakai Moving Service Co. Ltd. | &nbsp;&nbsp; 6800 | 128358 |
| Sakata INX Corp. | &nbsp;&nbsp; 10000 | 153351 |
| Sakata Seed Corp. | &nbsp;&nbsp; 7400 | 194643 |
| Sakura Internet, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 5500 | 94880 |
| Samty Residential Investment Corp. | &nbsp;&nbsp; 52 | 38300 |
| San-A Co. Ltd. | &nbsp;&nbsp; 10000 | 190636 |
| San-Ai Obbli Co. Ltd. | &nbsp;&nbsp; 11900 | 169114 |
| SanBio Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 12400 | 148284 |
| Sangetsu Corp. | &nbsp;&nbsp; 11600 | 236809 |
| San-In Godo Bank Ltd.(The) | &nbsp;&nbsp; 39600 | 405082 |
| Sanken Electric Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3600 | 169689 |
| Sanki Engineering Co. Ltd. | &nbsp;&nbsp; 7700 | 331719 |
| Sankyo Co. Ltd. | &nbsp;&nbsp; 48200 | 753970 |
| Sankyu, Inc. | &nbsp;&nbsp; 11500 | 685117 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 47200 | 1460294 |
| Sansan, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19800 | 191340 |
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 85000 | 956219 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 51600 | 1168807 |
| Sanyo Chemical Industries Ltd. | &nbsp;&nbsp; 3700 | 132185 |
| Sanyo Denki Co. Ltd. | &nbsp;&nbsp; 5400 | 145193 |
| Sapporo Holdings Ltd. | &nbsp;&nbsp; 82700 | 882906 |
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 26400 | 404943 |
| SBI Holdings, Inc. | &nbsp;&nbsp; 149600 | 3383056 |
| SBS Holdings, Inc. | &nbsp;&nbsp; 5400 | 134617 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 21900 | 2789031 |
| Secom Co. Ltd. | &nbsp;&nbsp; 105200 | 3853852 |
| Sega Sammy Holdings, Inc. | &nbsp;&nbsp; 41800 | 655630 |
| Seibu Holdings, Inc. | &nbsp;&nbsp; 54500 | 1444042 |
| Seiko Epson Corp. | &nbsp;&nbsp; 83700 | 1077027 |
| Seiko Group Corp. | &nbsp;&nbsp; 6500 | 324707 |
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; 26800 | 417207 |
| Seiren Co. Ltd. | &nbsp;&nbsp; 10100 | 206694 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 100500 | 1777582 |
| Sekisui House Ltd. | &nbsp;&nbsp; 157600 | 3512399 |
| Sekisui House REIT, Inc. | &nbsp;&nbsp; 1033 | 606603 |
| Senko Group Holdings Co. Ltd. | &nbsp;&nbsp; 34200 | 426008 |
| Senshu Electric Co. Ltd. | &nbsp;&nbsp; 3200 | 119579 |
| Senshu Ikeda Holdings, Inc. | &nbsp;&nbsp; 59600 | 315503 |
| Septeni Holdings Co. Ltd. | &nbsp;&nbsp; 25900 | 73067 |
| Seria Co. Ltd. | &nbsp;&nbsp; 9300 | 220975 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 551600 | 7899241 |
| Seven Bank Ltd. | &nbsp;&nbsp; 153800 | 296054 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 73100 | $703793 |
| Sharp Corp./Japan<sup>(a)</sup> | &nbsp;&nbsp; 53800 | 245525 |
| Shibaura Machine Co. Ltd. | &nbsp;&nbsp; 6500 | 178949 |
| Shibaura Mechatronics Corp. | &nbsp;&nbsp; 3200 | 482427 |
| Shibuya Corp. | &nbsp;&nbsp; 3400 | 77427 |
| SHIFT, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 48000 | 227564 |
| Shiga Bank Ltd.(The) | &nbsp;&nbsp; 9300 | 475630 |
| Shikoku Electric Power Co., Inc. | &nbsp;&nbsp; 41300 | 418060 |
| Shikoku Kasei Holdings Corp. | &nbsp;&nbsp; 5100 | 142013 |
| Shimadzu Corp. | &nbsp;&nbsp; 62500 | 1693882 |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 9800 | 656845 |
| Shimano, Inc. | &nbsp;&nbsp; 19600 | 2234154 |
| Shimizu Corp. | &nbsp;&nbsp; 133600 | 2372591 |
| Shin Nippon Air Technologies Co. Ltd. | &nbsp;&nbsp; 6200 | 131824 |
| Shinagawa Refra Co. Ltd. | &nbsp;&nbsp; 7600 | 105487 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 442700 | 14557994 |
| Shin-Etsu Polymer Co. Ltd. | &nbsp;&nbsp; 8500 | 111032 |
| Shinmaywa Industries Ltd. | &nbsp;&nbsp; 17300 | 244448 |
| Shinnihon Corp. | &nbsp;&nbsp; 7200 | 92950 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 202900 | 4177545 |
| Ship Healthcare Holdings, Inc. | &nbsp;&nbsp; 20300 | 334622 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 106100 | 1812158 |
| Shizuoka Financial Group, Inc., NVS | &nbsp;&nbsp; 117500 | 1919479 |
| Shizuoka Gas Co. Ltd. | &nbsp;&nbsp; 4800 | 37994 |
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 39100 | 350991 |
| Shochiku Co. Ltd. | &nbsp;&nbsp; 2200 | 168447 |
| Shoei Co. Ltd. | &nbsp;&nbsp; 12700 | 146150 |
| Showa Sangyo Co. Ltd. | &nbsp;&nbsp; 6200 | 126300 |
| Simplex Holdings, Inc. | &nbsp;&nbsp; 32100 | 199005 |
| Sinfonia Technology Co. Ltd. | &nbsp;&nbsp; 5500 | 372219 |
| Sinko Industries Ltd. | &nbsp;&nbsp; 11600 | 111386 |
| SKY Perfect JSAT Holdings, Inc. | &nbsp;&nbsp; 43200 | 624450 |
| Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 59200 | 1204580 |
| SMC Corp. | &nbsp;&nbsp; 15200 | 5909323 |
| SMS Co. Ltd. | &nbsp;&nbsp; 19600 | 207420 |
| Socionext, Inc. | &nbsp;&nbsp; 49200 | 658358 |
| SoftBank Corp. | &nbsp;&nbsp; 7529500 | 10234540 |
| SoftBank Group Corp. | &nbsp;&nbsp; 1003600 | 27405694 |
| Sojitz Corp. | &nbsp;&nbsp; 55620 | 2028200 |
| Sompo Holdings, Inc. | &nbsp;&nbsp; 233300 | 8045236 |
| Sony Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1620200 | 1627947 |
| Sony Group Corp. | &nbsp;&nbsp; 1611400 | 35527997 |
| SOSiLA Logistics REIT, Inc. | &nbsp;&nbsp; 193 | 159779 |
| Sotetsu Holdings, Inc. | &nbsp;&nbsp; 20000 | 361478 |
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 62300 | 1076442 |
| Stanley Electric Co. Ltd. | &nbsp;&nbsp; 26900 | 529935 |
| Star Asia Investment Corp. | &nbsp;&nbsp; 696 | 270157 |
| Starts Corp., Inc. | &nbsp;&nbsp; 8300 | 263318 |
| Subaru Corp. | &nbsp;&nbsp; 155500 | 3338298 |
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 26000 | 597919 |
| SUMCO Corp. | &nbsp;&nbsp; 99400 | 1037737 |
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 19800 | 697354 |
| Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 391300 | 1190383 |
| Sumitomo Corp. | &nbsp;&nbsp; 287200 | 11662931 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 186300 | 8156123 |
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 121900 | 1321678 |
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 29400 | 915358 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 64800 | 3661742 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 959600 | 33768753 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp; 167800 | 5604316 |
| Sumitomo Osaka Cement Co. Ltd. | &nbsp;&nbsp; 7500 | 202146 |
| Sumitomo Pharma Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 49200 | 732146 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 161800 | $4505641 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 42500 | 684937 |
| Sumitomo Warehouse Co. Ltd.(The) | &nbsp;&nbsp; 12600 | 302249 |
| Sun Corp. | &nbsp;&nbsp; 2500 | 134482 |
| Sun Frontier Fudousan Co. Ltd. | &nbsp;&nbsp; 6000 | 95173 |
| Sundrug Co. Ltd. | &nbsp;&nbsp; 18600 | 495167 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 36200 | 1146781 |
| Suruga Bank Ltd. | &nbsp;&nbsp; 30300 | 380567 |
| Suzuken Co. Ltd. | &nbsp;&nbsp; 16900 | 681233 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 415900 | 5670825 |
| SWCC Corp. | &nbsp;&nbsp; 6400 | 476999 |
| Sysmex Corp. | &nbsp;&nbsp; 133300 | 1261320 |
| Systena Corp. | &nbsp;&nbsp; 71100 | 233315 |
| T Hasegawa Co. Ltd. | &nbsp;&nbsp; 8700 | 160048 |
| T&D Holdings, Inc. | &nbsp;&nbsp; 122900 | 3035505 |
| Tadano Ltd. | &nbsp;&nbsp; 27500 | 203237 |
| Taihei Dengyo Kaisha Ltd. | &nbsp;&nbsp; 10800 | 156017 |
| Taiheiyo Cement Corp. | &nbsp;&nbsp; 27800 | 763926 |
| Taikisha Ltd. | &nbsp;&nbsp; 9800 | 218923 |
| Taisei Corp. | &nbsp;&nbsp; 37100 | 3700655 |
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 23100 | 747675 |
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 33400 | 706259 |
| Takamatsu Construction Group Co. Ltd. | &nbsp;&nbsp; 2900 | 71739 |
| Takara Bio, Inc. | &nbsp;&nbsp; 10500 | 55159 |
| Takara Holdings, Inc. | &nbsp;&nbsp; 37000 | 382146 |
| Takara Leben Real Estate Investment Corp. | &nbsp;&nbsp; 183 | 110578 |
| Takara Standard Co. Ltd. | &nbsp;&nbsp; 10100 | 192856 |
| Takasago International Corp. | &nbsp;&nbsp; 11500 | 112296 |
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 25600 | 740115 |
| Takashimaya Co. Ltd. | &nbsp;&nbsp; 65400 | 817465 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 417000 | 14194557 |
| Takeuchi Manufacturing Co. Ltd. | &nbsp;&nbsp; 7700 | 318811 |
| Takuma Co. Ltd. | &nbsp;&nbsp; 12500 | 202066 |
| Tama Home Co. Ltd. | &nbsp;&nbsp; 5200 | 124917 |
| Tamron Co. Ltd. | &nbsp;&nbsp; 39700 | 265006 |
| TBS Holdings, Inc. | &nbsp;&nbsp; 7800 | 302429 |
| TDK Corp. | &nbsp;&nbsp; 509600 | 6575485 |
| TechMatrix Corp. | &nbsp;&nbsp; 9200 | 125834 |
| Teijin Ltd. | &nbsp;&nbsp; 48300 | 467272 |
| Terumo Corp. | &nbsp;&nbsp; 353700 | 4626838 |
| THK Co. Ltd. | &nbsp;&nbsp; 27200 | 812662 |
| Timee, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 12500 | 109678 |
| TIS, Inc. | &nbsp;&nbsp; 57200 | 1664435 |
| TKC Corp. | &nbsp;&nbsp; 7400 | 194569 |
| Toa Corp./Tokyo | &nbsp;&nbsp; 18100 | 368085 |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 21400 | 243243 |
| Tobu Railway Co. Ltd. | &nbsp;&nbsp; 48800 | 861536 |
| Tocalo Co. Ltd. | &nbsp;&nbsp; 17200 | 287753 |
| Toda Corp. | &nbsp;&nbsp; 58800 | 513249 |
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 20900 | 347415 |
| Toei Co. Ltd. | &nbsp;&nbsp; 7200 | 262096 |
| Toenec Corp. | &nbsp;&nbsp; 9000 | 119228 |
| Toho Bank Ltd.(The) | &nbsp;&nbsp; 53100 | 206792 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 27900 | 1420059 |
| Toho Gas Co. Ltd. | &nbsp;&nbsp; 18600 | 616150 |
| Toho Holdings Co. Ltd. | &nbsp;&nbsp; 12600 | 376388 |
| Tohoku Electric Power Co., Inc. | &nbsp;&nbsp; 128800 | 929018 |
| Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 55200 | 381949 |
| TOKAI Holdings Corp. | &nbsp;&nbsp; 28200 | 209517 |
| Tokai Rika Co. Ltd. | &nbsp;&nbsp; 17100 | 346593 |
| Tokai Tokyo Financial Holdings, Inc. | &nbsp;&nbsp; 70900 | 339686 |
| Token Corp. | &nbsp;&nbsp; 1400 | 134537 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 480900 | $17924362 |
| Tokuyama Corp. | &nbsp;&nbsp; 17300 | 452296 |
| Tokyo Century Corp. | &nbsp;&nbsp; 39600 | 551654 |
| Tokyo Electric Power Co. Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 414700 | 1557741 |
| Tokyo Electron Device Ltd. | &nbsp;&nbsp; 6300 | 144126 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 117600 | 31335560 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 84500 | 3748896 |
| Tokyo Kiraboshi Financial Group, Inc. | &nbsp;&nbsp; 6400 | 417853 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 74800 | 798701 |
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 25900 | 1222521 |
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 8900 | 806345 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 12300 | 120094 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 50600 | 1190730 |
| Tokyotokeiba Co. Ltd. | &nbsp;&nbsp; 4200 | 145482 |
| Tokyu Construction Co. Ltd. | &nbsp;&nbsp; 26000 | 214844 |
| Tokyu Corp. | &nbsp;&nbsp; 136200 | 1536166 |
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 156400 | 1448188 |
| Tokyu REIT, Inc. | &nbsp;&nbsp; 191 | 256037 |
| TOMONY Holdings, Inc. | &nbsp;&nbsp; 33400 | 189027 |
| Tomy Co. Ltd. | &nbsp;&nbsp; 21100 | 372595 |
| Toppan Holdings, Inc. | &nbsp;&nbsp; 60900 | 1881186 |
| Topre Corp. | &nbsp;&nbsp; 10400 | 169420 |
| Toray Industries, Inc. | &nbsp;&nbsp; 362100 | 2670925 |
| Toridoll Holdings Corp.<sup>(b)</sup> | &nbsp;&nbsp; 10500 | 283237 |
| Tosei Corp. | &nbsp;&nbsp; 12200 | 124288 |
| Toshiba TEC Corp. | &nbsp;&nbsp; 6600 | 110992 |
| Tosoh Corp. | &nbsp;&nbsp; 69298 | 1130985 |
| Totech Corp. | &nbsp;&nbsp; 6400 | 166527 |
| Totetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 5700 | 171625 |
| TOTO Ltd. | &nbsp;&nbsp; 35100 | 1103154 |
| Towa Corp. | &nbsp;&nbsp; 11700 | 225815 |
| Towa Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 5900 | 137414 |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 27000 | 677426 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 22900 | 1634980 |
| Toyo Tanso Co. Ltd. | &nbsp;&nbsp; 2500 | 87348 |
| Toyo Tire Corp. | &nbsp;&nbsp; 32500 | 875866 |
| Toyobo Co. Ltd. | &nbsp;&nbsp; 24700 | 211972 |
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 26100 | 709082 |
| Toyota Boshoku Corp. | &nbsp;&nbsp; 23200 | 389573 |
| Toyota Industries Corp. | &nbsp;&nbsp; 42600 | 5450926 |
| Toyota Motor Corp. | &nbsp;&nbsp; 2485600 | 56337334 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 180700 | 6580953 |
| Transcosmos, Inc. | &nbsp;&nbsp; 6700 | 163395 |
| TRE Holdings Corp. | &nbsp;&nbsp; 9700 | 107644 |
| Trend Micro, Inc./Japan<sup>(a)</sup> | &nbsp;&nbsp; 32700 | 1282753 |
| Tri Chemical Laboratories, Inc. | &nbsp;&nbsp; 6000 | 128612 |
| Trial Holdings, Inc. | &nbsp;&nbsp; 6900 | 128798 |
| Trusco Nakayama Corp. | &nbsp;&nbsp; 12800 | 202298 |
| TS Tech Co. Ltd. | &nbsp;&nbsp; 18900 | 232189 |
| Tsubakimoto Chain Co. | &nbsp;&nbsp; 18300 | 280719 |
| Tsuburaya Fields Holdings, Inc. | &nbsp;&nbsp; 8400 | 99522 |
| Tsugami Corp. | &nbsp;&nbsp; 9700 | 201753 |
| Tsumura & Co. | &nbsp;&nbsp; 17600 | 465253 |
| Tsuruha Holdings, Inc. | &nbsp;&nbsp; 68535 | 1092089 |
| Tsurumi Manufacturing Co. Ltd. | &nbsp;&nbsp; 8200 | 115748 |
| TV Asahi Holdings Corp. | &nbsp;&nbsp; 5100 | 117948 |
| UACJ Corp. | &nbsp;&nbsp; 38400 | 607777 |
| UBE Corp. | &nbsp;&nbsp; 25700 | 444438 |
| Ulvac, Inc. | &nbsp;&nbsp; 12500 | 671152 |
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 16900 | 203447 |
| Unicharm Corp. | &nbsp;&nbsp; 293000 | 1778523 |
| Union Tool Co. | &nbsp;&nbsp; 1600 | 106562 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| United Super Markets Holdings, Inc. | &nbsp;&nbsp; 24100 | $145291 |
| United Urban Investment Corp. | &nbsp;&nbsp; 819 | 946223 |
| Ushio, Inc. | &nbsp;&nbsp; 17800 | 319984 |
| USS Co. Ltd. | &nbsp;&nbsp; 103200 | 1140291 |
| UT Group Co. Ltd. | &nbsp;&nbsp; 95700 | 127743 |
| Valor Holdings Co. Ltd. | &nbsp;&nbsp; 7300 | 165276 |
| Visional, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6100 | 336171 |
| Wacoal Holdings Corp. | &nbsp;&nbsp; 9100 | 256581 |
| Wacom Co. Ltd. | &nbsp;&nbsp; 33300 | 161373 |
| Wakita & Co. Ltd. | &nbsp;&nbsp; 7500 | 97732 |
| West Holdings Corp. | &nbsp;&nbsp; 5000 | 51452 |
| West Japan Railway Co. | &nbsp;&nbsp; 106600 | 2178311 |
| WingArc1st, Inc. | &nbsp;&nbsp; 5100 | 107453 |
| Workman Co. Ltd. | &nbsp;&nbsp; 5900 | 242729 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 62300 | 1006748 |
| Yamabiko Corp. | &nbsp;&nbsp; 7500 | 156135 |
| Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 128200 | 449437 |
| Yamaguchi Financial Group, Inc. | &nbsp;&nbsp; 46800 | 745474 |
| Yamaha Corp. | &nbsp;&nbsp; 115800 | 841688 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 247700 | 1870556 |
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 60300 | 788406 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 8600 | 619992 |
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 32500 | 688593 |
| Yamazen Corp. | &nbsp;&nbsp; 10700 | 98690 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 59300 | 1892812 |
| Yellow Hat Ltd. | &nbsp;&nbsp; 17700 | 193244 |
| Yodoko Ltd. | &nbsp;&nbsp; 26700 | 241896 |
| Yokogawa Bridge Holdings Corp. | &nbsp;&nbsp; 7500 | 150953 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 59200 | 1973660 |
| Yokohama Financial Group, Inc. | &nbsp;&nbsp; 270500 | 2463641 |
| Yokohama Rubber Co. Ltd.(The) | &nbsp;&nbsp; 32400 | 1278837 |
| Yonex Co. Ltd. | &nbsp;&nbsp; 12000 | 252992 |
| Yoshinoya Holdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 17900 | 353519 |
| Yuasa Trading Co. Ltd. | &nbsp;&nbsp; 3600 | 131942 |
| Yurtec Corp. | &nbsp;&nbsp; 9900 | 174063 |
| Zacros Corp. | &nbsp;&nbsp; 21200 | 159623 |
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 26500 | 526862 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 25700 | 1392860 |
| Zeon Corp. | &nbsp;&nbsp; 35300 | 431360 |
| ZERIA Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 8100 | 107505 |
| Zojirushi Corp. | &nbsp;&nbsp; 8300 | 82971 |
| ZOZO, Inc. | &nbsp;&nbsp; 122800 | 1014261 |
| Zuken, Inc. | &nbsp;&nbsp; 3300 | 102886 |
|  |  | 1590637458 |
| **New Zealand — 0.6%** | **New Zealand — 0.6%** | **New Zealand — 0.6%** |
| Air New Zealand Ltd. | &nbsp;&nbsp; 435405 | 152051 |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 454795 | 2261853 |
| Contact Energy Ltd. | &nbsp;&nbsp; 218655 | 1232304 |
| EBOS Group Ltd. | &nbsp;&nbsp; 50238 | 777684 |
| Fisher & Paykel Healthcare Corp. Ltd., Class C | &nbsp;&nbsp; 153866 | 3594515 |
| Fletcher Building Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 278433 | 625968 |
| Goodman Property Trust | &nbsp;&nbsp; 280876 | 327238 |
| Infratil Ltd. | &nbsp;&nbsp; 241244 | 1604816 |
| Kiwi Property Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 401863 | 243989 |
| Mercury NZ Ltd. | &nbsp;&nbsp; 184746 | 704808 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 339094 | 1150338 |
| Ryman Healthcare Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 243338 | 407828 |
| Spark New Zealand Ltd. | &nbsp;&nbsp; 516798 | 703231 |
|  |  | 13786623 |
| **Singapore — 5.0%** | **Singapore — 5.0%** | **Singapore — 5.0%** |
| AIMS APAC REIT | &nbsp;&nbsp; 145065 | 171379 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| Bitdeer Technologies Group, Class A, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 28977 | $377860 |
| Bumitama Agri Ltd. | &nbsp;&nbsp; 92300 | 104482 |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 1044615 | 2337700 |
| CapitaLand Ascott Trust | &nbsp;&nbsp; 684266 | 528117 |
| CapitaLand China Trust<sup>(b)</sup> | &nbsp;&nbsp; 335035 | 206491 |
| Capitaland India Trust<sup>(b)</sup> | &nbsp;&nbsp; 247080 | 241083 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 1582031 | 2970111 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 610500 | 1478098 |
| CDL Hospitality Trusts<sup>(b)</sup> | &nbsp;&nbsp; 252255 | 171781 |
| Centurion Corp. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 84800 | 101316 |
| City Developments Ltd. | &nbsp;&nbsp; 130700 | 952355 |
| ComfortDelGro Corp. Ltd. | &nbsp;&nbsp; 539700 | 623524 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 558640 | 25966902 |
| Digital Core REIT Management Pte. Ltd. | &nbsp;&nbsp; 292200 | 157820 |
| ESR-REIT | &nbsp;&nbsp; 164535 | 353291 |
| Far East Hospitality Trust<sup>(b)</sup> | &nbsp;&nbsp; 266400 | 127836 |
| First Resources Ltd. | &nbsp;&nbsp; 160200 | 269460 |
| Food Empire Holdings Ltd. | &nbsp;&nbsp; 58800 | 124435 |
| Frasers Centrepoint Trust | &nbsp;&nbsp; 351089 | 618193 |
| Frasers Logistics & Commercial Trust | &nbsp;&nbsp; 741083 | 589044 |
| Genting Singapore Ltd. | &nbsp;&nbsp; 1539300 | 888710 |
| Golden Agri-Resources Ltd. | &nbsp;&nbsp; 1712000 | 388620 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 622845 | 2678233 |
| Hafnia Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 83095 | 509359 |
| Hong Leong Asia Ltd. | &nbsp;&nbsp; 51100 | 137919 |
| Hutchison Port Holdings Trust, Class U | &nbsp;&nbsp; 1131900 | 260337 |
| iFAST Corp. Ltd. | &nbsp;&nbsp; 50700 | 420433 |
| Keppel DC REIT<sup>(b)</sup> | &nbsp;&nbsp; 537252 | 962704 |
| Keppel Infrastructure Trust | &nbsp;&nbsp; 1167449 | 476639 |
| Keppel Ltd. | &nbsp;&nbsp; 382400 | 3289719 |
| Keppel REIT<sup>(b)</sup> | &nbsp;&nbsp; 818940 | 634979 |
| Lendlease Global Commercial REIT | &nbsp;&nbsp; 614211 | 308219 |
| Mapletree Industrial Trust<sup>(b)</sup> | &nbsp;&nbsp; 538320 | 892394 |
| Mapletree Logistics Trust<sup>(b)</sup> | &nbsp;&nbsp; 910087 | 968278 |
| Mapletree Pan Asia Commercial Trust<sup>(b)</sup> | &nbsp;&nbsp; 617295 | 707947 |
| NetLink NBN Trust | &nbsp;&nbsp; 727200 | 559437 |
| NTT DC REIT<sup>(a)</sup> | &nbsp;&nbsp; 198200 | 202211 |
| Olam Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 278600 | 195697 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 888275 | 14824901 |
| Parkway Life REIT | &nbsp;&nbsp; 118300 | 379630 |
| Propnex Ltd. | &nbsp;&nbsp; 59700 | 102854 |
| Raffles Medical Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 223400 | 174737 |
| Riverstone Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 119100 | 71650 |
| Sasseur REIT | &nbsp;&nbsp; 160400 | 86456 |
| SATS Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 231078 | 688414 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 100911 | 11755122 |
| Seatrium Ltd. | &nbsp;&nbsp; 619295 | 1027034 |
| Sembcorp Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 237000 | 1123019 |
| Sheng Siong Group Ltd. | &nbsp;&nbsp; 201700 | 431412 |
| SIA Engineering Co. Ltd. | &nbsp;&nbsp; 96700 | 250954 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 409800 | 2045728 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 202500 | 2805861 |
| Singapore Post Ltd. | &nbsp;&nbsp; 579000 | 179778 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 402800 | 3096560 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 1946300 | 7023594 |
| Starhill Global REIT | &nbsp;&nbsp; 405700 | 188189 |
| StarHub Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 166300 | 149031 |
| Stoneweg Europe Stapled Trust, NVS | &nbsp;&nbsp; 90600 | 170754 |
| Suntec REIT<sup>(b)</sup> | &nbsp;&nbsp; 516300 | 583221 |
| Super Hi International Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 58000 | 95096 |
| UMS Integration Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 188625 | 198828 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 328500 | 9900706 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Core MSCI Pacific ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| UOL Group Ltd. | &nbsp;&nbsp; 123000 | $1050491 |
| Venture Corp. Ltd. | &nbsp;&nbsp; 71700 | 920708 |
| Wilmar International Ltd. | &nbsp;&nbsp; 514300 | 1373202 |
| Yangzijiang Financial Holding Ltd. | &nbsp;&nbsp; 557900 | 155376 |
| Yangzijiang Maritime Development Pte Ltd., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 561100 | 264649 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 678000 | 1780639 |
| Yanlord Land Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 157600 | 89922 |
|  |  | 115941629 |
| **Total Common Stocks — 99.5%** <br>**(Cost: $1,805,443,293)** | **Total Common Stocks — 99.5%** <br>**(Cost: $1,805,443,293)** | 2313054051 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Japan — 0.0%** | **Japan — 0.0%** | **Japan — 0.0%** |
| Ito En Ltd., Preference Shares, NVS | &nbsp;&nbsp; 6800 | 79797 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost: $86,789)** | **Total Preferred Stocks — 0.0%** <br>**(Cost: $86,789)** | 79797 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $1,805,530,082)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $1,805,530,082)** | 2313133848 |
| **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, 3.82%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 24392653 | 24404849 |

---

---

| | | |
|:---|:---|:---|
| *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>(e)(f)</sup><br>| &nbsp;&nbsp; 200000 | $200000 |
| **Total Short-Term Securities — 1.1%** <br>**(Cost: $24,604,849)** | **Total Short-Term Securities — 1.1%** <br>**(Cost: $24,604,849)** | 24604849 |
| **Total Investments — 100.6%** <br>**(Cost: $1,830,134,931)** | **Total Investments — 100.6%** <br>**(Cost: $1,830,134,931)** | 2337738697 |
| **Liabilities in Excess of Other Assets — (0.6)%** | **Liabilities in Excess of Other Assets — (0.6)%** | (13317303)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2324421394 |

---

&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> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(e)</sup> 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 January 31, 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>*07/31/25*<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>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<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>| $16598822<br> $7804328 <br><sup>(a)</sup><br>| $— | $1699 | $— | $24404849 | 24392653 | $193397 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 140000<br> 60000 <br><sup>(a)</sup><br>|  |  |  | 200000 | 200000 | 8639 |  |
|  |  |  | $1699 | $— | $24604849 |  | $202036 | $— |

---

&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 | 35 | 03/12/26 | &nbsp;&nbsp; $8092 | $194399 |
| SPI 200 Index | 19 | 03/19/26 | &nbsp;&nbsp; 2920 | 31734 |
|  |  |  |  | $226133 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Core MSCI Pacific ETF**

**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; $226133 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $226133 |

---

&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 January 31, 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; $1265968 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1265968 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53780 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53780 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $13521045 |

---

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; $49515621 | &nbsp;&nbsp; $2263277020 | &nbsp;&nbsp; $261410 | &nbsp;&nbsp; $2313054051 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 79797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79797 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 24604849 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24604849 |
|  | &nbsp;&nbsp; $74120470 | &nbsp;&nbsp; $2263356817 | &nbsp;&nbsp; $261410 | &nbsp;&nbsp; $2337738697 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $31734 | &nbsp;&nbsp; $194399 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $226133 |

---

&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

------

Statement of Assets and Liabilities (unaudited)

January 31, 2026

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Core MSCI Pacific <br> ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $2313133848 |
| Investments, at value—affiliated<sup>(c)</sup> | 24604849 |
| Cash | 3584 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 654589 |
| Foreign currency, at value<sup>(e)</sup> | 3258735 |
| Receivables: |  |
| Investments sold | 3952482 |
| Securities lending income—affiliated | 21499 |
| Dividends—unaffiliated | 2509483 |
| Dividends—affiliated | 460 |
| Tax reclaims | 791547 |
| Variation margin on futures contracts | 70872 |
| Total assets | 2349001948 |
| **LIABILITIES** |  |
| Collateral on securities loaned, at value | 24406598 |
| Payables: |  |
| Investment advisory fees | 173956 |
| Total liabilities | 24580554 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $2324421394 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $1971297170 |
| Accumulated earnings | 353124224 |
| NET ASSETS | $2324421394 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 30000000 |
| Net asset value | $77.48 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $1805530082 |
| <sup>(b)</sup> Securities loaned, at value | $21493257 |
| <sup>(c)</sup> Investments, at cost—affiliated | $24604849 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $641730 |
| <sup>(e)</sup> Foreign currency, at cost | $3195503 |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

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

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| | |
|:---|:---|
|  | iShares <br>Core MSCI <br> Pacific ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $25609137 |
| Dividends—affiliated | &nbsp;&nbsp; 8639 |
| Interest—unaffiliated | &nbsp;&nbsp; 3678 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 193397 |
| Foreign taxes withheld | &nbsp;&nbsp; (1620199)<br>|
| Total investment income | &nbsp;&nbsp; 24194652 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 903955 |
| Total expenses | &nbsp;&nbsp; 903955 |
| Net investment income | &nbsp;&nbsp; 23290697 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (6063765)<br>|
| Investments—affiliated | &nbsp;&nbsp; 1699 |
| Foreign currency transactions | &nbsp;&nbsp; (520837)<br>|
| Futures contracts | &nbsp;&nbsp; 1265968 |
|  | &nbsp;&nbsp; (5316935)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 311615029 |
| Foreign currency translations | &nbsp;&nbsp; 218756 |
| Futures contracts | &nbsp;&nbsp; 53780 |
|  | &nbsp;&nbsp; 311887565 |
| Net realized and unrealized gain | &nbsp;&nbsp; 306570630 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $329861327 |

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*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

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Statement of Changes in Net Assets

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

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| | | |
|:---|:---|:---|
|  | iShares <br>Core MSCI Pacific ETF  | iShares <br>Core MSCI Pacific ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $23290697 | &nbsp;&nbsp;&nbsp; $55968303 |
| Net realized gain (loss) | &nbsp;&nbsp; (5316935)<br>| &nbsp;&nbsp;&nbsp; 142269321 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 311887565 | &nbsp;&nbsp;&nbsp; (4730472)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 329861327 | &nbsp;&nbsp;&nbsp; 193507152 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (60933681 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (68828112)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 307252034 | &nbsp;&nbsp;&nbsp; (409007685)<br>|
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 576179680 | &nbsp;&nbsp;&nbsp; (284328645)<br>|
| Beginning of period | &nbsp;&nbsp; 1748241714 | &nbsp;&nbsp;&nbsp; 2032570359 |
| End of period | &nbsp;&nbsp; $2324421394 | &nbsp;&nbsp;&nbsp; $1748241714 |

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&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.*

Statement of Changes in Net Assets

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Financial Highlights

(For a share outstanding throughout each period)

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Core MSCI Pacific ETF  | iShares Core MSCI Pacific ETF  | iShares Core MSCI Pacific ETF  | iShares Core MSCI Pacific ETF  | iShares Core MSCI Pacific ETF  | iShares Core MSCI Pacific ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $67.76 | &nbsp;&nbsp;&nbsp; $63.72 | &nbsp;&nbsp;&nbsp; $59.28 | &nbsp;&nbsp;&nbsp; $54.78 | &nbsp;&nbsp;&nbsp; $65.86 | &nbsp;&nbsp;&nbsp; $52.60 |
| Net investment income<sup>(a)</sup> | 0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 11.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp; (10.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.15 |
| Net increase (decrease) from investment operations | 12.04 | &nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp; (8.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.57 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (2.32 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (1.31)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $77.48 | &nbsp;&nbsp;&nbsp; $67.76 | &nbsp;&nbsp;&nbsp; $63.72 | &nbsp;&nbsp;&nbsp; $59.28 | &nbsp;&nbsp;&nbsp; $54.78 | &nbsp;&nbsp;&nbsp; $65.86 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 17.98 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.73<br> %<br>| &nbsp;&nbsp;&nbsp; (13.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.70<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.09 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| Net investment income | 2.32 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2324421 | &nbsp;&nbsp;&nbsp; $1748242 | &nbsp;&nbsp;&nbsp; $2032570 | &nbsp;&nbsp;&nbsp; $1736936 | &nbsp;&nbsp;&nbsp; $1501051 | &nbsp;&nbsp;&nbsp; $1119667 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 16<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> 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. |

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*See notes to financial statements.*

2026 iShares Semi-Annual Financial Statements and Additional Information

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*Notes to Financial Statements (unaudited)*

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

***1. ORGANIZATION***

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

These financial statements relate only to the following fund (the "Fund"):

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> Core MSCI Pacific 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 January 31, 2026, if any, are disclosed in the Statement of Assets and Liabilities.

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.

**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.

Notes to Financial Statements

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

**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 New York Stock Exchange ("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 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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

***4. SECURITIES AND OTHER INVESTMENTS***

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Core MSCI Pacific |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $584318 | &nbsp;&nbsp;&nbsp; $(584318) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 4802496 | &nbsp;&nbsp;&nbsp; (4802496) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 309687 | &nbsp;&nbsp;&nbsp; (309687) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 6360128 | &nbsp;&nbsp;&nbsp; (6360128) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 2214862 | &nbsp;&nbsp;&nbsp; (2214862) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 1843275 | &nbsp;&nbsp;&nbsp; (1843275) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 189573 | &nbsp;&nbsp;&nbsp; (189573) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 3376855 | &nbsp;&nbsp;&nbsp; (3376855) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 433235 | &nbsp;&nbsp;&nbsp; (433235) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 1126693 | &nbsp;&nbsp;&nbsp; (1126693) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; 1134 | &nbsp;&nbsp;&nbsp; (1134) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 251001 | &nbsp;&nbsp;&nbsp; (251001) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $21493257 | &nbsp;&nbsp;&nbsp; $(21493257) | &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 the Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

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

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities

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 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 0.09%, 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 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 securities lending agreement effective as of January 1, 2026, the 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, the 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 the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended January 31, 2026, the Fund paid BTC $45,143 for securities lending agent services.

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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

**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 January 31, 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>|
| Core MSCI Pacific | &nbsp;&nbsp; $293402 | &nbsp;&nbsp;&nbsp; $2978462 | &nbsp;&nbsp;&nbsp; $(363072) |

---

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 January 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Core MSCI Pacific | &nbsp;&nbsp; $59397751 | &nbsp;&nbsp;&nbsp; $67062967 |

---

For the six months ended January 31, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Core MSCI Pacific | &nbsp;&nbsp; $279445416 | &nbsp;&nbsp;&nbsp; $— |

---

***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 January 31, 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 July 31, 2025, the Fund had non-expiring capital loss carryforwards of $91,048,629 available to offset future realized capital gains.

As of January 31, 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>|
| Core MSCI Pacific | &nbsp;&nbsp; $1865228821 | &nbsp;&nbsp;&nbsp; $629185678 | &nbsp;&nbsp;&nbsp; $(156449669) | &nbsp;&nbsp;&nbsp; $472736009 |

---

***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.

Notes to Financial Statements

------

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

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 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 Fund invests a significant portion of its 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 Fund's 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.

***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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>01/31/26 | Six Months Ended <br>01/31/26 | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Core MSCI Pacific |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp; $307252034 | &nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; $89694874 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7500000)<br>| &nbsp;&nbsp;&nbsp; (498702559)<br>|
|  | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp; $307252034 | &nbsp;&nbsp;&nbsp; (6100000)<br>| &nbsp;&nbsp;&nbsp; $(409007685)<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 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. 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 Trustees, 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 Trustee for services to the Fund from BFA's investment advisory fees.

**Availability of Portfolio Holdings Information**

A description of the Trust'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 |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

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.

![](g110648img0c2ac4282.gif)

![](g110648imgbfcc98333.gif)

------

January 31, 2026

![](g110648img050432281.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 Trust** |
| • iShares MSCI Intl Momentum Factor ETF \| IMTM \| NYSE Arca |
| • iShares MSCI Intl Quality Factor ETF \| IQLT \| NYSE Arca |
| • iShares MSCI Intl Value Factor ETF \| IVLU \| NYSE Arca |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_ee893534-10ee-428b-8461-26baeb7224f0_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_ee893534-10ee-428b-8461-26baeb7224f0_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 20 |
| [Statements of Operations](#xx_ee893534-10ee-428b-8461-26baeb7224f0_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 21 |
| [Statements of Changes in Net Assets](#xx_ee893534-10ee-428b-8461-26baeb7224f0_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 22 |
| [Financial Highlights](#xx_ee893534-10ee-428b-8461-26baeb7224f0_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 24 |
| [Notes to Financial Statements](#xx_ee893534-10ee-428b-8461-26baeb7224f0_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 27 |
| [Additional Information](#xx_ee893534-10ee-428b-8461-26baeb7224f0_SAI-Footer-iSharesReport-318_1)  | &nbsp;&nbsp; 35 |
| [Glossary of Terms Used in these Financial Statements](#xx_ee893534-10ee-428b-8461-26baeb7224f0_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 36 |

---

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares® MSCI Intl Momentum 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** |
| **Australia — 3.5%** | **Australia — 3.5%** | **Australia — 3.5%** |
| Brambles Ltd. | &nbsp;&nbsp; 507568 | $7878827 |
| Coles Group Ltd. | &nbsp;&nbsp; 365575 | 5401312 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 469040 | 48555417 |
| Computershare Ltd. | &nbsp;&nbsp; 174224 | 3956724 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 778777 | 7478773 |
| Lynas Rare Earths Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 205556 | 2069152 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 968225 | 3106708 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 20094 | 2568883 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 231361 | 1617591 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 1584154 | 3394591 |
| Stockland | &nbsp;&nbsp; 549091 | 2054482 |
| Telstra Group Ltd. | &nbsp;&nbsp; 1523521 | 5175850 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 280643 | 16189335 |
| Westpac Banking Corp. | &nbsp;&nbsp; 765448 | 20566894 |
|  |  | 130014539 |
| **Austria — 0.5%** | **Austria — 0.5%** | **Austria — 0.5%** |
| Erste Group Bank AG | &nbsp;&nbsp; 139614 | 18151063 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 26036 | 1312356 |
|  |  | 19463419 |
| **Belgium — 1.0%** | **Belgium — 1.0%** | **Belgium — 1.0%** |
| Ageas SA | &nbsp;&nbsp; 42724 | 3034701 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 13659 | 11486817 |
| Elia Group SA, Class B | &nbsp;&nbsp; 9179 | 1328942 |
| Financiere de Tubize SA | &nbsp;&nbsp; 3655 | 932345 |
| KBC Group NV | &nbsp;&nbsp; 84388 | 11891578 |
| UCB SA | &nbsp;&nbsp; 28960 | 8824849 |
|  |  | 37499232 |
| **Canada — 16.0%** | **Canada — 16.0%** | **Canada — 16.0%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 231410 | 43989398 |
| Alamos Gold, Inc., Class A | &nbsp;&nbsp; 140900 | 5221470 |
| AltaGas Ltd. | &nbsp;&nbsp; 85034 | 2564790 |
| AtkinsRealis Group, Inc. | &nbsp;&nbsp; 46671 | 3275350 |
| Bank of Montreal | &nbsp;&nbsp; 133650 | 18194617 |
| Bank of Nova Scotia(The) | &nbsp;&nbsp; 372995 | 27885941 |
| Barrick Mining Corp. | &nbsp;&nbsp; 576794 | 26364821 |
| Bombardier, Inc., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 32686 | 5583733 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 525873 | 23971606 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 42275 | 1760669 |
| CAE, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 104678 | 3354862 |
| Cameco Corp. | &nbsp;&nbsp; 174861 | 21626953 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 340138 | 31434631 |
| Celestica, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 78224 | 21981309 |
| Dollarama, Inc. | &nbsp;&nbsp; 106481 | 14349696 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 137635 | 3487245 |
| Emera, Inc. | &nbsp;&nbsp; 101498 | 5030735 |
| Enbridge, Inc. | &nbsp;&nbsp; 531656 | 25953200 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 7194 | 11872253 |
| Fortis, Inc./Canada | &nbsp;&nbsp; 136111 | 7257121 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 58571 | 13710513 |
| Gildan Activewear, Inc. | &nbsp;&nbsp; 30171 | 1960290 |
| Great-West Lifeco, Inc. | &nbsp;&nbsp; 85577 | 4005933 |
| iA Financial Corp., Inc. | &nbsp;&nbsp; 34681 | 4261358 |
| IGM Financial, Inc. | &nbsp;&nbsp; 21510 | 1040391 |
| Kinross Gold Corp. | &nbsp;&nbsp; 621968 | 19586522 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 212366 | 9555807 |
| Lundin Gold, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 69343 | 5198497 |
| Lundin Mining Corp. | &nbsp;&nbsp; 147236 | 3714285 |
| Manulife Financial Corp. | &nbsp;&nbsp; 338773 | 12905046 |
| National Bank of Canada | &nbsp;&nbsp; 65416 | 7794768 |
| Open Text Corp. | &nbsp;&nbsp; 38443 | 981932 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Pan American Silver Corp. | &nbsp;&nbsp; 96271 | $5245361 |
| Power Corp. of Canada | &nbsp;&nbsp; 247545 | 12484056 |
| Rogers Communications, Inc., Class B, NVS | &nbsp;&nbsp; 63484 | 2396414 |
| Royal Bank of Canada | &nbsp;&nbsp; 402956 | 67093735 |
| Saputo, Inc. | &nbsp;&nbsp; 36399 | 1098132 |
| Shopify, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 236796 | 31071378 |
| Stantec, Inc. | &nbsp;&nbsp; 33355 | 3305492 |
| Toromont Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 18642 | 2374659 |
| Toronto-Dominion Bank(The) | &nbsp;&nbsp; 556973 | 52054775 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 169263 | 22299482 |
| WSP Global, Inc. | &nbsp;&nbsp; 28560 | 5521132 |
|  |  | 594820358 |
| **Denmark — 0.1%** | **Denmark — 0.1%** | **Denmark — 0.1%** |
| Danske Bank A/S | &nbsp;&nbsp; 108341 | 5519761 |
| **Finland — 0.6%** | **Finland — 0.6%** | **Finland — 0.6%** |
| Fortum OYJ | &nbsp;&nbsp; 124659 | 2944737 |
| Metso OYJ | &nbsp;&nbsp; 133297 | 2606054 |
| Neste OYJ | &nbsp;&nbsp; 73598 | 1880057 |
| Orion OYJ, Class B | &nbsp;&nbsp; 40723 | 3367713 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 500778 | 5584827 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 115602 | 4686506 |
|  |  | 21069894 |
| **France — 5.8%** | **France — 5.8%** | **France — 5.8%** |
| Airbus SE | &nbsp;&nbsp; 126863 | 29045250 |
| Bouygues SA | &nbsp;&nbsp; 55473 | 2998526 |
| Danone SA | &nbsp;&nbsp; 185195 | 14511858 |
| Dassault Aviation SA | &nbsp;&nbsp; 7436 | 2826980 |
| Engie SA | &nbsp;&nbsp; 441895 | 13193397 |
| EssilorLuxottica SA | &nbsp;&nbsp; 95134 | 29082068 |
| Kering SA | &nbsp;&nbsp; 12535 | 3913147 |
| Klepierre SA | &nbsp;&nbsp; 51709 | 1992005 |
| Legrand SA | &nbsp;&nbsp; 89631 | 14310290 |
| Orange SA | &nbsp;&nbsp; 703391 | 13076050 |
| Safran SA | &nbsp;&nbsp; 117274 | 41900962 |
| Societe Generale SA | &nbsp;&nbsp; 409696 | 35901429 |
| Thales SA | &nbsp;&nbsp; 40500 | 12398087 |
|  |  | 215150049 |
| **Germany — 8.8%** | **Germany — 8.8%** | **Germany — 8.8%** |
| Allianz SE, Registered | &nbsp;&nbsp; 117361 | 51676584 |
| Commerzbank AG | &nbsp;&nbsp; 378252 | 15547929 |
| Continental AG | &nbsp;&nbsp; 16722 | 1315841 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 953235 | 37615690 |
| E.ON SE | &nbsp;&nbsp; 792829 | 16815772 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 145263 | 8125685 |
| GEA Group AG | &nbsp;&nbsp; 61712 | 4412582 |
| Heidelberg Materials AG | &nbsp;&nbsp; 77759 | 21295903 |
| Hensoldt AG<sup>(b)</sup> | &nbsp;&nbsp; 30010 | 2981271 |
| HOCHTIEF AG | &nbsp;&nbsp; 4402 | 1845954 |
| MTU Aero Engines AG | &nbsp;&nbsp; 14760 | 6561925 |
| Rheinmetall AG | &nbsp;&nbsp; 33876 | 71778035 |
| RWE AG | &nbsp;&nbsp; 108159 | 6868513 |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 27157 | 2703783 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 449316 | 76554469 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 27844 | 3511982 |
|  |  | 329611918 |
| **Hong Kong — 2.2%** | **Hong Kong — 2.2%** | **Hong Kong — 2.2%** |
| AIA Group Ltd. | &nbsp;&nbsp; 2190600 | 25273989 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 1620500 | 8533534 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 551500 | 4446910 |
| Futu Holdings Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 20869 | 3392673 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Intl Momentum Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 1290000 | $1933220 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 2653000 | 2498725 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 264600 | 14587682 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 440200 | 3735041 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 55000 | 4008286 |
| Link REIT | &nbsp;&nbsp; 525500 | 2416123 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 326000 | 1217340 |
| Sun Hung Kai Properties Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 341500 | 5484110 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2536000 | 2992722 |
|  |  | 80520355 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| AIB Group PLC | &nbsp;&nbsp; 745545 | 8333799 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 180055 | 3658259 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 249755 | 8476519 |
|  |  | 20468577 |
| **Israel — 2.0%** | **Israel — 2.0%** | **Israel — 2.0%** |
| Bank Hapoalim BM | &nbsp;&nbsp; 652680 | 16135183 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 779196 | 18731349 |
| CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17929 | 7724351 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 15196 | 10748107 |
| ICL Group Ltd. | &nbsp;&nbsp; 207593 | 1127198 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 437410 | 5153285 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 48936 | 3828216 |
| Nova Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5321 | 2597421 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 140320 | 6810805 |
|  |  | 72855915 |
| **Italy — 4.9%** | **Italy — 4.9%** | **Italy — 4.9%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 83872 | 1967486 |
| Banco BPM SpA | &nbsp;&nbsp; 551362 | 8264538 |
| BPER Banca SpA | &nbsp;&nbsp; 537605 | 7571322 |
| Enel SpA | &nbsp;&nbsp; 2220403 | 24532227 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 147605 | 3913043 |
| Generali | &nbsp;&nbsp; 278627 | 11365302 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 4963155 | 35136074 |
| Leonardo SpA | &nbsp;&nbsp; 246295 | 16459059 |
| Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 239541 | 6309067 |
| Prysmian SpA | &nbsp;&nbsp; 65952 | 7811569 |
| Snam SpA | &nbsp;&nbsp; 554088 | 3808072 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 5619599 | 3811959 |
| UniCredit SpA | &nbsp;&nbsp; 550896 | 48008397 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 181996 | 4053372 |
|  |  | 183011487 |
| **Japan — 19.6%** | **Japan — 19.6%** | **Japan — 19.6%** |
| Advantest Corp. | &nbsp;&nbsp; 298100 | 49301709 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 1330200 | 18193939 |
| Aisin Corp. | &nbsp;&nbsp; 116000 | 2078140 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp; 336500 | 7698056 |
| Asics Corp. | &nbsp;&nbsp; 185400 | 4463074 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp; 224400 | 5822891 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 96700 | 2464777 |
| Central Japan Railway Co. | &nbsp;&nbsp; 118000 | 3291972 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 109200 | 3917352 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp; 641600 | 5642322 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 134000 | 4565925 |
| East Japan Railway Co. | &nbsp;&nbsp; 147400 | 3700365 |
| Ebara Corp. | &nbsp;&nbsp; 100300 | 3036566 |
| ENEOS Holdings, Inc. | &nbsp;&nbsp; 411500 | 3477962 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 29000 | 2065746 |
| Fujikura Ltd. | &nbsp;&nbsp; 164900 | 20725773 |
| Fujitsu Ltd. | &nbsp;&nbsp; 518600 | 14409707 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp; 5700 | 1574233 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Hitachi Ltd. | &nbsp;&nbsp; 1323500 | $45925593 |
| IHI Corp. | &nbsp;&nbsp; 721200 | 16685816 |
| Inpex Corp. | &nbsp;&nbsp; 172500 | 3864727 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 27600 | 521508 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 55700 | 1725144 |
| Japan Tobacco, Inc. | &nbsp;&nbsp; 318200 | 11500277 |
| JX Advanced Metals Corp. | &nbsp;&nbsp; 218500 | 3535628 |
| Kajima Corp. | &nbsp;&nbsp; 202500 | 8261141 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 48200 | 4023552 |
| Kioxia Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 53100 | 7263350 |
| Konami Group Corp. | &nbsp;&nbsp; 49500 | 7228149 |
| Lasertec Corp. | &nbsp;&nbsp; 12800 | 2940639 |
| Marubeni Corp. | &nbsp;&nbsp; 298100 | 9881463 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 102700 | 1644421 |
| Mitsubishi Corp. | &nbsp;&nbsp; 517800 | 13756045 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 694800 | 21720762 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 185800 | 4735283 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 1544200 | 45467317 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp; 794700 | 34504210 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 275900 | 5605060 |
| NEC Corp. | &nbsp;&nbsp; 705800 | 23926367 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 483800 | 29959560 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp; 1870 | 1734584 |
| Nitto Denko Corp. | &nbsp;&nbsp; 143900 | 3197937 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 485100 | 4396140 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 118400 | 3601774 |
| Obayashi Corp. | &nbsp;&nbsp; 189300 | 4273130 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 67400 | 2530375 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 485400 | 2873830 |
| Resona Holdings, Inc. | &nbsp;&nbsp; 568600 | 6629947 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 245800 | 4902431 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 63400 | 1961497 |
| SBI Holdings, Inc. | &nbsp;&nbsp; 252600 | 5712299 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 12900 | 1642854 |
| Seibu Holdings, Inc. | &nbsp;&nbsp; 41300 | 1094292 |
| SoftBank Corp. | &nbsp;&nbsp; 7329300 | 9962417 |
| SoftBank Group Corp. | &nbsp;&nbsp; 1487200 | 40611546 |
| Sompo Holdings, Inc. | &nbsp;&nbsp; 279200 | 9628075 |
| Sony Group Corp. | &nbsp;&nbsp; 2214900 | 48833909 |
| Sumitomo Corp. | &nbsp;&nbsp; 180700 | 7338063 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 364700 | 15966389 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 779100 | 27416878 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp; 137600 | 4595673 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 263500 | 3592841 |
| Taisei Corp. | &nbsp;&nbsp; 67100 | 6693098 |
| TDK Corp. | &nbsp;&nbsp; 418300 | 5397420 |
| TIS, Inc. | &nbsp;&nbsp; 68100 | 1981608 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 49700 | 2529639 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 69200 | 18438952 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 108300 | 4804797 |
| Toray Industries, Inc. | &nbsp;&nbsp; 308700 | 2277036 |
| Toyota Industries Corp. | &nbsp;&nbsp; 46700 | 5975545 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 177100 | 6449844 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 38300 | 1276878 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 21600 | 1170653 |
|  |  | 730598872 |
| **Netherlands — 5.1%** | **Netherlands — 5.1%** | **Netherlands — 5.1%** |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 216748 | 7985699 |
| AerCap Holdings NV | &nbsp;&nbsp; 51810 | 7443025 |
| ASML Holding NV | &nbsp;&nbsp; 65966 | 94588991 |
| ASR Nederland NV | &nbsp;&nbsp; 45784 | 3325321 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 11398 | 2218545 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Intl Momentum Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 65711 | $6025699 |
| ING Groep NV | &nbsp;&nbsp; 919876 | 27127967 |
| JDE Peet's NV | &nbsp;&nbsp; 60588 | 2280964 |
| Koninklijke Ahold Delhaize NV, Class N | &nbsp;&nbsp; 215548 | 8427957 |
| NN Group NV | &nbsp;&nbsp; 87600 | 6943806 |
| Prosus NV | &nbsp;&nbsp; 436481 | 25098201 |
|  |  | 191466175 |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 69008 | 1964144 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 2537741 | 2746856 |
| **Singapore — 2.5%** | **Singapore — 2.5%** | **Singapore — 2.5%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 774900 | 36019176 |
| Keppel Ltd. | &nbsp;&nbsp; 553500 | 4761662 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 681200 | 11368915 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 123624 | 14400960 |
| Sembcorp Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 291700 | 1382214 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 435871 | 6039474 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 1027200 | 7896690 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 2843800 | 10262394 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 396900 | 1042383 |
|  |  | 93173868 |
| **Spain — 8.0%** | **Spain — 8.0%** | **Spain — 8.0%** |
| Acciona SA | &nbsp;&nbsp; 8720 | 1874065 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 95180 | 10678829 |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 202500 | 6289154 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 2572279 | 65293809 |
| Banco de Sabadell SA | &nbsp;&nbsp; 2057545 | 8071302 |
| Banco Santander SA | &nbsp;&nbsp; 7537050 | 96233527 |
| Bankinter SA | &nbsp;&nbsp; 310726 | 5304084 |
| CaixaBank SA | &nbsp;&nbsp; 1662602 | 21946637 |
| Endesa SA | &nbsp;&nbsp; 146334 | 5392776 |
| Ferrovial SE | &nbsp;&nbsp; 183775 | 12413089 |
| Grifols SA | &nbsp;&nbsp; 56732 | 725831 |
| Iberdrola SA | &nbsp;&nbsp; 2536092 | 57018302 |
| Iberdrola SA, NVS | &nbsp;&nbsp; 34978 | 786401 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 544222 | 3121555 |
| Mapfre SA | &nbsp;&nbsp; 158493 | 725222 |
| Repsol SA | &nbsp;&nbsp; 210086 | 4138924 |
|  |  | 300013507 |
| **Sweden — 2.0%** | **Sweden — 2.0%** | **Sweden — 2.0%** |
| Nordea Bank Abp | &nbsp;&nbsp; 598296 | 11559314 |
| Saab AB, Class B | &nbsp;&nbsp; 198599 | 15495268 |
| Sandvik AB | &nbsp;&nbsp; 197816 | 7811031 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 58162 | 29101357 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 339683 | 5355120 |
| Tele2 AB, Class B | &nbsp;&nbsp; 197299 | 3630010 |
| Telia Co. AB | &nbsp;&nbsp; 587533 | 2684120 |
|  |  | 75636220 |
| **Switzerland — 3.2%** | **Switzerland — 3.2%** | **Switzerland — 3.2%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 264194 | 22746581 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 2842 | 3108514 |
| BKW AG | &nbsp;&nbsp; 5505 | 1040783 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 246 | 3535383 |
| Chocoladefabriken Lindt & Spruengli AG, Registered | &nbsp;&nbsp; 32 | 4729975 |
| Galderma Group AG | &nbsp;&nbsp; 71735 | 13371328 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 30455 | 7724017 |
| Holcim AG | &nbsp;&nbsp; 197943 | 20401755 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Logitech International SA, Registered | &nbsp;&nbsp; 25050 | $2158110 |
| Sandoz Group AG | &nbsp;&nbsp; 126382 | 10012718 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 9326 | 10226448 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 30487 | 5190125 |
| Swiss Re AG | &nbsp;&nbsp; 100321 | 16029670 |
|  |  | 120275407 |
| **United Kingdom — 13.1%** | **United Kingdom — 13.1%** | **United Kingdom — 13.1%** |
| 3i Group PLC | &nbsp;&nbsp; 293712 | 13492871 |
| Admiral Group PLC | &nbsp;&nbsp; 66507 | 2502922 |
| Antofagasta PLC | &nbsp;&nbsp; 76697 | 3800453 |
| Aviva PLC | &nbsp;&nbsp; 1062433 | 9262130 |
| BAE Systems PLC | &nbsp;&nbsp; 1108976 | 30105304 |
| Barclays PLC | &nbsp;&nbsp; 5537723 | 36959143 |
| British American Tobacco PLC | &nbsp;&nbsp; 866184 | 52329302 |
| BT Group PLC | &nbsp;&nbsp; 1948412 | 5121440 |
| Centrica PLC | &nbsp;&nbsp; 1447976 | 3791541 |
| Endeavour Mining PLC | &nbsp;&nbsp; 35141 | 2000163 |
| Entain PLC | &nbsp;&nbsp; 112210 | 930920 |
| Fresnillo PLC | &nbsp;&nbsp; 127621 | 6284896 |
| Halma PLC | &nbsp;&nbsp; 61282 | 2976380 |
| HSBC Holdings PLC | &nbsp;&nbsp; 5597168 | 98739225 |
| Imperial Brands PLC | &nbsp;&nbsp; 283798 | 11952943 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 23610785 | 35255721 |
| M&G PLC | &nbsp;&nbsp; 291997 | 1237847 |
| NatWest Group PLC, NVS | &nbsp;&nbsp; 2824411 | 25743889 |
| Next PLC | &nbsp;&nbsp; 41101 | 7462251 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 196675 | 1993434 |
| Prudential PLC | &nbsp;&nbsp; 722650 | 11869704 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 4885032 | 81662955 |
| Smith & Nephew PLC | &nbsp;&nbsp; 134641 | 2294722 |
| Smiths Group PLC | &nbsp;&nbsp; 138914 | 4770559 |
| Standard Chartered PLC | &nbsp;&nbsp; 827337 | 21168601 |
| Tesco PLC | &nbsp;&nbsp; 2112555 | 12292536 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 140710 | 1814840 |
|  |  | 487816692 |
| **Total Common Stocks — 99.6%** <br>**(Cost: $2,699,518,041)** | **Total Common Stocks — 99.6%** <br>**(Cost: $2,699,518,041)** | 3713697245 |
| **Rights** | **Rights** | **Rights** |
| **Spain — 0.0%** | **Spain — 0.0%** | **Spain — 0.0%** |
| ACS Actividades de Construccion y Servicios SA, <br> (Expires 02/19/26)<sup>(a)</sup><br>| &nbsp;&nbsp; 96417 | 53030 |
| **Total Rights — 0.0%** <br>**(Cost: $51,639)** | **Total Rights — 0.0%** <br>**(Cost: $51,639)** | 53030 |
| **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)(b)(d)</sup><br>| &nbsp;&nbsp; 6329 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $2,699,569,680)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $2,699,569,680)** | 3713750275 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Intl Momentum 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, 3.82%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 8696112 | $8700460 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 930000 | 930000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $9,630,460)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $9,630,460)** | 9630460 |
| **Total Investments — 99.9%** <br>**(Cost: $2,709,200,140)** | **Total Investments — 99.9%** <br>**(Cost: $2,709,200,140)** | 3723380735 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 5154131 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3728534866 |

---

&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.

&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 January 31, 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>*07/31/25*<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>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<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>| $1435701<br> $7263150 <br><sup>(a)</sup><br>| $— | $1609 | $— | $8700460 | 8696112 | $16947 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 910000<br> 20000 <br><sup>(a)</sup><br>|  |  |  | 930000 | 930000 | 31104 |  |
|  |  |  | $1609 | $— | $9630460 |  | $48051 | $— |

---

&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 | 184 | 03/12/26 | &nbsp;&nbsp; $4254 | $147360 |
| Euro STOXX 50 | 82 | 03/20/26 | &nbsp;&nbsp; 5784 | 112547 |
| FTSE 100 Index | 23 | 03/20/26 | &nbsp;&nbsp; 3216 | 93318 |
|  |  |  |  | $353225 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Intl Momentum 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; $353225 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $353225 |

---

&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 January 31, 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; $1623348 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1623348 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $156627 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $156627 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $13540756 |

---

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; $672475259 | &nbsp;&nbsp; $3041221986 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3713697245 |
| Rights | &nbsp;&nbsp; 53030 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53030 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 9630460 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9630460 |
|  | &nbsp;&nbsp; $682158749 | &nbsp;&nbsp; $3041221986 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3723380735 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $112547 | &nbsp;&nbsp; $240678 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $353225 |

---

&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)

January 31, 2026

**iShares® MSCI Intl Quality 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** |
| **Australia — 4.8%** | **Australia — 4.8%** | **Australia — 4.8%** |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 621511 | $23088959 |
| ASX Ltd. | &nbsp;&nbsp; 340941 | 13570943 |
| BHP Group Ltd. | &nbsp;&nbsp; 4471465 | 154007779 |
| Brambles Ltd. | &nbsp;&nbsp; 1978692 | 30714646 |
| Cochlear Ltd. | &nbsp;&nbsp; 41883 | 7806714 |
| Computershare Ltd. | &nbsp;&nbsp; 891785 | 20252935 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 1532499 | 14716936 |
| Fortescue Ltd. | &nbsp;&nbsp; 1458025 | 21113463 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 3270611 | 17243119 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 5600934 | 17971512 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 67368 | 8612545 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 2641281 | 36200799 |
| REA Group Ltd. | &nbsp;&nbsp; 128378 | 16879629 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 306772 | 31960968 |
| Stockland | &nbsp;&nbsp; 3031893 | 11344149 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 1687857 | 19869340 |
| Telstra Group Ltd. | &nbsp;&nbsp; 4449412 | 15115965 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 1547060 | 89244602 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 2485344 | 43882461 |
|  |  | 593597464 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| OMV AG | &nbsp;&nbsp; 192480 | 11434799 |
| Verbund AG | &nbsp;&nbsp; 93035 | 6826489 |
|  |  | 18261288 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| Ageas SA | &nbsp;&nbsp; 239335 | 17000053 |
| Lotus Bakeries NV<sup>(a)</sup> | &nbsp;&nbsp; 401 | 4727648 |
|  |  | 21727701 |
| **Canada — 7.6%** | **Canada — 7.6%** | **Canada — 7.6%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 377528 | 71765393 |
| Alimentation Couche-Tard, Inc. | &nbsp;&nbsp; 379183 | 19727040 |
| ARC Resources Ltd. | &nbsp;&nbsp; 955537 | 17733206 |
| Barrick Mining Corp. | &nbsp;&nbsp; 1163500 | 53182712 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 1072303 | 53274555 |
| Canadian National Railway Co. | &nbsp;&nbsp; 595774 | 57313139 |
| CCL Industries, Inc., Class B, NVS | &nbsp;&nbsp; 110714 | 6672192 |
| Celestica, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 133424 | 37492766 |
| CGI, Inc. | &nbsp;&nbsp; 148075 | 12690745 |
| FirstService Corp. | &nbsp;&nbsp; 50152 | 7770033 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 141516 | 33126582 |
| Great-West Lifeco, Inc. | &nbsp;&nbsp; 465173 | 21775146 |
| iA Financial Corp., Inc. | &nbsp;&nbsp; 158077 | 19423393 |
| IGM Financial, Inc. | &nbsp;&nbsp; 121896 | 5895840 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 370636 | 37446036 |
| Intact Financial Corp. | &nbsp;&nbsp; 284811 | 51854364 |
| Keyera Corp. | &nbsp;&nbsp; 293610 | 9942612 |
| Kinross Gold Corp. | &nbsp;&nbsp; 1036169 | 32630211 |
| Lundin Gold, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 86944 | 6518006 |
| Manulife Financial Corp. | &nbsp;&nbsp; 2487449 | 94755612 |
| Power Corp. of Canada | &nbsp;&nbsp; 729141 | 36771647 |
| Sun Life Financial, Inc. | &nbsp;&nbsp; 798657 | 50324805 |
| Suncor Energy, Inc. | &nbsp;&nbsp; 1872339 | 98962463 |
| TMX Group Ltd. | &nbsp;&nbsp; 378608 | 13977618 |
| Toromont Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 97464 | 12415181 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 426310 | 20175094 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 350677 | 46199792 |
| Whitecap Resources, Inc. | &nbsp;&nbsp; 2257641 | 20592591 |
|  |  | 950408774 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Denmark — 2.0%** | **Denmark — 2.0%** | **Denmark — 2.0%** |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 75023 | $10199312 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 69411 | 5916938 |
| Demant A/S<sup>(b)</sup> | &nbsp;&nbsp; 40637 | 1422432 |
| Genmab A/S<sup>(b)</sup> | &nbsp;&nbsp; 42285 | 13775839 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 3280379 | 194786351 |
| Pandora A/S | &nbsp;&nbsp; 94683 | 7663986 |
| Rockwool AS, Class B | &nbsp;&nbsp; 127073 | 4291252 |
| Tryg A/S | &nbsp;&nbsp; 504369 | 12257683 |
|  |  | 250313793 |
| **Finland — 1.1%** | **Finland — 1.1%** | **Finland — 1.1%** |
| Elisa OYJ | &nbsp;&nbsp; 299847 | 13263735 |
| Fortum OYJ | &nbsp;&nbsp; 329108 | 7774300 |
| Kone OYJ, Class B | &nbsp;&nbsp; 792399 | 56945652 |
| Metso OYJ | &nbsp;&nbsp; 738493 | 14438082 |
| Orion OYJ, Class B | &nbsp;&nbsp; 113157 | 9357863 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 283742 | 7827910 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 719598 | 29172509 |
|  |  | 138780051 |
| **France — 7.1%** | **France — 7.1%** | **France — 7.1%** |
| Air Liquide SA | &nbsp;&nbsp; 459485 | 86044182 |
| Amundi SA<sup>(c)</sup> | &nbsp;&nbsp; 89455 | 7953365 |
| AXA SA | &nbsp;&nbsp; 2203108 | 100459704 |
| Bureau Veritas SA | &nbsp;&nbsp; 550722 | 17729022 |
| Dassault Aviation SA | &nbsp;&nbsp; 18405 | 6997118 |
| Euronext NV<sup>(c)</sup> | &nbsp;&nbsp; 119311 | 16709952 |
| FDJ United | &nbsp;&nbsp; 124899 | 3305565 |
| Hermes International SCA | &nbsp;&nbsp; 48098 | 115723682 |
| Legrand SA | &nbsp;&nbsp; 285084 | 45515890 |
| L'Oreal SA | &nbsp;&nbsp; 200891 | 92297163 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 226333 | 146076285 |
| Publicis Groupe SA | &nbsp;&nbsp; 363850 | 36366173 |
| Schneider Electric SE | &nbsp;&nbsp; 609529 | 174753083 |
| Thales SA | &nbsp;&nbsp; 101934 | 31204607 |
|  |  | 881135791 |
| **Germany — 6.5%** | **Germany — 6.5%** | **Germany — 6.5%** |
| Allianz SE, Registered | &nbsp;&nbsp; 688340 | 303090977 |
| Beiersdorf AG | &nbsp;&nbsp; 58746 | 7007185 |
| Continental AG | &nbsp;&nbsp; 158852 | 12499942 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 108470 | 9115928 |
| Deutsche Boerse AG | &nbsp;&nbsp; 320215 | 81086502 |
| GEA Group AG | &nbsp;&nbsp; 191578 | 13698368 |
| Hannover Rueck SE | &nbsp;&nbsp; 113150 | 31993110 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 55297 | 4564718 |
| Knorr-Bremse AG | &nbsp;&nbsp; 65439 | 7619404 |
| MTU Aero Engines AG | &nbsp;&nbsp; 77082 | 34268718 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen, Registered<br>| &nbsp;&nbsp; 240925 | 146018949 |
| Nemetschek SE | &nbsp;&nbsp; 45968 | 4016424 |
| Rational AG | &nbsp;&nbsp; 10026 | 8033997 |
| Rheinmetall AG | &nbsp;&nbsp; 56026 | 118710479 |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 111451 | 11096193 |
| Symrise AG, Class A | &nbsp;&nbsp; 85082 | 7162803 |
| Talanx AG<sup>(b)</sup> | &nbsp;&nbsp; 85458 | 10778874 |
|  |  | 810762571 |
| **Hong Kong — 2.8%** | **Hong Kong — 2.8%** | **Hong Kong — 2.8%** |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 2517500 | 14747864 |
| CK Infrastructure Holdings Ltd., Class L | &nbsp;&nbsp; 663500 | 5449493 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 1467500 | 13871586 |
| Futu Holdings Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 108310 | 17607957 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 1408000 | 5600484 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 4781000 | 7164903 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Intl Quality Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 10220370 | $9626043 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 2928600 | 161456862 |
| Link REIT | &nbsp;&nbsp; 2788100 | 12819017 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 1668500 | 12942137 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 4938000 | 7431240 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 2893000 | 10802963 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 1954500 | 31387094 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 1933500 | 26395170 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 1940000 | 6735219 |
|  |  | 344038032 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| AIB Group PLC | &nbsp;&nbsp; 2745871 | 30693705 |
| Kingspan Group PLC | &nbsp;&nbsp; 148782 | 12955130 |
|  |  | 43648835 |
| **Israel — 1.3%** | **Israel — 1.3%** | **Israel — 1.3%** |
| Bank Hapoalim BM | &nbsp;&nbsp; 1824167 | 45096018 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 1894201 | 45535322 |
| Check Point Software Technologies Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 113371 | 20351228 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 214201 | 16756737 |
| Nova Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 27116 | 13236545 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 405963 | 19704494 |
|  |  | 160680344 |
| **Italy — 2.5%** | **Italy — 2.5%** | **Italy — 2.5%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 353780 | 8299043 |
| Buzzi SpA | &nbsp;&nbsp; 58015 | 3302305 |
| Enel SpA | &nbsp;&nbsp; 6266943 | 69240615 |
| Ferrari NV | &nbsp;&nbsp; 222520 | 74220611 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 1288016 | 34145604 |
| Generali | &nbsp;&nbsp; 1109347 | 45250687 |
| Moncler SpA | &nbsp;&nbsp; 274811 | 16011498 |
| Prysmian SpA | &nbsp;&nbsp; 267003 | 31624704 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 59021 | 3252017 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 987793 | 10704033 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 631112 | 14055976 |
|  |  | 310107093 |
| **Japan — 12.4%** | **Japan — 12.4%** | **Japan — 12.4%** |
| Advantest Corp. | &nbsp;&nbsp; 1046900 | 173143103 |
| Asics Corp. | &nbsp;&nbsp; 946800 | 22792010 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp; 648000 | 16814765 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 705800 | 17990070 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 428000 | 24447653 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 426000 | 15281977 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp; 4425800 | 38921117 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 742600 | 15072867 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 888900 | 30288438 |
| Disco Corp. | &nbsp;&nbsp; 102300 | 43605436 |
| Ebara Corp. | &nbsp;&nbsp; 495200 | 14992096 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 226000 | 86226417 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 135600 | 9659142 |
| Fujikura Ltd. | &nbsp;&nbsp; 359400 | 45171880 |
| Hoya Corp. | &nbsp;&nbsp; 248700 | 41720872 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp; 1897700 | 20708114 |
| KDDI Corp. | &nbsp;&nbsp; 3500700 | 59105735 |
| Kikkoman Corp. | &nbsp;&nbsp; 422000 | 3817228 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 128800 | 3147805 |
| Konami Group Corp. | &nbsp;&nbsp; 148400 | 21669843 |
| Lasertec Corp. | &nbsp;&nbsp; 129000 | 29636123 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 163800 | 2622747 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 442700 | 5971556 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 2541800 | 64758865 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 451200 | 10794598 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 1490100 | $92275198 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp; 8562 | 7941985 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 312500 | 5341866 |
| Nitto Denko Corp. | &nbsp;&nbsp; 549300 | 12207275 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 310100 | 9433361 |
| Obic Co. Ltd. | &nbsp;&nbsp; 239500 | 6656651 |
| Olympus Corp. | &nbsp;&nbsp; 537600 | 6421366 |
| Oracle Corp./Japan | &nbsp;&nbsp; 70700 | 4783918 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 277300 | 10410579 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 1812000 | 10728018 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 2587500 | 136293359 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 247800 | 7666545 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 81400 | 10366534 |
| Secom Co. Ltd. | &nbsp;&nbsp; 367700 | 13470167 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 323500 | 5721868 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 1259600 | 41421390 |
| Subaru Corp. | &nbsp;&nbsp; 440100 | 9448136 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 1452700 | 19807664 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 128100 | 6520055 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 4305200 | 160465714 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 497900 | 132669858 |
| Trend Micro, Inc./Japan<sup>(b)</sup> | &nbsp;&nbsp; 125300 | 4915260 |
| Unicharm Corp. | &nbsp;&nbsp; 638900 | 3878151 |
| ZOZO, Inc. | &nbsp;&nbsp; 859900 | 7102304 |
|  |  | 1544307679 |
| **Netherlands — 8.2%** | **Netherlands — 8.2%** | **Netherlands — 8.2%** |
| Adyen NV<sup>(b)(c)</sup> | &nbsp;&nbsp; 51683 | 76637814 |
| ASML Holding NV | &nbsp;&nbsp; 527670 | 756628761 |
| ASR Nederland NV | &nbsp;&nbsp; 191477 | 13907097 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 85440 | 16630324 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 116728 | 10703958 |
| CVC Capital Partners PLC<sup>(c)</sup> | &nbsp;&nbsp; 452726 | 8043477 |
| InPost SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 238143 | 3732607 |
| Koninklijke KPN NV | &nbsp;&nbsp; 5220770 | 25568785 |
| Magnum Ice Cream Co NV.(The)<sup>(b)</sup> | &nbsp;&nbsp; 542813 | 9647487 |
| Universal Music Group NV | &nbsp;&nbsp; 2716609 | 66604567 |
| Wolters Kluwer NV | &nbsp;&nbsp; 327960 | 30796423 |
|  |  | 1018901300 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Contact Energy Ltd. | &nbsp;&nbsp; 778642 | 4388300 |
| Fisher & Paykel Healthcare Corp. Ltd., Class C | &nbsp;&nbsp; 341680 | 7982101 |
|  |  | 12370401 |
| **Norway — 0.8%** | **Norway — 0.8%** | **Norway — 0.8%** |
| Aker BP ASA | &nbsp;&nbsp; 575503 | 16941588 |
| Equinor ASA | &nbsp;&nbsp; 1296571 | 34849896 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 447854 | 12747066 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 873341 | 30000206 |
| Orkla ASA | &nbsp;&nbsp; 427817 | 5090320 |
|  |  | 99629076 |
| **Portugal — 0.0%** | **Portugal — 0.0%** | **Portugal — 0.0%** |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 130956 | 3088080 |
| **Singapore — 2.7%** | **Singapore — 2.7%** | **Singapore — 2.7%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 4696300 | 10509652 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 7657400 | 14376030 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 2674980 | 124339368 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 4948100 | 82581513 |
| Sembcorp Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 790100 | 3743871 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 2088747 | 28941896 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 1960500 | 15071515 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 1542100 | 46477562 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Intl Quality Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 4646300 | $12202632 |
|  |  | 338244039 |
| **Spain — 2.9%** | **Spain — 2.9%** | **Spain — 2.9%** |
| CaixaBank SA | &nbsp;&nbsp; 4681176 | 61792341 |
| Endesa SA | &nbsp;&nbsp; 427707 | 15762080 |
| Iberdrola SA | &nbsp;&nbsp; 6252812 | 140580358 |
| Iberdrola SA, NVS | &nbsp;&nbsp; 99291 | 2232334 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 1926039 | 125327542 |
| Mapfre SA | &nbsp;&nbsp; 1498515 | 6856808 |
| Naturgy Energy Group SA | &nbsp;&nbsp; 241360 | 7575821 |
| Redeia Corp. SA | &nbsp;&nbsp; 120954 | 2090319 |
|  |  | 362217603 |
| **Sweden — 3.9%** | **Sweden — 3.9%** | **Sweden — 3.9%** |
| AddTech AB, Class B | &nbsp;&nbsp; 369160 | 11986250 |
| Alfa Laval AB | &nbsp;&nbsp; 387719 | 22457559 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 1077586 | 43571039 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 4844356 | 99901208 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 2797835 | 50326514 |
| Boliden AB<sup>(b)</sup> | &nbsp;&nbsp; 191531 | 13412282 |
| Epiroc AB, Class A | &nbsp;&nbsp; 917495 | 25720297 |
| Epiroc AB, Class B | &nbsp;&nbsp; 551335 | 13748690 |
| EQT AB | &nbsp;&nbsp; 709115 | 26914971 |
| Essity AB, Class B | &nbsp;&nbsp; 328591 | 9729135 |
| Evolution AB<sup>(c)</sup> | &nbsp;&nbsp; 237720 | 15442555 |
| Indutrade AB | &nbsp;&nbsp; 286797 | 6732697 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 146053 | 3637045 |
| Lifco AB, Class B | &nbsp;&nbsp; 277636 | 9540123 |
| Sandvik AB | &nbsp;&nbsp; 1194046 | 47148512 |
| SKF AB, Class B | &nbsp;&nbsp; 364315 | 9525633 |
| Swedish Orphan Biovitrum AB<sup>(b)</sup> | &nbsp;&nbsp; 125532 | 4767122 |
| Tele2 AB, Class B | &nbsp;&nbsp; 744836 | 13703882 |
| Volvo AB, Class B | &nbsp;&nbsp; 1717490 | 62409114 |
|  |  | 490674628 |
| **Switzerland — 15.2%** | **Switzerland — 15.2%** | **Switzerland — 15.2%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 2760462 | 237670318 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 19823 | 21681938 |
| BKW AG | &nbsp;&nbsp; 23596 | 4461091 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 642 | 9226488 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Registered<br>| &nbsp;&nbsp; 70 | 10346820 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 496675 | 96409353 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 8770 | 6818394 |
| Geberit AG, Registered | &nbsp;&nbsp; 68900 | 52611362 |
| Givaudan SA, Registered | &nbsp;&nbsp; 9150 | 35369211 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 115624 | 29324636 |
| Holcim AG | &nbsp;&nbsp; 449659 | 46345831 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 94156 | 21802970 |
| Logitech International SA, Registered | &nbsp;&nbsp; 184173 | 15866891 |
| Nestle SA, Registered | &nbsp;&nbsp; 2483921 | 237031920 |
| Novartis AG, Registered | &nbsp;&nbsp; 1922518 | 285243559 |
| Partners Group Holding AG | &nbsp;&nbsp; 55967 | 76313464 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 31045 | 14346553 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 671998 | 305584077 |
| Schindler Holding AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 62794 | 24228586 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 35727 | 13139724 |
| Sika AG, Registered | &nbsp;&nbsp; 123062 | 23614425 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 27859 | 7624542 |
| Straumann Holding AG | &nbsp;&nbsp; 79093 | 9512492 |
| Swiss Re AG | &nbsp;&nbsp; 397558 | 63523325 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp; 50045 | $32362416 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 291171 | 207145386 |
|  |  | 1887605772 |
| **United Kingdom — 16.5%** | **United Kingdom — 16.5%** | **United Kingdom — 16.5%** |
| 3i Group PLC | &nbsp;&nbsp; 1926009 | 88479157 |
| Admiral Group PLC | &nbsp;&nbsp; 619188 | 23302497 |
| Ashtead Group PLC | &nbsp;&nbsp; 414588 | 26691052 |
| AstraZeneca PLC | &nbsp;&nbsp; 1346135 | 250803960 |
| Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 2329000 | 17168189 |
| BAE Systems PLC | &nbsp;&nbsp; 3499650 | 95004785 |
| British American Tobacco PLC | &nbsp;&nbsp; 1304108 | 78785872 |
| Bunzl PLC | &nbsp;&nbsp; 381864 | 10708637 |
| Centrica PLC | &nbsp;&nbsp; 4394230 | 11506339 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 175559 | 9534549 |
| Compass Group PLC | &nbsp;&nbsp; 2399888 | 71961683 |
| Diageo PLC | &nbsp;&nbsp; 1623002 | 37345762 |
| Endeavour Mining PLC | &nbsp;&nbsp; 127776 | 7272784 |
| Experian PLC | &nbsp;&nbsp; 1536122 | 58180215 |
| Fresnillo PLC | &nbsp;&nbsp; 204398 | 10065899 |
| GSK PLC | &nbsp;&nbsp; 3799541 | 98262437 |
| Halma PLC | &nbsp;&nbsp; 302279 | 14681262 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 114396 | 2399613 |
| Imperial Brands PLC | &nbsp;&nbsp; 719826 | 30317477 |
| Intertek Group PLC | &nbsp;&nbsp; 303753 | 18634532 |
| Land Securities Group PLC | &nbsp;&nbsp; 861908 | 7692905 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 682035 | 76075592 |
| National Grid PLC | &nbsp;&nbsp; 4131797 | 70197371 |
| Next PLC | &nbsp;&nbsp; 187708 | 34080051 |
| Prudential PLC | &nbsp;&nbsp; 4626433 | 75990302 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 726925 | 60596397 |
| RELX PLC | &nbsp;&nbsp; 3177794 | 112659206 |
| Rio Tinto PLC | &nbsp;&nbsp; 953440 | 86986432 |
| Sage Group PLC(The) | &nbsp;&nbsp; 1230509 | 16135912 |
| Schroders PLC | &nbsp;&nbsp; 1070882 | 6632755 |
| Segro PLC | &nbsp;&nbsp; 1709034 | 17805702 |
| Shell PLC | &nbsp;&nbsp; 7078320 | 272087056 |
| Smiths Group PLC | &nbsp;&nbsp; 439625 | 15097520 |
| Spirax Group PLC | &nbsp;&nbsp; 76538 | 7626580 |
| SSE PLC | &nbsp;&nbsp; 1093366 | 36340703 |
| Unilever PLC | &nbsp;&nbsp; 2538034 | 172660889 |
| Wise PLC, Class A<sup>(b)</sup> | &nbsp;&nbsp; 1638960 | 21138874 |
|  |  | 2050910948 |
| **Total Common Stocks — 99.1%** <br>**(Cost: $9,689,893,987)** | **Total Common Stocks — 99.1%** <br>**(Cost: $9,689,893,987)** | 12331411263 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 87525 | 4259218 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 89045 | 7822773 |
|  |  | 12081991 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $14,709,971)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $14,709,971)** | 12081991 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Intl Quality Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **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>(b)(d)</sup><br>| &nbsp;&nbsp; 15091 | $— |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.2%** <br>**(Cost: $9,704,603,958)** | **Total Long-Term Investments — 99.2%** <br>**(Cost: $9,704,603,958)** | 12343493254 |
| **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, 3.82%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 31608240 | 31624044 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.64%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 3440000 | 3440000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $35,064,044)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $35,064,044)** | 35064044 |
| **Total Investments — 99.5%** <br>**(Cost: $9,739,668,002)** | **Total Investments — 99.5%** <br>**(Cost: $9,739,668,002)** | 12378557298 |
| **Other Assets Less Liabilities — 0.5%** | **Other Assets Less Liabilities — 0.5%** | 59030967 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $12437588265 |

---

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

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(d)</sup> 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 January 31, 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>*07/31/25*<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>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<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>| $6535013<br> $25088540 <br><sup>(a)</sup><br>| $— | $491 | $— | $31624044 | 31608240 | $41243 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 2750000<br> 690000 <br><sup>(a)</sup><br>|  |  |  | 3440000 | 3440000 | 63634 |  |
|  |  |  | $491 | $— | $35064044 |  | $104877 | $— |

---

&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 | 67 | 03/12/26 | &nbsp;&nbsp; $15491 | $504231 |
| SPI 200 Index | 103 | 03/19/26 | &nbsp;&nbsp; 15828 | 190506 |
| Euro STOXX 50 | 552 | 03/20/26 | &nbsp;&nbsp; 38938 | 514209 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Intl Quality Factor 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>|
| FTSE 100 Index | 167 | 03/20/26 | &nbsp;&nbsp; $23346 | $726887 |
|  |  |  |  | $1935833 |

---

**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; $1935833 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1935833 |

---

&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 January 31, 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; $7099055 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7099055 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $767846 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $767846 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $87223584 |

---

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; $1105674655 | &nbsp;&nbsp; $11225736608 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12331411263 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 12081991 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12081991 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 35064044 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35064044 |
|  | &nbsp;&nbsp; $1140738699 | &nbsp;&nbsp; $11237818599 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12378557298 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Intl Quality Factor ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $704715 | &nbsp;&nbsp; $1231118 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1935833 |

---

&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)

January 31, 2026

**iShares® MSCI Intl Value 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** |
| **Australia — 1.8%** | **Australia — 1.8%** | **Australia — 1.8%** |
| BHP Group Ltd. | &nbsp;&nbsp; 919318 | $31663476 |
| Fortescue Ltd. | &nbsp;&nbsp; 403898 | 5848792 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 382373 | 2673411 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 78582 | 8187047 |
| Santos Ltd. | &nbsp;&nbsp; 808688 | 3943768 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 128505 | 2055028 |
| South32 Ltd. | &nbsp;&nbsp; 1760627 | 5577432 |
| Vicinity Ltd. | &nbsp;&nbsp; 896985 | 1530299 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 283535 | 5006234 |
|  |  | 66485487 |
| **Austria — 0.4%** | **Austria — 0.4%** | **Austria — 0.4%** |
| Erste Group Bank AG | &nbsp;&nbsp; 75912 | 9869236 |
| OMV AG | &nbsp;&nbsp; 43730 | 2597900 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 51154 | 2578440 |
|  |  | 15045576 |
| **Belgium — 1.0%** | **Belgium — 1.0%** | **Belgium — 1.0%** |
| Ageas SA | &nbsp;&nbsp; 37046 | 2631391 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 308581 | 22212589 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 14653 | 1386503 |
| KBC Group NV | &nbsp;&nbsp; 34399 | 4847353 |
| Sofina SA | &nbsp;&nbsp; 3504 | 1021106 |
| Syensqo SA | &nbsp;&nbsp; 26782 | 2254073 |
|  |  | 34353015 |
| **Canada — 3.4%** | **Canada — 3.4%** | **Canada — 3.4%** |
| AltaGas Ltd. | &nbsp;&nbsp; 58755 | 1772164 |
| ARC Resources Ltd. | &nbsp;&nbsp; 84088 | 1560536 |
| Bank of Nova Scotia(The) | &nbsp;&nbsp; 188206 | 14070702 |
| Barrick Mining Corp. | &nbsp;&nbsp; 322563 | 14744113 |
| BCE, Inc. | &nbsp;&nbsp; 20811 | 537985 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 14184 | 1745018 |
| Cenovus Energy, Inc. | &nbsp;&nbsp; 159786 | 3153123 |
| CGI, Inc. | &nbsp;&nbsp; 93128 | 7981521 |
| Empire Co. Ltd., Class A, NVS | &nbsp;&nbsp; 41491 | 1355355 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 4634 | 7647487 |
| iA Financial Corp., Inc. | &nbsp;&nbsp; 12659 | 1555449 |
| Kinross Gold Corp. | &nbsp;&nbsp; 212217 | 6682969 |
| Magna International, Inc. | &nbsp;&nbsp; 122200 | 6247084 |
| Manulife Financial Corp. | &nbsp;&nbsp; 383832 | 14621500 |
| Nutrien Ltd. | &nbsp;&nbsp; 166506 | 11463987 |
| Open Text Corp. | &nbsp;&nbsp; 256843 | 6560423 |
| Power Corp. of Canada | &nbsp;&nbsp; 91921 | 4635710 |
| Rogers Communications, Inc., Class B, NVS | &nbsp;&nbsp; 132506 | 5001879 |
| Saputo, Inc. | &nbsp;&nbsp; 70684 | 2132485 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 87662 | 4704835 |
| Whitecap Resources, Inc. | &nbsp;&nbsp; 222802 | 2032241 |
|  |  | 120206566 |
| **Denmark — 0.8%** | **Denmark — 0.8%** | **Denmark — 0.8%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 2872 | 7042627 |
| AP Moller - Maersk A/S, Class B, NVS<sup>(a)</sup> | &nbsp;&nbsp; 2964 | 7329156 |
| Danske Bank A/S | &nbsp;&nbsp; 160443 | 8174255 |
| Genmab A/S<sup>(b)</sup> | &nbsp;&nbsp; 11455 | 3731873 |
| Orsted A/S<sup>(b)(c)</sup> | &nbsp;&nbsp; 108335 | 2437024 |
| Rockwool AS, Class B | &nbsp;&nbsp; 16752 | 565714 |
|  |  | 29280649 |
| **Finland — 1.0%** | **Finland — 1.0%** | **Finland — 1.0%** |
| Fortum OYJ | &nbsp;&nbsp; 58818 | 1389419 |
| Nokia OYJ | &nbsp;&nbsp; 4101901 | 26419969 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 224435 | 2583693 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 146189 | $4033080 |
|  |  | 34426161 |
| **France — 11.4%** | **France — 11.4%** | **France — 11.4%** |
| Alstom SA<sup>(b)</sup> | &nbsp;&nbsp; 209619 | 6692794 |
| Amundi SA<sup>(c)</sup> | &nbsp;&nbsp; 10931 | 971865 |
| ArcelorMittal SA | &nbsp;&nbsp; 393216 | 21354781 |
| AXA SA | &nbsp;&nbsp; 368485 | 16802578 |
| BNP Paribas SA | &nbsp;&nbsp; 567907 | 61409157 |
| Bollore SE | &nbsp;&nbsp; 313101 | 1785121 |
| Bouygues SA | &nbsp;&nbsp; 111882 | 6047646 |
| Capgemini SE | &nbsp;&nbsp; 106165 | 16495711 |
| Carrefour SA | &nbsp;&nbsp; 516917 | 8466671 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 193802 | 19129315 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 255303 | 9480836 |
| Covivio SA/France | &nbsp;&nbsp; 10412 | 665180 |
| Credit Agricole SA | &nbsp;&nbsp; 542814 | 11755409 |
| Dassault Systemes SE | &nbsp;&nbsp; 120646 | 3318344 |
| Eiffage SA | &nbsp;&nbsp; 41284 | 6122719 |
| Engie SA | &nbsp;&nbsp; 626075 | 18692350 |
| Eurofins Scientific SE | &nbsp;&nbsp; 23496 | 1900661 |
| Ipsen SA | &nbsp;&nbsp; 13309 | 2174228 |
| Klepierre SA | &nbsp;&nbsp; 39534 | 1522983 |
| Orange SA | &nbsp;&nbsp; 767559 | 14268934 |
| Pernod Ricard SA | &nbsp;&nbsp; 64799 | 5794109 |
| Publicis Groupe SA | &nbsp;&nbsp; 76790 | 7675027 |
| Renault SA | &nbsp;&nbsp; 126175 | 4761764 |
| Rexel SA | &nbsp;&nbsp; 101908 | 4270512 |
| Sanofi SA | &nbsp;&nbsp; 455788 | 42991584 |
| Societe Generale SA | &nbsp;&nbsp; 371608 | 32563799 |
| Sodexo SA | &nbsp;&nbsp; 15280 | 780680 |
| STMicroelectronics NV | &nbsp;&nbsp; 480030 | 13555102 |
| TotalEnergies SE | &nbsp;&nbsp; 518715 | 37725461 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 23994 | 2652894 |
| Vinci SA | &nbsp;&nbsp; 184020 | 26459243 |
|  |  | 408287458 |
| **Germany — 10.2%** | **Germany — 10.2%** | **Germany — 10.2%** |
| BASF SE | &nbsp;&nbsp; 266372 | 14441079 |
| Bayer AG, Registered | &nbsp;&nbsp; 715058 | 37820593 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 189619 | 19527017 |
| Brenntag SE | &nbsp;&nbsp; 42659 | 2595359 |
| Commerzbank AG | &nbsp;&nbsp; 242991 | 9988068 |
| Continental AG | &nbsp;&nbsp; 42848 | 3371676 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 304159 | 14727054 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 756302 | 29844500 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 676528 | 6969230 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 357697 | 20005446 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 1051391 | 35282846 |
| E.ON SE | &nbsp;&nbsp; 397608 | 8433200 |
| Evonik Industries AG | &nbsp;&nbsp; 110908 | 1717955 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 110357 | 4968158 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 176650 | 9881402 |
| Heidelberg Materials AG | &nbsp;&nbsp; 35302 | 9668179 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 47882 | 3952616 |
| Infineon Technologies AG | &nbsp;&nbsp; 602852 | 29468906 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 444036 | 30347289 |
| Merck KGaA | &nbsp;&nbsp; 39436 | 5875675 |
| RWE AG | &nbsp;&nbsp; 222254 | 14113986 |
| Siemens AG, Registered | &nbsp;&nbsp; 167235 | 50560177 |
| Talanx AG<sup>(b)</sup> | &nbsp;&nbsp; 11388 | 1436376 |
|  |  | 364996787 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Intl Value Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong — 2.5%** | **Hong Kong — 2.5%** | **Hong Kong — 2.5%** |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 986000 | $5192264 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 551500 | 3230763 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 3110500 | 25080895 |
| CK Infrastructure Holdings Ltd., Class L | &nbsp;&nbsp; 174000 | 1429106 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 241000 | 958606 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 247000 | 2095763 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 166100 | 12105022 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 881000 | 3895622 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 333000 | 2582998 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 2888000 | 4346177 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 648000 | 2419744 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 697000 | 11193044 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 381500 | 3681433 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 6904500 | 8147969 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 475000 | 1649087 |
|  |  | 88008493 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| AIB Group PLC | &nbsp;&nbsp; 541747 | 6055719 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 316266 | 6425719 |
|  |  | 12481438 |
| **Israel — 1.6%** | **Israel — 1.6%** | **Israel — 1.6%** |
| Bank Hapoalim BM | &nbsp;&nbsp; 327042 | 8084946 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 418163 | 10052358 |
| Check Point Software Technologies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 25891 | 4647693 |
| ICL Group Ltd. | &nbsp;&nbsp; 216790 | 1177137 |
| Isracard Ltd. | &nbsp;&nbsp; 1 | 4 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 392254 | 4621286 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 35637 | 2787848 |
| Nice Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 35734 | 3779726 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 623399 | 21245438 |
|  |  | 56396436 |
| **Italy — 3.5%** | **Italy — 3.5%** | **Italy — 3.5%** |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 497173 | 5157572 |
| Banco BPM SpA | &nbsp;&nbsp; 317681 | 4761820 |
| BPER Banca SpA | &nbsp;&nbsp; 336460 | 4738511 |
| Buzzi SpA | &nbsp;&nbsp; 14150 | 805440 |
| Enel SpA | &nbsp;&nbsp; 1725576 | 19065108 |
| Eni SpA | &nbsp;&nbsp; 522636 | 10682213 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 3211346 | 22734348 |
| Nexi SpA<sup>(c)</sup> | &nbsp;&nbsp; 293462 | 1252925 |
| Stellantis NV | &nbsp;&nbsp; 1781585 | 17481706 |
| Telecom Italia SpA/Milano<sup>(b)</sup> | &nbsp;&nbsp; 3772996 | 2559347 |
| Tenaris SA, NVS | &nbsp;&nbsp; 89400 | 1985837 |
| UniCredit SpA | &nbsp;&nbsp; 384575 | 33514183 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 81242 | 1809402 |
|  |  | 126548412 |
| **Japan — 29.9%** | **Japan — 29.9%** | **Japan — 29.9%** |
| AGC, Inc. | &nbsp;&nbsp; 125700 | 4638264 |
| Aisin Corp. | &nbsp;&nbsp; 210200 | 3765733 |
| ANA Holdings, Inc. | &nbsp;&nbsp; 87700 | 1702688 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 814000 | 8521645 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 614000 | 5956418 |
| Astellas Pharma, Inc. | &nbsp;&nbsp; 481500 | 6697610 |
| Bridgestone Corp. | &nbsp;&nbsp; 359200 | 8087121 |
| Canon, Inc. | &nbsp;&nbsp; 804800 | 24497208 |
| Central Japan Railway Co. | &nbsp;&nbsp; 681500 | 19012532 |
| Chiba Bank Ltd.(The) | &nbsp;&nbsp; 150700 | 2040284 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp; 471300 | 6847331 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 237500 | 4261273 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 173300 | 3517543 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 197600 | 6733036 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp; 295000 | $2874593 |
| Denso Corp. | &nbsp;&nbsp; 604500 | 8387294 |
| East Japan Railway Co. | &nbsp;&nbsp; 320600 | 8048419 |
| ENEOS Holdings, Inc. | &nbsp;&nbsp; 753400 | 6367671 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 49400 | 3518891 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 862200 | 17222669 |
| Fujitsu Ltd. | &nbsp;&nbsp; 615900 | 17113263 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp; 122300 | 3414987 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp; 4500 | 1242816 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 2424500 | 24384487 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 272300 | 3244975 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 225400 | 1912578 |
| Inpex Corp. | &nbsp;&nbsp; 345500 | 7740657 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 235100 | 3787415 |
| ITOCHU Corp. | &nbsp;&nbsp; 2255400 | 28874921 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 83300 | 1573971 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 596500 | 10598255 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 809200 | 9736952 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 57600 | 1783991 |
| Japan Tobacco, Inc. | &nbsp;&nbsp; 295000 | 10661791 |
| JFE Holdings, Inc. | &nbsp;&nbsp; 498500 | 6711394 |
| Kajima Corp. | &nbsp;&nbsp; 166300 | 6784334 |
| Kansai Electric Power Co., Inc.(The) | &nbsp;&nbsp; 537500 | 8575774 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 264100 | 3816260 |
| KDDI Corp. | &nbsp;&nbsp; 958700 | 16186668 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 349600 | 5435316 |
| Komatsu Ltd. | &nbsp;&nbsp; 468400 | 17928098 |
| Kubota Corp. | &nbsp;&nbsp; 590700 | 9050504 |
| Kyocera Corp. | &nbsp;&nbsp; 1041300 | 15622421 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 63300 | 1027618 |
| LY Corp. | &nbsp;&nbsp; 927700 | 2375302 |
| Makita Corp. | &nbsp;&nbsp; 76200 | 2647610 |
| Marubeni Corp. | &nbsp;&nbsp; 809500 | 26833426 |
| Minebea Mitsumi, Inc. | &nbsp;&nbsp; 145200 | 2967443 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 839300 | 5541226 |
| Mitsubishi Corp. | &nbsp;&nbsp; 1318500 | 35027705 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 530500 | 16584433 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 300200 | 7650871 |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp; 226500 | 1976652 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 2214300 | 40101757 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 1258700 | 41115479 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 385500 | 4420491 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 334100 | 10472344 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp; 596270 | 25888795 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 318000 | 8101864 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 745300 | 15141179 |
| NEC Corp. | &nbsp;&nbsp; 432700 | 14668375 |
| Nidec Corp. | &nbsp;&nbsp; 230900 | 3302969 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp; 1945 | 1804153 |
| Nippon Steel Corp. | &nbsp;&nbsp; 3092700 | 12887443 |
| Nippon Yusen KK | &nbsp;&nbsp; 353900 | 11630875 |
| Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1583200 | 3858834 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 1065300 | 9654108 |
| NTT, Inc. | &nbsp;&nbsp; 12693000 | 12754932 |
| Obayashi Corp. | &nbsp;&nbsp; 247700 | 5591412 |
| ORIX Corp. | &nbsp;&nbsp; 361900 | 11029044 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 118800 | 4460068 |
| Otsuka Corp. | &nbsp;&nbsp; 58600 | 1161832 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 141200 | 8453415 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 976500 | 13388493 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 1582300 | 26306455 |
| Resona Holdings, Inc. | &nbsp;&nbsp; 408000 | 4757331 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Intl Value Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| SBI Holdings, Inc. | &nbsp;&nbsp; 123800 | $2799614 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 37700 | 4801208 |
| Secom Co. Ltd. | &nbsp;&nbsp; 98600 | 3612071 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 171000 | 3024542 |
| Sekisui House Ltd. | &nbsp;&nbsp; 224300 | 4998929 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 639700 | 9160886 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 54500 | 524716 |
| Shimadzu Corp. | &nbsp;&nbsp; 37200 | 1008198 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 283800 | 5843210 |
| Sompo Holdings, Inc. | &nbsp;&nbsp; 137300 | 4734723 |
| Subaru Corp. | &nbsp;&nbsp; 303600 | 6517733 |
| Sumitomo Corp. | &nbsp;&nbsp; 774100 | 31435498 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 200400 | 8773415 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 113500 | 6413700 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 919000 | 32340021 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp; 191500 | 6395868 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 49400 | 1564944 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 506100 | 6900708 |
| Taisei Corp. | &nbsp;&nbsp; 53500 | 5336523 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 498000 | 16951773 |
| TDK Corp. | &nbsp;&nbsp; 981500 | 12664518 |
| TIS, Inc. | &nbsp;&nbsp; 60600 | 1763370 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 104600 | 4640645 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 51900 | 554179 |
| Tokyu Corp. | &nbsp;&nbsp; 166100 | 1873401 |
| Toppan Holdings, Inc. | &nbsp;&nbsp; 140700 | 4346188 |
| Toray Industries, Inc. | &nbsp;&nbsp; 522600 | 3854807 |
| Toyota Industries Corp. | &nbsp;&nbsp; 77800 | 9954977 |
| Toyota Motor Corp. | &nbsp;&nbsp; 3407300 | 77228113 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 355000 | 12928824 |
| West Japan Railway Co. | &nbsp;&nbsp; 183800 | 3755850 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 376700 | 2844725 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 110800 | 3693946 |
| Yokohama Financial Group, Inc. | &nbsp;&nbsp; 258700 | 2356169 |
|  |  | 1068061977 |
| **Netherlands — 2.7%** | **Netherlands — 2.7%** | **Netherlands — 2.7%** |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 201564 | 7426271 |
| Aegon Ltd. | &nbsp;&nbsp; 543560 | 4269379 |
| AerCap Holdings NV | &nbsp;&nbsp; 119038 | 17100999 |
| ASR Nederland NV | &nbsp;&nbsp; 29336 | 2130692 |
| DSM-Firmenich AG | &nbsp;&nbsp; 30332 | 2391786 |
| Heineken Holding NV | &nbsp;&nbsp; 39366 | 2926038 |
| ING Groep NV | &nbsp;&nbsp; 833643 | 24584879 |
| JDE Peet's NV | &nbsp;&nbsp; 67237 | 2531280 |
| Koninklijke Ahold Delhaize NV, Class N | &nbsp;&nbsp; 334828 | 13091822 |
| Koninklijke Philips NV | &nbsp;&nbsp; 212987 | 6116094 |
| NN Group NV | &nbsp;&nbsp; 141090 | 11183809 |
| Randstad NV | &nbsp;&nbsp; 49068 | 1755973 |
|  |  | 95509022 |
| **Norway — 0.7%** | **Norway — 0.7%** | **Norway — 0.7%** |
| Aker BP ASA | &nbsp;&nbsp; 51169 | 1506307 |
| DNB Bank ASA | &nbsp;&nbsp; 189470 | 5432737 |
| Equinor ASA | &nbsp;&nbsp; 205937 | 5535279 |
| Mowi ASA | &nbsp;&nbsp; 143244 | 3302073 |
| Norsk Hydro ASA | &nbsp;&nbsp; 526452 | 4673777 |
| Orkla ASA | &nbsp;&nbsp; 164065 | 1952104 |
| Yara International ASA | &nbsp;&nbsp; 67921 | 3121836 |
|  |  | 25524113 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| EDP Renovaveis SA | &nbsp;&nbsp; 43715 | 664091 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Portugal (continued)** | **Portugal (continued)** | **Portugal (continued)** |
| EDP SA | &nbsp;&nbsp; 784315 | $4010551 |
|  |  | 4674642 |
| **Singapore — 1.1%** | **Singapore — 1.1%** | **Singapore — 1.1%** |
| Keppel Ltd. | &nbsp;&nbsp; 514800 | 4428733 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 602500 | 10055448 |
| Sembcorp Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 199000 | 942957 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 683800 | 3413540 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 1146000 | 4135559 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 257900 | 7772883 |
| Wilmar International Ltd. | &nbsp;&nbsp; 1544300 | 4123344 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 1451500 | 3812092 |
|  |  | 38684556 |
| **Spain — 4.1%** | **Spain — 4.1%** | **Spain — 4.1%** |
| Acciona SA | &nbsp;&nbsp; 4063 | 873203 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 46396 | 5205452 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 1525100 | 38712592 |
| Banco de Sabadell SA | &nbsp;&nbsp; 1608414 | 6309459 |
| Banco Santander SA | &nbsp;&nbsp; 4906967 | 62652462 |
| CaixaBank SA | &nbsp;&nbsp; 773623 | 10211959 |
| Grifols SA | &nbsp;&nbsp; 144041 | 1842866 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 682612 | 3915334 |
| Mapfre SA | &nbsp;&nbsp; 88850 | 406554 |
| Repsol SA | &nbsp;&nbsp; 587387 | 11572165 |
| Telefonica SA | &nbsp;&nbsp; 1123602 | 4548673 |
|  |  | 146250719 |
| **Sweden — 2.4%** | **Sweden — 2.4%** | **Sweden — 2.4%** |
| Boliden AB<sup>(b)</sup> | &nbsp;&nbsp; 73599 | 5153894 |
| Hexagon AB, Class B | &nbsp;&nbsp; 543278 | 6125480 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 8100 | 404922 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 20866 | 1044637 |
| Nordea Bank Abp | &nbsp;&nbsp; 563340 | 10883950 |
| Securitas AB, Class B | &nbsp;&nbsp; 208801 | 3452921 |
| Skanska AB, Class B | &nbsp;&nbsp; 135331 | 4110298 |
| SKF AB, Class B | &nbsp;&nbsp; 143767 | 3759032 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 293019 | 4619460 |
| Swedbank AB, Class A | &nbsp;&nbsp; 163129 | 6342498 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 1621782 | 17564163 |
| Telia Co. AB | &nbsp;&nbsp; 397279 | 1814953 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 49777 | 2014287 |
| Volvo AB, Class B | &nbsp;&nbsp; 541524 | 19677572 |
|  |  | 86968067 |
| **Switzerland — 3.9%** | **Switzerland — 3.9%** | **Switzerland — 3.9%** |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 874 | 1541751 |
| Novartis AG, Registered | &nbsp;&nbsp; 403431 | 59856966 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 149552 | 68007211 |
| Sandoz Group AG | &nbsp;&nbsp; 91659 | 7261760 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 8035 | 1895758 |
|  |  | 138563446 |
| **United Kingdom — 15.5%** | **United Kingdom — 15.5%** | **United Kingdom — 15.5%** |
| 3i Group PLC | &nbsp;&nbsp; 322872 | 14832455 |
| Associated British Foods PLC | &nbsp;&nbsp; 156484 | 4089600 |
| Aviva PLC | &nbsp;&nbsp; 387737 | 3380233 |
| Barclays PLC | &nbsp;&nbsp; 6341808 | 42325661 |
| Barratt Redrow PLC | &nbsp;&nbsp; 504134 | 2684378 |
| BP PLC | &nbsp;&nbsp; 2600898 | 16491140 |
| British American Tobacco PLC | &nbsp;&nbsp; 1223540 | 73918468 |
| BT Group PLC | &nbsp;&nbsp; 3248653 | 8539150 |
| Centrica PLC | &nbsp;&nbsp; 1724889 | 4516640 |
| DCC PLC | &nbsp;&nbsp; 51207 | 3245981 |
| Endeavour Mining PLC | &nbsp;&nbsp; 36206 | 2060781 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Intl Value Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Glencore PLC | &nbsp;&nbsp; 2753443 | $18771196 |
| GSK PLC | &nbsp;&nbsp; 1394963 | 36076059 |
| Haleon PLC | &nbsp;&nbsp; 1647488 | 8616196 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 61778 | 1295878 |
| HSBC Holdings PLC | &nbsp;&nbsp; 4528443 | 79885927 |
| Imperial Brands PLC | &nbsp;&nbsp; 378608 | 15946130 |
| Informa PLC | &nbsp;&nbsp; 336846 | 4064996 |
| J Sainsbury PLC | &nbsp;&nbsp; 992004 | 4346676 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 799819 | 895099 |
| Kingfisher PLC | &nbsp;&nbsp; 684579 | 3154808 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 15941069 | 23803269 |
| M&G PLC | &nbsp;&nbsp; 509432 | 2159608 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 543118 | 2723846 |
| National Grid PLC | &nbsp;&nbsp; 667393 | 11338707 |
| NatWest Group PLC, NVS | &nbsp;&nbsp; 2510265 | 22880517 |
| Pearson PLC | &nbsp;&nbsp; 127805 | 1681013 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 104798 | 1062199 |
| Rio Tinto PLC | &nbsp;&nbsp; 336605 | 30709922 |
| Shell PLC | &nbsp;&nbsp; 1148061 | 44130887 |
| Smith & Nephew PLC | &nbsp;&nbsp; 212677 | 3624710 |
| SSE PLC | &nbsp;&nbsp; 239603 | 7963794 |
| Standard Chartered PLC | &nbsp;&nbsp; 745363 | 19071179 |
| Tesco PLC | &nbsp;&nbsp; 1968817 | 11456153 |
| Vodafone Group PLC | &nbsp;&nbsp; 15981581 | 23536501 |
|  |  | 555279757 |
| **Total Common Stocks — 98.3%** <br>**(Cost: $2,434,422,548)** | **Total Common Stocks — 98.3%** <br>**(Cost: $2,434,422,548)** | 3516032777 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 1.2%** | **Germany — 1.2%** | **Germany — 1.2%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 39354 | 4059187 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 69965 | 6146558 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 149758 | 6407464 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 200675 | 24342885 |
|  |  | 40956094 |
| **Total Preferred Stocks — 1.2%** <br>**(Cost: $40,934,962)** | **Total Preferred Stocks — 1.2%** <br>**(Cost: $40,934,962)** | 40956094 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Rights** | **Rights** | **Rights** |
| **Spain — 0.0%** | **Spain — 0.0%** | **Spain — 0.0%** |
| ACS Actividades de Construccion y Servicios SA, <br> (Expires 02/19/26)<sup>(b)</sup><br>| &nbsp;&nbsp; 45429 | $24986 |
| **Total Rights — 0.0%** <br>**(Cost: $24,331)** | **Total Rights — 0.0%** <br>**(Cost: $24,331)** | 24986 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $2,475,381,841)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $2,475,381,841)** | 3557013857 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.82%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 3553720 | 3555496 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 1070000 | 1070000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $4,625,040)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $4,625,040)** | 4625496 |
| **Total Investments — 99.6%** <br>**(Cost: $2,480,006,881)** | **Total Investments — 99.6%** <br>**(Cost: $2,480,006,881)** | 3561639353 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | 13791254 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3575430607 |

---

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

<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Intl Value Factor ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 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>*07/31/25*<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>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<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>| $6705484 | $— | &nbsp;&nbsp; $(3150760 )<sup>(a)</sup><br>| $446 | $326 | $3555496 | 3553720 | $25677 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 880000 | 190000 <br><sup>(a)</sup><br>|  |  |  | 1070000 | 1070000 | 22292 |  |
|  |  |  |  | $446 | $326 | $4625496 |  | $47969 | $— |

---

&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 | 26 | 03/12/26 | &nbsp;&nbsp; $6011 | $308071 |
| Euro STOXX 50 | 84 | 03/20/26 | &nbsp;&nbsp; 5925 | 147742 |
| FTSE 100 Index | 42 | 03/20/26 | &nbsp;&nbsp; 5872 | 230535 |
|  |  |  |  | $686348 |

---

**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; $686348 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $686348 |

---

&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 January 31, 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; $1870288 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1870288 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $452562 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $452562 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Intl Value Factor ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $19429082 |

---

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; $166152992 | &nbsp;&nbsp; $3349879785 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3516032777 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 40956094 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40956094 |
| Rights | &nbsp;&nbsp; 24986 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24986 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 4625496 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4625496 |
|  | &nbsp;&nbsp; $170803474 | &nbsp;&nbsp; $3390835879 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3561639353 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $147742 | &nbsp;&nbsp; $538606 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $686348 |

---

&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)

January 31, 2026

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Intl <br> Momentum Factor <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Intl Quality <br> Factor ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Intl Value <br> Factor ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $3713750275 | $12343493254 | $3557013857 |
| Investments, at value—affiliated<sup>(c)</sup> | 9630460 | 35064044 | 4625496 |
| Cash |  | 4580 | 562 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 822976 | 6551202 | 1082478 |
| Foreign currency, at value<sup>(e)</sup> | 5426224 | 33800969 | 10625910 |
| Receivables: |  |  |  |
| Investments sold | 2912999 | 59974184 |  |
| Securities lending income—affiliated | 2400 | 9805 | 2051 |
| Capital shares sold |  |  | 1492258 |
| Dividends—unaffiliated | 2300346 | 4755058 | 3110542 |
| Dividends—affiliated | 2617 | 7289 | 2865 |
| Tax reclaims | 3269116 | 37796230 | 2918217 |
| Variation margin on futures contracts | 117352 | 549697 | 155048 |
| Total assets | 3738234765 | 12522006312 | 3581029284 |
| **LIABILITIES** |  |  |  |
| Bank overdraft | 38807 |  |  |
| Collateral on securities loaned, at value | 8698851 | 31623553 | 3555704 |
| Payables: |  |  |  |
| Investments purchased |  | 43370847 | 1181443 |
| Capital shares redeemed |  | 5855603 |  |
| Investment advisory fees | 941120 | 3563658 | 852013 |
| Professional fees | 21121 | 4386 | 9517 |
| Total liabilities | 9699899 | 84418047 | 5598677 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $3728534866 | $12437588265 | $3575430607 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $2680287274 | $9227165554 | $2581439079 |
| Accumulated earnings | 1048247592 | 3210422711 | 993991528 |
| NET ASSETS | $3728534866 | $12437588265 | $3575430607 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 73500000 | 260800000 | 88400000 |
| Net asset value | $50.73 | $47.69 | $40.45 |
| Shares authorized | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $2699569680 | $9704603958 | $2475381841 |
| <sup>(b)</sup> Securities loaned, at value | $7981842 | $30332477 | $3353927 |
| <sup>(c)</sup> Investments, at cost—affiliated | $9630460 | $35064044 | $4625040 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $810376 | $6413226 | $1070660 |
| <sup>(e)</sup> Foreign currency, at cost | $5347362 | $33405487 | $10486074 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended January 31, 2026

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>MSCI Intl <br> Momentum <br> Factor ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Intl Quality <br> Factor ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Intl <br> Value Factor <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $31429759 | &nbsp;&nbsp;&nbsp; $114786709 | &nbsp;&nbsp;&nbsp; $33931839 |
| Dividends—affiliated | &nbsp;&nbsp; 31104 | &nbsp;&nbsp;&nbsp; 63634 | &nbsp;&nbsp;&nbsp; 22292 |
| Interest—unaffiliated | &nbsp;&nbsp; 10954 | &nbsp;&nbsp;&nbsp; 76131 | &nbsp;&nbsp;&nbsp; 16310 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 16947 | &nbsp;&nbsp;&nbsp; 41243 | &nbsp;&nbsp;&nbsp; 25677 |
| Other income—unaffiliated | &nbsp;&nbsp; 2796 | &nbsp;&nbsp;&nbsp; 44645 | &nbsp;&nbsp;&nbsp; 612 |
| Foreign taxes withheld | &nbsp;&nbsp; (2723285)<br>| &nbsp;&nbsp;&nbsp; (7093729)<br>| &nbsp;&nbsp;&nbsp; (2471187)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 42766 | &nbsp;&nbsp;&nbsp; 430398 | &nbsp;&nbsp;&nbsp; 9284 |
| Total investment income | &nbsp;&nbsp; 28811041 | &nbsp;&nbsp;&nbsp; 108349031 | &nbsp;&nbsp;&nbsp; 31534827 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 5169316 | &nbsp;&nbsp;&nbsp; 19764013 | &nbsp;&nbsp;&nbsp; 4295378 |
| Professional | &nbsp;&nbsp; 13157 | &nbsp;&nbsp;&nbsp; 56111 | &nbsp;&nbsp;&nbsp; 9590 |
| Interest expense | &nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34 |
| Total expenses | &nbsp;&nbsp; 5182803 | &nbsp;&nbsp;&nbsp; 19820124 | &nbsp;&nbsp;&nbsp; 4305002 |
| Net investment income | &nbsp;&nbsp; 23628238 | &nbsp;&nbsp;&nbsp; 88528907 | &nbsp;&nbsp;&nbsp; 27229825 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 45501012 | &nbsp;&nbsp;&nbsp; (27904428)<br>| &nbsp;&nbsp;&nbsp; 1932774 |
| Investments—affiliated | &nbsp;&nbsp; 1609 | &nbsp;&nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp; 446 |
| Foreign currency transactions | &nbsp;&nbsp; 499313 | &nbsp;&nbsp;&nbsp; (405519)<br>| &nbsp;&nbsp;&nbsp; (604242)<br>|
| Futures contracts | &nbsp;&nbsp; 1623348 | &nbsp;&nbsp;&nbsp; 7099055 | &nbsp;&nbsp;&nbsp; 1870288 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 18310862 | &nbsp;&nbsp;&nbsp; 995099635 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 65936144 | &nbsp;&nbsp;&nbsp; 973889234 | &nbsp;&nbsp;&nbsp; 3199266 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 467935274 | &nbsp;&nbsp;&nbsp; 907183633 | &nbsp;&nbsp;&nbsp; 628085881 |
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 326 |
| Foreign currency translations | &nbsp;&nbsp; 418062 | &nbsp;&nbsp;&nbsp; 3183678 | &nbsp;&nbsp;&nbsp; 784425 |
| Futures contracts | &nbsp;&nbsp; 156627 | &nbsp;&nbsp;&nbsp; 767846 | &nbsp;&nbsp;&nbsp; 452562 |
|  | &nbsp;&nbsp; 468509963 | &nbsp;&nbsp;&nbsp; 911135157 | &nbsp;&nbsp;&nbsp; 629323194 |
| Net realized and unrealized gain | &nbsp;&nbsp; 534446107 | &nbsp;&nbsp;&nbsp; 1885024391 | &nbsp;&nbsp;&nbsp; 632522460 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $558074345 | &nbsp;&nbsp;&nbsp; $1973553298 | &nbsp;&nbsp;&nbsp; $659752285 |
| <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 Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Intl Momentum Factor ETF  | iShares <br>MSCI Intl Momentum Factor ETF  | iShares <br>MSCI Intl Quality Factor ETF  | iShares <br>MSCI Intl Quality Factor ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $23628238 | &nbsp;&nbsp;&nbsp; $58983876 | &nbsp;&nbsp;&nbsp; $88528907 | &nbsp;&nbsp;&nbsp; $231795052 |
| Net realized gain (loss) | &nbsp;&nbsp; 65936144 | &nbsp;&nbsp;&nbsp; 230121016 | &nbsp;&nbsp;&nbsp; 973889234 | &nbsp;&nbsp;&nbsp; (31109195)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 468509963 | &nbsp;&nbsp;&nbsp; 103136981 | &nbsp;&nbsp;&nbsp; 911135157 | &nbsp;&nbsp;&nbsp; 451918053 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 558074345 | &nbsp;&nbsp;&nbsp; 392241873 | &nbsp;&nbsp;&nbsp; 1973553298 | &nbsp;&nbsp;&nbsp; 652603910 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (124803675 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (70358159)<br>| &nbsp;&nbsp;&nbsp; (133017368 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (255920278)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 229978582 | &nbsp;&nbsp;&nbsp; 502752451 | &nbsp;&nbsp;&nbsp; (1048782632)<br>| &nbsp;&nbsp;&nbsp; 3165152419 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 663249252 | &nbsp;&nbsp;&nbsp; 824636165 | &nbsp;&nbsp;&nbsp; 791753298 | &nbsp;&nbsp;&nbsp; 3561836051 |
| Beginning of period | &nbsp;&nbsp; 3065285614 | &nbsp;&nbsp;&nbsp; 2240649449 | &nbsp;&nbsp;&nbsp; 11645834967 | &nbsp;&nbsp;&nbsp; 8083998916 |
| End of period | &nbsp;&nbsp; $3728534866 | &nbsp;&nbsp;&nbsp; $3065285614 | &nbsp;&nbsp;&nbsp; $12437588265 | &nbsp;&nbsp;&nbsp; $11645834967 |

---

&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 Intl Value Factor ETF  | iShares <br>MSCI Intl Value Factor ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $27229825 | &nbsp;&nbsp;&nbsp; $75302242 |
| Net realized gain | &nbsp;&nbsp; 3199266 | &nbsp;&nbsp;&nbsp; 65683850 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 629323194 | &nbsp;&nbsp;&nbsp; 219112236 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 659752285 | &nbsp;&nbsp;&nbsp; 360098328 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (55969849 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (84669435)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 624944426 | &nbsp;&nbsp;&nbsp; 279921180 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 1228726862 | &nbsp;&nbsp;&nbsp; 555350073 |
| Beginning of period | &nbsp;&nbsp; 2346703745 | &nbsp;&nbsp;&nbsp; 1791353672 |
| End of period | &nbsp;&nbsp; $3575430607 | &nbsp;&nbsp;&nbsp; $2346703745 |

---

&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 Intl Momentum Factor ETF  | iShares MSCI Intl Momentum Factor ETF  | iShares MSCI Intl Momentum Factor ETF  | iShares MSCI Intl Momentum Factor ETF  | iShares MSCI Intl Momentum Factor ETF  | iShares MSCI Intl Momentum Factor ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $44.68 | &nbsp;&nbsp;&nbsp; $39.52 | &nbsp;&nbsp;&nbsp; $33.73 | &nbsp;&nbsp;&nbsp; $30.84 | &nbsp;&nbsp;&nbsp; $39.06 | &nbsp;&nbsp;&nbsp; $32.99 |
| Net investment income<sup>(a)</sup> | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 7.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp; (6.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.09 |
| Net increase (decrease) from investment operations | 7.77 | &nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp; (6.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.52 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.60 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>|
| From net realized gain | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $50.73 | &nbsp;&nbsp;&nbsp; $44.68 | &nbsp;&nbsp;&nbsp; $39.52 | &nbsp;&nbsp;&nbsp; $33.73 | &nbsp;&nbsp;&nbsp; $30.84 | &nbsp;&nbsp;&nbsp; $39.06 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 17.66 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.16 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.98 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.09 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (16.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.80<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.30 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | 1.37 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3728535 | &nbsp;&nbsp;&nbsp; $3065286 | &nbsp;&nbsp;&nbsp; $2240649 | &nbsp;&nbsp;&nbsp; $1517834 | &nbsp;&nbsp;&nbsp; $823407 | &nbsp;&nbsp;&nbsp; $831917 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 109<br> %<br>| &nbsp;&nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>| &nbsp;&nbsp;&nbsp; 100<br> %<br>| &nbsp;&nbsp;&nbsp; 104<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 July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.01 $0.01 and $0.00.<br> • Total return by 0.02%, 0.03% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.03% and 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 years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.01 $0.01 and $0.00.<br> • Total return by 0.02%, 0.03% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.03% and 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 years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.01 $0.01 and $0.00.<br> • Total return by 0.02%, 0.03% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.03% and 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 years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.01 $0.01 and $0.00.<br> • Total return by 0.02%, 0.03% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.03% and 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 years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.01 $0.01 and $0.00.<br> • Total return by 0.02%, 0.03% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.03% and 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 years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.01 $0.01 and $0.00.<br> • Total return by 0.02%, 0.03% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.03% and 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 years ended July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.01 $0.01 and $0.00.<br> • Total return by 0.02%, 0.03% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.03% and 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.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Intl Quality Factor ETF  | iShares MSCI Intl Quality Factor ETF  | iShares MSCI Intl Quality Factor ETF  | iShares MSCI Intl Quality Factor ETF  | iShares MSCI Intl Quality Factor ETF  | iShares MSCI Intl Quality Factor ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $41.44 | &nbsp;&nbsp;&nbsp; $39.55 | &nbsp;&nbsp;&nbsp; $36.41 | &nbsp;&nbsp;&nbsp; $32.80 | &nbsp;&nbsp;&nbsp; $39.29 | &nbsp;&nbsp;&nbsp; $30.32 |
| Net investment income<sup>(a)</sup> | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp; (6.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.90 |
| Net increase (decrease) from investment operations | 6.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp; (5.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.68 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.45 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $47.69 | &nbsp;&nbsp;&nbsp; $41.44 | &nbsp;&nbsp;&nbsp; $39.55 | &nbsp;&nbsp;&nbsp; $36.41 | &nbsp;&nbsp;&nbsp; $32.80 | &nbsp;&nbsp;&nbsp; $39.29 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 16.22 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.48 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.54<br> %<br>| &nbsp;&nbsp;&nbsp; (13.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.03<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.30 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | 1.34 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $12437588 | &nbsp;&nbsp;&nbsp; $11645835 | &nbsp;&nbsp;&nbsp; $8083999 | &nbsp;&nbsp;&nbsp; $6873637 | &nbsp;&nbsp;&nbsp; $4021877 | &nbsp;&nbsp;&nbsp; $3744470 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 37<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 July 31, 2025 and <br> July 31, 2024 respectively:<br> • Net investment income per share by $0.01 and $0.01.<br> • Total return by 0.03% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.03%. | <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 July 31, 2025 and <br> July 31, 2024 respectively:<br> • Net investment income per share by $0.01 and $0.01.<br> • Total return by 0.03% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.03%. | <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 July 31, 2025 and <br> July 31, 2024 respectively:<br> • Net investment income per share by $0.01 and $0.01.<br> • Total return by 0.03% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.03%. | <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 July 31, 2025 and <br> July 31, 2024 respectively:<br> • Net investment income per share by $0.01 and $0.01.<br> • Total return by 0.03% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.03%. | <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 July 31, 2025 and <br> July 31, 2024 respectively:<br> • Net investment income per share by $0.01 and $0.01.<br> • Total return by 0.03% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.03%. | <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 July 31, 2025 and <br> July 31, 2024 respectively:<br> • Net investment income per share by $0.01 and $0.01.<br> • Total return by 0.03% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.03%. | <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 July 31, 2025 and <br> July 31, 2024 respectively:<br> • Net investment income per share by $0.01 and $0.01.<br> • Total return by 0.03% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.04% and 0.03%. |
| <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;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Intl Value Factor ETF  | iShares MSCI Intl Value Factor ETF  | iShares MSCI Intl Value Factor ETF  | iShares MSCI Intl Value Factor ETF  | iShares MSCI Intl Value Factor ETF  | iShares MSCI Intl Value Factor ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $32.73 | &nbsp;&nbsp;&nbsp; $28.57 | &nbsp;&nbsp;&nbsp; $26.41 | &nbsp;&nbsp;&nbsp; $22.63 | &nbsp;&nbsp;&nbsp; $25.69 | &nbsp;&nbsp;&nbsp; $19.05 |
| Net investment income<sup>(a)</sup> | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 8.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.44 |
| Net increase (decrease) from investment operations | 8.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.20 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.69 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $40.45 | &nbsp;&nbsp;&nbsp; $32.73 | &nbsp;&nbsp;&nbsp; $28.57 | &nbsp;&nbsp;&nbsp; $26.41 | &nbsp;&nbsp;&nbsp; $22.63 | &nbsp;&nbsp;&nbsp; $25.69 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 25.86 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.49 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.34 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.19 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (8.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.95<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.30 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.30 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.90 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.72 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.24 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3575431 | &nbsp;&nbsp;&nbsp; $2346704 | &nbsp;&nbsp;&nbsp; $1791354 | &nbsp;&nbsp;&nbsp; $1751073 | &nbsp;&nbsp;&nbsp; $1407888 | &nbsp;&nbsp;&nbsp; $1125168 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 24<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 July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.00 and $0.01.<br> • Total return by 0.11%, 0.02% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.02% and 0.03%. | <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 July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.00 and $0.01.<br> • Total return by 0.11%, 0.02% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.02% and 0.03%. | <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 July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.00 and $0.01.<br> • Total return by 0.11%, 0.02% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.02% and 0.03%. | <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 July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.00 and $0.01.<br> • Total return by 0.11%, 0.02% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.02% and 0.03%. | <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 July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.00 and $0.01.<br> • Total return by 0.11%, 0.02% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.02% and 0.03%. | <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 July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.00 and $0.01.<br> • Total return by 0.11%, 0.02% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.02% and 0.03%. | <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 July 31, 2025, July 31, <br> 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.03, $0.00 and $0.01.<br> • Total return by 0.11%, 0.02% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.11%, 0.02% and 0.03%. |
| <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 Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| MSCI Intl Momentum Factor | &nbsp;&nbsp; Diversified |
| MSCI Intl Quality Factor | &nbsp;&nbsp; Diversified |
| MSCI Intl Value Factor | &nbsp;&nbsp; Diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

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

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 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 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange ("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***

**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 Intl Momentum Factor |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $978159 | &nbsp;&nbsp;&nbsp; $(978159) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. | &nbsp;&nbsp; 6124222 | &nbsp;&nbsp;&nbsp; (6124222) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 879461 | &nbsp;&nbsp;&nbsp; (879461) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $7981842 | &nbsp;&nbsp;&nbsp; $(7981842) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Intl Quality Factor |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $18058706 | &nbsp;&nbsp;&nbsp; $(18058706) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. | &nbsp;&nbsp; 7814352 | &nbsp;&nbsp;&nbsp; (7814352) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 4459419 | &nbsp;&nbsp;&nbsp; (4459419) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $30332477 | &nbsp;&nbsp;&nbsp; $(30332477) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Intl Value Factor |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $458685 | &nbsp;&nbsp;&nbsp; $(458685) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| HSBC Bank PLC | &nbsp;&nbsp; 21936 | &nbsp;&nbsp;&nbsp; (21936) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 2873306 | &nbsp;&nbsp;&nbsp; (2873306) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $3353927 | &nbsp;&nbsp;&nbsp; $(3353927) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

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

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

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

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

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

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.30%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each 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 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 securities lending agreement effective as of January 1, 2026, 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.

Notes to Financial Statements

------

*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 January 31, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Intl Momentum Factor | &nbsp;&nbsp; $4892 |
| MSCI Intl Quality Factor | &nbsp;&nbsp; 13384 |
| MSCI Intl Value Factor | &nbsp;&nbsp; 7284 |

---

**Trustees and Officers:** Certain trustees 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 January 31, 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 Intl Momentum Factor | &nbsp;&nbsp; $302886684 | &nbsp;&nbsp;&nbsp; $397259582 | &nbsp;&nbsp;&nbsp; $6332287 |
| MSCI Intl Quality Factor | &nbsp;&nbsp; 291703439 | &nbsp;&nbsp;&nbsp; 178596598 | &nbsp;&nbsp;&nbsp; (26072659) |
| MSCI Intl Value Factor | &nbsp;&nbsp; 100566299 | &nbsp;&nbsp;&nbsp; 68832730 | &nbsp;&nbsp;&nbsp; 2502685 |

---

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 January 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Intl Momentum Factor | &nbsp;&nbsp; $1226354378 | &nbsp;&nbsp;&nbsp; $1248809601 |
| MSCI Intl Quality Factor | &nbsp;&nbsp; 996692591 | &nbsp;&nbsp;&nbsp; 904212472 |
| MSCI Intl Value Factor | &nbsp;&nbsp; 302445822 | &nbsp;&nbsp;&nbsp; 265662993 |

---

For the six months ended January 31, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Intl Momentum Factor | &nbsp;&nbsp; $201386120 | &nbsp;&nbsp;&nbsp; $45585928 |
| MSCI Intl Quality Factor | &nbsp;&nbsp; 1321423637 | &nbsp;&nbsp;&nbsp; 2493358225 |
| MSCI Intl Value Factor | &nbsp;&nbsp; 560715673 | &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 January 31, 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.

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

As of July 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 Intl Quality Factor | &nbsp;&nbsp; $(338685244)<br>|
| MSCI Intl Value Factor | &nbsp;&nbsp; (31228461)<br>|

---

As of January 31, 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 Intl Momentum Factor | &nbsp;&nbsp; $2721541739 | &nbsp;&nbsp;&nbsp; $1053972965 | &nbsp;&nbsp;&nbsp; $(51780744) | &nbsp;&nbsp;&nbsp; $1002192221 |
| MSCI Intl Quality Factor | &nbsp;&nbsp; 9805049530 | &nbsp;&nbsp;&nbsp; 2889422646 | &nbsp;&nbsp;&nbsp; (313979045) | &nbsp;&nbsp;&nbsp; 2575443601 |
| MSCI Intl Value Factor | &nbsp;&nbsp; 2527092953 | &nbsp;&nbsp;&nbsp; 1106151581 | &nbsp;&nbsp;&nbsp; (70918833) | &nbsp;&nbsp;&nbsp; 1035232748 |

---

***9. PRINCIPAL RISKS***

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

Notes to Financial Statements

------

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

the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. 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 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.

***10. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>01/31/26 | Six Months Ended <br>01/31/26 | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Intl Momentum Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 5800000 | &nbsp;&nbsp;&nbsp; $275829572 | &nbsp;&nbsp;&nbsp; 13800000 | &nbsp;&nbsp;&nbsp; $575329914 |
| Shares redeemed | &nbsp;&nbsp; (900000)<br>| &nbsp;&nbsp;&nbsp; (45850990)<br>| &nbsp;&nbsp;&nbsp; (1900000)<br>| &nbsp;&nbsp;&nbsp; (72577463)<br>|
|  | &nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp; $229978582 | &nbsp;&nbsp;&nbsp; 11900000 | &nbsp;&nbsp;&nbsp; $502752451 |
| MSCI Intl Quality Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 33100000 | &nbsp;&nbsp;&nbsp; $1455189801 | &nbsp;&nbsp;&nbsp; 80600000 | &nbsp;&nbsp;&nbsp; $3319940552 |
| Shares redeemed | &nbsp;&nbsp; (53300000)<br>| &nbsp;&nbsp;&nbsp; (2503972433)<br>| &nbsp;&nbsp;&nbsp; (4000000)<br>| &nbsp;&nbsp;&nbsp; (154788133)<br>|
|  | &nbsp;&nbsp; (20200000)<br>| &nbsp;&nbsp;&nbsp; $(1048782632)<br>| &nbsp;&nbsp;&nbsp; 76600000 | &nbsp;&nbsp;&nbsp; $3165152419 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 01/31/26 | Six Months Ended<br> 01/31/26 | Year Ended<br> 07/31/25 | Year Ended<br> 07/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Intl Value Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 16700000 | &nbsp;&nbsp;&nbsp; $624944426 | &nbsp;&nbsp;&nbsp; 11200000 | &nbsp;&nbsp;&nbsp; $344402606 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2200000)<br>| &nbsp;&nbsp;&nbsp; (64481426)<br>|
|  | &nbsp;&nbsp; 16700000 | &nbsp;&nbsp;&nbsp; $624944426 | &nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp; $279921180 |

---

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.

***11. FOREIGN WITHHOLDING TAX CLAIMS***

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF and iShares MSCI Intl Value Factor ETF are 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.

***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 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 Trust'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 |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |

---

Glossary of Terms Used in this Report

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**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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------

January 31, 2026

![](g110648imgd126e4c01.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 Trust** |
| • iShares Low Carbon Optimized MSCI ACWI ETF \| CRBN \| NYSE Arca |
| • iShares MSCI ACWI ETF \| ACWI \| NASDAQ |
| • iShares MSCI Kokusai ETF \| TOK \| NYSE Arca |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_6ba75a9e-f624-43a9-bbed-8fb98e1e9ab5_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_6ba75a9e-f624-43a9-bbed-8fb98e1e9ab5_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 50 |
| [Statements of Operations](#xx_6ba75a9e-f624-43a9-bbed-8fb98e1e9ab5_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 51 |
| [Statements of Changes in Net Assets](#xx_6ba75a9e-f624-43a9-bbed-8fb98e1e9ab5_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 52 |
| [Financial Highlights](#xx_6ba75a9e-f624-43a9-bbed-8fb98e1e9ab5_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 54 |
| [Notes to Financial Statements](#xx_6ba75a9e-f624-43a9-bbed-8fb98e1e9ab5_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 57 |
| [Additional Information](#xx_6ba75a9e-f624-43a9-bbed-8fb98e1e9ab5_SAI-Footer-iSharesReport-181_1)  | &nbsp;&nbsp; 67 |
| [Glossary of Terms Used in these Financial Statements](#xx_6ba75a9e-f624-43a9-bbed-8fb98e1e9ab5_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 68 |

---

------

Schedule of Investments (unaudited)

January 31, 2026

**iShares® Low Carbon Optimized MSCI ACWI 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 — 1.3%** | **Australia — 1.3%** | **Australia — 1.3%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 40681 | $1034938 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 11705 | 434837 |
| ASX Ltd. | &nbsp;&nbsp; 2351 | 93580 |
| Brambles Ltd. | &nbsp;&nbsp; 53747 | 834299 |
| CAR Group Ltd. | &nbsp;&nbsp; 10601 | 202849 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 15611 | 1616064 |
| Computershare Ltd. | &nbsp;&nbsp; 26892 | 610732 |
| CSL Ltd. | &nbsp;&nbsp; 6492 | 818056 |
| Goodman Group | &nbsp;&nbsp; 45279 | 961892 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 2935 | 430740 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 28093 | 843897 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 23511 | 432210 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 1216 | 155457 |
| Scentre Group | &nbsp;&nbsp; 310142 | 878933 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 102209 | 219018 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 19789 | 316462 |
| Stockland | &nbsp;&nbsp; 13280 | 49689 |
| Telstra Group Ltd. | &nbsp;&nbsp; 190997 | 648873 |
| Transurban Group | &nbsp;&nbsp; 153422 | 1484016 |
| Vicinity Ltd. | &nbsp;&nbsp; 201895 | 344442 |
| Westpac Banking Corp. | &nbsp;&nbsp; 38867 | 1044321 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 2127 | 85222 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3297 | 214870 |
|  |  | 13755397 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 6473 | 326274 |
| Verbund AG | &nbsp;&nbsp; 10559 | 774772 |
|  |  | 1101046 |
| **Belgium — 0.3%** | **Belgium — 0.3%** | **Belgium — 0.3%** |
| Ageas SA | &nbsp;&nbsp; 7036 | 499770 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 3307 | 238048 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 437 | 367504 |
| Elia Group SA, Class B | &nbsp;&nbsp; 3935 | 569712 |
| Sofina SA | &nbsp;&nbsp; 1754 | 511136 |
| UCB SA | &nbsp;&nbsp; 1499 | 456783 |
|  |  | 2642953 |
| **Brazil — 0.4%** | **Brazil — 0.4%** | **Brazil — 0.4%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 37139 | 113970 |
| Banco Bradesco SA | &nbsp;&nbsp; 98755 | 343773 |
| Banco do Brasil SA | &nbsp;&nbsp; 167755 | 803911 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 79103 | 560797 |
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 55504 | 182561 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 40773 | 253882 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 92953 | 296023 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 41958 | 744755 |
| Raia Drogasil SA | &nbsp;&nbsp; 11031 | 51353 |
| Rede D'Or Sao Luiz SA<sup>(b)</sup> | &nbsp;&nbsp; 32736 | 263679 |
| Telefonica Brasil SA | &nbsp;&nbsp; 42336 | 300702 |
| TIM SA/Brazil | &nbsp;&nbsp; 17424 | 81181 |
| TOTVS SA | &nbsp;&nbsp; 20576 | 174257 |
| XP, Inc., Class A | &nbsp;&nbsp; 3721 | 72597 |
|  |  | 4243441 |
| **Canada — 3.4%** | **Canada — 3.4%** | **Canada — 3.4%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 9910 | 1883821 |
| Alamos Gold, Inc., Class A | &nbsp;&nbsp; 26400 | 978331 |
| AtkinsRealis Group, Inc. | &nbsp;&nbsp; 3078 | 216013 |
| Bank of Montreal | &nbsp;&nbsp; 5766 | 784962 |
| Bank of Nova Scotia(The) | &nbsp;&nbsp; 10267 | 767584 |
| BCE, Inc. | &nbsp;&nbsp; 15660 | 404826 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 15065 | $627427 |
| CAE, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 33181 | 1063430 |
| Cameco Corp. | &nbsp;&nbsp; 2545 | 314768 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 5505 | 508757 |
| Canadian National Railway Co. | &nbsp;&nbsp; 6826 | 656657 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 8683 | 645462 |
| Celestica, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 329 | 92450 |
| CGI, Inc. | &nbsp;&nbsp; 1500 | 128557 |
| Constellation Software, Inc. | &nbsp;&nbsp; 215 | 396788 |
| Dollarama, Inc. | &nbsp;&nbsp; 7972 | 1074330 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 32915 | 833964 |
| Enbridge, Inc. | &nbsp;&nbsp; 39744 | 1940134 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 129 | 212889 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7541 | 213163 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 7971 | 1865881 |
| Hydro One Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 47124 | 1862949 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 146284 | 1849969 |
| Manulife Financial Corp. | &nbsp;&nbsp; 26357 | 1004030 |
| Open Text Corp. | &nbsp;&nbsp; 2536 | 64776 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 16026 | 665921 |
| Power Corp. of Canada | &nbsp;&nbsp; 12394 | 625047 |
| RB Global, Inc. | &nbsp;&nbsp; 3171 | 359938 |
| Restaurant Brands International, Inc. | &nbsp;&nbsp; 5133 | 343909 |
| Rogers Communications, Inc., Class B, NVS | &nbsp;&nbsp; 19982 | 754287 |
| Royal Bank of Canada | &nbsp;&nbsp; 17571 | 2925640 |
| Shopify, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12390 | 1625764 |
| Stantec, Inc. | &nbsp;&nbsp; 5248 | 520079 |
| Sun Life Financial, Inc. | &nbsp;&nbsp; 6165 | 388468 |
| TELUS Corp. | &nbsp;&nbsp; 33375 | 465703 |
| Thomson Reuters Corp.<sup>(c)</sup> | &nbsp;&nbsp; 4693 | 518534 |
| TMX Group Ltd. | &nbsp;&nbsp; 721 | 26618 |
| Toronto-Dominion Bank(The) | &nbsp;&nbsp; 18794 | 1756490 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 22178 | 2921831 |
| WSP Global, Inc. | &nbsp;&nbsp; 2605 | 503591 |
|  |  | 34793738 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Banco de Chile | &nbsp;&nbsp; 241161 | 53154 |
| Banco Santander Chile | &nbsp;&nbsp; 2841021 | 249987 |
| Falabella SA | &nbsp;&nbsp; 60302 | 468156 |
|  |  | 771297 |
| **China — 3.5%** | **China — 3.5%** | **China — 3.5%** |
| Akeso, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5000 | 70574 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 194668 | 4141284 |
| Alibaba Health Information Technology Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 246000 | 204029 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 11900 | 124038 |
| Autohome, Inc., ADR | &nbsp;&nbsp; 7280 | 160451 |
| Baidu, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 22090 | 423411 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 223200 | 169952 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 31300 | 72490 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 195600 | 284665 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 161000 | 243563 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 26400 | 117387 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 182700 | 242531 |
| Bank of Suzhou Co. Ltd., Class A | &nbsp;&nbsp; 43500 | 51433 |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 66900 | 46787 |
| Bilibili, Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 3540 | 121280 |
| BOC Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 45300 | 469292 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 200 | 36131 |
| CCOOP Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 126200 | 44058 |
| CGN Power Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 1537000 | 640891 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Low Carbon Optimized MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp; 6000 | $42755 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 542000 | 504814 |
| China CITIC Financial Asset Management Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 468000 | 52701 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 567000 | 572517 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 382200 | 182219 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 45795 | 61580 |
| China Gold International Resources Corp. Ltd. | &nbsp;&nbsp; 20100 | 508951 |
| China International Capital Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 63600 | 172367 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 274000 | 1219365 |
| China Literature Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9000 | 41194 |
| China Merchants Expressway Network & Technology <br> Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 75365 | 101561 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 258000 | 519250 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 787500 | 391839 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 267998 | 331327 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 392000 | 430823 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 99000 | 498647 |
| China Ruyi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 240000 | 66376 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 79200 | 259525 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 347200 | 205048 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 69784 | 100404 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 254400 | 963427 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | &nbsp;&nbsp; 243000 | 181346 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 48800 | 89689 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 24500 | 91686 |
| Cosco Shipping Energy Transportation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 46400 | 105057 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 800 | 28749 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 518000 | 518167 |
| GF Securities Co. Ltd., Class H | &nbsp;&nbsp; 37000 | 86342 |
| Giant Biogene Holding Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 34000 | 144679 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 107200 | 228171 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 4166 | 197927 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 14000 | 68994 |
| Horizon Robotics<sup>(a)</sup> | &nbsp;&nbsp; 66600 | 69937 |
| Hua Hong Semiconductor Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10000 | 147987 |
| Huatai Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 24400 | 58176 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 174400 | 158852 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 1132 | 42788 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 115898 | 311368 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9000 | 93421 |
| JD Health International, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 45750 | 368088 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 240000 | 316432 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 12500 | 194168 |
| Kanzhun Ltd., ADR | &nbsp;&nbsp; 9982 | 184867 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 3200 | 12277 |
| Kuaishou Technology<sup>(b)</sup> | &nbsp;&nbsp; 29900 | 305491 |
| Kuang-Chi Technologies Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 30100 | 205260 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 2200 | 442732 |
| Li Auto, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6880 | 57496 |
| Loongson Technology Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4779 | 114476 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 10800 | 187241 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 43000 | 531587 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 20800 | 96587 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 105600 | 381305 |
| NetEase, Inc. | &nbsp;&nbsp; 23900 | 619729 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 67100 | 545619 |
| New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp; 13900 | 84750 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 27800 | 170480 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 6539 | 660766 |

---

---

| | | |
|:---|:---|:---|
| *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; 367151 | $319249 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 252800 | 393314 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 228000 | 2114779 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6600 | 188671 |
| Qfin Holdings, Inc. | &nbsp;&nbsp; 4213 | 65512 |
| Shanghai International Airport Co. Ltd., Class A | &nbsp;&nbsp; 7800 | 34496 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 36200 | 52190 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 34800 | 167441 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 8300 | 89099 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 65900 | 131795 |
| Smoore International Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 113000 | 163178 |
| TAL Education Group, ADR<sup>(a)</sup> | &nbsp;&nbsp; 11563 | 146850 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 74700 | 5741576 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 10465 | 175603 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 3750 | 230159 |
| UBTech Robotics Corp. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 12900 | 230268 |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 55600 | 132591 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 18800 | 283314 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 7100 | 101033 |
| Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 38000 | 179829 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 196400 | 889018 |
| XPeng, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11100 | 99918 |
| XtalPi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 43000 | 66421 |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 13900 | 172226 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 26000 | 114353 |
| Zhejiang China Commodities City Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 22600 | 52165 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 366720 | 345967 |
|  |  | 35674639 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 52032 | 426458 |
| **Denmark — 0.3%** | **Denmark — 0.3%** | **Denmark — 0.3%** |
| Danske Bank A/S | &nbsp;&nbsp; 107 | 5451 |
| DSV A/S | &nbsp;&nbsp; 2762 | 776633 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 39876 | 2367806 |
| Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 5898 | 132677 |
|  |  | 3282567 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| Eastern Co. SAE | &nbsp;&nbsp; 322031 | 259381 |
| **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** |
| Fortum OYJ | &nbsp;&nbsp; 9595 | 226656 |
| Kone OYJ, Class B | &nbsp;&nbsp; 3599 | 258642 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 16363 | 182485 |
|  |  | 667783 |
| **France — 2.1%** | **France — 2.1%** | **France — 2.1%** |
| Aeroports de Paris SA | &nbsp;&nbsp; 3554 | 469561 |
| AXA SA | &nbsp;&nbsp; 36485 | 1663682 |
| BNP Paribas SA | &nbsp;&nbsp; 10081 | 1090083 |
| Bureau Veritas SA | &nbsp;&nbsp; 4064 | 130830 |
| Capgemini SE | &nbsp;&nbsp; 29 | 4506 |
| Covivio SA/France | &nbsp;&nbsp; 4627 | 295600 |
| Credit Agricole SA | &nbsp;&nbsp; 49058 | 1062421 |
| Dassault Systemes SE | &nbsp;&nbsp; 13157 | 361881 |
| Edenred SE | &nbsp;&nbsp; 3424 | 71718 |
| EssilorLuxottica SA | &nbsp;&nbsp; 4725 | 1444413 |
| Eurofins Scientific SE | &nbsp;&nbsp; 128 | 10354 |
| Gecina SA | &nbsp;&nbsp; 2402 | 220627 |
| Getlink SE | &nbsp;&nbsp; 51995 | 1029210 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Low Carbon Optimized MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Hermes International SCA | &nbsp;&nbsp; 645 | $1551868 |
| Klepierre SA | &nbsp;&nbsp; 26334 | 1014475 |
| Legrand SA | &nbsp;&nbsp; 8027 | 1281573 |
| L'Oreal SA | &nbsp;&nbsp; 3884 | 1784461 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 2884 | 1861346 |
| Publicis Groupe SA | &nbsp;&nbsp; 1543 | 154220 |
| Sanofi SA | &nbsp;&nbsp; 13904 | 1311476 |
| Schneider Electric SE | &nbsp;&nbsp; 10748 | 3081471 |
| Societe Generale SA | &nbsp;&nbsp; 12754 | 1117626 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 5743 | 634974 |
|  |  | 21648376 |
| **Germany — 1.8%** | **Germany — 1.8%** | **Germany — 1.8%** |
| Allianz SE, Registered | &nbsp;&nbsp; 6515 | 2868695 |
| Commerzbank AG | &nbsp;&nbsp; 10563 | 434189 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 1362 | 114464 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 35744 | 1410497 |
| Deutsche Boerse AG | &nbsp;&nbsp; 2146 | 543421 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 50429 | 1692309 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 2199 | 98997 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 5261 | 294289 |
| Hannover Rueck SE | &nbsp;&nbsp; 3165 | 894902 |
| Hensoldt AG<sup>(c)</sup> | &nbsp;&nbsp; 13321 | 1323343 |
| Infineon Technologies AG | &nbsp;&nbsp; 13669 | 668175 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 1669 | 1011542 |
| Nemetschek SE | &nbsp;&nbsp; 1359 | 118742 |
| Rheinmetall AG | &nbsp;&nbsp; 661 | 1400557 |
| SAP SE | &nbsp;&nbsp; 12354 | 2467938 |
| Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp; 8261 | 822475 |
| Siemens AG, Registered | &nbsp;&nbsp; 7656 | 2314639 |
| Vonovia SE | &nbsp;&nbsp; 4062 | 118932 |
|  |  | 18598106 |
| **Hong Kong — 0.5%** | **Hong Kong — 0.5%** | **Hong Kong — 0.5%** |
| AIA Group Ltd. | &nbsp;&nbsp; 137800 | 1589864 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 40500 | 213272 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 108000 | 632679 |
| Futu Holdings Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 259 | 42106 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 79000 | 314232 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 26000 | 38964 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 7000 | 385918 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 54600 | 463274 |
| Link REIT | &nbsp;&nbsp; 36100 | 165979 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 98000 | 433338 |
| Sands China Ltd. | &nbsp;&nbsp; 19200 | 41669 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 248000 | 373217 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 39000 | 626297 |
|  |  | 5320809 |
| **India — 1.4%** | **India — 1.4%** | **India — 1.4%** |
| ABB India Ltd. | &nbsp;&nbsp; 3944 | 239945 |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 30025 | 464064 |
| Asian Paints Ltd. | &nbsp;&nbsp; 8494 | 224295 |
| Avenue Supermarts Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8330 | 334286 |
| Axis Bank Ltd. | &nbsp;&nbsp; 9231 | 137720 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 8113 | 82082 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 234 | 27489 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 329526 | 1609888 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 46521 | 997734 |
| Dabur India Ltd. | &nbsp;&nbsp; 48469 | 267072 |
| DLF Ltd. | &nbsp;&nbsp; 19691 | 136343 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18763 | 55928 |
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 20447 | 189521 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 69907 | $180513 |
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 1901 | 66757 |
| GMR Airports Infrastructure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 145899 | 149049 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 13156 | 165191 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 12715 | 234625 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 92628 | 936587 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 30678 | 792031 |
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 258 | 52952 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 54501 | 803488 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 11206 | 82205 |
| Info Edge India Ltd. | &nbsp;&nbsp; 6873 | 93545 |
| Infosys Ltd. | &nbsp;&nbsp; 40862 | 730869 |
| ITC Ltd. | &nbsp;&nbsp; 220241 | 772040 |
| Jio Financial Services Ltd. | &nbsp;&nbsp; 356 | 987 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 37255 | 165339 |
| Kwality Wall S India Ltd. Npv, NVS | &nbsp;&nbsp; 30326 | 13253 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 1210 | 27975 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 22755 | 236951 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 966 | 40254 |
| NHPC Ltd., NVS | &nbsp;&nbsp; 513728 | 437442 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 8666 | 140651 |
| One 97 Communications Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 3359 | 41602 |
| Page Industries Ltd. | &nbsp;&nbsp; 205 | 73581 |
| PI Industries Ltd. | &nbsp;&nbsp; 7225 | 251093 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 13981 | 217585 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 59458 | 245555 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 518073 | 1446213 |
| Siemens Ltd. | &nbsp;&nbsp; 9110 | 307492 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 18833 | 326819 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 119879 | 62249 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 12097 | 411396 |
| Trent Ltd. | &nbsp;&nbsp; 1552 | 63919 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 8021 | 41086 |
| Vodafone Idea Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 978422 | 119151 |
| Wipro Ltd. | &nbsp;&nbsp; 62674 | 161711 |
|  |  | 14658523 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 948700 | 426546 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 481500 | 212750 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 6237 | 1416 |
| Bumi Resources Minerals Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 7358900 | 466932 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 640000 | 246940 |
| GoTo Gojek Tokopedia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 7919100 | 30445 |
|  |  | 1385029 |
| **Ireland — 0.0%** | **Ireland — 0.0%** | **Ireland — 0.0%** |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 4909 | 99738 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 3623 | 485863 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 17334 | 416698 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1308 | 234799 |
| CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 360 | 155099 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 692 | 73195 |
| Nova Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 927 | 452510 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 2509 | 121781 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 16614 | 566205 |
| Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 151 | 13113 |
|  |  | 2519263 |
| **Italy — 0.9%** | **Italy — 0.9%** | **Italy — 0.9%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 12670 | 297216 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 37426 | 388250 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Low Carbon Optimized MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Banco BPM SpA | &nbsp;&nbsp; 1958 | $29349 |
| BPER Banca SpA | &nbsp;&nbsp; 5479 | 77163 |
| Davide Campari-Milano NV | &nbsp;&nbsp; 13056 | 93053 |
| Ferrari NV | &nbsp;&nbsp; 3885 | 1295826 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 1703 | 45147 |
| Generali | &nbsp;&nbsp; 5628 | 229568 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 138194 | 978328 |
| Moncler SpA | &nbsp;&nbsp; 298 | 17363 |
| Nexi SpA<sup>(b)</sup> | &nbsp;&nbsp; 42445 | 181217 |
| Poste Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 32468 | 855147 |
| Tenaris SA, NVS | &nbsp;&nbsp; 75209 | 1670613 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 143222 | 1551998 |
| UniCredit SpA | &nbsp;&nbsp; 19266 | 1678955 |
|  |  | 9389193 |
| **Japan — 5.1%** | **Japan — 5.1%** | **Japan — 5.1%** |
| Advantest Corp. | &nbsp;&nbsp; 11300 | 1868867 |
| Asics Corp. | &nbsp;&nbsp; 3800 | 91476 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp; 4800 | 124554 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 5600 | 142738 |
| Central Japan Railway Co. | &nbsp;&nbsp; 42000 | 1171719 |
| Chiba Bank Ltd.(The) | &nbsp;&nbsp; 33000 | 446778 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 9300 | 531222 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp; 64500 | 567222 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 18000 | 329753 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp; 114200 | 1112808 |
| Disco Corp. | &nbsp;&nbsp; 1800 | 767251 |
| East Japan Railway Co. | &nbsp;&nbsp; 18600 | 466939 |
| FANUC Corp. | &nbsp;&nbsp; 31300 | 1256838 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 3000 | 1144599 |
| Hoya Corp. | &nbsp;&nbsp; 5000 | 838779 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 37200 | 443309 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp; 38500 | 420120 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 104700 | 1860247 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 148000 | 1780856 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 4300 | 133180 |
| Japan Tobacco, Inc. | &nbsp;&nbsp; 38900 | 1405911 |
| KDDI Corp. | &nbsp;&nbsp; 30000 | 506519 |
| Keyence Corp. | &nbsp;&nbsp; 5100 | 1870988 |
| Konami Group Corp. | &nbsp;&nbsp; 2100 | 306649 |
| Lasertec Corp. | &nbsp;&nbsp; 1800 | 413527 |
| M3, Inc. | &nbsp;&nbsp; 18500 | 228272 |
| Makita Corp. | &nbsp;&nbsp; 10300 | 357879 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 29600 | 754383 |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp; 186200 | 1624956 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 182800 | 3310573 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 49300 | 565318 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp; 45400 | 1971173 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 32700 | 833116 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 21300 | 432721 |
| NEC Corp. | &nbsp;&nbsp; 24100 | 816981 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 11600 | 277521 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 13600 | 842187 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp; 79 | 73279 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 197200 | 1787093 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 3000 | 91261 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 25700 | 449915 |
| ORIX Corp. | &nbsp;&nbsp; 57500 | 1752335 |
| Rakuten Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 55000 | 329764 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 17600 | 927058 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 21800 | 362435 |
| Resona Holdings, Inc. | &nbsp;&nbsp; 32600 | 380120 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 3100 | 95909 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| SBI Holdings, Inc. | &nbsp;&nbsp; 28700 | $649022 |
| Secom Co. Ltd. | &nbsp;&nbsp; 3700 | 135544 |
| Seibu Holdings, Inc. | &nbsp;&nbsp; 6500 | 172225 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 31600 | 650618 |
| SMC Corp. | &nbsp;&nbsp; 2800 | 1088560 |
| SoftBank Corp. | &nbsp;&nbsp; 328100 | 445973 |
| SoftBank Group Corp. | &nbsp;&nbsp; 52600 | 1436369 |
| Sompo Holdings, Inc. | &nbsp;&nbsp; 28300 | 975912 |
| Sony Group Corp. | &nbsp;&nbsp; 87400 | 1926987 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 65100 | 2290898 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp; 700 | 23379 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 40800 | 1136157 |
| Sysmex Corp. | &nbsp;&nbsp; 17700 | 167482 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 18275 | 622076 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 36000 | 1341811 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 3000 | 799377 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 24300 | 259471 |
| Yokohama Financial Group, Inc. | &nbsp;&nbsp; 24800 | 225872 |
|  |  | 52614831 |
| **Kuwait — 0.0%** | **Kuwait — 0.0%** | **Kuwait — 0.0%** |
| Mabanee Co. KPSC | &nbsp;&nbsp; 33418 | 109362 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 46420 | 143827 |
|  |  | 253189 |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| IHH Healthcare Bhd | &nbsp;&nbsp; 159100 | 361232 |
| **Mexico — 0.4%** | **Mexico — 0.4%** | **Mexico — 0.4%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 250366 | 258016 |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 444608 | 691488 |
| Grupo Aeroportuario del Centro Norte SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 17646 | 256824 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp; 18128 | 497721 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp; 15521 | 536974 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 20067 | 226862 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 35507 | 394262 |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 63956 | 293870 |
| Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp; 33545 | 524520 |
|  |  | 3680537 |
| **Netherlands — 1.3%** | **Netherlands — 1.3%** | **Netherlands — 1.3%** |
| ABN AMRO Bank NV, CVA<sup>(b)</sup> | &nbsp;&nbsp; 19726 | 726770 |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 257 | 381091 |
| AerCap Holdings NV | &nbsp;&nbsp; 11788 | 1693464 |
| ASM International NV | &nbsp;&nbsp; 110 | 92382 |
| ASML Holding NV | &nbsp;&nbsp; 4269 | 6121341 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 1314 | 255761 |
| ING Groep NV | &nbsp;&nbsp; 13058 | 385092 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 18215 | 285498 |
| Koninklijke KPN NV | &nbsp;&nbsp; 55171 | 270201 |
| NN Group NV | &nbsp;&nbsp; 11559 | 916250 |
| Prosus NV | &nbsp;&nbsp; 26284 | 1511363 |
| Wolters Kluwer NV | &nbsp;&nbsp; 4069 | 382091 |
|  |  | 13021304 |
| **New Zealand — 0.0%** | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 92117 | 458130 |
| **Norway — 0.5%** | **Norway — 0.5%** | **Norway — 0.5%** |
| DNB Bank ASA | &nbsp;&nbsp; 60798 | 1743281 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 19347 | 550665 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 14507 | 498331 |
| Mowi ASA | &nbsp;&nbsp; 31807 | 733218 |
| Salmar ASA | &nbsp;&nbsp; 10877 | 647948 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Low Carbon Optimized MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| Telenor ASA | &nbsp;&nbsp; 74398 | $1251490 |
|  |  | 5424933 |
| **Peru — 0.3%** | **Peru — 0.3%** | **Peru — 0.3%** |
| Southern Copper Corp. | &nbsp;&nbsp; 14425 | 2745366 |
| **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** |
| International Container Terminal Services, Inc. | &nbsp;&nbsp; 26210 | 287077 |
| **Poland — 0.2%** | **Poland — 0.2%** | **Poland — 0.2%** |
| Allegro.eu SA <sup>(a)(b)</sup> | &nbsp;&nbsp; 28772 | 236358 |
| CD Projekt SA | &nbsp;&nbsp; 1883 | 137452 |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 17829 | 463748 |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 44741 | 880338 |
| Zabka Group SA<sup>(a)</sup> | &nbsp;&nbsp; 13976 | 84961 |
|  |  | 1802857 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| EDP Renovaveis SA | &nbsp;&nbsp; 44696 | 678994 |
| EDP SA | &nbsp;&nbsp; 8923 | 45627 |
|  |  | 724621 |
| **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** |
| Barwa Real Estate Co. | &nbsp;&nbsp; 458751 | 344752 |
| Commercial Bank PSQC(The) | &nbsp;&nbsp; 261884 | 341327 |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 1228030 | 368772 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 6597 | 45265 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 54090 | 294425 |
|  |  | 1394541 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 184910 | 24 |
| Mobile TeleSystems PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 73304 | 10 |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 152460 | 20 |
| Ozon Holdings PLC, ADR<sup>(a)(d)</sup> | &nbsp;&nbsp; 5270 | 1 |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 14300 |  |
| Sberbank of Russia PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 292860 | 38 |
| TCS Group Holding PLC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 4185 | 1 |
| United Co. RUSAL International PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 509950 | 67 |
| VK IPJSC<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 22940 | 3 |
| VTB Bank PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 4498 |  |
|  |  | 164 |
| **Saudi Arabia — 0.6%** | **Saudi Arabia — 0.6%** | **Saudi Arabia — 0.6%** |
| Ades Holding Co. | &nbsp;&nbsp; 74211 | 380241 |
| Al Rajhi Bank | &nbsp;&nbsp; 33287 | 950553 |
| Alinma Bank | &nbsp;&nbsp; 25834 | 196230 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 1097 | 68557 |
| Dallah Healthcare Co. | &nbsp;&nbsp; 6236 | 205670 |
| Dar Al Arkan Real Estate Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 35305 | 175985 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 12369 | 862701 |
| Elm Co. | &nbsp;&nbsp; 1210 | 250264 |
| Jabal Omar Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 98336 | 432582 |
| Makkah Construction & Development Co. | &nbsp;&nbsp; 8196 | 197541 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 21479 | 398685 |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 5933 | 285185 |
| Saudi National Bank(The) | &nbsp;&nbsp; 39522 | 472700 |
| Saudi Research & Media Group<sup>(a)</sup> | &nbsp;&nbsp; 247 | 7884 |
| Saudi Telecom Co. | &nbsp;&nbsp; 70984 | 842636 |
|  |  | 5727414 |
| **Singapore — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 335802 | 751477 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 419235 | 787073 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 3000 | 139447 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 73202 | 314769 |
| Keppel Ltd. | &nbsp;&nbsp; 155600 | 1338599 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 5900 | $98468 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 4388 | 511158 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 185800 | 670495 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 100 | 3014 |
|  |  | 4614500 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 318 | 85381 |
| FirstRand Ltd. | &nbsp;&nbsp; 77618 | 442722 |
| MTN Group Ltd. | &nbsp;&nbsp; 11507 | 127780 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 16175 | 990318 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 102262 | 934515 |
| Reinet Investments SCA | &nbsp;&nbsp; 3824 | 131449 |
|  |  | 2712165 |
| **South Korea — 1.7%** | **South Korea — 1.7%** | **South Korea — 1.7%** |
| Alteogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 577 | 165004 |
| Celltrion, Inc. | &nbsp;&nbsp; 2332 | 339390 |
| Hana Financial Group, Inc. | &nbsp;&nbsp; 8342 | 579620 |
| Hanjin Kal Corp. | &nbsp;&nbsp; 2712 | 211765 |
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 375 | 54246 |
| Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 5197 | 340112 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 331 | 202785 |
| HLB, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5108 | 195914 |
| Industrial Bank of Korea | &nbsp;&nbsp; 51943 | 798047 |
| Kakao Corp. | &nbsp;&nbsp; 7143 | 303608 |
| KakaoBank Corp. | &nbsp;&nbsp; 14892 | 236224 |
| KB Financial Group, Inc. | &nbsp;&nbsp; 6480 | 606523 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 3625 | 542281 |
| Krafton, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 880 | 154489 |
| KT&G Corp. | &nbsp;&nbsp; 2284 | 244204 |
| Meritz Financial Group, Inc. | &nbsp;&nbsp; 1467 | 118615 |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 16716 | 495555 |
| NAVER Corp. | &nbsp;&nbsp; 2695 | 512270 |
| NH Investment & Securities Co. Ltd., Class C | &nbsp;&nbsp; 17683 | 331527 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 109 | 131727 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 38307 | 4231955 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 235 | 81794 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 2785 | 362622 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 9393 | 548962 |
| SK Hynix, Inc. | &nbsp;&nbsp; 5261 | 3284848 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4095 | 1602992 |
| Woori Financial Group, Inc. | &nbsp;&nbsp; 40016 | 837089 |
|  |  | 17514168 |
| **Spain — 0.9%** | **Spain — 0.9%** | **Spain — 0.9%** |
| Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; 47197 | 1465823 |
| Amadeus IT Group SA | &nbsp;&nbsp; 18087 | 1212673 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 54707 | 1388663 |
| Banco de Sabadell SA | &nbsp;&nbsp; 18093 | 70975 |
| Banco Santander SA | &nbsp;&nbsp; 221799 | 2831943 |
| Ferrovial SE | &nbsp;&nbsp; 16330 | 1103010 |
| Iberdrola SA | &nbsp;&nbsp; 5325 | 119721 |
| Iberdrola SA, NVS | &nbsp;&nbsp; 72 | 1619 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 16631 | 1082181 |
| Redeia Corp. SA | &nbsp;&nbsp; 9559 | 165198 |
|  |  | 9441806 |
| **Sweden — 0.9%** | **Sweden — 0.9%** | **Sweden — 0.9%** |
| Alfa Laval AB | &nbsp;&nbsp; 3257 | 188653 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 25182 | 519308 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 94247 | 1695283 |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 2873 | 186633 |
| Hexagon AB, Class B | &nbsp;&nbsp; 35783 | 403455 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 20226 | 1012596 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Low Carbon Optimized MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Investment AB Latour, Class B | &nbsp;&nbsp; 2009 | $50029 |
| Investor AB, Class B | &nbsp;&nbsp; 56234 | 2168363 |
| Nordea Bank Abp | &nbsp;&nbsp; 60204 | 1163165 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 1798 | 899629 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 37326 | 588446 |
| Swedbank AB, Class A | &nbsp;&nbsp; 3435 | 133554 |
|  |  | 9009114 |
| **Switzerland — 2.1%** | **Switzerland — 2.1%** | **Switzerland — 2.1%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 30426 | 2619618 |
| Alcon AG | &nbsp;&nbsp; 7586 | 614028 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 555 | 607046 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 8162 | 1584322 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 226 | 175708 |
| Galderma Group AG | &nbsp;&nbsp; 2396 | 446612 |
| Geberit AG, Registered | &nbsp;&nbsp; 890 | 679595 |
| Givaudan SA, Registered | &nbsp;&nbsp; 344 | 1329728 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 2558 | 213670 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 757 | 514344 |
| Novartis AG, Registered | &nbsp;&nbsp; 24472 | 3630905 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 7980 | 3628822 |
| Sandoz Group AG | &nbsp;&nbsp; 2962 | 234667 |
| SGS SA | &nbsp;&nbsp; 4079 | 490946 |
| Straumann Holding AG | &nbsp;&nbsp; 2141 | 257497 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 2505 | 426453 |
| Swisscom AG, Registered | &nbsp;&nbsp; 505 | 414646 |
| UBS Group AG, Registered | &nbsp;&nbsp; 41575 | 1967137 |
| VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp; 1362 | 880760 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 896 | 637434 |
|  |  | 21353938 |
| **Taiwan — 2.6%** | **Taiwan — 2.6%** | **Taiwan — 2.6%** |
| Accton Technology Corp. | &nbsp;&nbsp; 2000 | 69926 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 10000 | 94372 |
| Airtac International Group | &nbsp;&nbsp; 15000 | 542859 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 1000 | 98179 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 3000 | 136297 |
| ASPEED Technology, Inc. | &nbsp;&nbsp; 1000 | 279656 |
| Bizlink Holding, Inc. | &nbsp;&nbsp; 1000 | 40611 |
| Caliway Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 34000 | 177723 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 47000 | 300172 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 563103 | 1341583 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 96237 | 317181 |
| Chroma ATE, Inc. | &nbsp;&nbsp; 14000 | 429889 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 118000 | 500372 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 182400 | 293873 |
| Delta Electronics, Inc. | &nbsp;&nbsp; 24000 | 915896 |
| E Ink Holdings, Inc. | &nbsp;&nbsp; 56000 | 311313 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 3000 | 162728 |
| eMemory Technology, Inc. | &nbsp;&nbsp; 1000 | 57595 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 3450 | 105299 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 219431 | 630114 |
| Global Unichip Corp. | &nbsp;&nbsp; 2000 | 164094 |
| International Games System Co. Ltd., Class C | &nbsp;&nbsp; 3000 | 68128 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 2000 | 177201 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 968037 | 553529 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 3000 | 295335 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 7000 | 533521 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 6000 | 270224 |
| MediaTek, Inc. | &nbsp;&nbsp; 19000 | 1053940 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 421000 | 365354 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 282000 | 15593445 |
| Yageo Corp. | &nbsp;&nbsp; 40116 | 350228 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 209500 | $285387 |
|  |  | 26516024 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| Airports of Thailand PCL, NVDR | &nbsp;&nbsp; 221600 | 353763 |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 59200 | 383035 |
|  |  | 736798 |
| **Turkey — 0.1%** | **Turkey — 0.1%** | **Turkey — 0.1%** |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 211542 | 1480244 |
| **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 574563 | 833879 |
| Emaar Development PJSC | &nbsp;&nbsp; 8829 | 41350 |
| Emaar Properties PJSC | &nbsp;&nbsp; 121597 | 497416 |
| Multiply Group PJSC<sup>(a)</sup> | &nbsp;&nbsp; 526559 | 323602 |
|  |  | 1696247 |
| **United Kingdom — 2.8%** | **United Kingdom — 2.8%** | **United Kingdom — 2.8%** |
| 3i Group PLC | &nbsp;&nbsp; 19649 | 902658 |
| Antofagasta PLC | &nbsp;&nbsp; 28651 | 1419701 |
| Ashtead Group PLC | &nbsp;&nbsp; 21578 | 1389185 |
| AstraZeneca PLC | &nbsp;&nbsp; 15719 | 2928672 |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 4927 | 36319 |
| Barclays PLC | &nbsp;&nbsp; 281752 | 1880432 |
| British American Tobacco PLC | &nbsp;&nbsp; 45346 | 2739516 |
| BT Group PLC | &nbsp;&nbsp; 57007 | 149844 |
| Diageo PLC | &nbsp;&nbsp; 33499 | 770822 |
| Experian PLC | &nbsp;&nbsp; 15427 | 584294 |
| GSK PLC | &nbsp;&nbsp; 31529 | 815392 |
| Haleon PLC | &nbsp;&nbsp; 63028 | 329630 |
| HSBC Holdings PLC | &nbsp;&nbsp; 202032 | 3564031 |
| Imperial Brands PLC | &nbsp;&nbsp; 2164 | 91143 |
| Informa PLC | &nbsp;&nbsp; 90636 | 1093779 |
| Intertek Group PLC | &nbsp;&nbsp; 620 | 38036 |
| Land Securities Group PLC | &nbsp;&nbsp; 29641 | 264559 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 772885 | 1154075 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 4087 | 455872 |
| NatWest Group PLC, NVS | &nbsp;&nbsp; 137106 | 1249691 |
| Next PLC | &nbsp;&nbsp; 1160 | 210608 |
| Pearson PLC | &nbsp;&nbsp; 15074 | 198268 |
| Prudential PLC | &nbsp;&nbsp; 49619 | 815004 |
| RELX PLC | &nbsp;&nbsp; 29375 | 1041403 |
| Segro PLC | &nbsp;&nbsp; 3005 | 31308 |
| Severn Trent PLC | &nbsp;&nbsp; 33643 | 1351297 |
| Smiths Group PLC | &nbsp;&nbsp; 7746 | 266012 |
| Spirax Group PLC | &nbsp;&nbsp; 120 | 11957 |
| Standard Chartered PLC | &nbsp;&nbsp; 28780 | 736377 |
| United Utilities Group PLC | &nbsp;&nbsp; 107559 | 1842006 |
| Vodafone Group PLC | &nbsp;&nbsp; 30353 | 44702 |
| Whitbread PLC | &nbsp;&nbsp; 10020 | 374031 |
|  |  | 28780624 |
| **United States — 62.4%** | **United States — 62.4%** | **United States — 62.4%** |
| Abbott Laboratories | &nbsp;&nbsp; 8267 | 903583 |
| AbbVie, Inc. | &nbsp;&nbsp; 20677 | 4611178 |
| Accenture PLC, Class A | &nbsp;&nbsp; 6124 | 1614531 |
| Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4586 | 1344844 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17839 | 4223026 |
| AECOM | &nbsp;&nbsp; 250 | 24108 |
| Affirm Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1969 | 118731 |
| Aflac, Inc. | &nbsp;&nbsp; 11802 | 1309432 |
| Agilent Technologies, Inc. | &nbsp;&nbsp; 3197 | 427918 |
| Airbnb, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8516 | 1101715 |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp; 2294 | 125344 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Low Carbon Optimized MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Allegion PLC | &nbsp;&nbsp; 24 | $3969 |
| Allstate Corp.(The) | &nbsp;&nbsp; 630 | 125364 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1560 | 527374 |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 66416 | 22448608 |
| Alphabet, Inc., Class C, NVS | &nbsp;&nbsp; 48693 | 16484041 |
| Altria Group, Inc. | &nbsp;&nbsp; 46331 | 2872059 |
| Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 105147 | 25161677 |
| American Express Co. | &nbsp;&nbsp; 6421 | 2261284 |
| American Homes 4 Rent LP, Class A | &nbsp;&nbsp; 5760 | 180403 |
| American International Group, Inc. | &nbsp;&nbsp; 19209 | 1438370 |
| American Tower Corp. | &nbsp;&nbsp; 4752 | 851939 |
| American Water Works Co., Inc. | &nbsp;&nbsp; 15711 | 2028761 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp; 591 | 311569 |
| AMETEK, Inc. | &nbsp;&nbsp; 9567 | 2142817 |
| Amgen, Inc. | &nbsp;&nbsp; 7117 | 2433160 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 19328 | 2784778 |
| Analog Devices, Inc. | &nbsp;&nbsp; 7304 | 2270668 |
| Annaly Capital Management, Inc. | &nbsp;&nbsp; 42363 | 974773 |
| Aon PLC, Class A | &nbsp;&nbsp; 2510 | 877596 |
| Apollo Global Management, Inc. | &nbsp;&nbsp; 4754 | 639603 |
| Apple, Inc. | &nbsp;&nbsp; 161698 | 41957397 |
| Applied Materials, Inc. | &nbsp;&nbsp; 6933 | 2234645 |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2629 | 1243806 |
| Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3205 | 307808 |
| Ares Management Corp., Class A | &nbsp;&nbsp; 352 | 52684 |
| Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13361 | 1893788 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 2113 | 526919 |
| Astera Labs, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2252 | 339196 |
| AT&T, Inc. | &nbsp;&nbsp; 114080 | 2990037 |
| Atlassian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 543 | 64172 |
| Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2097 | 530268 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp; 8785 | 2168314 |
| AvalonBay Communities, Inc. | &nbsp;&nbsp; 2708 | 481130 |
| Axon Enterprise, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2672 | 1292126 |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 31411 | 1760272 |
| Bank of America Corp. | &nbsp;&nbsp; 83093 | 4420548 |
| Bank of New York Mellon Corp.(The) | &nbsp;&nbsp; 12569 | 1507274 |
| Baxter International, Inc. | &nbsp;&nbsp; 5211 | 104585 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 4702 | 956763 |
| Bentley Systems, Inc., Class B | &nbsp;&nbsp; 3241 | 113824 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 9465 | 4548216 |
| Biogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1710 | 307612 |
| BlackRock, Inc.<sup>(f)</sup> | &nbsp;&nbsp; 1664 | 1861916 |
| Blackstone, Inc., NVS | &nbsp;&nbsp; 5916 | 842557 |
| Block, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4959 | 299672 |
| Booking Holdings, Inc. | &nbsp;&nbsp; 315 | 1575580 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11424 | 1068487 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 35337 | 1945302 |
| Broadcom, Inc. | &nbsp;&nbsp; 49013 | 16238007 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp; 3774 | 743893 |
| Brown-Forman Corp., Class B, NVS | &nbsp;&nbsp; 13401 | 366785 |
| BXP, Inc. | &nbsp;&nbsp; 18 | 1164 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3072 | 910418 |
| Capital One Financial Corp. | &nbsp;&nbsp; 4786 | 1047799 |
| Carlyle Group, Inc.(The) | &nbsp;&nbsp; 2472 | 145304 |
| Carvana Co., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1133 | 454458 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp; 1054 | 279373 |
| CDW Corp. | &nbsp;&nbsp; 639 | 80763 |
| Charles Schwab Corp.(The) | &nbsp;&nbsp; 22434 | 2331341 |
| Charter Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2324 | 479023 |
| Cheniere Energy, Inc. | &nbsp;&nbsp; 2078 | 439539 |
| Chipotle Mexican Grill, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 22222 | 863769 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Chubb Ltd. | &nbsp;&nbsp; 6199 | $1918962 |
| Church & Dwight Co., Inc. | &nbsp;&nbsp; 8194 | 788672 |
| Ciena Corp.<sup>(a)</sup> | &nbsp;&nbsp; 861 | 216808 |
| Cintas Corp. | &nbsp;&nbsp; 6365 | 1218197 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 53262 | 4171480 |
| Citigroup, Inc. | &nbsp;&nbsp; 28255 | 3269386 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2108 | 373854 |
| CME Group, Inc. | &nbsp;&nbsp; 6726 | 1944218 |
| Coca-Cola Co.(The) | &nbsp;&nbsp; 65664 | 4912324 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 2521 | 206873 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2266 | 441281 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 12864 | 1161491 |
| Comcast Corp., Class A | &nbsp;&nbsp; 79552 | 2366672 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp; 564 | 644144 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp; 4020 | 629934 |
| Constellation Energy Corp. | &nbsp;&nbsp; 3057 | 858039 |
| Cooper Companies, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 7628 | 620767 |
| Copart, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17706 | 718509 |
| Corning, Inc. | &nbsp;&nbsp; 1747 | 180378 |
| Corpay, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1063 | 334452 |
| Corteva, Inc. | &nbsp;&nbsp; 17842 | 1298898 |
| CoStar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5588 | 343662 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 3375 | 3173344 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2098 | 262837 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2546 | 1123817 |
| Crown Castle, Inc. | &nbsp;&nbsp; 6871 | 596472 |
| CSX Corp. | &nbsp;&nbsp; 28881 | 1090547 |
| CVS Health Corp. | &nbsp;&nbsp; 419 | 31224 |
| Danaher Corp. | &nbsp;&nbsp; 8269 | 1810001 |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 1577 | 314375 |
| Datadog, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2199 | 284375 |
| Deere & Co. | &nbsp;&nbsp; 627 | 331056 |
| Dexcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1348 | 98458 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp; 3570 | 592441 |
| DocuSign, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 381 | 20018 |
| Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3144 | 369703 |
| DoorDash, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5973 | 1222195 |
| DR Horton, Inc. | &nbsp;&nbsp; 440 | 65490 |
| DraftKings, Inc., Class A <sup>(a)</sup> | &nbsp;&nbsp; 3979 | 109462 |
| Eaton Corp. PLC | &nbsp;&nbsp; 4927 | 1731446 |
| eBay, Inc. | &nbsp;&nbsp; 8081 | 737149 |
| EchoStar Corp., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 1563 | 176963 |
| Ecolab, Inc. | &nbsp;&nbsp; 6697 | 1888487 |
| Edison International | &nbsp;&nbsp; 23074 | 1437049 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2026 | 164835 |
| Electronic Arts, Inc. | &nbsp;&nbsp; 4497 | 917028 |
| Elevance Health, Inc. | &nbsp;&nbsp; 2948 | 1019242 |
| Eli Lilly & Co. | &nbsp;&nbsp; 8635 | 8955790 |
| Emerson Electric Co. | &nbsp;&nbsp; 9745 | 1432125 |
| Entegris, Inc. | &nbsp;&nbsp; 752 | 88789 |
| Equifax, Inc. | &nbsp;&nbsp; 2885 | 581039 |
| Equinix, Inc. | &nbsp;&nbsp; 1204 | 988400 |
| Equitable Holdings, Inc. | &nbsp;&nbsp; 12930 | 599952 |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 662 | 41819 |
| Equity Residential | &nbsp;&nbsp; 2036 | 126884 |
| Essential Utilities, Inc. | &nbsp;&nbsp; 4193 | 162646 |
| Essex Property Trust, Inc. | &nbsp;&nbsp; 141 | 35514 |
| Estee Lauder Companies, Inc. (The), Class A | &nbsp;&nbsp; 3236 | 373046 |
| Eversource Energy | &nbsp;&nbsp; 11098 | 767205 |
| Exelon Corp. | &nbsp;&nbsp; 31132 | 1394091 |
| Expedia Group, Inc. | &nbsp;&nbsp; 2379 | 630054 |
| Extra Space Storage, Inc. | &nbsp;&nbsp; 211 | 29112 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Low Carbon Optimized MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| F5, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2654 | $731469 |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp; 207 | 302876 |
| Fastenal Co. | &nbsp;&nbsp; 24609 | 1067046 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp; 4128 | 224522 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp; 13413 | 741068 |
| First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1427 | 321817 |
| Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20486 | 1305573 |
| Flutter Entertainment PLC, Class DI<sup>(a)(c)</sup> | &nbsp;&nbsp; 1396 | 230549 |
| Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5098 | 414263 |
| Fortive Corp. | &nbsp;&nbsp; 25508 | 1347077 |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 5632 | 409897 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 26890 | 1619585 |
| Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 16609 | 743253 |
| Garmin Ltd. | &nbsp;&nbsp; 4863 | 980575 |
| Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 443 | 92857 |
| Gen Digital, Inc. | &nbsp;&nbsp; 20340 | 487957 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 16864 | 2393845 |
| Global Payments, Inc. | &nbsp;&nbsp; 10321 | 740429 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1561 | 156912 |
| Goldman Sachs Group, Inc.(The) | &nbsp;&nbsp; 3704 | 3464759 |
| Graco, Inc. | &nbsp;&nbsp; 33492 | 2924856 |
| Halliburton Co. | &nbsp;&nbsp; 159995 | 5363032 |
| Hartford Insurance Group, Inc.(The) | &nbsp;&nbsp; 1643 | 221904 |
| HCA Healthcare, Inc. | &nbsp;&nbsp; 2173 | 1061011 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 4502 | 1343892 |
| Home Depot, Inc.(The) | &nbsp;&nbsp; 12391 | 4641545 |
| Hubbell, Inc., Class B | &nbsp;&nbsp; 2616 | 1276451 |
| IDEX Corp. | &nbsp;&nbsp; 11660 | 2315093 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1481 | 992951 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp; 1250 | 326575 |
| Illumina, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 629 | 91085 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp; 24110 | 2075630 |
| Insmed, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1978 | 310289 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 301 | 76999 |
| Intel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 48720 | 2264018 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp; 3324 | 248901 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 7391 | 1284408 |
| International Business Machines Corp. | &nbsp;&nbsp; 10841 | 3324935 |
| Intuit, Inc. | &nbsp;&nbsp; 3297 | 1644939 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4354 | 2195374 |
| Invitation Homes, Inc. | &nbsp;&nbsp; 5886 | 157333 |
| IonQ, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 6466 | 258511 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2138 | 492061 |
| Iron Mountain, Inc. | &nbsp;&nbsp; 2322 | 213926 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp; 1290 | 231181 |
| Jacobs Solutions, Inc., NVS | &nbsp;&nbsp; 3865 | 522780 |
| Johnson & Johnson | &nbsp;&nbsp; 33733 | 7665824 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 31293 | 9572216 |
| Kenvue, Inc. | &nbsp;&nbsp; 39779 | 692155 |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp; 11412 | 313145 |
| Keysight Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4200 | 908586 |
| Kimco Realty Corp. | &nbsp;&nbsp; 5756 | 121336 |
| Kinder Morgan, Inc. | &nbsp;&nbsp; 64288 | 1960141 |
| KKR & Co., Inc. | &nbsp;&nbsp; 5600 | 639856 |
| KLA Corp. | &nbsp;&nbsp; 2171 | 3100058 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 5749 | 1971045 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp; 2419 | 656807 |
| Lam Research Corp. | &nbsp;&nbsp; 13657 | 3188363 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 7786 | 410556 |
| Leidos Holdings, Inc. | &nbsp;&nbsp; 1280 | 240998 |
| Liberty Media Corp./Liberty Formula One, Class C, <br> NVS<sup>(a)</sup><br>| &nbsp;&nbsp; 6516 | 567022 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Linde PLC | &nbsp;&nbsp; 114 | $52095 |
| Lowe's Companies, Inc. | &nbsp;&nbsp; 5986 | 1598621 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1612 | 281294 |
| Marriott International, Inc./MD, Class A | &nbsp;&nbsp; 1885 | 594340 |
| Marsh & McLennan Companies, Inc. | &nbsp;&nbsp; 5003 | 941515 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 12044 | 950512 |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 9715 | 5234345 |
| McDonald's Corp. | &nbsp;&nbsp; 12509 | 3940335 |
| Medtronic PLC | &nbsp;&nbsp; 8851 | 911299 |
| MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 662 | 1421837 |
| Merck & Co., Inc. | &nbsp;&nbsp; 32482 | 3581790 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 23224 | 16639996 |
| MetLife, Inc. | &nbsp;&nbsp; 12651 | 997911 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 127 | 174401 |
| Microchip Technology, Inc. | &nbsp;&nbsp; 7733 | 587089 |
| Micron Technology, Inc. | &nbsp;&nbsp; 12997 | 5392195 |
| Microsoft Corp. | &nbsp;&nbsp; 77064 | 33159869 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp; 313 | 42036 |
| MongoDB, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 413 | 153359 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp; 571 | 641890 |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 14462 | 1167951 |
| Moody's Corp. | &nbsp;&nbsp; 1056 | 544431 |
| Morgan Stanley | &nbsp;&nbsp; 13033 | 2382432 |
| Motorola Solutions, Inc. | &nbsp;&nbsp; 2890 | 1163341 |
| Natera, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1594 | 368437 |
| NetApp, Inc. | &nbsp;&nbsp; 3759 | 362180 |
| Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 48013 | 4008605 |
| Newmont Corp. | &nbsp;&nbsp; 5310 | 596578 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 18150 | 1595385 |
| Nordson Corp. | &nbsp;&nbsp; 272 | 74672 |
| Norfolk Southern Corp. | &nbsp;&nbsp; 3358 | 977984 |
| Northern Trust Corp. | &nbsp;&nbsp; 2592 | 387323 |
| Nutanix, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 160 | 6293 |
| Nvidia Corp. | &nbsp;&nbsp; 261173 | 49917995 |
| NXP Semiconductors NV | &nbsp;&nbsp; 2977 | 673219 |
| Okta, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1541 | 130184 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 1556 | 269499 |
| Omnicom Group, Inc. | &nbsp;&nbsp; 3604 | 277652 |
| ONEOK, Inc. | &nbsp;&nbsp; 7542 | 597251 |
| Oracle Corp. | &nbsp;&nbsp; 19101 | 3143643 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 10069 | 860094 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 24801 | 3635579 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6804 | 1204104 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 732 | 685035 |
| Paychex, Inc. | &nbsp;&nbsp; 10868 | 1120817 |
| Paycom Software, Inc. | &nbsp;&nbsp; 1898 | 255756 |
| PayPal Holdings, Inc. | &nbsp;&nbsp; 12926 | 681071 |
| Pentair PLC | &nbsp;&nbsp; 5487 | 578165 |
| PepsiCo, Inc. | &nbsp;&nbsp; 6613 | 1015955 |
| Pfizer, Inc. | &nbsp;&nbsp; 89117 | 2356253 |
| PG&E Corp. | &nbsp;&nbsp; 11822 | 182295 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 24150 | 4333476 |
| Pinterest, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2418 | 53510 |
| PNC Financial Services Group, Inc.(The) | &nbsp;&nbsp; 5309 | 1185500 |
| Principal Financial Group, Inc. | &nbsp;&nbsp; 678 | 64220 |
| Procter & Gamble Co.(The) | &nbsp;&nbsp; 33549 | 5091732 |
| Progressive Corp.(The) | &nbsp;&nbsp; 4573 | 951184 |
| Prologis, Inc. | &nbsp;&nbsp; 11055 | 1443341 |
| Prudential Financial, Inc. | &nbsp;&nbsp; 6484 | 720437 |
| PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3092 | 482754 |
| Public Storage | &nbsp;&nbsp; 2717 | 750408 |
| Pure Storage, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6221 | 432608 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Low Carbon Optimized MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| QUALCOMM, Inc. | &nbsp;&nbsp; 13632 | $2066475 |
| Quanta Services, Inc. | &nbsp;&nbsp; 1566 | 743271 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp; 4837 | 904664 |
| Realty Income Corp. | &nbsp;&nbsp; 11321 | 692392 |
| Reddit, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 699 | 126009 |
| Regency Centers Corp. | &nbsp;&nbsp; 5513 | 401732 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 1054 | 781488 |
| Reliance, Inc. | &nbsp;&nbsp; 5477 | 1804671 |
| ResMed, Inc. | &nbsp;&nbsp; 433 | 111848 |
| Rivian Automotive, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 21337 | 314721 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8022 | 798029 |
| ROBLOX Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8301 | 545874 |
| Rocket Lab Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 13857 | 1109530 |
| Rockwell Automation, Inc. | &nbsp;&nbsp; 1375 | 579769 |
| Rollins, Inc. | &nbsp;&nbsp; 2823 | 178809 |
| Roper Technologies, Inc. | &nbsp;&nbsp; 2310 | 857541 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 2308 | 749292 |
| Royalty Pharma PLC, Class A | &nbsp;&nbsp; 25931 | 1080804 |
| S&P Global, Inc. | &nbsp;&nbsp; 2891 | 1525841 |
| Salesforce, Inc. | &nbsp;&nbsp; 10052 | 2133939 |
| SBA Communications Corp., Class A | &nbsp;&nbsp; 1619 | 298074 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 2869 | 1169663 |
| ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8335 | 975278 |
| Sherwin-Williams Co.(The) | &nbsp;&nbsp; 3633 | 1288407 |
| Simon Property Group, Inc. | &nbsp;&nbsp; 7492 | 1433295 |
| Snap, Inc., Class A, NVS<sup>(a)</sup> | &nbsp;&nbsp; 656 | 4546 |
| Snap-on, Inc. | &nbsp;&nbsp; 2239 | 819720 |
| Snowflake, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3627 | 698923 |
| SoFi Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13215 | 301434 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 15526 | 1271424 |
| Starbucks Corp. | &nbsp;&nbsp; 14983 | 1377687 |
| State Street Corp. | &nbsp;&nbsp; 7327 | 958811 |
| STERIS PLC | &nbsp;&nbsp; 2956 | 776246 |
| Strategy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3514 | 526081 |
| Stryker Corp. | &nbsp;&nbsp; 2664 | 984508 |
| Sun Communities, Inc. | &nbsp;&nbsp; 323 | 41160 |
| Super Micro Computer, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6914 | 201267 |
| Synchrony Financial | &nbsp;&nbsp; 7069 | 513421 |
| Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2586 | 1202787 |
| T Rowe Price Group, Inc. | &nbsp;&nbsp; 3372 | 356353 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3404 | 749901 |
| TE Connectivity PLC, NVS | &nbsp;&nbsp; 7597 | 1692460 |
| Teradyne, Inc. | &nbsp;&nbsp; 3279 | 790403 |
| Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 31821 | 13696077 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 11399 | 2457054 |
| Texas Pacific Land Corp.<sup>(c)</sup> | &nbsp;&nbsp; 6379 | 2222188 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 3926 | 2271623 |
| TJX Companies, Inc.(The) | &nbsp;&nbsp; 7857 | 1177057 |
| T-Mobile U.S., Inc. | &nbsp;&nbsp; 7709 | 1520292 |
| Tractor Supply Co. | &nbsp;&nbsp; 6893 | 350716 |
| Trade Desk, Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp; 5867 | 177946 |
| Trane Technologies PLC | &nbsp;&nbsp; 277 | 116501 |
| TransDigm Group, Inc. | &nbsp;&nbsp; 540 | 770872 |
| TransUnion<sup>(c)</sup> | &nbsp;&nbsp; 7236 | 571789 |
| Travelers Companies, Inc.(The) | &nbsp;&nbsp; 2258 | 642424 |
| Trimble, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14396 | 973170 |
| Truist Financial Corp. | &nbsp;&nbsp; 18002 | 925663 |
| Twilio, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1552 | 186954 |
| Tyler Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 666 | 246020 |
| U.S. Bancorp | &nbsp;&nbsp; 15511 | 870322 |
| Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21571 | 1726759 |
| Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 601 | 389063 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Union Pacific Corp. | &nbsp;&nbsp; 9139 | $2148579 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 1450 | 154019 |
| United Rentals, Inc. | &nbsp;&nbsp; 1889 | 1477311 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 664 | 311741 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 10025 | 2876473 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3679 | 750222 |
| Ventas, Inc. | &nbsp;&nbsp; 78 | 6058 |
| Veralto Corp. | &nbsp;&nbsp; 769 | 76116 |
| VeriSign, Inc. | &nbsp;&nbsp; 1526 | 372695 |
| Verisk Analytics, Inc., Class A | &nbsp;&nbsp; 4870 | 1059030 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 72556 | 3230193 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2273 | 1068083 |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 7213 | 1342916 |
| VICI Properties, Inc., Class A | &nbsp;&nbsp; 28344 | 795900 |
| Visa, Inc., Class A | &nbsp;&nbsp; 19713 | 6344235 |
| Vulcan Materials Co. | &nbsp;&nbsp; 3283 | 986673 |
| Walmart, Inc. | &nbsp;&nbsp; 47630 | 5674638 |
| Walt Disney Co.(The) | &nbsp;&nbsp; 18823 | 2123234 |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22621 | 622982 |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp; 321 | 119001 |
| Wells Fargo & Co. | &nbsp;&nbsp; 38976 | 3526938 |
| Welltower, Inc. | &nbsp;&nbsp; 7276 | 1370507 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp; 1145 | 264632 |
| Western Digital Corp. | &nbsp;&nbsp; 2993 | 748938 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 5758 | 1325146 |
| Williams Companies, Inc.(The) | &nbsp;&nbsp; 32034 | 2154607 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp; 515 | 105395 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 799 | 253659 |
| Workday, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1375 | 241491 |
| WP Carey, Inc. | &nbsp;&nbsp; 3216 | 224316 |
| WW Grainger, Inc. | &nbsp;&nbsp; 187 | 201949 |
| Xylem, Inc./New York | &nbsp;&nbsp; 10009 | 1379941 |
| Yum! Brands, Inc. | &nbsp;&nbsp; 3214 | 499777 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1263 | 296780 |
| Zillow Group, Inc., Class C, NVS<sup>(a)</sup> | &nbsp;&nbsp; 2115 | 133308 |
| Zoetis, Inc. | &nbsp;&nbsp; 8966 | 1119136 |
| Zoom Video Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2340 | 215514 |
| Zscaler, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 202 | 40402 |
|  |  | 641337006 |
| **Total Common Stocks — 99.6%** <br>**(Cost: $691,243,162)** | **Total Common Stocks — 99.6%** <br>**(Cost: $691,243,162)** | 1024926567 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 118300 | 479022 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Grupo Cibest SA, Preference Shares, NVS | &nbsp;&nbsp; 14762 | 301478 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $503,362)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $503,362)** | 780500 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Low Carbon Optimized MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Warrants** | **Warrants** | **Warrants** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software, Inc., (Issued 08/29/23, 1 Share <br> for 1 Warrant, Expires 03/31/40, Strike Price <br> CAD 11.50)<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp; 555 | $— |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $691,746,524)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $691,746,524)** | 1025707067 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.82%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 5020499 | 5023010 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 1040000 | 1040000 |
| **Total Short-Term Securities — 0.6%** <br>**(Cost: $6,062,620)** | **Total Short-Term Securities — 0.6%** <br>**(Cost: $6,062,620)** | 6063010 |
| **Total Investments — 100.3%** <br>**(Cost: $697,809,144)** | **Total Investments — 100.3%** <br>**(Cost: $697,809,144)** | 1031770077 |
| **Liabilities in Excess of Other Assets — (0.3)%** | **Liabilities in Excess of Other Assets — (0.3)%** | (3236089)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1028533988 |

---

&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 January 31, 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>*07/31/25*<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>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<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>| $7867443 | $— | $(2844696 )<sup>(a)</sup><br>| $49 | $214 | $5023010 | 5020499 | $21026 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1850000 |  | (810000 )<sup>(a)</sup><br>|  |  | 1040000 | 1040000 | 33565 |  |
| BlackRock, Inc. | 1970910 | 181845 | (327524)<br>| 124948 | (88263)<br>| 1861916 | 1664 | 18042 |  |
|  |  |  |  | $124997 | $(88049) | $7924926 |  | $72633 | $— |

---

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

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

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI EAFE Index | 3 | 03/20/26 | &nbsp;&nbsp; $456 | $15548 |
| MSCI Emerging Markets Index | 4 | 03/20/26 | &nbsp;&nbsp; 304 | 16421 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Low Carbon Optimized MSCI ACWI 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>|
| S&P 500 E-Mini Index | 4 | 03/20/26 | &nbsp;&nbsp; $1393 | $1792 |
|  |  |  |  | $33761 |

---

**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; $33761 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33761 |

---

&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 January 31, 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; $274258 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $274258 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8343)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8343)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2220475 |

---

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; $704536172 | &nbsp;&nbsp; $320390231 | &nbsp;&nbsp; $164 | &nbsp;&nbsp; $1024926567 |
| Preferred Stocks | &nbsp;&nbsp; 780500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 780500 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 6063010 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6063010 |
|  | &nbsp;&nbsp; $711379682 | &nbsp;&nbsp; $320390231 | &nbsp;&nbsp; $164 | &nbsp;&nbsp; $1031770077 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® Low Carbon Optimized MSCI ACWI 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; $33761 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33761 |

---

&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)

January 31, 2026

**iShares® MSCI ACWI 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 — 1.4%** | **Australia — 1.4%** | **Australia — 1.4%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 836478 | $21280281 |
| APA Group | &nbsp;&nbsp; 363804 | 2239756 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 165007 | 6129964 |
| ASX Ltd. | &nbsp;&nbsp; 58233 | 2317928 |
| BHP Group Ltd. | &nbsp;&nbsp; 1424348 | 49057898 |
| Brambles Ltd. | &nbsp;&nbsp; 402492 | 6247763 |
| CAR Group Ltd. | &nbsp;&nbsp; 107570 | 2058343 |
| Cochlear Ltd. | &nbsp;&nbsp; 20204 | 3765892 |
| Coles Group Ltd. | &nbsp;&nbsp; 367794 | 5434098 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 474326 | 49102628 |
| Computershare Ltd. | &nbsp;&nbsp; 149969 | 3405880 |
| CSL Ltd. | &nbsp;&nbsp; 135189 | 17035144 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 563976 | 5415990 |
| Fortescue Ltd. | &nbsp;&nbsp; 482957 | 6993635 |
| Goodman Group | &nbsp;&nbsp; 570612 | 12121898 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 690626 | 3641077 |
| Lottery Corp. Ltd.(The) | &nbsp;&nbsp; 643157 | 2291197 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 249174 | 2508216 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 101160 | 14846215 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 882601 | 2831970 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 859110 | 25807154 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 369196 | 6787040 |
| Origin Energy Ltd. | &nbsp;&nbsp; 481906 | 3952261 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 18015 | 2303096 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 240341 | 1680375 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 425573 | 5832807 |
| REA Group Ltd. | &nbsp;&nbsp; 13666 | 1796858 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 96076 | 10009655 |
| Santos Ltd. | &nbsp;&nbsp; 938356 | 4576126 |
| Scentre Group | &nbsp;&nbsp; 1462468 | 4144588 |
| SGH Ltd. | &nbsp;&nbsp; 56233 | 1802159 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 1559087 | 3340877 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 125014 | 1999201 |
| South32 Ltd. | &nbsp;&nbsp; 1359838 | 4307786 |
| Stockland | &nbsp;&nbsp; 720964 | 2697563 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 297103 | 3497477 |
| Telstra Group Ltd. | &nbsp;&nbsp; 1158349 | 3935253 |
| Transurban Group | &nbsp;&nbsp; 879967 | 8511719 |
| Vicinity Ltd. | &nbsp;&nbsp; 1183684 | 2019421 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 87842 | 2351848 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 321081 | 18522065 |
| Westpac Banking Corp. | &nbsp;&nbsp; 962539 | 25862551 |
| WiseTech Global Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 57862 | 2318335 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 533153 | 9413613 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 335318 | 7196052 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 46685 | 3042520 |
|  |  | 386434173 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| Erste Group Bank AG | &nbsp;&nbsp; 90403 | 11753195 |
| OMV AG | &nbsp;&nbsp; 42611 | 2531423 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 35874 | 1808245 |
| Verbund AG | &nbsp;&nbsp; 20758 | 1523128 |
|  |  | 17615991 |
| **Belgium — 0.3%** | **Belgium — 0.3%** | **Belgium — 0.3%** |
| Ageas SA | &nbsp;&nbsp; 49912 | 3545268 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 279090 | 20089738 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 17237 | 14495809 |
| D'ieteren Group | &nbsp;&nbsp; 5835 | 1329087 |
| Elia Group SA, Class B | &nbsp;&nbsp; 12952 | 1875199 |
| Financiere de Tubize SA | &nbsp;&nbsp; 4429 | 1129783 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 24072 | $2277752 |
| KBC Group NV | &nbsp;&nbsp; 65181 | 9185014 |
| Lotus Bakeries NV<sup>(b)</sup> | &nbsp;&nbsp; 111 | 1308651 |
| Sofina SA | &nbsp;&nbsp; 3672 | 1070063 |
| Syensqo SA | &nbsp;&nbsp; 18261 | 1536914 |
| UCB SA | &nbsp;&nbsp; 35275 | 10749190 |
|  |  | 68592468 |
| **Brazil — 0.4%** | **Brazil — 0.4%** | **Brazil — 0.4%** |
| Ambev SA | &nbsp;&nbsp; 1253882 | 3538102 |
| Axia Energia | &nbsp;&nbsp; 408207 | 4217228 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 1645687 | 5050182 |
| Banco Bradesco SA | &nbsp;&nbsp; 239546 | 833876 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 365763 | 4166546 |
| Banco do Brasil SA | &nbsp;&nbsp; 460249 | 2205592 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 187167 | 1326911 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 126663 | 3398860 |
| Cia Paranaense de Energia - Copel | &nbsp;&nbsp; 302561 | 757732 |
| Embraer SA | &nbsp;&nbsp; 231058 | 4256534 |
| Energisa SA | &nbsp;&nbsp; 22156 | 214750 |
| Eneva SA<sup>(a)</sup> | &nbsp;&nbsp; 219822 | 882170 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 76366 | 475513 |
| Equatorial Energia SA | &nbsp;&nbsp; 390745 | 3038200 |
| JBS NV, Class A<sup>(a)</sup> | &nbsp;&nbsp; 116269 | 1831237 |
| Klabin SA | &nbsp;&nbsp; 224974 | 819059 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 252611 | 2322711 |
| MBRF Global Foods Co. SA | &nbsp;&nbsp; 249180 | 883985 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 391306 | 1246171 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 962013 | 17075731 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 980861 | 7527809 |
| PRIO SA<sup>(a)</sup> | &nbsp;&nbsp; 190109 | 1841938 |
| Raia Drogasil SA | &nbsp;&nbsp; 385059 | 1792589 |
| Rede D'Or Sao Luiz SA<sup>(c)</sup> | &nbsp;&nbsp; 214380 | 1726772 |
| Rumo SA | &nbsp;&nbsp; 394263 | 1105757 |
| StoneCo Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 56711 | 915315 |
| Suzano SA | &nbsp;&nbsp; 197497 | 1851224 |
| Telefonica Brasil SA | &nbsp;&nbsp; 278698 | 1979522 |
| TIM SA/Brazil | &nbsp;&nbsp; 258500 | 1204393 |
| TOTVS SA | &nbsp;&nbsp; 181827 | 1539885 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 242254 | 1168288 |
| Vale SA | &nbsp;&nbsp; 1050331 | 16828447 |
| Vibra Energia SA | &nbsp;&nbsp; 319542 | 1746242 |
| WEG SA | &nbsp;&nbsp; 470427 | 4623150 |
| XP, Inc., Class A | &nbsp;&nbsp; 105163 | 2051730 |
|  |  | 106444151 |
| **Canada — 3.0%** | **Canada — 3.0%** | **Canada — 3.0%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 148301 | 28190967 |
| Alamos Gold, Inc., Class A | &nbsp;&nbsp; 118636 | 4396411 |
| Alimentation Couche-Tard, Inc. | &nbsp;&nbsp; 203632 | 10593979 |
| AltaGas Ltd. | &nbsp;&nbsp; 83334 | 2513515 |
| ARC Resources Ltd. | &nbsp;&nbsp; 159364 | 2957536 |
| AtkinsRealis Group, Inc. | &nbsp;&nbsp; 45186 | 3171134 |
| Bank of Montreal | &nbsp;&nbsp; 204535 | 27844639 |
| Bank of Nova Scotia(The) | &nbsp;&nbsp; 349972 | 26164690 |
| Barrick Mining Corp. | &nbsp;&nbsp; 487257 | 22272152 |
| BCE, Inc. | &nbsp;&nbsp; 23695 | 612539 |
| Bombardier, Inc., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 25153 | 4296875 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 116481 | 5787052 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 572624 | 26102722 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 35622 | 1483585 |
| CAE, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 89283 | 2861462 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Cameco Corp. | &nbsp;&nbsp; 122191 | $15112684 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 265570 | 24543259 |
| Canadian National Railway Co. | &nbsp;&nbsp; 149946 | 14424725 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 589080 | 21903661 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 261293 | 19423550 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 14909 | 1834213 |
| Canadian Utilities Ltd., Class A, NVS | &nbsp;&nbsp; 77569 | 2510532 |
| CCL Industries, Inc., Class B, NVS | &nbsp;&nbsp; 44605 | 2688126 |
| Celestica, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 32361 | 9093592 |
| Cenovus Energy, Inc. | &nbsp;&nbsp; 382424 | 7546530 |
| CGI, Inc. | &nbsp;&nbsp; 58975 | 5054443 |
| Constellation Software, Inc. | &nbsp;&nbsp; 5811 | 10724350 |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 20777 | 1551657 |
| Dollarama, Inc. | &nbsp;&nbsp; 80867 | 10897877 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 109004 | 2761824 |
| Emera, Inc. | &nbsp;&nbsp; 84704 | 4198342 |
| Empire Co. Ltd., Class A, NVS | &nbsp;&nbsp; 33415 | 1091543 |
| Enbridge, Inc. | &nbsp;&nbsp; 614037 | 29974692 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 5822 | 9608042 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 194763 | 5505400 |
| FirstService Corp. | &nbsp;&nbsp; 9159 | 1419001 |
| Fortis, Inc./Canada | &nbsp;&nbsp; 138217 | 7369408 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 53178 | 12448100 |
| George Weston Ltd. | &nbsp;&nbsp; 48262 | 3366094 |
| GFL Environmental, Inc. | &nbsp;&nbsp; 69134 | 2969667 |
| Gildan Activewear, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 38826 | 2522628 |
| Great-West Lifeco, Inc. | &nbsp;&nbsp; 78508 | 3675027 |
| Hydro One Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 104023 | 4112333 |
| iA Financial Corp., Inc. | &nbsp;&nbsp; 29368 | 3608534 |
| IGM Financial, Inc. | &nbsp;&nbsp; 16643 | 804985 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 55265 | 5583524 |
| Intact Financial Corp. | &nbsp;&nbsp; 52041 | 9474890 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 210257 | 2658999 |
| Keyera Corp. | &nbsp;&nbsp; 60022 | 2032545 |
| Kinross Gold Corp. | &nbsp;&nbsp; 368917 | 11617641 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 166938 | 7511689 |
| Lundin Gold, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 30709 | 2302188 |
| Lundin Mining Corp. | &nbsp;&nbsp; 183665 | 4633270 |
| Magna International, Inc. | &nbsp;&nbsp; 78136 | 3994453 |
| Manulife Financial Corp. | &nbsp;&nbsp; 476949 | 18168652 |
| Metro, Inc./CN | &nbsp;&nbsp; 62342 | 4138430 |
| National Bank of Canada | &nbsp;&nbsp; 110422 | 13157544 |
| Nutrien Ltd. | &nbsp;&nbsp; 137756 | 9484541 |
| Open Text Corp. | &nbsp;&nbsp; 83402 | 2130299 |
| Pan American Silver Corp. | &nbsp;&nbsp; 112768 | 6144206 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 159164 | 6613667 |
| Power Corp. of Canada | &nbsp;&nbsp; 156781 | 7906695 |
| RB Global, Inc. | &nbsp;&nbsp; 53841 | 6111457 |
| Restaurant Brands International, Inc. | &nbsp;&nbsp; 88503 | 5929665 |
| Rogers Communications, Inc., Class B, NVS | &nbsp;&nbsp; 102253 | 3859879 |
| Royal Bank of Canada | &nbsp;&nbsp; 397767 | 66229746 |
| Saputo, Inc. | &nbsp;&nbsp; 87324 | 2634502 |
| Shopify, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 343992 | 45137187 |
| Stantec, Inc. | &nbsp;&nbsp; 31861 | 3157436 |
| Sun Life Financial, Inc. | &nbsp;&nbsp; 161170 | 10155610 |
| Suncor Energy, Inc. | &nbsp;&nbsp; 339553 | 17947071 |
| TC Energy Corp. | &nbsp;&nbsp; 291511 | 17092673 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 132176 | 7093910 |
| TELUS Corp. | &nbsp;&nbsp; 133256 | 1859409 |
| TFI International, Inc. | &nbsp;&nbsp; 21213 | 2279659 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 45739 | 5053745 |
| TMX Group Ltd. | &nbsp;&nbsp; 74318 | 2743705 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Toromont Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 20628 | $2627640 |
| Toronto-Dominion Bank(The) | &nbsp;&nbsp; 477633 | 44639647 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 105788 | 5006410 |
| Waste Connections, Inc. | &nbsp;&nbsp; 69370 | 11626412 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 126007 | 16600739 |
| Whitecap Resources, Inc. | &nbsp;&nbsp; 349626 | 3189039 |
| WSP Global, Inc. | &nbsp;&nbsp; 34517 | 6672721 |
|  |  | 817195572 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Banco de Chile | &nbsp;&nbsp; 10085241 | 2222878 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 25196 | 1874007 |
| Banco Santander Chile | &nbsp;&nbsp; 18580000 | 1634890 |
| Cencosud SA | &nbsp;&nbsp; 362654 | 1213924 |
| Empresas CMPC SA | &nbsp;&nbsp; 321350 | 481767 |
| Empresas Copec SA | &nbsp;&nbsp; 131685 | 1122572 |
| Enel Americas SA | &nbsp;&nbsp; 4639203 | 438049 |
| Enel Chile SA | &nbsp;&nbsp; 7801320 | 661991 |
| Falabella SA | &nbsp;&nbsp; 170213 | 1321453 |
| Latam Airlines Group SA | &nbsp;&nbsp; 86726556 | 2814105 |
|  |  | 13785636 |
| **China — 3.0%** | **China — 3.0%** | **China — 3.0%** |
| 3SBio, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 504500 | 1504323 |
| AAC Technologies Holdings, Inc. | &nbsp;&nbsp; 220500 | 1046720 |
| Advanced Micro-Fabrication Equipment, <br> Inc./China, Class A<br>| &nbsp;&nbsp; 14200 | 706714 |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 40800 | 271547 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 1558900 | 1505026 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 7306000 | 5107747 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 143400 | 228109 |
| Akeso, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 172000 | 2427750 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 4844176 | 103052935 |
| Alibaba Health Information Technology Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1738000 | 1441475 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 1232000 | 2151159 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 65892 | 232118 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 314500 | 997379 |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 16300 | 309164 |
| Anhui Jianghuai Automobile Group Corp. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 74300 | 583520 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 357600 | 3572399 |
| APT Medical, Inc., Class A | &nbsp;&nbsp; 2230 | 74327 |
| Autohome, Inc., ADR | &nbsp;&nbsp; 18963 | 417945 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 53200 | 435775 |
| AviChina Industry & Technology Co. Ltd., Class H | &nbsp;&nbsp; 898000 | 476332 |
| Baidu, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 626760 | 12013453 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 515100 | 392215 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 717600 | 553321 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 20175000 | 12048171 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 1116700 | 1061517 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 2400000 | 2061818 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 168400 | 390967 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 374400 | 544881 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 244600 | 370034 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 134400 | 597608 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 408200 | 541878 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 605200 | 632293 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 82000 | 371457 |
| Beijing Kingsoft Office Software, Inc., Class A | &nbsp;&nbsp; 11000 | 531516 |
| Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp; 76500 | 333232 |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1055300 | 738025 |
| BeOne Medicines Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 228234 | 6019198 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Bilibili, Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 72428 | $2481369 |
| BOC Aviation Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 70100 | 726211 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 742500 | 466235 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 1128000 | 688414 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 132600 | 1731274 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 1015200 | 12656353 |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 215500 | 920142 |
| C&D International Investment Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 234000 | 482019 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8600 | 1553654 |
| CGN Power Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 4237000 | 1766723 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 2707000 | 2521278 |
| China CITIC Financial Asset Management Co. Ltd., <br> Class H<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 2712000 | 305394 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 695000 | 1017182 |
| China Communications Services Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 582000 | 353457 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 433600 | 542908 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 27370260 | 27636577 |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 126200 | 608073 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 642100 | 501130 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 1264800 | 603012 |
| China Feihe Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1185000 | 588628 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 289400 | 624144 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 931500 | 1252585 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 772600 | 765301 |
| China Gold International Resources Corp. Ltd. | &nbsp;&nbsp; 59200 | 1499001 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 800000 | 3658937 |
| China International Capital Corp. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 500400 | 1356174 |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 76900 | 548753 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 2025000 | 9011730 |
| China Literature Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 121000 | 553830 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 699000 | 634994 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 929000 | 1940104 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 484900 | 2692405 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 1096788 | 6700930 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 444000 | 893594 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 222600 | 546887 |
| China Merchants Shekou Industrial Zone Holdings <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 146600 | 222526 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 1847500 | 995342 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 1875000 | 932949 |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 1060000 | 762456 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 465400 | 575376 |
| China Nonferrous Mining Corp Ltd. | &nbsp;&nbsp; 269000 | 533175 |
| China Northern Rare Earth Group High-Tech Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 56800 | 417054 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 670000 | 736355 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 1041000 | 1865695 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 127097 | 831183 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 678200 | 3415982 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 1012500 | 947507 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 6051200 | 4164465 |
| China Power International Development Ltd. | &nbsp;&nbsp; 1783000 | 743751 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 1507000 | 869650 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 486500 | 1627547 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 284000 | 781323 |
| China Resources Land Ltd. | &nbsp;&nbsp; 897000 | 3512819 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 40200 | 368112 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 178000 | 1052686 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 612000 | 1394027 |
| China Ruyi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3784000 | 1046535 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 198200 | 1193947 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 879500 | $4839102 |
| China State Construction Engineering Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 670877 | 485687 |
| China State Construction International <br> Holdings Ltd.<br>| &nbsp;&nbsp; 428000 | 514117 |
| China Taiping Insurance Holdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 459000 | 1504066 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 535300 | 316135 |
| China Tourism Group Duty Free Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 48692 | 624717 |
| China Tower Corp. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 1196000 | 1720777 |
| China United Network Communications Ltd., <br> Class A<br>| &nbsp;&nbsp; 623300 | 457556 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 258396 | 181201 |
| China Vanke Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 477100 | 231830 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 430810 | 1631502 |
| Chongqing Changan Automobile Co. Ltd., Class A | &nbsp;&nbsp; 145600 | 232519 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 597000 | 445528 |
| Chongqing Zhifei Biological Products Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 57450 | 143391 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 523600 | 962319 |
| CITIC Ltd. | &nbsp;&nbsp; 1115000 | 1781971 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 224423 | 904585 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 422025 | 1579343 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 387800 | 1335027 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 942000 | 2647551 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 78500 | 3954023 |
| Contemporary Amperex Technology Co. Ltd., <br> Class H<sup>(b)</sup><br>| &nbsp;&nbsp; 13900 | 867325 |
| Cosco Shipping Energy Transportation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 271200 | 614041 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 725800 | 1275203 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 410900 | 372403 |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 1381000 | 1025898 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 116800 | 403271 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 2251120 | 2761529 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 451100 | 325337 |
| Dongfeng Motor Group Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 570000 | 658954 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 274360 | 894314 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 13520 | 485866 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 212600 | 1830218 |
| Eoptolink Technology, Inc. Ltd., Class A | &nbsp;&nbsp; 21140 | 1269766 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 43100 | 394740 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 462000 | 462149 |
| Foshan Haitian Flavouring & Food Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 125621 | 636322 |
| Fosun International Ltd. | &nbsp;&nbsp; 643500 | 342360 |
| Founder Securities Co. Ltd., Class A | &nbsp;&nbsp; 332400 | 375308 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 236200 | 1947949 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 202800 | 1738303 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 29500 | 288532 |
| Ganfeng Lithium Group Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 112800 | 861114 |
| GCL Technology Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5760000 | 796909 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 770300 | 512386 |
| GDS Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 294100 | 1637577 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 1689000 | 3476794 |
| Genscript Biotech Corp.<sup>(a)</sup> | &nbsp;&nbsp; 390000 | 640185 |
| GF Securities Co. Ltd., Class H | &nbsp;&nbsp; 228400 | 532985 |
| Giant Biogene Holding Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 81600 | 347229 |
| GigaDevice Semiconductor, Inc., Class A | &nbsp;&nbsp; 17300 | 778829 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| GoerTek, Inc., Class A | &nbsp;&nbsp; 129500 | $484022 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 725000 | 1229663 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | &nbsp;&nbsp; 92300 | 513383 |
| Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp; 69500 | 514319 |
| Guangdong HEC Technology Holding Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 45900 | 179516 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 1022000 | 966238 |
| Guangzhou Baiyunshan Pharmaceutical Holdings <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 66500 | 241187 |
| Guangzhou Tinci Materials Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 76300 | 445882 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 389532 | 1108739 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 511112 | 1087883 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 59644 | 2833686 |
| Haidilao International Holding Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 529000 | 1078540 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 105500 | 380568 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 727600 | 2398691 |
| Haisco Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp; 23400 | 170335 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 196000 | 606323 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 414000 | 2040263 |
| Henan Shuanghui Investment & Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 92100 | 339751 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 226500 | 818757 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 311600 | 1167781 |
| Hithink RoyalFlush Information Network Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 10900 | 546443 |
| Horizon Robotics<sup>(a)(b)</sup> | &nbsp;&nbsp; 1345800 | 1413232 |
| Hua Hong Semiconductor Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 237000 | 3507291 |
| Huaneng Power International, Inc., Class H | &nbsp;&nbsp; 1526000 | 1112611 |
| Huatai Securities Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 554000 | 1320881 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 399100 | 363519 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 37144 | 1404007 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 68700 | 587356 |
| Industrial & Commercial Bank of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 1332591 | 1387471 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 18859260 | 15643689 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 351500 | 944329 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 175100 | 662768 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 185900 | 371741 |
| Innovent Biologics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 410500 | 4261021 |
| J&T Global Express Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 641800 | 835512 |
| JD Health International, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 317300 | 2552880 |
| JD Logistics, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 449000 | 641686 |
| JD.com, Inc., Class A | &nbsp;&nbsp; 677926 | 9667653 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 524000 | 690877 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 41300 | 641530 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 118518 | 989576 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 37000 | 294124 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 375000 | 2240317 |
| Kanzhun Ltd., ADR | &nbsp;&nbsp; 93036 | 1723027 |
| KE Holdings, Inc., Class A | &nbsp;&nbsp; 567027 | 3604656 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 871000 | 1438646 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 283800 | 1088782 |
| Kuaishou Technology<sup>(c)</sup> | &nbsp;&nbsp; 742700 | 7588245 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 1192000 | 1221302 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 19732 | 3970903 |
| Laopu Gold Co. Ltd., Class H | &nbsp;&nbsp; 7000 | 691818 |
| Legend Biotech Corp., ADR<sup>(a)</sup> | &nbsp;&nbsp; 18110 | 316925 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 2342000 | 2638763 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 191800 | $999029 |
| Li Auto, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 333676 | 2788518 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 695000 | 1817410 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 280500 | 589700 |
| Longfor Group Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 555000 | 729867 |
| LONGi Green Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 226820 | 582622 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 151340 | 1120334 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 35100 | 608533 |
| Meitu, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 1075000 | 1061883 |
| Meituan, Class B<sup>(a)(c)</sup> | &nbsp;&nbsp; 1394820 | 17243438 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 84900 | 946576 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 118800 | 1302101 |
| MINISO Group Holding Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 100424 | 466331 |
| MMG Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1000800 | 1295736 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 29353 | 764839 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 94612 | 625901 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 186620 | 673855 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 17415 | 1187047 |
| NetEase Cloud Music, Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 19900 | 459200 |
| NetEase, Inc. | &nbsp;&nbsp; 492090 | 12759928 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 252000 | 2049119 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 257500 | 334523 |
| New Oriental Education & Technology Group, Inc. | &nbsp;&nbsp; 340130 | 2073814 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 44080 | 456642 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 184200 | 628638 |
| NIO, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 521305 | 2485263 |
| Nongfu Spring Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 586600 | 3597244 |
| OmniVision Integrated Circuits Group, Inc. | &nbsp;&nbsp; 26900 | 468713 |
| Orient Overseas International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 40000 | 655327 |
| Orient Securities Co. Ltd., Class A | &nbsp;&nbsp; 285400 | 419446 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 199861 | 20195954 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 2442000 | 2123394 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 349400 | 553917 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 5804000 | 6894914 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 2046000 | 4235621 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 422400 | 657182 |
| Ping An Insurance Group Co. of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 212700 | 2038130 |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 1878000 | 17419103 |
| Piotech, Inc., Class A | &nbsp;&nbsp; 10778 | 545212 |
| Pop Mart International Group Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 155600 | 4448066 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 1020500 | 741857 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 2066000 | 1347037 |
| Qfin Holdings, Inc. | &nbsp;&nbsp; 26692 | 415061 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 160500 | 755954 |
| Remegen Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 47500 | 511762 |
| Rockchip Electronics Co. Ltd., Class A | &nbsp;&nbsp; 11900 | 326278 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 207500 | 439587 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 166013 | 336954 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 178600 | 414466 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 180400 | 568136 |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 289200 | 529743 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 26100 | 390866 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 105100 | 566160 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 163300 | 522159 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 43200 | 321497 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 262250 | 1409326 |
| Shandong Weigao Group Medical Polymer Co. <br> Ltd., Class H<br>| &nbsp;&nbsp; 701200 | 448957 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Shanghai Allist Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 6800 | $96269 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 318600 | 398057 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 120100 | 459901 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 519365 | 748779 |
| Shanghai Rural Commercial Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 193600 | 238921 |
| Shanghai United Imaging Healthcare Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 20344 | 377702 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 28600 | 701629 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 62600 | 617598 |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 17800 | 593763 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 992700 | 722948 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 25300 | 271591 |
| Shenzhen Longsys Electronics Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12200 | 584012 |
| Shenzhen Mindray Bio-Medical Electronics Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 29900 | 812423 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 36640 | 304903 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 230700 | 1834839 |
| Sichuan Biokin Pharmaceutical Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4376 | 174618 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 185100 | 370186 |
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 45900 | 204090 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 12300 | 654820 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 2916000 | 2474243 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 329600 | 879452 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 143000 | 656682 |
| Smoore International Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 536000 | 774014 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 33880 | 734749 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 204000 | 1634767 |
| Suzhou Dongshan Precision Manufacturing Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 51500 | 573433 |
| Suzhou TFC Optical Communication Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 22900 | 813823 |
| TAL Education Group, ADR<sup>(a)</sup> | &nbsp;&nbsp; 105117 | 1334986 |
| TBEA Co. Ltd., Class A | &nbsp;&nbsp; 70700 | 274704 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 1808300 | 138989193 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 165540 | 2777761 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 502000 | 760846 |
| Tongcheng Travel Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 336800 | 1001812 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 144100 | 376594 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 180076 | 11052275 |
| Tsingtao Brewery Co. Ltd., Class A | &nbsp;&nbsp; 80600 | 695611 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 140000 | 885990 |
| UBTech Robotics Corp. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 42600 | 760420 |
| Victory Giant Technology Huizhou Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 14000 | 527318 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 90092 | 1541474 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 83653 | 1057413 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 1672000 | 1008391 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 649000 | 2199868 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 221416 | 496238 |
| Wharf Holdings Ltd.(The) | &nbsp;&nbsp; 278000 | 898186 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 92900 | 1399991 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 57700 | 576112 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 85359 | 1167852 |
| WuXi AppTec Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 87812 | 1249569 |
| Wuxi Biologics Cayman, Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1006500 | 4763110 |
| WuXi XDC Cayman, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 135000 | 1084605 |
| XCMG Construction Machinery Co. Ltd., Class A | &nbsp;&nbsp; 448500 | 691949 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Xiaomi Corp., Class B<sup>(a)(c)</sup> | &nbsp;&nbsp; 4910600 | $22228171 |
| Xinjiang Daqo New Energy Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 78600 | 273751 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 1544000 | 667381 |
| XPeng, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 349234 | 3143665 |
| XtalPi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 346000 | 534455 |
| Yadea Group Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 446000 | 630159 |
| Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 229510 | 481780 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 717600 | 1045494 |
| Yum China Holdings, Inc. | &nbsp;&nbsp; 103715 | 5156979 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 82500 | 659135 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 21692 | 499874 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 444500 | 1954990 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 728640 | 687405 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 54200 | 555495 |
| Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp; 68200 | 385368 |
| Zhejiang Leapmotor Technology Co. Ltd., <br> Class H<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 138300 | 750978 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 108200 | 433371 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 19600 | 1816987 |
| Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp; 185300 | 935381 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 216100 | 1181580 |
| Zijin Gold International Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 54400 | 1507099 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 349400 | 1951751 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 1664000 | 8676131 |
| Zoomlion Heavy Industry Science and Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 402000 | 506513 |
| ZTE Corp., Class H<sup>(b)</sup> | &nbsp;&nbsp; 243600 | 881285 |
| ZTO Express Cayman, Inc. | &nbsp;&nbsp; 106945 | 2361361 |
|  |  | 822115652 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 51571 | 422680 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| CEZ A/S | &nbsp;&nbsp; 42924 | 2468123 |
| Komercni Banka AS | &nbsp;&nbsp; 25554 | 1548497 |
|  |  | 4016620 |
| **Denmark — 0.5%** | **Denmark — 0.5%** | **Denmark — 0.5%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 868 | 2128482 |
| AP Moller - Maersk A/S, Class B, NVS | &nbsp;&nbsp; 1006 | 2487561 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 25993 | 3533726 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 36304 | 3094733 |
| Danske Bank A/S | &nbsp;&nbsp; 188640 | 9610836 |
| Demant A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 24815 | 868609 |
| DSV A/S | &nbsp;&nbsp; 57273 | 16104303 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 18256 | 5947540 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 907965 | 53914255 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 103225 | 6324962 |
| Orsted A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 165306 | 3718601 |
| Pandora A/S | &nbsp;&nbsp; 22435 | 1815970 |
| Rockwool AS, Class B | &nbsp;&nbsp; 22272 | 752125 |
| Tryg A/S | &nbsp;&nbsp; 108228 | 2630266 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 274496 | 8320353 |
|  |  | 121252322 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| Commercial International Bank - Egypt(CIB) | &nbsp;&nbsp; 700345 | 1996355 |
| Talaat Moustafa Group | &nbsp;&nbsp; 191013 | 351888 |
|  |  | 2348243 |
| **Finland — 0.2%** | **Finland — 0.2%** | **Finland — 0.2%** |
| Elisa OYJ | &nbsp;&nbsp; 38151 | 1687610 |
| Fortum OYJ | &nbsp;&nbsp; 125281 | 2959430 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| Kesko OYJ, Class B | &nbsp;&nbsp; 74936 | $1895383 |
| Kone OYJ, Class B | &nbsp;&nbsp; 93024 | 6685158 |
| Metso OYJ | &nbsp;&nbsp; 167336 | 3271542 |
| Neste OYJ | &nbsp;&nbsp; 118823 | 3035327 |
| Nokia OYJ | &nbsp;&nbsp; 1475487 | 9503477 |
| Orion OYJ, Class B | &nbsp;&nbsp; 27418 | 2267415 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 699768 | 7804024 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 175968 | 2025741 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 149200 | 4116148 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 151482 | 6141082 |
|  |  | 51392337 |
| **France — 2.3%** | **France — 2.3%** | **France — 2.3%** |
| Accor SA | &nbsp;&nbsp; 54851 | 2982858 |
| Aeroports de Paris SA | &nbsp;&nbsp; 5652 | 746752 |
| Air Liquide SA | &nbsp;&nbsp; 162602 | 30449212 |
| Airbus SE | &nbsp;&nbsp; 166984 | 38230942 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 93250 | 2977321 |
| Amundi SA<sup>(c)</sup> | &nbsp;&nbsp; 12544 | 1115276 |
| ArcelorMittal SA | &nbsp;&nbsp; 133358 | 7242409 |
| AXA SA | &nbsp;&nbsp; 505906 | 23068850 |
| BioMerieux | &nbsp;&nbsp; 10445 | 1212941 |
| BNP Paribas SA | &nbsp;&nbsp; 288128 | 31155977 |
| Bollore SE | &nbsp;&nbsp; 254474 | 1450864 |
| Bouygues SA | &nbsp;&nbsp; 63730 | 3444848 |
| Bureau Veritas SA | &nbsp;&nbsp; 105351 | 3391494 |
| Capgemini SE | &nbsp;&nbsp; 46773 | 7267498 |
| Carrefour SA | &nbsp;&nbsp; 170270 | 2788881 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 128002 | 12634496 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 201913 | 7498165 |
| Covivio SA/France | &nbsp;&nbsp; 9045 | 577848 |
| Credit Agricole SA | &nbsp;&nbsp; 299810 | 6492812 |
| Danone SA | &nbsp;&nbsp; 176449 | 13826523 |
| Dassault Aviation SA | &nbsp;&nbsp; 6070 | 2307661 |
| Dassault Systemes SE | &nbsp;&nbsp; 186427 | 5127637 |
| Edenred SE | &nbsp;&nbsp; 75634 | 1584214 |
| Eiffage SA | &nbsp;&nbsp; 24685 | 3660966 |
| Engie SA | &nbsp;&nbsp; 489499 | 14614681 |
| EssilorLuxottica SA | &nbsp;&nbsp; 83414 | 25499313 |
| Eurofins Scientific SE | &nbsp;&nbsp; 33995 | 2749957 |
| Euronext NV<sup>(c)</sup> | &nbsp;&nbsp; 18231 | 2553320 |
| FDJ United | &nbsp;&nbsp; 24748 | 654978 |
| Gecina SA | &nbsp;&nbsp; 12822 | 1177716 |
| Getlink SE | &nbsp;&nbsp; 102506 | 2029044 |
| Hermes International SCA | &nbsp;&nbsp; 8648 | 20807069 |
| Ipsen SA | &nbsp;&nbsp; 10773 | 1759934 |
| Kering SA | &nbsp;&nbsp; 20730 | 6471443 |
| Klepierre SA | &nbsp;&nbsp; 40707 | 1568171 |
| Legrand SA | &nbsp;&nbsp; 76793 | 12260603 |
| L'Oreal SA | &nbsp;&nbsp; 67561 | 31040159 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 71460 | 46120589 |
| Orange SA | &nbsp;&nbsp; 485151 | 9018965 |
| Pernod Ricard SA | &nbsp;&nbsp; 58024 | 5188311 |
| Publicis Groupe SA | &nbsp;&nbsp; 65731 | 6569699 |
| Renault SA | &nbsp;&nbsp; 58682 | 2214621 |
| Rexel SA | &nbsp;&nbsp; 39582 | 1658706 |
| Safran SA | &nbsp;&nbsp; 101230 | 36168583 |
| Sanofi SA | &nbsp;&nbsp; 312674 | 29492550 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 8027 | 1793776 |
| Schneider Electric SE | &nbsp;&nbsp; 152778 | 43801733 |
| Societe Generale SA | &nbsp;&nbsp; 200903 | 17605016 |
| Sodexo SA | &nbsp;&nbsp; 25441 | 1299821 |
| STMicroelectronics NV | &nbsp;&nbsp; 183924 | 5193651 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Thales SA | &nbsp;&nbsp; 27099 | $8295698 |
| TotalEnergies SE | &nbsp;&nbsp; 562687 | 40923486 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 36547 | 4040816 |
| Veolia Environnement SA | &nbsp;&nbsp; 190782 | 7155690 |
| Vinci SA | &nbsp;&nbsp; 144814 | 20822024 |
|  |  | 621786568 |
| **Germany — 2.0%** | **Germany — 2.0%** | **Germany — 2.0%** |
| adidas AG | &nbsp;&nbsp; 49129 | 8710745 |
| Allianz SE, Registered | &nbsp;&nbsp; 108386 | 47724698 |
| BASF SE | &nbsp;&nbsp; 245768 | 13324055 |
| Bayer AG, Registered | &nbsp;&nbsp; 273734 | 14478241 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 76268 | 7854100 |
| Beiersdorf AG | &nbsp;&nbsp; 26955 | 3215175 |
| Brenntag SE | &nbsp;&nbsp; 37542 | 2284042 |
| Commerzbank AG | &nbsp;&nbsp; 207080 | 8511958 |
| Continental AG | &nbsp;&nbsp; 29294 | 2305122 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 16345 | 1373650 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 132806 | 6430325 |
| Delivery Hero SE, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 55510 | 1548128 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 517630 | 20426243 |
| Deutsche Boerse AG | &nbsp;&nbsp; 52996 | 13419922 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 189275 | 1949810 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 274452 | 15349680 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 1037496 | 34816554 |
| E.ON SE | &nbsp;&nbsp; 641058 | 13596734 |
| Evonik Industries AG | &nbsp;&nbsp; 54246 | 840266 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 59887 | 2696051 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 116226 | 6501420 |
| GEA Group AG | &nbsp;&nbsp; 53015 | 3790722 |
| Hannover Rueck SE | &nbsp;&nbsp; 16697 | 4721069 |
| Heidelberg Materials AG | &nbsp;&nbsp; 37659 | 10313692 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 30730 | 2536734 |
| Hensoldt AG<sup>(b)</sup> | &nbsp;&nbsp; 17514 | 1739886 |
| HOCHTIEF AG | &nbsp;&nbsp; 3550 | 1488673 |
| Infineon Technologies AG | &nbsp;&nbsp; 367777 | 17977855 |
| Knorr-Bremse AG | &nbsp;&nbsp; 19575 | 2279219 |
| LEG Immobilien SE | &nbsp;&nbsp; 20004 | 1446441 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 199420 | 13629202 |
| Merck KGaA | &nbsp;&nbsp; 36828 | 5487102 |
| MTU Aero Engines AG | &nbsp;&nbsp; 15515 | 6897579 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen, Registered<br>| &nbsp;&nbsp; 37036 | 22446644 |
| Nemetschek SE | &nbsp;&nbsp; 18886 | 1650152 |
| Rational AG | &nbsp;&nbsp; 1343 | 1076168 |
| Rheinmetall AG | &nbsp;&nbsp; 12915 | 27364899 |
| RWE AG | &nbsp;&nbsp; 179085 | 11372588 |
| SAP SE | &nbsp;&nbsp; 293906 | 58713122 |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 24792 | 2468321 |
| Siemens AG, Registered | &nbsp;&nbsp; 213071 | 64417780 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 219240 | 37354116 |
| Siemens Healthineers AG<sup>(c)</sup> | &nbsp;&nbsp; 90773 | 4530795 |
| Symrise AG, Class A | &nbsp;&nbsp; 39844 | 3354349 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 14789 | 1865346 |
| Vonovia SE | &nbsp;&nbsp; 214276 | 6273845 |
| Zalando SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 62968 | 1810668 |
|  |  | 544363886 |
| **Greece — 0.1%** | **Greece — 0.1%** | **Greece — 0.1%** |
| Alpha Bank SA | &nbsp;&nbsp; 635608 | 3042630 |
| Eurobank SA | &nbsp;&nbsp; 733696 | 3585555 |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 56482 | 1059343 |
| Jumbo SA | &nbsp;&nbsp; 35297 | 1047656 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Greece (continued)** | **Greece (continued)** | **Greece (continued)** |
| National Bank of Greece SA | &nbsp;&nbsp; 229495 | $4051605 |
| OPAP SA | &nbsp;&nbsp; 53509 | 1078257 |
| Piraeus Bank SA | &nbsp;&nbsp; 230295 | 2323060 |
| Public Power Corp. SA | &nbsp;&nbsp; 57244 | 1353025 |
|  |  | 17541131 |
| **Hong Kong — 0.4%** | **Hong Kong — 0.4%** | **Hong Kong — 0.4%** |
| AIA Group Ltd. | &nbsp;&nbsp; 3017800 | 34817787 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 1219500 | 6421872 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 512516 | 3002390 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 744516 | 6003256 |
| CK Infrastructure Holdings Ltd., Class L | &nbsp;&nbsp; 153500 | 1260734 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 434500 | 4107124 |
| Futu Holdings Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 16186 | 2631358 |
| Galaxy Entertainment Group Ltd., Class L | &nbsp;&nbsp; 575000 | 2921439 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 342003 | 1360357 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 910000 | 1363744 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 2899040 | 2730457 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 302200 | 16660611 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 317200 | 2691401 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 49200 | 3585594 |
| Link REIT | &nbsp;&nbsp; 698760 | 3212731 |
| MTR Corp. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 464500 | 2053935 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 372000 | 2885511 |
| Sands China Ltd. | &nbsp;&nbsp; 714800 | 1551316 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 988000 | 1486850 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 441000 | 1646770 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 381000 | 6118436 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 105500 | 1018063 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 403500 | 5508379 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2120000 | 2501802 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 476200 | 1653253 |
|  |  | 119195170 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 119126 | 1454879 |
| OTP Bank Nyrt | &nbsp;&nbsp; 71126 | 8949924 |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 25206 | 843640 |
|  |  | 11248443 |
| **India — 1.5%** | **India — 1.5%** | **India — 1.5%** |
| ABB India Ltd. | &nbsp;&nbsp; 12142 | 738694 |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 45605 | 1002980 |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 139314 | 2153225 |
| Adani Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1085705 | 1598180 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 11702 | 722875 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 195539 | 1086970 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 44160 | 982026 |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 31138 | 2358055 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 773223 | 1656213 |
| Asian Paints Ltd. | &nbsp;&nbsp; 102356 | 2702844 |
| Astral Ltd. | &nbsp;&nbsp; 24610 | 395469 |
| AU Small Finance Bank Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 103731 | 1109503 |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 80474 | 1058311 |
| Avenue Supermarts Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 43024 | 1726571 |
| Axis Bank Ltd. | &nbsp;&nbsp; 647326 | 9657675 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 20505 | 2141465 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 775995 | 7851016 |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 123861 | 2632154 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 6128 | 719890 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 13535 | 339596 |
| Bank of Baroda | &nbsp;&nbsp; 354696 | 1155891 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 1015709 | 4962212 |
| Bharat Forge Ltd. | &nbsp;&nbsp; 71325 | 1117845 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 293479 | $840230 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 484723 | 1921707 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 707175 | 15166752 |
| Bosch Ltd. | &nbsp;&nbsp; 2038 | 810131 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 31526 | 2008513 |
| BSE Ltd. | &nbsp;&nbsp; 31026 | 943680 |
| Canara Bank | &nbsp;&nbsp; 446988 | 717414 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 169196 | 1077948 |
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 128065 | 2274292 |
| Cipla Ltd. | &nbsp;&nbsp; 172023 | 2479188 |
| Coal India Ltd. | &nbsp;&nbsp; 487241 | 2337238 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 32670 | 751205 |
| Coromandel International Ltd. | &nbsp;&nbsp; 33494 | 832332 |
| Cummins India Ltd. | &nbsp;&nbsp; 31387 | 1404613 |
| Dabur India Ltd. | &nbsp;&nbsp; 149060 | 821345 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 40028 | 2637095 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 10051 | 1142944 |
| DLF Ltd. | &nbsp;&nbsp; 200400 | 1387599 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 177342 | 2346529 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 41262 | 3197850 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 743152 | 2215160 |
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 134852 | 1249928 |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 325451 | 840377 |
| GAIL India Ltd. | &nbsp;&nbsp; 699341 | 1273961 |
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 35184 | 1235547 |
| GMR Airports Infrastructure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 684743 | 699526 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 108339 | 1360335 |
| Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 30995 | 532053 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 79249 | 2432103 |
| Havells India Ltd. | &nbsp;&nbsp; 87629 | 1224115 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 293688 | 5419309 |
| HDFC Asset Management Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 44746 | 1225162 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 3140325 | 31752675 |
| HDFC Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 260065 | 2068469 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 33650 | 2026815 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 390873 | 4068717 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 52577 | 2641574 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 236197 | 1096328 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 227388 | 5870605 |
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 3779 | 775601 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 45850 | 1095421 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 1371764 | 20223397 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 71152 | 1404105 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 93943 | 650656 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 927687 | 844049 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 230300 | 1689443 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 774660 | 1375737 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 69841 | 473544 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 335315 | 1626560 |
| IndusInd Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 138880 | 1354633 |
| Info Edge India Ltd. | &nbsp;&nbsp; 121148 | 1648890 |
| Infosys Ltd. | &nbsp;&nbsp; 929327 | 16622203 |
| InterGlobe Aviation Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 58517 | 2924428 |
| ITC Ltd. | &nbsp;&nbsp; 898455 | 3149474 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 106731 | 952452 |
| Jindal Steel Ltd. | &nbsp;&nbsp; 97795 | 1198325 |
| Jio Financial Services Ltd. | &nbsp;&nbsp; 833334 | 2307874 |
| JSW Energy Ltd. | &nbsp;&nbsp; 135613 | 677921 |
| JSW Steel Ltd. | &nbsp;&nbsp; 204879 | 2693059 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 118201 | 639600 |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 133131 | 524177 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 1506661 | 6686605 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Kwality Wall S India Ltd. Npv, NVS | &nbsp;&nbsp; 212245 | $92754 |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 181570 | 7768893 |
| Lodha Developers Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 81250 | 859413 |
| LTIMindtree Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 31334 | 2037030 |
| Lupin Ltd. | &nbsp;&nbsp; 80403 | 1884168 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 261867 | 9778035 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 36044 | 833320 |
| Marico Ltd. | &nbsp;&nbsp; 148901 | 1183717 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 37378 | 5938177 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 221526 | 2306783 |
| Mphasis Ltd. | &nbsp;&nbsp; 20885 | 628111 |
| MRF Ltd. | &nbsp;&nbsp; 466 | 669990 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 34116 | 1421645 |
| Nestle India Ltd. | &nbsp;&nbsp; 179260 | 2603420 |
| NHPC Ltd., NVS | &nbsp;&nbsp; 852997 | 726332 |
| NMDC Ltd. | &nbsp;&nbsp; 860631 | 758123 |
| NTPC Ltd. | &nbsp;&nbsp; 1159578 | 4492851 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 32125 | 521396 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 967751 | 2837088 |
| Oil India Ltd. | &nbsp;&nbsp; 109970 | 611208 |
| One 97 Communications Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 105249 | 1303527 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 6098 | 514783 |
| Page Industries Ltd. | &nbsp;&nbsp; 1783 | 639972 |
| PB Fintech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 96577 | 1740105 |
| Persistent Systems Ltd., NVS | &nbsp;&nbsp; 31166 | 2049251 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 136762 | 431329 |
| Phoenix Mills Ltd.(The) | &nbsp;&nbsp; 55540 | 1009578 |
| PI Industries Ltd. | &nbsp;&nbsp; 23399 | 813195 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 91736 | 1427678 |
| Polycab India Ltd. | &nbsp;&nbsp; 11997 | 917059 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 404250 | 1669511 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 1278275 | 3568334 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 43727 | 695565 |
| Punjab National Bank | &nbsp;&nbsp; 599907 | 817835 |
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 118665 | 443647 |
| REC Ltd. | &nbsp;&nbsp; 362257 | 1435931 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 1696551 | 25778960 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 1021906 | 1256565 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 69243 | 567230 |
| SBI Life Insurance Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 127736 | 2778580 |
| Shree Cement Ltd. | &nbsp;&nbsp; 2849 | 836940 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 434438 | 4822501 |
| Siemens Energy India Ltd., NVS | &nbsp;&nbsp; 24490 | 663412 |
| Siemens Ltd. | &nbsp;&nbsp; 22438 | 757354 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 7634 | 1120086 |
| SRF Ltd. | &nbsp;&nbsp; 40714 | 1247496 |
| State Bank of India | &nbsp;&nbsp; 523743 | 6138606 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 261220 | 4533086 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 17069 | 978762 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 16086 | 615532 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2609296 | 1354918 |
| Swiggy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 448145 | 1510979 |
| Tata Communications Ltd. | &nbsp;&nbsp; 27944 | 478259 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 249912 | 8499024 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 180096 | 2223330 |
| Tata Motors Ltd./new, NVS<sup>(a)</sup> | &nbsp;&nbsp; 549311 | 2737971 |
| Tata Motors Passenger Vehicles Limited | &nbsp;&nbsp; 557476 | 2124474 |
| Tata Power Co. Ltd.(The) | &nbsp;&nbsp; 416513 | 1659311 |
| Tata Steel Ltd. | &nbsp;&nbsp; 2051895 | 4283039 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 182340 | 3459724 |
| Titan Co. Ltd. | &nbsp;&nbsp; 99489 | 4304915 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 28422 | 1224751 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Torrent Power Ltd. | &nbsp;&nbsp; 47546 | $717818 |
| Trent Ltd. | &nbsp;&nbsp; 55452 | 2283777 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 33740 | 858617 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 84514 | 3383036 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 37326 | 5158912 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 389228 | 766101 |
| United Spirits Ltd. | &nbsp;&nbsp; 78360 | 1160737 |
| UPL Ltd. | &nbsp;&nbsp; 147310 | 1128690 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 372087 | 1905952 |
| Vedanta Ltd. | &nbsp;&nbsp; 332007 | 2455455 |
| Vishal Mega Mart Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 606046 | 829856 |
| Vodafone Idea Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6799760 | 828067 |
| Voltas Ltd. | &nbsp;&nbsp; 68894 | 995838 |
| WAAREE Energies Ltd. | &nbsp;&nbsp; 25952 | 787654 |
| Wipro Ltd. | &nbsp;&nbsp; 712231 | 1837692 |
| Yes Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4325549 | 1008050 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 53386 | 514296 |
|  |  | 415745285 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 3579300 | 1609292 |
| Astra International Tbk PT | &nbsp;&nbsp; 6729600 | 2551671 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 15682400 | 6929260 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 10430728 | 3001401 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 5031076 | 1350365 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 19902030 | 4517837 |
| Barito Pacific Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 5792464 | 745411 |
| Barito Renewables Energy Tbk PT | &nbsp;&nbsp; 1879700 | 954688 |
| Bumi Resources Minerals Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 15882500 | 1007766 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 2355541 | 908870 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 2389745 | 631576 |
| Dian Swastatika Sentosa Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 235600 | 1389598 |
| GoTo Gojek Tokopedia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 254810900 | 979623 |
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 1754300 | 712406 |
| Petrindo Jaya Kreasi Tbk PT | &nbsp;&nbsp; 6389500 | 690908 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 5838000 | 607466 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 13198600 | 2821336 |
| United Tractors Tbk PT | &nbsp;&nbsp; 455306 | 709301 |
|  |  | 32118775 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| AIB Group PLC | &nbsp;&nbsp; 598973 | 6695398 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 268660 | 5458487 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 52204 | 4640514 |
| Kingspan Group PLC | &nbsp;&nbsp; 36308 | 3161504 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 239277 | 8120903 |
|  |  | 28076806 |
| **Israel — 0.3%** | **Israel — 0.3%** | **Israel — 0.3%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 10219 | 1370420 |
| Bank Hapoalim BM | &nbsp;&nbsp; 337417 | 8341431 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 420780 | 10115269 |
| Check Point Software Technologies Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 24335 | 4368376 |
| CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 13697 | 5901078 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 7641 | 5404467 |
| ICL Group Ltd. | &nbsp;&nbsp; 273122 | 1483011 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 342934 | 4040229 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 50763 | 3971140 |
| Monday.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12233 | 1403737 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17673 | 1869343 |
| Nova Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8059 | 3933962 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 55503 | 2693986 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 323098 | 11011180 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| Wix.com Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 16050 | $1393782 |
|  |  | 67301411 |
| **Italy — 0.7%** | **Italy — 0.7%** | **Italy — 0.7%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 63306 | 1485045 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 552357 | 5730039 |
| Banco BPM SpA | &nbsp;&nbsp; 327032 | 4901985 |
| BPER Banca SpA | &nbsp;&nbsp; 416358 | 5863749 |
| Buzzi SpA | &nbsp;&nbsp; 20242 | 1152206 |
| CNH Industrial NV | &nbsp;&nbsp; 253989 | 2732922 |
| Davide Campari-Milano NV | &nbsp;&nbsp; 196897 | 1403324 |
| Enel SpA | &nbsp;&nbsp; 2304095 | 25456902 |
| Eni SpA | &nbsp;&nbsp; 576807 | 11789420 |
| Ferrari NV | &nbsp;&nbsp; 35176 | 11732807 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 159224 | 4221065 |
| Generali | &nbsp;&nbsp; 252699 | 10307689 |
| Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 45609 | 403214 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 4158123 | 29436945 |
| Leonardo SpA | &nbsp;&nbsp; 113618 | 7592705 |
| Moncler SpA | &nbsp;&nbsp; 59013 | 3438314 |
| Nexi SpA<sup>(c)</sup> | &nbsp;&nbsp; 146262 | 624460 |
| Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 105156 | 2769615 |
| Prysmian SpA | &nbsp;&nbsp; 76692 | 9083650 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 35065 | 1932058 |
| Snam SpA | &nbsp;&nbsp; 634369 | 4359818 |
| Stellantis NV | &nbsp;&nbsp; 580039 | 5691601 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 3091893 | 2097333 |
| Tenaris SA, NVS | &nbsp;&nbsp; 118220 | 2626014 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 470275 | 5096046 |
| UniCredit SpA | &nbsp;&nbsp; 394926 | 34416231 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 101318 | 2256530 |
|  |  | 198601687 |
| **Japan — 5.0%** | **Japan — 5.0%** | **Japan — 5.0%** |
| Advantest Corp. | &nbsp;&nbsp; 216900 | 35872327 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 627300 | 8579956 |
| AGC, Inc. | &nbsp;&nbsp; 50400 | 1859734 |
| Aisin Corp. | &nbsp;&nbsp; 142600 | 2554679 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp; 253200 | 5792415 |
| ANA Holdings, Inc. | &nbsp;&nbsp; 37000 | 718352 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 429600 | 4497418 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 327500 | 3177080 |
| Asics Corp. | &nbsp;&nbsp; 196100 | 4720652 |
| Astellas Pharma, Inc. | &nbsp;&nbsp; 502800 | 6993891 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp; 161800 | 4198501 |
| Bridgestone Corp. | &nbsp;&nbsp; 314000 | 7069477 |
| Canon, Inc. | &nbsp;&nbsp; 242400 | 7378384 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 99100 | 2525951 |
| Central Japan Railway Co. | &nbsp;&nbsp; 209000 | 5830696 |
| Chiba Bank Ltd.(The) | &nbsp;&nbsp; 160200 | 2168902 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp; 180000 | 2615149 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 188500 | 10767249 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 123000 | 2206891 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 86800 | 3113793 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp; 992200 | 8725548 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 507200 | 9291708 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 73200 | 8771584 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 63500 | 1288886 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 150600 | 5131554 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp; 398200 | 3880213 |
| Denso Corp. | &nbsp;&nbsp; 497300 | 6899919 |
| Disco Corp. | &nbsp;&nbsp; 25100 | 10698890 |
| East Japan Railway Co. | &nbsp;&nbsp; 261500 | 6564759 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Ebara Corp. | &nbsp;&nbsp; 138500 | $4193064 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 65200 | 1817739 |
| ENEOS Holdings, Inc. | &nbsp;&nbsp; 754380 | 6375954 |
| FANUC Corp. | &nbsp;&nbsp; 255100 | 10243432 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 53000 | 20221239 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 40800 | 2906291 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 304800 | 6088459 |
| Fujikura Ltd. | &nbsp;&nbsp; 68500 | 8609554 |
| Fujitsu Ltd. | &nbsp;&nbsp; 497900 | 13834541 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp; 61500 | 1717267 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp; 5400 | 1491379 |
| Hitachi Ltd. | &nbsp;&nbsp; 1300100 | 45113611 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 1048100 | 10541299 |
| Hoya Corp. | &nbsp;&nbsp; 97300 | 16322641 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 124800 | 1487231 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 210600 | 1786996 |
| IHI Corp. | &nbsp;&nbsp; 300400 | 6950110 |
| Inpex Corp. | &nbsp;&nbsp; 236100 | 5289636 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 138300 | 2227986 |
| ITOCHU Corp. | &nbsp;&nbsp; 1661000 | 21265072 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 42000 | 793599 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp; 295800 | 3227834 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 513100 | 9116454 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 505100 | 6077773 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 50200 | 1554797 |
| Japan Tobacco, Inc. | &nbsp;&nbsp; 344100 | 12436346 |
| JFE Holdings, Inc. | &nbsp;&nbsp; 136400 | 1836377 |
| JX Advanced Metals Corp. | &nbsp;&nbsp; 178800 | 2893228 |
| Kajima Corp. | &nbsp;&nbsp; 126600 | 5164743 |
| Kansai Electric Power Co., Inc.(The) | &nbsp;&nbsp; 254800 | 4065316 |
| Kao Corp. | &nbsp;&nbsp; 127600 | 5104315 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 45200 | 3773124 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 95000 | 1372756 |
| KDDI Corp. | &nbsp;&nbsp; 824000 | 13912396 |
| Keyence Corp. | &nbsp;&nbsp; 53100 | 19480285 |
| Kikkoman Corp. | &nbsp;&nbsp; 187500 | 1696043 |
| Kioxia Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 55800 | 7632673 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 224100 | 3484137 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 45000 | 1099777 |
| Komatsu Ltd. | &nbsp;&nbsp; 267700 | 10246268 |
| Konami Group Corp. | &nbsp;&nbsp; 28700 | 4190866 |
| Kubota Corp. | &nbsp;&nbsp; 271200 | 4155234 |
| Kyocera Corp. | &nbsp;&nbsp; 351800 | 5277987 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 55800 | 905863 |
| Lasertec Corp. | &nbsp;&nbsp; 22100 | 5077196 |
| LY Corp. | &nbsp;&nbsp; 783600 | 2006345 |
| M3, Inc. | &nbsp;&nbsp; 129000 | 1591735 |
| Makita Corp. | &nbsp;&nbsp; 62900 | 2185495 |
| Marubeni Corp. | &nbsp;&nbsp; 395300 | 13103463 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 87100 | 1394636 |
| Minebea Mitsumi, Inc. | &nbsp;&nbsp; 111200 | 2272587 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 331800 | 2190610 |
| Mitsubishi Corp. | &nbsp;&nbsp; 905300 | 24050497 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 544100 | 17009595 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 290700 | 7408755 |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp; 257900 | 2250677 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 904200 | 26623202 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 3267800 | 59181015 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 690800 | 22565006 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 753800 | 8643751 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 97000 | 3040459 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp; 709190 | 30791545 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 75300 | $1015718 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 364000 | 9273832 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 470700 | 9562529 |
| NEC Corp. | &nbsp;&nbsp; 362700 | 12295400 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 106400 | 2545535 |
| Nidec Corp. | &nbsp;&nbsp; 231000 | 3304400 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 306700 | 18992553 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp; 2312 | 2144577 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 281600 | 1869829 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 45500 | 1380613 |
| Nippon Steel Corp. | &nbsp;&nbsp; 1380270 | 5751658 |
| Nippon Yusen KK | &nbsp;&nbsp; 125800 | 4134400 |
| Nissan Motor Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 639600 | 1558938 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 103100 | 1762389 |
| Nitto Denko Corp. | &nbsp;&nbsp; 192500 | 4277991 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 834000 | 7557989 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 108600 | 3303654 |
| NTT, Inc. | &nbsp;&nbsp; 8538200 | 8579860 |
| Obayashi Corp. | &nbsp;&nbsp; 195500 | 4413085 |
| Obic Co. Ltd. | &nbsp;&nbsp; 95600 | 2657102 |
| Olympus Corp. | &nbsp;&nbsp; 331400 | 3958409 |
| Oracle Corp./Japan | &nbsp;&nbsp; 8800 | 595452 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 301300 | 5274680 |
| ORIX Corp. | &nbsp;&nbsp; 323700 | 9864884 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 105500 | 3960750 |
| Otsuka Corp. | &nbsp;&nbsp; 61600 | 1221312 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 121000 | 7244073 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 545100 | 3227286 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 660800 | 9060026 |
| Rakuten Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 420900 | 2523595 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 396700 | 20895681 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 486800 | 8093271 |
| Resona Holdings, Inc. | &nbsp;&nbsp; 585000 | 6821174 |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 136800 | 2728448 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 47200 | 1460294 |
| SBI Holdings, Inc. | &nbsp;&nbsp; 158260 | 3578893 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 21100 | 2687148 |
| Secom Co. Ltd. | &nbsp;&nbsp; 108600 | 3978407 |
| Seibu Holdings, Inc. | &nbsp;&nbsp; 65800 | 1743449 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 108100 | 1912006 |
| Sekisui House Ltd. | &nbsp;&nbsp; 164300 | 3661721 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 590700 | 8459176 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 86200 | 829917 |
| Shimadzu Corp. | &nbsp;&nbsp; 65100 | 1764347 |
| Shimano, Inc. | &nbsp;&nbsp; 20100 | 2291148 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 479800 | 15778011 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 215000 | 4426674 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 108100 | 1846317 |
| SMC Corp. | &nbsp;&nbsp; 16000 | 6220340 |
| SoftBank Corp. | &nbsp;&nbsp; 8174200 | 11110855 |
| SoftBank Group Corp. | &nbsp;&nbsp; 1086200 | 29661284 |
| Sompo Holdings, Inc. | &nbsp;&nbsp; 243200 | 8386633 |
| Sony Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1747800 | 1756157 |
| Sony Group Corp. | &nbsp;&nbsp; 1740100 | 38365563 |
| Subaru Corp. | &nbsp;&nbsp; 156600 | 3361913 |
| Sumitomo Corp. | &nbsp;&nbsp; 297400 | 12077144 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 203600 | 8913509 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 65000 | 3673044 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 1048500 | 36897184 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp; 178716 | 5968897 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 173800 | 4839805 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 41700 | 1321016 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Suzuki Motor Corp. | &nbsp;&nbsp; 426800 | $5819447 |
| Sysmex Corp. | &nbsp;&nbsp; 131200 | 1241449 |
| T&D Holdings, Inc. | &nbsp;&nbsp; 130100 | 3213337 |
| Taisei Corp. | &nbsp;&nbsp; 38100 | 3800403 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 438534 | 14927568 |
| TDK Corp. | &nbsp;&nbsp; 548100 | 7072259 |
| Terumo Corp. | &nbsp;&nbsp; 363500 | 4755035 |
| TIS, Inc. | &nbsp;&nbsp; 59100 | 1719722 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 28100 | 1430238 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 519700 | 19370536 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 126000 | 33573814 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 86600 | 3842063 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 98600 | 1052833 |
| Tokyu Corp. | &nbsp;&nbsp; 136800 | 1542934 |
| Toppan Holdings, Inc. | &nbsp;&nbsp; 60500 | 1868830 |
| Toray Industries, Inc. | &nbsp;&nbsp; 400400 | 2953434 |
| Toyota Industries Corp. | &nbsp;&nbsp; 46600 | 5962750 |
| Toyota Motor Corp. | &nbsp;&nbsp; 2680100 | 60745771 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 187100 | 6814036 |
| Trend Micro, Inc./Japan<sup>(a)</sup> | &nbsp;&nbsp; 32900 | 1290599 |
| Unicharm Corp. | &nbsp;&nbsp; 313800 | 1904780 |
| West Japan Railway Co. | &nbsp;&nbsp; 126700 | 2589043 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 245000 | 1850166 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 61400 | 2047006 |
| Yokohama Financial Group, Inc. | &nbsp;&nbsp; 294500 | 2682226 |
| Zensho Holdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 24800 | 1344083 |
| ZOZO, Inc. | &nbsp;&nbsp; 128800 | 1063818 |
|  |  | 1348562944 |
| **Kuwait — 0.1%** | **Kuwait — 0.1%** | **Kuwait — 0.1%** |
| Boubyan Bank KSCP | &nbsp;&nbsp; 536565 | 1184601 |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 3047475 | 8018104 |
| Mabanee Co. KPSC | &nbsp;&nbsp; 264624 | 865995 |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 654664 | 1087199 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 2105499 | 6523633 |
| Warba Bank KSCP<sup>(a)</sup> | &nbsp;&nbsp; 623586 | 575551 |
|  |  | 18255083 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 701500 | 1147310 |
| Axiata Group Bhd<sup>(b)</sup> | &nbsp;&nbsp; 352300 | 205407 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 1068683 | 883864 |
| CIMB Group Holdings Bhd<sup>(b)</sup> | &nbsp;&nbsp; 2262900 | 4930209 |
| Gamuda Bhd<sup>(b)</sup> | &nbsp;&nbsp; 1087600 | 1222825 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 198400 | 1298377 |
| IHH Healthcare Bhd | &nbsp;&nbsp; 733200 | 1664708 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 92900 | 459551 |
| Malayan Banking Bhd | &nbsp;&nbsp; 1714000 | 5129792 |
| Maxis Bhd | &nbsp;&nbsp; 808200 | 784329 |
| MISC Bhd | &nbsp;&nbsp; 365300 | 740980 |
| MR DIY Group M Bhd<sup>(c)</sup> | &nbsp;&nbsp; 954000 | 443716 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 21400 | 608016 |
| Petronas Chemicals Group Bhd<sup>(b)</sup> | &nbsp;&nbsp; 1011600 | 830469 |
| Petronas Gas Bhd | &nbsp;&nbsp; 352400 | 1643103 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 1241000 | 2378910 |
| Public Bank Bhd | &nbsp;&nbsp; 3644750 | 4504885 |
| RHB Bank Bhd | &nbsp;&nbsp; 406400 | 870944 |
| SD Guthrie Bhd | &nbsp;&nbsp; 336100 | 497926 |
| Sunway Bhd<sup>(b)</sup> | &nbsp;&nbsp; 703500 | 1025986 |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 404400 | 811169 |
| Tenaga Nasional Bhd<sup>(b)</sup> | &nbsp;&nbsp; 842500 | 2980862 |
| YTL Corp. Bhd | &nbsp;&nbsp; 1083000 | 571045 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** |
| YTL Power International Bhd<sup>(b)</sup> | &nbsp;&nbsp; 1011840 | $828256 |
|  |  | 36462639 |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 5129910 | 5286660 |
| Arca Continental SAB de CV | &nbsp;&nbsp; 123700 | 1393996 |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 4241954 | 5262392 |
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 124900 | 1306318 |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 674500 | 1049034 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 536700 | 5601630 |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 42125 | 758544 |
| Grupo Aeroportuario del Centro Norte SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 86230 | 1255013 |
| Grupo Aeroportuario del Pacifico SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 106680 | 2929000 |
| Grupo Aeroportuario del Sureste SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 54105 | 1871848 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 379400 | 1317783 |
| Grupo Carso SAB de CV, Series A1, Class A | &nbsp;&nbsp; 201200 | 1369693 |
| Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp; 69900 | 479853 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 750600 | 8485697 |
| Grupo Financiero Inbursa SAB de CV, Class O | &nbsp;&nbsp; 633200 | 1584087 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 961328 | 10674393 |
| Industrias Penoles SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 54400 | 3152685 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 306900 | 679795 |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 266880 | 1226280 |
| Sigma Foods SAB de CV, Class A | &nbsp;&nbsp; 695000 | 686808 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 1448400 | 4596490 |
|  |  | 60967999 |
| **Netherlands — 1.2%** | **Netherlands — 1.2%** | **Netherlands — 1.2%** |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 170442 | 6279636 |
| Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 7249 | 10749134 |
| Aegon Ltd. | &nbsp;&nbsp; 454012 | 3566026 |
| AerCap Holdings NV | &nbsp;&nbsp; 50412 | 7242188 |
| Akzo Nobel NV | &nbsp;&nbsp; 50106 | 3510288 |
| ASM International NV | &nbsp;&nbsp; 13081 | 10985858 |
| ASML Holding NV | &nbsp;&nbsp; 109207 | 156592486 |
| ASR Nederland NV | &nbsp;&nbsp; 40013 | 2906170 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 22471 | 4373830 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 61408 | 5631114 |
| CVC Capital Partners PLC<sup>(c)</sup> | &nbsp;&nbsp; 55770 | 990853 |
| DSM-Firmenich AG | &nbsp;&nbsp; 52898 | 4171195 |
| EXOR NV, NVS | &nbsp;&nbsp; 22575 | 1853544 |
| Heineken Holding NV | &nbsp;&nbsp; 39355 | 2925220 |
| Heineken NV | &nbsp;&nbsp; 79507 | 6563270 |
| IMCD NV | &nbsp;&nbsp; 15017 | 1403675 |
| ING Groep NV | &nbsp;&nbsp; 853181 | 25161072 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 59758 | 936635 |
| JDE Peet's NV | &nbsp;&nbsp; 46461 | 1749123 |
| Koninklijke Ahold Delhaize NV, Class N | &nbsp;&nbsp; 250467 | 9793295 |
| Koninklijke KPN NV | &nbsp;&nbsp; 1057406 | 5178659 |
| Koninklijke Philips NV | &nbsp;&nbsp; 215971 | 6201782 |
| Magnum Ice Cream Co NV.(The)<sup>(a)</sup> | &nbsp;&nbsp; 132278 | 2350994 |
| Nebius Group NV, Class A<sup>(a)</sup> | &nbsp;&nbsp; 61057 | 5201446 |
| NN Group NV | &nbsp;&nbsp; 76266 | 6045392 |
| Prosus NV | &nbsp;&nbsp; 369720 | 21259360 |
| QIAGEN NV | &nbsp;&nbsp; 56673 | 3004757 |
| Randstad NV | &nbsp;&nbsp; 31300 | 1120118 |
| Universal Music Group NV | &nbsp;&nbsp; 316177 | 7751882 |
| Wolters Kluwer NV | &nbsp;&nbsp; 67511 | 6339484 |
|  |  | 331838486 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **New Zealand — 0.0%** | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 418789 | $2082782 |
| Contact Energy Ltd. | &nbsp;&nbsp; 224934 | 1267692 |
| Fisher & Paykel Healthcare Corp. Ltd., Class C | &nbsp;&nbsp; 175673 | 4103956 |
| Infratil Ltd. | &nbsp;&nbsp; 273434 | 1818952 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 280071 | 950109 |
|  |  | 10223491 |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| Aker BP ASA | &nbsp;&nbsp; 100970 | 2972343 |
| DNB Bank ASA | &nbsp;&nbsp; 260090 | 7457648 |
| Equinor ASA | &nbsp;&nbsp; 203540 | 5470852 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 42183 | 1200636 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 127823 | 4390858 |
| Mowi ASA | &nbsp;&nbsp; 116377 | 2682732 |
| Norsk Hydro ASA | &nbsp;&nbsp; 421666 | 3743499 |
| Orkla ASA | &nbsp;&nbsp; 239556 | 2850323 |
| Salmar ASA | &nbsp;&nbsp; 17034 | 1014723 |
| Telenor ASA | &nbsp;&nbsp; 191659 | 3224003 |
| Yara International ASA | &nbsp;&nbsp; 51951 | 2387811 |
|  |  | 37395428 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 55258 | 1893139 |
| Credicorp Ltd. | &nbsp;&nbsp; 18801 | 6708761 |
| Southern Copper Corp. | &nbsp;&nbsp; 27476 | 5229232 |
|  |  | 13831132 |
| **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** |
| Ayala Corp. | &nbsp;&nbsp; 51850 | 445582 |
| Ayala Land, Inc. | &nbsp;&nbsp; 2553800 | 920823 |
| Bank of the Philippine Islands | &nbsp;&nbsp; 619988 | 1305670 |
| BDO Unibank, Inc. | &nbsp;&nbsp; 659768 | 1512146 |
| International Container Terminal Services, Inc. | &nbsp;&nbsp; 210280 | 2303185 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 179700 | 625426 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 517180 | 641199 |
| PLDT, Inc. | &nbsp;&nbsp; 16515 | 376925 |
| SM Investments Corp. | &nbsp;&nbsp; 70920 | 843131 |
| SM Prime Holdings, Inc. | &nbsp;&nbsp; 3408425 | 1250363 |
|  |  | 10224450 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Allegro.eu SA <sup>(a)(c)</sup> | &nbsp;&nbsp; 194813 | 1600361 |
| Bank Millennium SA<sup>(a)</sup> | &nbsp;&nbsp; 172632 | 835110 |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 61557 | 3743773 |
| Budimex SA | &nbsp;&nbsp; 3542 | 684714 |
| CCC SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 15308 | 505972 |
| CD Projekt SA | &nbsp;&nbsp; 16970 | 1238752 |
| Dino Polska SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 148704 | 1573221 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 46815 | 4343803 |
| LPP SA | &nbsp;&nbsp; 303 | 1673326 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 2468 | 719919 |
| ORLEN SA | &nbsp;&nbsp; 149441 | 4541897 |
| PGE Polska Grupa Energetyczna SA<sup>(a)</sup> | &nbsp;&nbsp; 194349 | 548134 |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 269989 | 7022647 |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 174955 | 3442471 |
| Santander Bank Polska SA | &nbsp;&nbsp; 9521 | 1493696 |
| Zabka Group SA<sup>(a)</sup> | &nbsp;&nbsp; 85128 | 517498 |
|  |  | 34485294 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 2205595 | 2387340 |
| Banco Espirito Santo SA, Registered,NVS<sup>(d)(e)</sup> | &nbsp;&nbsp; 3 |  |
| EDP Renovaveis SA | &nbsp;&nbsp; 78080 | 1186143 |
| EDP SA | &nbsp;&nbsp; 874659 | 4472520 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 134891 | 2684011 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Portugal (continued)** | **Portugal (continued)** | **Portugal (continued)** |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 85053 | $2005639 |
|  |  | 12735653 |
| **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** |
| Al Rayan Bank | &nbsp;&nbsp; 1481824 | 924789 |
| Commercial Bank PSQC(The) | &nbsp;&nbsp; 900003 | 1173020 |
| Dukhan Bank | &nbsp;&nbsp; 665203 | 650508 |
| Industries Qatar QSC | &nbsp;&nbsp; 495226 | 1726938 |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 1233545 | 370429 |
| Ooredoo QPSC | &nbsp;&nbsp; 463018 | 1804073 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 909529 | 1197914 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 543443 | 3728783 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 1259246 | 6854373 |
|  |  | 18430827 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 472000 | 62 |
| Mobile TeleSystems PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 482206 | 63 |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 490370 | 65 |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 511 | 5 |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 97810 | 1 |
| Rosneft Oil Co. PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 352530 | 46 |
| Sberbank of Russia PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 2557600 | 337 |
| Severstal PAO<sup>(a)(d)</sup> | &nbsp;&nbsp; 47814 | 6 |
| TCS Group Holding PLC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 35279 | 5 |
| X5 Retail Group NV, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 24002 | 3 |
|  |  | 593 |
| **Saudi Arabia — 0.3%** | **Saudi Arabia — 0.3%** | **Saudi Arabia — 0.3%** |
| ACWA Power Co.<sup>(a)</sup> | &nbsp;&nbsp; 43963 | 2194085 |
| Ades Holding Co. | &nbsp;&nbsp; 112628 | 577082 |
| Al Rajhi Bank | &nbsp;&nbsp; 552125 | 15766644 |
| Alinma Bank | &nbsp;&nbsp; 408750 | 3104780 |
| Almarai Co. JSC | &nbsp;&nbsp; 129050 | 1522326 |
| Arab National Bank | &nbsp;&nbsp; 220060 | 1335599 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 5700 | 356221 |
| Bank AlBilad | &nbsp;&nbsp; 193845 | 1372537 |
| Bank Al-Jazira<sup>(a)</sup> | &nbsp;&nbsp; 211890 | 707738 |
| Banque Saudi Fransi | &nbsp;&nbsp; 409562 | 1971471 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 19939 | 875946 |
| Co. for Cooperative Insurance(The) | &nbsp;&nbsp; 17265 | 630630 |
| Dar Al Arkan Real Estate Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 168874 | 841787 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 23467 | 1636752 |
| Elm Co. | &nbsp;&nbsp; 6682 | 1382034 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 115779 | 2178741 |
| Jabal Omar Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 163938 | 721167 |
| Makkah Construction & Development Co. | &nbsp;&nbsp; 27665 | 666786 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 32345 | 600376 |
| Riyad Bank | &nbsp;&nbsp; 486443 | 3650587 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 73852 | 2460531 |
| Sahara International Petrochemical Co. | &nbsp;&nbsp; 101323 | 413994 |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 6721 | 323062 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | &nbsp;&nbsp; 417447 | 8481665 |
| Saudi Arabian Oil Co.<sup>(c)</sup> | &nbsp;&nbsp; 1651442 | 11352382 |
| Saudi Awwal Bank | &nbsp;&nbsp; 277839 | 2640021 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 259154 | 3928041 |
| Saudi Electricity Co. | &nbsp;&nbsp; 223911 | 859586 |
| Saudi Investment Bank(The) | &nbsp;&nbsp; 117622 | 438990 |
| Saudi National Bank(The) | &nbsp;&nbsp; 864155 | 10335669 |
| Saudi Research & Media Group<sup>(a)</sup> | &nbsp;&nbsp; 7060 | 225340 |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 12524 | 536595 |
| Saudi Telecom Co. | &nbsp;&nbsp; 515518 | 6119602 |
| Yanbu National Petrochemical Co. | &nbsp;&nbsp; 64223 | 462583 |
|  |  | 90671350 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 1258279 | $2815850 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 1952720 | 3666044 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 915500 | 2216542 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 587760 | 27320469 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 633354 | 2723422 |
| Keppel Ltd. | &nbsp;&nbsp; 476900 | 4102686 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 954200 | 15925159 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 110896 | 12918275 |
| Sembcorp Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 272400 | 1290761 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 448300 | 2237920 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 176600 | 2446988 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 432300 | 3323344 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 2191400 | 7908084 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 336000 | 10126750 |
| Wilmar International Ltd. | &nbsp;&nbsp; 425000 | 1134767 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 657000 | 1725487 |
|  |  | 101882548 |
| **South Africa — 0.4%** | **South Africa — 0.4%** | **South Africa — 0.4%** |
| Absa Group Ltd. | &nbsp;&nbsp; 219493 | 3458674 |
| Anglogold Ashanti PLC | &nbsp;&nbsp; 139494 | 12575039 |
| Bid Corp. Ltd. | &nbsp;&nbsp; 112405 | 2813300 |
| Bidvest Group Ltd.(The) | &nbsp;&nbsp; 85142 | 1231977 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 24901 | 6685759 |
| Clicks Group Ltd. | &nbsp;&nbsp; 54661 | 1088989 |
| Discovery Ltd. | &nbsp;&nbsp; 121357 | 1767043 |
| FirstRand Ltd. | &nbsp;&nbsp; 1384027 | 7894290 |
| Gold Fields Ltd. | &nbsp;&nbsp; 262079 | 12961021 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 162826 | 3459819 |
| Impala Platinum Holdings Ltd. | &nbsp;&nbsp; 224703 | 4188293 |
| MTN Group Ltd. | &nbsp;&nbsp; 488068 | 5419787 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 225421 | 13801456 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 158170 | 2598086 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 88615 | 809802 |
| Northam Platinum Holdings Ltd. | &nbsp;&nbsp; 91614 | 2182744 |
| OUTsurance Group Ltd. | &nbsp;&nbsp; 241676 | 1068364 |
| Pepkor Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 993300 | 1623027 |
| Reinet Investments SCA | &nbsp;&nbsp; 31273 | 1074999 |
| Remgro Ltd. | &nbsp;&nbsp; 98028 | 1109360 |
| Sanlam Ltd. | &nbsp;&nbsp; 485021 | 3032554 |
| Sasol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 159553 | 1126968 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 138710 | 2288576 |
| Sibanye Stillwater Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 730363 | 3178837 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 360165 | 6619101 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 71713 | 6443279 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 119982 | 1118285 |
|  |  | 111619429 |
| **South Korea — 1.7%** | **South Korea — 1.7%** | **South Korea — 1.7%** |
| Alteogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11797 | 3373570 |
| Amorepacific Corp. | &nbsp;&nbsp; 8146 | 784103 |
| APR Corp./Korea | &nbsp;&nbsp; 6669 | 1250959 |
| Celltrion, Inc. | &nbsp;&nbsp; 46093 | 6708189 |
| Coway Co. Ltd. | &nbsp;&nbsp; 17915 | 1036565 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 8850 | 873756 |
| Doosan Bobcat, Inc. | &nbsp;&nbsp; 15668 | 637875 |
| Doosan Co. Ltd. | &nbsp;&nbsp; 2080 | 1218997 |
| Doosan Enerbility Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 126413 | 7891459 |
| Ecopro BM Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 13498 | 2162178 |
| Ecopro Co. Ltd. | &nbsp;&nbsp; 30043 | 3370325 |
| Hana Financial Group, Inc. | &nbsp;&nbsp; 88082 | 6120121 |
| Hanjin Kal Corp. | &nbsp;&nbsp; 6952 | 542842 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 18903 | 836057 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 11650 | $1685254 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 9238 | 8315871 |
| Hanwha Ocean Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 35612 | 3419873 |
| Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 21396 | 1400238 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 11574 | 1878319 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 6656 | 4077764 |
| HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp; 9669 | 3848551 |
| HD Hyundai Marine Solution Co. Ltd., Class C | &nbsp;&nbsp; 4231 | 536457 |
| HD Korea Shipbuilding & Offshore Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 11720 | 3357002 |
| HLB, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 38845 | 1489873 |
| HMM Co. Ltd. | &nbsp;&nbsp; 73812 | 1023083 |
| HYBE Co. Ltd. | &nbsp;&nbsp; 4578 | 1183194 |
| Hyosung Heavy Industries Corp. | &nbsp;&nbsp; 1516 | 2719037 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 11446 | 1929787 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 18304 | 5719209 |
| Hyundai Motor Co. | &nbsp;&nbsp; 40441 | 14077733 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 20391 | 3260425 |
| Industrial Bank of Korea | &nbsp;&nbsp; 37236 | 572090 |
| Kakao Corp. | &nbsp;&nbsp; 89219 | 3792190 |
| KakaoBank Corp. | &nbsp;&nbsp; 42100 | 667809 |
| KB Financial Group, Inc. | &nbsp;&nbsp; 105730 | 9896242 |
| Kia Corp. | &nbsp;&nbsp; 71584 | 7616763 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 24015 | 2798929 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 72087 | 2907490 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 11844 | 1771799 |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 35198 | 567502 |
| Krafton, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7411 | 1301045 |
| KT&G Corp. | &nbsp;&nbsp; 29494 | 3153485 |
| LG Chem Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 14936 | 3207077 |
| LG Corp. | &nbsp;&nbsp; 27908 | 1771553 |
| LG Display Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 107533 | 867052 |
| LG Electronics, Inc. | &nbsp;&nbsp; 31811 | 2181080 |
| LG Energy Solution Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12935 | 3555654 |
| LG H&H Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2907 | 528233 |
| LG Uplus Corp. | &nbsp;&nbsp; 30970 | 344255 |
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 3735 | 1245813 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 4905 | 1911475 |
| Meritz Financial Group, Inc. | &nbsp;&nbsp; 26394 | 2134093 |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 64379 | 1908549 |
| NAVER Corp. | &nbsp;&nbsp; 39514 | 7510887 |
| POSCO Future M Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10144 | 1569522 |
| POSCO Holdings, Inc. | &nbsp;&nbsp; 19324 | 4637056 |
| Posco International Corp. | &nbsp;&nbsp; 13678 | 590618 |
| Samsung Biologics Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3324 | 4017083 |
| Samsung C&T Corp. | &nbsp;&nbsp; 26936 | 5614932 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 14364 | 2762466 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 1326795 | 146577296 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 8622 | 3000988 |
| Samsung Heavy Industries Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 231700 | 4722316 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 22250 | 2897073 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 17440 | 4694432 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 9873 | 1183893 |
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 1151 | 940663 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 111852 | 6537047 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8921 | 727886 |
| SK Hynix, Inc. | &nbsp;&nbsp; 154082 | 96205262 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 16639 | 1290905 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 27282 | 10679568 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 14580 | 734773 |
| SK, Inc. | &nbsp;&nbsp; 9380 | 2166139 |
| S-Oil Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11194 | 822368 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| Woori Financial Group, Inc. | &nbsp;&nbsp; 176525 | $3692702 |
| Yuhan Corp. | &nbsp;&nbsp; 15667 | 1171041 |
|  |  | 466175760 |
| **Spain — 0.9%** | **Spain — 0.9%** | **Spain — 0.9%** |
| Acciona SA | &nbsp;&nbsp; 4957 | 1065337 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 55957 | 6278159 |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 179981 | 5589769 |
| Amadeus IT Group SA | &nbsp;&nbsp; 121669 | 8157498 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 1634049 | 41478115 |
| Banco de Sabadell SA | &nbsp;&nbsp; 1444543 | 5666628 |
| Banco Santander SA | &nbsp;&nbsp; 4268209 | 54496760 |
| Bankinter SA | &nbsp;&nbsp; 190173 | 3246248 |
| CaixaBank SA | &nbsp;&nbsp; 1136641 | 15003860 |
| Cellnex Telecom SA<sup>(c)</sup> | &nbsp;&nbsp; 148695 | 4599157 |
| Endesa SA | &nbsp;&nbsp; 87761 | 3234214 |
| Ferrovial SE | &nbsp;&nbsp; 144314 | 9747694 |
| Grifols SA | &nbsp;&nbsp; 87324 | 1117227 |
| Iberdrola SA | &nbsp;&nbsp; 1749729 | 39338706 |
| Iberdrola SA, NVS | &nbsp;&nbsp; 23477 | 527827 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 302896 | 19709472 |
| International Consolidated Airlines Group SA, <br> Class DI<br>| &nbsp;&nbsp; 351496 | 2016115 |
| Mapfre SA | &nbsp;&nbsp; 117508 | 537685 |
| Naturgy Energy Group SA | &nbsp;&nbsp; 68590 | 2152907 |
| Redeia Corp. SA | &nbsp;&nbsp; 116669 | 2016266 |
| Repsol SA | &nbsp;&nbsp; 355362 | 7001019 |
| Telefonica SA | &nbsp;&nbsp; 1103309 | 4466521 |
|  |  | 237447184 |
| **Sweden — 0.9%** | **Sweden — 0.9%** | **Sweden — 0.9%** |
| AddTech AB, Class B | &nbsp;&nbsp; 73289 | 2379619 |
| Alfa Laval AB | &nbsp;&nbsp; 87433 | 5064316 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 282722 | 11431562 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 775392 | 15990278 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 409092 | 7358609 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 124272 | 1768996 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 81106 | 5679585 |
| Epiroc AB, Class A | &nbsp;&nbsp; 228796 | 6413878 |
| Epiroc AB, Class B | &nbsp;&nbsp; 109820 | 2738591 |
| EQT AB | &nbsp;&nbsp; 127083 | 4823527 |
| Essity AB, Class B | &nbsp;&nbsp; 161815 | 4791123 |
| Evolution AB<sup>(c)</sup> | &nbsp;&nbsp; 40849 | 2653596 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 186118 | 1403814 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 162063 | 3245334 |
| Hexagon AB, Class B | &nbsp;&nbsp; 588637 | 6636904 |
| Holmen AB, Class B | &nbsp;&nbsp; 24032 | 900790 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 16252 | 812444 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 52707 | 2638727 |
| Indutrade AB | &nbsp;&nbsp; 73716 | 1730519 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 39962 | 995143 |
| Investor AB, Class B | &nbsp;&nbsp; 509205 | 19634767 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 16751 | 997834 |
| Lifco AB, Class B | &nbsp;&nbsp; 78063 | 2682399 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 423656 | 1622931 |
| Nordea Bank Abp | &nbsp;&nbsp; 885693 | 17111937 |
| Saab AB, Class B | &nbsp;&nbsp; 91965 | 7175375 |
| Sagax AB, Class B | &nbsp;&nbsp; 57164 | 1260532 |
| Sandvik AB | &nbsp;&nbsp; 293839 | 11602628 |
| Securitas AB, Class B | &nbsp;&nbsp; 122768 | 2030202 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 430006 | 9242730 |
| Skanska AB, Class B | &nbsp;&nbsp; 90742 | 2756033 |
| SKF AB, Class B | &nbsp;&nbsp; 101562 | 2655511 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 43933 | $21981877 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 188207 | 2356523 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 401180 | 6324624 |
| Swedbank AB, Class A | &nbsp;&nbsp; 238728 | 9281807 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 48029 | 1823918 |
| Tele2 AB, Class B | &nbsp;&nbsp; 143813 | 2645947 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 791219 | 8569031 |
| Telia Co. AB | &nbsp;&nbsp; 701058 | 3202755 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 53143 | 2150496 |
| Volvo AB, Class B | &nbsp;&nbsp; 435710 | 15832567 |
|  |  | 242399779 |
| **Switzerland — 2.1%** | **Switzerland — 2.1%** | **Switzerland — 2.1%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 448556 | 38619784 |
| Alcon AG | &nbsp;&nbsp; 140573 | 11378299 |
| Amrize Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 129744 | 6827129 |
| Avolta AG, Registered | &nbsp;&nbsp; 24763 | 1516027 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 8778 | 1187928 |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 865 | 1525875 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 2603 | 2847101 |
| BKW AG | &nbsp;&nbsp; 5428 | 1026225 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 221 | 3176096 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Registered<br>| &nbsp;&nbsp; 30 | 4434352 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 152740 | 29648290 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 1756 | 1365234 |
| Galderma Group AG | &nbsp;&nbsp; 42443 | 7911330 |
| Geberit AG, Registered | &nbsp;&nbsp; 10071 | 7690116 |
| Givaudan SA, Registered | &nbsp;&nbsp; 2528 | 9771953 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 20459 | 5188825 |
| Holcim AG | &nbsp;&nbsp; 147243 | 15176165 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 64540 | 5391044 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 14190 | 3285867 |
| Logitech International SA, Registered | &nbsp;&nbsp; 46431 | 4000128 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 20334 | 13815937 |
| Nestle SA, Registered | &nbsp;&nbsp; 726843 | 69360093 |
| Novartis AG, Registered | &nbsp;&nbsp; 534515 | 79305869 |
| Partners Group Holding AG | &nbsp;&nbsp; 6408 | 8737590 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 8497 | 3926644 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 197746 | 89922930 |
| Sandoz Group AG | &nbsp;&nbsp; 117880 | 9339140 |
| Schindler Holding AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 10055 | 3879645 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 7876 | 2896646 |
| SGS SA | &nbsp;&nbsp; 44108 | 5308815 |
| Sika AG, Registered | &nbsp;&nbsp; 43017 | 8254553 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 14429 | 3948976 |
| Straumann Holding AG | &nbsp;&nbsp; 29700 | 3572010 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 8042 | 1897410 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 8748 | 9592641 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 27744 | 4723155 |
| Swiss Re AG | &nbsp;&nbsp; 84848 | 13557335 |
| Swisscom AG, Registered | &nbsp;&nbsp; 7212 | 5921635 |
| UBS Group AG, Registered | &nbsp;&nbsp; 906533 | 42892952 |
| VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp; 7808 | 5049171 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 41246 | 29343302 |
|  |  | 577214217 |
| **Taiwan — 2.4%** | **Taiwan — 2.4%** | **Taiwan — 2.4%** |
| Accton Technology Corp. | &nbsp;&nbsp; 141000 | 4929817 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 131312 | 1239218 |
| Airtac International Group | &nbsp;&nbsp; 35393 | 1280894 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 21000 | $2061768 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 865873 | 8050116 |
| Asia Cement Corp. | &nbsp;&nbsp; 754000 | 841320 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 93000 | 4225222 |
| ASPEED Technology, Inc. | &nbsp;&nbsp; 10000 | 2796559 |
| Asustek Computer, Inc. | &nbsp;&nbsp; 171000 | 2686371 |
| Bizlink Holding, Inc. | &nbsp;&nbsp; 44000 | 1786896 |
| Caliway Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 255000 | 1332926 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 155000 | 989928 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 2709264 | 6454772 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 332066 | 1094434 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 1682159 | 1088868 |
| Cheng Shin Rubber Industry Co. Ltd. | &nbsp;&nbsp; 413000 | 400438 |
| China Airlines Ltd. | &nbsp;&nbsp; 870000 | 612036 |
| China Steel Corp. | &nbsp;&nbsp; 3273305 | 2153655 |
| Chroma ATE, Inc. | &nbsp;&nbsp; 97000 | 2978519 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 1008140 | 4274960 |
| Compal Electronics, Inc. | &nbsp;&nbsp; 1142000 | 1178621 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 4860142 | 7830390 |
| Delta Electronics, Inc. | &nbsp;&nbsp; 530000 | 20226026 |
| E Ink Holdings, Inc. | &nbsp;&nbsp; 213000 | 1184101 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 4016244 | 4252937 |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 45000 | 562951 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 83690 | 4539554 |
| eMemory Technology, Inc. | &nbsp;&nbsp; 18000 | 1036709 |
| Eva Airways Corp. | &nbsp;&nbsp; 729000 | 862871 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 302000 | 1783671 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 778000 | 685017 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 445000 | 1251838 |
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 152096 | 463634 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 3095761 | 2826176 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 1067000 | 1428364 |
| Formosa Plastics Corp. | &nbsp;&nbsp; 1153160 | 1727455 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 50270 | 1534309 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 2300640 | 6606470 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 134000 | 985793 |
| Global Unichip Corp. | &nbsp;&nbsp; 24000 | 1969131 |
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 71000 | 1116306 |
| Gold Circuit Electronics Ltd. | &nbsp;&nbsp; 81000 | 1768799 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 3504000 | 24221117 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 78000 | 1344547 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 2448722 | 2575554 |
| Innolux Corp. | &nbsp;&nbsp; 2247798 | 1542108 |
| International Games System Co. Ltd., Class C | &nbsp;&nbsp; 67000 | 1521536 |
| Inventec Corp. | &nbsp;&nbsp; 706000 | 1002169 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 24000 | 2126406 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 4499750 | 2572981 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 19000 | 1870456 |
| King Yuan Electronics Co. Ltd. | &nbsp;&nbsp; 279000 | 2584982 |
| Largan Precision Co. Ltd. | &nbsp;&nbsp; 28000 | 2134083 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 518000 | 2662612 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 26000 | 1170972 |
| MediaTek, Inc. | &nbsp;&nbsp; 424000 | 23519507 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 3288973 | 4044283 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 1573830 | 3762362 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 46000 | 620645 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 161000 | 1910363 |
| Pegatron Corp. | &nbsp;&nbsp; 533000 | 1175372 |
| PharmaEssentia Corp. | &nbsp;&nbsp; 82120 | 2004718 |
| President Chain Store Corp. | &nbsp;&nbsp; 103000 | 699388 |
| Quanta Computer, Inc. | &nbsp;&nbsp; 711000 | 6259051 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 124000 | 1897174 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Shanghai Commercial & Savings Bank Ltd.(The) | &nbsp;&nbsp; 1119851 | $1402782 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 3786589 | 3429831 |
| Taiwan Business Bank | &nbsp;&nbsp; 3080800 | 1501196 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 3500274 | 2615914 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 250000 | 216956 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 358000 | 1200386 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 6954000 | 384527711 |
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 1790227 | 1497843 |
| Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 302000 | 770296 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 5710433 | 4104178 |
| Unimicron Technology Corp. | &nbsp;&nbsp; 368586 | 4381313 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 1307600 | 2974819 |
| United Microelectronics Corp. | &nbsp;&nbsp; 3179000 | 6325425 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 387737 | 1757650 |
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 234600 | 549432 |
| Wistron Corp. | &nbsp;&nbsp; 750000 | 3069297 |
| Wiwynn Corp. | &nbsp;&nbsp; 33000 | 3699039 |
| Yageo Corp. | &nbsp;&nbsp; 470344 | 4106281 |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 525000 | 890774 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 2948715 | 4016831 |
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 198000 | 1220197 |
|  |  | 644580377 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 356500 | 3953728 |
| Airports of Thailand PCL, NVDR | &nbsp;&nbsp; 1424500 | 2274073 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 3619500 | 2308282 |
| Central Pattana PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 1101400 | 2014934 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 1540400 | 1009037 |
| CP ALL PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 2033200 | 2803073 |
| CP Axtra PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 1007391 | 472775 |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 897300 | 5805700 |
| Gulf Development PCL, NVDR<sup>(a)(b)</sup> | &nbsp;&nbsp; 1270976 | 1890592 |
| PTT Exploration & Production PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 493500 | 1929200 |
| PTT PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 3329800 | 3594473 |
| Siam Cement PCL (The), NVDR<sup>(b)</sup> | &nbsp;&nbsp; 249200 | 1627108 |
| True Corp. PCL, NVDR<sup>(b)</sup> | &nbsp;&nbsp; 3093090 | 1139174 |
|  |  | 30822149 |
| **Turkey — 0.1%** | **Turkey — 0.1%** | **Turkey — 0.1%** |
| Akbank TAS | &nbsp;&nbsp; 937956 | 2006344 |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 362832 | 2538881 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 146896 | 2241736 |
| Eregli Demir ve Celik Fabrikalari TAS | &nbsp;&nbsp; 897332 | 580896 |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 141790 | 370615 |
| Haci Omer Sabanci Holding AS | &nbsp;&nbsp; 236744 | 595746 |
| KOC Holding AS | &nbsp;&nbsp; 174031 | 832358 |
| Turk Hava Yollari AO | &nbsp;&nbsp; 160270 | 1121027 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 381536 | 1028278 |
| Turkiye Is Bankasi AS, Class C | &nbsp;&nbsp; 2065879 | 794162 |
| Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp; 290979 | 1639689 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 721997 | 681919 |
|  |  | 14431651 |
| **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 793603 | 3291783 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 368706 | 2445311 |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 774855 | 865053 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 836001 | 1213311 |
| Adnoc Gas PLC | &nbsp;&nbsp; 1739910 | 1711310 |
| ADNOC Logistics & Services | &nbsp;&nbsp; 360482 | 550882 |
| Aldar Properties PJSC | &nbsp;&nbsp; 1137058 | 2972510 |
| Americana Restaurants International PLC - <br> Foreign Co.<br>| &nbsp;&nbsp; 1031590 | 437767 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Arab Emirates (continued)** | **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 1703581 | $1401470 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 715845 | 1883228 |
| Emaar Development PJSC | &nbsp;&nbsp; 282694 | 1323985 |
| Emaar Properties PJSC | &nbsp;&nbsp; 1866130 | 7633765 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 670092 | 5674571 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 984040 | 5278581 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 1279724 | 6481380 |
| Multiply Group PJSC<sup>(a)</sup> | &nbsp;&nbsp; 851375 | 523221 |
| Salik Co. PJSC | &nbsp;&nbsp; 533746 | 927243 |
|  |  | 44615371 |
| **United Kingdom — 3.4%** | **United Kingdom — 3.4%** | **United Kingdom — 3.4%** |
| 3i Group PLC | &nbsp;&nbsp; 280119 | 12868420 |
| Admiral Group PLC | &nbsp;&nbsp; 56250 | 2116910 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 302144 | 14009753 |
| Antofagasta PLC | &nbsp;&nbsp; 122854 | 6087603 |
| Ashtead Group PLC | &nbsp;&nbsp; 125753 | 8095941 |
| Associated British Foods PLC | &nbsp;&nbsp; 97363 | 2544514 |
| AstraZeneca PLC | &nbsp;&nbsp; 435485 | 81137005 |
| Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 288473 | 2126474 |
| Aviva PLC | &nbsp;&nbsp; 858915 | 7487891 |
| BAE Systems PLC | &nbsp;&nbsp; 869239 | 23597178 |
| Barclays PLC | &nbsp;&nbsp; 4205909 | 28070525 |
| Barratt Redrow PLC | &nbsp;&nbsp; 288442 | 1535876 |
| BP PLC | &nbsp;&nbsp; 4475990 | 28380267 |
| British American Tobacco PLC | &nbsp;&nbsp; 603564 | 36463480 |
| BT Group PLC | &nbsp;&nbsp; 1888925 | 4965078 |
| Bunzl PLC | &nbsp;&nbsp; 89415 | 2507471 |
| Centrica PLC | &nbsp;&nbsp; 1260417 | 3300416 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 66829 | 3629460 |
| Compass Group PLC | &nbsp;&nbsp; 463190 | 13888953 |
| DCC PLC | &nbsp;&nbsp; 25188 | 1596652 |
| Diageo PLC | &nbsp;&nbsp; 606113 | 13946842 |
| Endeavour Mining PLC | &nbsp;&nbsp; 54374 | 3094872 |
| Entain PLC | &nbsp;&nbsp; 167377 | 1388597 |
| Experian PLC | &nbsp;&nbsp; 260621 | 9870952 |
| Fresnillo PLC | &nbsp;&nbsp; 54945 | 2705852 |
| Glencore PLC | &nbsp;&nbsp; 2804419 | 19118717 |
| GSK PLC | &nbsp;&nbsp; 1117659 | 28904517 |
| Haleon PLC | &nbsp;&nbsp; 2399375 | 12548490 |
| Halma PLC | &nbsp;&nbsp; 89803 | 4361604 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 35808 | 751122 |
| HSBC Holdings PLC | &nbsp;&nbsp; 4916346 | 86728895 |
| Imperial Brands PLC | &nbsp;&nbsp; 230794 | 9720532 |
| Informa PLC | &nbsp;&nbsp; 308939 | 3728219 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 39519 | 5339025 |
| Intertek Group PLC | &nbsp;&nbsp; 49804 | 3055358 |
| J Sainsbury PLC | &nbsp;&nbsp; 543200 | 2380146 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 622815 | 697009 |
| Kingfisher PLC | &nbsp;&nbsp; 637370 | 2937251 |
| Land Securities Group PLC | &nbsp;&nbsp; 236547 | 2111285 |
| Legal & General Group PLC | &nbsp;&nbsp; 1689501 | 6134266 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 16595583 | 24780592 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 133484 | 14889081 |
| M&G PLC | &nbsp;&nbsp; 604550 | 2562836 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 562151 | 2819300 |
| Melrose Industries PLC | &nbsp;&nbsp; 353879 | 3042629 |
| National Grid PLC | &nbsp;&nbsp; 1374187 | 23346819 |
| NatWest Group PLC, NVS | &nbsp;&nbsp; 2149306 | 19590454 |
| Next PLC | &nbsp;&nbsp; 34664 | 6293557 |
| NMC Health PLC, NVS<sup>(a)(d)</sup> | &nbsp;&nbsp; 19275 |  |
| Pearson PLC | &nbsp;&nbsp; 202252 | 2660210 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 197202 | 1998776 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Prudential PLC | &nbsp;&nbsp; 761214 | $12503128 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 188612 | 15722678 |
| RELX PLC | &nbsp;&nbsp; 535308 | 18977748 |
| Rentokil Initial PLC | &nbsp;&nbsp; 690652 | 4286749 |
| Rio Tinto PLC | &nbsp;&nbsp; 328249 | 29947568 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 2363196 | 39505487 |
| Sage Group PLC(The) | &nbsp;&nbsp; 257908 | 3381999 |
| Schroders PLC | &nbsp;&nbsp; 122512 | 758806 |
| Segro PLC | &nbsp;&nbsp; 352274 | 3670194 |
| Severn Trent PLC | &nbsp;&nbsp; 90932 | 3652355 |
| Shell PLC | &nbsp;&nbsp; 1664321 | 63975661 |
| Smith & Nephew PLC | &nbsp;&nbsp; 252476 | 4303014 |
| Smiths Group PLC | &nbsp;&nbsp; 88789 | 3049175 |
| Spirax Group PLC | &nbsp;&nbsp; 17069 | 1700830 |
| SSE PLC | &nbsp;&nbsp; 308742 | 10261798 |
| Standard Chartered PLC | &nbsp;&nbsp; 590939 | 15120020 |
| Tesco PLC | &nbsp;&nbsp; 1947047 | 11329478 |
| Unilever PLC | &nbsp;&nbsp; 613605 | 41743170 |
| United Utilities Group PLC | &nbsp;&nbsp; 135095 | 2313575 |
| Vodafone Group PLC | &nbsp;&nbsp; 6181502 | 9103663 |
| Whitbread PLC | &nbsp;&nbsp; 43984 | 1641852 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 167948 | 2166149 |
|  |  | 905032769 |
| **United States — 62.9%** | **United States — 62.9%** | **United States — 62.9%** |
| 3M Co. | &nbsp;&nbsp; 152367 | 23336530 |
| Abbott Laboratories | &nbsp;&nbsp; 491026 | 53669142 |
| AbbVie, Inc. | &nbsp;&nbsp; 498744 | 111224899 |
| Accenture PLC, Class A | &nbsp;&nbsp; 175540 | 46279366 |
| Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 116336 | 34115532 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 457022 | 108190818 |
| AECOM | &nbsp;&nbsp; 38896 | 3750741 |
| Affirm Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 76391 | 4606377 |
| Aflac, Inc. | &nbsp;&nbsp; 144802 | 16065782 |
| Agilent Technologies, Inc. | &nbsp;&nbsp; 80260 | 10742801 |
| Air Products and Chemicals, Inc. | &nbsp;&nbsp; 63015 | 17171587 |
| Airbnb, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 119458 | 15454281 |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp; 48053 | 2625616 |
| Allegion PLC | &nbsp;&nbsp; 25704 | 4251185 |
| Alliant Energy Corp. | &nbsp;&nbsp; 71304 | 4699647 |
| Allstate Corp.(The) | &nbsp;&nbsp; 75159 | 14955889 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 37254 | 12594087 |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 1638595 | 553845110 |
| Alphabet, Inc., Class C, NVS | &nbsp;&nbsp; 1377606 | 466360959 |
| Altria Group, Inc. | &nbsp;&nbsp; 472643 | 29299140 |
| Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2702283 | 646656322 |
| Amcor PLC<sup>(b)</sup> | &nbsp;&nbsp; 131988 | 5840469 |
| Ameren Corp. | &nbsp;&nbsp; 76220 | 7872002 |
| American Electric Power Co., Inc. | &nbsp;&nbsp; 151255 | 18116568 |
| American Express Co. | &nbsp;&nbsp; 156119 | 54980428 |
| American Financial Group, Inc./OH | &nbsp;&nbsp; 18105 | 2358538 |
| American Homes 4 Rent LP, Class A | &nbsp;&nbsp; 94063 | 2946053 |
| American International Group, Inc. | &nbsp;&nbsp; 157629 | 11803260 |
| American Tower Corp. | &nbsp;&nbsp; 132604 | 23773245 |
| American Water Works Co., Inc. | &nbsp;&nbsp; 55554 | 7173688 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp; 25235 | 13303640 |
| AMETEK, Inc. | &nbsp;&nbsp; 65164 | 14595433 |
| Amgen, Inc. | &nbsp;&nbsp; 151546 | 51810546 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 344014 | 49565537 |
| Analog Devices, Inc. | &nbsp;&nbsp; 139107 | 43245584 |
| Annaly Capital Management, Inc. | &nbsp;&nbsp; 170652 | 3926703 |
| Aon PLC, Class A | &nbsp;&nbsp; 57576 | 20130873 |
| Apollo Global Management, Inc. | &nbsp;&nbsp; 124517 | 16752517 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Apple, Inc. | &nbsp;&nbsp; 4181472 | $1085008355 |
| Applied Materials, Inc. | &nbsp;&nbsp; 224856 | 72475586 |
| AppLovin Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 65168 | 30831632 |
| Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp; 64806 | 4909054 |
| Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 104406 | 10027152 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 134718 | 9067869 |
| Ares Management Corp., Class A | &nbsp;&nbsp; 61675 | 9230897 |
| Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 300587 | 42605201 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 72412 | 18057380 |
| Astera Labs, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 37637 | 5668885 |
| AT&T, Inc. | &nbsp;&nbsp; 1992187 | 52215221 |
| Atlassian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 46954 | 5549024 |
| Atmos Energy Corp. | &nbsp;&nbsp; 44949 | 7476817 |
| Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 61119 | 15455162 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp; 115212 | 28436626 |
| AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4721 | 17487953 |
| AvalonBay Communities, Inc. | &nbsp;&nbsp; 41660 | 7401732 |
| Avery Dennison Corp. | &nbsp;&nbsp; 21809 | 4045788 |
| Axon Enterprise, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21034 | 10171622 |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 268336 | 15037549 |
| Ball Corp. | &nbsp;&nbsp; 74525 | 4238237 |
| Bank of America Corp. | &nbsp;&nbsp; 1969786 | 104792615 |
| Bank of New York Mellon Corp.(The) | &nbsp;&nbsp; 199213 | 23889623 |
| Baxter International, Inc. | &nbsp;&nbsp; 140536 | 2820558 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 80427 | 16365286 |
| Bentley Systems, Inc., Class B<sup>(b)</sup> | &nbsp;&nbsp; 48836 | 1715120 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 387689 | 186296195 |
| Best Buy Co., Inc. | &nbsp;&nbsp; 58947 | 3837450 |
| Biogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 40745 | 7329618 |
| BlackRock, Inc.<sup>(f)</sup> | &nbsp;&nbsp; 41721 | 46683296 |
| Blackstone, Inc., NVS | &nbsp;&nbsp; 207517 | 29554571 |
| Block, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 159355 | 9629823 |
| Bloom Energy Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 62957 | 9529801 |
| Boeing Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 216591 | 50621649 |
| Booking Holdings, Inc. | &nbsp;&nbsp; 9191 | 45971911 |
| Booz Allen Hamilton Holding Corp., Class A | &nbsp;&nbsp; 38535 | 3407265 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 420663 | 39344610 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 563667 | 31029868 |
| Broadcom, Inc. | &nbsp;&nbsp; 1264209 | 418832442 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp; 34188 | 6738797 |
| Brown & Brown, Inc. | &nbsp;&nbsp; 80585 | 5810178 |
| Brown-Forman Corp., Class B, NVS | &nbsp;&nbsp; 47897 | 1310941 |
| Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 30212 | 3456253 |
| Bunge Global SA | &nbsp;&nbsp; 38809 | 4419569 |
| Burlington Stores, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 18214 | 5388794 |
| BXP, Inc. | &nbsp;&nbsp; 41606 | 2690660 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 77872 | 23078146 |
| Capital One Financial Corp. | &nbsp;&nbsp; 179977 | 39402365 |
| Cardinal Health, Inc. | &nbsp;&nbsp; 68126 | 14638915 |
| Carlisle Companies, Inc. | &nbsp;&nbsp; 12021 | 4097839 |
| Carlyle Group, Inc.(The) | &nbsp;&nbsp; 64747 | 3805829 |
| Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp; 302742 | 9088315 |
| Carrier Global Corp. | &nbsp;&nbsp; 219559 | 13081325 |
| Carvana Co., Class A<sup>(a)</sup> | &nbsp;&nbsp; 37202 | 14922094 |
| Caterpillar, Inc. | &nbsp;&nbsp; 131906 | 86709728 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp; 29287 | 7762812 |
| CBRE Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 84714 | 14429336 |
| CDW Corp. | &nbsp;&nbsp; 37127 | 4692482 |
| Cencora, Inc. | &nbsp;&nbsp; 52109 | 18718595 |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp; 145797 | 6315926 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp; 181894 | 7219373 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; 46266 | 4313379 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp; 33527 | $6536089 |
| Charles Schwab Corp.(The) | &nbsp;&nbsp; 488798 | 50795888 |
| Charter Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 25462 | 5248227 |
| Cheniere Energy, Inc. | &nbsp;&nbsp; 61687 | 13048034 |
| Chevron Corp. | &nbsp;&nbsp; 541428 | 95778613 |
| Chipotle Mexican Grill, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 375013 | 14576755 |
| Chubb Ltd. | &nbsp;&nbsp; 107868 | 33391618 |
| Church & Dwight Co., Inc. | &nbsp;&nbsp; 68843 | 6626139 |
| Ciena Corp.<sup>(a)</sup> | &nbsp;&nbsp; 39589 | 9968906 |
| Cigna Group(The) | &nbsp;&nbsp; 73968 | 20275368 |
| Cincinnati Financial Corp. | &nbsp;&nbsp; 44369 | 7138528 |
| Cintas Corp. | &nbsp;&nbsp; 103745 | 19855756 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 1105925 | 86616046 |
| Citigroup, Inc. | &nbsp;&nbsp; 518845 | 60035555 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp; 124132 | 7817833 |
| Clorox Co.(The) | &nbsp;&nbsp; 36054 | 4066531 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 89414 | 15857573 |
| CME Group, Inc. | &nbsp;&nbsp; 102332 | 29580088 |
| CMS Energy Corp. | &nbsp;&nbsp; 87351 | 6244723 |
| Coca-Cola Co.(The) | &nbsp;&nbsp; 1151618 | 86152543 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 141276 | 11593109 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 57658 | 11228319 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 220376 | 19897749 |
| Comcast Corp., Class A | &nbsp;&nbsp; 1030775 | 30665556 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp; 9712 | 11092075 |
| ConocoPhillips Co. | &nbsp;&nbsp; 351786 | 36666655 |
| Consolidated Edison, Inc. | &nbsp;&nbsp; 100343 | 10699574 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp; 43149 | 6761448 |
| Constellation Energy Corp. | &nbsp;&nbsp; 88826 | 24931682 |
| Cooper Companies, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 57934 | 4714669 |
| Copart, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 260374 | 10565977 |
| CoreWeave, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 48659 | 4534532 |
| Corning, Inc. | &nbsp;&nbsp; 232733 | 24029682 |
| Corpay, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19487 | 6131195 |
| Corteva, Inc. | &nbsp;&nbsp; 194867 | 14186318 |
| CoStar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 119895 | 7373542 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 124400 | 116967100 |
| Coterra Energy, Inc. | &nbsp;&nbsp; 223521 | 6448581 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 43590 | 5460955 |
| CRH PLC | &nbsp;&nbsp; 188471 | 23070735 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 70938 | 31312388 |
| Crown Castle, Inc. | &nbsp;&nbsp; 126026 | 10940317 |
| CSX Corp. | &nbsp;&nbsp; 520431 | 19651475 |
| Cummins, Inc. | &nbsp;&nbsp; 39117 | 22641702 |
| CVS Health Corp. | &nbsp;&nbsp; 358043 | 26681364 |
| Danaher Corp. | &nbsp;&nbsp; 182873 | 40029071 |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 34011 | 6780093 |
| Datadog, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 87857 | 11361667 |
| Deckers Outdoor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 45454 | 5424480 |
| Deere & Co. | &nbsp;&nbsp; 72668 | 38368704 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp; 93212 | 10667181 |
| Delta Air Lines, Inc. | &nbsp;&nbsp; 43716 | 2880447 |
| Devon Energy Corp. | &nbsp;&nbsp; 175637 | 7062364 |
| Dexcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 114251 | 8344893 |
| Diamondback Energy, Inc. | &nbsp;&nbsp; 54314 | 8904780 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp; 18148 | 3665896 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp; 95859 | 15907801 |
| DocuSign, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 58951 | 3097286 |
| Dollar General Corp. | &nbsp;&nbsp; 63035 | 9041110 |
| Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 54017 | 6351859 |
| Dominion Energy, Inc. | &nbsp;&nbsp; 246218 | 14814937 |
| Domino's Pizza, Inc. | &nbsp;&nbsp; 8704 | 3571512 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| DoorDash, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 108607 | $22223164 |
| Dover Corp. | &nbsp;&nbsp; 38091 | 7674956 |
| Dow, Inc. | &nbsp;&nbsp; 198302 | 5463220 |
| DR Horton, Inc. | &nbsp;&nbsp; 75055 | 11171186 |
| DraftKings, Inc., Class A <sup>(a)</sup> | &nbsp;&nbsp; 126079 | 3468433 |
| DTE Energy Co. | &nbsp;&nbsp; 58256 | 7828441 |
| Duke Energy Corp. | &nbsp;&nbsp; 221139 | 26835218 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp; 120094 | 5274528 |
| Dynatrace, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 83807 | 3192209 |
| Eaton Corp. PLC | &nbsp;&nbsp; 109535 | 38492790 |
| eBay, Inc. | &nbsp;&nbsp; 123123 | 11231280 |
| EchoStar Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 39662 | 4490532 |
| Ecolab, Inc. | &nbsp;&nbsp; 73236 | 20651820 |
| Edison International | &nbsp;&nbsp; 108421 | 6752460 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 158873 | 12925907 |
| Electronic Arts, Inc. | &nbsp;&nbsp; 68702 | 14009712 |
| Elevance Health, Inc. | &nbsp;&nbsp; 63762 | 22045074 |
| Eli Lilly & Co. | &nbsp;&nbsp; 226641 | 235060713 |
| EMCOR Group, Inc. | &nbsp;&nbsp; 12842 | 9255615 |
| Emerson Electric Co. | &nbsp;&nbsp; 160497 | 23586639 |
| Entegris, Inc. | &nbsp;&nbsp; 43116 | 5090706 |
| Entergy Corp. | &nbsp;&nbsp; 125731 | 12056346 |
| EOG Resources, Inc. | &nbsp;&nbsp; 154810 | 17358845 |
| EQT Corp. | &nbsp;&nbsp; 173016 | 9988214 |
| Equifax, Inc. | &nbsp;&nbsp; 35316 | 7112642 |
| Equinix, Inc. | &nbsp;&nbsp; 27924 | 22923649 |
| Equitable Holdings, Inc. | &nbsp;&nbsp; 79335 | 3681144 |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 54296 | 3429878 |
| Equity Residential | &nbsp;&nbsp; 97968 | 6105366 |
| Erie Indemnity Co., Class A, NVS | &nbsp;&nbsp; 7246 | 2050690 |
| Essential Utilities, Inc. | &nbsp;&nbsp; 75967 | 2946760 |
| Essex Property Trust, Inc. | &nbsp;&nbsp; 19600 | 4936652 |
| Estee Lauder Companies, Inc. (The), Class A | &nbsp;&nbsp; 66714 | 7690790 |
| Everest Group Ltd. | &nbsp;&nbsp; 11454 | 3794481 |
| Evergy, Inc. | &nbsp;&nbsp; 66988 | 5139989 |
| Eversource Energy | &nbsp;&nbsp; 106975 | 7395182 |
| Exelon Corp. | &nbsp;&nbsp; 286373 | 12823783 |
| Expand Energy Corp. | &nbsp;&nbsp; 66178 | 7439069 |
| Expedia Group, Inc. | &nbsp;&nbsp; 33453 | 8859693 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp; 40285 | 6467354 |
| Extra Space Storage, Inc. | &nbsp;&nbsp; 61034 | 8420861 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 1195877 | 169097008 |
| F5, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17299 | 4767777 |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6947 | 10164642 |
| Fastenal Co. | &nbsp;&nbsp; 330954 | 14350165 |
| FedEx Corp. | &nbsp;&nbsp; 61820 | 19921495 |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp; 56000 | 14137760 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp; 78273 | 4257268 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp; 145813 | 8056168 |
| Fifth Third Bancorp | &nbsp;&nbsp; 253592 | 12735390 |
| First Citizens BancShares, Inc./NC, Class A | &nbsp;&nbsp; 2385 | 4935924 |
| First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 28757 | 6485279 |
| FirstEnergy Corp. | &nbsp;&nbsp; 156326 | 7400473 |
| Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 151865 | 9678356 |
| Flex Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 109109 | 6878231 |
| Flutter Entertainment PLC, Class DI<sup>(a)</sup> | &nbsp;&nbsp; 47511 | 7846442 |
| Ford Motor Co. | &nbsp;&nbsp; 1116976 | 15503627 |
| Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 186684 | 15169942 |
| Fortive Corp. | &nbsp;&nbsp; 96454 | 5093736 |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 62810 | 4571312 |
| Fox Corp., Class B | &nbsp;&nbsp; 40324 | 2644045 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 396112 | 23857826 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 73881 | $3306175 |
| Garmin Ltd. | &nbsp;&nbsp; 46572 | 9390778 |
| Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21618 | 4531349 |
| GE HealthCare Technologies, Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 127982 | 10106739 |
| GE Vernova, Inc. | &nbsp;&nbsp; 76706 | 55716937 |
| Gen Digital, Inc. | &nbsp;&nbsp; 144828 | 3474424 |
| General Dynamics Corp. | &nbsp;&nbsp; 64857 | 22770644 |
| General Electric Co. | &nbsp;&nbsp; 297012 | 91120311 |
| General Mills, Inc. | &nbsp;&nbsp; 143924 | 6657924 |
| General Motors Co. | &nbsp;&nbsp; 267276 | 22451184 |
| Genuine Parts Co. | &nbsp;&nbsp; 40456 | 5622979 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 348937 | 49531607 |
| Global Payments, Inc. | &nbsp;&nbsp; 72273 | 5184865 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 40298 | 4050755 |
| Goldman Sachs Group, Inc.(The) | &nbsp;&nbsp; 84634 | 79167490 |
| Graco, Inc. | &nbsp;&nbsp; 48678 | 4251050 |
| Halliburton Co. | &nbsp;&nbsp; 246769 | 8271697 |
| Hartford Insurance Group, Inc.(The) | &nbsp;&nbsp; 78816 | 10644889 |
| HCA Healthcare, Inc. | &nbsp;&nbsp; 46002 | 22461397 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp; 196106 | 3380867 |
| HEICO Corp.<sup>(b)</sup> | &nbsp;&nbsp; 12123 | 4011622 |
| HEICO Corp., Class A<sup>(b)</sup> | &nbsp;&nbsp; 21173 | 5390434 |
| Hershey Co.(The) | &nbsp;&nbsp; 41487 | 8079593 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 381454 | 8208890 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 66839 | 19952110 |
| Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 64585 | 4839354 |
| Home Depot, Inc.(The) | &nbsp;&nbsp; 280227 | 104970232 |
| Honeywell International, Inc. | &nbsp;&nbsp; 175310 | 39886531 |
| Hormel Foods Corp. | &nbsp;&nbsp; 82989 | 2042359 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 109085 | 22698407 |
| HP, Inc. | &nbsp;&nbsp; 275536 | 5356420 |
| Hubbell, Inc., Class B | &nbsp;&nbsp; 15517 | 7571365 |
| HubSpot, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13781 | 3858680 |
| Humana, Inc. | &nbsp;&nbsp; 34251 | 6685795 |
| Huntington Bancshares, Inc./Ohio | &nbsp;&nbsp; 570303 | 9968896 |
| Hyatt Hotels Corp., Class A | &nbsp;&nbsp; 10997 | 1719601 |
| IDEX Corp. | &nbsp;&nbsp; 23010 | 4568635 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22603 | 15154407 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp; 78085 | 20400487 |
| Illumina, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 45112 | 6532669 |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 49310 | 4934452 |
| Ingersoll Rand, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 112366 | 9673589 |
| Insmed, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 59573 | 9345216 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 20275 | 5186548 |
| Intel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1277668 | 59373232 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp; 128518 | 9623428 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 162943 | 28316235 |
| International Business Machines Corp. | &nbsp;&nbsp; 262273 | 80439129 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 73066 | 5100737 |
| International Paper Co. | &nbsp;&nbsp; 138888 | 5599964 |
| Intuit, Inc. | &nbsp;&nbsp; 79146 | 39487522 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 101570 | 51213625 |
| Invitation Homes, Inc. | &nbsp;&nbsp; 166189 | 4442232 |
| IonQ, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 84646 | 3384147 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 48767 | 11223725 |
| Iron Mountain, Inc. | &nbsp;&nbsp; 84902 | 7822021 |
| J M Smucker Co.(The) | &nbsp;&nbsp; 28528 | 2991446 |
| Jabil, Inc. | &nbsp;&nbsp; 30048 | 7127085 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp; 21043 | 3771116 |
| Jacobs Solutions, Inc., NVS | &nbsp;&nbsp; 34653 | 4687165 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 21609 | 4380576 |
| Johnson & Johnson | &nbsp;&nbsp; 679132 | 154332747 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Johnson Controls International PLC | &nbsp;&nbsp; 179800 | $21442948 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 773357 | 236562173 |
| Kenvue, Inc. | &nbsp;&nbsp; 555578 | 9667057 |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp; 373111 | 10238166 |
| KeyCorp | &nbsp;&nbsp; 255417 | 5496574 |
| Keysight Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 49219 | 10647546 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 94719 | 9470953 |
| Kimco Realty Corp. | &nbsp;&nbsp; 190537 | 4016520 |
| Kinder Morgan, Inc. | &nbsp;&nbsp; 562304 | 17144649 |
| KKR & Co., Inc. | &nbsp;&nbsp; 178351 | 20378385 |
| KLA Corp. | &nbsp;&nbsp; 37226 | 53156494 |
| Kraft Heinz Co.(The) | &nbsp;&nbsp; 253677 | 6022292 |
| Kroger Co.(The) | &nbsp;&nbsp; 178988 | 11249396 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 53223 | 18247506 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp; 23902 | 6489871 |
| Lam Research Corp. | &nbsp;&nbsp; 353868 | 82614023 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 86839 | 4579020 |
| Leidos Holdings, Inc. | &nbsp;&nbsp; 35349 | 6655510 |
| Lennar Corp., Class A | &nbsp;&nbsp; 52833 | 5777289 |
| Lennox International, Inc. | &nbsp;&nbsp; 9061 | 4485920 |
| Liberty Media Corp./Liberty Formula One, Class C, <br> NVS<sup>(a)</sup><br>| &nbsp;&nbsp; 57010 | 4961010 |
| Linde PLC | &nbsp;&nbsp; 131736 | 60199400 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 46403 | 6749316 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 58300 | 36975026 |
| Loews Corp. | &nbsp;&nbsp; 52724 | 5566073 |
| Lowe's Companies, Inc. | &nbsp;&nbsp; 156705 | 41849637 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp; 22164 | 8078778 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 31062 | 5420319 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 70922 | 3475178 |
| M&T Bank Corp. | &nbsp;&nbsp; 44029 | 9755506 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 84405 | 14871317 |
| Markel Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3634 | 7415686 |
| Marriott International, Inc./MD, Class A | &nbsp;&nbsp; 65284 | 20584045 |
| Marsh & McLennan Companies, Inc. | &nbsp;&nbsp; 136545 | 25696404 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp; 17377 | 11328935 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 241886 | 19089643 |
| Masco Corp. | &nbsp;&nbsp; 63897 | 4222953 |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 239304 | 128934602 |
| McCormick & Co., Inc./MD, NVS | &nbsp;&nbsp; 69576 | 4301884 |
| McDonald's Corp. | &nbsp;&nbsp; 199762 | 62925030 |
| McKesson Corp. | &nbsp;&nbsp; 34945 | 29046633 |
| Medtronic PLC | &nbsp;&nbsp; 360610 | 37128406 |
| MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12807 | 27506747 |
| Merck & Co., Inc. | &nbsp;&nbsp; 702476 | 77462028 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 610913 | 437719164 |
| MetLife, Inc. | &nbsp;&nbsp; 161006 | 12700153 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5990 | 8225708 |
| Microchip Technology, Inc. | &nbsp;&nbsp; 153163 | 11628135 |
| Micron Technology, Inc. | &nbsp;&nbsp; 316008 | 131105399 |
| Microsoft Corp. | &nbsp;&nbsp; 1988673 | 855706105 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp; 32764 | 4400205 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp; 364983 | 21340556 |
| MongoDB, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 23613 | 8768215 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp; 13740 | 15445821 |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 208189 | 16813344 |
| Moody's Corp. | &nbsp;&nbsp; 45617 | 23518301 |
| Morgan Stanley | &nbsp;&nbsp; 331868 | 60665470 |
| Motorola Solutions, Inc. | &nbsp;&nbsp; 45621 | 18364277 |
| MSCI, Inc., Class A | &nbsp;&nbsp; 22339 | 13609366 |
| Nasdaq, Inc. | &nbsp;&nbsp; 124437 | 12056701 |
| Natera, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 37514 | 8670986 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| NetApp, Inc. | &nbsp;&nbsp; 58060 | $5594081 |
| Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1200636 | 100241100 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29974 | 4078262 |
| Newmont Corp. | &nbsp;&nbsp; 305416 | 34313488 |
| News Corp., Class A, NVS | &nbsp;&nbsp; 112224 | 3033415 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 582460 | 51198234 |
| Nike, Inc., Class B | &nbsp;&nbsp; 337497 | 20860690 |
| NiSource, Inc. | &nbsp;&nbsp; 134567 | 5959972 |
| Nordson Corp. | &nbsp;&nbsp; 14140 | 3881854 |
| Norfolk Southern Corp. | &nbsp;&nbsp; 63921 | 18616352 |
| Northern Trust Corp. | &nbsp;&nbsp; 55893 | 8352091 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 38497 | 26649933 |
| NRG Energy, Inc. | &nbsp;&nbsp; 53827 | 8215615 |
| Nucor Corp. | &nbsp;&nbsp; 64208 | 11411046 |
| Nutanix, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 75488 | 2968943 |
| Nvidia Corp. | &nbsp;&nbsp; 6845806 | 1308438901 |
| NVR, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 733 | 5596990 |
| NXP Semiconductors NV | &nbsp;&nbsp; 71407 | 16147979 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 240424 | 23660126 |
| Occidental Petroleum Corp. | &nbsp;&nbsp; 201125 | 9129064 |
| Okta, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 47133 | 3981796 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 54363 | 9415672 |
| Omaha Public Power District Nebraska City Station <br> Unit 2, Class A<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 31454 | 2504367 |
| Omnicom Group, Inc. | &nbsp;&nbsp; 91094 | 7017882 |
| ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 113525 | 6799012 |
| ONEOK, Inc. | &nbsp;&nbsp; 177212 | 14033418 |
| Oracle Corp. | &nbsp;&nbsp; 482813 | 79461364 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 114091 | 9745653 |
| PACCAR, Inc. | &nbsp;&nbsp; 147837 | 18170646 |
| Packaging Corp. of America | &nbsp;&nbsp; 24789 | 5516792 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 643033 | 94262207 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 191821 | 33946562 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 35196 | 32937825 |
| Paychex, Inc. | &nbsp;&nbsp; 88731 | 9150828 |
| Paycom Software, Inc. | &nbsp;&nbsp; 15305 | 2062349 |
| PayPal Holdings, Inc. | &nbsp;&nbsp; 249379 | 13139779 |
| Pentair PLC | &nbsp;&nbsp; 45782 | 4824049 |
| PepsiCo, Inc. | &nbsp;&nbsp; 382358 | 58741660 |
| Pfizer, Inc. | &nbsp;&nbsp; 1601527 | 42344374 |
| PG&E Corp. | &nbsp;&nbsp; 623019 | 9606953 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 438592 | 78700948 |
| Phillips 66 | &nbsp;&nbsp; 114737 | 16471644 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp; 42668 | 4057300 |
| Pinterest, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 169775 | 3757121 |
| PNC Financial Services Group, Inc.(The) | &nbsp;&nbsp; 112379 | 25094231 |
| PPG Industries, Inc. | &nbsp;&nbsp; 64756 | 7487736 |
| PPL Corp. | &nbsp;&nbsp; 210950 | 7646937 |
| Principal Financial Group, Inc. | &nbsp;&nbsp; 61872 | 5860516 |
| Procter & Gamble Co.(The) | &nbsp;&nbsp; 659442 | 100083512 |
| Progressive Corp.(The) | &nbsp;&nbsp; 166456 | 34622848 |
| Prologis, Inc. | &nbsp;&nbsp; 262462 | 34267039 |
| Prudential Financial, Inc. | &nbsp;&nbsp; 101370 | 11263221 |
| PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 34923 | 5452528 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 144624 | 11911233 |
| Public Storage | &nbsp;&nbsp; 44557 | 12306198 |
| PulteGroup, Inc. | &nbsp;&nbsp; 55020 | 6882452 |
| Pure Storage, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 90967 | 6325845 |
| Qnity Electronics, Inc. | &nbsp;&nbsp; 59989 | 5769742 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 302864 | 45911154 |
| Quanta Services, Inc. | &nbsp;&nbsp; 42344 | 20097733 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp; 32195 | 6021431 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Raymond James Financial, Inc. | &nbsp;&nbsp; 55358 | $9181678 |
| Realty Income Corp. | &nbsp;&nbsp; 259967 | 15899582 |
| Reddit, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 29941 | 5397464 |
| Regency Centers Corp. | &nbsp;&nbsp; 47916 | 3491639 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 29492 | 21866843 |
| Regions Financial Corp. | &nbsp;&nbsp; 248485 | 7081822 |
| Reliance, Inc. | &nbsp;&nbsp; 14834 | 4887803 |
| Republic Services, Inc., Class A | &nbsp;&nbsp; 62338 | 13408280 |
| ResMed, Inc. | &nbsp;&nbsp; 41736 | 10780826 |
| Rivian Automotive, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 231432 | 3413622 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 209673 | 20858270 |
| ROBLOX Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 162874 | 10710594 |
| Rocket Cos. Inc, Class A | &nbsp;&nbsp; 254461 | 4562486 |
| Rocket Lab Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 123564 | 9893769 |
| Rockwell Automation, Inc. | &nbsp;&nbsp; 32090 | 13530748 |
| Rollins, Inc. | &nbsp;&nbsp; 83742 | 5304218 |
| Roper Technologies, Inc. | &nbsp;&nbsp; 30196 | 11209661 |
| Ross Stores, Inc. | &nbsp;&nbsp; 90737 | 17117535 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 73907 | 23993908 |
| Royalty Pharma PLC, Class A | &nbsp;&nbsp; 110437 | 4603014 |
| RPM International, Inc. | &nbsp;&nbsp; 36297 | 3882327 |
| RTX Corp. | &nbsp;&nbsp; 376969 | 75744381 |
| S&P Global, Inc. | &nbsp;&nbsp; 88700 | 46814973 |
| Salesforce, Inc. | &nbsp;&nbsp; 266999 | 56681218 |
| Samsara, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 94389 | 2647611 |
| SBA Communications Corp., Class A | &nbsp;&nbsp; 31930 | 5878632 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 58795 | 23970134 |
| Sempra | &nbsp;&nbsp; 187060 | 16276091 |
| ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 293130 | 34299141 |
| Sherwin-Williams Co.(The) | &nbsp;&nbsp; 66271 | 23502347 |
| Simon Property Group, Inc. | &nbsp;&nbsp; 89083 | 17042469 |
| SLB Ltd. | &nbsp;&nbsp; 427531 | 20683950 |
| Smurfit WestRock PLC | &nbsp;&nbsp; 151168 | 6293124 |
| Snap, Inc., Class A, NVS<sup>(a)</sup> | &nbsp;&nbsp; 298364 | 2067663 |
| Snap-on, Inc. | &nbsp;&nbsp; 15534 | 5687153 |
| Snowflake, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 90900 | 17516430 |
| SoFi Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 346515 | 7904007 |
| Solventum Corp.<sup>(a)</sup> | &nbsp;&nbsp; 42631 | 3281308 |
| Southern Co.(The) | &nbsp;&nbsp; 308919 | 27589556 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 61148 | 5007410 |
| Starbucks Corp. | &nbsp;&nbsp; 322830 | 29684218 |
| State Street Corp. | &nbsp;&nbsp; 79503 | 10403763 |
| Steel Dynamics, Inc. | &nbsp;&nbsp; 39605 | 7111870 |
| STERIS PLC | &nbsp;&nbsp; 27660 | 7263516 |
| Strategy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 75033 | 11233190 |
| Stryker Corp. | &nbsp;&nbsp; 97663 | 36092338 |
| Sun Communities, Inc. | &nbsp;&nbsp; 38131 | 4859033 |
| Super Micro Computer, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 149829 | 4361522 |
| Synchrony Financial | &nbsp;&nbsp; 101802 | 7393879 |
| Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 52727 | 24524119 |
| Sysco Corp. | &nbsp;&nbsp; 128389 | 10765418 |
| T-Mobile U.S., Inc. | &nbsp;&nbsp; 140157 | 27640362 |
| T Rowe Price Group, Inc. | &nbsp;&nbsp; 62731 | 6629412 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 52958 | 11666647 |
| Tapestry, Inc. | &nbsp;&nbsp; 61033 | 7745698 |
| Targa Resources Corp. | &nbsp;&nbsp; 62346 | 12530299 |
| Target Corp. | &nbsp;&nbsp; 130765 | 13791785 |
| TE Connectivity PLC, NVS | &nbsp;&nbsp; 83083 | 18509231 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12844 | 7967133 |
| Teradyne, Inc. | &nbsp;&nbsp; 45955 | 11077453 |
| Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 796483 | 342814248 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 257314 | 55464033 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Texas Pacific Land Corp. | &nbsp;&nbsp; 16668 | $5806464 |
| Textron, Inc. | &nbsp;&nbsp; 54040 | 4758762 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 106929 | 61870189 |
| TJX Companies, Inc.(The) | &nbsp;&nbsp; 309924 | 46429714 |
| Toast, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 133892 | 4165380 |
| Tractor Supply Co. | &nbsp;&nbsp; 139542 | 7099897 |
| Trade Desk, Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp; 128026 | 3883029 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp; 33082 | 3409762 |
| Trane Technologies PLC | &nbsp;&nbsp; 62426 | 26255127 |
| TransDigm Group, Inc. | &nbsp;&nbsp; 15940 | 22754988 |
| TransUnion<sup>(b)</sup> | &nbsp;&nbsp; 56981 | 4502639 |
| Travelers Companies, Inc.(The) | &nbsp;&nbsp; 64229 | 18273793 |
| Trimble, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 66158 | 4472281 |
| Truist Financial Corp. | &nbsp;&nbsp; 363284 | 18680063 |
| Twilio, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 45088 | 5431300 |
| Tyler Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11769 | 4347469 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp; 78091 | 5101685 |
| U.S. Bancorp | &nbsp;&nbsp; 441942 | 24797366 |
| Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 557020 | 44589451 |
| UDR, Inc. | &nbsp;&nbsp; 91302 | 3391869 |
| Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12880 | 8337997 |
| Union Pacific Corp. | &nbsp;&nbsp; 165807 | 38981226 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23711 | 2426110 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 207256 | 22014732 |
| United Rentals, Inc. | &nbsp;&nbsp; 18484 | 14455597 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 12105 | 5683176 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 255059 | 73184079 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp; 17353 | 3492465 |
| Valero Energy Corp. | &nbsp;&nbsp; 85699 | 15548370 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 44385 | 9050989 |
| Ventas, Inc. | &nbsp;&nbsp; 129361 | 10047469 |
| Veralto Corp. | &nbsp;&nbsp; 69453 | 6874458 |
| VeriSign, Inc. | &nbsp;&nbsp; 24365 | 5950664 |
| Verisk Analytics, Inc., Class A | &nbsp;&nbsp; 40998 | 8915425 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 1185972 | 52799473 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 71112 | 33415529 |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 99453 | 18516160 |
| VICI Properties, Inc., Class A | &nbsp;&nbsp; 304259 | 8543593 |
| Visa, Inc., Class A | &nbsp;&nbsp; 475316 | 152970948 |
| Vistra Corp. | &nbsp;&nbsp; 96132 | 15222502 |
| Vulcan Materials Co. | &nbsp;&nbsp; 37033 | 11129898 |
| W R Berkley Corp.<sup>(b)</sup> | &nbsp;&nbsp; 87239 | 5982851 |
| Walmart, Inc. | &nbsp;&nbsp; 1234561 | 147085598 |
| Walt Disney Co.(The) | &nbsp;&nbsp; 508428 | 57350678 |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 672432 | 18518777 |
| Waste Management, Inc. | &nbsp;&nbsp; 114364 | 25416255 |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp; 16584 | 6148020 |
| Watsco, Inc. | &nbsp;&nbsp; 9769 | 3775230 |
| WEC Energy Group, Inc. | &nbsp;&nbsp; 90748 | 10043081 |
| Wells Fargo & Co. | &nbsp;&nbsp; 900206 | 81459641 |
| Welltower, Inc. | &nbsp;&nbsp; 188816 | 35565382 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp; 20458 | 4728253 |
| Western Digital Corp. | &nbsp;&nbsp; 97956 | 24511530 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 48318 | 11119905 |
| Weyerhaeuser Co. | &nbsp;&nbsp; 197272 | 5085672 |
| Williams Companies, Inc.(The) | &nbsp;&nbsp; 348587 | 23445962 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp; 35421 | 7248908 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 27622 | 8769156 |
| Workday, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 61074 | 10726427 |
| WP Carey, Inc. | &nbsp;&nbsp; 66093 | 4609987 |
| WW Grainger, Inc. | &nbsp;&nbsp; 12781 | 13802713 |
| Xcel Energy, Inc. | &nbsp;&nbsp; 168922 | 12848207 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Xylem, Inc./New York | &nbsp;&nbsp; 69476 | $9578656 |
| Yum! Brands, Inc. | &nbsp;&nbsp; 78244 | 12166942 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 14258 | 3350345 |
| Zillow Group, Inc., Class C, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 46884 | 2955099 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 57342 | 4992768 |
| Zoetis, Inc. | &nbsp;&nbsp; 122940 | 15345371 |
| Zoom Video Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 68125 | 6274312 |
| Zscaler, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29361 | 5872494 |
|  |  | 16993189533 |
| **Total Common Stocks — 99.4%** <br>**(Cost: $17,159,740,891)** | **Total Common Stocks — 99.4%** <br>**(Cost: $17,159,740,891)** | 26861091143 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Axia Energia, Preference Shares, NVS | &nbsp;&nbsp; 106887 | 1072374 |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 1639280 | 6637795 |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 619587 | 1351548 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 365868 | 1558645 |
| Itau Unibanco Holding SA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1560683 | 13493155 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 1715905 | 4453805 |
| Petroleo Brasileiro SA - Petrobras, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1379028 | 9894465 |
|  |  | 38461787 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| Sociedad Quimica y Minera de Chile SA, Class B, <br> Preference Shares, NVS<br>| &nbsp;&nbsp; 40222 | 3096976 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Grupo Cibest SA, Preference Shares, NVS | &nbsp;&nbsp; 206259 | 4212339 |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 18990 | 1958733 |
| Dr Ing hc F Porsche AG, Preference Shares, <br> NVS<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 32165 | 1565241 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 46194 | 4058231 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 48818 | 2088700 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 7590 | 2121351 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 59606 | 7230507 |
|  |  | 19022763 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 301352 | 32760 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 2261 | 417399 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 7519 | 1420106 |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 240846 | 19508773 |
|  |  | 21346278 |
| **Total Preferred Stocks — 0.3%** <br>**(Cost: $58,741,571)** | **Total Preferred Stocks — 0.3%** <br>**(Cost: $58,741,571)** | 86172903 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Rights** | **Rights** | **Rights** |
| **Spain — 0.0%** | **Spain — 0.0%** | **Spain — 0.0%** |
| ACS Actividades de Construccion y Servicios SA, <br> (Expires 02/19/26)<sup>(a)</sup><br>| &nbsp;&nbsp; 55099 | $30305 |
| **Total Rights — 0.0%** <br>**(Cost: $29,510)** | **Total Rights — 0.0%** <br>**(Cost: $29,510)** | 30305 |
| **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)(b)(d)</sup><br>| &nbsp;&nbsp; 5990 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $17,218,511,972)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $17,218,511,972)** | 26947294351 |
| **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, 3.82%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 97958415 | 98007394 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 3.64%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 35150000 | $35150000 |
| **Total Short-Term Securities — 0.5%** <br>**(Cost: $133,086,018)** | **Total Short-Term Securities — 0.5%** <br>**(Cost: $133,086,018)** | 133157394 |
| **Total Investments — 100.2%** <br>**(Cost: $17,351,597,990)** | **Total Investments — 100.2%** <br>**(Cost: $17,351,597,990)** | 27080451745 |
| **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | (53027975)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $27027423770 |

---

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 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>*07/31/25*<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>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<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>| $174803880 | $— | &nbsp;&nbsp; $(76795761 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(10521)<br>| $9796 | $98007394 | 97958415 | $551220 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 26220000 | 8930000 <br><sup>(a)</sup><br>|  |  |  | 35150000 | 35150000 | 536105 |  |
| BlackRock, Inc. | 42267278 | 4906635 | &nbsp;&nbsp; (1175616)<br>| 645105 | 39894 | 46683296 | 41721 | 396351 |  |
|  |  |  |  | $634584 | $49690 | $179840690 |  | $1483676 | $— |

---

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

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

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI EAFE Index | 107 | 03/20/26 | &nbsp;&nbsp; $16247 | $461258 |
| MSCI Emerging Markets Index | 113 | 03/20/26 | &nbsp;&nbsp; 8593 | 415135 |
| S&P 500 E-Mini Index | 123 | 03/20/26 | &nbsp;&nbsp; 42839 | 12371 |
|  |  |  |  | $888764 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI ACWI 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; $888764 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $888764 |

---

&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 January 31, 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; $5950813 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5950813 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(212086)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(212086)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $52815544 |

---

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; $18289243890 | &nbsp;&nbsp; $8571846660 | &nbsp;&nbsp; $593 | &nbsp;&nbsp; $26861091143 |
| Preferred Stocks | &nbsp;&nbsp; 42674126 | &nbsp;&nbsp; 43498777 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86172903 |
| Rights | &nbsp;&nbsp; 30305 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30305 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 133157394 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 133157394 |
|  | &nbsp;&nbsp; $18465105715 | &nbsp;&nbsp; $8615345437 | &nbsp;&nbsp; $593 | &nbsp;&nbsp; $27080451745 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $888764 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $888764 |

---

&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)

January 31, 2026

**iShares® MSCI Kokusai ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.7%** | **Australia — 1.7%** | **Australia — 1.7%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 8728 | $222043 |
| APA Group | &nbsp;&nbsp; 3774 | 23235 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 1725 | 64083 |
| ASX Ltd. | &nbsp;&nbsp; 514 | 20459 |
| BHP Group Ltd. | &nbsp;&nbsp; 14769 | 508679 |
| Brambles Ltd. | &nbsp;&nbsp; 3784 | 58738 |
| CAR Group Ltd. | &nbsp;&nbsp; 1042 | 19939 |
| Cochlear Ltd. | &nbsp;&nbsp; 206 | 38397 |
| Coles Group Ltd. | &nbsp;&nbsp; 4130 | 61020 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 4902 | 507459 |
| Computershare Ltd. | &nbsp;&nbsp; 1562 | 35474 |
| CSL Ltd. | &nbsp;&nbsp; 1403 | 176792 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 5872 | 56390 |
| Fortescue Ltd. | &nbsp;&nbsp; 5033 | 72882 |
| Goodman Group | &nbsp;&nbsp; 5968 | 126782 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 6277 | 33093 |
| Lottery Corp. Ltd.(The) | &nbsp;&nbsp; 6029 | 21478 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2651 | 26685 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 1039 | 152483 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 8032 | 25772 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 8716 | 261823 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 3960 | 72798 |
| Origin Energy Ltd. | &nbsp;&nbsp; 5130 | 42073 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 168 | 21478 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 2146 | 15004 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 4469 | 61251 |
| REA Group Ltd. | &nbsp;&nbsp; 179 | 23536 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 1133 | 118041 |
| Santos Ltd. | &nbsp;&nbsp; 9163 | 44686 |
| Scentre Group | &nbsp;&nbsp; 16275 | 46123 |
| SGH Ltd. | &nbsp;&nbsp; 476 | 15255 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 13538 | 29010 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 1239 | 19814 |
| South32 Ltd. | &nbsp;&nbsp; 14080 | 44603 |
| Stockland | &nbsp;&nbsp; 7307 | 27340 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 3046 | 35857 |
| Telstra Group Ltd. | &nbsp;&nbsp; 12387 | 42082 |
| Transurban Group | &nbsp;&nbsp; 9056 | 87597 |
| Vicinity Ltd. | &nbsp;&nbsp; 9584 | 16351 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 1003 | 26854 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 3255 | 187770 |
| Westpac Banking Corp. | &nbsp;&nbsp; 10085 | 270975 |
| WiseTech Global Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 541 | 21676 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 5395 | 95257 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 3542 | 76013 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 512 | 33368 |
|  |  | 3988518 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| Erste Group Bank AG | &nbsp;&nbsp; 895 | 116358 |
| OMV AG | &nbsp;&nbsp; 449 | 26674 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 385 | 19406 |
| Verbund AG | &nbsp;&nbsp; 199 | 14602 |
|  |  | 177040 |
| **Belgium — 0.3%** | **Belgium — 0.3%** | **Belgium — 0.3%** |
| Ageas SA | &nbsp;&nbsp; 385 | 27347 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 2900 | 208751 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 173 | 145488 |
| D'ieteren Group | &nbsp;&nbsp; 72 | 16400 |
| Elia Group SA, Class B | &nbsp;&nbsp; 145 | 20993 |
| Financiere de Tubize SA | &nbsp;&nbsp; 59 | 15050 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 220 | $20817 |
| KBC Group NV | &nbsp;&nbsp; 637 | 89763 |
| Lotus Bakeries NV | &nbsp;&nbsp; 1 | 11790 |
| Sofina SA | &nbsp;&nbsp; 66 | 19233 |
| Syensqo SA | &nbsp;&nbsp; 231 | 19442 |
| UCB SA | &nbsp;&nbsp; 353 | 107568 |
|  |  | 702642 |
| **Canada — 3.6%** | **Canada — 3.6%** | **Canada — 3.6%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 1476 | 280577 |
| Alamos Gold, Inc., Class A | &nbsp;&nbsp; 1234 | 45730 |
| Alimentation Couche-Tard, Inc. | &nbsp;&nbsp; 2232 | 116120 |
| AltaGas Ltd. | &nbsp;&nbsp; 1000 | 30162 |
| ARC Resources Ltd. | &nbsp;&nbsp; 1532 | 28431 |
| AtkinsRealis Group, Inc. | &nbsp;&nbsp; 486 | 34107 |
| Bank of Montreal | &nbsp;&nbsp; 2049 | 278943 |
| Bank of Nova Scotia(The) | &nbsp;&nbsp; 3571 | 266976 |
| Barrick Mining Corp. | &nbsp;&nbsp; 4933 | 225484 |
| BCE, Inc. | &nbsp;&nbsp; 199 | 5144 |
| Bombardier, Inc., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 258 | 44074 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 1201 | 59668 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 6048 | 275694 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 352 | 14660 |
| CAE, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 826 | 26473 |
| Cameco Corp. | &nbsp;&nbsp; 1239 | 153241 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 2741 | 253316 |
| Canadian National Railway Co. | &nbsp;&nbsp; 1526 | 146800 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 6094 | 226592 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 2696 | 200411 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 130 | 15994 |
| Canadian Utilities Ltd., Class A, NVS | &nbsp;&nbsp; 384 | 12428 |
| CCL Industries, Inc., Class B, NVS | &nbsp;&nbsp; 417 | 25131 |
| Celestica, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 339 | 95261 |
| Cenovus Energy, Inc. | &nbsp;&nbsp; 4143 | 81755 |
| CGI, Inc. | &nbsp;&nbsp; 594 | 50909 |
| Constellation Software, Inc. | &nbsp;&nbsp; 57 | 105195 |
| Descartes Systems Group, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 245 | 18297 |
| Dollarama, Inc. | &nbsp;&nbsp; 771 | 103902 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 1124 | 28479 |
| Emera, Inc. | &nbsp;&nbsp; 904 | 44807 |
| Empire Co. Ltd., Class A, NVS | &nbsp;&nbsp; 417 | 13622 |
| Enbridge, Inc. | &nbsp;&nbsp; 6348 | 309883 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 57 | 94067 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1952 | 55177 |
| FirstService Corp. | &nbsp;&nbsp; 133 | 20606 |
| Fortis, Inc./Canada | &nbsp;&nbsp; 1508 | 80403 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 546 | 127810 |
| George Weston Ltd. | &nbsp;&nbsp; 535 | 37314 |
| GFL Environmental, Inc. | &nbsp;&nbsp; 680 | 29210 |
| Gildan Activewear, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 377 | 24495 |
| Great-West Lifeco, Inc. | &nbsp;&nbsp; 839 | 39274 |
| Hydro One Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 947 | 37438 |
| iA Financial Corp., Inc. | &nbsp;&nbsp; 235 | 28875 |
| IGM Financial, Inc. | &nbsp;&nbsp; 238 | 11512 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 531 | 53648 |
| Intact Financial Corp. | &nbsp;&nbsp; 514 | 93582 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 2454 | 31034 |
| Keyera Corp. | &nbsp;&nbsp; 579 | 19607 |
| Kinross Gold Corp. | &nbsp;&nbsp; 3353 | 105590 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 1720 | 77395 |
| Lundin Gold, Inc. | &nbsp;&nbsp; 319 | 23915 |
| Lundin Mining Corp. | &nbsp;&nbsp; 1887 | 47603 |
| Magna International, Inc. | &nbsp;&nbsp; 807 | 41255 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Kokusai ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Manulife Financial Corp. | &nbsp;&nbsp; 5090 | $193896 |
| Metro, Inc./CN | &nbsp;&nbsp; 640 | 42485 |
| National Bank of Canada | &nbsp;&nbsp; 1144 | 136315 |
| Nutrien Ltd. | &nbsp;&nbsp; 1387 | 95495 |
| Open Text Corp. | &nbsp;&nbsp; 741 | 18927 |
| Pan American Silver Corp. | &nbsp;&nbsp; 1277 | 69578 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 1683 | 69933 |
| Power Corp. of Canada | &nbsp;&nbsp; 1692 | 85330 |
| RB Global, Inc. | &nbsp;&nbsp; 513 | 58230 |
| Restaurant Brands International, Inc. | &nbsp;&nbsp; 902 | 60434 |
| Rogers Communications, Inc., Class B, NVS | &nbsp;&nbsp; 1092 | 41221 |
| Royal Bank of Canada | &nbsp;&nbsp; 4094 | 681667 |
| Saputo, Inc. | &nbsp;&nbsp; 839 | 25312 |
| Shopify, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3596 | 471852 |
| Stantec, Inc. | &nbsp;&nbsp; 313 | 31018 |
| Sun Life Financial, Inc. | &nbsp;&nbsp; 1639 | 103276 |
| Suncor Energy, Inc. | &nbsp;&nbsp; 3548 | 187529 |
| TC Energy Corp. | &nbsp;&nbsp; 2959 | 173500 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 1361 | 73045 |
| TELUS Corp. | &nbsp;&nbsp; 1271 | 17735 |
| TFI International, Inc. | &nbsp;&nbsp; 232 | 24932 |
| Thomson Reuters Corp.<sup>(b)</sup> | &nbsp;&nbsp; 450 | 49721 |
| TMX Group Ltd. | &nbsp;&nbsp; 842 | 31085 |
| Toromont Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 232 | 29553 |
| Toronto-Dominion Bank(The) | &nbsp;&nbsp; 4904 | 458328 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 1041 | 49265 |
| Waste Connections, Inc. | &nbsp;&nbsp; 741 | 124192 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 1353 | 178250 |
| Whitecap Resources, Inc. | &nbsp;&nbsp; 3597 | 32809 |
| WSP Global, Inc. | &nbsp;&nbsp; 381 | 73654 |
|  |  | 8386643 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Wharf Holdings Ltd. (The)<sup>(b)</sup> | &nbsp;&nbsp; 3000 | 9693 |
| **Denmark — 0.5%** | **Denmark — 0.5%** | **Denmark — 0.5%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 11 | 26974 |
| AP Moller - Maersk A/S, Class B, NVS | &nbsp;&nbsp; 10 | 24727 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 297 | 40377 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 377 | 32137 |
| Danske Bank A/S | &nbsp;&nbsp; 2017 | 102762 |
| Demant A/S<sup>(a)</sup> | &nbsp;&nbsp; 320 | 11201 |
| DSV A/S | &nbsp;&nbsp; 595 | 167305 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 170 | 55383 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 9432 | 560065 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 992 | 60783 |
| Orsted A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 1659 | 37320 |
| Pandora A/S | &nbsp;&nbsp; 236 | 19103 |
| Rockwool AS, Class B | &nbsp;&nbsp; 340 | 11482 |
| Tryg A/S | &nbsp;&nbsp; 794 | 19297 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 2791 | 84599 |
|  |  | 1253515 |
| **Finland — 0.2%** | **Finland — 0.2%** | **Finland — 0.2%** |
| Elisa OYJ | &nbsp;&nbsp; 449 | 19862 |
| Fortum OYJ | &nbsp;&nbsp; 1335 | 31536 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 774 | 19577 |
| Kone OYJ, Class B | &nbsp;&nbsp; 946 | 67984 |
| Metso OYJ | &nbsp;&nbsp; 1903 | 37205 |
| Neste OYJ | &nbsp;&nbsp; 1206 | 30807 |
| Nokia OYJ | &nbsp;&nbsp; 14886 | 95880 |
| Orion OYJ, Class B | &nbsp;&nbsp; 287 | 23734 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 7539 | 84077 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 1530 | 17613 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 1585 | $43727 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 1574 | 63810 |
|  |  | 535812 |
| **France — 2.8%** | **France — 2.8%** | **France — 2.8%** |
| Accor SA | &nbsp;&nbsp; 547 | 29746 |
| Aeroports de Paris SA | &nbsp;&nbsp; 99 | 13080 |
| Air Liquide SA | &nbsp;&nbsp; 1667 | 312166 |
| Airbus SE | &nbsp;&nbsp; 1741 | 398602 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 870 | 27778 |
| Amundi SA<sup>(c)</sup> | &nbsp;&nbsp; 198 | 17604 |
| ArcelorMittal SA | &nbsp;&nbsp; 1496 | 81245 |
| AXA SA | &nbsp;&nbsp; 4994 | 227722 |
| BioMerieux | &nbsp;&nbsp; 132 | 15329 |
| BNP Paribas SA | &nbsp;&nbsp; 2894 | 312935 |
| Bollore SE | &nbsp;&nbsp; 2410 | 13740 |
| Bouygues SA | &nbsp;&nbsp; 612 | 33081 |
| Bureau Veritas SA | &nbsp;&nbsp; 973 | 31323 |
| Capgemini SE | &nbsp;&nbsp; 442 | 68677 |
| Carrefour SA | &nbsp;&nbsp; 1660 | 27189 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 1274 | 125751 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 1954 | 72563 |
| Covivio SA/France | &nbsp;&nbsp; 166 | 10605 |
| Credit Agricole SA | &nbsp;&nbsp; 3282 | 71076 |
| Danone SA | &nbsp;&nbsp; 1889 | 148022 |
| Dassault Aviation SA | &nbsp;&nbsp; 44 | 16728 |
| Dassault Systemes SE | &nbsp;&nbsp; 1951 | 53662 |
| Edenred SE | &nbsp;&nbsp; 676 | 14159 |
| Eiffage SA | &nbsp;&nbsp; 231 | 34259 |
| Engie SA | &nbsp;&nbsp; 5094 | 152089 |
| EssilorLuxottica SA | &nbsp;&nbsp; 872 | 266567 |
| Eurofins Scientific SE | &nbsp;&nbsp; 353 | 28555 |
| Euronext NV<sup>(c)</sup> | &nbsp;&nbsp; 254 | 35574 |
| FDJ United | &nbsp;&nbsp; 254 | 6722 |
| Gecina SA | &nbsp;&nbsp; 152 | 13961 |
| Getlink SE | &nbsp;&nbsp; 997 | 19735 |
| Hermes International SCA | &nbsp;&nbsp; 92 | 221352 |
| Ipsen SA | &nbsp;&nbsp; 99 | 16173 |
| Kering SA | &nbsp;&nbsp; 215 | 67118 |
| Klepierre SA | &nbsp;&nbsp; 611 | 23538 |
| Legrand SA | &nbsp;&nbsp; 739 | 117987 |
| L'Oreal SA | &nbsp;&nbsp; 693 | 318391 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 730 | 471145 |
| Orange SA | &nbsp;&nbsp; 5301 | 98546 |
| Pernod Ricard SA | &nbsp;&nbsp; 584 | 52219 |
| Publicis Groupe SA | &nbsp;&nbsp; 677 | 67665 |
| Renault SA | &nbsp;&nbsp; 546 | 20606 |
| Rexel SA | &nbsp;&nbsp; 647 | 27113 |
| Safran SA | &nbsp;&nbsp; 1058 | 378014 |
| Sanofi SA | &nbsp;&nbsp; 3235 | 305137 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 80 | 17877 |
| Schneider Electric SE | &nbsp;&nbsp; 1599 | 458436 |
| Societe Generale SA | &nbsp;&nbsp; 2028 | 177713 |
| Sodexo SA | &nbsp;&nbsp; 264 | 13488 |
| STMicroelectronics NV | &nbsp;&nbsp; 1995 | 56335 |
| Thales SA | &nbsp;&nbsp; 278 | 85103 |
| TotalEnergies SE | &nbsp;&nbsp; 5810 | 422554 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 339 | 37482 |
| Veolia Environnement SA | &nbsp;&nbsp; 1951 | 73176 |
| Vinci SA | &nbsp;&nbsp; 1461 | 210069 |
|  |  | 6417482 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Kokusai ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany — 2.4%** | **Germany — 2.4%** | **Germany — 2.4%** |
| adidas AG | &nbsp;&nbsp; 499 | $88475 |
| Allianz SE, Registered | &nbsp;&nbsp; 1116 | 491399 |
| BASF SE | &nbsp;&nbsp; 2700 | 146378 |
| Bayer AG, Registered | &nbsp;&nbsp; 2860 | 151270 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 832 | 85680 |
| Beiersdorf AG | &nbsp;&nbsp; 287 | 34233 |
| Brenntag SE | &nbsp;&nbsp; 386 | 23484 |
| Commerzbank AG | &nbsp;&nbsp; 2027 | 83319 |
| Continental AG | &nbsp;&nbsp; 297 | 23371 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 184 | 15464 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 1350 | 65366 |
| Delivery Hero SE, Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 449 | 12522 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 5422 | 213958 |
| Deutsche Boerse AG | &nbsp;&nbsp; 546 | 138261 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 1401 | 14432 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 2797 | 156432 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 10764 | 361221 |
| E.ON SE | &nbsp;&nbsp; 6471 | 137249 |
| Evonik Industries AG | &nbsp;&nbsp; 644 | 9976 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 547 | 24625 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 1206 | 67461 |
| GEA Group AG | &nbsp;&nbsp; 409 | 29245 |
| Hannover Rueck SE | &nbsp;&nbsp; 166 | 46936 |
| Heidelberg Materials AG | &nbsp;&nbsp; 382 | 104619 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 319 | 26333 |
| Hensoldt AG | &nbsp;&nbsp; 187 | 18577 |
| HOCHTIEF AG | &nbsp;&nbsp; 45 | 18871 |
| Infineon Technologies AG | &nbsp;&nbsp; 3775 | 184531 |
| Knorr-Bremse AG | &nbsp;&nbsp; 231 | 26897 |
| LEG Immobilien SE | &nbsp;&nbsp; 199 | 14389 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 2155 | 147282 |
| Merck KGaA | &nbsp;&nbsp; 383 | 57064 |
| MTU Aero Engines AG | &nbsp;&nbsp; 166 | 73799 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 376 | 227885 |
| Nemetschek SE | &nbsp;&nbsp; 166 | 14504 |
| Rational AG | &nbsp;&nbsp; 17 | 13622 |
| Rheinmetall AG | &nbsp;&nbsp; 136 | 288163 |
| RWE AG | &nbsp;&nbsp; 1771 | 112465 |
| SAP SE | &nbsp;&nbsp; 3064 | 612090 |
| Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp; 213 | 21207 |
| Siemens AG, Registered | &nbsp;&nbsp; 2197 | 664219 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 2253 | 383866 |
| Siemens Healthineers AG<sup>(c)</sup> | &nbsp;&nbsp; 992 | 49514 |
| Symrise AG, Class A | &nbsp;&nbsp; 407 | 34264 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 185 | 23334 |
| Vonovia SE | &nbsp;&nbsp; 2157 | 63155 |
| Zalando SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 644 | 18518 |
|  |  | 5619925 |
| **Hong Kong — 0.5%** | **Hong Kong — 0.5%** | **Hong Kong — 0.5%** |
| AIA Group Ltd. | &nbsp;&nbsp; 30800 | 355354 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 10000 | 52660 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 5836 | 34188 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 8336 | 67216 |
| CK Infrastructure Holdings Ltd., Class L | &nbsp;&nbsp; 2000 | 16426 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 4500 | 42536 |
| Futu Holdings Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 147 | 23898 |
| Galaxy Entertainment Group Ltd., Class L | &nbsp;&nbsp; 5000 | 25404 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 4523 | 17991 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 12740 | 19092 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 34618 | 32605 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 3400 | 187446 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 3400 | $28848 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 500 | 36439 |
| Link REIT | &nbsp;&nbsp; 7640 | 35127 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 5000 | 22109 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 3000 | 23270 |
| Sands China Ltd. | &nbsp;&nbsp; 5600 | 12154 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 12000 | 18059 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 4000 | 14937 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 4500 | 72265 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 1500 | 14475 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 4393 | 59971 |
| WH Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 24000 | 28322 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 3000 | 10415 |
|  |  | 1251207 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| AIB Group PLC | &nbsp;&nbsp; 6457 | 72177 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 2555 | 51911 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 450 | 40001 |
| Kingspan Group PLC | &nbsp;&nbsp; 449 | 39097 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 2483 | 84272 |
|  |  | 287458 |
| **Israel — 0.3%** | **Israel — 0.3%** | **Israel — 0.3%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 132 | 17702 |
| Bank Hapoalim BM | &nbsp;&nbsp; 3387 | 83731 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 4146 | 99667 |
| Check Point Software Technologies Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 253 | 45416 |
| CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 139 | 59885 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 79 | 55877 |
| ICL Group Ltd. | &nbsp;&nbsp; 2081 | 11300 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 3515 | 41411 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 478 | 37393 |
| Monday.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 112 | 12852 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 199 | 21049 |
| Nova Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 87 | 42469 |
| Phoenix Financial Ltd. | &nbsp;&nbsp; 660 | 32035 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 3597 | 122586 |
| Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 165 | 14329 |
|  |  | 697702 |
| **Italy — 0.9%** | **Italy — 0.9%** | **Italy — 0.9%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 657 | 15412 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 5767 | 59826 |
| Banco BPM SpA | &nbsp;&nbsp; 3521 | 52777 |
| BPER Banca SpA | &nbsp;&nbsp; 4265 | 60066 |
| Buzzi SpA | &nbsp;&nbsp; 225 | 12807 |
| CNH Industrial NV | &nbsp;&nbsp; 2835 | 30505 |
| Davide Campari-Milano NV | &nbsp;&nbsp; 1724 | 12287 |
| Enel SpA | &nbsp;&nbsp; 23502 | 259663 |
| Eni SpA | &nbsp;&nbsp; 5901 | 120611 |
| Ferrari NV | &nbsp;&nbsp; 363 | 121077 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 1754 | 46499 |
| Generali | &nbsp;&nbsp; 2514 | 102547 |
| Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 671 | 5932 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 41580 | 294361 |
| Leonardo SpA | &nbsp;&nbsp; 1179 | 78789 |
| Moncler SpA | &nbsp;&nbsp; 732 | 42649 |
| Nexi SpA<sup>(c)</sup> | &nbsp;&nbsp; 1850 | 7898 |
| Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp; 1530 | 40297 |
| Prysmian SpA | &nbsp;&nbsp; 792 | 93807 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 319 | 17577 |
| Snam SpA | &nbsp;&nbsp; 5335 | 36666 |
| Stellantis NV | &nbsp;&nbsp; 5725 | 56176 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Kokusai 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; 28677 | $19453 |
| Tenaris SA, NVS | &nbsp;&nbsp; 1368 | 30387 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 3839 | 41601 |
| UniCredit SpA | &nbsp;&nbsp; 4084 | 355904 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 1151 | 25635 |
|  |  | 2041209 |
| **Netherlands — 1.5%** | **Netherlands — 1.5%** | **Netherlands — 1.5%** |
| ABN AMRO Bank NV, CVA<sup>(c)</sup> | &nbsp;&nbsp; 1703 | 62744 |
| Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 74 | 109731 |
| Aegon Ltd. | &nbsp;&nbsp; 4227 | 33201 |
| AerCap Holdings NV | &nbsp;&nbsp; 506 | 72692 |
| Akzo Nobel NV | &nbsp;&nbsp; 514 | 36009 |
| ASM International NV | &nbsp;&nbsp; 142 | 119256 |
| ASML Holding NV | &nbsp;&nbsp; 1127 | 1616011 |
| ASR Nederland NV | &nbsp;&nbsp; 462 | 33555 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 216 | 42043 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 646 | 59238 |
| CVC Capital Partners PLC<sup>(c)</sup> | &nbsp;&nbsp; 621 | 11033 |
| DSM-Firmenich AG | &nbsp;&nbsp; 544 | 42896 |
| EXOR NV, NVS | &nbsp;&nbsp; 297 | 24386 |
| Heineken Holding NV | &nbsp;&nbsp; 408 | 30326 |
| Heineken NV | &nbsp;&nbsp; 829 | 68434 |
| IMCD NV | &nbsp;&nbsp; 166 | 15516 |
| ING Groep NV | &nbsp;&nbsp; 8818 | 260051 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 575 | 9012 |
| JDE Peet's NV | &nbsp;&nbsp; 231 | 8697 |
| Koninklijke Ahold Delhaize NV, Class N | &nbsp;&nbsp; 2727 | 106626 |
| Koninklijke KPN NV | &nbsp;&nbsp; 11634 | 56978 |
| Koninklijke Philips NV | &nbsp;&nbsp; 2348 | 67425 |
| Magnum Ice Cream Co NV.(The)<sup>(a)</sup> | &nbsp;&nbsp; 1431 | 25433 |
| Nebius Group NV, Class A<sup>(a)</sup> | &nbsp;&nbsp; 621 | 52903 |
| NN Group NV | &nbsp;&nbsp; 786 | 62304 |
| Prosus NV | &nbsp;&nbsp; 3812 | 219195 |
| QIAGEN NV | &nbsp;&nbsp; 583 | 30910 |
| Randstad NV | &nbsp;&nbsp; 352 | 12597 |
| Universal Music Group NV | &nbsp;&nbsp; 3227 | 79118 |
| Wolters Kluwer NV | &nbsp;&nbsp; 665 | 62446 |
|  |  | 3430766 |
| **New Zealand — 0.0%** | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 4395 | 21858 |
| Contact Energy Ltd. | &nbsp;&nbsp; 2319 | 13069 |
| Fisher & Paykel Healthcare Corp. Ltd., Class C | &nbsp;&nbsp; 1660 | 38780 |
| Infratil Ltd. | &nbsp;&nbsp; 2675 | 17795 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 3872 | 13135 |
|  |  | 104637 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| Aker BP ASA | &nbsp;&nbsp; 939 | 27642 |
| DNB Bank ASA | &nbsp;&nbsp; 2531 | 72572 |
| Equinor ASA | &nbsp;&nbsp; 2314 | 62197 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 580 | 16508 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 1241 | 42630 |
| Mowi ASA | &nbsp;&nbsp; 1254 | 28907 |
| Norsk Hydro ASA | &nbsp;&nbsp; 3838 | 34073 |
| Orkla ASA | &nbsp;&nbsp; 2303 | 27402 |
| Salmar ASA | &nbsp;&nbsp; 169 | 10068 |
| Telenor ASA | &nbsp;&nbsp; 2146 | 36099 |
| Yara International ASA | &nbsp;&nbsp; 482 | 22154 |
|  |  | 380252 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 24267 | 26267 |
| EDP Renovaveis SA | &nbsp;&nbsp; 849 | 12897 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Portugal (continued)** | **Portugal (continued)** | **Portugal (continued)** |
| EDP SA | &nbsp;&nbsp; 8621 | $44083 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 1497 | 29787 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 806 | 19006 |
|  |  | 132040 |
| **Singapore — 0.5%** | **Singapore — 0.5%** | **Singapore — 0.5%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 10077 | 22551 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 18714 | 35134 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 8500 | 20579 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 6240 | 290050 |
| Grab Holdings Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 6385 | 27455 |
| Keppel Ltd. | &nbsp;&nbsp; 3900 | 33551 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 9925 | 165644 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 1122 | 130702 |
| Sembcorp Industries Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2200 | 10425 |
| Singapore Airlines Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3900 | 19469 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 2900 | 40183 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp; 4100 | 31519 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 22600 | 81556 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 3700 | 111515 |
| Wilmar International Ltd. | &nbsp;&nbsp; 6500 | 17355 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 7600 | 19960 |
|  |  | 1057648 |
| **Spain — 1.0%** | **Spain — 1.0%** | **Spain — 1.0%** |
| Acciona SA | &nbsp;&nbsp; 71 | 15259 |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 464 | 52059 |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 2310 | 71743 |
| Amadeus IT Group SA | &nbsp;&nbsp; 1271 | 85216 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 16961 | 430532 |
| Banco de Sabadell SA | &nbsp;&nbsp; 15878 | 62286 |
| Banco Santander SA | &nbsp;&nbsp; 43318 | 553087 |
| Bankinter SA | &nbsp;&nbsp; 1978 | 33764 |
| CaixaBank SA | &nbsp;&nbsp; 11058 | 145968 |
| Cellnex Telecom SA<sup>(c)</sup> | &nbsp;&nbsp; 1372 | 42436 |
| Endesa SA | &nbsp;&nbsp; 872 | 32135 |
| Ferrovial SE | &nbsp;&nbsp; 1454 | 98211 |
| Grifols SA | &nbsp;&nbsp; 1177 | 15059 |
| Iberdrola SA | &nbsp;&nbsp; 18511 | 416178 |
| Iberdrola SA, NVS | &nbsp;&nbsp; 253 | 5690 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 3201 | 208289 |
| International Consolidated Airlines Group SA, Class DI | &nbsp;&nbsp; 3645 | 20907 |
| Mapfre SA | &nbsp;&nbsp; 2703 | 12368 |
| Naturgy Energy Group SA | &nbsp;&nbsp; 403 | 12649 |
| Redeia Corp. SA | &nbsp;&nbsp; 961 | 16608 |
| Repsol SA | &nbsp;&nbsp; 3669 | 72283 |
| Telefonica SA | &nbsp;&nbsp; 10384 | 42038 |
|  |  | 2444765 |
| **Sweden — 1.1%** | **Sweden — 1.1%** | **Sweden — 1.1%** |
| AddTech AB, Class B | &nbsp;&nbsp; 760 | 24676 |
| Alfa Laval AB | &nbsp;&nbsp; 748 | 43326 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 2970 | 120089 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 7808 | 161018 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 4554 | 81916 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 972 | 13836 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 741 | 51890 |
| Epiroc AB, Class A | &nbsp;&nbsp; 1952 | 54721 |
| Epiroc AB, Class B | &nbsp;&nbsp; 1141 | 28453 |
| EQT AB | &nbsp;&nbsp; 1165 | 44218 |
| Essity AB, Class B | &nbsp;&nbsp; 1725 | 51075 |
| Evolution AB<sup>(c)</sup> | &nbsp;&nbsp; 478 | 31051 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 1758 | 13260 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 1638 | 32801 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Kokusai ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Hexagon AB, Class B | &nbsp;&nbsp; 6085 | $68609 |
| Holmen AB, Class B | &nbsp;&nbsp; 269 | 10083 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 352 | 17597 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 417 | 20877 |
| Indutrade AB | &nbsp;&nbsp; 775 | 18194 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 417 | 10384 |
| Investor AB, Class B | &nbsp;&nbsp; 5331 | 205561 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 232 | 13820 |
| Lifco AB, Class B | &nbsp;&nbsp; 645 | 22163 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 4098 | 15699 |
| Nordea Bank Abp | &nbsp;&nbsp; 9176 | 177284 |
| Saab AB, Class B | &nbsp;&nbsp; 932 | 72717 |
| Sagax AB, Class B | &nbsp;&nbsp; 711 | 15678 |
| Sandvik AB | &nbsp;&nbsp; 3158 | 124698 |
| Securitas AB, Class B | &nbsp;&nbsp; 1535 | 25384 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 4522 | 97198 |
| Skanska AB, Class B | &nbsp;&nbsp; 1077 | 32711 |
| SKF AB, Class B | &nbsp;&nbsp; 806 | 21074 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 447 | 223656 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 1628 | 20384 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 4464 | 70375 |
| Swedbank AB, Class A | &nbsp;&nbsp; 2358 | 91680 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 545 | 20697 |
| Tele2 AB, Class B | &nbsp;&nbsp; 1788 | 32897 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 8454 | 91558 |
| Telia Co. AB | &nbsp;&nbsp; 7578 | 34620 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 628 | 25413 |
| Volvo AB, Class B | &nbsp;&nbsp; 4610 | 167515 |
|  |  | 2500856 |
| **Switzerland — 2.5%** | **Switzerland — 2.5%** | **Switzerland — 2.5%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 4632 | 398806 |
| Alcon AG | &nbsp;&nbsp; 1440 | 116557 |
| Amrize Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1496 | 78720 |
| Avolta AG, Registered | &nbsp;&nbsp; 278 | 17020 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 80 | 10826 |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 12 | 21168 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 30 | 32813 |
| BKW AG | &nbsp;&nbsp; 56 | 10587 |
| Chocoladefabriken Lindt & Spruengli AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 6 | 86229 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 1558 | 302423 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 26 | 20214 |
| Galderma Group AG | &nbsp;&nbsp; 452 | 84252 |
| Geberit AG, Registered | &nbsp;&nbsp; 100 | 76359 |
| Givaudan SA, Registered | &nbsp;&nbsp; 26 | 100503 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 242 | 61376 |
| Holcim AG | &nbsp;&nbsp; 1496 | 154191 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 638 | 53292 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 141 | 32650 |
| Logitech International SA, Registered | &nbsp;&nbsp; 445 | 38338 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 201 | 136570 |
| Nestle SA, Registered | &nbsp;&nbsp; 7451 | 711023 |
| Novartis AG, Registered | &nbsp;&nbsp; 5538 | 821672 |
| Partners Group Holding AG | &nbsp;&nbsp; 66 | 89994 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 102 | 47136 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 2043 | 929033 |
| Sandoz Group AG | &nbsp;&nbsp; 1118 | 88575 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 106 | 40899 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 67 | 24641 |
| SGS SA | &nbsp;&nbsp; 446 | 53680 |
| Sika AG, Registered | &nbsp;&nbsp; 449 | 86159 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 139 | 38042 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Straumann Holding AG | &nbsp;&nbsp; 330 | $39689 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 81 | 19111 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 82 | 89917 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 198 | 33708 |
| Swiss Re AG | &nbsp;&nbsp; 892 | 142527 |
| Swisscom AG, Registered | &nbsp;&nbsp; 74 | 60760 |
| UBS Group AG, Registered | &nbsp;&nbsp; 9269 | 438566 |
| VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp; 83 | 53673 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 419 | 298086 |
|  |  | 5939785 |
| **United Kingdom — 4.0%** | **United Kingdom — 4.0%** | **United Kingdom — 4.0%** |
| 3i Group PLC | &nbsp;&nbsp; 2855 | 131156 |
| Admiral Group PLC | &nbsp;&nbsp; 782 | 29430 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 3329 | 154358 |
| Antofagasta PLC | &nbsp;&nbsp; 1012 | 50146 |
| Ashtead Group PLC | &nbsp;&nbsp; 1167 | 75131 |
| Associated British Foods PLC | &nbsp;&nbsp; 1044 | 27284 |
| AstraZeneca PLC | &nbsp;&nbsp; 4511 | 840463 |
| Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 2347 | 17301 |
| Aviva PLC | &nbsp;&nbsp; 7861 | 68531 |
| BAE Systems PLC | &nbsp;&nbsp; 8778 | 238296 |
| Barclays PLC | &nbsp;&nbsp; 40384 | 269526 |
| Barratt Redrow PLC | &nbsp;&nbsp; 4033 | 21475 |
| BP PLC | &nbsp;&nbsp; 46397 | 294183 |
| British American Tobacco PLC | &nbsp;&nbsp; 6396 | 386405 |
| BT Group PLC | &nbsp;&nbsp; 16723 | 43957 |
| Bunzl PLC | &nbsp;&nbsp; 1012 | 28380 |
| Centrica PLC | &nbsp;&nbsp; 12235 | 32037 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 694 | 37691 |
| Compass Group PLC | &nbsp;&nbsp; 4873 | 146119 |
| DCC PLC | &nbsp;&nbsp; 287 | 18193 |
| Diageo PLC | &nbsp;&nbsp; 6389 | 147013 |
| Endeavour Mining PLC | &nbsp;&nbsp; 565 | 32159 |
| Entain PLC | &nbsp;&nbsp; 1896 | 15730 |
| Experian PLC | &nbsp;&nbsp; 2689 | 101845 |
| Fresnillo PLC | &nbsp;&nbsp; 646 | 31813 |
| Glencore PLC | &nbsp;&nbsp; 29148 | 198712 |
| GSK PLC | &nbsp;&nbsp; 11783 | 304728 |
| Haleon PLC | &nbsp;&nbsp; 26480 | 138488 |
| Halma PLC | &nbsp;&nbsp; 1109 | 53863 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 579 | 12145 |
| HSBC Holdings PLC | &nbsp;&nbsp; 49755 | 877724 |
| Imperial Brands PLC | &nbsp;&nbsp; 2185 | 92027 |
| Informa PLC | &nbsp;&nbsp; 3968 | 47885 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 404 | 54580 |
| Intertek Group PLC | &nbsp;&nbsp; 482 | 29570 |
| J Sainsbury PLC | &nbsp;&nbsp; 4555 | 19959 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 7903 | 8844 |
| Kingfisher PLC | &nbsp;&nbsp; 4095 | 18871 |
| Land Securities Group PLC | &nbsp;&nbsp; 2211 | 19734 |
| Legal & General Group PLC | &nbsp;&nbsp; 16646 | 60439 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 175225 | 261647 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 1399 | 156047 |
| M&G PLC | &nbsp;&nbsp; 7708 | 32676 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 5973 | 29956 |
| Melrose Industries PLC | &nbsp;&nbsp; 3875 | 33317 |
| National Grid PLC | &nbsp;&nbsp; 14149 | 240385 |
| NatWest Group PLC, NVS | &nbsp;&nbsp; 23554 | 214690 |
| Next PLC | &nbsp;&nbsp; 353 | 64090 |
| Pearson PLC | &nbsp;&nbsp; 1497 | 19690 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 2458 | 24913 |
| Prudential PLC | &nbsp;&nbsp; 7799 | 128100 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Kokusai ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 1937 | $161468 |
| RELX PLC | &nbsp;&nbsp; 5204 | 184492 |
| Rentokil Initial PLC | &nbsp;&nbsp; 7146 | 44354 |
| Rio Tinto PLC | &nbsp;&nbsp; 3272 | 298519 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 24712 | 413110 |
| Sage Group PLC(The) | &nbsp;&nbsp; 2638 | 34593 |
| Schroders PLC | &nbsp;&nbsp; 2099 | 13001 |
| Segro PLC | &nbsp;&nbsp; 3972 | 41383 |
| Severn Trent PLC | &nbsp;&nbsp; 676 | 27152 |
| Shell PLC | &nbsp;&nbsp; 16947 | 651434 |
| Smith & Nephew PLC | &nbsp;&nbsp; 2530 | 43119 |
| Smiths Group PLC | &nbsp;&nbsp; 866 | 29740 |
| Spirax Group PLC | &nbsp;&nbsp; 231 | 23018 |
| SSE PLC | &nbsp;&nbsp; 3528 | 117262 |
| Standard Chartered PLC | &nbsp;&nbsp; 5440 | 139190 |
| Tesco PLC | &nbsp;&nbsp; 18272 | 106321 |
| Unilever PLC | &nbsp;&nbsp; 6363 | 432871 |
| United Utilities Group PLC | &nbsp;&nbsp; 1919 | 32864 |
| Vodafone Group PLC | &nbsp;&nbsp; 57750 | 85050 |
| Whitbread PLC | &nbsp;&nbsp; 579 | 21613 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 1763 | 22739 |
|  |  | 9304995 |
| **United States — 75.3%** | **United States — 75.3%** | **United States — 75.3%** |
| 3M Co. | &nbsp;&nbsp; 1560 | 238930 |
| Abbott Laboratories | &nbsp;&nbsp; 5096 | 556993 |
| AbbVie, Inc. | &nbsp;&nbsp; 5146 | 1147609 |
| Accenture PLC, Class A | &nbsp;&nbsp; 1789 | 471652 |
| Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1215 | 356299 |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4735 | 1120917 |
| AECOM | &nbsp;&nbsp; 381 | 36740 |
| Affirm Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 783 | 47215 |
| Aflac, Inc. | &nbsp;&nbsp; 1485 | 164761 |
| Agilent Technologies, Inc. | &nbsp;&nbsp; 838 | 112166 |
| Air Products and Chemicals, Inc. | &nbsp;&nbsp; 639 | 174127 |
| Airbnb, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1276 | 165076 |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp; 475 | 25954 |
| Allegion PLC | &nbsp;&nbsp; 272 | 44986 |
| Alliant Energy Corp. | &nbsp;&nbsp; 780 | 51410 |
| Allstate Corp.(The) | &nbsp;&nbsp; 779 | 155013 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 386 | 130491 |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 16922 | 5719636 |
| Alphabet, Inc., Class C, NVS | &nbsp;&nbsp; 14217 | 4812881 |
| Altria Group, Inc. | &nbsp;&nbsp; 4950 | 306850 |
| Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 27923 | 6681974 |
| Amcor PLC | &nbsp;&nbsp; 1332 | 58941 |
| Ameren Corp. | &nbsp;&nbsp; 792 | 81798 |
| American Electric Power Co., Inc. | &nbsp;&nbsp; 1574 | 188526 |
| American Express Co. | &nbsp;&nbsp; 1630 | 574037 |
| American Financial Group, Inc./OH | &nbsp;&nbsp; 207 | 26966 |
| American Homes 4 Rent LP, Class A | &nbsp;&nbsp; 896 | 28063 |
| American International Group, Inc. | &nbsp;&nbsp; 1590 | 119059 |
| American Tower Corp. | &nbsp;&nbsp; 1377 | 246869 |
| American Water Works Co., Inc. | &nbsp;&nbsp; 561 | 72442 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp; 279 | 147086 |
| AMETEK, Inc. | &nbsp;&nbsp; 670 | 150067 |
| Amgen, Inc. | &nbsp;&nbsp; 1565 | 535042 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 3549 | 511340 |
| Analog Devices, Inc. | &nbsp;&nbsp; 1436 | 446424 |
| Annaly Capital Management, Inc. | &nbsp;&nbsp; 1746 | 40175 |
| Aon PLC, Class A | &nbsp;&nbsp; 602 | 210483 |
| Apollo Global Management, Inc. | &nbsp;&nbsp; 1276 | 171673 |
| Apple, Inc. | &nbsp;&nbsp; 43172 | 11202271 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Applied Materials, Inc. | &nbsp;&nbsp; 2326 | $749716 |
| AppLovin Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 668 | 316037 |
| Aptiv PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 645 | 48859 |
| Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1091 | 104780 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 1430 | 96253 |
| Ares Management Corp., Class A | &nbsp;&nbsp; 598 | 89503 |
| Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3088 | 437693 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 751 | 187277 |
| Astera Labs, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 386 | 58139 |
| AT&T, Inc. | &nbsp;&nbsp; 20904 | 547894 |
| Atlassian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 475 | 56135 |
| Atmos Energy Corp. | &nbsp;&nbsp; 450 | 74853 |
| Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 613 | 155009 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp; 1175 | 290013 |
| AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 48 | 177806 |
| AvalonBay Communities, Inc. | &nbsp;&nbsp; 429 | 76220 |
| Avery Dennison Corp. | &nbsp;&nbsp; 231 | 42853 |
| Axon Enterprise, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 218 | 105420 |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 2957 | 165710 |
| Ball Corp. | &nbsp;&nbsp; 765 | 43506 |
| Bank of America Corp. | &nbsp;&nbsp; 20420 | 1086344 |
| Bank of New York Mellon Corp.(The) | &nbsp;&nbsp; 2022 | 242478 |
| Baxter International, Inc. | &nbsp;&nbsp; 1456 | 29222 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 845 | 171941 |
| Bentley Systems, Inc., Class B | &nbsp;&nbsp; 463 | 16261 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 4010 | 1926925 |
| Best Buy Co., Inc. | &nbsp;&nbsp; 570 | 37107 |
| Biogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 417 | 75014 |
| BlackRock, Inc.<sup>(d)</sup> | &nbsp;&nbsp; 429 | 480025 |
| Blackstone, Inc., NVS | &nbsp;&nbsp; 2143 | 305206 |
| Block, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1655 | 100012 |
| Bloom Energy Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 650 | 98390 |
| Boeing Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 2266 | 529610 |
| Booking Holdings, Inc. | &nbsp;&nbsp; 95 | 475175 |
| Booz Allen Hamilton Holding Corp., Class A | &nbsp;&nbsp; 397 | 35103 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4332 | 405172 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 5946 | 327327 |
| Broadcom, Inc. | &nbsp;&nbsp; 13051 | 4323796 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp; 356 | 70171 |
| Brown & Brown, Inc. | &nbsp;&nbsp; 857 | 61790 |
| Brown-Forman Corp., Class B, NVS | &nbsp;&nbsp; 532 | 14561 |
| Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 352 | 40269 |
| Bunge Global SA | &nbsp;&nbsp; 417 | 47488 |
| Burlington Stores, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 172 | 50888 |
| BXP, Inc. | &nbsp;&nbsp; 444 | 28713 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 789 | 233828 |
| Capital One Financial Corp. | &nbsp;&nbsp; 1868 | 408961 |
| Cardinal Health, Inc. | &nbsp;&nbsp; 698 | 149986 |
| Carlisle Companies, Inc. | &nbsp;&nbsp; 133 | 45338 |
| Carlyle Group, Inc.(The) | &nbsp;&nbsp; 618 | 36326 |
| Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3099 | 93032 |
| Carrier Global Corp. | &nbsp;&nbsp; 2265 | 134949 |
| Carvana Co., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 360 | 144400 |
| Caterpillar, Inc. | &nbsp;&nbsp; 1370 | 900583 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp; 302 | 80048 |
| CBRE Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 866 | 147506 |
| CDW Corp. | &nbsp;&nbsp; 399 | 50430 |
| Cencora, Inc. | &nbsp;&nbsp; 528 | 189668 |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1472 | 63767 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp; 1963 | 77911 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; 489 | 45589 |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp; 330 | 64333 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Kokusai ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Charles Schwab Corp.(The) | &nbsp;&nbsp; 4979 | $517418 |
| Charter Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 237 | 48850 |
| Cheniere Energy, Inc. | &nbsp;&nbsp; 648 | 137065 |
| Chevron Corp. | &nbsp;&nbsp; 5579 | 986925 |
| Chipotle Mexican Grill, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4016 | 156102 |
| Chubb Ltd. | &nbsp;&nbsp; 1093 | 338349 |
| Church & Dwight Co., Inc. | &nbsp;&nbsp; 709 | 68241 |
| Ciena Corp.<sup>(a)</sup> | &nbsp;&nbsp; 413 | 103998 |
| Cigna Group(The) | &nbsp;&nbsp; 790 | 216547 |
| Cincinnati Financial Corp. | &nbsp;&nbsp; 449 | 72240 |
| Cintas Corp. | &nbsp;&nbsp; 1056 | 202108 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 11500 | 900680 |
| Citigroup, Inc. | &nbsp;&nbsp; 5368 | 621131 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp; 1288 | 81118 |
| Clorox Co.(The) | &nbsp;&nbsp; 352 | 39702 |
| Cloudflare, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 914 | 162098 |
| CME Group, Inc. | &nbsp;&nbsp; 1067 | 308427 |
| CMS Energy Corp. | &nbsp;&nbsp; 924 | 66057 |
| Coca-Cola Co.(The) | &nbsp;&nbsp; 11914 | 891286 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 1402 | 115048 |
| Coinbase Global, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 586 | 114118 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 2282 | 206042 |
| Comcast Corp., Class A | &nbsp;&nbsp; 10654 | 316956 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp; 103 | 117636 |
| ConocoPhillips Co. | &nbsp;&nbsp; 3657 | 381169 |
| Consolidated Edison, Inc. | &nbsp;&nbsp; 1045 | 111428 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp; 426 | 66754 |
| Constellation Energy Corp. | &nbsp;&nbsp; 906 | 254296 |
| Cooper Companies, Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 600 | 48828 |
| Copart, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2692 | 109241 |
| CoreWeave, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 503 | 46875 |
| Corning, Inc. | &nbsp;&nbsp; 2343 | 241915 |
| Corpay, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 194 | 61038 |
| Corteva, Inc. | &nbsp;&nbsp; 2002 | 145746 |
| CoStar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1267 | 77920 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 1289 | 1211982 |
| Coterra Energy, Inc. | &nbsp;&nbsp; 2221 | 64076 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 456 | 57128 |
| CRH PLC | &nbsp;&nbsp; 1944 | 237965 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 735 | 324433 |
| Crown Castle, Inc. | &nbsp;&nbsp; 1260 | 109381 |
| CSX Corp. | &nbsp;&nbsp; 5376 | 202998 |
| Cummins, Inc. | &nbsp;&nbsp; 396 | 229213 |
| CVS Health Corp. | &nbsp;&nbsp; 3703 | 275948 |
| Danaher Corp. | &nbsp;&nbsp; 1854 | 405822 |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 353 | 70371 |
| Datadog, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 871 | 112638 |
| Deckers Outdoor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 449 | 53584 |
| Deere & Co. | &nbsp;&nbsp; 749 | 395472 |
| Dell Technologies, Inc., Class C | &nbsp;&nbsp; 924 | 105743 |
| Delta Air Lines, Inc. | &nbsp;&nbsp; 417 | 27476 |
| Devon Energy Corp. | &nbsp;&nbsp; 1656 | 66588 |
| Dexcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1136 | 82973 |
| Diamondback Energy, Inc. | &nbsp;&nbsp; 571 | 93615 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp; 182 | 36764 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp; 1007 | 167112 |
| DocuSign, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 577 | 30316 |
| Dollar General Corp. | &nbsp;&nbsp; 608 | 87205 |
| Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 531 | 62440 |
| Dominion Energy, Inc. | &nbsp;&nbsp; 2492 | 149944 |
| Domino's Pizza, Inc. | &nbsp;&nbsp; 100 | 41033 |
| DoorDash, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1118 | 228765 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Dover Corp. | &nbsp;&nbsp; 385 | $77574 |
| Dow, Inc. | &nbsp;&nbsp; 2079 | 57276 |
| DR Horton, Inc. | &nbsp;&nbsp; 811 | 120709 |
| DraftKings, Inc., Class A <sup>(a)</sup> | &nbsp;&nbsp; 1193 | 32819 |
| DTE Energy Co. | &nbsp;&nbsp; 594 | 79822 |
| Duke Energy Corp. | &nbsp;&nbsp; 2295 | 278498 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp; 1202 | 52792 |
| Dynatrace, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 921 | 35081 |
| Eaton Corp. PLC | &nbsp;&nbsp; 1144 | 402024 |
| eBay, Inc. | &nbsp;&nbsp; 1377 | 125610 |
| EchoStar Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 412 | 46647 |
| Ecolab, Inc. | &nbsp;&nbsp; 745 | 210083 |
| Edison International | &nbsp;&nbsp; 1131 | 70439 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1717 | 139695 |
| Electronic Arts, Inc. | &nbsp;&nbsp; 696 | 141928 |
| Elevance Health, Inc. | &nbsp;&nbsp; 659 | 227843 |
| Eli Lilly & Co. | &nbsp;&nbsp; 2340 | 2426931 |
| EMCOR Group, Inc. | &nbsp;&nbsp; 138 | 99461 |
| Emerson Electric Co. | &nbsp;&nbsp; 1620 | 238075 |
| Entegris, Inc. | &nbsp;&nbsp; 448 | 52895 |
| Entergy Corp. | &nbsp;&nbsp; 1288 | 123506 |
| EOG Resources, Inc. | &nbsp;&nbsp; 1573 | 176380 |
| EQT Corp. | &nbsp;&nbsp; 1634 | 94331 |
| Equifax, Inc. | &nbsp;&nbsp; 352 | 70893 |
| Equinix, Inc. | &nbsp;&nbsp; 286 | 234786 |
| Equitable Holdings, Inc. | &nbsp;&nbsp; 789 | 36610 |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 535 | 33796 |
| Equity Residential | &nbsp;&nbsp; 1037 | 64626 |
| Erie Indemnity Co., Class A, NVS | &nbsp;&nbsp; 69 | 19528 |
| Essential Utilities, Inc. | &nbsp;&nbsp; 768 | 29791 |
| Essex Property Trust, Inc. | &nbsp;&nbsp; 180 | 45337 |
| Estee Lauder Companies, Inc. (The), Class A | &nbsp;&nbsp; 682 | 78621 |
| Everest Group Ltd. | &nbsp;&nbsp; 119 | 39422 |
| Evergy, Inc. | &nbsp;&nbsp; 677 | 51946 |
| Eversource Energy | &nbsp;&nbsp; 1040 | 71895 |
| Exelon Corp. | &nbsp;&nbsp; 2979 | 133400 |
| Expand Energy Corp. | &nbsp;&nbsp; 681 | 76551 |
| Expedia Group, Inc. | &nbsp;&nbsp; 344 | 91105 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp; 375 | 60202 |
| Extra Space Storage, Inc. | &nbsp;&nbsp; 609 | 84024 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 12397 | 1752936 |
| F5, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 165 | 45476 |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp; 72 | 105348 |
| Fastenal Co. | &nbsp;&nbsp; 3332 | 144476 |
| FedEx Corp. | &nbsp;&nbsp; 642 | 206884 |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp; 581 | 146679 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp; 689 | 37475 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp; 1524 | 84201 |
| Fifth Third Bancorp | &nbsp;&nbsp; 2618 | 131476 |
| First Citizens BancShares, Inc./NC, Class A | &nbsp;&nbsp; 26 | 53809 |
| First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 312 | 70362 |
| FirstEnergy Corp. | &nbsp;&nbsp; 1686 | 79815 |
| Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1627 | 103689 |
| Flex Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1094 | 68966 |
| Flutter Entertainment PLC, Class DI<sup>(a)</sup> | &nbsp;&nbsp; 503 | 83070 |
| Ford Motor Co. | &nbsp;&nbsp; 11074 | 153707 |
| Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1920 | 156019 |
| Fortive Corp. | &nbsp;&nbsp; 1011 | 53391 |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 665 | 48399 |
| Fox Corp., Class B | &nbsp;&nbsp; 482 | 31605 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 4284 | 258025 |
| Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 726 | 32489 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Kokusai ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Garmin Ltd. | &nbsp;&nbsp; 487 | $98199 |
| Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 217 | 45485 |
| GE HealthCare Technologies, Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 1362 | 107557 |
| GE Vernova, Inc. | &nbsp;&nbsp; 792 | 575285 |
| Gen Digital, Inc. | &nbsp;&nbsp; 1498 | 35937 |
| General Dynamics Corp. | &nbsp;&nbsp; 655 | 229964 |
| General Electric Co. | &nbsp;&nbsp; 3075 | 943379 |
| General Mills, Inc. | &nbsp;&nbsp; 1547 | 71564 |
| General Motors Co. | &nbsp;&nbsp; 2815 | 236460 |
| Genuine Parts Co. | &nbsp;&nbsp; 413 | 57403 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 3578 | 507897 |
| Global Payments, Inc. | &nbsp;&nbsp; 741 | 53159 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 422 | 42419 |
| Goldman Sachs Group, Inc.(The) | &nbsp;&nbsp; 881 | 824096 |
| Graco, Inc. | &nbsp;&nbsp; 477 | 41656 |
| Halliburton Co. | &nbsp;&nbsp; 2530 | 84806 |
| Hartford Insurance Group, Inc.(The) | &nbsp;&nbsp; 845 | 114126 |
| HCA Healthcare, Inc. | &nbsp;&nbsp; 479 | 233881 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp; 2033 | 35049 |
| HEICO Corp. | &nbsp;&nbsp; 116 | 38386 |
| HEICO Corp., Class A | &nbsp;&nbsp; 239 | 60847 |
| Hershey Co.(The) | &nbsp;&nbsp; 430 | 83742 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 3847 | 82787 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 683 | 203882 |
| Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 709 | 53125 |
| Home Depot, Inc.(The) | &nbsp;&nbsp; 2910 | 1090057 |
| Honeywell International, Inc. | &nbsp;&nbsp; 1841 | 418864 |
| Hormel Foods Corp. | &nbsp;&nbsp; 839 | 20648 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 1100 | 228888 |
| HP, Inc. | &nbsp;&nbsp; 2789 | 54218 |
| Hubbell, Inc., Class B | &nbsp;&nbsp; 146 | 71239 |
| HubSpot, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 144 | 40320 |
| Humana, Inc. | &nbsp;&nbsp; 353 | 68906 |
| Huntington Bancshares, Inc./Ohio | &nbsp;&nbsp; 5887 | 102905 |
| Hyatt Hotels Corp., Class A | &nbsp;&nbsp; 138 | 21579 |
| IDEX Corp. | &nbsp;&nbsp; 232 | 46064 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 229 | 153535 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp; 813 | 212404 |
| Illumina, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 447 | 64730 |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 515 | 51536 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp; 1203 | 103566 |
| Insmed, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 619 | 97103 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 199 | 50906 |
| Intel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 13223 | 614473 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp; 1268 | 94948 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 1665 | 289344 |
| International Business Machines Corp. | &nbsp;&nbsp; 2698 | 827477 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 709 | 49495 |
| International Paper Co. | &nbsp;&nbsp; 1443 | 58182 |
| Intuit, Inc. | &nbsp;&nbsp; 809 | 403626 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1036 | 522372 |
| Invitation Homes, Inc. | &nbsp;&nbsp; 1624 | 43410 |
| IonQ, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 864 | 34543 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 513 | 118067 |
| Iron Mountain, Inc. | &nbsp;&nbsp; 884 | 81443 |
| J M Smucker Co.(The) | &nbsp;&nbsp; 320 | 33555 |
| Jabil, Inc. | &nbsp;&nbsp; 318 | 75426 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp; 198 | 35484 |
| Jacobs Solutions, Inc., NVS | &nbsp;&nbsp; 352 | 47612 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 232 | 47031 |
| Johnson & Johnson | &nbsp;&nbsp; 7013 | 1593704 |
| Johnson Controls International PLC | &nbsp;&nbsp; 1869 | 222897 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 7999 | $2446814 |
| Kenvue, Inc. | &nbsp;&nbsp; 5562 | 96779 |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp; 3795 | 104135 |
| KeyCorp | &nbsp;&nbsp; 2817 | 60622 |
| Keysight Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 514 | 111194 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 979 | 97890 |
| Kimco Realty Corp. | &nbsp;&nbsp; 2029 | 42771 |
| Kinder Morgan, Inc. | &nbsp;&nbsp; 5790 | 176537 |
| KKR & Co., Inc. | &nbsp;&nbsp; 1800 | 205668 |
| KLA Corp. | &nbsp;&nbsp; 386 | 551185 |
| Kraft Heinz Co.(The) | &nbsp;&nbsp; 2678 | 63576 |
| Kroger Co.(The) | &nbsp;&nbsp; 1823 | 114576 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 532 | 182396 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp; 228 | 61907 |
| Lam Research Corp. | &nbsp;&nbsp; 3635 | 848627 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 904 | 47668 |
| Leidos Holdings, Inc. | &nbsp;&nbsp; 353 | 66463 |
| Lennar Corp., Class A | &nbsp;&nbsp; 642 | 70203 |
| Lennox International, Inc. | &nbsp;&nbsp; 88 | 43567 |
| Liberty Media Corp./Liberty Formula One, Class C, <br> NVS<sup>(a)</sup><br>| &nbsp;&nbsp; 579 | 50385 |
| Linde PLC | &nbsp;&nbsp; 1355 | 619194 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 485 | 70543 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 610 | 386874 |
| Loews Corp. | &nbsp;&nbsp; 546 | 57641 |
| Lowe's Companies, Inc. | &nbsp;&nbsp; 1632 | 435842 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp; 232 | 84564 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 321 | 56014 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 782 | 38318 |
| M&T Bank Corp. | &nbsp;&nbsp; 468 | 103695 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 908 | 159981 |
| Markel Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 35 | 71422 |
| Marriott International, Inc./MD, Class A | &nbsp;&nbsp; 679 | 214089 |
| Marsh & McLennan Companies, Inc. | &nbsp;&nbsp; 1421 | 267418 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp; 183 | 119307 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 2475 | 195327 |
| Masco Corp. | &nbsp;&nbsp; 644 | 42562 |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 2480 | 1336199 |
| McCormick & Co., Inc./MD, NVS | &nbsp;&nbsp; 741 | 45816 |
| McDonald's Corp. | &nbsp;&nbsp; 2066 | 650790 |
| McKesson Corp. | &nbsp;&nbsp; 365 | 303392 |
| Medtronic PLC | &nbsp;&nbsp; 3739 | 384967 |
| MercadoLibre, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 134 | 287804 |
| Merck & Co., Inc. | &nbsp;&nbsp; 7223 | 796480 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 6312 | 4522548 |
| MetLife, Inc. | &nbsp;&nbsp; 1627 | 128338 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 63 | 86514 |
| Microchip Technology, Inc. | &nbsp;&nbsp; 1595 | 121092 |
| Micron Technology, Inc. | &nbsp;&nbsp; 3261 | 1352924 |
| Microsoft Corp. | &nbsp;&nbsp; 20543 | 8839447 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp; 320 | 42976 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp; 3774 | 220666 |
| MongoDB, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 230 | 85406 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp; 142 | 159629 |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2129 | 171938 |
| Moody's Corp. | &nbsp;&nbsp; 477 | 245922 |
| Morgan Stanley | &nbsp;&nbsp; 3509 | 641445 |
| Motorola Solutions, Inc. | &nbsp;&nbsp; 482 | 194024 |
| MSCI, Inc., Class A | &nbsp;&nbsp; 232 | 141339 |
| Nasdaq, Inc. | &nbsp;&nbsp; 1279 | 123922 |
| Natera, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 365 | 84366 |
| NetApp, Inc. | &nbsp;&nbsp; 574 | 55305 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Kokusai ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12332 | $1029599 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 265 | 36056 |
| Newmont Corp. | &nbsp;&nbsp; 3215 | 361205 |
| News Corp., Class A, NVS | &nbsp;&nbsp; 1109 | 29976 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 6016 | 528806 |
| Nike, Inc., Class B | &nbsp;&nbsp; 3408 | 210648 |
| NiSource, Inc. | &nbsp;&nbsp; 1340 | 59349 |
| Nordson Corp. | &nbsp;&nbsp; 155 | 42552 |
| Norfolk Southern Corp. | &nbsp;&nbsp; 643 | 187267 |
| Northern Trust Corp. | &nbsp;&nbsp; 561 | 83830 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 396 | 274135 |
| NRG Energy, Inc. | &nbsp;&nbsp; 560 | 85473 |
| Nucor Corp. | &nbsp;&nbsp; 679 | 120672 |
| Nutanix, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 734 | 28868 |
| Nvidia Corp. | &nbsp;&nbsp; 70691 | 13511171 |
| NVR, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7 | 53450 |
| NXP Semiconductors NV | &nbsp;&nbsp; 743 | 168022 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2518 | 247796 |
| Occidental Petroleum Corp. | &nbsp;&nbsp; 2047 | 92913 |
| Okta, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 499 | 42156 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 568 | 98378 |
| Omaha Public Power District Nebraska City Station Unit <br> 2, Class A<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 324 | 25797 |
| Omnicom Group, Inc. | &nbsp;&nbsp; 935 | 72032 |
| ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1108 | 66358 |
| ONEOK, Inc. | &nbsp;&nbsp; 1796 | 142225 |
| Oracle Corp. | &nbsp;&nbsp; 4955 | 815494 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 1124 | 96012 |
| PACCAR, Inc. | &nbsp;&nbsp; 1507 | 185225 |
| Packaging Corp. of America | &nbsp;&nbsp; 254 | 56528 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6610 | 968960 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1933 | 342083 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 366 | 342517 |
| Paychex, Inc. | &nbsp;&nbsp; 946 | 97561 |
| Paycom Software, Inc. | &nbsp;&nbsp; 165 | 22234 |
| PayPal Holdings, Inc. | &nbsp;&nbsp; 2672 | 140788 |
| Pentair PLC | &nbsp;&nbsp; 482 | 50788 |
| PepsiCo, Inc. | &nbsp;&nbsp; 3981 | 611601 |
| Pfizer, Inc. | &nbsp;&nbsp; 16700 | 441548 |
| PG&E Corp. | &nbsp;&nbsp; 6399 | 98673 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 4552 | 816811 |
| Phillips 66 | &nbsp;&nbsp; 1207 | 173277 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp; 437 | 41554 |
| Pinterest, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 1766 | 39082 |
| PNC Financial Services Group, Inc.(The) | &nbsp;&nbsp; 1159 | 258805 |
| PPG Industries, Inc. | &nbsp;&nbsp; 677 | 78282 |
| PPL Corp. | &nbsp;&nbsp; 2082 | 75472 |
| Principal Financial Group, Inc. | &nbsp;&nbsp; 662 | 62705 |
| Procter & Gamble Co.(The) | &nbsp;&nbsp; 6831 | 1036741 |
| Progressive Corp.(The) | &nbsp;&nbsp; 1719 | 357552 |
| Prologis, Inc. | &nbsp;&nbsp; 2709 | 353687 |
| Prudential Financial, Inc. | &nbsp;&nbsp; 1004 | 111554 |
| PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 363 | 56675 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 1465 | 120657 |
| Public Storage | &nbsp;&nbsp; 453 | 125114 |
| PulteGroup, Inc. | &nbsp;&nbsp; 555 | 69425 |
| Pure Storage, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 902 | 62725 |
| Qnity Electronics, Inc. | &nbsp;&nbsp; 601 | 57804 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 3108 | 471142 |
| Quanta Services, Inc. | &nbsp;&nbsp; 441 | 209312 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp; 310 | 57979 |
| Raymond James Financial, Inc. | &nbsp;&nbsp; 563 | 93379 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Realty Income Corp. | &nbsp;&nbsp; 2673 | $163481 |
| Reddit, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 304 | 54802 |
| Regency Centers Corp. | &nbsp;&nbsp; 461 | 33593 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 302 | 223918 |
| Regions Financial Corp. | &nbsp;&nbsp; 2511 | 71563 |
| Reliance, Inc. | &nbsp;&nbsp; 143 | 47118 |
| Republic Services, Inc., Class A | &nbsp;&nbsp; 650 | 139808 |
| ResMed, Inc. | &nbsp;&nbsp; 417 | 107715 |
| Rivian Automotive, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 2291 | 33792 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2146 | 213484 |
| ROBLOX Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1658 | 109030 |
| Rocket Cos. Inc, Class A | &nbsp;&nbsp; 2662 | 47730 |
| Rocket Lab Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1260 | 100888 |
| Rockwell Automation, Inc. | &nbsp;&nbsp; 321 | 135350 |
| Rollins, Inc. | &nbsp;&nbsp; 875 | 55422 |
| Roper Technologies, Inc. | &nbsp;&nbsp; 312 | 115824 |
| Ross Stores, Inc. | &nbsp;&nbsp; 976 | 184122 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 745 | 241864 |
| Royalty Pharma PLC, Class A | &nbsp;&nbsp; 1188 | 49516 |
| RPM International, Inc. | &nbsp;&nbsp; 384 | 41073 |
| RTX Corp. | &nbsp;&nbsp; 3881 | 779809 |
| S&P Global, Inc. | &nbsp;&nbsp; 913 | 481872 |
| Salesforce, Inc. | &nbsp;&nbsp; 2769 | 587831 |
| Samsara, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 814 | 22833 |
| SBA Communications Corp., Class A | &nbsp;&nbsp; 304 | 55969 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 608 | 247876 |
| Sempra | &nbsp;&nbsp; 1921 | 167146 |
| ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3025 | 353955 |
| Sherwin-Williams Co.(The) | &nbsp;&nbsp; 693 | 245766 |
| Simon Property Group, Inc. | &nbsp;&nbsp; 966 | 184805 |
| SLB Ltd. | &nbsp;&nbsp; 4378 | 211808 |
| Smurfit WestRock PLC | &nbsp;&nbsp; 1505 | 62653 |
| Snap, Inc., Class A, NVS<sup>(a)</sup> | &nbsp;&nbsp; 3017 | 20908 |
| Snap-on, Inc. | &nbsp;&nbsp; 144 | 52720 |
| Snowflake, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 931 | 179404 |
| SoFi Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3228 | 73631 |
| Solventum Corp.<sup>(a)</sup> | &nbsp;&nbsp; 405 | 31173 |
| Southern Co.(The) | &nbsp;&nbsp; 3216 | 287221 |
| SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 644 | 52737 |
| Starbucks Corp. | &nbsp;&nbsp; 3301 | 303527 |
| State Street Corp. | &nbsp;&nbsp; 863 | 112932 |
| Steel Dynamics, Inc. | &nbsp;&nbsp; 385 | 69134 |
| STERIS PLC | &nbsp;&nbsp; 287 | 75366 |
| Strategy, Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 762 | 114079 |
| Stryker Corp. | &nbsp;&nbsp; 995 | 367712 |
| Sun Communities, Inc. | &nbsp;&nbsp; 393 | 50080 |
| Super Micro Computer, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1499 | 43636 |
| Synchrony Financial | &nbsp;&nbsp; 1131 | 82145 |
| Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 545 | 253488 |
| Sysco Corp. | &nbsp;&nbsp; 1429 | 119822 |
| T-Mobile U.S., Inc. | &nbsp;&nbsp; 1492 | 294237 |
| T Rowe Price Group, Inc. | &nbsp;&nbsp; 644 | 68058 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 543 | 119623 |
| Tapestry, Inc. | &nbsp;&nbsp; 607 | 77034 |
| Targa Resources Corp. | &nbsp;&nbsp; 614 | 123402 |
| Target Corp. | &nbsp;&nbsp; 1356 | 143017 |
| TE Connectivity PLC, NVS | &nbsp;&nbsp; 858 | 191145 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 132 | 81880 |
| Teradyne, Inc. | &nbsp;&nbsp; 468 | 112811 |
| Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8222 | 3538831 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 2655 | 572285 |
| Texas Pacific Land Corp. | &nbsp;&nbsp; 177 | 61660 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Kokusai ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Textron, Inc. | &nbsp;&nbsp; 474 | $41740 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 1093 | 632421 |
| TJX Companies, Inc.(The) | &nbsp;&nbsp; 3244 | 485984 |
| Toast, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1240 | 38576 |
| Tractor Supply Co. | &nbsp;&nbsp; 1500 | 76320 |
| Trade Desk, Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp; 1301 | 39459 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp; 319 | 32879 |
| Trane Technologies PLC | &nbsp;&nbsp; 648 | 272536 |
| TransDigm Group, Inc. | &nbsp;&nbsp; 164 | 234117 |
| TransUnion | &nbsp;&nbsp; 598 | 47254 |
| Travelers Companies, Inc.(The) | &nbsp;&nbsp; 642 | 182655 |
| Trimble, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 741 | 50092 |
| Truist Financial Corp. | &nbsp;&nbsp; 3775 | 194110 |
| Twilio, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 422 | 50834 |
| Tyler Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 122 | 45067 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp; 797 | 52068 |
| U.S. Bancorp | &nbsp;&nbsp; 4543 | 254908 |
| Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5801 | 464370 |
| UDR, Inc. | &nbsp;&nbsp; 911 | 33844 |
| Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 138 | 89336 |
| Union Pacific Corp. | &nbsp;&nbsp; 1708 | 401551 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 239 | 24454 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 2102 | 223274 |
| United Rentals, Inc. | &nbsp;&nbsp; 190 | 148591 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 133 | 62442 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 2621 | 752044 |
| Universal Health Services, Inc., Class B | &nbsp;&nbsp; 184 | 37032 |
| Valero Energy Corp. | &nbsp;&nbsp; 883 | 160203 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 447 | 91152 |
| Ventas, Inc. | &nbsp;&nbsp; 1301 | 101049 |
| Veralto Corp. | &nbsp;&nbsp; 748 | 74037 |
| VeriSign, Inc. | &nbsp;&nbsp; 236 | 57638 |
| Verisk Analytics, Inc., Class A | &nbsp;&nbsp; 410 | 89159 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 12159 | 541319 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 755 | 354774 |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 1043 | 194186 |
| VICI Properties, Inc., Class A | &nbsp;&nbsp; 2987 | 83875 |
| Visa, Inc., Class A | &nbsp;&nbsp; 4942 | 1590484 |
| Vistra Corp. | &nbsp;&nbsp; 1013 | 160409 |
| Vulcan Materials Co. | &nbsp;&nbsp; 384 | 115407 |
| W R Berkley Corp. | &nbsp;&nbsp; 874 | 59939 |
| Walmart, Inc. | &nbsp;&nbsp; 12757 | 1519869 |
| Walt Disney Co.(The) | &nbsp;&nbsp; 5262 | 593554 |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6776 | 186611 |
| Waste Management, Inc. | &nbsp;&nbsp; 1159 | 257576 |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp; 174 | 64505 |
| Watsco, Inc. | &nbsp;&nbsp; 100 | 38645 |
| WEC Energy Group, Inc. | &nbsp;&nbsp; 904 | 100046 |
| Wells Fargo & Co. | &nbsp;&nbsp; 9304 | 841919 |
| Welltower, Inc. | &nbsp;&nbsp; 1902 | 358261 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp; 213 | 49229 |
| Western Digital Corp. | &nbsp;&nbsp; 994 | 248729 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 518 | 119213 |
| Weyerhaeuser Co. | &nbsp;&nbsp; 2179 | 56175 |
| Williams Companies, Inc.(The) | &nbsp;&nbsp; 3618 | 243347 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp; 347 | 71014 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 280 | 88892 |
| Workday, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 611 | 107310 |
| WP Carey, Inc. | &nbsp;&nbsp; 596 | 41571 |
| WW Grainger, Inc. | &nbsp;&nbsp; 134 | 144712 |
| Xcel Energy, Inc. | &nbsp;&nbsp; 1717 | 130595 |
| Xylem, Inc./New York | &nbsp;&nbsp; 711 | 98026 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Yum! Brands, Inc. | &nbsp;&nbsp; 793 | $123311 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 142 | 33367 |
| Zillow Group, Inc., Class C, NVS<sup>(a)</sup> | &nbsp;&nbsp; 528 | 33280 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 579 | 50414 |
| Zoetis, Inc. | &nbsp;&nbsp; 1285 | 160394 |
| Zoom Video Communications, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 759 | 69904 |
| Zscaler, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 302 | 60403 |
|  |  | 175365553 |
| **Total Common Stocks — 99.6%** <br>**(Cost: $177,910,776)** | **Total Common Stocks — 99.6%** <br>**(Cost: $177,910,776)** | 232030143 |
| **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; 165 | 17019 |
| Dr Ing hc F Porsche AG, Preference Shares, NVS<sup>(b)(c)</sup> | &nbsp;&nbsp; 318 | 15475 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 514 | 45156 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 449 | 19211 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 76 | 21241 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 594 | 72055 |
|  |  | 190157 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $351,110)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $351,110)** | 190157 |
| **Rights** | **Rights** | **Rights** |
| **Spain — 0.0%** | **Spain — 0.0%** | **Spain — 0.0%** |
| ACS Actividades de Construccion y Servicios SA, <br> (Expires 02/19/26)<sup>(a)</sup><br>| &nbsp;&nbsp; 464 | 255 |
| **Total Rights — 0.0%** <br>**(Cost: $249)** | **Total Rights — 0.0%** <br>**(Cost: $249)** | 255 |
| **Warrants** | **Warrants** | **Warrants** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software, Inc., (Issued 08/29/23, 1 Share <br> for 1 Warrant, Expires 03/31/40, Strike Price <br> CAD 11.50)<sup>(a)(b)(e)</sup><br>| &nbsp;&nbsp; 72 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $178,262,135)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $178,262,135)** | 232220555 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.82%<sup>(d)(f)(g)</sup><br>| &nbsp;&nbsp; 1035096 | 1035614 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Kokusai ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.64%<sup>(d)(f)</sup><br>| &nbsp;&nbsp; 350000 | $350000 |
| **Total Short-Term Securities — 0.6%** <br>**(Cost: $1,385,614)** | **Total Short-Term Securities — 0.6%** <br>**(Cost: $1,385,614)** | 1385614 |
| **Total Investments — 100.3%** <br>**(Cost: $179,647,749)** | **Total Investments — 100.3%** <br>**(Cost: $179,647,749)** | 233606169 |
| **Liabilities in Excess of Other Assets — (0.3)%** | **Liabilities in Excess of Other Assets — (0.3)%** | (660913)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $232945256 |

---

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(f)</sup> Annualized 7-day yield as of period end.

&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 January 31, 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>*07/31/25*<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>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<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>| $1534766 | $— | &nbsp;&nbsp; $(499329 )<sup>(a)</sup><br>| $177 | $— | $1035614 | 1035096 | $1803 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 280000 | 70000 <br><sup>(a)</sup><br>|  |  |  | 350000 | 350000 | 5230 |  |
| BlackRock, Inc. | 503235 |  | &nbsp;&nbsp; (31268)<br>| 8418 | (360)<br>| 480025 | 429 | 4606 |  |
|  |  |  |  | $8595 | $(360) | $1865639 |  | $11639 | $— |

---

&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 | 4 | 03/20/26 | &nbsp;&nbsp; $282 | $526 |
| S&P 500 E-Mini Index | 1 | 03/20/26 | &nbsp;&nbsp; 348 | (61) |
|  |  |  |  | $465 |

---

2026 iShares Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Kokusai 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; $526 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $526 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61 |

---

&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 January 31, 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; $52436 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52436 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12411)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12411)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $487074 |

---

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; $185006368 | &nbsp;&nbsp; $47023775 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $232030143 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 190157 | &nbsp;&nbsp; — | &nbsp;&nbsp; 190157 |
| Rights | &nbsp;&nbsp; 255 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 255 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1385614 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1385614 |
|  | &nbsp;&nbsp; $186392237 | &nbsp;&nbsp; $47213932 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $233606169 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $526 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $526 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**iShares® MSCI Kokusai ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(61)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(61)<br>|
|  | &nbsp;&nbsp; $465 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $465 |

---

&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)

January 31, 2026

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Low Carbon <br> Optimized MSCI <br> ACWI ETF <br>| &nbsp;&nbsp; iShares <br>MSCI ACWI ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Kokusai ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $1023845151 | $26900611055 | $231740530 |
| Investments, at value—affiliated<sup>(c)</sup> | 7924926 | 179840690 | 1865639 |
| Cash | 1437 | 3602982 |  |
| Cash pledged for futures contracts | 115000 | 3957000 | 26000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  |  | 24892 |
| Foreign currency, at value<sup>(e)</sup> | 1025371 | 32925364 | 203865 |
| Receivables: |  |  |  |
| Investments sold |  | 19784602 | 45634 |
| Securities lending income—affiliated | 2748 | 68406 | 223 |
| Capital shares sold |  | 20598176 |  |
| Dividends—unaffiliated | 756147 | 16683285 | 130969 |
| Dividends—affiliated | 4055 | 77998 | 936 |
| Tax reclaims | 456957 | 8286936 | 55376 |
| Variation margin on futures contracts |  |  | 1667 |
| Foreign withholding tax claims | 11034 | 147354 |  |
| Total assets | 1034142826 | 27186583848 | 234095731 |
| **LIABILITIES** |  |  |  |
| Bank overdraft |  |  | 194 |
| Collateral on securities loaned, at value | 5028858 | 97949048 | 1042722 |
| Payables: |  |  |  |
| Investments purchased |  | 35199147 | 57966 |
| Deferred foreign capital gain tax | 373291 | 18732967 |  |
| Investment advisory fees | 172657 | 6710186 | 49242 |
| Professional fees | 16907 | 36286 | 351 |
| Variation margin on futures contracts | 17125 | 532444 |  |
| Total liabilities | 5608838 | 159160078 | 1150475 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $1028533988 | $27027423770 | $232945256 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $709376296 | $18644257467 | $207519467 |
| Accumulated earnings | 319157692 | 8383166303 | 25425789 |
| NET ASSETS | $1028533988 | $27027423770 | $232945256 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 4350000 | 185800000 | 1650000 |
| Net asset value | $236.44 | $145.47 | $141.18 |
| Shares authorized | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $690290014 | $17187852780 | $177885113 |
| <sup>(b)</sup> Securities loaned, at value | $4508591 | $89694415 | $976084 |
| <sup>(c)</sup> Investments, at cost—affiliated | $7519130 | $163745210 | $1762636 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $— | $25629 |
| <sup>(e)</sup> Foreign currency, at cost | $992551 | $32535277 | $197474 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations (unaudited)

Six Months Ended January 31, 2026

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>Low Carbon <br> Optimized <br> MSCI ACWI <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI ACWI ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Kokusai ETF <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $7440508 | &nbsp;&nbsp;&nbsp; $171704788 | &nbsp;&nbsp;&nbsp; $1546445 |
| Dividends—affiliated | &nbsp;&nbsp; 51607 | &nbsp;&nbsp;&nbsp; 932456 | &nbsp;&nbsp;&nbsp; 9836 |
| Interest—unaffiliated | &nbsp;&nbsp; 4408 | &nbsp;&nbsp;&nbsp; 92086 | &nbsp;&nbsp;&nbsp; 888 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 21026 | &nbsp;&nbsp;&nbsp; 551220 | &nbsp;&nbsp;&nbsp; 1803 |
| Other income—unaffiliated | &nbsp;&nbsp; 13044 | &nbsp;&nbsp;&nbsp; 108899 | &nbsp;&nbsp;&nbsp; 190 |
| Foreign taxes withheld | &nbsp;&nbsp; (314313)<br>| &nbsp;&nbsp;&nbsp; (6954906)<br>| &nbsp;&nbsp;&nbsp; (36757)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 123202 | &nbsp;&nbsp;&nbsp; 809952 | &nbsp;&nbsp;&nbsp; 3342 |
| Total investment income | &nbsp;&nbsp; 7339482 | &nbsp;&nbsp;&nbsp; 167244495 | &nbsp;&nbsp;&nbsp; 1525747 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 1025142 | &nbsp;&nbsp;&nbsp; 36555331 | &nbsp;&nbsp;&nbsp; 289302 |
| Professional | &nbsp;&nbsp; 14346 | &nbsp;&nbsp;&nbsp; 33138 | &nbsp;&nbsp;&nbsp; 353 |
| Commitment costs | &nbsp;&nbsp; 1926 | &nbsp;&nbsp;&nbsp; 20439 | &nbsp;&nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 1042440 | &nbsp;&nbsp;&nbsp; 36608908 | &nbsp;&nbsp;&nbsp; 289655 |
| Less: |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (101403)<br>| &nbsp;&nbsp;&nbsp; — |
| Total expenses after fees waived | &nbsp;&nbsp; 1042440 | &nbsp;&nbsp;&nbsp; 36507505 | &nbsp;&nbsp;&nbsp; 289655 |
| Net investment income | &nbsp;&nbsp; 6297042 | &nbsp;&nbsp;&nbsp; 130736990 | &nbsp;&nbsp;&nbsp; 1236092 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 3885848 | &nbsp;&nbsp;&nbsp; (48773323)<br>| &nbsp;&nbsp;&nbsp; (503857)<br>|
| Investments—affiliated | &nbsp;&nbsp; (1779)<br>| &nbsp;&nbsp;&nbsp; (10521)<br>| &nbsp;&nbsp;&nbsp; 177 |
| Foreign currency transactions | &nbsp;&nbsp; (39347)<br>| &nbsp;&nbsp;&nbsp; 269664 | &nbsp;&nbsp;&nbsp; 2979 |
| Futures contracts | &nbsp;&nbsp; 274258 | &nbsp;&nbsp;&nbsp; 5950813 | &nbsp;&nbsp;&nbsp; 52436 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 66908306 | &nbsp;&nbsp;&nbsp; 304568709 | &nbsp;&nbsp;&nbsp; 3909784 |
| In-kind redemptions—affiliated<sup>(b)</sup> | &nbsp;&nbsp; 126776 | &nbsp;&nbsp;&nbsp; 645105 | &nbsp;&nbsp;&nbsp; 8418 |
|  | &nbsp;&nbsp; 71154062 | &nbsp;&nbsp;&nbsp; 262650447 | &nbsp;&nbsp;&nbsp; 3469937 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 42020857 | &nbsp;&nbsp;&nbsp; 2478146066 | &nbsp;&nbsp;&nbsp; 19690500 |
| Investments—affiliated | &nbsp;&nbsp; (88049)<br>| &nbsp;&nbsp;&nbsp; 49690 | &nbsp;&nbsp;&nbsp; (360)<br>|
| Foreign currency translations | &nbsp;&nbsp; 85090 | &nbsp;&nbsp;&nbsp; 935909 | &nbsp;&nbsp;&nbsp; 10241 |
| Futures contracts | &nbsp;&nbsp; (8343)<br>| &nbsp;&nbsp;&nbsp; (212086)<br>| &nbsp;&nbsp;&nbsp; (12411)<br>|
|  | &nbsp;&nbsp; 42009555 | &nbsp;&nbsp;&nbsp; 2478919579 | &nbsp;&nbsp;&nbsp; 19687970 |
| Net realized and unrealized gain | &nbsp;&nbsp; 113163617 | &nbsp;&nbsp;&nbsp; 2741570026 | &nbsp;&nbsp;&nbsp; 23157907 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $119460659 | &nbsp;&nbsp;&nbsp; $2872307016 | &nbsp;&nbsp;&nbsp; $24393999 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(139286)<br>| &nbsp;&nbsp;&nbsp; $(701470)<br>| &nbsp;&nbsp;&nbsp; $— |
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $187893 | &nbsp;&nbsp;&nbsp; $12134 | &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>Low Carbon Optimized MSCI ACWI ETF  | iShares <br>Low Carbon Optimized MSCI ACWI ETF  | iShares <br>MSCI ACWI ETF  | iShares <br>MSCI ACWI ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $6297042 | &nbsp;&nbsp;&nbsp; $16210109 | &nbsp;&nbsp;&nbsp; $130736990 | &nbsp;&nbsp;&nbsp; $305883152 |
| Net realized gain | &nbsp;&nbsp; 71154062 | &nbsp;&nbsp;&nbsp; 42206240 | &nbsp;&nbsp;&nbsp; 262650447 | &nbsp;&nbsp;&nbsp; 184901845 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 42009555 | &nbsp;&nbsp;&nbsp; 92222723 | &nbsp;&nbsp;&nbsp; 2478919579 | &nbsp;&nbsp;&nbsp; 2614789193 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 119460659 | &nbsp;&nbsp;&nbsp; 150639072 | &nbsp;&nbsp;&nbsp; 2872307016 | &nbsp;&nbsp;&nbsp; 3105574190 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (14538128 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (19589739)<br>| &nbsp;&nbsp;&nbsp; (213706208 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (339217660)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (101252532)<br>| &nbsp;&nbsp;&nbsp; (68934760)<br>| &nbsp;&nbsp;&nbsp; 2332429439 | &nbsp;&nbsp;&nbsp; 1050243957 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 3669999 | &nbsp;&nbsp;&nbsp; 62114573 | &nbsp;&nbsp;&nbsp; 4991030247 | &nbsp;&nbsp;&nbsp; 3816600487 |
| Beginning of period | &nbsp;&nbsp; 1024863989 | &nbsp;&nbsp;&nbsp; 962749416 | &nbsp;&nbsp;&nbsp; 22036393523 | &nbsp;&nbsp;&nbsp; 18219793036 |
| End of period | &nbsp;&nbsp; $1028533988 | &nbsp;&nbsp;&nbsp; $1024863989 | &nbsp;&nbsp;&nbsp; $27027423770 | &nbsp;&nbsp;&nbsp; $22036393523 |

---

&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 Kokusai ETF  | iShares <br>MSCI Kokusai ETF  |
|  | Six Months <br> Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $1236092 | &nbsp;&nbsp;&nbsp; $3268357 |
| Net realized gain | &nbsp;&nbsp; 3469937 | &nbsp;&nbsp;&nbsp; 14862030 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 19687970 | &nbsp;&nbsp;&nbsp; 16654699 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 24393999 | &nbsp;&nbsp;&nbsp; 34785086 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1593380 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (3368734)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (13520641)<br>| &nbsp;&nbsp;&nbsp; (70197700)<br>|
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 9279978 | &nbsp;&nbsp;&nbsp; (38781348)<br>|
| Beginning of period | &nbsp;&nbsp; 223665278 | &nbsp;&nbsp;&nbsp; 262446626 |
| End of period | &nbsp;&nbsp; $232945256 | &nbsp;&nbsp;&nbsp; $223665278 |

---

&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 Low Carbon Optimized MSCI ACWI ETF  | iShares Low Carbon Optimized MSCI ACWI ETF  | iShares Low Carbon Optimized MSCI ACWI ETF  | iShares Low Carbon Optimized MSCI ACWI ETF  | iShares Low Carbon Optimized MSCI ACWI ETF  | iShares Low Carbon Optimized MSCI ACWI ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $213.51 | &nbsp;&nbsp;&nbsp; $186.94 | &nbsp;&nbsp;&nbsp; $161.66 | &nbsp;&nbsp;&nbsp; $146.34 | &nbsp;&nbsp;&nbsp; $167.23 | &nbsp;&nbsp;&nbsp; $127.09 |
| Net investment income<sup>(a)</sup> | 1.41 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.86 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 24.90 | &nbsp;&nbsp;&nbsp;&nbsp;27.29 | &nbsp;&nbsp;&nbsp;&nbsp;25.57 | &nbsp;&nbsp;&nbsp;&nbsp;15.18 | &nbsp;&nbsp;&nbsp; (20.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;39.88 |
| Net increase (decrease) from investment operations | 26.31 | &nbsp;&nbsp;&nbsp;&nbsp;30.54 | &nbsp;&nbsp;&nbsp;&nbsp;28.61 | &nbsp;&nbsp;&nbsp;&nbsp;18.04 | &nbsp;&nbsp;&nbsp; (17.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;42.37 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (3.38 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp;&nbsp; (3.33)<br>| &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp;&nbsp; (2.23)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $236.44 | &nbsp;&nbsp;&nbsp; $213.51 | &nbsp;&nbsp;&nbsp; $186.94 | &nbsp;&nbsp;&nbsp; $161.66 | &nbsp;&nbsp;&nbsp; $146.34 | &nbsp;&nbsp;&nbsp; $167.23 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 12.39 %<sup>(b)(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.46 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.91 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (10.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.48<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; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | 1.23 %<sup>(b)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1028534 | &nbsp;&nbsp;&nbsp; $1024864 | &nbsp;&nbsp;&nbsp; $962749 | &nbsp;&nbsp;&nbsp; $897208 | &nbsp;&nbsp;&nbsp; $907313 | &nbsp;&nbsp;&nbsp; $861219 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 20<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> 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 January 31, <br> 2026, for the year ended July 31, 2025, July 31, 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.03, $0.01 and $0.01.<br> • Total return by 0.01%, 0.01%, 0.01% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.02%, 0.01% 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 six months ended January 31, <br> 2026, for the year ended July 31, 2025, July 31, 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.03, $0.01 and $0.01.<br> • Total return by 0.01%, 0.01%, 0.01% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.02%, 0.01% 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 six months ended January 31, <br> 2026, for the year ended July 31, 2025, July 31, 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.03, $0.01 and $0.01.<br> • Total return by 0.01%, 0.01%, 0.01% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.02%, 0.01% 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 six months ended January 31, <br> 2026, for the year ended July 31, 2025, July 31, 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.03, $0.01 and $0.01.<br> • Total return by 0.01%, 0.01%, 0.01% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.02%, 0.01% 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 six months ended January 31, <br> 2026, for the year ended July 31, 2025, July 31, 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.03, $0.01 and $0.01.<br> • Total return by 0.01%, 0.01%, 0.01% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.02%, 0.01% 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 six months ended January 31, <br> 2026, for the year ended July 31, 2025, July 31, 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.03, $0.01 and $0.01.<br> • Total return by 0.01%, 0.01%, 0.01% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.02%, 0.01% 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 six months ended January 31, <br> 2026, for the year ended July 31, 2025, July 31, 2024 and July 31, 2023 respectively:<br> • Net investment income per share by $0.02, $0.03, $0.01 and $0.01.<br> • Total return by 0.01%, 0.01%, 0.01% and 0.00%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.02%, 0.01% 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

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI ACWI ETF  | iShares MSCI ACWI ETF  | iShares MSCI ACWI ETF  | iShares MSCI ACWI ETF  | iShares MSCI ACWI ETF  | iShares MSCI ACWI ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $129.93 | &nbsp;&nbsp;&nbsp; $114.16 | &nbsp;&nbsp;&nbsp; $99.29 | &nbsp;&nbsp;&nbsp; $89.65 | &nbsp;&nbsp;&nbsp; $101.96 | &nbsp;&nbsp;&nbsp; $77.73 |
| Net investment income<sup>(a)</sup> | 0.77 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 16.01 | &nbsp;&nbsp;&nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp;&nbsp;15.02 | &nbsp;&nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp; (12.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.22 |
| Net increase (decrease) from investment operations | 16.78 | &nbsp;&nbsp;&nbsp;&nbsp;17.80 | &nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;11.27 | &nbsp;&nbsp;&nbsp; (10.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.64 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.24 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp; (1.41)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $145.47 | &nbsp;&nbsp;&nbsp; $129.93 | &nbsp;&nbsp;&nbsp; $114.16 | &nbsp;&nbsp;&nbsp; $99.29 | &nbsp;&nbsp;&nbsp; $89.65 | &nbsp;&nbsp;&nbsp; $101.96 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 12.95 %<sup>(b)(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.70 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.06 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.75 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (10.30 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.14<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.31 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| Total expenses after fees waived | 0.31 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax <br> claims<br>| 0.31 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| Net investment income | 1.09 %<sup>(b)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $27027424 | &nbsp;&nbsp;&nbsp; $22036394 | &nbsp;&nbsp;&nbsp; $18219793 | &nbsp;&nbsp;&nbsp; $18429130 | &nbsp;&nbsp;&nbsp; $18127377 | &nbsp;&nbsp;&nbsp; $16965824 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 5<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 January 31, <br> 2026, for the year ended July 31, 2025, July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.00, $0.01, $0.03, $0.01 and $0.02..<br> • Total return by 0.01%, 0.01%, 0.03%, 0.01% and 0.02%..<br> • Ratio of net investment income to average net assets by 0.01%, 0.01%, 0.03%, 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 January 31, <br> 2026, for the year ended July 31, 2025, July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.00, $0.01, $0.03, $0.01 and $0.02..<br> • Total return by 0.01%, 0.01%, 0.03%, 0.01% and 0.02%..<br> • Ratio of net investment income to average net assets by 0.01%, 0.01%, 0.03%, 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 January 31, <br> 2026, for the year ended July 31, 2025, July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.00, $0.01, $0.03, $0.01 and $0.02..<br> • Total return by 0.01%, 0.01%, 0.03%, 0.01% and 0.02%..<br> • Ratio of net investment income to average net assets by 0.01%, 0.01%, 0.03%, 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 January 31, <br> 2026, for the year ended July 31, 2025, July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.00, $0.01, $0.03, $0.01 and $0.02..<br> • Total return by 0.01%, 0.01%, 0.03%, 0.01% and 0.02%..<br> • Ratio of net investment income to average net assets by 0.01%, 0.01%, 0.03%, 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 January 31, <br> 2026, for the year ended July 31, 2025, July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.00, $0.01, $0.03, $0.01 and $0.02..<br> • Total return by 0.01%, 0.01%, 0.03%, 0.01% and 0.02%..<br> • Ratio of net investment income to average net assets by 0.01%, 0.01%, 0.03%, 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 January 31, <br> 2026, for the year ended July 31, 2025, July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.00, $0.01, $0.03, $0.01 and $0.02..<br> • Total return by 0.01%, 0.01%, 0.03%, 0.01% and 0.02%..<br> • Ratio of net investment income to average net assets by 0.01%, 0.01%, 0.03%, 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 January 31, <br> 2026, for the year ended July 31, 2025, July 31, 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.00, $0.01, $0.03, $0.01 and $0.02..<br> • Total return by 0.01%, 0.01%, 0.03%, 0.01% and 0.02%..<br> • Ratio of net investment income to average net assets by 0.01%, 0.01%, 0.03%, 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

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Kokusai ETF  | iShares MSCI Kokusai ETF  | iShares MSCI Kokusai ETF  | iShares MSCI Kokusai ETF  | iShares MSCI Kokusai ETF  | iShares MSCI Kokusai ETF  |
|  | Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $127.81 | &nbsp;&nbsp;&nbsp; $111.68 | &nbsp;&nbsp;&nbsp; $95.51 | &nbsp;&nbsp;&nbsp; $85.77 | &nbsp;&nbsp;&nbsp; $96.92 | &nbsp;&nbsp;&nbsp; $72.42 |
| Net investment income<sup>(a)</sup> | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp; 1.73 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 13.61 | &nbsp;&nbsp;&nbsp;&nbsp;16.33 | &nbsp;&nbsp;&nbsp;&nbsp;16.18 | &nbsp;&nbsp;&nbsp;&nbsp;9.80 | &nbsp;&nbsp;&nbsp; (9.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.61 |
| Net increase (decrease) from investment operations | 14.34 | &nbsp;&nbsp;&nbsp;&nbsp;18.06 | &nbsp;&nbsp;&nbsp;&nbsp;18.15 | &nbsp;&nbsp;&nbsp;&nbsp;11.40 | &nbsp;&nbsp;&nbsp; (8.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.92 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.97 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp; (3.03)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $141.18 | &nbsp;&nbsp;&nbsp; $127.81 | &nbsp;&nbsp;&nbsp; $111.68 | &nbsp;&nbsp;&nbsp; $95.51 | &nbsp;&nbsp;&nbsp; $85.77 | &nbsp;&nbsp;&nbsp; $96.92 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 11.24 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.27 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.20 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (8.46 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.01<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; 0.28<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>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.25 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Net investment income | 1.07 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $232945 | &nbsp;&nbsp;&nbsp; $223665 | &nbsp;&nbsp;&nbsp; $262447 | &nbsp;&nbsp;&nbsp; $200579 | &nbsp;&nbsp;&nbsp; $167244 | &nbsp;&nbsp;&nbsp; $484592 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 3<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 July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.22, $0.07 and $0.03.<br> • Total return by 0.02, 0.19%, 0.08% and 0.08%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.22%, 0.08% and 0.04%. | <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 July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.22, $0.07 and $0.03.<br> • Total return by 0.02, 0.19%, 0.08% and 0.08%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.22%, 0.08% and 0.04%. | <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 July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.22, $0.07 and $0.03.<br> • Total return by 0.02, 0.19%, 0.08% and 0.08%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.22%, 0.08% and 0.04%. | <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 July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.22, $0.07 and $0.03.<br> • Total return by 0.02, 0.19%, 0.08% and 0.08%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.22%, 0.08% and 0.04%. | <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 July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.22, $0.07 and $0.03.<br> • Total return by 0.02, 0.19%, 0.08% and 0.08%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.22%, 0.08% and 0.04%. | <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 July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.22, $0.07 and $0.03.<br> • Total return by 0.02, 0.19%, 0.08% and 0.08%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.22%, 0.08% and 0.04%. | <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 July 31, 2025, July 31, <br> 2024, July 31, 2023 and July 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.22, $0.07 and $0.03.<br> • Total return by 0.02, 0.19%, 0.08% and 0.08%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.22%, 0.08% and 0.04%. |
| <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 Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| Low Carbon Optimized MSCI ACWI<sup>(a)</sup> | &nbsp;&nbsp; Diversified |
| MSCI ACWI | &nbsp;&nbsp; Diversified |
| MSCI Kokusai | &nbsp;&nbsp; Diversified |

---

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

<sup>(a)</sup> Formerly the iShares MSCI ACWI Low Carbon Target ETF.

***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 January 31, 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 Trustees of the Trust (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 New York Stock Exchange ("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***

**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* |
| Low Carbon Optimized MSCI ACWI |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $251874 | &nbsp;&nbsp;&nbsp; $(251874) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 346710 | &nbsp;&nbsp;&nbsp; (346710) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 1794891 | &nbsp;&nbsp;&nbsp; (1794891) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 3397 | &nbsp;&nbsp;&nbsp; (3397) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 1182239 | &nbsp;&nbsp;&nbsp; (1182239) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 691793 | &nbsp;&nbsp;&nbsp; (691793) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; 22992 | &nbsp;&nbsp;&nbsp; (22992) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 214695 | &nbsp;&nbsp;&nbsp; (214695) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $4508591 | &nbsp;&nbsp;&nbsp; $(4508591) | &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 ACWI |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $277512 | &nbsp;&nbsp;&nbsp; $(277512) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 161590 | &nbsp;&nbsp;&nbsp; (161590) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 10189982 | &nbsp;&nbsp;&nbsp; (10189982) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 12606 | &nbsp;&nbsp;&nbsp; (12606) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 12747722 | &nbsp;&nbsp;&nbsp; (12747722) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Ltd. | &nbsp;&nbsp; 690244 | &nbsp;&nbsp;&nbsp; (690244) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 12135223 | &nbsp;&nbsp;&nbsp; (12135223) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 7665067 | &nbsp;&nbsp;&nbsp; (7665067) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 8258466 | &nbsp;&nbsp;&nbsp; (8258466) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; 279830 | &nbsp;&nbsp;&nbsp; (279830) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 2789084 | &nbsp;&nbsp;&nbsp; (2789084) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 275730 | &nbsp;&nbsp;&nbsp; (275730) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 14744755 | &nbsp;&nbsp;&nbsp; (14744755) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 5438394 | &nbsp;&nbsp;&nbsp; (5438394) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 417603 | &nbsp;&nbsp;&nbsp; (417603) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 656144 | &nbsp;&nbsp;&nbsp; (656144) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 27512 | &nbsp;&nbsp;&nbsp; (27512) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 6596573 | &nbsp;&nbsp;&nbsp; (6596573) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 2956428 | &nbsp;&nbsp;&nbsp; (2956428) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 18182 | &nbsp;&nbsp;&nbsp; (18182) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 3355768 | &nbsp;&nbsp;&nbsp; (3355768) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $89694415 | &nbsp;&nbsp;&nbsp; $(89694415) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Kokusai |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $120333 | &nbsp;&nbsp;&nbsp; $(120333) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 101421 | &nbsp;&nbsp;&nbsp; (101421) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 10325 | &nbsp;&nbsp;&nbsp; (10325) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 77021 | &nbsp;&nbsp;&nbsp; (77021) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 239912 | &nbsp;&nbsp;&nbsp; (239912) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 345764 | &nbsp;&nbsp;&nbsp; (345764) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 27947 | &nbsp;&nbsp;&nbsp; (27947) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 26271 | &nbsp;&nbsp;&nbsp; (26271) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 27090 | &nbsp;&nbsp;&nbsp; (27090) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $976084 | &nbsp;&nbsp;&nbsp; $(976084) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

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

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or

Notes to Financial Statements

------

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

payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

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

For its investment advisory services to 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* |
| Low Carbon Optimized MSCI ACWI | 0.20% |
| MSCI Kokusai | 0.25 |

---

For its investment advisory services to the iShares MSCI ACWI 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 $30 billion | 0.350% |
| Over $30 billion, up to and including $60 billion | 0.320 |
| Over $60 billion, up to and including $90 billion | 0.280 |
| Over $90 billion, up to and including $120 billion | 0.252 |
| Over $120 billion, up to and including $150 billion | 0.227 |
| Over $150 billion | 0.204 |

---

**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 ACWI ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other iShares funds.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2026, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| MSCI ACWI | &nbsp;&nbsp; $101403 |

---

**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 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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

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 Kokusai 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 Low Carbon Optimized MSCI ACWI ETF and iShares MSCI ACWI 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 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.

Pursuant to the securities lending agreement effective as of January 1, 2025, identical securities lending arrangements were in place for each Fund for the calendar year ended December 31, 2025.

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 January 31, 2026, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Low Carbon Optimized MSCI ACWI | &nbsp;&nbsp; $6044 |
| MSCI ACWI | &nbsp;&nbsp; 143143 |
| MSCI Kokusai | &nbsp;&nbsp; 671 |

---

**Trustees and Officers:** Certain trustees and/or officers of the Trust 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 January 31, 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>|
| Low Carbon Optimized MSCI ACWI | &nbsp;&nbsp; $31485440 | &nbsp;&nbsp;&nbsp; $28379543 | &nbsp;&nbsp;&nbsp; $(475476) |
| MSCI ACWI | &nbsp;&nbsp; 56842530 | &nbsp;&nbsp;&nbsp; 57030679 | &nbsp;&nbsp;&nbsp; (13040472) |
| MSCI Kokusai | &nbsp;&nbsp; 554685 | &nbsp;&nbsp;&nbsp; 412868 | &nbsp;&nbsp;&nbsp; (189772) |

---

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 January 31, 2026, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Low Carbon Optimized MSCI ACWI | &nbsp;&nbsp; $100124739 | &nbsp;&nbsp;&nbsp; $115936633 |
| MSCI ACWI | &nbsp;&nbsp; 667800210 | &nbsp;&nbsp;&nbsp; 377649637 |
| MSCI Kokusai | &nbsp;&nbsp; 2621204 | &nbsp;&nbsp;&nbsp; 3481553 |

---

Notes to Financial Statements

------

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

For the six months ended January 31, 2026, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Low Carbon Optimized MSCI ACWI | &nbsp;&nbsp; $48877173 | &nbsp;&nbsp;&nbsp; $141202846 |
| MSCI ACWI | &nbsp;&nbsp; 2504147845 | &nbsp;&nbsp;&nbsp; 553612885 |
| MSCI Kokusai | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13020349 |

---

***8. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all 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 January 31, 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 July 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>|
| Low Carbon Optimized MSCI ACWI | &nbsp;&nbsp; $(75318632)<br>|
| MSCI ACWI | &nbsp;&nbsp; (1431268102)<br>|
| MSCI Kokusai | &nbsp;&nbsp; (31612241)<br>|

---

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

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

As of January 31, 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>|
| Low Carbon Optimized MSCI ACWI | &nbsp;&nbsp; $705006403 | &nbsp;&nbsp;&nbsp; $364469508 | &nbsp;&nbsp;&nbsp; $(37672073) | &nbsp;&nbsp;&nbsp; $326797435 |
| MSCI ACWI | &nbsp;&nbsp; 17483516976 | &nbsp;&nbsp;&nbsp; 10541015326 | &nbsp;&nbsp;&nbsp; (943191793) | &nbsp;&nbsp;&nbsp; 9597823533 |
| MSCI Kokusai | &nbsp;&nbsp; 180022575 | &nbsp;&nbsp;&nbsp; 70698426 | &nbsp;&nbsp;&nbsp; (17114367) | &nbsp;&nbsp;&nbsp; 53584059 |

---

***9. LINE OF CREDIT***

The iShares Low Carbon Optimized MSCI ACWI ETF and iShares MSCI ACWI 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.

For the six months ended January 31, 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>|
| Low Carbon Optimized MSCI ACWI | &nbsp;&nbsp; $3000000 | &nbsp;&nbsp;&nbsp; $32609 | &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.

**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.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed

Notes to Financial Statements

------

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

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.

**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>01/31/26 | Six Months Ended <br>01/31/26 | Year Ended <br>07/31/25 | Year Ended <br>07/31/25 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Low Carbon Optimized MSCI ACWI |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $56794013 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $28796 |
| Shares redeemed | &nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp;&nbsp; (158046545)<br>| &nbsp;&nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; (68963556)<br>|
|  | &nbsp;&nbsp; (450000)<br>| &nbsp;&nbsp;&nbsp; $(101252532)<br>| &nbsp;&nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; $(68934760)<br>|
| MSCI ACWI |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 20600000 | &nbsp;&nbsp;&nbsp; $2916507223 | &nbsp;&nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp; $1814022740 |
| Shares redeemed | &nbsp;&nbsp; (4400000)<br>| &nbsp;&nbsp;&nbsp; (584077784)<br>| &nbsp;&nbsp;&nbsp; (6000000)<br>| &nbsp;&nbsp;&nbsp; (763778783)<br>|
|  | &nbsp;&nbsp; 16200000 | &nbsp;&nbsp;&nbsp; $2332429439 | &nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; $1050243957 |
| MSCI Kokusai |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| Shares redeemed | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (13520642)<br>| &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; (70197700)<br>|
|  | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; $(13520641)<br>| &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; $(70197700)<br>|

---

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

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***12. FOREIGN WITHHOLDING TAX CLAIMS***

The iShares Low Carbon Optimized MSCI ACWI ETF and iShares MSCI ACWI ETF have 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

2026 iShares Semi-Annual Financial Statements and Additional Information

------

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

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 January 31, 2026, are $4,343 or $0.00 per share and $142,124 or $0.00 per share, respectively.

***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 Trust'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;

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |

---

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.

![](g110648img4ac644422.gif)

![](g110648img175146b83.gif)

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Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – 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

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| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

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Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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](d110648dex99cert.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;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Section 906 Certifications are attached](d110648dex99906cert.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 Trust

---

| | |
|:---|:---|
| By: | /s/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: March 23, 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: | /s/ Jessica Tan  |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: March 23, 2026

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of |
|  | iShares Trust |

---

Date: March 23, 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 Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following eleven series: iShares Core MSCI Pacific ETF, iShares Low Carbon Optimized MSCI ACWI ETF (formerly iShares MSCI ACWI Low Carbon Target ETF), iShares MSCI ACWI ETF, iShares MSCI ACWI ex U.S. ETF, iShares MSCI China A ETF, iShares MSCI EAFE Small-Cap ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, iShares MSCI Intl Value Factor ETF, and iShares MSCI Kokusai 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;&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;&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;&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;&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 trustees (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;&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;&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: March 23, 2026

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares Trust

------

**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 Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following eleven series: iShares Core MSCI Pacific ETF, iShares Low Carbon Optimized MSCI ACWI ETF (formerly iShares MSCI ACWI Low Carbon Target ETF), iShares MSCI ACWI ETF, iShares MSCI ACWI ex U.S. ETF, iShares MSCI China A ETF, iShares MSCI EAFE Small-Cap ETF, iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, iShares MSCI Intl Value Factor ETF, and iShares MSCI Kokusai 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;&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;&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;&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;&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 trustees (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;&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;&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: March 23, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of iShares Trust

## 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 Trust, (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended January 31, 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: March 23, 2026

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares Trust, (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended January 31, 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: March 23, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

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**.**