# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001193125-25-266516
**Filing Date:** 2025-11
**Character Count:** 2450733
**Document Hash:** eb210fcc7d833bdbf87ab59eac3823f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-266516.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001193125-25-266516

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**EFFECTIVENESS DATE**: 20251105

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09729
- **FILM NUMBER:** 251453281

**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 Peru and Global Exposure ETF (Series ID: S000024426)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000072477 | iShares MSCI Peru and Global Exposure ETF | EPU             |

### iShares MSCI China Small-Cap ETF (Series ID: S000028552)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000087422 | iShares MSCI China Small-Cap ETF | ECNS            |

### iShares MSCI Indonesia ETF (Series ID: S000028553)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000087423 | iShares MSCI Indonesia ETF | EIDO            |

### iShares MSCI New Zealand ETF (Series ID: S000028554)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000087424 | iShares MSCI New Zealand ETF | ENZL            |

### iShares MSCI Poland ETF (Series ID: S000028556)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000087428 | iShares MSCI Poland ETF | EPOL            |

### iShares MSCI Brazil Small-Cap ETF (Series ID: S000028677)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000087775 | iShares MSCI Brazil Small-Cap ETF | EWZS            |

### iShares MSCI Philippines ETF (Series ID: S000028735)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000087875 | iShares MSCI Philippines ETF | EPHE            |

### iShares MSCI China ETF (Series ID: S000031717)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000098688 | iShares MSCI China ETF | MCHI            |

### iShares MSCI India Small-Cap ETF (Series ID: S000034700)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000106876 | iShares MSCI India Small-Cap ETF | SMIN            |

### iShares MSCI India ETF (Series ID: S000034702)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000106878 | iShares MSCI India ETF | INDA            |

### iShares MSCI Denmark ETF (Series ID: S000035383)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000108733 | iShares MSCI Denmark ETF | EDEN            |

### iShares MSCI Norway ETF (Series ID: S000035389)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000108740 | iShares MSCI Norway ETF | ENOR            |

### iShares Currency Hedged MSCI Japan ETF (Series ID: S000043043)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000133234 | iShares Currency Hedged MSCI Japan ETF | HEWJ            |

### iShares MSCI Qatar ETF (Series ID: S000045074)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000140043 | iShares MSCI Qatar ETF | QAT             |

### iShares MSCI UAE ETF (Series ID: S000045075)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000140044 | iShares MSCI UAE ETF | UAE             |

### iShares Currency Hedged MSCI Eurozone ETF (Series ID: S000045646)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000141929 | iShares Currency Hedged MSCI Eurozone ETF | HEZU            |

### iShares MSCI United Kingdom ETF (Series ID: S000046586)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000145378 | iShares MSCI United Kingdom ETF | EWU             |

### iShares MSCI Saudi Arabia ETF (Series ID: S000047939)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000150700 | iShares MSCI Saudi Arabia ETF | KSA             |

### iShares MSCI Global Sustainable Development Goals ETF (Series ID: S000053601)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000168438 | iShares MSCI Global Sustainable Development Goals ETF | SDG             |

### iShares ESG Aware MSCI EAFE ETF (Series ID: S000054185)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000170246 | iShares ESG Aware MSCI EAFE ETF | ESGD            |

### iShares MSCI Japan Value ETF (Series ID: S000064903)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000210083 | iShares MSCI Japan Value ETF | EWJV            |

### iShares ESG MSCI EM Leaders ETF (Series ID: S000067838)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000217590 | iShares ESG MSCI EM Leaders ETF | LDEM            |

### iShares MSCI Kuwait ETF (Series ID: S000068137)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000218229 | iShares MSCI Kuwait ETF | KWT             |

### iShares ESG Advanced MSCI EAFE ETF (Series ID: S000068771)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000219745 | iShares ESG Advanced MSCI EAFE ETF | DMXF            |

### iShares ESG Advanced MSCI EM ETF (Series ID: S000068773)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000219747 | iShares ESG Advanced MSCI EM ETF | EMXF            |

### iShares MSCI China Multisector Tech ETF (Series ID: S000074555)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000232534 | iShares MSCI China Multisector Tech ETF | TCHI            |

### iShares MSCI Emerging Markets Quality Factor ETF (Series ID: S000081635)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000244562 | iShares MSCI Emerging Markets Quality Factor ETF | EQLT            |

### iShares MSCI Emerging Markets Value Factor ETF (Series ID: S000081637)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000244564 | iShares MSCI Emerging Markets Value Factor ETF | EVLU            |

### iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF (Series ID: S000083456)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000247094 | iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF | PABD            |

### iShares MSCI Global Quality Factor ETF (Series ID: S000088748)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000255123 | iShares MSCI Global Quality Factor ETF | AQLT            |

### iShares MSCI World Small-Cap ETF (Series ID: S000091430)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000259095 | iShares MSCI World Small-Cap ETF | WSML            |

?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:

8/31/2025

Date of reporting period:

8/31/2025

Item 1 — Report to Stockholders

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

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares Currency Hedged MSCI Eurozone ETF

### HEZU \| NYSE Arca

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Currency Hedged MSCI Eurozone ETF | $3(a) | 0.03%(a) |

---

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

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 15.18%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI EMU 100% USD Hedged Index (Net) returned 15.43%. 

What contributed to performance?

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

What detracted from performance?

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

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318923.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 15.18% | 14.56% | 9.72% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI EMU 100% Hedged to USD Index (Net) | 15.43 | 14.32 | 9.73 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$725690795 |
| Number of Portfolio Holdings | &nbsp;&nbsp;12 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$152887 |
| Portfolio Turnover Rate | &nbsp;&nbsp;13% |

---

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | *Percent of*<br> *Net Assets* |
| Investment Companies | 100.0% |
| Short-term Investments | 5.2% |
| Forward foreign currency exchange contracts, net cumulative depreciation | (2.0)% |
| Other assets less liabilities | (3.2)% |

---

---

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

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares Currency Hedged MSCI Eurozone ETF

Annual Shareholder Report — August 31, 2025

HEZU-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares Currency Hedged MSCI Japan ETF

### HEWJ \| NYSE Arca

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

------

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

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

---

| |
|:---|
| **Fund name** |
| iShares Currency Hedged MSCI Japan ETF $0<sup>(a)(b)</sup> 0.00%<sup>(a)(c)</sup> |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup> |
| <sup><sup>(b)</sup></sup> <sup>Rounds to less than $1.</sup> |
| <sup><sup>(c)</sup></sup> <sup>Rounds to less than 0.01%.</sup> |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 16.58%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Japan 100% Hedged to USD Index (Net) returned 18.63%. 

What contributed to performance?

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

What detracted from performance?

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

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318994.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 16.58% | 18.88% | 10.98% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI Japan 100% Hedged to USD Index (Net) | 18.63 | 19.63 | 11.66 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$381065058 |
| Number of Portfolio Holdings | &nbsp;&nbsp;11 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;15% |

---

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Portfolio composition

---

| | |
|:---|:---|
| *Asset Type* | *Percent of*<br> *Net Assets* |
| Investment Companies | 99.9% |
| Short-term Investments | 22.0% |
| Forward foreign currency exchange contracts, net cumulative depreciation | (2.0)% |
| Other assets less liabilities | (19.9)% |

---

---

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

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares Currency Hedged MSCI Japan ETF

Annual Shareholder Report — August 31, 2025

HEWJ-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares ESG Advanced MSCI EAFE ETF

### DMXF \| NASDAQ

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares ESG Advanced MSCI EAFE ETF | $12 | 0.12% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 6.47%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42%, the MSCI EAFE Choice ESG Screened Index (Net) returned 6.75% and the MSCI All Country World Index (Net) returned 15.79%. 

What contributed to performance?

During the reporting period, Japanese stocks contributed the most to the Fund's return , supported by sustained corporate governance reforms and renewed confidence among both domestic and foreign investors. The diversified banking industry within the financials sector led returns, buoyed by the Bank of Japan's continued shift away from negative interest rates and toward policy normalization. Higher interest rates also improved investment income for insurance companies. In Europe, information technology stocks from Germany contributed, led by software and services companies that leveraged cloud computing and artificial intelligence. Financials stocks in Hong Kong also benefited the Fund's performance, helped by increased investment flows from mainland China, a resurgent initial public offering market, and robust trading activity.

What detracted from performance?

A Danish healthcare company detracted from the Fund's performance during the reporting period. The firm reduced its sales growth outlook after its blockbuster weight loss drug faced increased competition from lower-cost alternatives.

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

#### Fund performance
Cumulative performance: June 16, 2020 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318638.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Fund NAV | 6.47% | 8.23% | 9.61% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 10.26 |
| MSCI EAFE Choice ESG Screened Index (Net) | 6.75 | 8.24 | 9.62 |
| MSCI All Country World Index (Net) | 15.79 | 12.00 | 13.78 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$821451597 |
| Number of Portfolio Holdings | &nbsp;&nbsp;413 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$942976 |
| Portfolio Turnover Rate | &nbsp;&nbsp;14% |

---

The inception date of the Fund was June 16, 2020.

Effective August 31, 2025, the Fund changed its broad-based securities market index from MSCI All Country World Index (Net) to MSCI ACWI ex USA Index (Net), which Fund management believes is more representative of the investments in which the Fund invests.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 27.6% |
| Industrials | 18.7% |
| Information Technology | 15.8% |
| Health Care | 11.9% |
| Communication Services | 6.7% |
| Consumer Discretionary | 5.8% |
| Materials | 5.7% |
| Real Estate | 4.1% |
| Consumer Staples | 3.0% |
| Utilities | 0.7% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 25.1% |
| Switzerland | 11.8% |
| France | 10.3% |
| Netherlands | 8.6% |
| Germany | 8.2% |
| United Kingdom | 7.5% |
| Sweden | 6.1% |
| Australia | 4.5% |
| Hong Kong | 3.3% |
| Singapore | 2.6% |
| Other<sup>#</sup> | 12.0% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares ESG Advanced MSCI EAFE ETF

Annual Shareholder Report — August 31, 2025

DMXF-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares ESG Advanced MSCI EM ETF

### EMXF \| NASDAQ

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares ESG Advanced MSCI EM ETF | $17 | 0.16% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 17.57%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index (Net) returned 16.99%. 

What contributed to performance?

Chinese equities were the largest contributors to the Fund's return during the reporting period. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. In the financials sector, diversified Chinese banks benefited from the country's historic stimulus efforts, which included capital injections and other active interventions to support the banking sector. Insurance companies were driven by a rising stock market, supportive regulatory policies, and favorable demographic trends. Stocks in Taiwan also contributed to performance, most notably in the information technology sector. A major semiconductor supplier was supported by surging demand for artificial intelligence chips and continued innovation, despite the threat of tariffs. In South Korea, diversified banks gained as corporate reforms boosted investor confidence.

What detracted from performance?

Indian stocks detracted from the Fund's return during the reporting period. Equities declined due to investor caution and selling pressure stemming from slowing earnings growth, stretched valuations, and global headwinds.

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

#### Fund performance
Cumulative performance: October 6, 2020 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318685.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 17.57% | 6.47% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.25 |
| MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index (Net) | 16.99 | 6.79 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$107723091 |
| Number of Portfolio Holdings | &nbsp;&nbsp;522 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$145347 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

The inception date of the Fund was October 6, 2020.

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

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 43.6% |
| Information Technology | 17.1% |
| Consumer Discretionary | 11.9% |
| Communication Services | 6.9% |
| Health Care | 5.2% |
| Industrials | 5.2% |
| Consumer Staples | 4.9% |
| Real Estate | 2.4% |
| Materials | 2.0% |
| Utilities | 0.8% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 27.2% |
| Taiwan | 18.2% |
| India | 14.6% |
| South Korea | 8.9% |
| Brazil | 4.9% |
| South Africa | 3.9% |
| Saudi Arabia | 3.8% |
| United Arab Emirates | 2.9% |
| Mexico | 2.2% |
| Malaysia | 2.0% |
| Other<sup>#</sup> | 11.4% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares ESG Advanced MSCI EM ETF

Annual Shareholder Report — August 31, 2025

EMXF-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares ESG Aware MSCI EAFE ETF

### ESGD \| NASDAQ

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares ESG Aware MSCI EAFE ETF | $21 | 0.20% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 12.36%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42%, the MSCI EAFE Extended ESG Focus Index (Spliced) returned 12.68% and the MSCI All Country World Index (Net) returned 15.79%. 

What contributed to performance?

Japanese equities were the most meaningful contributors to the Fund's return during the reporting period, supported by sustained corporate governance reforms and renewed confidence among both domestic and foreign investors. Diversified banks in the financials sector gained as the Bank of Japan raised rates and returned to monetary policy normalization. German stocks were driven by strong corporate earnings from global-facing companies. Optimism surrounding a historic fiscal stimulus plan targeting infrastructure and defense supported firms in the industrials space, while financials benefited the Fund's return due to strong trading volume and solid investment banking revenue. In the United Kingdom, financials stocks contributed. Banks benefited from strong balance sheets, robust performance from investment banking units, and solid trading activity.

What detracted from performance?

A Danish healthcare company detracted from the Fund's performance during the reporting period. The firm reduced its sales growth outlook after its blockbuster weight loss drug faced increased competition from lower-cost alternatives.

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318818.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Fund NAV | 12.36% | 9.92% | 9.25% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 8.77 |
| MSCI EAFE Extended ESG Focus Index (Spliced) | 12.68 | 9.94 | 9.31 |
| MSCI All Country World Index (Net) | 15.79 | 12.00 | 12.28 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$9886101555 |
| Number of Portfolio Holdings | &nbsp;&nbsp;388 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$17824621 |
| Portfolio Turnover Rate | &nbsp;&nbsp;26% |

---

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

Effective August 31, 2025, the Fund changed its broad-based securities market index from MSCI All Country World Index (Net) to MSCI ACWI ex USA Index (Net), which Fund management believes is more representative of the investments in which the Fund invests.

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

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 25.2% |
| Industrials | 19.0% |
| Health Care | 10.7% |
| Consumer Discretionary | 10.0% |
| Information Technology | 8.2% |
| Consumer Staples | 7.9% |
| Materials | 5.4% |
| Communication Services | 4.7% |
| Energy | 3.7% |
| Utilities | 3.2% |
| Real Estate | 2.0% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 22.1% |
| United Kingdom | 14.4% |
| France | 10.6% |
| Germany | 10.0% |
| Switzerland | 9.6% |
| Australia | 7.1% |
| Netherlands | 4.5% |
| Spain | 3.5% |
| Sweden | 3.4% |
| Italy | 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**.

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares ESG Aware MSCI EAFE ETF

Annual Shareholder Report — August 31, 2025

ESGD-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares ESG MSCI EM Leaders ETF

### LDEM \| NASDAQ

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

------

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares ESG MSCI EM Leaders ETF | $18 | 0.16% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 21.55%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI EM Extended ESG Leaders 5% Issuer Capped Index (Net) returned 19.38%. 

What contributed to performance?

Chinese equities were the largest contributors to the Fund's return during the reporting period. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. Within the Chinese consumer discretionary sector, a broadline retailer contributed amid rapid growth in its cloud and digital commerce units. Additionally, in the communication sector, a multinational technology and entertainment conglomerate contributed. The firm, which operates a popular social media platform, develops profitable video games, and provides internet and technology services, benefited from strong gaming results, and investments in artificial intelligence ("AI"), which boosted growth in advertising and fintech. In China, larger banks advanced due to the country's historic stimulus efforts, which included capital injections and other active interventions to support the banking sector. In Taiwan, a major semiconductor supplier was supported by surging demand for AI chips and continued innovation, despite the threat of tariffs. South African metals and mining stocks benefited as the price of gold reached new highs.

What detracted from performance?

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

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

#### Fund performance
Cumulative performance: February 5, 2020 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318745.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Fund NAV | 21.55% | 4.40% | 4.23% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 5.17 |
| MSCI EM Extended ESG Leaders 5% Issuer Capped Index (Net) | 19.38 | 4.58 | 4.41 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$30556645 |
| Number of Portfolio Holdings | &nbsp;&nbsp;432 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$47224 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

The inception date of the Fund was February 5, 2020.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 27.9% |
| Consumer Discretionary | 17.3% |
| Communication Services | 12.8% |
| Information Technology | 9.2% |
| Industrials | 7.7% |
| Materials | 6.3% |
| Consumer Staples | 4.9% |
| Energy | 4.7% |
| Health Care | 4.6% |
| Utilities | 2.7% |
| Real Estate | 1.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 35.1% |
| India | 16.7% |
| Taiwan | 13.0% |
| South Korea | 7.0% |
| South Africa | 6.3% |
| Brazil | 3.4% |
| Mexico | 2.8% |
| Saudi Arabia | 2.4% |
| United Arab Emirates | 2.3% |
| Malaysia | 2.2% |
| Other<sup>#</sup> | 8.8% |

---

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

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

The net expense ratio decreased from the prior fiscal year end primarily due to a decrease in professional fees for foreign withholding tax claims.

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares ESG MSCI EM Leaders ETF

Annual Shareholder Report — August 31, 2025

LDEM-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI Brazil Small-Cap ETF

### EWZS \| NASDAQ

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Brazil Small-Cap ETF | $62 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 10.81%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Brazil Small Cap Index (Net) returned 11.46%. 

What contributed to performance?

During the reporting period, financial services companies were the largest contributor to the Fund's performance. In particular, a financial technology company that provides payment solutions for small and medium-sized businesses gained on new customer adds, increased average revenue per user, and a rise in total payment volume. A diversified bank was supported by improving loan growth and efforts to expand their digital platforms. In the consumer staples sector, the performance of a major cash and carry wholesale retailer was enhanced following efforts to reduce debt and investments in existing stores. Within the healthcare sector, a provider of health and dental insurance plans benefited from enhanced operational efficiency, a reduction in plan cancellation rates, and strategic expansions.

What detracted from performance?

Fluctuating commodity prices, increasing geopolitical risks (including the threat of tariffs), and global oversupply put downward pressure on crude prices during the reporting period. In this environment, energy stocks were the main detractors from the Fund's performance.

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6319307.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 10.81% | 3.13% | 8.71% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI Brazil Small Cap Index (Net) | 11.46 | 3.75 | 9.33 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$178918688 |
| Number of Portfolio Holdings | &nbsp;&nbsp;78 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$816607 |
| Portfolio Turnover Rate | &nbsp;&nbsp;82% |

---

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

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Consumer Discretionary | 21.8% |
| Financials | 16.1% |
| Consumer Staples | 12.8% |
| Industrials | 10.4% |
| Materials | 9.5% |
| Utilities | 9.2% |
| Health Care | 8.0% |
| Real Estate | 6.8% |
| Energy | 4.7% |
| Information Technology | 0.7% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| StoneCo Ltd., Class A | 5.7% |
| Lojas Renner SA | 5.0% |
| Sendas Distribuidora SA | 4.1% |
| Hapvida Participacoes e Investimentos SA | 3.9% |
| Inter & Co. Inc., Class A | 3.3% |
| Pagseguro Digital Ltd., Class A | 2.8% |
| Smartfit Escola de Ginastica e Danca SA | 2.7% |
| Multiplan Empreendimentos Imobiliarios SA | 2.7% |
| Allos SA | 2.6% |
| Natura Cosmeticos SA | 2.3% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI Brazil Small-Cap ETF

Annual Shareholder Report — August 31, 2025

EWZS-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI China ETF

### MCHI \| NASDAQ

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI China ETF | $74 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 49.98%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI China Index (Net) returned 47.62%. 

What contributed to performance?

The communication sector was the largest contributor to the Fund's return during the reporting period, primarily due to a multinational technology conglomerate. The firm, which operates a popular social media platform, develops profitable video games, and provides internet and technology services, benefited from strong gaming results, investments in artificial intelligence ("AI"), which boosted growth in advertising and fintech. In the consumer discretionary sector, a broadline retailer that operates in e-commerce, cloud computing, financial technology, and digital media gained due to investments in AI, cloud growth, and expansion into international digital commerce. . Advances by electric vehicle manufacturers were attributed to government subsidies, tax incentives, and funding for research and development. In the financials sector, Chinese banks benefited from the government's historic stimulus measures, which included capital injections, liquidity support, relaxed lending rules, and lower reserve requirements. Insurance companies were also substantial contributors, driven by increased policy sales, favorable market sentiment, and government support.

What detracted from performance?

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

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6319236.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 49.98% | (2.20)% | 5.17% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI China Index (Net) | 47.62 | (1.99) | 5.57 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7889852041 |
| Number of Portfolio Holdings | &nbsp;&nbsp;557 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$35114694 |
| Portfolio Turnover Rate | &nbsp;&nbsp;12% |

---

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

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Consumer Discretionary | 28.2% |
| Communication Services | 23.2% |
| Financials | 17.5% |
| Information Technology | 9.0% |
| Health Care | 5.1% |
| Industrials | 4.4% |
| Consumer Staples | 3.5% |
| Materials | 3.3% |
| Energy | 2.4% |
| Utilities | 1.8% |
| Real Estate | 1.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Tencent Holdings Ltd. | 17.7% |
| Alibaba Group Holding Ltd. | 10.2% |
| Xiaomi Corp., Class B | 4.2% |
| China Construction Bank Corp., Class H | 3.3% |
| PDD Holdings Inc. | 3.1% |
| Meituan, Class B | 2.4% |
| BYD Co. Ltd., Class H | 1.9% |
| Ping An Insurance Group Co. of China Ltd., Class H | 1.8% |
| Industrial & Commercial Bank of China Ltd., Class H | 1.7% |
| NetEase Inc. | 1.7% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI China ETF

Annual Shareholder Report — August 31, 2025

MCHI-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI China Multisector Tech ETF

### TCHI \| NASDAQ

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI China Multisector Tech ETF | $77 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 60.50%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI China Technology Sub-Industries Select Capped Index (Net) returned 59.17%. 

What contributed to performance?

During the reporting period, stocks in the information technology sector were the largest contributors to the Fund's return. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. Firms in the electronic equipment, instruments, and components segment design and manufacture components that are integrally used for multiple industries, including data centers, telecommunication networks, and smartphones. These companies saw profits surge due to soaring demand, many of which use artificial intelligence ("AI")-driven computing power. Semiconductor stocks were supported by growing demand from major Chinese technology companies and the government's prioritization of self-sufficiency in technology, which encouraged domestic companies to use homegrown AI chips. Another substantial contributor were entertainment and interactive media companies in the communication sector, which advanced due to popular game releases, AI monetization, and user growth.

What detracted from performance?

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

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

#### Fund performance
Cumulative performance: January 25, 2022 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318625.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 60.50% | 1.07% |
| MSCI Emerging Markets Index (Net) | 16.80 | 3.78 |
| MSCI China Technology Sub-Industries Select Capped Index (Net) | 59.17 | 1.54 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$28433740 |
| Number of Portfolio Holdings | &nbsp;&nbsp;162 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$89506 |
| Portfolio Turnover Rate | &nbsp;&nbsp;31% |

---

The inception date of the Fund was January 25, 2022.

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

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 45.5% |
| Communication Services | 22.0% |
| Consumer Discretionary | 21.7% |
| Industrials | 7.9% |
| Financials | 2.9% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Alibaba Group Holding Ltd. | 3.9% |
| Baidu Inc., Class A | 3.9% |
| PDD Holdings Inc. | 3.8% |
| Kuaishou Technology | 3.7% |
| Xiaomi Corp., Class B | 3.7% |
| Tencent Holdings Ltd. | 3.6% |
| NetEase Inc. | 3.6% |
| JD.com Inc., Class A | 3.6% |
| Lenovo Group Ltd. | 3.0% |
| Contemporary Amperex Technology Co. Ltd., Class A | 3.0% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI China Multisector Tech ETF

Annual Shareholder Report — August 31, 2025

TCHI-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI China Small-Cap ETF

### ECNS \| NYSE Arca

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI China Small-Cap ETF | $82 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 77.95%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI China Small Cap Index (Net) returned 76.90%. 

What contributed to performance?

Buoyed by a less restrictive regulatory environment and substantial government investments, small-cap healthcare stocks were a major contributor to the Fund's return during the reporting period. In the biotechnology space, additional tailwinds included significant overseas investments, licensing deals, clinical trials, and laboratory expansions. Information technology stocks, particularly firms in the software and services segment, were also significant contributors. This included companies that develop and operate carrier and cloud data centers, which have benefited from the continuing demand for artificial intelligence, as well as firms that provide software and internet services. In the communication sector, a photo editing application developer surged following news of a strategic partnership with one of China's largest e-commerce marketplaces. Also contributing was a large video game and internet service provider, after several successful new releases, growth in PC gaming, and international expansion efforts.

What detracted from performance?

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

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6319294.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 77.95% | 1.09% | 3.54% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI China Small Cap Index (Net) | 76.90 | (1.30) | 1.86 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$90819418 |
| Number of Portfolio Holdings | &nbsp;&nbsp;265 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$391244 |
| Portfolio Turnover Rate | &nbsp;&nbsp;35% |

---

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

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Health Care | 24.8% |
| Information Technology | 12.4% |
| Industrials | 11.7% |
| Consumer Discretionary | 11.6% |
| Materials | 10.4% |
| Real Estate | 8.3% |
| Communication Services | 6.4% |
| Financials | 5.9% |
| Consumer Staples | 5.5% |
| Utilities | 1.9% |
| Energy | 1.1% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Zai Lab Ltd. | 1.7% |
| China Gold International Resources Corp. Ltd. | 1.7% |
| Minth Group Ltd. | 1.6% |
| XD Inc. | 1.6% |
| Ascentage Pharma Group International | 1.5% |
| ZhongAn Online P&C Insurance Co. Ltd., Class H | 1.3% |
| Ping An Healthcare and Technology Co. Ltd. | 1.2% |
| Remegen Co. Ltd., Class H | 1.2% |
| Kingsoft Cloud Holdings Ltd. | 1.2% |
| Kingboard Holdings Ltd. | 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**.

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI China Small-Cap ETF

Annual Shareholder Report — August 31, 2025

ECNS-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI Denmark ETF

### EDEN \| Cboe BZX Exchange

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Denmark ETF | $49 | 0.53% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned (14.24)%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Denmark IMI 25/50 Index (Net) returned (14.35)%. 

What contributed to performance?

Diversified banks in the financials sector contributed to the Fund's return during the reporting period. These firms benefited from resilient economic conditions, strong customer activity, and robust credit quality. In the industrials sector, a transport and logistics company gained after a large strategic acquisition was finalized.

What detracted from performance?

A major global healthcare company experienced a significant downturn and was the largest detractor from the Fund's performance during the reporting period. The firm, which specializes in chronic diseases like diabetes and obesity, reduced its sales growth outlook after its blockbuster weight loss drug faced increased intense competition from peers and lower-cost alternatives. Amid these developments, the firm faced leadership changes, as well as setbacks in its drug development pipeline. A biotechnology company also detracted, as the company faced an extensive wait for trial results for its experimental weight loss drug. Another substantial detractor was an energy company in the utilities sector that develops offshore wind power suffered a series of setbacks surrounding its U.S. offshore wind projects.

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6319178.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (14.24)% | 6.85% | 9.00% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI Denmark IMI 25/50 Index (Net) | (14.35) | 7.14 | 9.30 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$186537921 |
| Number of Portfolio Holdings | &nbsp;&nbsp;44 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1248416 |
| Portfolio Turnover Rate | &nbsp;&nbsp;24% |

---

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Health Care | 40.2% |
| Industrials | 26.1% |
| Financials | 14.7% |
| Consumer Staples | 5.8% |
| Materials | 5.1% |
| Consumer Discretionary | 4.5% |
| Utilities | 1.6% |
| Information Technology | 1.2% |
| Energy | 0.8% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Novo Nordisk A/S, Class B | 24.5% |
| DSV A/S | 9.8% |
| Danske Bank A/S | 6.3% |
| Novonesis Novozymes B, Class B | 5.1% |
| Vestas Wind Systems A/S | 4.5% |
| Genmab A/S | 3.9% |
| Carlsberg A/S, Class B | 3.1% |
| Coloplast A/S, Class B | 3.0% |
| Pandora A/S | 3.0% |
| Tryg A/S | 2.6% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI Denmark ETF

Annual Shareholder Report — August 31, 2025

EDEN-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI Emerging Markets Quality Factor ETF

### EQLT \| Cboe BZX Exchange

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

------

This annual shareholder report contains important information about iShares MSCI Emerging Markets Quality Factor ETF (the "Fund") for the period of September 4, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Emerging Markets Quality Factor ETF | $37(a) | 0.35%(b) |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.</sup> |
| <sup><sup>(b)</sup></sup><sup>Annualized.</sup> |

---

How did the Fund perform during the period?

* For the reporting period ended August 31, 2025, the Fund returned 16.07%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 19.64% and the MSCI Emerging Markets Quality Factor Select Index (Net) returned 16.32%. 

What contributed to performance?

Chinese equities were the largest contributors to the Fund's return during the reporting period. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. Within the consumer discretionary sector, a broadline retailer contributed amid rapid growth in its cloud and digital commerce units. In the communication sector, a multinational technology and entertainment conglomerate gained due to strong growth in its gaming and advertising units. Additionally, in the financials sector, insurance companies were driven by a rising stock market, supportive regulatory policies, and favorable demographic trends. In Taiwan, a major semiconductor supplier was supported by surging demand for artificial intelligence chips and continued innovation, despite the threat of tariffs, while a manufacturer of networking and communications equipment gained due to growing demand for artificial intelligence infrastructure demand.

What detracted from performance?

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

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

#### Fund performance
Cumulative performance: September 4, 2024 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318506.jpg)

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

#### Average annual total returns
As of the date of this report, the Fund does not have a full fiscal year of performance information to report.

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$8804538 |
| Number of Portfolio Holdings | &nbsp;&nbsp;309 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$27432 |
| Portfolio Turnover Rate | &nbsp;&nbsp;41% |

---

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 23.9% |
| Financials | 22.7% |
| Consumer Discretionary | 13.5% |
| Communication Services | 10.5% |
| Industrials | 6.7% |
| Materials | 6.7% |
| Consumer Staples | 4.8% |
| Energy | 3.8% |
| Health Care | 2.9% |
| Utilities | 2.6% |
| Real Estate | 1.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 28.1% |
| India | 18.1% |
| Taiwan | 13.4% |
| South Korea | 10.2% |
| Brazil | 6.3% |
| South Africa | 4.7% |
| Saudi Arabia | 4.5% |
| United Arab Emirates | 2.5% |
| Mexico | 2.4% |
| Indonesia | 2.0% |
| Other<sup>#</sup> | 7.8% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI Emerging Markets Quality Factor ETF

Annual Shareholder Report — August 31, 2025

EQLT-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI Emerging Markets Value Factor ETF

### EVLU \| Cboe BZX Exchange

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

------

This annual shareholder report contains important information about iShares MSCI Emerging Markets Value Factor ETF (the "Fund") for the period of September 4, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Emerging Markets Value Factor ETF | $38(a) | 0.35%(b) |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.</sup> |
| <sup><sup>(b)</sup></sup><sup>Annualized.</sup> |

---

How did the Fund perform during the period?

* For the reporting period ended August 31, 2025, the Fund returned 18.40%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 19.64% and the MSCI Emerging Markets Value Factor Select Index (Net) returned 18.49%. 

What contributed to performance?

Chinese equities were the largest contributors to the Fund's return during the reporting period. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. In the financials sector, larger Chinese banks benefited from the country's historic stimulus efforts, which included capital injections and other active interventions to support the banking sector, while insurance companies were driven by a rising stock market, supportive regulatory policies, and favorable demographic trends. Chinese communication stocks also contributed. Notably, a multinational technology and entertainment conglomerate in the interactive media and services sector gained on strong growth in its gaming and advertising units. In Taiwan, companies that provide technology hardware and storage also gained amid heightened demand for artificial intelligence-powered data centers, infrastructure, and servers. Positive industry trends were tailwinds for financials stocks, including relaxed regulatory requirements aimed at increasing market activity and reduced reporting requirements.

What detracted from performance?

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

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

#### Fund performance
Cumulative performance: September 4, 2024 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318459.jpg)

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

#### Average annual total returns
As of the date of this report, the Fund does not have a full fiscal year of performance information to report.

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$8453436 |
| Number of Portfolio Holdings | &nbsp;&nbsp;272 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$26539 |
| Portfolio Turnover Rate | &nbsp;&nbsp;41% |

---

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 25.4% |
| Information Technology | 23.4% |
| Consumer Discretionary | 14.7% |
| Communication Services | 9.3% |
| Materials | 6.3% |
| Industrials | 6.1% |
| Energy | 4.5% |
| Consumer Staples | 3.7% |
| Health Care | 2.6% |
| Utilities | 2.6% |
| Real Estate | 1.4% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 31.3% |
| South Korea | 14.8% |
| India | 14.0% |
| Taiwan | 13.9% |
| South Africa | 4.2% |
| Saudi Arabia | 3.9% |
| Brazil | 3.8% |
| Mexico | 3.5% |
| Indonesia | 2.2% |
| United Arab Emirates | 1.7% |
| Other<sup>#</sup> | 6.7% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI Emerging Markets Value Factor ETF

Annual Shareholder Report — August 31, 2025

EVLU-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI Global Quality Factor ETF

### AQLT \| Cboe BZX Exchange

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

------

This annual shareholder report contains important information about iShares MSCI Global Quality Factor ETF (the "Fund") for the period of December 11, 2024 to August 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Global Quality Factor ETF | $13(a) | 0.18%(b) |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.</sup> |
| <sup><sup>(b)</sup></sup><sup>Annualized.</sup> |

---

How did the Fund perform during the period?

* For the reporting period ended August 31, 2025, the Fund returned 4.52%. 

* For the same period, the MSCI All Country World Index (Net) returned 10.42% and the MSCI ACWI Quality Index (Net) returned 4.40%. 

What contributed to performance?

Stocks in the United States significantly contributed to the Fund's return during the reporting period. The information technology sector, particularly semiconductor stocks, gained amid ongoing demand for artificial intelligence ("AI"), data center expansions, and continued innovation in chips and network solutions. Taiwanese equities were buoyed by the country's pivotal role in the global technology supply chain. Stocks in the semiconductor segment contributed, as a major semiconductor supplier was supported by surging demand for AI chips and continued innovation, despite the ongoing threat of tariffs.

What detracted from performance?

U.S. healthcare stocks were modest detractors from the Fund's return during the reporting period, pressured by increasing regulatory scrutiny and policy upheaval. Also detracting was a Danish healthcare company as its sales growth outlook after its blockbuster weight loss drug faced increased competition from lower-cost alternatives.

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

#### Fund performance
Cumulative performance: December 11, 2024 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318446.jpg)

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

#### Average annual total returns
As of the date of this report, the Fund does not have a full fiscal year of performance information to report.

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$195649682 |
| Number of Portfolio Holdings | &nbsp;&nbsp;479 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$238543 |
| Portfolio Turnover Rate | &nbsp;&nbsp;22% |

---

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 33.4% |
| Communication Services | 14.6% |
| Health Care | 13.6% |
| Industrials | 12.7% |
| Financials | 9.5% |
| Consumer Staples | 8.8% |
| Consumer Discretionary | 5.1% |
| Materials | 1.7% |
| Energy | 0.4% |
| Real Estate | 0.2% |
| Utilities | 0.0 %(b) |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 72.3% |
| Taiwan | 4.6% |
| Switzerland | 4.3% |
| United Kingdom | 3.8% |
| Japan | 2.3% |
| Netherlands | 1.9% |
| India | 1.8% |
| China | 1.4% |
| Australia | 1.3% |
| Denmark | 1.0% |
| Other<sup>#</sup> | 5.3% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes money market funds.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</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**.

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI Global Quality Factor ETF

Annual Shareholder Report — August 31, 2025

AQLT-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI Global Sustainable Development Goals ETF

### SDG \| NASDAQ

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Global Sustainable Development Goals ETF | $51 | 0.50% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 2.45%. 

* For the same period, the MSCI All Country World Index (Net) returned 15.79% and the MSCI ACWI Sustainable Development Index (Net) returned 2.54%. 

What contributed to performance?

Chinese equities were the largest contributors to the Fund's return during the reporting period. While tariff tensions increased volatility, equities were supported by government stimulus and improved investor sentiment. In China, the information technology sector gained as a software group experienced strong growth in its cloud services business, strategic artificial intelligence focus, and international expansion. A Hong Kong packaged food group, that is one of the world's largest vertically integrated pork producers, gained as demand for protein products increased, and as its U.S. subsidiary made plans to go public.

What detracted from performance?

Information technology stocks in the United States were the largest detractor from the Fund's return during the reporting period. Notably, a solar storage solution provider declined as the U.S government ended federal tax credits for solar and storage projects. In Denmark, a healthcare company detracted as the firm reduced its sales growth outlook after its blockbuster weight loss drug faced increased competition from lower-cost alternatives.

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

#### Fund performance
Cumulative performance: April 20, 2016 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318865.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Fund NAV | 2.45% | 1.62% | 7.57% |
| MSCI All Country World Index (Net) | 15.79 | 12.00 | 11.40 |
| MSCI ACWI Sustainable Development Index (Net) | 2.54 | 1.67 | 7.70 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$170632311 |
| Number of Portfolio Holdings | &nbsp;&nbsp;123 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$951969 |
| Portfolio Turnover Rate | &nbsp;&nbsp;64% |

---

The inception date of the Fund was April 20, 2016.

Effective February 3, 2025, the MSCI ACWI Sustainable Impact Index was renamed to the MSCI ACWI Sustainable Development Index.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Consumer Staples | 20.0% |
| Information Technology | 20.0% |
| Health Care | 19.9% |
| Industrials | 14.2% |
| Real Estate | 12.4% |
| Consumer Discretionary | 8.9% |
| Utilities | 3.4% |
| Materials | 1.2% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 26.7% |
| China | 20.1% |
| Japan | 11.3% |
| Denmark | 6.9% |
| Taiwan | 6.4% |
| Switzerland | 4.3% |
| Hong Kong | 4.3% |
| Sweden | 2.4% |
| Germany | 2.1% |
| France | 1.9% |
| Other<sup>#</sup> | 13.6% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI Global Sustainable Development Goals ETF

Annual Shareholder Report — August 31, 2025

SDG-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI India ETF

### INDA \| Cboe BZX Exchange

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI India ETF | $58 | 0.61% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned (9.15)%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI India Index (Net) returned (11.76)%. 

What contributed to performance?

During the reporting period, there were no significant contributors to the Fund's performance.

What detracted from performance?

Indian small-cap stocks suffered from foreign investor outflow and global trade uncertainty due to tariffs from the United States, which began during the reporting period. The tariffs resulted in a sharp drop in exports and sharp equity market volatility. IT consulting stocks in the information technology sector were among the largest detractors from the Fund's return. These companies, which help their clients improve processes, grow their business, or solve specific technology-related problems, faced headwinds such as slowing client demand and persistent weakness in discretionary spending. Energy stocks faced pressure due to the country's reliance on Russian oil, which has exposed the energy sector to geopolitical risks and supply disruptions, creating a drag on both profitability and investor confidence. Utilities stocks also detracted, facing pressure from regulatory uncertainty, slowing earnings growth, and broader market corrections.

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6319063.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (9.15)% | 10.89% | 7.66% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI India Index (Net) | (11.76) | 13.13 | 9.09 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$9173459429 |
| Number of Portfolio Holdings | &nbsp;&nbsp;163 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$59887050 |
| Portfolio Turnover Rate | &nbsp;&nbsp;30% |

---

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

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 29.0% |
| Consumer Discretionary | 13.2% |
| Information Technology | 9.6% |
| Industrials | 9.0% |
| Energy | 8.7% |
| Materials | 8.1% |
| Consumer Staples | 6.8% |
| Health Care | 5.8% |
| Communication Services | 4.7% |
| Utilities | 3.6% |
| Real Estate | 1.5% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| HDFC Bank Ltd. | 8.3% |
| Reliance Industries Ltd. | 6.4% |
| ICICI Bank Ltd. | 5.7% |
| Infosys Ltd. | 3.8% |
| Bharti Airtel Ltd. | 3.7% |
| Mahindra & Mahindra Ltd. | 2.3% |
| Tata Consultancy Services Ltd. | 2.2% |
| Bajaj Finance Ltd. | 1.9% |
| Larsen & Toubro Ltd. | 1.9% |
| Axis Bank Ltd. | 1.9% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI India ETF

Annual Shareholder Report — August 31, 2025

INDA-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI India Small-Cap ETF

### SMIN \| Cboe BZX Exchange

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI India Small-Cap ETF | $71 | 0.74% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned (8.94)%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI India Small Cap Index (Net) returned (10.94)%. 

What contributed to performance?

During the reporting period, there were no significant contributors from the Fund's performance.

What detracted from performance?

Indian small-cap stocks suffered from foreign investor outflow and global trade uncertainty due to tariffs from the United States, which began during the reporting period. The tariffs resulted in a sharp drop in exports and sharp equity market volatility. The industrials sector was the largest detractor from the Fund's performance. This included construction and engineering stocks, which were pressured due to a slowdown in the housing market. In the industrial machinery segment, companies with exposure to the automotive supply chain faced challenges such as raw material and energy price volatility and demand swings. In the consumer discretionary sector, supply chain disruptions due to tariffs made Indian goods more expensive, pressuring textile and apparel stocks. Chemicals stocks in the materials sector also suffered from tariff-related pressures and slowing end-user demand during the reporting period.

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6319050.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (8.94)% | 17.73% | 10.21% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI India Small Cap Index (Net) | (10.94) | 21.26 | 12.38 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$898884237 |
| Number of Portfolio Holdings | &nbsp;&nbsp;526 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$6413048 |
| Portfolio Turnover Rate | &nbsp;&nbsp;62% |

---

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

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 20.8% |
| Financials | 18.2% |
| Consumer Discretionary | 14.2% |
| Health Care | 13.8% |
| Materials | 12.5% |
| Information Technology | 7.2% |
| Consumer Staples | 4.3% |
| Real Estate | 3.6% |
| Utilities | 2.8% |
| Communication Services | 1.8% |
| Energy | 0.8% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Coforge Ltd. | 1.6% |
| Fortis Healthcare Ltd. | 1.3% |
| Max Financial Services Ltd. | 1.3% |
| One 97 Communications Ltd. | 1.1% |
| GE Vernova T&D India Ltd. | 1.1% |
| Federal Bank Ltd. | 1.0% |
| Embassy Office Parks REIT | 1.0% |
| Laurus Labs Ltd. | 0.9% |
| Glenmark Pharmaceuticals Ltd. | 0.8% |
| UNO Minda Ltd. | 0.8% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI India Small-Cap ETF

Annual Shareholder Report — August 31, 2025

SMIN-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI Indonesia ETF

### EIDO \| NYSE Arca

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Indonesia ETF | $54 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned (16.24)%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Indonesia IMI 25/50 Index (Spliced) returned (16.13)%. 

What contributed to performance?

There were no significant contributors to the Fund's return during the reporting period.

What detracted from performance?

The financials sector was the biggest detractor from the Fund's return during the reporting period. Banks faced headwinds, including slower loan growth, as fiscal uncertainty and economic weakness soured investor sentiment. Additionally, domestic political unrest prompted major selloffs of Indonesian stocks, including many banks, by foreign investors. Consumer staples stocks also detracted, including those engaged in the food products segment amid rising operational costs and overall bearish market sentiment. An Indonesian subsidiary of a global consumer goods company was pressured by geopolitical tensions, rising competition, a downturn in consumer spending, and a local boycott of Western multinational products.

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6319422.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (16.24)% | 0.82% | 0.91% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI Indonesia IMI 25/50 Index (Spliced) | (16.13) | 1.36 | 1.43 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$328182234 |
| Number of Portfolio Holdings | &nbsp;&nbsp;82 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1731973 |
| Portfolio Turnover Rate | &nbsp;&nbsp;16% |

---

The performance of the MSCI Indonesia IMI 25/50 Index (Spliced) in this report reflects the performance of the MSCI Indonesia Investable Market Index (Net) through May 28, 2019 and, beginning on May 29, 2019, the performance of the MSCI Indonesia IMI 25/50 Index (Net).

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 43.7% |
| Materials | 16.3% |
| Communication Services | 8.9% |
| Consumer Staples | 8.8% |
| Energy | 8.1% |
| Industrials | 5.0% |
| Consumer Discretionary | 4.4% |
| Health Care | 2.4% |
| Real Estate | 1.5% |
| Utilities | 0.9% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Bank Central Asia Tbk PT | 19.1% |
| Bank Rakyat Indonesia Persero Tbk PT | 11.8% |
| Bank Mandiri Persero Tbk PT | 7.6% |
| Telkom Indonesia Persero Tbk PT | 6.1% |
| Amman Mineral Internasional PT | 4.3% |
| Astra International Tbk PT | 4.0% |
| Bank Negara Indonesia Persero Tbk PT | 2.9% |
| Dian Swastatika Sentosa Tbk PT | 2.7% |
| Chandra Asri Pacific Tbk PT | 2.6% |
| GoTo Gojek Tokopedia Tbk PT | 2.4% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI Indonesia ETF

Annual Shareholder Report — August 31, 2025

EIDO-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI Japan Value ETF

### EWJV \| NASDAQ

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Japan Value ETF | $16 | 0.15% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 17.81%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Japan Value Index (Net) returned 19.58%. 

What contributed to performance?

Japanese value stocks were supported by sustained corporate governance reforms and renewed confidence among both domestic and foreign investors during the reporting period. The financials sector meaningfully contributed to the Fund's return, particularly diversified banks as the Bank of Japan raised rates and returned to monetary policy normalization. Additionally, higher interest rates also improved investment income for insurance companies. In the industrials sector, trading houses, which invest and manage businesses across a wide range of industries, gained due to an increased stake by a major investor and as they raised dividend policies. Companies that supply electrical equipment were supported by increased sales volume from customers in the smartphone manufacturing sector and artificial intelligence related semiconductor field. Additionally, a multinational conglomerate in the communication sector gained due to significant investments in artificial intelligence.

What detracted from performance?

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

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

#### Fund performance
Cumulative performance: March 5, 2019 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318758.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Fund NAV | 17.81% | 13.62% | 10.26% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.99 |
| MSCI Japan Value Index (Net) | 19.58 | 13.88 | 10.40 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$478749048 |
| Number of Portfolio Holdings | &nbsp;&nbsp;115 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$468991 |
| Portfolio Turnover Rate | &nbsp;&nbsp;36% |

---

The inception date of the Fund was March 5, 2019.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 27.3% |
| Industrials | 23.6% |
| Consumer Discretionary | 18.4% |
| Communication Services | 8.9% |
| Information Technology | 5.0% |
| Real Estate | 4.3% |
| Materials | 3.6% |
| Consumer Staples | 3.0% |
| Health Care | 2.9% |
| Utilities | 1.6% |
| Energy | 1.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Toyota Motor Corp. | 8.6% |
| Mitsubishi UFJ Financial Group Inc. | 8.1% |
| Sumitomo Mitsui Financial Group Inc. | 4.7% |
| Mizuho Financial Group Inc. | 3.9% |
| Mitsubishi Corp. | 3.6% |
| Mitsui & Co. Ltd. | 2.7% |
| KDDI Corp. | 2.6% |
| SoftBank Group Corp. | 2.4% |
| Honda Motor Co. Ltd. | 2.2% |
| SoftBank Corp. | 2.1% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI Japan Value ETF

Annual Shareholder Report — August 31, 2025

EWJV-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI Kuwait ETF

### KWT \| Cboe BZX Exchange

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Kuwait ETF | $83 | 0.75% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 21.97%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI All Kuwait Select Size Liquidity Capped Index (Net) returned 22.01%. 

What contributed to performance?

The financials sector was the most significant contributor to the Fund's performance during the reporting period. Increased domestic demand, strong capital, robust liquidity levels, and diversified business strategies helped support the banking segment. In capital markets, higher trading volumes and increased foreign investment benefited the country's national stock market operator. In real estate, operating companies benefited from significant government reforms. The Kuwait government eased property laws that prohibited real estate ownership by companies owned by non-Kuwaitis and also proposed a mortgage law that would increase access to home financing for citizens. In the communication sector, a leading telecommunications provider saw an increase in their customer base and growth in revenue across its markets.

What detracted from performance?

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

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

#### Fund performance
Cumulative performance: September 1, 2020 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318698.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 21.97% | 14.13% |
| MSCI Emerging Markets Index (Net) | 16.80 | 4.86 |
| MSCI All Kuwait Select Size Liquidity Capped Index (Net) | 22.01 | 14.84 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$82686865 |
| Number of Portfolio Holdings | &nbsp;&nbsp;38 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$534180 |
| Portfolio Turnover Rate | &nbsp;&nbsp;42% |

---

The inception date of the Fund was September 1, 2020.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 65.4% |
| Real Estate | 10.6% |
| Industrials | 9.9% |
| Communication Services | 5.6% |
| Consumer Discretionary | 3.7% |
| Materials | 1.6% |
| Consumer Staples | 1.4% |
| Energy | 0.9% |
| Utilities | 0.9% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Kuwait Finance House KSCP | 21.8% |
| National Bank of Kuwait SAKP | 21.7% |
| Mobile Telecommunications Co. KSCP | 4.3% |
| Warba Bank KSCP | 3.5% |
| Gulf Bank KSCP | 3.4% |
| Mabanee Co. KPSC | 3.3% |
| National Industries Group Holding SAK | 2.5% |
| Boursa Kuwait Securities Co. KPSC | 2.1% |
| Al Ahli Bank of Kuwait KSCP | 2.1% |
| Commercial Real Estate Co. KSC | 2.0% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI Kuwait ETF

Annual Shareholder Report — August 31, 2025

KWT-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI New Zealand ETF

### ENZL \| NASDAQ

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI New Zealand ETF | $48 | 0.50% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned (6.90)%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI New Zealand All Cap Top 25 Capped Index (Spliced) returned (6.29)%. 

What contributed to performance?

There were no significant contributors to the Fund's return during the reporting period.

What detracted from performance?

Concerns over U.S. tariffs and global trade uncertainty weighed on New Zealand stocks during the reporting period. The healthcare sector was the largest detractor from the Fund's return. A healthcare and operator of retirement and aged care facilities provider suffered from falling occupancy rates and high debt levels. Stocks in the communication sector also detracted. In particular, the country's leading provider of digital services and telecommunications suffered from the country's economic malaise, which included weakening consumer and business spending. The firm has high debt levels, and has cut its earnings guidance and dividend payments, pushing its stock lower. In the consumer discretionary sector, a hotel and casino operator faltered as declining discretionary spending led to a decline in customers.

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318565.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (6.90)% | (3.64)% | 6.53% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI New Zealand All Cap Top 25 Capped Index (Spliced) | (6.29) | (3.15) | 7.04 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$72190896 |
| Number of Portfolio Holdings | &nbsp;&nbsp;28 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$390090 |
| Portfolio Turnover Rate | &nbsp;&nbsp;37% |

---

The performance of the MSCI New Zealand All Cap Top 25 Capped Index (Spliced) in this report reflects the performance of the MSCI New Zealand IMI 25/50 Index (Net) through September 2, 2024 and, beginning on September 3, 2024, the performance of the MSCI New Zealand All Cap Top 25 Capped Index (Net), which, effective as of September 3, 2024, replaced the MSCI New Zealand IMI 25/50 Index (Net) as the underlying index of the Fund.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Health Care | 27.7% |
| Industrials | 22.4% |
| Real Estate | 14.0% |
| Utilities | 13.9% |
| Financials | 11.8% |
| Communication Services | 4.7% |
| Information Technology | 2.7% |
| Energy | 1.6% |
| Consumer Discretionary | 1.2% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Fisher & Paykel Healthcare Corp. Ltd. | 21.3% |
| Auckland International Airport Ltd. | 12.6% |
| Infratil Ltd. | 10.4% |
| Mercury NZ Ltd. | 4.8% |
| Spark New Zealand Ltd. | 4.7% |
| Meridian Energy Ltd. | 4.6% |
| Contact Energy Ltd. | 4.5% |
| Fletcher Building Ltd. | 4.0% |
| EBOS Group Ltd. | 3.6% |
| Goodman Property Trust | 2.8% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI New Zealand ETF

Annual Shareholder Report — August 31, 2025

ENZL-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI Norway ETF

### ENOR \| Cboe BZX Exchange

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Norway ETF | $58 | 0.53% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 19.40%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI Norway IMI 25/50 Index (Net) returned 19.94%. 

What contributed to performance?

Stocks in the financials sector were the largest driver of the Fund's performance during the reporting period. Diversified banks were supported by a solid domestic economy and strong capital ratios (a measure of a bank's ability to absorb losses and maintain financial stability), and loan growth. Additionally, positive market sentiment, increasing dividends, and improved profitability benefited companies in the insurance segment. In the communication sector, a multinational company that provides mobile, broadband, and TV services gained amid consistent growth in the Nordic markets, cost efficiencies, strategic acquisitions, as well as an expansion into cyber defense technology. Consumer staples firms also contributed, including those engaging in packaged foods and meats. These firms gained due to elevated consumer demand, cost reductions, and growth initiatives.

What detracted from performance?

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

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6319191.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 19.40% | 9.28% | 7.03% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI Norway IMI 25/50 Index (Net) | 19.94 | 9.77 | 7.43 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$41209708 |
| Number of Portfolio Holdings | &nbsp;&nbsp;60 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$175077 |
| Portfolio Turnover Rate | &nbsp;&nbsp;12% |

---

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 25.1% |
| Energy | 24.2% |
| Industrials | 14.1% |
| Consumer Staples | 13.8% |
| Communication Services | 9.0% |
| Materials | 8.5% |
| Information Technology | 3.4% |
| Consumer Discretionary | 0.8% |
| Utilities | 0.7% |
| Real Estate | 0.4% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| DNB Bank ASA | 12.7% |
| Equinor ASA | 10.9% |
| Kongsberg Gruppen ASA | 7.1% |
| Telenor ASA | 5.6% |
| Mowi ASA | 5.2% |
| Norsk Hydro ASA | 4.5% |
| Aker BP ASA | 4.3% |
| Orkla ASA | 4.2% |
| Storebrand ASA | 3.5% |
| Yara International ASA | 3.3% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI Norway ETF

Annual Shareholder Report — August 31, 2025

ENOR-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI Peru and Global Exposure ETF

### EPU \| NYSE Arca

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Peru and Global Exposure ETF | $70 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 37.75%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI All Peru Capped Index (Net) returned 38.03%. 

What contributed to performance?

Stocks in Peru contributed the most to the Fund's return during the reporting period. Performance was led by the materials sector, specifically companies engaged in metals and mining. Gold prices rose significantly, driven by geopolitical tensions, high central bank demand, and due to gold's role as a safe-haven asset against inflation and tariffs. Peru is home to several gold mines and elevated gold prices were favorable to these miners. Meanwhile, diversified miners benefited from surging copper output. Copper, in the form of ores and concentrates, is Peru's leading export metal, and is pivotal in renewable energy generation and electric vehicles. Materials stocks in Canada also contributed to the Fund's performance, due to the presence of metals and mining companies from these countries operating in Peru. A Peru-based financial services holding company was also a major contributor, benefiting from Peru's favorable macroeconomic environment, growth of its digital platform, and the resolution of a significant tax assessment.

What detracted from performance?

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

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6319435.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 37.75% | 15.84% | 12.34% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI All Peru Capped Index (Net) | 38.03 | 16.19 | 12.87 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$166094270 |
| Number of Portfolio Holdings | &nbsp;&nbsp;27 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$635616 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

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

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Materials | 53.1% |
| Financials | 27.9% |
| Consumer Discretionary | 5.6% |
| Industrials | 3.5% |
| Consumer Staples | 2.4% |
| Real Estate | 2.4% |
| Utilities | 2.2% |
| Communication Services | 1.7% |
| Health Care | 1.2% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Credicorp Ltd. | 22.9% |
| Southern Copper Corp. | 22.2% |
| Cia. de Minas Buenaventura SAA | 4.7% |
| Hochschild Mining PLC | 4.2% |
| MMG Ltd. | 3.2% |
| Pan American Silver Corp. | 3.0% |
| Fortuna Mining Corp. | 3.0% |
| Intercorp Financial Services Inc. | 3.0% |
| Triple Flag Precious Metals Corp. | 3.0% |
| Wheaton Precious Metals Corp. | 2.9% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI Peru and Global Exposure ETF

Annual Shareholder Report — August 31, 2025

EPU-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI Philippines ETF

### EPHE \| NYSE Arca

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| iShares MSCI Philippines ETF | $58 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned (4.62)%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Philippines IMI 25/50 Index (Spliced) returned (3.78)%. 

What contributed to performance?

The utilities sector was the most significant contributor to the Fund's return during the reporting period. The largest electricity distributor in the Philippines benefited from investments in renewable energy, including solar energy projects. Additionally, a leading water treatment company was supported by domestic rate tariff adjustments, strategic acquisitions, and expansions. In the industrials sector, increased cargo volume and strategic expansions helped drive the performance of a large container terminal services company.

What detracted from performance?

A weakening economic outlook, high vacancies, and geopolitical uncertainty pushed Philippine real estate stocks lower during the reporting period. Property developers detracted from the Fund's return due to general uncertainty and oversupply. In the consumer discretionary sector, declining sales in home improvements, as well as expansion costs, pressured the country's leading retailer of home improvement and construction supplies. In the financials sector, the diversified banking sector detracted.

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6319249.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (4.62)% | 1.16% | (1.96)% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI Philippines IMI 25/50 Index (Spliced) | (3.78) | 1.90 | (1.26) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$103703527 |
| Number of Portfolio Holdings | &nbsp;&nbsp;35 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$608069 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

The performance of the MSCI Philippines IMI 25/50 Index (Spliced) in this report reflects the performance of the MSCI Philippines Investible Market Index (IMI) (Net) through November 30, 2020 and, beginning on December 1, 2020, the performance of the MSCI Philippines IMI 25/50 Index (Net).

**Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Industrials | 35.0% |
| Financials | 19.8% |
| Real Estate | 14.1% |
| Consumer Staples | 9.2% |
| Utilities | 9.1% |
| Consumer Discretionary | 6.1% |
| Communication Services | 5.1% |
| Energy | 1.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| International Container Terminal Services Inc. | 15.1% |
| BDO Unibank Inc. | 9.8% |
| SM Prime Holdings Inc. | 6.8% |
| SM Investments Corp. | 4.6% |
| Manila Electric Co. | 4.5% |
| Metropolitan Bank & Trust Co. | 4.5% |
| Jollibee Foods Corp. | 4.5% |
| Bank of the Philippine Islands | 4.4% |
| Ayala Land Inc. | 4.3% |
| PLDT Inc. | 3.4% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI Philippines ETF

Annual Shareholder Report — August 31, 2025

EPHE-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI Poland ETF

### EPOL \| NYSE Arca

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

------

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Poland ETF | $71 | 0.60% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 35.92%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Poland IMI 25/50 Index (Net) returned 33.19%. 

What contributed to performance?

Against a backdrop of robust economic growth, financials stocks were the most significant contributors to the Fund's performance during the reporting period. Diversified banks benefited from Poland's economic recovery and improved investor sentiment. Positive net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits), high asset management fees, and strategic digital advancements also supported the country's banks. Poland's largest financial group, which offers a wide range of insurance products, also contributed due to substantial profits, as it expanded beyond its core insurance business, and embarked on strategic partnerships. In the energy sector, robust profits in upstream and energy units helped a multi utility company involved in oil refining, and as it eliminated its dependence on Russian crude oil. Utilities companies benefited as the country shifts away from its reliance on coal, lowered carbon dioxide emission costs, and benefited from favorable energy policies from the Polish government that helped stabilize prices.

What detracted from performance?

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

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6319364.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 35.92% | 15.00% | 6.55% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI Poland IMI 25/50 Index (Net) | 33.19 | 14.64 | 6.39 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$445349297 |
| Number of Portfolio Holdings | &nbsp;&nbsp;36 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1928489 |
| Portfolio Turnover Rate | &nbsp;&nbsp;12% |

---

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

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 45.7% |
| Consumer Discretionary | 12.6% |
| Energy | 10.4% |
| Materials | 6.6% |
| Communication Services | 6.4% |
| Utilities | 5.9% |
| Consumer Staples | 5.6% |
| Industrials | 4.0% |
| Information Technology | 2.5% |
| Health Care | 0.3% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Powszechna Kasa Oszczednosci Bank Polski SA | 14.1% |
| ORLEN SA | 10.4% |
| Powszechny Zaklad Ubezpieczen SA | 8.4% |
| Bank Polska Kasa Opieki SA | 7.7% |
| Allegro.eu SA | 4.6% |
| Dino Polska SA | 4.5% |
| Santander Bank Polska SA | 4.2% |
| LPP SA | 3.9% |
| CD Projekt SA | 3.9% |
| KGHM Polska Miedz SA | 3.7% |

---

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

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

The net expense ratio decreased from the prior fiscal year end primarily due to a decrease in professional fees for foreign withholding tax claims.

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI Poland ETF

Annual Shareholder Report — August 31, 2025

EPOL-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI Qatar ETF

### QAT \| NASDAQ

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Qatar ETF | $65 | 0.60% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 17.26%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI All Qatar Capped Index returned 18.40%. 

What contributed to performance?

Qatar's economy demonstrated resilience during the reporting period amid increasing foreign investment and efforts to diversify its economy. In this environment, financial stocks were the largest contributors to the Fund's performance. Diversified banks led, benefitting from robust domestic economic growth, increased credit demand, and strength in deposit growth from both sharia-compliant (in addition to following Islamic law, sharia-compliant prohibits interest and instead uses profit-and-loss sharing agreements) and conventional banking services. Notably, the country's flagship bank gained due to the firm's successful expansion in lending and deposits, supported by strong governance. In the industrials sector, a company with diverse interests, including contracting, healthcare, tourism and real estate, and services, was supported by increased investor confidence, profit growth, and as it expanded its international presence. Also contributing was a multinational telecommunications company that gained amid fintech growth, strategic partnerships, an improved dividend policy, and digital infrastructure expansion.

What detracted from performance?

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

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318993.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 17.26% | 6.38% | 3.09% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI All Qatar Capped Index | 18.40 | 6.97 | 3.77 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$78523167 |
| Number of Portfolio Holdings | &nbsp;&nbsp;33 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$423368 |
| Portfolio Turnover Rate | &nbsp;&nbsp;29% |

---

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 56.0% |
| Industrials | 14.2% |
| Energy | 9.2% |
| Communication Services | 5.5% |
| Materials | 5.4% |
| Real Estate | 4.3% |
| Utilities | 2.6% |
| Consumer Staples | 1.4% |
| Health Care | 0.8% |
| Information Technology | 0.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Qatar National Bank QPSC | 22.4% |
| Qatar Islamic Bank QPSC | 14.7% |
| Industries Qatar QSC | 6.7% |
| Qatar Gas Transport Co. Ltd. | 4.5% |
| Al Rayan Bank | 4.5% |
| Commercial Bank PSQC (The) | 4.3% |
| Qatar International Islamic Bank QSC | 4.0% |
| Qatar Navigation QSC | 3.9% |
| Ooredoo QPSC | 3.8% |
| Qatar Fuel QSC | 3.2% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI Qatar ETF

Annual Shareholder Report — August 31, 2025

QAT-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI Saudi Arabia ETF

### KSA \| NYSE Arca

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI Saudi Arabia ETF | $72 | 0.75% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned (8.01)%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI Saudi Arabia IMI 25/50 Index (Net) returned (7.21)%. 

What contributed to performance?

There were no significant contributors to the Fund's performance during the reporting period.

What detracted from performance?

Saudi Arabia is the world's largest oil producer and the country highly sensitive to energy prices. The recent downward trajectory of oil prices, due to increased production and weak energy demand triggered by slowing global economic growth, has placed negative pressure on the country's economy and increased fiscal pressure. During the reporting period, the utilities sector was the largest drag on the Fund's return, largely attributed to an energy solutions company. Despite increased revenue, profit was weighed down by higher borrowing costs and impairment losses (the reduction in book value of an asset when its fair market value permanently drops below what is recorded on a company's balance sheet.) Falling oil prices and production cuts negatively impacted the energy sector, particularly the country's majority state-owned oil company. Healthcare facilities companies also weighed on performance.

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

#### Fund performance
Cumulative performance: September 16, 2015 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318878.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Fund NAV | (8.01)% | 7.92% | 6.65% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.88 |
| MSCI Saudi Arabia IMI 25/50 Index (Net) | (7.21) | 8.77 | 7.46 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$570327646 |
| Number of Portfolio Holdings | &nbsp;&nbsp;133 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$4813472 |
| Portfolio Turnover Rate | &nbsp;&nbsp;24% |

---

The inception date of the Fund was September 16, 2015.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 39.4% |
| Materials | 15.1% |
| Energy | 10.8% |
| Communication Services | 9.4% |
| Health Care | 4.4% |
| Utilities | 4.4% |
| Consumer Staples | 3.9% |
| Consumer Discretionary | 3.8% |
| Real Estate | 3.5% |
| Industrials | 3.1% |
| Information Technology | 2.2% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Al Rajhi Bank | 13.9% |
| Saudi Arabian Oil Co. | 10.3% |
| Saudi National Bank (The) | 7.6% |
| Saudi Telecom Co. | 6.2% |
| Saudi Arabian Mining Co. | 4.4% |
| Saudi Basic Industries Corp. | 4.0% |
| Riyad Bank | 3.1% |
| ACWA Power Co. | 2.7% |
| Alinma Bank | 2.5% |
| Saudi Awwal Bank | 2.5% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI Saudi Arabia ETF

Annual Shareholder Report — August 31, 2025

KSA-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI UAE ETF

### UAE \| NASDAQ

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI UAE ETF | $69 | 0.59% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 35.38%. 

* For the same period, the MSCI Emerging Markets Index (Net) returned 16.80% and the MSCI All UAE Capped Index returned 36.50%. 

What contributed to performance?

The United Arab Emirates ("UAE") enjoyed robust growth during the reporting period, supported by the country's long-term strategic framework focused on economic diversification away from oil. In this landscape, stocks in the financials sector contributed the most to the Fund's return. Diversified banks gained amid loan increases, non-interest income growth, international expansions, and improved asset quality. The UAE is considered to be one of the top real estate markets in the world, attracting global wealth and tourism, which benefited real estate companies as they expanded their investment properties. In particular, a global property developer gained amid surging demand and as the company reinstated its dividend. Also contributing was a low-cost air operator supported by a growing tourism sector.

What detracted from performance?

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

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318936.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 35.38% | 16.41% | 4.71% |
| MSCI Emerging Markets Index (Net) | 16.80 | 5.21 | 6.92 |
| MSCI All UAE Capped Index | 36.50 | 17.72 | 5.50 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$168042660 |
| Number of Portfolio Holdings | &nbsp;&nbsp;56 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$544672 |
| Portfolio Turnover Rate | &nbsp;&nbsp;47% |

---

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

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 36.8% |
| Real Estate | 23.6% |
| Communication Services | 10.3% |
| Industrials | 10.1% |
| Energy | 7.6% |
| Consumer Discretionary | 5.5% |
| Utilities | 4.2% |
| Consumer Staples | 1.1% |
| Information Technology | 0.7% |
| Materials | 0.1% |
| Health Care | 0.0% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Emaar Properties PJSC | 14.9% |
| First Abu Dhabi Bank PJSC | 11.3% |
| Emirates Telecommunications Group Co. PJSC | 9.6% |
| Emirates NBD Bank PJSC | 7.2% |
| Dubai Islamic Bank PJSC | 4.5% |
| Abu Dhabi Commercial Bank PJSC | 4.4% |
| Abu Dhabi Islamic Bank PJSC | 4.3% |
| Aldar Properties PJSC | 4.3% |
| ADNOC Drilling Co. PJSC | 3.3% |
| Adnoc Gas PLC | 3.2% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI UAE ETF

Annual Shareholder Report — August 31, 2025

UAE-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI United Kingdom ETF

### EWU \| NYSE Arca

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI United Kingdom ETF | $54 | 0.50% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 15.49%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI United Kingdom Index (Net) returned 16.49%. 

What contributed to performance?

Amid an environment of modest economic growth, stocks in the United Kingdom rose during the reporting period. Financials stocks were the largest contributors, as banks benefited from strong balance sheets, robust performance from investment banking units, and solid trading activity. Insurance firms also aided performance, supported by attractive financial performance, strategic initiatives, and positive market sentiment. In the industrials sector, aerospace and defense firms were lifted as the United Kingdom made substantial new investments in defense spending. In addition to increased defense contracts, firms gained amid robust civil aviation demand. In the consumer staples sector, tobacco companies advanced as they diversified into smoke-free products, as well as strong performance from traditional cigarette markets.

What detracted from performance?

Pharmaceutical firms in the healthcare sector were modest detractors from the Fund's return during the reporting period. Trial setbacks, policy changes and upheaval in the United States, along with the threat of tariffs weighed on performance.

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

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

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6319480.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 15.49% | 13.29% | 6.00% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 8.94 | 7.33 |
| MSCI United Kingdom Index (Net) | 16.49 | 13.90 | 6.56 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$2897299396 |
| Number of Portfolio Holdings | &nbsp;&nbsp;77 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$15461986 |
| Portfolio Turnover Rate | &nbsp;&nbsp;5% |

---

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 24.0% |
| Consumer Staples | 17.3% |
| Industrials | 14.9% |
| Health Care | 13.7% |
| Energy | 10.9% |
| Materials | 5.9% |
| Consumer Discretionary | 4.7% |
| Utilities | 4.4% |
| Communication Services | 2.5% |
| Information Technology | 1.1% |
| Real Estate | 0.6% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| AstraZeneca PLC | 8.7% |
| HSBC Holdings PLC | 7.8% |
| Shell PLC | 7.6% |
| Unilever PLC | 5.4% |
| Rolls-Royce Holdings PLC | 4.3% |
| British American Tobacco PLC | 4.2% |
| BP PLC | 3.3% |
| RELX PLC | 3.0% |
| GSK PLC | 2.8% |
| BAE Systems PLC | 2.5% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI United Kingdom ETF

Annual Shareholder Report — August 31, 2025

EWU-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares MSCI World Small-Cap ETF

### WSML \| NASDAQ

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

------

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares MSCI World Small-Cap ETF | $7(a) | 0.15%(b) |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.</sup> |
| <sup><sup>(b)</sup></sup><sup>Annualized.</sup> |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$739344492 |
| Number of Portfolio Holdings | &nbsp;&nbsp;3277 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$281765 |
| Portfolio Turnover Rate | &nbsp;&nbsp;14% |

---

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 20.4% |
| Financials | 15.6% |
| Consumer Discretionary | 12.4% |
| Information Technology | 11.8% |
| Health Care | 9.1% |
| Real Estate | 7.9% |
| Materials | 7.5% |
| Consumer Staples | 4.5% |
| Energy | 4.2% |
| Communication Services | 3.8% |
| Utilities | 2.8% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 59.9% |
| Japan | 12.8% |
| United Kingdom | 4.8% |
| Canada | 3.9% |
| Australia | 3.8% |
| Sweden | 1.9% |
| Switzerland | 1.6% |
| Germany | 1.4% |
| Israel | 1.4% |
| France | 1.2% |
| Other<sup>#</sup> | 7.3% |

---

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

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares MSCI World Small-Cap ETF

Annual Shareholder Report — August 31, 2025

WSML-08/25-AR

![TSR - BLK iShares Logo](g21991images_5304.jpg)

### iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF

### PABD \| NASDAQ

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

------

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF | $13 | 0.12% |

---

How did the Fund perform last year?

* For the reporting period ended August 31, 2025, the Fund returned 12.01%. 

* For the same period, the MSCI ACWI ex USA Index (Net) returned 15.42% and the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index (Net) returned 12.36%. 

What contributed to performance?

Canadian equities were the largest contributor to the Fund's return during the reporting period. While tariff threats pressured investor sentiment, equities advanced on the back of central bank rate cuts aimed at supporting growth. In this environment, Canada's diversified banks led returns. In addition, Canadian metals and mining stocks in the materials sector also contributed as gold prices soared to new highs, uplifted by their safe-haven demand and central bank purchases. Banking stocks from the United Kingdom also contributed, benefiting from strong balance sheets, robust performance from investment banking units, and solid trading activity. In Switzerland, insurance firms were supported by increased demand for both life- and non-life interest, as well as the relative stability of their cash flows.

What detracted from performance?

A Danish healthcare company detracted from the Fund's performance during the reporting period. The firm reduced its sales growth outlook after its blockbuster weight loss drug faced increased competition from lower-cost alternatives.

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

#### Fund performance
Cumulative performance: January 17, 2024 through August 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g21991chartimages_6318519.jpg)

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

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 12.01% | 17.53% |
| MSCI ACWI ex USA Index (Net) | 15.42 | 19.77 |
| MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index (Net) | 12.36 | 17.86 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$222336982 |
| Number of Portfolio Holdings | &nbsp;&nbsp;446 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$126248 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

The inception date of the Fund was January 17, 2024.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

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

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 29.1% |
| Industrials | 17.5% |
| Health Care | 12.1% |
| Information Technology | 10.0% |
| Consumer Discretionary | 8.8% |
| Real Estate | 6.2% |
| Materials | 5.2% |
| Consumer Staples | 4.8% |
| Communication Services | 3.5% |
| Utilities | 2.7% |
| Energy | 0.1% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 18.1% |
| Canada | 13.3% |
| Switzerland | 10.2% |
| United Kingdom | 9.7% |
| France | 9.6% |
| Germany | 7.3% |
| Australia | 6.1% |
| Netherlands | 4.1% |
| Sweden | 4.0% |
| Italy | 3.4% |
| Other<sup>#</sup> | 14.2% |

---

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

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

On March 19, 2025, the Fund's Board approved a proposal to change the name of the Fund from iShares Paris-Aligned Climate MSCI World ex USA ETF to iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF. This change became effective on June 2, 2025.

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

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

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

![TSR - BLK iShares Logo Footer](g21991images_5305.jpg)

iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF

Annual Shareholder Report — August 31, 2025

PABD-08/25-AR

------

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

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.  |

---

Item 3 – Audit Committee Financial Expert – The registrant's board of trustees (the "board of trustees"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Richard L. Fagnani

Laura F. Fergerson

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – Principal Accountant Fees and Services

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the thirty-one series of the registrant for which the fiscal year-end is August 31, 2025 (the "Funds"), and whose annual financial statements are reported in Item 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u> – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds' annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $510,600 for the fiscal year ended August 31, 2024 and $494,400 for the fiscal year ended August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u> – There were no fees billed for the fiscal years ended August 31, 2024 and August 31, 2025 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund's financial statements and are not reported under (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u> – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $300,700 for the fiscal year ended August 31, 2024 and $300,700 for the fiscal year ended August 31, 2025. These services related to the review of the Funds' tax returns and excise tax calculations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u> – There were no other fees billed in each of the fiscal years ended August 31, 2024 and August 31, 2025 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u> – The registrant's audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant's financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant's investment adviser ("Adviser Affiliate") that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) There were no services described in Items 4(b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's principal accountant for services rendered to the Funds, and rendered to the registrant's investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $300,700 for the fiscal year ended August 31, 2024 and $300,700 for the fiscal year ended August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee has considered whether the provision of non-audit services rendered to the registrant's investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant's independence, and has determined that the provision of these services, if any, does not compromise the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

Item 5 – Audit Committee of Listed Registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following individuals are members of the registrant's separately designated standing Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Richard L. Fagnani

Laura F. Fergerson

Cecilia H. Herbert

John E. Martinez

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

------

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

------

August 31, 2025

![](g21991img20f678331.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

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

---

| |
|:---|
| **iShares Trust** |
| • iShares ESG Advanced MSCI EAFE ETF \| DMXF \| NASDAQ |
| • iShares ESG Advanced MSCI EM ETF \| EMXF \| NASDAQ |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_f6077f14-7c92-4971-8fb2-f346a2a4417b_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_f6077f14-7c92-4971-8fb2-f346a2a4417b_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 16 |
| [Statements of Operations](#xx_f6077f14-7c92-4971-8fb2-f346a2a4417b_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 17 |
| [Statements of Changes in Net Assets](#xx_f6077f14-7c92-4971-8fb2-f346a2a4417b_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 18 |
| [Financial Highlights](#xx_f6077f14-7c92-4971-8fb2-f346a2a4417b_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 19 |
| [Notes to Financial Statements](#xx_f6077f14-7c92-4971-8fb2-f346a2a4417b_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 21 |
| [Report of Independent Registered Public Accounting Firm](#xx_f6077f14-7c92-4971-8fb2-f346a2a4417b_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 30 |
| [Important Tax Information](#xx_f6077f14-7c92-4971-8fb2-f346a2a4417b_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 31 |
| [Additional Information](#xx_f6077f14-7c92-4971-8fb2-f346a2a4417b_SAI-Footer-iSharesReport-1134_1)  | &nbsp;&nbsp; 32 |
| [Board Review and Approval of Investment Advisory Contract](#xx_f6077f14-7c92-4971-8fb2-f346a2a4417b_15Cheader-Footer-iSharesReport_1)  | &nbsp;&nbsp; 33 |
| [Glossary of Terms Used in these Financial Statements](#xx_f6077f14-7c92-4971-8fb2-f346a2a4417b_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 36 |

---

------

Schedule of Investments

August 31, 2025

**iShares® ESG Advanced MSCI EAFE 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 — 4.5%** | **Australia — 4.5%** | **Australia — 4.5%** |
| ASX Ltd. | &nbsp;&nbsp; 18960 | $774492 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 42294 | 633636 |
| Brambles Ltd. | &nbsp;&nbsp; 131735 | 2232531 |
| CAR Group Ltd. | &nbsp;&nbsp; 36026 | 950292 |
| Cochlear Ltd. | &nbsp;&nbsp; 6307 | 1241945 |
| Computershare Ltd. | &nbsp;&nbsp; 50353 | 1253078 |
| CSL Ltd. | &nbsp;&nbsp; 46635 | 6487285 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 193701 | 1111239 |
| Goodman Group | &nbsp;&nbsp; 195659 | 4378527 |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp; 55795 | 1133142 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 131128 | 1636447 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 5531 | 1074312 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 72419 | 554891 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 145592 | 2057032 |
| REA Group Ltd. | &nbsp;&nbsp; 5071 | 830470 |
| Scentre Group | &nbsp;&nbsp; 501972 | 1337896 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 446478 | 909709 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 45484 | 714439 |
| Stockland | &nbsp;&nbsp; 231710 | 938461 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 104924 | 1458148 |
| Transurban Group | &nbsp;&nbsp; 300351 | 2864776 |
| Vicinity Ltd. | &nbsp;&nbsp; 382173 | 647075 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15817 | 1686612 |
|  |  | 36906435 |
| **Austria — 0.4%** | **Austria — 0.4%** | **Austria — 0.4%** |
| Erste Group Bank AG | &nbsp;&nbsp; 29597 | 2817203 |
| Verbund AG | &nbsp;&nbsp; 6971 | 497148 |
|  |  | 3314351 |
| **Belgium — 1.2%** | **Belgium — 1.2%** | **Belgium — 1.2%** |
| Ageas SA | &nbsp;&nbsp; 14841 | 1045664 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 5895 | 4197267 |
| D'ieteren Group | &nbsp;&nbsp; 2150 | 465904 |
| Elia Group SA/NV, Class B | &nbsp;&nbsp; 4325 | 494892 |
| KBC Group NV | &nbsp;&nbsp; 22156 | 2611601 |
| Lotus Bakeries NV | &nbsp;&nbsp; 38 | 372645 |
| Sofina SA | &nbsp;&nbsp; 1542 | 466563 |
|  |  | 9654536 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Wharf Holdings Ltd. (The) | &nbsp;&nbsp; 97000 | 278388 |
| **Denmark — 1.5%** | **Denmark — 1.5%** | **Denmark — 1.5%** |
| Demant A/S<sup>(a)</sup> | &nbsp;&nbsp; 8599 | 328994 |
| DSV A/S | &nbsp;&nbsp; 19681 | 4363425 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 5943 | 1483308 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 33917 | 2157540 |
| Pandora A/S | &nbsp;&nbsp; 7590 | 1049285 |
| Rockwool AS, Class B | &nbsp;&nbsp; 9743 | 368220 |
| Tryg A/S | &nbsp;&nbsp; 32609 | 856975 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 97259 | 1936179 |
|  |  | 12543926 |
| **Finland — 1.2%** | **Finland — 1.2%** | **Finland — 1.2%** |
| Elisa OYJ | &nbsp;&nbsp; 13803 | 735829 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 26607 | 590152 |
| Kone OYJ, Class B | &nbsp;&nbsp; 32758 | 2060396 |
| Metso OYJ | &nbsp;&nbsp; 64064 | 829208 |
| Nokia OYJ | &nbsp;&nbsp; 494516 | 2128861 |
| Orion OYJ, Class B | &nbsp;&nbsp; 10476 | 836889 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 234848 | 2694837 |
|  |  | 9876172 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France — 10.3%** | **France — 10.3%** | **France — 10.3%** |
| Accor SA | &nbsp;&nbsp; 18814 | $933297 |
| Aeroports de Paris SA | &nbsp;&nbsp; 3316 | 436454 |
| Air Liquide SA | &nbsp;&nbsp; 55788 | 11494409 |
| Amundi SA<sup>(b)</sup> | &nbsp;&nbsp; 6047 | 446993 |
| AXA SA | &nbsp;&nbsp; 170893 | 7959793 |
| BioMerieux | &nbsp;&nbsp; 4040 | 561819 |
| Bureau Veritas SA | &nbsp;&nbsp; 30632 | 924062 |
| Capgemini SE | &nbsp;&nbsp; 15684 | 2230726 |
| Covivio SA/France | &nbsp;&nbsp; 5066 | 332087 |
| Dassault Systemes SE | &nbsp;&nbsp; 64860 | 2017159 |
| Edenred SE | &nbsp;&nbsp; 22906 | 662609 |
| Eiffage SA | &nbsp;&nbsp; 6590 | 829322 |
| EssilorLuxottica SA | &nbsp;&nbsp; 28981 | 8840229 |
| Eurofins Scientific SE | &nbsp;&nbsp; 11173 | 848422 |
| Euronext NV<sup>(b)</sup> | &nbsp;&nbsp; 7504 | 1238759 |
| Gecina SA | &nbsp;&nbsp; 4467 | 438624 |
| Getlink SE | &nbsp;&nbsp; 29362 | 555431 |
| Hermes International SCA | &nbsp;&nbsp; 3050 | 7469929 |
| Ipsen SA | &nbsp;&nbsp; 3681 | 500456 |
| Klepierre SA | &nbsp;&nbsp; 21219 | 828537 |
| Legrand SA | &nbsp;&nbsp; 25243 | 3844156 |
| Publicis Groupe SA | &nbsp;&nbsp; 22032 | 2034397 |
| Rexel SA | &nbsp;&nbsp; 21732 | 703598 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 2704 | 554517 |
| Schneider Electric SE | &nbsp;&nbsp; 52830 | 12979610 |
| Societe Generale SA | &nbsp;&nbsp; 69325 | 4277964 |
| Sodexo SA | &nbsp;&nbsp; 8275 | 496880 |
| STMicroelectronics NV | &nbsp;&nbsp; 65916 | 1796301 |
| Teleperformance SE | &nbsp;&nbsp; 5159 | 398063 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 11704 | 1217681 |
| Vinci SA | &nbsp;&nbsp; 47651 | 6462971 |
|  |  | 84315255 |
| **Germany — 7.9%** | **Germany — 7.9%** | **Germany — 7.9%** |
| Beiersdorf AG | &nbsp;&nbsp; 9534 | 1097991 |
| Commerzbank AG | &nbsp;&nbsp; 74258 | 2834320 |
| Covestro AG, NVS<sup>(a)</sup> | &nbsp;&nbsp; 16435 | 1142102 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 6112 | 572932 |
| Deutsche Boerse AG | &nbsp;&nbsp; 18227 | 5364823 |
| Fresenius SE & Co. KGaA | &nbsp;&nbsp; 40825 | 2219816 |
| GEA Group AG | &nbsp;&nbsp; 14254 | 1037504 |
| Hannover Rueck SE | &nbsp;&nbsp; 5874 | 1710171 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 9790 | 752408 |
| Hensoldt AG | &nbsp;&nbsp; 6122 | 634608 |
| Infineon Technologies AG | &nbsp;&nbsp; 125946 | 5155455 |
| Knorr-Bremse AG | &nbsp;&nbsp; 6823 | 712748 |
| LEG Immobilien SE | &nbsp;&nbsp; 7467 | 625928 |
| Merck KGaA | &nbsp;&nbsp; 12530 | 1590901 |
| MTU Aero Engines AG | &nbsp;&nbsp; 5195 | 2315241 |
| Nemetschek SE | &nbsp;&nbsp; 5594 | 772805 |
| QIAGEN NV | &nbsp;&nbsp; 20881 | 972931 |
| Rational AG | &nbsp;&nbsp; 498 | 371216 |
| SAP SE | &nbsp;&nbsp; 100646 | 27395453 |
| Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp; 7246 | 938827 |
| Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp; 32787 | 1815563 |
| Symrise AG, Class A | &nbsp;&nbsp; 12903 | 1249417 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 6237 | 860017 |
| Vonovia SE | &nbsp;&nbsp; 72591 | 2350738 |
| Zalando SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 20920 | 582991 |
|  |  | 65076906 |
| **Hong Kong — 3.3%** | **Hong Kong — 3.3%** | **Hong Kong — 3.3%** |
| AIA Group Ltd. | &nbsp;&nbsp; 1026800 | 9759073 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Advanced MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 367000 | $1666226 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 5941 | 1102650 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 70300 | 1008029 |
| HKT Trust & HKT Ltd., Class SS | &nbsp;&nbsp; 376000 | 570355 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 111300 | 6520863 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 108000 | 669635 |
| Link REIT | &nbsp;&nbsp; 254300 | 1358259 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 159500 | 540765 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 382000 | 455111 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 141500 | 1671453 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 37500 | 321437 |
| WH Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 821500 | 882784 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 163000 | 476105 |
|  |  | 27002745 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| AIB Group PLC | &nbsp;&nbsp; 200479 | 1628865 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 90974 | 1345581 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 15554 | 1424181 |
|  |  | 4398627 |
| **Israel — 1.7%** | **Israel — 1.7%** | **Israel — 1.7%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 3981 | 381589 |
| Bank Hapoalim BM | &nbsp;&nbsp; 120431 | 2353680 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 143811 | 2763623 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8360 | 1614650 |
| CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4593 | 2081823 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 117587 | 1164892 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 15082 | 984958 |
| Monday.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3959 | 764087 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6097 | 859466 |
| Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5372 | 757882 |
|  |  | 13726650 |
| **Italy — 1.9%** | **Italy — 1.9%** | **Italy — 1.9%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 21456 | 434003 |
| BPER Banca SpA | &nbsp;&nbsp; 140626 | 1460690 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 59257 | 1300800 |
| Generali | &nbsp;&nbsp; 82214 | 3209394 |
| Infrastrutture Wireless Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 27098 | 328550 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 52089 | 1261722 |
| Moncler SpA | &nbsp;&nbsp; 22568 | 1313567 |
| Nexi SpA<sup>(b)</sup> | &nbsp;&nbsp; 54690 | 347040 |
| Poste Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 44174 | 1034623 |
| Prysmian SpA | &nbsp;&nbsp; 27088 | 2364052 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 1113193 | 533879 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 146277 | 1470395 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 33682 | 703719 |
|  |  | 15762434 |
| **Japan — 24.9%** | **Japan — 24.9%** | **Japan — 24.9%** |
| Advantest Corp. | &nbsp;&nbsp; 73800 | 5643448 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 214500 | 2602110 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 87200 | 2364792 |
| ANA Holdings Inc. | &nbsp;&nbsp; 15600 | 314514 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 120700 | 984982 |
| Asics Corp. | &nbsp;&nbsp; 67100 | 1803755 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 172000 | 1888159 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 56400 | 1939150 |
| Canon Inc. | &nbsp;&nbsp; 83900 | 2455335 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 33400 | 901298 |
| Central Japan Railway Co. | &nbsp;&nbsp; 74500 | 1981561 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 53500 | 547304 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 64700 | 2859178 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 100200 | 756045 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 38400 | $643185 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 31000 | 975703 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 338600 | 2778406 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 164300 | 3928686 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 54000 | 1907966 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 132500 | 1027188 |
| Disco Corp. | &nbsp;&nbsp; 8900 | 2435090 |
| East Japan Railway Co. | &nbsp;&nbsp; 92900 | 2279344 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 25300 | 773488 |
| FANUC Corp. | &nbsp;&nbsp; 90000 | 2501954 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 107800 | 2553864 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 23100 | 683919 |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 1700 | 452687 |
| Hoya Corp. | &nbsp;&nbsp; 33100 | 4274091 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 41500 | 445151 |
| IHI Corp. | &nbsp;&nbsp; 14200 | 1475693 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 13800 | 293464 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 96500 | 1008631 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 172700 | 2170863 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 18200 | 509580 |
| Kajima Corp. | &nbsp;&nbsp; 40700 | 1210272 |
| Kao Corp. | &nbsp;&nbsp; 45100 | 2049164 |
| Kawasaki Heavy Industries Ltd. | &nbsp;&nbsp; 14500 | 877094 |
| KDDI Corp. | &nbsp;&nbsp; 302700 | 5231659 |
| Keyence Corp. | &nbsp;&nbsp; 18800 | 7167368 |
| Kikkoman Corp. | &nbsp;&nbsp; 66800 | 573319 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 13600 | 382512 |
| Komatsu Ltd. | &nbsp;&nbsp; 91700 | 3104443 |
| Konami Group Corp. | &nbsp;&nbsp; 9700 | 1463132 |
| Kubota Corp. | &nbsp;&nbsp; 94400 | 1091458 |
| Kyocera Corp. | &nbsp;&nbsp; 124000 | 1649162 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 22600 | 390311 |
| LY Corp. | &nbsp;&nbsp; 264500 | 837401 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 31700 | 654799 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 22500 | 468205 |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 34200 | 582810 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 119700 | 680173 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 102500 | 2183509 |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 85300 | 699735 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 254800 | 2693804 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 25000 | 430765 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 124100 | 2886795 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 161200 | 2602342 |
| NEC Corp. | &nbsp;&nbsp; 124800 | 3800249 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 31600 | 715082 |
| Nidec Corp. | &nbsp;&nbsp; 80600 | 1739530 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 736 | 712140 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 92700 | 670776 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 17400 | 630711 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 18800 | 354026 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 7600 | 701359 |
| Nitto Denko Corp. | &nbsp;&nbsp; 68100 | 1532837 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 36300 | 1424929 |
| Obayashi Corp. | &nbsp;&nbsp; 62900 | 1020309 |
| Oracle Corp./Japan | &nbsp;&nbsp; 3500 | 362258 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 104200 | 2480829 |
| Otsuka Corp. | &nbsp;&nbsp; 20700 | 425125 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 41800 | 2193350 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 36600 | 1320139 |
| Rakuten Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 145700 | 896850 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 128200 | 7336025 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 162200 | 1893304 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Advanced MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Resona Holdings Inc. | &nbsp;&nbsp; 199800 | $2003881 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 17300 | 895123 |
| SBI Holdings Inc. | &nbsp;&nbsp; 27000 | 1268616 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 7600 | 574493 |
| SCSK Corp. | &nbsp;&nbsp; 15100 | 480998 |
| Secom Co. Ltd. | &nbsp;&nbsp; 40600 | 1498971 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 36100 | 685117 |
| Sekisui House Ltd. | &nbsp;&nbsp; 57100 | 1284993 |
| Shimadzu Corp. | &nbsp;&nbsp; 23000 | 563199 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 163000 | 4964556 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 73000 | 1262733 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 39200 | 636186 |
| SMC Corp. | &nbsp;&nbsp; 5500 | 1683324 |
| SoftBank Corp. | &nbsp;&nbsp; 2765300 | 4277590 |
| SoftBank Group Corp. | &nbsp;&nbsp; 92100 | 9890071 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 85600 | 2735729 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 24600 | 665673 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 355400 | 9679522 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 61700 | 1755919 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 29900 | 1228283 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 13500 | 417914 |
| Sysmex Corp. | &nbsp;&nbsp; 49300 | 619106 |
| T&D Holdings Inc. | &nbsp;&nbsp; 47400 | 1227177 |
| Taisei Corp. | &nbsp;&nbsp; 15000 | 1015498 |
| Terumo Corp. | &nbsp;&nbsp; 128400 | 2302320 |
| TIS Inc. | &nbsp;&nbsp; 20800 | 692485 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 177000 | 7591166 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 43200 | 5883239 |
| Tokyo Metro Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 26800 | 311112 |
| Tokyu Corp. | &nbsp;&nbsp; 47600 | 600800 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 21900 | 564611 |
| Toray Industries Inc. | &nbsp;&nbsp; 134000 | 895176 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 12600 | 667787 |
| Unicharm Corp. | &nbsp;&nbsp; 108700 | 725384 |
| West Japan Railway Co. | &nbsp;&nbsp; 41100 | 918603 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 24300 | 396967 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 86800 | 629054 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 9300 | 586695 |
| ZOZO Inc. | &nbsp;&nbsp; 42900 | 398636 |
|  |  | 204759351 |
| **Netherlands — 8.5%** | **Netherlands — 8.5%** | **Netherlands — 8.5%** |
| ABN AMRO Bank NV, CVA<sup>(b)</sup> | &nbsp;&nbsp; 56119 | 1618677 |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 2428 | 4077025 |
| Aegon Ltd. | &nbsp;&nbsp; 128617 | 1010713 |
| AerCap Holdings NV | &nbsp;&nbsp; 17171 | 2120618 |
| Akzo Nobel NV | &nbsp;&nbsp; 16652 | 1151065 |
| ASM International NV | &nbsp;&nbsp; 4521 | 2170848 |
| ASML Holding NV | &nbsp;&nbsp; 37950 | 28181386 |
| ASR Nederland NV | &nbsp;&nbsp; 14512 | 1006809 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 7059 | 950830 |
| CVC Capital Partners PLC<sup>(b)</sup> | &nbsp;&nbsp; 20411 | 412010 |
| DSM-Firmenich AG | &nbsp;&nbsp; 18076 | 1768662 |
| ING Groep NV | &nbsp;&nbsp; 290823 | 6943390 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 23985 | 348628 |
| JDE Peet's NV | &nbsp;&nbsp; 16692 | 611284 |
| Koninklijke KPN NV | &nbsp;&nbsp; 378249 | 1805063 |
| NN Group NV | &nbsp;&nbsp; 25929 | 1784747 |
| Prosus NV | &nbsp;&nbsp; 126023 | 7795714 |
| Randstad NV | &nbsp;&nbsp; 10312 | 487803 |
| Universal Music Group NV | &nbsp;&nbsp; 106141 | 3000530 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Wolters Kluwer NV | &nbsp;&nbsp; 23027 | $2900795 |
|  |  | 70146597 |
| **New Zealand — 0.4%** | **New Zealand — 0.4%** | **New Zealand — 0.4%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 148423 | 661094 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 56292 | 1215466 |
| Infratil Ltd. | &nbsp;&nbsp; 89018 | 596105 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 148982 | 501587 |
|  |  | 2974252 |
| **Norway — 0.8%** | **Norway — 0.8%** | **Norway — 0.8%** |
| DNB Bank ASA | &nbsp;&nbsp; 85560 | 2254348 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 20113 | 558740 |
| Mowi ASA | &nbsp;&nbsp; 44848 | 922718 |
| Orkla ASA | &nbsp;&nbsp; 67170 | 751035 |
| Salmar ASA<sup>(c)</sup> | &nbsp;&nbsp; 6909 | 353816 |
| Telenor ASA | &nbsp;&nbsp; 59770 | 997174 |
| Yara International ASA | &nbsp;&nbsp; 15523 | 565095 |
|  |  | 6402926 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| EDP Renovaveis SA | &nbsp;&nbsp; 33449 | 392859 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 26719 | 660956 |
|  |  | 1053815 |
| **Singapore — 2.6%** | **Singapore — 2.6%** | **Singapore — 2.6%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 381199 | 808025 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 577839 | 1026743 |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 228600 | 491345 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 205020 | 8070178 |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 228473 | 1140080 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 326300 | 4254779 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 148000 | 758838 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 80600 | 1040522 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 121500 | 3327479 |
|  |  | 20917989 |
| **Spain — 2.3%** | **Spain — 2.3%** | **Spain — 2.3%** |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 17296 | 1307347 |
| Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; 74434 | 2157433 |
| Amadeus IT Group SA | &nbsp;&nbsp; 43961 | 3687368 |
| Banco de Sabadell SA | &nbsp;&nbsp; 495290 | 1881218 |
| Bankinter SA | &nbsp;&nbsp; 66633 | 994442 |
| CaixaBank SA | &nbsp;&nbsp; 377889 | 3773230 |
| Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp; 48465 | 1725213 |
| Ferrovial SE | &nbsp;&nbsp; 50515 | 2762877 |
| Redeia Corp. SA | &nbsp;&nbsp; 7817 | 151965 |
|  |  | 18441093 |
| **Sweden — 6.0%** | **Sweden — 6.0%** | **Sweden — 6.0%** |
| AddTech AB, Class B | &nbsp;&nbsp; 25043 | 878199 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 96299 | 3402698 |
| Beijer Ref AB, Class B | &nbsp;&nbsp; 36868 | 627152 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 27441 | 945835 |
| Epiroc AB, Class A | &nbsp;&nbsp; 64349 | 1344748 |
| Epiroc AB, Class B | &nbsp;&nbsp; 36726 | 683519 |
| Essity AB, Class B | &nbsp;&nbsp; 58379 | 1578382 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 68066 | 484584 |
| Hexagon AB, Class B | &nbsp;&nbsp; 199831 | 2226862 |
| Holmen AB, Class B | &nbsp;&nbsp; 7605 | 296102 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 11575 | 460684 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 14776 | 588164 |
| Indutrade AB | &nbsp;&nbsp; 26700 | 664551 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 13805 | 350556 |
| Investor AB, Class B | &nbsp;&nbsp; 166467 | 5128339 |
| Lifco AB, Class B | &nbsp;&nbsp; 22189 | 788540 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Advanced MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 145080 | $596052 |
| Nordea Bank Abp | &nbsp;&nbsp; 300341 | 4583284 |
| Sagax AB, Class B | &nbsp;&nbsp; 21735 | 471317 |
| Sandvik AB | &nbsp;&nbsp; 102652 | 2596090 |
| Securitas AB, Class B | &nbsp;&nbsp; 46816 | 716432 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 146875 | 2716088 |
| Skanska AB, Class B | &nbsp;&nbsp; 33135 | 822879 |
| SKF AB, Class B | &nbsp;&nbsp; 33595 | 862602 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 14728 | 10042729 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 58982 | 802444 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 140390 | 1806522 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 18467 | 560945 |
| Tele2 AB, Class B | &nbsp;&nbsp; 53347 | 939554 |
| Telia Co. AB | &nbsp;&nbsp; 227490 | 849268 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 19813 | 766711 |
|  |  | 49581832 |
| **Switzerland — 11.7%** | **Switzerland — 11.7%** | **Switzerland — 11.7%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 151047 | 10136931 |
| Alcon AG | &nbsp;&nbsp; 48152 | 3837375 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 3983 | 1032970 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 2928 | 340357 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 938 | 1032869 |
| Galderma Group AG | &nbsp;&nbsp; 12594 | 2205670 |
| Geberit AG, Registered | &nbsp;&nbsp; 3260 | 2390452 |
| Givaudan SA, Registered | &nbsp;&nbsp; 892 | 3756725 |
| Helvetia Holding AG, Registered | &nbsp;&nbsp; 3608 | 928609 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 19881 | 1435523 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 4614 | 940627 |
| Logitech International SA, Registered | &nbsp;&nbsp; 14629 | 1510557 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 6766 | 4801753 |
| Novartis AG, Registered | &nbsp;&nbsp; 183187 | 23186357 |
| Partners Group Holding AG | &nbsp;&nbsp; 2187 | 3003427 |
| Sandoz Group AG | &nbsp;&nbsp; 40185 | 2521588 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 4068 | 1512085 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 2117 | 757125 |
| SGS SA | &nbsp;&nbsp; 15962 | 1628287 |
| SIG Group AG | &nbsp;&nbsp; 30744 | 487003 |
| Sika AG, Registered | &nbsp;&nbsp; 14714 | 3414478 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 4883 | 1422357 |
| Straumann Holding AG | &nbsp;&nbsp; 10753 | 1260029 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 2879 | 520567 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 2749 | 2970726 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 7743 | 1076920 |
| Swiss Re AG | &nbsp;&nbsp; 28766 | 5213667 |
| Swisscom AG, Registered | &nbsp;&nbsp; 2486 | 1797316 |
| VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp; 2609 | 853227 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 14102 | 10305111 |
|  |  | 96280688 |
| **United Kingdom — 7.4%** | **United Kingdom — 7.4%** | **United Kingdom — 7.4%** |
| 3i Group PLC | &nbsp;&nbsp; 93707 | 5090982 |
| Admiral Group PLC | &nbsp;&nbsp; 24981 | 1224152 |
| Antofagasta PLC | &nbsp;&nbsp; 37648 | 1092406 |
| Ashtead Group PLC | &nbsp;&nbsp; 41053 | 3024705 |
| Associated British Foods PLC | &nbsp;&nbsp; 31161 | 910638 |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 83689 | 908812 |
| Aviva PLC | &nbsp;&nbsp; 293919 | 2588236 |
| Barratt Redrow PLC | &nbsp;&nbsp; 133305 | 648071 |
| Bunzl PLC | &nbsp;&nbsp; 30861 | 1043003 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 20777 | 1050990 |
| Compass Group PLC | &nbsp;&nbsp; 163270 | 5549172 |
| Halma PLC | &nbsp;&nbsp; 36471 | 1621399 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Informa PLC | &nbsp;&nbsp; 125217 | $1474992 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 14105 | 1712216 |
| Intertek Group PLC | &nbsp;&nbsp; 14896 | 944810 |
| JD Sports Fashion PLC | &nbsp;&nbsp; 240108 | 311668 |
| Kingfisher PLC | &nbsp;&nbsp; 165882 | 577784 |
| Land Securities Group PLC | &nbsp;&nbsp; 69348 | 519744 |
| Legal & General Group PLC | &nbsp;&nbsp; 544799 | 1823383 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 45831 | 5679973 |
| M&G PLC | &nbsp;&nbsp; 216313 | 774842 |
| Mondi PLC | &nbsp;&nbsp; 41261 | 580844 |
| Pearson PLC | &nbsp;&nbsp; 54633 | 794463 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 66854 | 615775 |
| Prudential PLC | &nbsp;&nbsp; 249242 | 3324336 |
| RELX PLC | &nbsp;&nbsp; 176804 | 8258447 |
| Rentokil Initial PLC | &nbsp;&nbsp; 242594 | 1199454 |
| Sage Group PLC (The) | &nbsp;&nbsp; 93109 | 1365829 |
| Schroders PLC | &nbsp;&nbsp; 68882 | 353879 |
| Segro PLC | &nbsp;&nbsp; 124341 | 1055170 |
| Severn Trent PLC | &nbsp;&nbsp; 26785 | 935649 |
| Smiths Group PLC | &nbsp;&nbsp; 31047 | 988552 |
| United Utilities Group PLC | &nbsp;&nbsp; 67170 | 1043556 |
| Whitbread PLC | &nbsp;&nbsp; 16755 | 713317 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 64250 | 915302 |
|  |  | 60716551 |
| **Total Common Stocks — 99.1%** <br>**(Cost: $688,012,293)** | **Total Common Stocks — 99.1%** <br>**(Cost: $688,012,293)** | 814131519 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.2%** | **Germany — 0.2%** | **Germany — 0.2%** |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 15741 | 1328701 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 2470 | 573780 |
|  |  | 1902481 |
| **Total Preferred Stocks — 0.2%** <br>**(Cost: $2,310,908)** | **Total Preferred Stocks — 0.2%** <br>**(Cost: $2,310,908)** | 1902481 |
| **Rights** | **Rights** | **Rights** |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Telecom Italia SpA, <br> (Expires 09/22/25, Strike Price EUR 0.29)<br>| &nbsp;&nbsp; 999986 | 12 |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** | 12 |
| **Total Long-Term Investments — 99.3%** <br>**(Cost: $690,323,201)** | **Total Long-Term Investments — 99.3%** <br>**(Cost: $690,323,201)** | 816034012 |
| **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 Shares, <br> 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 505606 | 505859 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Advanced MSCI EAFE ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 130000 | $130000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $635,859)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $635,859)** | 635859 |
| **Total Investments — 99.4%** <br>**(Cost: $690,959,060)** | **Total Investments — 99.4%** <br>**(Cost: $690,959,060)** | 816669871 |
| **Other Assets Less Liabilities — 0.6%** | **Other Assets Less Liabilities — 0.6%** | 4781726 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $821451597 |

---

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

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $1907408 | $— | &nbsp;&nbsp; $(1401955 )<sup>(a)</sup><br>| $606 | $(200)<br>| $505859 | 505606 | $12577 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares |  | 130000 <br><sup>(a)</sup><br>|  |  |  | 130000 | 130000 | 12056 |  |
|  |  |  |  | $606 | $(200) | $635859 |  | $24633 | $— |

---

&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 | 74 | 09/11/25 | &nbsp;&nbsp; $1528 | $66223 |
| Euro STOXX 50 Index | 44 | 09/19/25 | &nbsp;&nbsp; 2760 | 6039 |
|  |  |  |  | $72262 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Advanced MSCI EAFE 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; $72262 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72262 |

---

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

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

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $264729 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $264729 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9489 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9489 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $4492154 |

---

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; $23111386 | &nbsp;&nbsp; $791020133 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $814131519 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 1902481 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1902481 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 635859 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 635859 |
|  | &nbsp;&nbsp; $23747245 | &nbsp;&nbsp; $792922626 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $816669871 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $6039 | &nbsp;&nbsp; $66223 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72262 |

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® ESG Advanced MSCI EM ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 3.2%** | **Brazil — 3.2%** | **Brazil — 3.2%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 137776 | $329838 |
| Banco Bradesco SA | &nbsp;&nbsp; 40351 | 107467 |
| Banco do Brasil SA | &nbsp;&nbsp; 45117 | 177993 |
| BRF SA | &nbsp;&nbsp; 13556 | 51580 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 5136 | 37834 |
| Equatorial Energia SA | &nbsp;&nbsp; 31352 | 211467 |
| Klabin SA | &nbsp;&nbsp; 21522 | 73475 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 24141 | 159579 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 27514 | 73075 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 88905 | 1315794 |
| Raia Drogasil SA | &nbsp;&nbsp; 33801 | 109411 |
| Rede D'Or Sao Luiz SA<sup>(b)</sup> | &nbsp;&nbsp; 20983 | 152326 |
| Rumo SA | &nbsp;&nbsp; 34978 | 93867 |
| Telefonica Brasil SA | &nbsp;&nbsp; 21130 | 131998 |
| TIM SA/Brazil | &nbsp;&nbsp; 22425 | 94095 |
| TOTVS SA | &nbsp;&nbsp; 13952 | 110909 |
| XP Inc., Class A | &nbsp;&nbsp; 9419 | 170861 |
|  |  | 3401569 |
| **Chile — 0.7%** | **Chile — 0.7%** | **Chile — 0.7%** |
| Banco de Chile | &nbsp;&nbsp; 1183444 | 169578 |
| Banco de Credito e Inversiones SA | &nbsp;&nbsp; 2223 | 89903 |
| Banco Santander Chile | &nbsp;&nbsp; 1752186 | 105294 |
| Cencosud SA | &nbsp;&nbsp; 33329 | 105619 |
| Empresas CMPC SA | &nbsp;&nbsp; 30413 | 47687 |
| Falabella SA | &nbsp;&nbsp; 16511 | 93976 |
| Latam Airlines Group SA | &nbsp;&nbsp; 6712559 | 168987 |
|  |  | 781044 |
| **China — 27.1%** | **China — 27.1%** | **China — 27.1%** |
| 3SBio Inc.<sup>(b)</sup> | &nbsp;&nbsp; 47000 | 176799 |
| AAC Technologies Holdings Inc. | &nbsp;&nbsp; 20500 | 114336 |
| Advanced Micro-Fabrication Equipment Inc./China, <br> Class A<br>| &nbsp;&nbsp; 857 | 25780 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 131500 | 129662 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 728000 | 492294 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 16800 | 31597 |
| Air China Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18300 | 19405 |
| Alibaba Health Information Technology Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 142000 | 100688 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 6500 | 22235 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 32000 | 101065 |
| Anhui Jianghuai Automobile Group Corp. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 3100 | 23659 |
| Anker Innovations Technology Co. Ltd., Class A | &nbsp;&nbsp; 1000 | 19690 |
| BAIC BluePark New Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 8400 | 10415 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 32200 | 27138 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 60500 | 46919 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 1866000 | 1024199 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 85100 | 86905 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 231000 | 200293 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 11600 | 25857 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 28400 | 43202 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 9600 | 38051 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 24900 | 33361 |
| Bank of Suzhou Co. Ltd., Class A | &nbsp;&nbsp; 9000 | 10264 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 100000 | 33371 |
| Beijing Kingsoft Office Software Inc., Class A | &nbsp;&nbsp; 678 | 31851 |
| Beijing Roborock Technology Co. Ltd., Class A | &nbsp;&nbsp; 289 | 8718 |
| Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp; 2500 | 12529 |
| BeOne Medicines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 22415 | 533230 |
| Bilibili Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 6040 | 140811 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| BOC Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5800 | $52060 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 126000 | 72926 |
| Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp; 7700 | 9375 |
| China CITIC Bank Corp. Ltd., Class A | &nbsp;&nbsp; 18500 | 20543 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 216000 | 193140 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 32000 | 40455 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 2523000 | 2441764 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 77500 | 41159 |
| China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp; 85000 | 38163 |
| China Feihe Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 95000 | 53770 |
| China International Capital Corp. Ltd., Class A | &nbsp;&nbsp; 5100 | 27604 |
| China International Capital Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 42400 | 116310 |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 7171 | 15726 |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 4600 | 27201 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 195000 | 606589 |
| China Literature Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11000 | 57700 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 82000 | 161442 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 32300 | 194645 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 102500 | 637107 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 32000 | 61533 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 11400 | 30369 |
| China Merchants Shekou Industrial Zone Holdings Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 15000 | 19278 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 53972 | 34870 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 179500 | 102356 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 100000 | 180166 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 11200 | 63420 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 68800 | 315789 |
| China Railway Signal & Communication Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 10200 | 7993 |
| China Resources Land Ltd. | &nbsp;&nbsp; 84000 | 332255 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 17000 | 85272 |
| China Resources Pharmaceutical Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 50000 | 31366 |
| China Resources Sanjiu Medical & Pharmaceutical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 2600 | 11113 |
| China Ruyi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 228000 | 84404 |
| China Southern Airlines Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 20900 | 17723 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 44500 | 26559 |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 3150 | 30670 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17500 | 16690 |
| China Vanke Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 55300 | 37901 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 38500 | 151893 |
| China Zheshang Bank Co. Ltd., Class A | &nbsp;&nbsp; 35420 | 16117 |
| Chongqing Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 18360 | 16220 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | &nbsp;&nbsp; 57000 | 42166 |
| Chongqing Zhifei Biological Products Co. Ltd., Class A | &nbsp;&nbsp; 3500 | 11057 |
| Chow Tai Fook Jewellery Group Ltd. | &nbsp;&nbsp; 51000 | 95836 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 18900 | 83567 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 41500 | 153710 |
| CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp; 1400 | 7353 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 6100 | 24295 |
| CSPC Innovation Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 2120 | 15896 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 212000 | 275588 |
| Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp; 800 | 10888 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 3200 | 25686 |
| Far East Horizon Ltd. | &nbsp;&nbsp; 56000 | 53518 |
| Flat Glass Group Co. Ltd., Class A | &nbsp;&nbsp; 2800 | 6980 |
| Focus Media Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 22100 | 25784 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 7600 | 44265 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 20800 | 156977 |
| GDS Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 27400 | 118724 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Advanced MSCI EM ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Genscript Biotech Corp.<sup>(a)</sup> | &nbsp;&nbsp; 32000 | $71066 |
| Great Wall Motor Co. Ltd., Class A | &nbsp;&nbsp; 4200 | 15247 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 61000 | 146258 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 2524 | 9408 |
| Guangzhou Tinci Materials Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3000 | 9066 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 11800 | 24565 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 22222 | 65453 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 50600 | 106262 |
| Guoyuan Securities Co. Ltd., Class A | &nbsp;&nbsp; 6600 | 8565 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 5234 | 192873 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 17000 | 48193 |
| Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp; 4000 | 8427 |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | &nbsp;&nbsp; 500 | 4456 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 32000 | 148647 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 16000 | 51046 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 3200 | 19902 |
| Huaqin Technology Co. Ltd., Class A | &nbsp;&nbsp; 1400 | 19318 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 14100 | 42936 |
| Huatai Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 32600 | 83140 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 18600 | 19773 |
| Hundsun Technologies Inc., Class A | &nbsp;&nbsp; 3378 | 17785 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 2612 | 24624 |
| Industrial & Commercial Bank of China Ltd., Class A | &nbsp;&nbsp; 94400 | 98528 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp; 1713000 | 1274306 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 33400 | 105132 |
| Industrial Securities Co. Ltd., Class A | &nbsp;&nbsp; 15060 | 14407 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp; 9600 | 38544 |
| Innovent Biologics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 38000 | 474922 |
| JD Health International Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 29450 | 239989 |
| JD.com Inc., Class A | &nbsp;&nbsp; 63950 | 990915 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 9800 | 91081 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1400 | 7356 |
| Kanzhun Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 9675 | 228523 |
| KE Holdings Inc., Class A | &nbsp;&nbsp; 54129 | 317318 |
| Kingdee International Software Group Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 80000 | 169030 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 25800 | 113643 |
| Kuaishou Technology<sup>(a)(b)</sup> | &nbsp;&nbsp; 70400 | 690014 |
| Li Auto Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 32838 | 384795 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 10600 | 23076 |
| Longfor Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 55000 | 75418 |
| Meitu Inc.<sup>(b)</sup> | &nbsp;&nbsp; 89500 | 136369 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 130500 | 1738121 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 5753 | 59539 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 9000 | 94870 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 13028 | 79526 |
| NetEase Inc. | &nbsp;&nbsp; 45675 | 1252444 |
| Ninestar Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1900 | 6659 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 52600 | 340223 |
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 1900 | 38147 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 3500 | 61329 |
| Orient Securities Co. Ltd., Class A | &nbsp;&nbsp; 12900 | 20830 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class A<br>| &nbsp;&nbsp; 16600 | 20936 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 226000 | 203222 |
| Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp; 2100 | 8909 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 182000 | 439852 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 29500 | 49942 |
| Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp; 16700 | 140517 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 176000 | $1281393 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 14000 | 581943 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 46600 | 39543 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 237000 | 165048 |
| Qfin Holdings Inc. | &nbsp;&nbsp; 2671 | 77780 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 13000 | 38379 |
| Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp; 5200 | 14656 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 2500 | 47998 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 7600 | 47582 |
| SG Micro Corp., Class A | &nbsp;&nbsp; 780 | 8501 |
| Shandong Weigao Group Medical Polymer Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 68400 | 51686 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16083 | 20020 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3100 | 12547 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A | &nbsp;&nbsp; 5000 | 13105 |
| Shanghai Pudong Development Bank Co. Ltd., Class A | &nbsp;&nbsp; 47700 | 91320 |
| Shanghai Putailai New Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 3200 | 10070 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 15299 | 18690 |
| Shanghai United Imaging Healthcare Co. Ltd., Class A | &nbsp;&nbsp; 1368 | 27232 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 3600 | 26839 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 35500 | 27214 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 2300 | 24241 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1900 | 64809 |
| Shenzhen New Industries Biomedical Engineering Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 1300 | 11394 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 21700 | 172666 |
| Sino Biopharmaceutical Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 270000 | 283221 |
| Sinolink Securities Co. Ltd., Class A | &nbsp;&nbsp; 5900 | 8542 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 18700 | 201414 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 3000 | 10337 |
| TAL Education Group, ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 10636 | 112954 |
| TCL Zhonghuan Renewable Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 6100 | 7179 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 32800 | 92797 |
| TravelSky Technology Ltd., Class H | &nbsp;&nbsp; 25000 | 34983 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 16300 | 1206645 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 8563 | 143345 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 121000 | 84128 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 10300 | 21904 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 51000 | 107211 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp; 3500 | 9178 |
| Wingtech Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2700 | 16462 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 3760 | 54463 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 9140 | 127365 |
| Wuxi Biologics Cayman Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 91000 | 391470 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 118000 | 51385 |
| XPeng Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 32736 | 345616 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 34000 | 59305 |
| Yifeng Pharmacy Chain Co. Ltd., Class A | &nbsp;&nbsp; 1700 | 5669 |
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | &nbsp;&nbsp; 3600 | 17017 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5200 | 12033 |
| Yum China Holdings Inc. | &nbsp;&nbsp; 9479 | 423901 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 2940 | 23778 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1000 | 29391 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 13200 | 110177 |
| Zoomlion Heavy Industry Science and Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 12500 | 12896 |
|  |  | 29243114 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Advanced MSCI EM ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Grupo Cibest SA | &nbsp;&nbsp; 6546 | $96139 |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 11669 | 63323 |
|  |  | 159462 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| Komercni Banka AS | &nbsp;&nbsp; 2039 | 99622 |
| Moneta Money Bank AS<sup>(b)</sup> | &nbsp;&nbsp; 6626 | 48584 |
|  |  | 148206 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Commercial International Bank - Egypt (CIB) | &nbsp;&nbsp; 60365 | 120709 |
| **Greece — 1.1%** | **Greece — 1.1%** | **Greece — 1.1%** |
| Alpha Bank SA | &nbsp;&nbsp; 57689 | 228859 |
| Eurobank Ergasias Services and Holdings SA | &nbsp;&nbsp; 67780 | 249096 |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 4238 | 78833 |
| Jumbo SA | &nbsp;&nbsp; 3063 | 109222 |
| National Bank of Greece SA<sup>(c)</sup> | &nbsp;&nbsp; 22800 | 315753 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 29472 | 228084 |
|  |  | 1209847 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 3636 | 110292 |
| **India — 14.6%** | **India — 14.6%** | **India — 14.6%** |
| ABB India Ltd. | &nbsp;&nbsp; 1400 | 79415 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 4644 | 84525 |
| Asian Paints Ltd. | &nbsp;&nbsp; 8924 | 254919 |
| AU Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9456 | 76995 |
| Axis Bank Ltd. | &nbsp;&nbsp; 60180 | 713520 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 1758 | 172050 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 73299 | 730183 |
| Bank of Baroda | &nbsp;&nbsp; 26800 | 70798 |
| Bosch Ltd. | &nbsp;&nbsp; 193 | 87504 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 2848 | 188009 |
| Canara Bank | &nbsp;&nbsp; 49302 | 58061 |
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 11030 | 177916 |
| Cipla Ltd. | &nbsp;&nbsp; 14777 | 266359 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 3494 | 92425 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 15274 | 218437 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 3583 | 247953 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 63764 | 227192 |
| FSN E-Commerce Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 30168 | 78710 |
| Godrej Properties Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4001 | 88381 |
| Havells India Ltd. | &nbsp;&nbsp; 5965 | 103298 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 24890 | 410401 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 297106 | 3206791 |
| HDFC Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 25433 | 222783 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 21567 | 650367 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6386 | 133333 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9160 | 62299 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 92668 | 71431 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 22497 | 193599 |
| IndusInd Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15127 | 126776 |
| Info Edge India Ltd. | &nbsp;&nbsp; 9389 | 144584 |
| InterGlobe Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4978 | 319146 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 28683 | 637946 |
| Lodha Developers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7887 | 106767 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 24454 | 887283 |
| Marico Ltd. | &nbsp;&nbsp; 13693 | 112644 |
| Mphasis Ltd. | &nbsp;&nbsp; 2743 | 86544 |
| Nestle India Ltd. | &nbsp;&nbsp; 17698 | 232134 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 3268 | 59722 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 552 | 51920 |
| PB Fintech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9063 | 182005 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Persistent Systems Ltd. | &nbsp;&nbsp; 2869 | $172392 |
| Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 5202 | 88803 |
| PI Industries Ltd. | &nbsp;&nbsp; 1982 | 83089 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 3983 | 137747 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 121986 | 381208 |
| Punjab National Bank | &nbsp;&nbsp; 59318 | 67891 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 7697 | 70101 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 36978 | 243541 |
| State Bank of India | &nbsp;&nbsp; 46906 | 426963 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 1748 | 89152 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 1645 | 83393 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 250771 | 160782 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 15606 | 188556 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 892 | 52935 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 14119 | 236955 |
| Titan Co. Ltd. | &nbsp;&nbsp; 9299 | 382789 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 3069 | 123823 |
| Trent Ltd. | &nbsp;&nbsp; 4760 | 286098 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 6235 | 231707 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 39615 | 56091 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 35499 | 196208 |
| Voltas Ltd. | &nbsp;&nbsp; 5988 | 93294 |
|  |  | 15768643 |
| **Indonesia — 1.8%** | **Indonesia — 1.8%** | **Indonesia — 1.8%** |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 1455100 | 712867 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 981500 | 281300 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 385200 | 102265 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 1791847 | 439867 |
| GoTo Gojek Tokopedia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 23327500 | 81949 |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 491600 | 36282 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 1301900 | 249032 |
|  |  | 1903562 |
| **Kuwait — 1.6%** | **Kuwait — 1.6%** | **Kuwait — 1.6%** |
| Boubyan Bank KSCP | &nbsp;&nbsp; 39863 | 90180 |
| Gulf Bank KSCP | &nbsp;&nbsp; 53448 | 59647 |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 291205 | 734701 |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 50471 | 84530 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 217785 | 727838 |
|  |  | 1696896 |
| **Malaysia — 2.0%** | **Malaysia — 2.0%** | **Malaysia — 2.0%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 67300 | 85899 |
| Axiata Group Bhd | &nbsp;&nbsp; 71900 | 41186 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 93800 | 81700 |
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 211500 | 371549 |
| Gamuda Bhd | &nbsp;&nbsp; 120900 | 158922 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 17300 | 82203 |
| IHH Healthcare Bhd | &nbsp;&nbsp; 57900 | 93051 |
| Kuala Lumpur Kepong Bhd<sup>(c)</sup> | &nbsp;&nbsp; 13600 | 63349 |
| Malayan Banking Bhd<sup>(c)</sup> | &nbsp;&nbsp; 158300 | 370924 |
| Maxis Bhd | &nbsp;&nbsp; 63100 | 52279 |
| MR DIY Group M Bhd<sup>(b)</sup> | &nbsp;&nbsp; 79400 | 27792 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 1700 | 38244 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 95700 | 125970 |
| Public Bank Bhd | &nbsp;&nbsp; 380600 | 384429 |
| RHB Bank Bhd | &nbsp;&nbsp; 47100 | 72890 |
| SD Guthrie Bhd | &nbsp;&nbsp; 54300 | 64976 |
| Telekom Malaysia Bhd | &nbsp;&nbsp; 30100 | 50037 |
|  |  | 2165400 |
| **Mexico — 2.2%** | **Mexico — 2.2%** | **Mexico — 2.2%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 476405 | 474248 |
| Arca Continental SAB de CV | &nbsp;&nbsp; 13556 | 138273 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Advanced MSCI EM ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Grupo Aeroportuario del Centro Norte SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 7465 | $95474 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp; 10124 | 243471 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp; 4707 | 153586 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 35000 | 108856 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 66379 | 607083 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 40851 | 76714 |
| Qualitas Controladora SAB de CV | &nbsp;&nbsp; 5170 | 46618 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 137133 | 409390 |
|  |  | 2353713 |
| **Peru — 0.4%** | **Peru — 0.4%** | **Peru — 0.4%** |
| Credicorp Ltd. | &nbsp;&nbsp; 1777 | 457044 |
| **Philippines — 0.3%** | **Philippines — 0.3%** | **Philippines — 0.3%** |
| Bank of the Philippine Islands | &nbsp;&nbsp; 55030 | 108817 |
| BDO Unibank Inc. | &nbsp;&nbsp; 60831 | 143921 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 42370 | 51863 |
| SM Investments Corp. | &nbsp;&nbsp; 5830 | 77026 |
|  |  | 381627 |
| **Poland — 1.4%** | **Poland — 1.4%** | **Poland — 1.4%** |
| Allegro.eu SA <sup>(a)(b)</sup> | &nbsp;&nbsp; 18034 | 181226 |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 4827 | 243130 |
| Budimex SA | &nbsp;&nbsp; 332 | 48563 |
| CCC SA<sup>(a)</sup> | &nbsp;&nbsp; 1453 | 66664 |
| CD Projekt SA | &nbsp;&nbsp; 1702 | 117829 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 3704 | 130113 |
| LPP SA | &nbsp;&nbsp; 29 | 137396 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 386 | 93240 |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 15818 | 263264 |
| Santander Bank Polska SA | &nbsp;&nbsp; 1069 | 148805 |
| Zabka Group SA<sup>(a)</sup> | &nbsp;&nbsp; 7995 | 47848 |
|  |  | 1478078 |
| **Qatar — 1.1%** | **Qatar — 1.1%** | **Qatar — 1.1%** |
| Al Rayan Bank | &nbsp;&nbsp; 157992 | 104291 |
| Commercial Bank PSQC (The) | &nbsp;&nbsp; 85576 | 110210 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 46426 | 311498 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 120844 | 629845 |
|  |  | 1155844 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 12190 | 2 |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 11 |  |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 3290 |  |
| TCS Group Holding PLC, GDR<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 1183 |  |
| VK Co. Ltd.<sup>(a)(d)(e)</sup> | &nbsp;&nbsp; 1337 |  |
|  |  | 2 |
| **Saudi Arabia — 3.8%** | **Saudi Arabia — 3.8%** | **Saudi Arabia — 3.8%** |
| Al Rajhi Bank | &nbsp;&nbsp; 51397 | 1289679 |
| Alinma Bank | &nbsp;&nbsp; 32239 | 216502 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 608 | 39124 |
| Bank AlBilad | &nbsp;&nbsp; 19227 | 133842 |
| Banque Saudi Fransi | &nbsp;&nbsp; 32030 | 138122 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 2283 | 146635 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 9761 | 166469 |
| Jarir Marketing Co. | &nbsp;&nbsp; 15925 | 54102 |
| Nahdi Medical Co. | &nbsp;&nbsp; 1052 | 32410 |
| Riyad Bank | &nbsp;&nbsp; 38397 | 265234 |
| Saudi Awwal Bank | &nbsp;&nbsp; 26362 | 211575 |
| Saudi Investment Bank (The) | &nbsp;&nbsp; 15626 | 56550 |
| Saudi National Bank (The) | &nbsp;&nbsp; 77017 | 713819 |
| Saudi Telecom Co. | &nbsp;&nbsp; 52592 | 588340 |
|  |  | 4052403 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa — 3.9%** | **South Africa — 3.9%** | **South Africa — 3.9%** |
| Bid Corp. Ltd. | &nbsp;&nbsp; 8731 | $228303 |
| Bidvest Group Ltd. (The) | &nbsp;&nbsp; 8397 | 112769 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 2281 | 461390 |
| Clicks Group Ltd. | &nbsp;&nbsp; 6217 | 131502 |
| Discovery Ltd. | &nbsp;&nbsp; 14207 | 174769 |
| MTN Group Ltd. | &nbsp;&nbsp; 45692 | 388152 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 4109 | 1355646 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 15901 | 132067 |
| Old Mutual Ltd. | &nbsp;&nbsp; 113463 | 89407 |
| Pepkor Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 91999 | 132353 |
| Remgro Ltd. | &nbsp;&nbsp; 13051 | 125548 |
| Sanlam Ltd. | &nbsp;&nbsp; 47216 | 244110 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 13179 | 196437 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 5547 | 254375 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 16409 | 132249 |
|  |  | 4159077 |
| **South Korea — 8.9%** | **South Korea — 8.9%** | **South Korea — 8.9%** |
| Amorepacific Corp. | &nbsp;&nbsp; 786 | 67811 |
| Celltrion Inc. | &nbsp;&nbsp; 4242 | 510385 |
| Coway Co. Ltd. | &nbsp;&nbsp; 1439 | 107431 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 1224 | 115723 |
| Doosan Bobcat Inc. | &nbsp;&nbsp; 1342 | 51268 |
| Doosan Co. Ltd. | &nbsp;&nbsp; 195 | 77389 |
| Doosan Enerbility Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11750 | 516706 |
| Hana Financial Group Inc. | &nbsp;&nbsp; 7468 | 440250 |
| Hanjin Kal Corp. | &nbsp;&nbsp; 593 | 47639 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 612 | 214612 |
| HYBE Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 601 | 123972 |
| Industrial Bank of Korea | &nbsp;&nbsp; 7392 | 101058 |
| KakaoBank Corp. | &nbsp;&nbsp; 4291 | 75831 |
| KB Financial Group Inc. | &nbsp;&nbsp; 9517 | 743328 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 1101 | 106221 |
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 104 | 61416 |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 4968 | 84562 |
| Krafton Inc.<sup>(a)</sup> | &nbsp;&nbsp; 747 | 175647 |
| LG Energy Solution Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1226 | 309190 |
| LG H&H Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 239 | 50741 |
| LG Uplus Corp. | &nbsp;&nbsp; 5740 | 61218 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 384 | 77642 |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 5809 | 79854 |
| NH Investment & Securities Co. Ltd. | &nbsp;&nbsp; 3841 | 53646 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 465 | 333699 |
| Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp; 1464 | 167953 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 795 | 253025 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 2097 | 215431 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 1688 | 250156 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 1100 | 116216 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 11452 | 536622 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 803 | 56735 |
| SK Hynix Inc. | &nbsp;&nbsp; 14297 | 2724112 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2431 | 257826 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 17555 | 313173 |
| Yuhan Corp. | &nbsp;&nbsp; 1468 | 119572 |
|  |  | 9598060 |
| **Taiwan — 18.2%** | **Taiwan — 18.2%** | **Taiwan — 18.2%** |
| Accton Technology Corp. | &nbsp;&nbsp; 13000 | 427991 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 12599 | 140786 |
| Airtac International Group | &nbsp;&nbsp; 4000 | 102465 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 86000 | 417657 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 9000 | 293802 |
| Asustek Computer Inc. | &nbsp;&nbsp; 18000 | 370302 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Advanced MSCI EM ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| AUO Corp. | &nbsp;&nbsp; 166000 | $69354 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 249080 | 498779 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 38613 | 146540 |
| Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp; 165705 | 103872 |
| China Airlines Ltd. | &nbsp;&nbsp; 77000 | 53180 |
| China Steel Corp. | &nbsp;&nbsp; 307000 | 201326 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 99000 | 429094 |
| Compal Electronics Inc. | &nbsp;&nbsp; 108000 | 97143 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 438000 | 587498 |
| Delta Electronics Inc. | &nbsp;&nbsp; 51000 | 1174925 |
| E Ink Holdings Inc. | &nbsp;&nbsp; 23000 | 196247 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 381155 | 415991 |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 5000 | 65172 |
| eMemory Technology Inc. | &nbsp;&nbsp; 2000 | 134056 |
| Eva Airways Corp. | &nbsp;&nbsp; 68000 | 86119 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 28000 | 169227 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 75000 | 67574 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 46000 | 126412 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 301186 | 278684 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 4400 | 92178 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 214143 | 585090 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 14000 | 125880 |
| Global Unichip Corp. | &nbsp;&nbsp; 2000 | 86252 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 8100 | 145277 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 237398 | 216225 |
| Innolux Corp. | &nbsp;&nbsp; 193861 | 88519 |
| International Games System Co. Ltd. | &nbsp;&nbsp; 6000 | 149559 |
| Inventec Corp. | &nbsp;&nbsp; 68000 | 90951 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 423190 | 210127 |
| King Slide Works Co. Ltd. | &nbsp;&nbsp; 1000 | 98026 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 54000 | 228444 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 2000 | 94026 |
| MediaTek Inc. | &nbsp;&nbsp; 40000 | 1777440 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 310960 | 406566 |
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 18000 | 79068 |
| PharmaEssentia Corp. | &nbsp;&nbsp; 7000 | 113211 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 13000 | 225863 |
| Shanghai Commercial & Savings Bank Ltd. (The) | &nbsp;&nbsp; 101225 | 135476 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 292066 | 222888 |
| Taiwan Business Bank | &nbsp;&nbsp; 187516 | 92359 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 287120 | 222241 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 50000 | 45079 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 46000 | 160018 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 140000 | 5243194 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 554306 | 293877 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 127000 | 320617 |
| United Microelectronics Corp. | &nbsp;&nbsp; 294000 | 386811 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp; 29000 | 86103 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 2000 | 64264 |
| Wistron Corp. | &nbsp;&nbsp; 78000 | 286080 |
| WPG Holdings Ltd. | &nbsp;&nbsp; 41000 | 89384 |
| Yageo Corp. | &nbsp;&nbsp; 44380 | 200967 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 278820 | 295149 |
|  |  | 19611405 |
| **Thailand — 1.8%** | **Thailand — 1.8%** | **Thailand — 1.8%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 27400 | 249158 |
| Airports of Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 112600 | 125381 |
| Bangkok Dusit Medical Services PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 293300 | 187494 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 15600 | 85672 |
| Central Pattana PCL, NVDR | &nbsp;&nbsp; 51300 | 81699 |
| CP ALL PCL, NVDR | &nbsp;&nbsp; 142900 | 194396 |
| CP Axtra PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 54693 | 30278 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Thailand (continued)** | **Thailand (continued)** | **Thailand (continued)** |
| Delta Electronics Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 81700 | $378162 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 15900 | 82706 |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 93300 | 70956 |
| Minor International PCL, NVDR | &nbsp;&nbsp; 90300 | 65316 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 21500 | 85313 |
| Siam Cement PCL (The), NVDR | &nbsp;&nbsp; 20500 | 136457 |
| TMBThanachart Bank PCL, NVDR | &nbsp;&nbsp; 656200 | 38535 |
| True Corp. PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 276800 | 97605 |
|  |  | 1909128 |
| **Turkey — 0.4%** | **Turkey — 0.4%** | **Turkey — 0.4%** |
| Akbank TAS | &nbsp;&nbsp; 80411 | 133488 |
| Sasa Polyester Sanayi AS<sup>(a)</sup> | &nbsp;&nbsp; 20322 | 2316 |
| Turk Hava Yollari AO | &nbsp;&nbsp; 14802 | 120569 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 31086 | 71668 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 87454 | 69936 |
|  |  | 397977 |
| **United Arab Emirates — 2.9%** | **United Arab Emirates — 2.9%** | **United Arab Emirates — 2.9%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 76822 | 316520 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 38152 | 221537 |
| Aldar Properties PJSC | &nbsp;&nbsp; 101333 | 265048 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 76488 | 201268 |
| Emaar Properties PJSC | &nbsp;&nbsp; 173825 | 681443 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 49720 | 341804 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 91425 | 450037 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 115999 | 523928 |
| Salik Co. PJSC | &nbsp;&nbsp; 48704 | 87517 |
|  |  | 3089102 |
| **Total Common Stocks — 97.8%** <br>**(Cost: $85,179,350)** | **Total Common Stocks — 97.8%** <br>**(Cost: $85,179,350)** | 105352204 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 1.7%** | **Brazil — 1.7%** | **Brazil — 1.7%** |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 140375 | 435739 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 34072 | 104695 |
| Itau Unibanco Holding SA, Preference Shares, NVS | &nbsp;&nbsp; 139667 | 991503 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 151679 | 313885 |
|  |  | 1845822 |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
| Sociedad Quimica y Minera de Chile SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 3779 | 172350 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Grupo Cibest SA, Preference Shares | &nbsp;&nbsp; 11968 | 149852 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 24188 | 2742 |
| **Total Preferred Stocks — 2.0%** <br>**(Cost: $1,715,014)** | **Total Preferred Stocks — 2.0%** <br>**(Cost: $1,715,014)** | 2170766 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $86,894,364)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $86,894,364)** | 107522970 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.6%** | **Money Market Funds — 1.6%** | **Money Market Funds — 1.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp; 1338990 | 1339659 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Advanced MSCI EM ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(f)(g)</sup><br>| &nbsp;&nbsp; 410000 | $410000 |
| **Total Short-Term Securities — 1.6%** <br>**(Cost: $1,749,659)** | **Total Short-Term Securities — 1.6%** <br>**(Cost: $1,749,659)** | 1749659 |
| **Total Investments — 101.4%** <br>**(Cost: $88,644,023)** | **Total Investments — 101.4%** <br>**(Cost: $88,644,023)** | 109272629 |
| **Liabilities in Excess of Other Assets — (1.4)%** | **Liabilities in Excess of Other Assets — (1.4)%** | (1549538)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $107723091 |

---

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

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

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

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $177548<br> $1162108 <br><sup>(a)</sup><br>| $— | $23 | $(20)<br>| $1339659 | 1338990 | $7254 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | —<br> 410000 <br><sup>(a)</sup><br>|  |  |  | 410000 | 410000 | 19660 |  |
|  |  |  | $23 | $(20) | $1749659 |  | $26914 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 2 | 09/19/25 | &nbsp;&nbsp; $126 | $542 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Advanced MSCI EM ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $542 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $542 |

---

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

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

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12320 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12320 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $542 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $542 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $73401 |

---

**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; $12801914 | &nbsp;&nbsp; $92550288 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $105352204 |
| Preferred Stocks | &nbsp;&nbsp; 2168024 | &nbsp;&nbsp; 2742 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2170766 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1749659 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1749659 |
|  | &nbsp;&nbsp; $16719597 | &nbsp;&nbsp; $92553030 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $109272629 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $542 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $542 |

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>ESG <br> Advanced <br> MSCI EAFE <br> ETF <br>| &nbsp;&nbsp; iShares <br>ESG <br> Advanced <br> MSCI EM <br> ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $816034012 | $107522970 |
| Investments, at value—affiliated<sup>(c)</sup> | 635859 | 1749659 |
| Cash |  | 5175 |
| Cash pledged for futures contracts | 274000 | 4000 |
| Foreign currency, at value<sup>(d)</sup> | 2734373 | 412784 |
| Receivables: |  |  |
| Investments sold |  | 15791 |
| Securities lending income—affiliated | 687 | 987 |
| Dividends—unaffiliated | 839434 | 121852 |
| Dividends—affiliated | 211 | 896 |
| Tax reclaims | 1614298 | 14432 |
| Total assets | 822132874 | 109848546 |
| **LIABILITIES** |  |  |
| Bank overdraft | 26631 |  |
| Collateral on securities loaned, at value | 505520 | 1339724 |
| Payables: |  |  |
| Investments purchased |  | 3362 |
| Deferred foreign capital gain tax |  | 443550 |
| Foreign taxes |  | 62 |
| Interest expense and fees |  | 365 |
| Investment advisory fees | 83724 | 14722 |
| Professional fees | 26346 |  |
| Due to custodian |  | 322903 |
| Variation margin on futures contracts | 39056 | 767 |
| Total liabilities | 681277 | 2125455 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $821451597 | $107723091 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $731971875 | $94849056 |
| Accumulated earnings | 89479722 | 12874035 |
| NET ASSETS | $821451597 | $107723091 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 11100000 | 2500000 |
| Net asset value | $74.00 | $43.09 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $690323201 | $86894364 |
| <sup>(b)</sup> Securities loaned, at value | $486868 | $1271392 |
| <sup>(c)</sup> Investments, at cost—affiliated | $635859 | $1749659 |
| <sup>(d)</sup> Foreign currency, at cost | $2732191 | $412621 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>ESG <br> Advanced <br> MSCI EAFE <br> ETF <br>| &nbsp;&nbsp; iShares <br>ESG <br> Advanced <br> MSCI EM <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $21671660 | &nbsp;&nbsp;&nbsp; $3095825 |
| Dividends—affiliated | &nbsp;&nbsp; 12056 | &nbsp;&nbsp;&nbsp; 19660 |
| Interest—unaffiliated | &nbsp;&nbsp; 11467 | &nbsp;&nbsp;&nbsp; 2804 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 12577 | &nbsp;&nbsp;&nbsp; 7254 |
| Other income—unaffiliated | &nbsp;&nbsp; 4899 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (1941626)<br>| &nbsp;&nbsp;&nbsp; (355326)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 301206 | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 20072239 | &nbsp;&nbsp;&nbsp; 2770217 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 942976 | &nbsp;&nbsp;&nbsp; 145347 |
| Professional | &nbsp;&nbsp; 31996 | &nbsp;&nbsp;&nbsp; — |
| Commitment costs | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1475 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2599 |
| Total expenses | &nbsp;&nbsp; 974972 | &nbsp;&nbsp;&nbsp; 149421 |
| Net investment income | &nbsp;&nbsp; 19097267 | &nbsp;&nbsp;&nbsp; 2620796 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (15949311)<br>| &nbsp;&nbsp;&nbsp; (1111340)<br>|
| Investments—affiliated | &nbsp;&nbsp; 606 | &nbsp;&nbsp;&nbsp; 23 |
| Foreign currency transactions | &nbsp;&nbsp; 199795 | &nbsp;&nbsp;&nbsp; (19734)<br>|
| Futures contracts | &nbsp;&nbsp; 264729 | &nbsp;&nbsp;&nbsp; 12320 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 27942171 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 12457990 | &nbsp;&nbsp;&nbsp; (1118731)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 22757620 | &nbsp;&nbsp;&nbsp; 13451847 |
| Investments—affiliated | &nbsp;&nbsp; (200)<br>| &nbsp;&nbsp;&nbsp; (20)<br>|
| Foreign currency translations | &nbsp;&nbsp; 48645 | &nbsp;&nbsp;&nbsp; (602)<br>|
| Futures contracts | &nbsp;&nbsp; 9489 | &nbsp;&nbsp;&nbsp; 542 |
|  | &nbsp;&nbsp; 22815554 | &nbsp;&nbsp;&nbsp; 13451767 |
| Net realized and unrealized gain | &nbsp;&nbsp; 35273544 | &nbsp;&nbsp;&nbsp; 12333036 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $54370811 | &nbsp;&nbsp;&nbsp; $14953832 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(136733)<br>|
| <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(b)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(c)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $259672 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>ESG Advanced MSCI EAFE ETF  | iShares <br>ESG Advanced MSCI EAFE ETF  | iShares <br>ESG Advanced MSCI EM ETF  | iShares <br>ESG Advanced MSCI EM ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $19097267 | &nbsp;&nbsp;&nbsp; $14061542 | &nbsp;&nbsp;&nbsp; $2620796 | &nbsp;&nbsp;&nbsp; $1954627 |
| Net realized gain (loss) | &nbsp;&nbsp; 12457990 | &nbsp;&nbsp;&nbsp; 331747 | &nbsp;&nbsp;&nbsp; (1118731)<br>| &nbsp;&nbsp;&nbsp; (2494846)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 22815554 | &nbsp;&nbsp;&nbsp; 113408744 | &nbsp;&nbsp;&nbsp; 13451767 | &nbsp;&nbsp;&nbsp; 9012391 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 54370811 | &nbsp;&nbsp;&nbsp; 127802033 | &nbsp;&nbsp;&nbsp; 14953832 | &nbsp;&nbsp;&nbsp; 8472172 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (23068071)<br>| &nbsp;&nbsp;&nbsp; (14835737)<br>| &nbsp;&nbsp;&nbsp; (2989017)<br>| &nbsp;&nbsp;&nbsp; (1763477)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 82081264 | &nbsp;&nbsp;&nbsp; 119225528 | &nbsp;&nbsp;&nbsp; 16208182 | &nbsp;&nbsp;&nbsp; 16886473 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 113384004 | &nbsp;&nbsp;&nbsp; 232191824 | &nbsp;&nbsp;&nbsp; 28172997 | &nbsp;&nbsp;&nbsp; 23595168 |
| Beginning of year | &nbsp;&nbsp; 708067593 | &nbsp;&nbsp;&nbsp; 475875769 | &nbsp;&nbsp;&nbsp; 79550094 | &nbsp;&nbsp;&nbsp; 55954926 |
| End of year | &nbsp;&nbsp; $821451597 | &nbsp;&nbsp;&nbsp; $708067593 | &nbsp;&nbsp;&nbsp; $107723091 | &nbsp;&nbsp;&nbsp; $79550094 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares ESG Advanced MSCI EAFE ETF  | iShares ESG Advanced MSCI EAFE ETF  | iShares ESG Advanced MSCI EAFE ETF  | iShares ESG Advanced MSCI EAFE ETF  | iShares ESG Advanced MSCI EAFE ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $71.52 | &nbsp;&nbsp;&nbsp; $59.48 | &nbsp;&nbsp;&nbsp; $51.37 | &nbsp;&nbsp;&nbsp; $70.24 | &nbsp;&nbsp;&nbsp; $55.79 |
| Net investment income<sup>(a)</sup> | 1.69 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 2.81 | &nbsp;&nbsp;&nbsp;&nbsp;12.08 | &nbsp;&nbsp;&nbsp;&nbsp;7.93 | &nbsp;&nbsp;&nbsp; (18.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.91 |
| Net increase (decrease) from investment operations | 4.50 | &nbsp;&nbsp;&nbsp;&nbsp;13.62 | &nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp;&nbsp; (17.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.27 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $74.00 | &nbsp;&nbsp;&nbsp; $71.52 | &nbsp;&nbsp;&nbsp; $59.48 | &nbsp;&nbsp;&nbsp; $51.37 | &nbsp;&nbsp;&nbsp; $70.24 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 6.47 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.19 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.17<br> %<br>| &nbsp;&nbsp;&nbsp; (24.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.47<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>|
| Net investment income | 2.43 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $821452 | &nbsp;&nbsp;&nbsp; $708068 | &nbsp;&nbsp;&nbsp; $475876 | &nbsp;&nbsp;&nbsp; $354432 | &nbsp;&nbsp;&nbsp; $245846 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.02 and $0.01.<br> • Total return by 0.04% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.03% 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 years ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.02 and $0.01.<br> • Total return by 0.04% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.03% 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 years ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.02 and $0.01.<br> • Total return by 0.04% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.03% 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 years ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.02 and $0.01.<br> • Total return by 0.04% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.03% 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 years ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.02 and $0.01.<br> • Total return by 0.04% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.03% 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 years ended August 31, 2025 and <br> August 31, 2024 respectively:<br> • Net investment income per share by $0.02 and $0.01.<br> • Total return by 0.04% and 0.03%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.02%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares ESG Advanced MSCI EM ETF  | iShares ESG Advanced MSCI EM ETF  | iShares ESG Advanced MSCI EM ETF  | iShares ESG Advanced MSCI EM ETF  | iShares ESG Advanced MSCI EM ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Period From <br>10/06/20<sup>(a)</sup> <br>to 08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $37.88 | &nbsp;&nbsp;&nbsp; $34.97 | &nbsp;&nbsp;&nbsp; $35.47 | &nbsp;&nbsp;&nbsp; $45.17 | &nbsp;&nbsp;&nbsp; $35.39 |
| Net investment income<sup>(b)</sup> | 1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 5.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (9.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.42 |
| Net increase (decrease) from investment operations | 6.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp; (8.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.13 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $43.09 | &nbsp;&nbsp;&nbsp; $37.88 | &nbsp;&nbsp;&nbsp; $34.97 | &nbsp;&nbsp;&nbsp; $35.47 | &nbsp;&nbsp;&nbsp; $45.17 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp; (19.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.74 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16 %<sup>(h)</sup><br>|
| Net investment income | 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $107723 | &nbsp;&nbsp;&nbsp; $79550 | &nbsp;&nbsp;&nbsp; $55955 | &nbsp;&nbsp;&nbsp; $35468 | &nbsp;&nbsp;&nbsp; $13550 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> 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>(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. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

&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> ESG Advanced MSCI EAFE Diversified <br> ESG Advanced MSCI EM Diversified

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

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

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

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

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

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

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of 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 traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

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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* |
| ESG Advanced MSCI EAFE |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $307630 | &nbsp;&nbsp;&nbsp; $(307630) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 179238 | &nbsp;&nbsp;&nbsp; (179238) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $486868 | &nbsp;&nbsp;&nbsp; $(486868) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| ESG Advanced MSCI EM |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $137312 | &nbsp;&nbsp;&nbsp; $(137312) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; 2329 | &nbsp;&nbsp;&nbsp; (2329) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 22697 | &nbsp;&nbsp;&nbsp; (22697) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 486516 | &nbsp;&nbsp;&nbsp; (486516) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities PLC | &nbsp;&nbsp; 161445 | &nbsp;&nbsp;&nbsp; (161445) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 349583 | &nbsp;&nbsp;&nbsp; (349583) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 111510 | &nbsp;&nbsp;&nbsp; (111510) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1271392 | &nbsp;&nbsp;&nbsp; $(1271392) | &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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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 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* |
| ESG Advanced MSCI EAFE | 0.12% |
| ESG Advanced MSCI EM | 0.16 |

---

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| ESG Advanced MSCI EAFE | &nbsp;&nbsp; $3478 |
| ESG Advanced MSCI EM | &nbsp;&nbsp; 1791 |

---

**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 year ended August 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| ESG Advanced MSCI EAFE | &nbsp;&nbsp; $31763342 | &nbsp;&nbsp;&nbsp; $34987119 | &nbsp;&nbsp;&nbsp; $1822846 |
| ESG Advanced MSCI EM | &nbsp;&nbsp; 2178014 | &nbsp;&nbsp;&nbsp; 672439 | &nbsp;&nbsp;&nbsp; (110312) |

---

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

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

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| ESG Advanced MSCI EAFE | &nbsp;&nbsp; $122594655 | &nbsp;&nbsp;&nbsp; $106298029 |
| ESG Advanced MSCI EM | &nbsp;&nbsp; 32474171 | &nbsp;&nbsp;&nbsp; 19355316 |

---

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| ESG Advanced MSCI EAFE | &nbsp;&nbsp; $144434598 | &nbsp;&nbsp;&nbsp; $82996122 |
| ESG Advanced MSCI EM | &nbsp;&nbsp; 2692885 | &nbsp;&nbsp;&nbsp; — |

---

***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 August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions and nondeductible expenses were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| ESG Advanced MSCI EAFE | &nbsp;&nbsp; $26900158 | &nbsp;&nbsp;&nbsp; $(26900158) |
| ESG Advanced MSCI EM | (28) | &nbsp;&nbsp;&nbsp; 28 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| ESG Advanced MSCI EAFE |  |  |
| Ordinary income | &nbsp;&nbsp; $23068071 | &nbsp;&nbsp;&nbsp; $14835737 |
| ESG Advanced MSCI EM |  |  |
| Ordinary income | &nbsp;&nbsp; $2989017 | &nbsp;&nbsp;&nbsp; $1763477 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| ESG Advanced MSCI EAFE | &nbsp;&nbsp; $10119379 | &nbsp;&nbsp;&nbsp; $(31965558) | &nbsp;&nbsp;&nbsp; $111325901 | &nbsp;&nbsp;&nbsp; $89479722 |
| ESG Advanced MSCI EM | &nbsp;&nbsp; 1668146 | &nbsp;&nbsp;&nbsp; (6698497) | &nbsp;&nbsp;&nbsp; 17904386 | &nbsp;&nbsp;&nbsp; 12874035 |

---

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

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| ESG Advanced MSCI EAFE | &nbsp;&nbsp; $705541528 | &nbsp;&nbsp;&nbsp; $151314933 | &nbsp;&nbsp;&nbsp; $(40120367) | &nbsp;&nbsp;&nbsp; $111194566 |
| ESG Advanced MSCI EM | &nbsp;&nbsp; 90924784 | &nbsp;&nbsp;&nbsp; 23441164 | &nbsp;&nbsp;&nbsp; (5093319) | &nbsp;&nbsp;&nbsp; 18347845 |

---

***9. LINE OF CREDIT***

The iShares ESG Advanced MSCI EM ETF, along with certain other iShares funds ("Participating Funds"), is a party to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the year ended August 31, 2025, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Maximum* <br>*Amount* <br>*Borrowed*<br>| &nbsp;&nbsp; *Average* <br>*Borrowing*<br>| &nbsp;&nbsp; *Weighted* <br>*Average* <br>*Interest Rates* <br>|
| ESG Advanced MSCI EM | &nbsp;&nbsp; $1100000 | &nbsp;&nbsp;&nbsp; $27836 | &nbsp;&nbsp;&nbsp;&nbsp;5.63% |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

***10. PRINCIPAL RISKS***

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

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

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

**Market Risk:** Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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

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

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

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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 China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund's investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

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

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| ESG Advanced MSCI EAFE |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; $170374663 | &nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; $119225528 |
| Shares redeemed | &nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; (88293399)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; $82081264 | &nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; $119225528 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 08/31/25 | Year Ended<br> 08/31/25 | Year Ended<br> 08/31/24 | Year Ended<br> 08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| ESG Advanced MSCI EM |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $16208182 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; $16886473 |

---

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***

Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of August 31, 2025 and have not been recorded in the applicable Fund's net asset value. The recognition by the Fund of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares ESG Advanced MSCI EAFE ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

***13. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

2025 iShares Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares ESG Advanced MSCI EAFE ETF <br> iShares ESG Advanced MSCI EM ETF

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

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

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| ESG Advanced MSCI EAFE | &nbsp;&nbsp; $19116841 |
| ESG Advanced MSCI EM | &nbsp;&nbsp; 1492953 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| ESG Advanced MSCI EAFE | &nbsp;&nbsp; $21675197 | &nbsp;&nbsp;&nbsp;&nbsp; $1494178 |
| ESG Advanced MSCI EM | &nbsp;&nbsp; 3089986 | &nbsp;&nbsp;&nbsp;&nbsp; 480023 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Electronic Delivery**

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

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to 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**.

Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares ESG Advanced MSCI EAFE ETF, iShares ESG Advanced MSCI EM ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

2025 iShares Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| 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.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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August 31, 2025

![](g21991img61523ff01.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

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

---

| |
|:---|
| **iShares Trust** |
| • iShares MSCI Emerging Markets Quality Factor ETF \| EQLT \| Cboe BZX Exchange |
| • iShares MSCI Emerging Markets Value Factor ETF \| EVLU \| Cboe BZX Exchange |
| • iShares MSCI Global Quality Factor ETF \| AQLT \| Cboe BZX Exchange |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_711b5876-e00e-4f35-9113-76a17287c9cd_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_711b5876-e00e-4f35-9113-76a17287c9cd_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 19 |
| [Statements of Operations](#xx_711b5876-e00e-4f35-9113-76a17287c9cd_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 20 |
| [Statements of Changes in Net Assets](#xx_711b5876-e00e-4f35-9113-76a17287c9cd_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 21 |
| [Financial Highlights](#xx_711b5876-e00e-4f35-9113-76a17287c9cd_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 23 |
| [Notes to Financial Statements](#xx_711b5876-e00e-4f35-9113-76a17287c9cd_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 26 |
| [Report of Independent Registered Public Accounting Firm](#xx_711b5876-e00e-4f35-9113-76a17287c9cd_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 35 |
| [Important Tax Information](#xx_711b5876-e00e-4f35-9113-76a17287c9cd_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 36 |
| [Additional Information](#xx_711b5876-e00e-4f35-9113-76a17287c9cd_SAI-Footer-iSharesReport-1320_1)  | &nbsp;&nbsp; 37 |
| [Glossary of Terms Used in these Financial Statements](#xx_711b5876-e00e-4f35-9113-76a17287c9cd_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 38 |

---

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Emerging Markets 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** |
| **Brazil — 5.5%** | **Brazil — 5.5%** | **Brazil — 5.5%** |
| Ambev SA | &nbsp;&nbsp; 6652 | $15152 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 20131 | 48194 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 2337 | 14146 |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 1584 | 13153 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 1656 | 37412 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 784 | 5775 |
| Equatorial Energia SA | &nbsp;&nbsp; 1749 | 11797 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 2844 | 18800 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 11062 | 163718 |
| PRIO SA<sup>(a)</sup> | &nbsp;&nbsp; 2881 | 20123 |
| Raia Drogasil SA | &nbsp;&nbsp; 1408 | 4558 |
| Telefonica Brasil SA | &nbsp;&nbsp; 1040 | 6497 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 1444 | 5236 |
| Vale SA | &nbsp;&nbsp; 7550 | 77368 |
| Vibra Energia SA | &nbsp;&nbsp; 1318 | 5844 |
| WEG SA | &nbsp;&nbsp; 5857 | 40682 |
|  |  | 488455 |
| **Chile — 0.4%** | **Chile — 0.4%** | **Chile — 0.4%** |
| Banco de Chile | &nbsp;&nbsp; 55091 | 7894 |
| Empresas Copec SA | &nbsp;&nbsp; 796 | 5928 |
| Enel Americas SA | &nbsp;&nbsp; 59279 | 6162 |
| Enel Chile SA | &nbsp;&nbsp; 132454 | 9288 |
| Falabella SA | &nbsp;&nbsp; 1665 | 9477 |
|  |  | 38749 |
| **China — 28.0%** | **China — 28.0%** | **China — 28.0%** |
| AAC Technologies Holdings Inc. | &nbsp;&nbsp; 1500 | 8366 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 25500 | 422220 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 800 | 2737 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 3000 | 9475 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 3600 | 44793 |
| Autohome Inc., ADR | &nbsp;&nbsp; 244 | 7047 |
| Changchun High-Tech Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 200 | 2894 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 6500 | 21395 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 29000 | 90211 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 1100 | 6629 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 6500 | 40402 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 4000 | 7692 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 4000 | 7207 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 1600 | 9060 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 6800 | 31212 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 1500 | 5434 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 3100 | 8001 |
| China Resources Land Ltd. | &nbsp;&nbsp; 3000 | 11866 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1600 | 8026 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 3500 | 15728 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 2900 | 11441 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5200 | 9771 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp; 700 | 30076 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 12000 | 15599 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 2800 | 11366 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 2000 | 16188 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 1200 | 6989 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 2000 | 17650 |
| Giant Biogene Holding Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1200 | 8358 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 6000 | 5643 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 2400 | 8150 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 3000 | 8505 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4000 | 18581 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp; 400 | 1606 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 8000 | $9444 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 600 | 5576 |
| Kuaishou Technology<sup>(a)(b)</sup> | &nbsp;&nbsp; 6900 | 67629 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 8000 | 7447 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 300 | 62406 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 32000 | 45939 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 3000 | 7346 |
| Longfor Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3000 | 4114 |
| LONGi Green Energy Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1800 | 4341 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 2300 | 14832 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 400 | 7712 |
| NetEase Inc. | &nbsp;&nbsp; 4500 | 123394 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 1300 | 8088 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 6800 | 43983 |
| PDD Holdings Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 2214 | 266167 |
| People's Insurance Co. Group of China Ltd. (The), Class H | &nbsp;&nbsp; 15000 | 13488 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 18000 | 43502 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2000 | 83135 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 18000 | 12535 |
| Qfin Holdings Inc. | &nbsp;&nbsp; 414 | 12056 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 600 | 3756 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | &nbsp;&nbsp; 400 | 11360 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | &nbsp;&nbsp; 400 | 13644 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 1000 | 7957 |
| Smoore International Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3000 | 7305 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 6000 | 464667 |
| TravelSky Technology Ltd., Class H | &nbsp;&nbsp; 2000 | 2799 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 862 | 14430 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 700 | 6744 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 14000 | 9734 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 600 | 10917 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 1000 | 13935 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 8000 | 3484 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4000 | 6977 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 6000 | 6980 |
| Yum China Holdings Inc. | &nbsp;&nbsp; 515 | 23031 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 200 | 5878 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 6000 | 5302 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 800 | 4089 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 14000 | 46487 |
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 1050 | 19043 |
|  |  | 2461971 |
| **Greece — 0.7%** | **Greece — 0.7%** | **Greece — 0.7%** |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 572 | 10640 |
| Jumbo SA | &nbsp;&nbsp; 498 | 17758 |
| National Bank of Greece SA | &nbsp;&nbsp; 1868 | 25869 |
| OPAP SA | &nbsp;&nbsp; 409 | 9179 |
|  |  | 63446 |
| **India — 18.0%** | **India — 18.0%** | **India — 18.0%** |
| ABB India Ltd. | &nbsp;&nbsp; 175 | 9927 |
| Adani Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1191 | 8121 |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 650 | 4154 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 472 | 8591 |
| Asian Paints Ltd. | &nbsp;&nbsp; 1265 | 36135 |
| Astral Ltd. | &nbsp;&nbsp; 400 | 6172 |
| AU Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1120 | 9120 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 149 | 14582 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 88 | 12739 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 72 | 1871 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 10678 | 44744 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 228 | 15051 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Quality Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 2162 | $17041 |
| Cipla Ltd. | &nbsp;&nbsp; 986 | 17773 |
| Coal India Ltd. | &nbsp;&nbsp; 4588 | 19498 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 360 | 9523 |
| Cummins India Ltd. | &nbsp;&nbsp; 400 | 17345 |
| Dabur India Ltd. | &nbsp;&nbsp; 1055 | 6235 |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 156 | 10842 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 92 | 17429 |
| DLF Ltd. | &nbsp;&nbsp; 1320 | 11067 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 1409 | 20150 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 416 | 28788 |
| GAIL India Ltd. | &nbsp;&nbsp; 7512 | 14752 |
| Havells India Ltd. | &nbsp;&nbsp; 606 | 10494 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 2845 | 46910 |
| HDFC Asset Management Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 228 | 14125 |
| HDFC Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1893 | 16582 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 412 | 23758 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 556 | 27338 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 1517 | 45746 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 503 | 14049 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 10291 | 163060 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 680 | 14198 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1421 | 9664 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 1047 | 8219 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2675 | 10277 |
| IndusInd Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 608 | 5096 |
| Infosys Ltd. | &nbsp;&nbsp; 8130 | 136364 |
| ITC Ltd. | &nbsp;&nbsp; 5523 | 25672 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 2374 | 52801 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 267 | 15533 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 312 | 8751 |
| Marico Ltd. | &nbsp;&nbsp; 1952 | 16058 |
| Nestle India Ltd. | &nbsp;&nbsp; 2234 | 29302 |
| NMDC Ltd. | &nbsp;&nbsp; 10270 | 8023 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 58 | 5455 |
| Page Industries Ltd. | &nbsp;&nbsp; 25 | 12575 |
| Persistent Systems Ltd. | &nbsp;&nbsp; 292 | 17546 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 2049 | 6260 |
| PI Industries Ltd. | &nbsp;&nbsp; 255 | 10690 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 500 | 17292 |
| Polycab India Ltd. | &nbsp;&nbsp; 146 | 11750 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 9124 | 28513 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 7651 | 117830 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1541 | 31541 |
| Siemens Ltd. | &nbsp;&nbsp; 194 | 6740 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 80 | 12505 |
| SRF Ltd. | &nbsp;&nbsp; 117 | 3763 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 1804 | 32636 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 176 | 8922 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 2661 | 93059 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 125 | 7418 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 548 | 9197 |
| Titan Co. Ltd. | &nbsp;&nbsp; 714 | 29391 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 233 | 9401 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 122 | 4096 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 207 | 29671 |
| Wipro Ltd. | &nbsp;&nbsp; 3100 | 8765 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 695 | 7741 |
|  |  | 1586427 |
| **Indonesia — 2.0%** | **Indonesia — 2.0%** | **Indonesia — 2.0%** |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 191500 | 93818 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 87100 | 24963 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Indonesia (continued)** | **Indonesia (continued)** | **Indonesia (continued)** |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 237300 | $58253 |
|  |  | 177034 |
| **Kuwait — 0.4%** | **Kuwait — 0.4%** | **Kuwait — 0.4%** |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 12825 | 32357 |
| **Malaysia — 1.5%** | **Malaysia — 1.5%** | **Malaysia — 1.5%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 6400 | 8169 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 3900 | 3397 |
| Hong Leong Bank Bhd | &nbsp;&nbsp; 2200 | 10454 |
| Malayan Banking Bhd | &nbsp;&nbsp; 6300 | 14762 |
| Maxis Bhd | &nbsp;&nbsp; 7200 | 5965 |
| MISC Bhd | &nbsp;&nbsp; 2100 | 3688 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 300 | 6749 |
| Petronas Chemicals Group Bhd | &nbsp;&nbsp; 4800 | 4910 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 1600 | 8020 |
| Petronas Gas Bhd | &nbsp;&nbsp; 2900 | 12794 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 10700 | 14084 |
| Public Bank Bhd | &nbsp;&nbsp; 35900 | 36261 |
|  |  | 129253 |
| **Mexico — 2.4%** | **Mexico — 2.4%** | **Mexico — 2.4%** |
| Grupo Aeroportuario del Centro Norte SAB de CV, Class B | &nbsp;&nbsp; 1098 | 14043 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp; 1106 | 26598 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp; 533 | 17391 |
| Grupo Carso SAB de CV, Series A1, Class A1 | &nbsp;&nbsp; 949 | 6288 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 2971 | 27172 |
| Grupo Financiero Inbursa SAB de CV, Class O | &nbsp;&nbsp; 4276 | 11269 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 6439 | 42209 |
| Industrias Penoles SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 280 | 9128 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 1423 | 2672 |
| Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp; 737 | 9221 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 13672 | 40816 |
|  |  | 206807 |
| **Peru — 0.4%** | **Peru — 0.4%** | **Peru — 0.4%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 380 | 7273 |
| Southern Copper Corp. | &nbsp;&nbsp; 332 | 31908 |
|  |  | 39181 |
| **Philippines — 0.6%** | **Philippines — 0.6%** | **Philippines — 0.6%** |
| Bank of the Philippine Islands | &nbsp;&nbsp; 4800 | 9492 |
| BDO Unibank Inc. | &nbsp;&nbsp; 5591 | 13228 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 1360 | 5521 |
| Manila Electric Co. | &nbsp;&nbsp; 1300 | 12171 |
| PLDT Inc. | &nbsp;&nbsp; 55 | 1115 |
| SM Prime Holdings Inc. | &nbsp;&nbsp; 17000 | 6872 |
|  |  | 48399 |
| **Poland — 1.2%** | **Poland — 1.2%** | **Poland — 1.2%** |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 440 | 22162 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 52 | 12561 |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 2055 | 40084 |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 1279 | 21287 |
| Santander Bank Polska SA | &nbsp;&nbsp; 88 | 12250 |
|  |  | 108344 |
| **Qatar — 0.5%** | **Qatar — 0.5%** | **Qatar — 0.5%** |
| Barwa Real Estate Co. | &nbsp;&nbsp; 3311 | 2483 |
| Industries Qatar QSC | &nbsp;&nbsp; 2057 | 7251 |
| Qatar Electricity & Water Co. QSC | &nbsp;&nbsp; 1546 | 6701 |
| Qatar Fuel QSC | &nbsp;&nbsp; 1677 | 6887 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 3660 | 24557 |
|  |  | 47879 |
| **Saudi Arabia — 4.5%** | **Saudi Arabia — 4.5%** | **Saudi Arabia — 4.5%** |
| Al Rajhi Bank | &nbsp;&nbsp; 3408 | 85515 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Quality Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| Arab National Bank | &nbsp;&nbsp; 1977 | $12362 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 88 | 5663 |
| Bank AlBilad | &nbsp;&nbsp; 1782 | 12405 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 332 | 12917 |
| Co. for Cooperative Insurance (The) | &nbsp;&nbsp; 248 | 7732 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 286 | 18370 |
| Elm Co. | &nbsp;&nbsp; 89 | 20340 |
| Jarir Marketing Co. | &nbsp;&nbsp; 1638 | 5565 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 312 | 6018 |
| Riyad Bank | &nbsp;&nbsp; 3391 | 23424 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 503 | 16258 |
| Saudi Arabian Oil Co.<sup>(b)</sup> | &nbsp;&nbsp; 14483 | 91444 |
| Saudi Awwal Bank | &nbsp;&nbsp; 2343 | 18804 |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 159 | 7215 |
| Saudi Telecom Co. | &nbsp;&nbsp; 4483 | 50151 |
|  |  | 394183 |
| **South Africa — 4.7%** | **South Africa — 4.7%** | **South Africa — 4.7%** |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 311 | 62908 |
| Clicks Group Ltd. | &nbsp;&nbsp; 678 | 14341 |
| Discovery Ltd. | &nbsp;&nbsp; 488 | 6003 |
| FirstRand Ltd. | &nbsp;&nbsp; 13184 | 55571 |
| Gold Fields Ltd. | &nbsp;&nbsp; 2876 | 95735 |
| Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp; 1200 | 15977 |
| Impala Platinum Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1060 | 9618 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 1022 | 13098 |
| NEPI Rockcastle NV | &nbsp;&nbsp; 680 | 5648 |
| Old Mutual Ltd. | &nbsp;&nbsp; 15224 | 11996 |
| OUTsurance Group Ltd. | &nbsp;&nbsp; 2771 | 11932 |
| Remgro Ltd. | &nbsp;&nbsp; 1540 | 14814 |
| Sanlam Ltd. | &nbsp;&nbsp; 5777 | 29867 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 3011 | 42362 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 212 | 9722 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 1760 | 14185 |
|  |  | 413777 |
| **South Korea — 10.2%** | **South Korea — 10.2%** | **South Korea — 10.2%** |
| Coway Co. Ltd. | &nbsp;&nbsp; 130 | 9705 |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 103 | 9738 |
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 164 | 10119 |
| Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp; 39 | 24733 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 51 | 17884 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp; 51 | 14863 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 116 | 15341 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 112 | 25576 |
| Hyundai Rotem Co. Ltd. | &nbsp;&nbsp; 176 | 24279 |
| Kia Corp. | &nbsp;&nbsp; 251 | 18992 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 96 | 9262 |
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 10 | 5905 |
| Krafton Inc.<sup>(a)</sup> | &nbsp;&nbsp; 93 | 21868 |
| KT&G Corp. | &nbsp;&nbsp; 107 | 10349 |
| LG Corp. | &nbsp;&nbsp; 120 | 6416 |
| LG H&H Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8 | 1699 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 30 | 21529 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 8034 | 401377 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 90 | 28644 |
| Samsung Life Insurance Co. Ltd. | &nbsp;&nbsp; 195 | 20033 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 64 | 9485 |
| Samsung SDS Co. Ltd. | &nbsp;&nbsp; 37 | 3909 |
| SK Hynix Inc. | &nbsp;&nbsp; 962 | 183297 |
|  |  | 895003 |
| **Taiwan — 13.3%** | **Taiwan — 13.3%** | **Taiwan — 13.3%** |
| Accton Technology Corp. | &nbsp;&nbsp; 8000 | 263379 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Acer Inc. | &nbsp;&nbsp; 8000 | $7694 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 2000 | 12289 |
| Compal Electronics Inc. | &nbsp;&nbsp; 15000 | 13492 |
| eMemory Technology Inc. | &nbsp;&nbsp; 1000 | 67028 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 2200 | 46089 |
| Global Unichip Corp. | &nbsp;&nbsp; 1000 | 43126 |
| International Games System Co. Ltd. | &nbsp;&nbsp; 4000 | 99706 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 8000 | 138992 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 12000 | 449417 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 1000 | 32132 |
|  |  | 1173344 |
| **Thailand — 1.5%** | **Thailand — 1.5%** | **Thailand — 1.5%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 3600 | 32736 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 14400 | 9205 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 2200 | 12082 |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 10000 | 46287 |
| PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 3200 | 11066 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 2700 | 10714 |
| Siam Cement PCL (The), NVDR | &nbsp;&nbsp; 1200 | 7988 |
|  |  | 130078 |
| **Turkey — 0.4%** | **Turkey — 0.4%** | **Turkey — 0.4%** |
| Akbank TAS | &nbsp;&nbsp; 3673 | 6097 |
| Aselsan Elektronik Sanayi Ve Ticaret A/S | &nbsp;&nbsp; 1865 | 8312 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 469 | 6041 |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 1897 | 5155 |
| Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp; 2229 | 5139 |
| Turkiye Is Bankasi AS, Class C | &nbsp;&nbsp; 10191 | 3731 |
|  |  | 34475 |
| **United Arab Emirates — 2.5%** | **United Arab Emirates — 2.5%** | **United Arab Emirates — 2.5%** |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 5735 | 33301 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 9477 | 14217 |
| Adnoc Gas PLC | &nbsp;&nbsp; 12303 | 11145 |
| Aldar Properties PJSC | &nbsp;&nbsp; 9359 | 24480 |
| Americana Restaurants International PLC - Foreign Co. | &nbsp;&nbsp; 9564 | 5052 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 4963 | 13060 |
| Emaar Development PJSC | &nbsp;&nbsp; 2994 | 12007 |
| Emaar Properties PJSC | &nbsp;&nbsp; 17645 | 69173 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 5679 | 39041 |
|  |  | 221476 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |
| Metlen Energy & Metals PLC<sup>(a)</sup> | &nbsp;&nbsp; 129 | 8270 |
| **Total Common Stocks — 98.8%** <br>**(Cost: $7,757,750)** | **Total Common Stocks — 98.8%** <br>**(Cost: $7,757,750)** | 8698908 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.7%** | **Brazil — 0.7%** | **Brazil — 0.7%** |
| Cia Energetica de Minas Gerais, Preference Shares, NVS | &nbsp;&nbsp; 6584 | 13492 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 1886 | 5795 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 21126 | 43718 |
|  |  | 63005 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Sociedad Quimica y Minera de Chile SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 147 | 6704 |
| **Total Preferred Stocks — 0.8%** <br>**(Cost: $65,136)** | **Total Preferred Stocks — 0.8%** <br>**(Cost: $65,136)** | 69709 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $7,822,886)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $7,822,886)** | 8768617 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Quality 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 — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 9595 | $9600 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $9,600)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $9,600)** | 9600 |
| **Total Investments — 99.7%** <br>**(Cost: $7,832,486)** | **Total Investments — 99.7%** <br>**(Cost: $7,832,486)** | 8778217 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 26321 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $8804538 |

---

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

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*09/04/24*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $—<br> &nbsp;&nbsp; $9600 <br><sup>(b)</sup><br>| $— | $— | $— | $9600 | 9595 | $2 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(d)</sup> | —<br> &nbsp;&nbsp; 0 <br><sup>(b)</sup><br>|  |  |  |  |  | 98 |  |
|  |  |  | $— | $— | $9600 |  | $100 | $— |

---

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

<sup>(a)</sup> Commencement of operations.

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

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

<sup>(d)</sup> As of period end, the entity is no longer held.

**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; $1446274 | &nbsp;&nbsp; $7252634 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8698908 |
| Preferred Stocks | &nbsp;&nbsp; 69709 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 69709 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 9600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9600 |
|  | &nbsp;&nbsp; $1525583 | &nbsp;&nbsp; $7252634 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8778217 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Emerging Markets 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** |
| **Brazil — 2.7%** | **Brazil — 2.7%** | **Brazil — 2.7%** |
| Banco do Brasil SA | &nbsp;&nbsp; 1093 | $4312 |
| JBS NV<sup>(a)</sup> | &nbsp;&nbsp; 2389 | 38726 |
| Petroleo Brasileiro SA - Petrobras | &nbsp;&nbsp; 7648 | 47607 |
| Suzano SA | &nbsp;&nbsp; 865 | 8368 |
| Vale SA | &nbsp;&nbsp; 12296 | 126002 |
|  |  | 225015 |
| **Chile — 0.6%** | **Chile — 0.6%** | **Chile — 0.6%** |
| Cencosud SA | &nbsp;&nbsp; 5308 | 16821 |
| Empresas CMPC SA | &nbsp;&nbsp; 5036 | 7896 |
| Empresas Copec SA | &nbsp;&nbsp; 1384 | 10307 |
| Enel Americas SA | &nbsp;&nbsp; 58875 | 6120 |
| Enel Chile SA | &nbsp;&nbsp; 119670 | 8392 |
|  |  | 49536 |
| **China — 31.1%** | **China — 31.1%** | **China — 31.1%** |
| AAC Technologies Holdings Inc. | &nbsp;&nbsp; 2000 | 11155 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 8000 | 7888 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 90000 | 60861 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 24100 | 399040 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 4500 | 14212 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 1300 | 18560 |
| Autohome Inc., ADR | &nbsp;&nbsp; 538 | 15537 |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17750 | 210082 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 247000 | 135572 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 13900 | 14195 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 34000 | 29480 |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 3000 | 12492 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 20000 | 6674 |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 1500 | 7974 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 33000 | 29508 |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 10000 | 12153 |
| China Communications Services Corp. Ltd., Class H | &nbsp;&nbsp; 10000 | 5964 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 336000 | 325182 |
| China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp; 25000 | 11224 |
| China Feihe Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 25000 | 14150 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 7000 | 10105 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 17000 | 17025 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 9000 | 29624 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 28000 | 87100 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 11000 | 9516 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 10000 | 19688 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 8000 | 15383 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 10100 | 6525 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 22500 | 12830 |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 10000 | 7266 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 13400 | 61505 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 70000 | 38877 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 9500 | 7581 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 25000 | 12717 |
| China Resources Pharmaceutical Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7500 | 4705 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 8000 | 18473 |
| China State Construction Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 14000 | 10994 |
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 12000 | 16450 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 7000 | 14625 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 16900 | 25530 |
| China United Network Communications Ltd., Class A | &nbsp;&nbsp; 13500 | 10809 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 1908 |
| CITIC Ltd. | &nbsp;&nbsp; 19000 | 27277 |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 4300 | 9223 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 12500 | 21781 |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 25000 | 20149 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Fosun International Ltd. | &nbsp;&nbsp; 23500 | $16008 |
| GCL Technology Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 28000 | 4506 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 12500 | 29971 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 6800 | 14280 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 2500 | 7976 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 12000 | 8622 |
| Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp; 2000 | 5373 |
| Industrial & Commercial Bank of China Ltd., Class A | &nbsp;&nbsp; 7400 | 7724 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp; 227000 | 168866 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 3000 | 9443 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 4000 | 4722 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 4000 | 11778 |
| KE Holdings Inc., Class A | &nbsp;&nbsp; 2257 | 13231 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 30000 | 43068 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 3400 | 21155 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 500 | 8761 |
| People's Insurance Co. Group of China Ltd. (The), Class H | &nbsp;&nbsp; 29000 | 26077 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 42000 | 40669 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 23500 | 171095 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 47000 | 32731 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 2700 | 7114 |
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H | &nbsp;&nbsp; 10000 | 7557 |
| Shanghai Pudong Development Bank Co. Ltd., Class A | &nbsp;&nbsp; 5000 | 9572 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 5600 | 13495 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 1917 | 32091 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 10000 | 21022 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 2400 | 6133 |
| Xinyi Solar Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 30000 | 13064 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 2000 | 1768 |
| ZTE Corp., Class H | &nbsp;&nbsp; 3400 | 15367 |
|  |  | 2632808 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Eastern Co. SAE | &nbsp;&nbsp; 13272 | 10575 |
| **Greece — 0.7%** | **Greece — 0.7%** | **Greece — 0.7%** |
| Alpha Bank SA | &nbsp;&nbsp; 8949 | 35502 |
| Jumbo SA | &nbsp;&nbsp; 321 | 11446 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 1862 | 14410 |
|  |  | 61358 |
| **Hungary — 0.4%** | **Hungary — 0.4%** | **Hungary — 0.4%** |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 950 | 8176 |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 774 | 23478 |
|  |  | 31654 |
| **India — 13.9%** | **India — 13.9%** | **India — 13.9%** |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 1352 | 15753 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 163 | 15952 |
| Bank of Baroda | &nbsp;&nbsp; 5531 | 14611 |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 2786 | 9740 |
| Canara Bank | &nbsp;&nbsp; 11272 | 13275 |
| Cipla Ltd. | &nbsp;&nbsp; 1280 | 23072 |
| Coal India Ltd. | &nbsp;&nbsp; 2324 | 9877 |
| DLF Ltd. | &nbsp;&nbsp; 1063 | 8912 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 2828 | 40444 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 288 | 19930 |
| GAIL India Ltd. | &nbsp;&nbsp; 4457 | 8752 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 3432 | 56589 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 277 | 15973 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 3624 | 28961 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 2563 | 10930 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 5565 | 8624 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6193 | 23793 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Value Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| IndusInd Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 728 | $6101 |
| Info Edge India Ltd. | &nbsp;&nbsp; 1701 | 26194 |
| Infosys Ltd. | &nbsp;&nbsp; 10569 | 177274 |
| Jindal Steel Ltd. | &nbsp;&nbsp; 903 | 9687 |
| JSW Steel Ltd. | &nbsp;&nbsp; 1032 | 12030 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 72 | 4189 |
| Lupin Ltd. | &nbsp;&nbsp; 625 | 13442 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 2934 | 106457 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 427 | 71662 |
| MRF Ltd. | &nbsp;&nbsp; 6 | 9588 |
| NTPC Ltd. | &nbsp;&nbsp; 16372 | 60836 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 12646 | 33516 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 3270 | 14082 |
| Punjab National Bank | &nbsp;&nbsp; 10056 | 11509 |
| REC Ltd. | &nbsp;&nbsp; 2918 | 11592 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 15165 | 15937 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 2686 | 17690 |
| State Bank of India | &nbsp;&nbsp; 5881 | 53532 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 3663 | 66267 |
| Tata Motors Ltd. | &nbsp;&nbsp; 4279 | 32469 |
| Tata Steel Ltd. | &nbsp;&nbsp; 15208 | 26663 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 1406 | 23597 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 12136 | 17184 |
| Vedanta Ltd. | &nbsp;&nbsp; 2123 | 10135 |
| Wipro Ltd. | &nbsp;&nbsp; 6963 | 19688 |
|  |  | 1176509 |
| **Indonesia — 2.2%** | **Indonesia — 2.2%** | **Indonesia — 2.2%** |
| Astra International Tbk PT | &nbsp;&nbsp; 149100 | 49742 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 66000 | 18916 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 22300 | 5920 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 32600 | 8439 |
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 19200 | 8678 |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 93000 | 6864 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 392000 | 74983 |
| United Tractors Tbk PT | &nbsp;&nbsp; 7600 | 11241 |
|  |  | 184783 |
| **Kuwait — 0.2%** | **Kuwait — 0.2%** | **Kuwait — 0.2%** |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 9587 | 16056 |
| **Malaysia — 0.7%** | **Malaysia — 0.7%** | **Malaysia — 0.7%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 4000 | 5106 |
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 13100 | 23013 |
| IOI Corp. Bhd | &nbsp;&nbsp; 9300 | 8505 |
| Kuala Lumpur Kepong Bhd | &nbsp;&nbsp; 900 | 4192 |
| MISC Bhd | &nbsp;&nbsp; 6000 | 10537 |
| RHB Bank Bhd | &nbsp;&nbsp; 4000 | 6190 |
|  |  | 57543 |
| **Mexico — 3.5%** | **Mexico — 3.5%** | **Mexico — 3.5%** |
| Alfa SAB de CV, Class A | &nbsp;&nbsp; 11699 | 8782 |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 109542 | 109046 |
| Arca Continental SAB de CV | &nbsp;&nbsp; 2977 | 30366 |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 50028 | 45272 |
| Coca-Cola Femsa SAB de CV | &nbsp;&nbsp; 3591 | 30487 |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 974 | 16744 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 4569 | 14210 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 5369 | 35195 |
| Promotora y Operadora de Infraestructura SAB de CV | &nbsp;&nbsp; 679 | 8495 |
|  |  | 298597 |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 151 | 2890 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Philippines — 0.3%** | **Philippines — 0.3%** | **Philippines — 0.3%** |
| Ayala Corp. | &nbsp;&nbsp; 1220 | $11635 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 6820 | 8348 |
| PLDT Inc. | &nbsp;&nbsp; 175 | 3550 |
| SM Investments Corp. | &nbsp;&nbsp; 250 | 3303 |
| SM Prime Holdings Inc. | &nbsp;&nbsp; 1900 | 768 |
|  |  | 27604 |
| **Poland — 1.2%** | **Poland — 1.2%** | **Poland — 1.2%** |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 402 | 20248 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 392 | 13770 |
| LPP SA | &nbsp;&nbsp; 1 | 4738 |
| ORLEN SA | &nbsp;&nbsp; 1768 | 37781 |
| PGE Polska Grupa Energetyczna SA<sup>(a)</sup> | &nbsp;&nbsp; 7254 | 22608 |
|  |  | 99145 |
| **Qatar — 0.4%** | **Qatar — 0.4%** | **Qatar — 0.4%** |
| Commercial Bank PSQC (The) | &nbsp;&nbsp; 4205 | 5416 |
| Industries Qatar QSC | &nbsp;&nbsp; 2930 | 10328 |
| Ooredoo QPSC | &nbsp;&nbsp; 4792 | 16953 |
|  |  | 32697 |
| **Saudi Arabia — 3.9%** | **Saudi Arabia — 3.9%** | **Saudi Arabia — 3.9%** |
| Almarai Co. JSC | &nbsp;&nbsp; 1417 | 17932 |
| Arab National Bank | &nbsp;&nbsp; 2129 | 13312 |
| Banque Saudi Fransi | &nbsp;&nbsp; 2156 | 9297 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 1045 | 17822 |
| Jarir Marketing Co. | &nbsp;&nbsp; 2574 | 8745 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 309 | 9988 |
| Saudi Awwal Bank | &nbsp;&nbsp; 2396 | 19230 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 1130 | 18370 |
| Saudi Electricity Co. | &nbsp;&nbsp; 1949 | 7552 |
| Saudi National Bank (The) | &nbsp;&nbsp; 7788 | 72182 |
| Saudi Telecom Co. | &nbsp;&nbsp; 11911 | 133247 |
|  |  | 327677 |
| **South Africa — 4.1%** | **South Africa — 4.1%** | **South Africa — 4.1%** |
| Absa Group Ltd. | &nbsp;&nbsp; 1714 | 18353 |
| Impala Platinum Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1610 | 14609 |
| MTN Group Ltd. | &nbsp;&nbsp; 7252 | 61605 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 447 | 147475 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 1624 | 20813 |
| Old Mutual Ltd. | &nbsp;&nbsp; 16049 | 12646 |
| Pepkor Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8039 | 11565 |
| Reinet Investments SCA | &nbsp;&nbsp; 481 | 14600 |
| Remgro Ltd. | &nbsp;&nbsp; 1710 | 16450 |
| Sasol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1946 | 13125 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 2481 | 19996 |
|  |  | 351237 |
| **South Korea — 13.0%** | **South Korea — 13.0%** | **South Korea — 13.0%** |
| DB Insurance Co. Ltd. | &nbsp;&nbsp; 237 | 22407 |
| Hana Financial Group Inc. | &nbsp;&nbsp; 1067 | 62901 |
| Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp; 416 | 11992 |
| Hyundai Mobis Co. Ltd. | &nbsp;&nbsp; 329 | 75131 |
| Hyundai Motor Co. | &nbsp;&nbsp; 494 | 77769 |
| Industrial Bank of Korea | &nbsp;&nbsp; 1155 | 15790 |
| Kia Corp. | &nbsp;&nbsp; 1166 | 88224 |
| Korea Electric Power Corp. | &nbsp;&nbsp; 838 | 21972 |
| Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp; 146 | 14086 |
| LG Corp. | &nbsp;&nbsp; 408 | 21815 |
| LG H&H Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26 | 5520 |
| LG Uplus Corp. | &nbsp;&nbsp; 1240 | 13225 |
| POSCO Holdings Inc. | &nbsp;&nbsp; 183 | 37355 |
| Samsung SDI Co. Ltd. | &nbsp;&nbsp; 255 | 37790 |
| SK Hynix Inc. | &nbsp;&nbsp; 2484 | 473295 |
| SK Inc. | &nbsp;&nbsp; 229 | 33960 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Value Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 441 | $46771 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 2009 | 35840 |
|  |  | 1095843 |
| **Taiwan — 13.9%** | **Taiwan — 13.9%** | **Taiwan — 13.9%** |
| Acer Inc. | &nbsp;&nbsp; 7000 | 6732 |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 10000 | 48565 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 1000 | 32645 |
| Asustek Computer Inc. | &nbsp;&nbsp; 3000 | 61717 |
| AUO Corp. | &nbsp;&nbsp; 35000 | 14623 |
| Catcher Technology Co. Ltd. | &nbsp;&nbsp; 3000 | 18434 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 25000 | 50062 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 3060 | 11613 |
| Compal Electronics Inc. | &nbsp;&nbsp; 20000 | 17989 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 1000 | 39582 |
| Eva Airways Corp. | &nbsp;&nbsp; 5000 | 6332 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 7000 | 42307 |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 5000 | 4505 |
| Formosa Chemicals & Fibre Corp. | &nbsp;&nbsp; 10000 | 9802 |
| Formosa Plastics Corp. | &nbsp;&nbsp; 10000 | 12699 |
| Gigabyte Technology Co. Ltd. | &nbsp;&nbsp; 2000 | 17983 |
| Globalwafers Co. Ltd. | &nbsp;&nbsp; 1000 | 12096 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 46000 | 303690 |
| Innolux Corp. | &nbsp;&nbsp; 29000 | 13242 |
| Inventec Corp. | &nbsp;&nbsp; 5000 | 6688 |
| KGI Financial Holding Co. Ltd. | &nbsp;&nbsp; 56560 | 28084 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 10000 | 42304 |
| Micro-Star International Co. Ltd. | &nbsp;&nbsp; 4000 | 17571 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 9000 | 12668 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 2000 | 28345 |
| Pegatron Corp. | &nbsp;&nbsp; 9000 | 20587 |
| Quanta Computer Inc. | &nbsp;&nbsp; 10000 | 85154 |
| Synnex Technology International Corp. | &nbsp;&nbsp; 2000 | 4290 |
| TCC Group Holdings Co. Ltd. | &nbsp;&nbsp; 10000 | 7325 |
| Unimicron Technology Corp. | &nbsp;&nbsp; 3000 | 14000 |
| United Microelectronics Corp. | &nbsp;&nbsp; 43000 | 56574 |
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 3000 | 8100 |
| Wistron Corp. | &nbsp;&nbsp; 5000 | 18338 |
| WPG Holdings Ltd. | &nbsp;&nbsp; 5000 | 10900 |
| Yageo Corp. | &nbsp;&nbsp; 8000 | 36226 |
| Yang Ming Marine Transport Corp. | &nbsp;&nbsp; 10000 | 18802 |
| Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp; 5000 | 31903 |
|  |  | 1172477 |
| **Thailand — 1.1%** | **Thailand — 1.1%** | **Thailand — 1.1%** |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 28500 | 19282 |
| CP Axtra PCL, NVDR | &nbsp;&nbsp; 11900 | 6588 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 3000 | 15605 |
| Krung Thai Bank PCL, NVDR | &nbsp;&nbsp; 14500 | 11027 |
| PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 4600 | 15907 |
| PTT PCL, NVDR | &nbsp;&nbsp; 14300 | 13692 |
| SCB X PCL, NVDR | &nbsp;&nbsp; 2500 | 9920 |
| Siam Cement PCL (The), NVDR | &nbsp;&nbsp; 300 | 1997 |
|  |  | 94018 |
| **Turkey — 1.0%** | **Turkey — 1.0%** | **Turkey — 1.0%** |
| Akbank TAS | &nbsp;&nbsp; 14398 | 23901 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| Turk Hava Yollari AO | &nbsp;&nbsp; 4938 | $40222 |
| Turkiye Is Bankasi AS, Class C | &nbsp;&nbsp; 27838 | 10191 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 11788 | 9427 |
|  |  | 83741 |
| **United Arab Emirates — 1.6%** | **United Arab Emirates — 1.6%** | **United Arab Emirates — 1.6%** |
| Aldar Properties PJSC | &nbsp;&nbsp; 6587 | 17229 |
| Emaar Properties PJSC | &nbsp;&nbsp; 20357 | 79805 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 6165 | 42382 |
|  |  | 139416 |
| **Total Common Stocks — 96.6%** <br>**(Cost: $7,107,694)** | **Total Common Stocks — 96.6%** <br>**(Cost: $7,107,694)** | 8171179 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 1.1%** | **Brazil — 1.1%** | **Brazil — 1.1%** |
| Centrais Eletricas Brasileiras SA, Preference Shares, NVS | &nbsp;&nbsp; 682 | 6003 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 2020 | 6207 |
| Petroleo Brasileiro SA - Petrobras, Preference Shares, NVS | &nbsp;&nbsp; 14668 | 84136 |
|  |  | 96346 |
| **South Korea — 1.8%** | **South Korea — 1.8%** | **South Korea — 1.8%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 85 | 10049 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 136 | 16573 |
| Samsung Electronics Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 2969 | 120547 |
|  |  | 147169 |
| **Total Preferred Stocks — 2.9%** <br>**(Cost: $255,046)** | **Total Preferred Stocks — 2.9%** <br>**(Cost: $255,046)** | 243515 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $7,362,740)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $7,362,740)** | 8414694 |
| **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 Shares, <br> 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 3678 | 3680 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $3,680)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $3,680)** | 3680 |
| **Total Investments — 99.6%** <br>**(Cost: $7,366,420)** | **Total Investments — 99.6%** <br>**(Cost: $7,366,420)** | 8418374 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | 35062 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $8453436 |

---

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

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

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

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

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Value Factor ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*09/04/24*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $—<br> &nbsp;&nbsp; $3684 <br><sup>(b)</sup><br>| $— | $(4)<br>| $— | $3680 | 3678 | $2 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(d)</sup> | —<br> &nbsp;&nbsp; 0 <br><sup>(b)</sup><br>|  |  |  |  |  | 96 |  |
|  |  |  | $(4) | $— | $3680 |  | $98 | $— |

---

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

<sup>(a)</sup> Commencement of operations.

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

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

<sup>(d)</sup> As of period end, the entity is no longer held.

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| STOXX Europe 600 Index | 1 | 09/19/25 | &nbsp;&nbsp; $32 | $206 |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *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; $206 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $206 |

---

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

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

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $357 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $357 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $206 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $206 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $32237 |

---

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

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Emerging Markets Value Factor ETF**

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $821051 | &nbsp;&nbsp; $7350128 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8171179 |
| Preferred Stocks | &nbsp;&nbsp; 96346 | &nbsp;&nbsp; 147169 | &nbsp;&nbsp; — | &nbsp;&nbsp; 243515 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3680 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3680 |
|  | &nbsp;&nbsp; $921077 | &nbsp;&nbsp; $7497297 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8418374 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $206 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $206 |

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Global 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 — 1.3%** | **Australia — 1.3%** | **Australia — 1.3%** |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 3820 | $181131 |
| ASX Ltd. | &nbsp;&nbsp; 1170 | 47793 |
| BHP Group Ltd. | &nbsp;&nbsp; 35241 | 982271 |
| Brambles Ltd. | &nbsp;&nbsp; 8760 | 148457 |
| Cochlear Ltd. | &nbsp;&nbsp; 416 | 81917 |
| Computershare Ltd. | &nbsp;&nbsp; 3711 | 92352 |
| Fortescue Ltd. | &nbsp;&nbsp; 10482 | 132211 |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp; 2844 | 57759 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 17640 | 58767 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 586 | 113822 |
| REA Group Ltd. | &nbsp;&nbsp; 434 | 71076 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 2332 | 176152 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 7519 | 450377 |
|  |  | 2594085 |
| **Austria — 0.0%** | **Austria — 0.0%** | **Austria — 0.0%** |
| Verbund AG | &nbsp;&nbsp; 396 | 28241 |
| **Belgium — 0.0%** | **Belgium — 0.0%** | **Belgium — 0.0%** |
| Lotus Bakeries NV | &nbsp;&nbsp; 3 | 29419 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Ambev SA | &nbsp;&nbsp; 30391 | 69225 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 35759 | 85608 |
| BB Seguridade Participacoes SA | &nbsp;&nbsp; 7177 | 43444 |
| Caixa Seguridade Participacoes S/A | &nbsp;&nbsp; 5594 | 14548 |
| CPFL Energia SA | &nbsp;&nbsp; 1122 | 8147 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 7050 | 46602 |
| PRIO SA<sup>(a)</sup> | &nbsp;&nbsp; 6495 | 45366 |
| WEG SA | &nbsp;&nbsp; 12647 | 87846 |
|  |  | 400786 |
| **Canada — 0.6%** | **Canada — 0.6%** | **Canada — 0.6%** |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 2671 | 160744 |
| Canadian National Railway Co. | &nbsp;&nbsp; 3209 | 310654 |
| Celestica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 790 | 153875 |
| CGI Inc. | &nbsp;&nbsp; 1286 | 124878 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 121 | 400911 |
| Toromont Industries Ltd. | &nbsp;&nbsp; 494 | 51650 |
|  |  | 1202712 |
| **China — 1.4%** | **China — 1.4%** | **China — 1.4%** |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 3600 | 6771 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 1000 | 14277 |
| Anker Innovations Technology Co. Ltd., Class A | &nbsp;&nbsp; 200 | 3938 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 8400 | 104517 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 42000 | 24309 |
| Changchun High-Tech Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 100 | 1447 |
| China Feihe Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 27000 | 15282 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 9000 | 32604 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4200 | 21067 |
| China Resources Sanjiu Medical & Pharmaceutical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 130 | 556 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 50000 | 64997 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 200 | 8674 |
| Eoptolink Technology Inc. Ltd., Class A | &nbsp;&nbsp; 400 | 19922 |
| Focus Media Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 3900 | 4550 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 2200 | 12813 |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 900 | 8297 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 3600 | 31770 |
| Giant Biogene Holding Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3200 | 22288 |
| Goneo Group Co. Ltd., Class A | &nbsp;&nbsp; 500 | 3311 |
| Gree Electric Appliances Inc. of Zhuhai, Class A | &nbsp;&nbsp; 900 | 5386 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8000 | $37162 |
| Hithink RoyalFlush Information Network Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 300 | 17399 |
| Imeik Technology Development Co. Ltd., Class A | &nbsp;&nbsp; 100 | 2725 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 200 | 2506 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 1000 | 10382 |
| Kuaishou Technology<sup>(a)(b)</sup> | &nbsp;&nbsp; 18300 | 179365 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 700 | 145614 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 60000 | 86135 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 2500 | 16122 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 800 | 15423 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 1000 | 10349 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 2600 | 15871 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 4500 | 13756 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 270 | 14111 |
| NetEase Inc. | &nbsp;&nbsp; 12500 | 342760 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 140 | 1270 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 18600 | 120307 |
| PDD Holdings Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 5764 | 692948 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4000 | 166269 |
| Qfin Holdings Inc. | &nbsp;&nbsp; 783 | 22801 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 3800 | 10875 |
| Shandong Himile Mechanical Science & Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 400 | 3366 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 1200 | 4268 |
| Shanghai BOCHU Electronic Technology Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 280 | 6019 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | &nbsp;&nbsp; 600 | 17040 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 800 | 27288 |
| Shenzhen New Industries Biomedical Engineering Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 1000 | 8765 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 400 | 5609 |
| Suzhou TFC Optical Communication Co. Ltd., Class A | &nbsp;&nbsp; 560 | 15544 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 12000 | 17053 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 4000 | 26012 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 2233 | 37380 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 26000 | 18077 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 1900 | 34572 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 900 | 8640 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 700 | 10139 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 2100 | 29263 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 6000 | 10466 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 1600 | 8487 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 400 | 1552 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 400 | 11756 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 500 | 24826 |
|  |  | 2657048 |
| **Denmark — 1.0%** | **Denmark — 1.0%** | **Denmark — 1.0%** |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 563 | 68864 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 918 | 88308 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 426 | 106325 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 29467 | 1665163 |
| Pandora A/S | &nbsp;&nbsp; 562 | 77694 |
| Rockwool AS, Class B | &nbsp;&nbsp; 611 | 23092 |
|  |  | 2029446 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| Commercial International Bank - Egypt (CIB) | &nbsp;&nbsp; 18414 | 36822 |
| Eastern Co. SAE | &nbsp;&nbsp; 13655 | 10880 |
|  |  | 47702 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Quality Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland — 0.2%** | **Finland — 0.2%** | **Finland — 0.2%** |
| Elisa OYJ | &nbsp;&nbsp; 877 | $46752 |
| Kone OYJ, Class B | &nbsp;&nbsp; 2961 | 186240 |
| Metso OYJ | &nbsp;&nbsp; 3625 | 46920 |
| Orion OYJ, Class B | &nbsp;&nbsp; 868 | 69341 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 3277 | 96058 |
|  |  | 445311 |
| **France — 0.7%** | **France — 0.7%** | **France — 0.7%** |
| FDJ UNITED | &nbsp;&nbsp; 473 | 15225 |
| Hermes International SCA | &nbsp;&nbsp; 238 | 582899 |
| L'Oreal SA | &nbsp;&nbsp; 1596 | 745150 |
|  |  | 1343274 |
| **Germany — 0.4%** | **Germany — 0.4%** | **Germany — 0.4%** |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 440 | 41245 |
| GEA Group AG | &nbsp;&nbsp; 897 | 65290 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 797 | 508407 |
| Nemetschek SE | &nbsp;&nbsp; 368 | 50839 |
| Rational AG | &nbsp;&nbsp; 39 | 29071 |
|  |  | 694852 |
| **Greece — 0.1%** | **Greece — 0.1%** | **Greece — 0.1%** |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 1178 | 21913 |
| Jumbo SA | &nbsp;&nbsp; 904 | 32235 |
| OPAP SA | &nbsp;&nbsp; 1723 | 38668 |
|  |  | 92816 |
| **Hong Kong — 0.4%** | **Hong Kong — 0.4%** | **Hong Kong — 0.4%** |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 8900 | 521435 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 12000 | 42301 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 9000 | 116392 |
|  |  | 680128 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 996 | 30212 |
| **India — 1.8%** | **India — 1.8%** | **India — 1.8%** |
| ABB India Ltd. | &nbsp;&nbsp; 384 | 21782 |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 250 | 15025 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 1033 | 18802 |
| Asian Paints Ltd. | &nbsp;&nbsp; 2963 | 84640 |
| Astral Ltd. | &nbsp;&nbsp; 709 | 10940 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 503 | 49227 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 28293 | 118556 |
| Bosch Ltd. | &nbsp;&nbsp; 48 | 21763 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 1017 | 67137 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 4474 | 35264 |
| Cipla Ltd. | &nbsp;&nbsp; 3547 | 63935 |
| Coal India Ltd. | &nbsp;&nbsp; 17591 | 74758 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 1367 | 36160 |
| Cummins India Ltd. | &nbsp;&nbsp; 1098 | 47611 |
| Dabur India Ltd. | &nbsp;&nbsp; 3446 | 20364 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 302 | 57211 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 3661 | 52357 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 971 | 67196 |
| Havells India Ltd. | &nbsp;&nbsp; 1656 | 28678 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 7174 | 118289 |
| HDFC Asset Management Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 823 | 50987 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 865 | 49881 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 1578 | 77590 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 5817 | 175416 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 1606 | 44856 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1608 | 33573 |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 1823 | 14311 |
| Indus Towers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8747 | 33606 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Infosys Ltd. | &nbsp;&nbsp; 26574 | $445725 |
| ITC Ltd. | &nbsp;&nbsp; 24017 | 111637 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 520 | 30251 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 867 | 24317 |
| Marico Ltd. | &nbsp;&nbsp; 4445 | 36566 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 758 | 127213 |
| Mphasis Ltd. | &nbsp;&nbsp; 643 | 20287 |
| Nestle India Ltd. | &nbsp;&nbsp; 6758 | 88640 |
| NMDC Ltd. | &nbsp;&nbsp; 20997 | 16402 |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 190 | 17871 |
| Page Industries Ltd. | &nbsp;&nbsp; 58 | 29175 |
| Persistent Systems Ltd. | &nbsp;&nbsp; 759 | 45607 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 5125 | 15658 |
| PI Industries Ltd. | &nbsp;&nbsp; 512 | 21464 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 1073 | 37108 |
| Polycab India Ltd. | &nbsp;&nbsp; 344 | 27685 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2889 | 59132 |
| Siemens Ltd. | &nbsp;&nbsp; 554 | 19246 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 197 | 30793 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 6167 | 111567 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 419 | 21241 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 9101 | 318276 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 285 | 16913 |
| Titan Co. Ltd. | &nbsp;&nbsp; 2280 | 93855 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 751 | 30300 |
| United Spirits Ltd. | &nbsp;&nbsp; 1813 | 26965 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 8149 | 45041 |
| Wipro Ltd. | &nbsp;&nbsp; 16114 | 45563 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 1598 | 17798 |
|  |  | 3422211 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 395600 | 193808 |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 158000 | 11661 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 136200 | 18171 |
| United Tractors Tbk PT | &nbsp;&nbsp; 7100 | 10502 |
|  |  | 234142 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 725 | 140026 |
| **Italy — 0.4%** | **Italy — 0.4%** | **Italy — 0.4%** |
| Ferrari NV | &nbsp;&nbsp; 1104 | 525380 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 4119 | 90420 |
| Moncler SpA | &nbsp;&nbsp; 1573 | 91556 |
|  |  | 707356 |
| **Japan — 2.3%** | **Japan — 2.3%** | **Japan — 2.3%** |
| Advantest Corp. | &nbsp;&nbsp; 5600 | 428229 |
| Asics Corp. | &nbsp;&nbsp; 4400 | 118279 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 3800 | 130652 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 2200 | 59367 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4600 | 203280 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 2200 | 69243 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 300 | 31924 |
| Disco Corp. | &nbsp;&nbsp; 700 | 191524 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 1200 | 375095 |
| Fujitsu Ltd. | &nbsp;&nbsp; 11500 | 276738 |
| Hoya Corp. | &nbsp;&nbsp; 2400 | 309904 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 6500 | 67939 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 900 | 25313 |
| Lasertec Corp. | &nbsp;&nbsp; 800 | 83056 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 1900 | 32738 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 9100 | 211683 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Quality Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 2300 | $90285 |
| Obic Co. Ltd. | &nbsp;&nbsp; 2100 | 74254 |
| Oracle Corp./Japan | &nbsp;&nbsp; 400 | 41401 |
| Otsuka Corp. | &nbsp;&nbsp; 1400 | 28752 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 9300 | 532177 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 500 | 37796 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 13300 | 570410 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 3500 | 476651 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 900 | 47699 |
| ZOZO Inc. | &nbsp;&nbsp; 3800 | 35310 |
|  |  | 4549699 |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** | **Malaysia — 0.0%** |
| MR DIY Group M Bhd<sup>(b)</sup> | &nbsp;&nbsp; 36500 | 12776 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 800 | 17997 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 800 | 4010 |
|  |  | 34783 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 1095 | 18825 |
| Grupo Aeroportuario del Centro Norte SAB de CV, <br> Class B<br>| &nbsp;&nbsp; 2340 | 29927 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp; 2324 | 55890 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp; 1264 | 41243 |
| Qualitas Controladora SAB de CV | &nbsp;&nbsp; 1635 | 14743 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 36288 | 108332 |
|  |  | 268960 |
| **Netherlands — 1.9%** | **Netherlands — 1.9%** | **Netherlands — 1.9%** |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 180 | 302251 |
| ASM International NV | &nbsp;&nbsp; 295 | 141650 |
| ASML Holding NV | &nbsp;&nbsp; 3632 | 2697096 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 622 | 83782 |
| CVC Capital Partners PLC<sup>(b)</sup> | &nbsp;&nbsp; 1348 | 27210 |
| Universal Music Group NV | &nbsp;&nbsp; 9958 | 281505 |
| Wolters Kluwer NV | &nbsp;&nbsp; 1643 | 206975 |
|  |  | 3740469 |
| **Norway — 0.1%** | **Norway — 0.1%** | **Norway — 0.1%** |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 1329 | 36920 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 3395 | 101396 |
|  |  | 138316 |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |
| Southern Copper Corp. | &nbsp;&nbsp; 701 | 67351 |
| **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** |
| Manila Electric Co. | &nbsp;&nbsp; 1190 | 11141 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Budimex SA | &nbsp;&nbsp; 127 | 18577 |
| Dino Polska SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 3820 | 47664 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 97 | 23431 |
|  |  | 89672 |
| **Saudi Arabia — 0.3%** | **Saudi Arabia — 0.3%** | **Saudi Arabia — 0.3%** |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 247 | 15894 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 606 | 23578 |
| Co. for Cooperative Insurance (The) | &nbsp;&nbsp; 409 | 12752 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 456 | 29289 |
| Elm Co. | &nbsp;&nbsp; 220 | 50277 |
| Jarir Marketing Co. | &nbsp;&nbsp; 5636 | 19147 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 432 | 8333 |
| Nahdi Medical Co. | &nbsp;&nbsp; 417 | 12847 |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 251 | 11337 |
| Saudi Arabian Oil Co.<sup>(b)</sup> | &nbsp;&nbsp; 44189 | 279005 |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 307 | 13931 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Saudi Arabia (continued)** | **Saudi Arabia (continued)** | **Saudi Arabia (continued)** |
| Saudi Telecom Co. | &nbsp;&nbsp; 12324 | $137867 |
|  |  | 614257 |
| **Singapore — 0.1%** | **Singapore — 0.1%** | **Singapore — 0.1%** |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 7200 | 92950 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 20500 | 46449 |
|  |  | 139399 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 651 | 131681 |
| Clicks Group Ltd. | &nbsp;&nbsp; 2195 | 46429 |
| Gold Fields Ltd. | &nbsp;&nbsp; 5844 | 194532 |
| OUTsurance Group Ltd. | &nbsp;&nbsp; 7109 | 30612 |
| Sanlam Ltd. | &nbsp;&nbsp; 11879 | 61415 |
|  |  | 464669 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Coway Co. Ltd. | &nbsp;&nbsp; 332 | 24786 |
| Hanmi Semiconductor Co. Ltd. | &nbsp;&nbsp; 312 | 19251 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 147 | 51549 |
| Krafton Inc.<sup>(a)</sup> | &nbsp;&nbsp; 171 | 40208 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 189 | 60153 |
| Samyang Foods Co. Ltd. | &nbsp;&nbsp; 32 | 35831 |
|  |  | 231778 |
| **Spain — 0.2%** | **Spain — 0.2%** | **Spain — 0.2%** |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 8407 | 415805 |
| **Sweden — 0.7%** | **Sweden — 0.7%** | **Sweden — 0.7%** |
| AddTech AB, Class B | &nbsp;&nbsp; 1666 | 58423 |
| Alfa Laval AB | &nbsp;&nbsp; 1816 | 82675 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 20230 | 322971 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 11755 | 167159 |
| Epiroc AB, Class A | &nbsp;&nbsp; 4307 | 90007 |
| Epiroc AB, Class B | &nbsp;&nbsp; 2485 | 46249 |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 1222 | 105866 |
| Lifco AB, Class B | &nbsp;&nbsp; 1372 | 48757 |
| Sandvik AB | &nbsp;&nbsp; 6924 | 175109 |
| Volvo AB, Class B | &nbsp;&nbsp; 9672 | 297588 |
|  |  | 1394804 |
| **Switzerland — 4.3%** | **Switzerland — 4.3%** | **Switzerland — 4.3%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 12083 | 810903 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 54 | 41440 |
| Geberit AG, Registered | &nbsp;&nbsp; 301 | 220714 |
| Givaudan SA, Registered | &nbsp;&nbsp; 57 | 240060 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 345 | 70333 |
| Logitech International SA, Registered | &nbsp;&nbsp; 1197 | 123599 |
| Nestle SA, Registered | &nbsp;&nbsp; 16173 | 1525608 |
| Novartis AG, Registered | &nbsp;&nbsp; 14005 | 1772642 |
| Partners Group Holding AG | &nbsp;&nbsp; 198 | 271915 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 297 | 102000 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 6157 | 2007663 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 282 | 104820 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 154 | 55077 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 345 | 100494 |
| Straumann Holding AG | &nbsp;&nbsp; 838 | 98196 |
| VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp; 211 | 69004 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 931 | 680333 |
|  |  | 8294801 |
| **Taiwan — 4.6%** | **Taiwan — 4.6%** | **Taiwan — 4.6%** |
| Accton Technology Corp. | &nbsp;&nbsp; 4000 | 131689 |
| Advantech Co. Ltd. | &nbsp;&nbsp; 3000 | 33523 |
| Airtac International Group | &nbsp;&nbsp; 1000 | 25616 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 1000 | 130873 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 2000 | 65289 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Quality Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Delta Electronics Inc. | &nbsp;&nbsp; 12000 | $276453 |
| Eclat Textile Co. Ltd. | &nbsp;&nbsp; 1000 | 13034 |
| Elite Material Co. Ltd. | &nbsp;&nbsp; 2000 | 79164 |
| eMemory Technology Inc. | &nbsp;&nbsp; 1000 | 67028 |
| Feng TAY Enterprise Co. Ltd. | &nbsp;&nbsp; 2000 | 7652 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 1100 | 23045 |
| Global Unichip Corp. | &nbsp;&nbsp; 1000 | 43126 |
| International Games System Co. Ltd. | &nbsp;&nbsp; 2000 | 49853 |
| Jentech Precision Industrial Co. Ltd. | &nbsp;&nbsp; 1000 | 67759 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 1000 | 47013 |
| MediaTek Inc. | &nbsp;&nbsp; 11000 | 488796 |
| Nien Made Enterprise Co. Ltd. | &nbsp;&nbsp; 1000 | 14077 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 4000 | 56690 |
| Quanta Computer Inc. | &nbsp;&nbsp; 17000 | 144762 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 4000 | 69496 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 187000 | 7003409 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 1000 | 32132 |
| Wiwynn Corp. | &nbsp;&nbsp; 1000 | 95978 |
|  |  | 8966457 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 7000 | 63654 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 4500 | 24713 |
| Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp; 22900 | 105996 |
|  |  | 194363 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 5102 | 13866 |
| **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 9762 | 56685 |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 15300 | 15663 |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 29870 | 44810 |
| Adnoc Gas PLC | &nbsp;&nbsp; 44568 | 40374 |
| Americana Restaurants International PLC - Foreign Co. | &nbsp;&nbsp; 22396 | 11829 |
| Emaar Development PJSC | &nbsp;&nbsp; 8950 | 35893 |
|  |  | 205254 |
| **United Kingdom — 3.7%** | **United Kingdom — 3.7%** | **United Kingdom — 3.7%** |
| Admiral Group PLC | &nbsp;&nbsp; 2262 | 110845 |
| AstraZeneca PLC | &nbsp;&nbsp; 11248 | 1793092 |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 7576 | 82271 |
| Compass Group PLC | &nbsp;&nbsp; 11820 | 401735 |
| Diageo PLC | &nbsp;&nbsp; 14302 | 396649 |
| Experian PLC | &nbsp;&nbsp; 5995 | 310754 |
| GSK PLC | &nbsp;&nbsp; 35670 | 704842 |
| Halma PLC | &nbsp;&nbsp; 2550 | 113366 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 1126 | 27202 |
| Imperial Brands PLC | &nbsp;&nbsp; 6423 | 271261 |
| Intertek Group PLC | &nbsp;&nbsp; 1016 | 64442 |
| Next PLC | &nbsp;&nbsp; 975 | 157558 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 5100 | 381314 |
| RELX PLC | &nbsp;&nbsp; 14502 | 677383 |
| Rio Tinto PLC | &nbsp;&nbsp; 7239 | 452523 |
| Sage Group PLC (The) | &nbsp;&nbsp; 7585 | 111265 |
| Unilever PLC | &nbsp;&nbsp; 18554 | 1170480 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 5901 | 84065 |
|  |  | 7311047 |
| **United States — 72.0%** | **United States — 72.0%** | **United States — 72.0%** |
| Abbott Laboratories | &nbsp;&nbsp; 12700 | 1684782 |
| Accenture PLC, Class A | &nbsp;&nbsp; 4858 | 1262934 |
| Adobe Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4072 | 1452482 |
| Aflac Inc. | &nbsp;&nbsp; 3429 | 366423 |
| Agilent Technologies Inc. | &nbsp;&nbsp; 1857 | 233351 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Allegion PLC | &nbsp;&nbsp; 675 | $114615 |
| Alphabet Inc., Class A | &nbsp;&nbsp; 30203 | 6430521 |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 25617 | 5469998 |
| American Financial Group Inc./OH | &nbsp;&nbsp; 421 | 57197 |
| Ameriprise Financial Inc. | &nbsp;&nbsp; 740 | 380959 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 8293 | 902776 |
| Aon PLC, Class A | &nbsp;&nbsp; 1268 | 465356 |
| Apple Inc. | &nbsp;&nbsp; 44416 | 10310730 |
| Applied Materials Inc. | &nbsp;&nbsp; 6721 | 1080468 |
| Arch Capital Group Ltd. | &nbsp;&nbsp; 2368 | 216743 |
| Arista Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8706 | 1188804 |
| Autodesk Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1848 | 581566 |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 3765 | 1144748 |
| Avery Dennison Corp. | &nbsp;&nbsp; 541 | 92863 |
| Best Buy Co. Inc. | &nbsp;&nbsp; 1636 | 120475 |
| Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 856 | 218811 |
| Brown-Forman Corp., Class B, NVS | &nbsp;&nbsp; 1299 | 38892 |
| Cadence Design Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1892 | 663014 |
| Carlisle Companies Inc. | &nbsp;&nbsp; 332 | 128115 |
| Caterpillar Inc. | &nbsp;&nbsp; 3555 | 1489687 |
| Cboe Global Markets Inc. | &nbsp;&nbsp; 672 | 158558 |
| CDW Corp. | &nbsp;&nbsp; 917 | 151085 |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 796 | 102445 |
| Chipotle Mexican Grill Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11383 | 479680 |
| Church & Dwight Co. Inc. | &nbsp;&nbsp; 1537 | 143187 |
| Cintas Corp. | &nbsp;&nbsp; 3175 | 666845 |
| Cisco Systems Inc. | &nbsp;&nbsp; 26633 | 1840074 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 32019 | 2208991 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 3157 | 228093 |
| Copart Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 5974 | 291591 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 3473 | 3276150 |
| Cummins Inc. | &nbsp;&nbsp; 1031 | 410792 |
| Deckers Outdoor Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1346 | 161022 |
| Dexcom Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2596 | 195583 |
| Dick's Sporting Goods Inc. | &nbsp;&nbsp; 396 | 84269 |
| DocuSign Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1320 | 101191 |
| DR Horton Inc. | &nbsp;&nbsp; 1716 | 290828 |
| Dynatrace Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1932 | 97759 |
| Eaton Corp. PLC | &nbsp;&nbsp; 2553 | 891354 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3605 | 293231 |
| Eli Lilly & Co. | &nbsp;&nbsp; 5678 | 4159589 |
| EMCOR Group Inc. | &nbsp;&nbsp; 388 | 240560 |
| Erie Indemnity Co., Class A, NVS | &nbsp;&nbsp; 210 | 74420 |
| Expand Energy Corp. | &nbsp;&nbsp; 1373 | 132879 |
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 1150 | 138621 |
| F5 Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 389 | 121811 |
| FactSet Research Systems Inc. | &nbsp;&nbsp; 264 | 98556 |
| Fastenal Co. | &nbsp;&nbsp; 9602 | 476835 |
| Ferguson Enterprises Inc. | &nbsp;&nbsp; 1329 | 307198 |
| Fortinet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6070 | 478134 |
| Garmin Ltd. | &nbsp;&nbsp; 1032 | 249558 |
| Gartner Inc.<sup>(a)</sup> | &nbsp;&nbsp; 527 | 132377 |
| GE HealthCare Technologies Inc., NVS<sup>(a)(c)</sup> | &nbsp;&nbsp; 2969 | 218904 |
| General Electric Co. | &nbsp;&nbsp; 9244 | 2543949 |
| General Mills Inc. | &nbsp;&nbsp; 3387 | 167081 |
| Graco Inc. | &nbsp;&nbsp; 1132 | 96661 |
| Hershey Co. (The) | &nbsp;&nbsp; 1294 | 237773 |
| Honeywell International Inc. | &nbsp;&nbsp; 4137 | 908072 |
| Howmet Aerospace Inc.<sup>(c)</sup> | &nbsp;&nbsp; 2615 | 455272 |
| Hubbell Inc., Class B | &nbsp;&nbsp; 372 | 160328 |
| IDEXX Laboratories Inc.<sup>(a)</sup> | &nbsp;&nbsp; 756 | 489200 |
| Illinois Tool Works Inc. | &nbsp;&nbsp; 1988 | 526124 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Quality Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Jabil Inc. | &nbsp;&nbsp; 688 | $140923 |
| Jack Henry & Associates Inc. | &nbsp;&nbsp; 506 | 82610 |
| Johnson & Johnson | &nbsp;&nbsp; 17550 | 3109333 |
| Kellanova | &nbsp;&nbsp; 2067 | 164327 |
| KLA Corp. | &nbsp;&nbsp; 981 | 855432 |
| Lam Research Corp. | &nbsp;&nbsp; 11726 | 1174359 |
| Leidos Holdings Inc. | &nbsp;&nbsp; 780 | 141118 |
| Lennox International Inc. | &nbsp;&nbsp; 256 | 142812 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 1253 | 570904 |
| Lululemon Athletica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1041 | 210490 |
| Marsh & McLennan Companies Inc. | &nbsp;&nbsp; 3151 | 648507 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 5328 | 3171705 |
| Merck & Co. Inc. | &nbsp;&nbsp; 22331 | 1878484 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 14421 | 10652793 |
| Microsoft Corp. | &nbsp;&nbsp; 20053 | 10160655 |
| Molina Healthcare Inc.<sup>(a)</sup> | &nbsp;&nbsp; 408 | 73779 |
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 432 | 361048 |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5692 | 355238 |
| Moody's Corp. | &nbsp;&nbsp; 1183 | 603046 |
| NetApp Inc. | &nbsp;&nbsp; 1466 | 165350 |
| Netflix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3586 | 4332784 |
| Nike Inc., Class B | &nbsp;&nbsp; 8703 | 673351 |
| Nvidia Corp. | &nbsp;&nbsp; 68372 | 11909035 |
| NVR Inc.<sup>(a)</sup> | &nbsp;&nbsp; 27 | 219177 |
| Old Dominion Freight Line Inc. | &nbsp;&nbsp; 1498 | 226153 |
| Omnicom Group Inc. | &nbsp;&nbsp; 1363 | 106764 |
| PACCAR Inc. | &nbsp;&nbsp; 3118 | 311738 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 791 | 600646 |
| Paychex Inc. | &nbsp;&nbsp; 3156 | 440120 |
| Paycom Software Inc. | &nbsp;&nbsp; 442 | 100400 |
| PayPal Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6011 | 421912 |
| Pentair PLC | &nbsp;&nbsp; 1025 | 110218 |
| PepsiCo Inc. | &nbsp;&nbsp; 9432 | 1402067 |
| Pool Corp. | &nbsp;&nbsp; 294 | 91349 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 17810 | 2796882 |
| Progressive Corp. (The) | &nbsp;&nbsp; 3968 | 980334 |
| Public Storage | &nbsp;&nbsp; 1050 | 309320 |
| PulteGroup Inc. | &nbsp;&nbsp; 1518 | 200406 |
| Qualcomm Inc. | &nbsp;&nbsp; 9077 | 1458946 |
| ResMed Inc. | &nbsp;&nbsp; 1043 | 286314 |
| Rockwell Automation Inc. | &nbsp;&nbsp; 710 | 243835 |
| Rollins Inc. | &nbsp;&nbsp; 2468 | 139541 |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp; 1540 | 563378 |
| Snap-on Inc. | &nbsp;&nbsp; 348 | 113184 |
| Super Micro Computer Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3365 | 139782 |
| Synopsys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 961 | 579983 |
| T Rowe Price Group Inc. | &nbsp;&nbsp; 1583 | 170362 |
| Target Corp. | &nbsp;&nbsp; 2758 | 264713 |
| Teradyne Inc. | &nbsp;&nbsp; 1059 | 125216 |
| Texas Instruments Inc. | &nbsp;&nbsp; 6192 | 1253756 |
| Texas Pacific Land Corp. | &nbsp;&nbsp; 187 | 174561 |
| TJX Companies Inc. (The) | &nbsp;&nbsp; 7708 | 1052990 |
| Tractor Supply Co. | &nbsp;&nbsp; 3830 | 236541 |
| Trane Technologies PLC | &nbsp;&nbsp; 1800 | 748080 |
| Uber Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12381 | 1160719 |
| Ulta Beauty Inc.<sup>(a)</sup> | &nbsp;&nbsp; 369 | 181817 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Union Pacific Corp. | &nbsp;&nbsp; 4333 | $968729 |
| United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 284 | 86552 |
| UnitedHealth Group Inc. | &nbsp;&nbsp; 6876 | 2130666 |
| Veeva Systems Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 924 | 248741 |
| Veralto Corp. | &nbsp;&nbsp; 2007 | 213123 |
| Vertex Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1707 | 667471 |
| Visa Inc., Class A | &nbsp;&nbsp; 16173 | 5689338 |
| Waters Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 465 | 140337 |
| Watsco Inc. | &nbsp;&nbsp; 232 | 93352 |
| West Pharmaceutical Services Inc. | &nbsp;&nbsp; 459 | 113350 |
| Williams-Sonoma Inc. | &nbsp;&nbsp; 1133 | 213219 |
| WW Grainger Inc. | &nbsp;&nbsp; 409 | 414522 |
| Zoetis Inc. | &nbsp;&nbsp; 3729 | 583216 |
|  |  | 140934843 |
| **Total Common Stocks — 99.6%** <br>**(Cost: $183,972,325)** | **Total Common Stocks — 99.6%** <br>**(Cost: $183,972,325)** | 194861501 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 8147 | 16694 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 34693 | 71794 |
|  |  | 88488 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $81,263)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $81,263)** | 88488 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $184,053,588)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $184,053,588)** | 194949989 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 1382015 | 1382706 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 210000 | 210000 |
| **Total Short-Term Securities — 0.8%** <br>**(Cost: $1,592,706)** | **Total Short-Term Securities — 0.8%** <br>**(Cost: $1,592,706)** | 1592706 |
| **Total Investments — 100.5%** <br>**(Cost: $185,646,294)** | **Total Investments — 100.5%** <br>**(Cost: $185,646,294)** | 196542695 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (893013)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $195649682 |

---

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

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

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

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

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

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

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

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Quality Factor ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/11/24*<sup>(a)</sup> <br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $— | &nbsp;&nbsp; $1382707 <br><sup>(b)</sup><br>| $— | $(1)<br>| $— | $1382706 | 1382015 | $118 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares |  | &nbsp;&nbsp; 210000 <br><sup>(b)</sup><br>|  |  |  | 210000 | 210000 | 7186 |  |
| iShares MSCI India ETF<sup>(d)</sup> |  | 3965167 | &nbsp;&nbsp; (3866757)<br>| (98410)<br>|  |  |  | 1494 |  |
| iShares MSCI Saudi Arabia ETF<sup>(d)</sup> |  | 668355 | &nbsp;&nbsp; (666125)<br>| (2230)<br>|  |  |  | 5315 |  |
| iShares MSCI Taiwan ETF<sup>(d)</sup> |  | 4537802 | &nbsp;&nbsp; (4292475)<br>| (245327)<br>|  |  |  | 6377 | 1429 |
|  |  |  |  | $(345968) | $— | $1592706 |  | $20490 | $1429 |

---

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

<sup>(a)</sup> Commencement of operations.

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

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

<sup>(d)</sup> As of period end, the entity is no longer held.

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro E-Mini S&P 500 Index | 16 | 09/19/25 | &nbsp;&nbsp; $518 | $5296 |
| Micro Euro STOXX 50 Index | 19 | 09/19/25 | &nbsp;&nbsp; 119 | (2231) |
|  |  |  |  | $3065 |

---

**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; $5296 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5296 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2231 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2231 |

---

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

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Quality Factor ETF**

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1869 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1869 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3065 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3065 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $637007 |

---

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; $144256585 | &nbsp;&nbsp; $50604916 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $194861501 |
| Preferred Stocks | &nbsp;&nbsp; 88488 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 88488 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1592706 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1592706 |
|  | &nbsp;&nbsp; $145937779 | &nbsp;&nbsp; $50604916 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $196542695 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $5296 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5296 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (2231)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2231)<br>|
|  | &nbsp;&nbsp; $3065 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3065 |

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities

August 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI <br> Emerging <br> Markets <br> Quality <br> Factor ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Emerging <br> Markets <br> Value Factor <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global <br> Quality <br> Factor ETF <br>|
| **ASSETS** |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $8768617 | $8414694 | $194949989 |
| Investments, at value—affiliated<sup>(c)</sup> | 9600 | 3680 | 1592706 |
| Cash | 6809 | 4784 | 63594 |
| Cash pledged for futures contracts |  | 2594 | 43000 |
| Foreign currency, at value<sup>(d)</sup> | 21021 | 24074 | 180886 |
| Receivables: |  |  |  |
| Investments sold |  | 8573 | 1046 |
| Securities lending income—affiliated | 13 | 2 | 29 |
| Capital shares sold |  |  | 19382 |
| Dividends—unaffiliated | 9472 | 18212 | 179448 |
| Dividends—affiliated |  | 5 | 1097 |
| Tax reclaims | 1198 | 1247 | 67045 |
| Variation margin on futures contracts |  | 208 |  |
| Total assets | 8816730 | 8478073 | 197098222 |
| **LIABILITIES** |  |  |  |
| Collateral on securities loaned, at value | 9600 | 3680 | 1382706 |
| Payables: |  |  |  |
| Investments purchased |  | 18449 | 19353 |
| Deferred foreign capital gain tax |  |  | 9694 |
| Investment advisory fees | 2592 | 2508 | 32241 |
| Variation margin on futures contracts |  |  | 4546 |
| Total liabilities | 12192 | 24637 | 1448540 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS | $8804538 | $8453436 | $195649682 |
| **NET ASSETS CONSIST OF** |  |  |  |
| Paid-in capital | $7732391 | $7365090 | $186458357 |
| Accumulated earnings | 1072147 | 1088346 | 9191325 |
| NET ASSETS | $8804538 | $8453436 | $195649682 |
| **NET ASSET VALUE** |  |  |  |
| Shares outstanding | 320000 | 300000 | 7500000 |
| Net asset value | $27.51 | $28.18 | $26.09 |
| Shares authorized | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $7822886 | $7362740 | $184053588 |
| <sup>(b)</sup> Securities loaned, at value | $9020 | $3484 | $1351427 |
| <sup>(c)</sup> Investments, at cost—affiliated | $9600 | $3680 | $1592706 |
| <sup>(d)</sup> Foreign currency, at cost | $21086 | $24063 | $180638 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Period Ended August 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>MSCI <br> Emerging <br> Markets <br> Quality <br> Factor ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Emerging <br> Markets <br> Value Factor <br> ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; iShares <br>MSCI Global <br> Quality <br> Factor ETF<sup>(b)</sup> <br>|
| **INVESTMENT INCOME** |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $232271 | &nbsp;&nbsp;&nbsp; $353281 | &nbsp;&nbsp;&nbsp; $1945771 |
| Dividends—affiliated | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 20372 |
| Interest—unaffiliated | &nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 423 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 118 |
| Foreign taxes withheld | &nbsp;&nbsp; (24299)<br>| &nbsp;&nbsp;&nbsp; (40079)<br>| &nbsp;&nbsp;&nbsp; (111996)<br>|
| Total investment income | &nbsp;&nbsp; 208254 | &nbsp;&nbsp;&nbsp; 313425 | &nbsp;&nbsp;&nbsp; 1854688 |
| EXPENSES |  |  |  |
| Investment advisory | &nbsp;&nbsp; 27432 | &nbsp;&nbsp;&nbsp; 26539 | &nbsp;&nbsp;&nbsp; 259972 |
| Interest expense | &nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 143 |
| Commitment costs | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 27746 | &nbsp;&nbsp;&nbsp; 26861 | &nbsp;&nbsp;&nbsp; 260115 |
| Less: |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21429)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 27746 | &nbsp;&nbsp;&nbsp; 26861 | &nbsp;&nbsp;&nbsp; 238686 |
| Net investment income | &nbsp;&nbsp; 180508 | &nbsp;&nbsp;&nbsp; 286564 | &nbsp;&nbsp;&nbsp; 1616002 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 91646 | &nbsp;&nbsp;&nbsp; (30194)<br>| &nbsp;&nbsp;&nbsp; (1791503)<br>|
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (361112)<br>|
| Capital gain distributions from underlying funds—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1429 |
| Foreign currency transactions | &nbsp;&nbsp; (4126)<br>| &nbsp;&nbsp;&nbsp; (3932)<br>| &nbsp;&nbsp;&nbsp; 24593 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp; 1869 |
| In-kind redemptions—unaffiliated<sup>(d)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 732908 |
| In-kind redemptions—affiliated<sup>(d)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15144 |
|  | &nbsp;&nbsp; 87520 | &nbsp;&nbsp;&nbsp; (33773)<br>| &nbsp;&nbsp;&nbsp; (1376672)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments—unaffiliated<sup>(e)</sup> | &nbsp;&nbsp; 945731 | &nbsp;&nbsp;&nbsp; 1051954 | &nbsp;&nbsp;&nbsp; 10886707 |
| Foreign currency translations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 4606 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp; 3065 |
|  | &nbsp;&nbsp; 945731 | &nbsp;&nbsp;&nbsp; 1052214 | &nbsp;&nbsp;&nbsp; 10894378 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1033251 | &nbsp;&nbsp;&nbsp; 1018441 | &nbsp;&nbsp;&nbsp; 9517706 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1213759 | &nbsp;&nbsp;&nbsp; $1305005 | &nbsp;&nbsp;&nbsp; $11133708 |
| <sup>(a)</sup> For the period from September 04, 2024 (commencement of operations) to August 31, 2025. | <sup>(a)</sup> For the period from September 04, 2024 (commencement of operations) to August 31, 2025. | <sup>(a)</sup> For the period from September 04, 2024 (commencement of operations) to August 31, 2025. | <sup>(a)</sup> For the period from September 04, 2024 (commencement of operations) to August 31, 2025. |
| <sup>(b)</sup> For the period from December 11, 2024 (commencement of operations) to August 31, 2025. | <sup>(b)</sup> For the period from December 11, 2024 (commencement of operations) to August 31, 2025. | <sup>(b)</sup> For the period from December 11, 2024 (commencement of operations) to August 31, 2025. | <sup>(b)</sup> For the period from December 11, 2024 (commencement of operations) to August 31, 2025. |
| <sup>(c)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(1012)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| <sup>(d)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(d)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(d)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(d)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(e)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(9694)<br>|

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI <br> Emerging <br> Markets <br> Quality <br> Factor ETF <br>| iShares <br>MSCI <br> Emerging <br> Markets <br> Value Factor <br> ETF <br>|
|  | Period From <br>09/04/24<sup>(a)</sup> <br>to 08/31/25<br>| &nbsp;&nbsp; Period From <br>09/04/24<sup>(a)</sup> <br>to 08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $180508 | &nbsp;&nbsp;&nbsp; $286564 |
| Net realized gain (loss) | &nbsp;&nbsp; 87520 | &nbsp;&nbsp;&nbsp; (33773)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 945731 | &nbsp;&nbsp;&nbsp; 1052214 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1213759 | &nbsp;&nbsp;&nbsp; 1305005 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (141612)<br>| &nbsp;&nbsp;&nbsp; (216659)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 7732391 | &nbsp;&nbsp;&nbsp; 7365090 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 8804538 | &nbsp;&nbsp;&nbsp; 8453436 |
| Beginning of period | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $8804538 | &nbsp;&nbsp;&nbsp; $8453436 |

---

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

<sup>(a)</sup> Commencement of operations. <br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | |
|:---|:---|
|  | iShares <br>MSCI Global <br> Quality Factor <br> ETF <br>|
|  | Period From <br>12/11/24<sup>(a)</sup> <br>to 08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |
| **OPERATIONS** |  |
| Net investment income | &nbsp;&nbsp; $1616002 |
| Net realized loss | &nbsp;&nbsp; (1376672)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 10894378 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 11133708 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1234283)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 185750257 |
| *NET ASSETS* |  |
| Total increase in net assets | &nbsp;&nbsp; 195649682 |
| Beginning of period | &nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $195649682 |

---

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

<sup>(a)</sup> Commencement of operations. <br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout the period)

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

---

| | |
|:---|:---|
|  | iShares <br> MSCI <br> Emerging <br> Markets <br> Quality <br> Factor ETF <br>|
|  | Period From <br>09/04/24<sup>(a)</sup> <br>to 08/31/25<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.12 |
| Net investment income<sup>(b)</sup> | 0.57 |
| Net realized and unrealized gain<sup>(c)</sup> | 3.26 |
| Net increase from investment operations | 3.83 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.44)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $27.51 |
| **Total Return**<sup>(e)</sup> <br>|  |
| Based on net asset value | 16.07 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |
| Total expenses | 0.35 %<sup>(h)</sup><br>|
| Net investment income | 2.30 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $8805 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 41<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(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>(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. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout the period)

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

---

| | |
|:---|:---|
|  | iShares <br> MSCI <br> Emerging <br> Markets <br> Value Factor <br> ETF <br>|
|  | Period From <br>09/04/24<sup>(a)</sup> <br>to 08/31/25<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.46 |
| Net investment income<sup>(b)</sup> | 0.97 |
| Net realized and unrealized gain<sup>(c)</sup> | 3.47 |
| Net increase from investment operations | 4.44 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.72)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $28.18 |
| **Total Return**<sup>(e)</sup> <br>|  |
| Based on net asset value | 18.40 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |
| Total expenses | 0.35 %<sup>(h)</sup><br>|
| Net investment income | 3.78 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $8453 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 41<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(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>(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. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout the period)

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

---

| | |
|:---|:---|
|  | iShares <br> MSCI <br> Global <br> Quality <br> Factor <br> ETF <br>|
|  | Period <br> From <br>12/11/24<sup>(a)</sup> <br>to <br> 08/31/25<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $25.12 |
| Net investment income<sup>(b)</sup> | 0.22 |
| Net realized and unrealized gain<sup>(c)</sup> | 0.91 |
| Net increase from investment operations | 1.13 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $26.09 |
| **Total Return**<sup>(e)</sup> <br>|  |
| Based on net asset value | 4.52 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |
| Total expenses | 0.20 %<sup>(h)</sup><br>|
| Total expenses after fees waived | 0.18 %<sup>(h)</sup><br>|
| Net investment income | 1.24 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $195650 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 22<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(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>(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. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* 

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

***1. ORGANIZATION***

iShares 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 Emerging Markets Quality Factor<sup>(a)</sup> | &nbsp;&nbsp; Non-diversified |
| MSCI Emerging Markets Value Factor<sup>(a)</sup> | &nbsp;&nbsp; Non-diversified |
| MSCI Global Quality Factor<sup>(b)</sup> | &nbsp;&nbsp; Non-diversified |

---

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

<sup>(a)</sup> The Fund commenced operations on September 04, 2024. <br> <sup>(b)</sup> The Fund commenced operations on December 11, 2024.

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

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

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

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

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

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of 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 traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI Emerging Markets Quality Factor |  |  |  |  |
| HSBC Bank PLC | &nbsp;&nbsp; $9020 | &nbsp;&nbsp;&nbsp; $(9020) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Emerging Markets Value Factor |  |  |  |  |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; $3484 | &nbsp;&nbsp;&nbsp; $(3484) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Global Quality Factor |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $213817 | &nbsp;&nbsp;&nbsp; $(213817) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 742378 | &nbsp;&nbsp;&nbsp; (742378) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 118993 | &nbsp;&nbsp;&nbsp; (118993) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 120720 | &nbsp;&nbsp;&nbsp; (120720) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 155519 | &nbsp;&nbsp;&nbsp; (155519) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1351427 | &nbsp;&nbsp;&nbsp; $(1351427) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

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

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

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

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the 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* |
| MSCI Emerging Markets Quality Factor | 0.35% |
| MSCI Emerging Markets Value Factor | 0.35 |
| MSCI Global Quality Factor | 0.20 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and any other fund expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares MSCI Global Quality Factor ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2029 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other iShares funds.

The amount is included in investment advisory fees waived in the Statements of Operations. For the period ended August 31, 2025, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| MSCI Global Quality Factor | &nbsp;&nbsp; $21429 |

---

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (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, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the period ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Global Quality Factor | &nbsp;&nbsp; $49 |

---

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

**Other Transactions:** 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 period ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Emerging Markets Quality Factor | &nbsp;&nbsp; $8570360 | &nbsp;&nbsp;&nbsp; $3297390 |
| MSCI Emerging Markets Value Factor | &nbsp;&nbsp; 8185950 | &nbsp;&nbsp;&nbsp; 3155745 |
| MSCI Global Quality Factor | &nbsp;&nbsp; 44328974 | &nbsp;&nbsp;&nbsp; 41648949 |

---

For the period ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Emerging Markets Quality Factor | &nbsp;&nbsp; $2457263 | &nbsp;&nbsp;&nbsp; $— |
| MSCI Emerging Markets Value Factor | &nbsp;&nbsp; 2362668 | &nbsp;&nbsp;&nbsp; — |
| MSCI Global Quality Factor | &nbsp;&nbsp; 191805696 | &nbsp;&nbsp;&nbsp; 8938999 |

---

***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 August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions was reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| MSCI Global Quality Factor | &nbsp;&nbsp; $708100 | &nbsp;&nbsp;&nbsp; $(708100) |

---

The tax character of distributions paid was as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Period Ended* <br>*08/31/25*<br>|
| MSCI Emerging Markets Quality Factor |  |
| Ordinary income | &nbsp;&nbsp; $141612 |
| MSCI Emerging Markets Value Factor |  |
| Ordinary income | &nbsp;&nbsp; $216659 |
| MSCI Global Quality Factor |  |
| Ordinary income | &nbsp;&nbsp; $1234283 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Capital Losses*<sup>(c)</sup> <br>| *Total* |
| MSCI Emerging Markets Quality Factor | &nbsp;&nbsp; $150877 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $921270 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1072147 |
| MSCI Emerging Markets Value Factor | &nbsp;&nbsp; 181575 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 944775 | &nbsp;&nbsp;&nbsp; (38004) | &nbsp;&nbsp;&nbsp; 1088346 |
| MSCI Global Quality Factor | &nbsp;&nbsp; 406404 | &nbsp;&nbsp;&nbsp; (2056573) | &nbsp;&nbsp;&nbsp; 10841494 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9191325 |

---

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

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

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

For the year ended August 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI Emerging Markets Quality Factor | &nbsp;&nbsp; $7856947 | &nbsp;&nbsp;&nbsp; $1438278 | &nbsp;&nbsp;&nbsp; $(517008) | &nbsp;&nbsp;&nbsp; $921270 |
| MSCI Emerging Markets Value Factor | &nbsp;&nbsp; 7473653 | &nbsp;&nbsp;&nbsp; 1275591 | &nbsp;&nbsp;&nbsp; (330870) | &nbsp;&nbsp;&nbsp; 944721 |
| MSCI Global Quality Factor | &nbsp;&nbsp; 185696113 | &nbsp;&nbsp;&nbsp; 18897538 | &nbsp;&nbsp;&nbsp; (8050956) | &nbsp;&nbsp;&nbsp; 10846582 |

---

***9. LINE OF CREDIT***

The iShares MSCI Emerging Markets Quality Factor ETF and iShares MSCI Emerging Markets Value Factor ETF, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

For the period ended August 31, 2025, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Maximum* <br>*Amount* <br>*Borrowed*<br>| &nbsp;&nbsp; *Average* <br>*Borrowing*<br>| &nbsp;&nbsp; *Weighted* <br>*Average* <br>*Interest Rates* <br>|
| MSCI Emerging Markets Quality Factor | &nbsp;&nbsp; $160000 | &nbsp;&nbsp;&nbsp; $2466 | &nbsp;&nbsp;&nbsp;&nbsp;5.53% |
| MSCI Emerging Markets Value Factor | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; 2438 | &nbsp;&nbsp;&nbsp;&nbsp;5.53 |

---

***10. PRINCIPAL RISKS***

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

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

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

**Market Risk:** Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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

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

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

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund's investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

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

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

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

Transactions in capital shares were as follows:

---

| | | |
|:---|:---|:---|
|  | Period Ended <br>08/31/25 | Period Ended <br>08/31/25 |
| *iShares ETF* | *Shares* | *Amount* |
| MSCI Emerging Markets Quality Factor<sup>(a)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp; $7732391 |
| MSCI Emerging Markets Value Factor<sup>(a)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; $7365090 |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

---

| | | |
|:---|:---|:---|
|  | Period Ended<br> 08/31/25 | Period Ended<br> 08/31/25 |
| *iShares ETF* | *Shares* | *Amount* |
| MSCI Global Quality Factor<sup>(b)</sup> <br>|  |  |
| Shares sold | &nbsp;&nbsp; 7900000 | &nbsp;&nbsp;&nbsp; $195712635 |
| Shares redeemed | &nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (9962378)<br>|
|  | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; $185750257 |

---

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

<sup>(a)</sup> The Fund commenced operations on September 04, 2024. <br> <sup>(b)</sup> The Fund commenced operations on December 11, 2024.

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. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of each of the three funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI Emerging Markets Quality Factor ETF<sup>(1)</sup> <br> iShares MSCI Emerging Markets Value Factor ETF<sup>(1)</sup> <br> iShares MSCI Global Quality Factor ETF<sup>(2)</sup>

<sup>(1)</sup> Statement of operations and statement of changes in net assets for the period September 4, 2024 (commencement of operations) through August 31, 2025

<sup>(2)</sup> Statement of operations and statement of changes in net assets for the period December 11, 2024 (commencement of operations) through August 31, 2025

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

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

2025 iShares Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI Emerging Markets Quality Factor | &nbsp;&nbsp; $118742 |
| MSCI Emerging Markets Value Factor | &nbsp;&nbsp; 169096 |
| MSCI Global Quality Factor | &nbsp;&nbsp; 1727651 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business* <br>*Income*<br>|
| MSCI Global Quality Factor | &nbsp;&nbsp; $4862 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| MSCI Emerging Markets Quality Factor | &nbsp;&nbsp; $231075 | &nbsp;&nbsp;&nbsp;&nbsp; $23062 |
| MSCI Emerging Markets Value Factor | &nbsp;&nbsp; 353280 | &nbsp;&nbsp;&nbsp;&nbsp; 37138 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received* <br>*Deduction*<br>|
| MSCI Emerging Markets Quality Factor | 0.38<br> %<br>|
| MSCI Global Quality Factor | 52.52<br> %<br>|

---

The Funds hereby designate the following amount(s), or maximum amount(s) allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Short-Term* <br>*Capital Gains*<br>|
| MSCI Emerging Markets Value Factor | &nbsp;&nbsp; $279 |

---

Important Tax Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Electronic Delivery**

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

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to 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**.

2025 iShares 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 |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
| S&P | Standard & Poor's |

---

Glossary of Terms Used in this Report

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

Want to know more?

**iShares.com** \| 1-800-474-2737

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

**Investing involves risk, including possible loss of principal.**

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

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

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![](g21991imgd251e3cd3.gif)

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August 31, 2025

![](g21991img617064b21.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

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

---

| |
|:---|
| **iShares Trust** |
| • iShares MSCI China Multisector Tech ETF \| TCHI \| NASDAQ |
| • iShares MSCI Japan Value ETF \| EWJV \| NASDAQ |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_adb30dca-1937-48bb-8e50-7cc5a038d574_SOIs-Footer-iSharesReport-1221_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_adb30dca-1937-48bb-8e50-7cc5a038d574_FS-Footer-iSharesReport-1221_1)  | &nbsp;&nbsp; 11 |
| [Statements of Operations](#xx_adb30dca-1937-48bb-8e50-7cc5a038d574_FS-Footer-iSharesReport-1221_2)  | &nbsp;&nbsp; 12 |
| [Statements of Changes in Net Assets](#xx_adb30dca-1937-48bb-8e50-7cc5a038d574_FS-Footer-iSharesReport-1221_3)  | &nbsp;&nbsp; 13 |
| [Financial Highlights](#xx_adb30dca-1937-48bb-8e50-7cc5a038d574_FS-Footer-iSharesReport-1221_4)  | &nbsp;&nbsp; 14 |
| [Notes to Financial Statements](#xx_adb30dca-1937-48bb-8e50-7cc5a038d574_NTFS-Footer-iSharesReport-1221_1)  | &nbsp;&nbsp; 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_adb30dca-1937-48bb-8e50-7cc5a038d574_opinion-Footer-iSharesReport-1221_1)  | &nbsp;&nbsp; 24 |
| [Important Tax Information](#xx_adb30dca-1937-48bb-8e50-7cc5a038d574_Tax-annual-Footer-iSharesReport-1221_1)  | &nbsp;&nbsp; 25 |
| [Additional Information](#xx_adb30dca-1937-48bb-8e50-7cc5a038d574_SAI-Footer-iSharesReport-1221_1)  | &nbsp;&nbsp; 26 |
| [Board Review and Approval of Investment Advisory Contract](#xx_adb30dca-1937-48bb-8e50-7cc5a038d574_15Cheader-Footer-iSharesReport-1221_1)  | &nbsp;&nbsp; 27 |
| [Glossary of Terms Used in these Financial Statements](#xx_adb30dca-1937-48bb-8e50-7cc5a038d574_Abbreviations-Footer-iSharesReport-1221_1)  | &nbsp;&nbsp; 30 |

---

------

Schedule of Investments

August 31, 2025

**iShares® MSCI China Multisector Tech 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** |
| **Broadline Retail — 13.0%** | **Broadline Retail — 13.0%** | **Broadline Retail — 13.0%** |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 67200 | $1112675 |
| JD.com Inc., Class A | &nbsp;&nbsp; 65400 | 1013383 |
| PDD Holdings Inc., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 9084 | 1092079 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 28416 | 475684 |
|  |  | 3693821 |
| **Capital Markets — 2.0%** | **Capital Markets — 2.0%** | **Capital Markets — 2.0%** |
| Beijing Compass Technology Development Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 3600 | 75897 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 82652 | 335509 |
| Hithink RoyalFlush Information Network Co. Ltd., Class A | &nbsp;&nbsp; 2800 | 162392 |
|  |  | 573798 |
| **Communications Equipment — 4.5%** | **Communications Equipment — 4.5%** | **Communications Equipment — 4.5%** |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 66000 | 350875 |
| Guangzhou Haige Communications Group Inc. Co., <br> Class A<br>| &nbsp;&nbsp; 13200 | 27092 |
| Hengtong Optic-Electric Co. Ltd., Class A | &nbsp;&nbsp; 13200 | 37949 |
| Suzhou TFC Optical Communication Co. Ltd., Class A | &nbsp;&nbsp; 3868 | 107363 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 7240 | 38403 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 6040 | 299897 |
| ZTE Corp., Class A | &nbsp;&nbsp; 21600 | 137809 |
| ZTE Corp., Class H | &nbsp;&nbsp; 64800 | 292878 |
|  |  | 1292266 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| Qfin Holdings Inc. | &nbsp;&nbsp; 8748 | 254742 |
| **Diversified Consumer Services — 3.2%** | **Diversified Consumer Services — 3.2%** | **Diversified Consumer Services — 3.2%** |
| New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 107100 | 512466 |
| TAL Education Group, ADR<sup>(a)</sup> | &nbsp;&nbsp; 36144 | 383849 |
|  |  | 896315 |
| **Electrical Equipment — 6.4%** | **Electrical Equipment — 6.4%** | **Electrical Equipment — 6.4%** |
| CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp; 4800 | 25210 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp; 19640 | 843861 |
| Contemporary Amperex Technology Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 5100 | 277323 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 10800 | 86689 |
| GEM Co. Ltd., Class A | &nbsp;&nbsp; 27600 | 28864 |
| Goneo Group Co. Ltd., Class A | &nbsp;&nbsp; 4875 | 32278 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 9600 | 49180 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | &nbsp;&nbsp; 19200 | 43790 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 5051 | 45829 |
| Ningbo Orient Wires & Cables Co. Ltd., Class A | &nbsp;&nbsp; 3692 | 27333 |
| Ningbo Sanxing Medical Electric Co. Ltd., Class A | &nbsp;&nbsp; 7200 | 23282 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 10820 | 151720 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 9600 | 33080 |
| TBEA Co. Ltd., Class A | &nbsp;&nbsp; 26880 | 53463 |
| Zhejiang Chint Electrics Co. Ltd., Class A | &nbsp;&nbsp; 10800 | 41559 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 56687 |
|  |  | 1820148 |
| **Electronic Equipment, Instruments & Components — 13.1%** | **Electronic Equipment, Instruments & Components — 13.1%** | **Electronic Equipment, Instruments & Components — 13.1%** |
| AAC Technologies Holdings Inc. | &nbsp;&nbsp; 66000 | 368105 |
| Accelink Technologies Co. Ltd., Class A | &nbsp;&nbsp; 3600 | 34690 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 11800 | 98783 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 194800 | 115727 |
| Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp; 9600 | 59495 |
| China Railway Signal & Communication Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 38400 | 30089 |
| Eoptolink Technology Inc. Ltd., Class A | &nbsp;&nbsp; 5040 | 251014 |
| Everdisplay Optronics Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 74400 | 28941 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 69600 | 525268 |
| GoerTek Inc., Class A | &nbsp;&nbsp; 18000 | 92548 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Huagong Tech Co. Ltd., Class A | &nbsp;&nbsp; 4800 | $46071 |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 26400 | 115073 |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 37200 | 80983 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 38400 | 247635 |
| Maxscend Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 2640 | 30645 |
| OFILM Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18000 | 33517 |
| Shanghai BOCHU Electronic Technology Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1232 | 26485 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 13200 | 98411 |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 3120 | 86543 |
| Shenzhen Kinwong Electronic Co. Ltd. | &nbsp;&nbsp; 4800 | 42968 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 62400 | 672097 |
| SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp; 4981 | 36362 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 9600 | 88726 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 108480 | 70767 |
| Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp; 14400 | 56414 |
| Victory Giant Technology Huizhou Co. Ltd., Class A | &nbsp;&nbsp; 4800 | 178851 |
| Wingtech Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6000 | 36582 |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 21668 | 38220 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 9600 | 92163 |
| Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp; 18000 | 49097 |
|  |  | 3732270 |
| **Entertainment — 6.8%** | **Entertainment — 6.8%** | **Entertainment — 6.8%** |
| 37 Interactive Entertainment Network Technology Group <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 12000 | 33173 |
| Beijing Enlight Media Co. Ltd., Class A | &nbsp;&nbsp; 15600 | 43295 |
| China Ruyi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 768000 | 284307 |
| Giant Network Group Co. Ltd., Class A | &nbsp;&nbsp; 9600 | 42592 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 84000 | 370000 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 9600 | 35167 |
| NetEase Cloud Music Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 1800 | 64912 |
| NetEase Inc. | &nbsp;&nbsp; 37100 | 1017311 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 1164 | 28541 |
|  |  | 1919298 |
| **Household Durables — 5.5%** | **Household Durables — 5.5%** | **Household Durables — 5.5%** |
| Beijing Roborock Technology Co. Ltd., Class A | &nbsp;&nbsp; 1108 | 33426 |
| Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp; 3600 | 48997 |
| Gree Electric Appliances Inc. of Zhuhai, Class A | &nbsp;&nbsp; 14400 | 86181 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 32400 | 119486 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 211200 | 717178 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 18000 | 186286 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 31200 | 328882 |
| Sichuan Changhong Electric Co. Ltd., Class A | &nbsp;&nbsp; 24000 | 38549 |
|  |  | 1558985 |
| **Interactive Media & Services — 15.2%** | **Interactive Media & Services — 15.2%** | **Interactive Media & Services — 15.2%** |
| Autohome Inc., ADR | &nbsp;&nbsp; 5640 | 162883 |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 93000 | 1100709 |
| Bilibili Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 20160 | 469992 |
| Kuaishou Technology<sup>(a)(c)</sup> | &nbsp;&nbsp; 108000 | 1058545 |
| Kunlun Tech Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6000 | 35395 |
| Meitu Inc.<sup>(c)</sup> | &nbsp;&nbsp; 300000 | 457101 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 13352 | 1034038 |
|  |  | 4318663 |
| **IT Services — 1.7%** | **IT Services — 1.7%** | **IT Services — 1.7%** |
| GDS Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 91200 | 395168 |
| Isoftstone Information Technology Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 4925 | 41396 |
| Range Intelligent Computing Technology Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 7220 | 59820 |
|  |  | 496384 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China Multisector Tech ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Machinery — 1.4%** | **Machinery — 1.4%** | **Machinery — 1.4%** |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 60000 | $170092 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 7200 | 90210 |
| Shandong Himile Mechanical Science & Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 3600 | 30292 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 7200 | 75885 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | &nbsp;&nbsp; 9600 | 42916 |
|  |  | 409395 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | &nbsp;&nbsp; 13200 | 20912 |
| **Semiconductors & Semiconductor Equipment — 12.8%** | **Semiconductors & Semiconductor Equipment — 12.8%** | **Semiconductors & Semiconductor Equipment — 12.8%** |
| ACM Research Shanghai Inc., Class A | &nbsp;&nbsp; 952 | 20719 |
| Advanced Micro-Fabrication Equipment Inc./China, <br> Class A<br>| &nbsp;&nbsp; 3200 | 96262 |
| Amlogic Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2484 | 34864 |
| Bestechnic Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 840 | 33365 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2273 | 476020 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 7256 | 53383 |
| CSI Solar Co. Ltd., Class A | &nbsp;&nbsp; 19802 | 28156 |
| Flat Glass Group Co. Ltd., Class A | &nbsp;&nbsp; 9600 | 23931 |
| GalaxyCore Inc., Class A | &nbsp;&nbsp; 12064 | 29220 |
| GCL Technology Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1980000 | 318654 |
| GigaDevice Semiconductor Inc., Class A | &nbsp;&nbsp; 3600 | 80363 |
| Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp; 14450 | 30441 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 38279 |
| Hua Hong Semiconductor Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 63000 | 436186 |
| Hwatsing Technology Co. Ltd., Class A | &nbsp;&nbsp; 1515 | 26797 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 12180 | 332429 |
| Ingenic Semiconductor Co. Ltd., Class A | &nbsp;&nbsp; 2400 | 25316 |
| JA Solar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16888 | 30024 |
| JCET Group Co. Ltd., Class A | &nbsp;&nbsp; 9600 | 53786 |
| Jinko Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 52976 | 42180 |
| LONGi Green Energy Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 39620 | 95543 |
| Loongson Technology Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2400 | 47985 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 5137 | 88619 |
| National Silicon Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 14400 | 41894 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 3780 | 197553 |
| Nexchip Semiconductor Corp., Class A | &nbsp;&nbsp; 10363 | 35265 |
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 6020 | 120866 |
| Piotech Inc., Class A | &nbsp;&nbsp; 1282 | 34173 |
| Rockchip Electronics Co. Ltd., Class A | &nbsp;&nbsp; 2400 | 82895 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 26400 | 56131 |
| SG Micro Corp., Class A | &nbsp;&nbsp; 3224 | 35138 |
| Shenzhen Goodix Technology Co. Ltd., Class A | &nbsp;&nbsp; 2400 | 27759 |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 21600 | 25422 |
| Tianshui Huatian Technology Co. Ltd., Class A | &nbsp;&nbsp; 16800 | 27945 |
| TongFu Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 8400 | 39052 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 24000 | 74246 |
| Trina Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12000 | 27910 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 4819 | 55150 |
| Verisilicon Microelectronics Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2400 | 51731 |
| Xinjiang Daqo New Energy Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9688 | 43744 |
| Xinyi Solar Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 408000 | 177672 |
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 7200 | 30494 |
|  |  | 3627562 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Software — 5.3%** | **Software — 5.3%** | **Software — 5.3%** |
| 360 Security Technology Inc., Class A | &nbsp;&nbsp; 36346 | $59215 |
| Beijing Kingsoft Office Software Inc., Class A | &nbsp;&nbsp; 2400 | 112747 |
| China National Software & Service Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4949 | 37225 |
| Empyrean Technology Co. Ltd., Class A | &nbsp;&nbsp; 2400 | 41421 |
| Horizon Robotics<sup>(a)</sup> | &nbsp;&nbsp; 360000 | 448383 |
| Hundsun Technologies Inc., Class A | &nbsp;&nbsp; 9420 | 49596 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 12000 | 89920 |
| Jiangsu Hoperun Software Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3600 | 33101 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 264000 | 557798 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 10888 | 38721 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18000 | 41652 |
|  |  | 1509779 |
| **Technology Hardware, Storage & Peripherals — 7.9%** | **Technology Hardware, Storage & Peripherals — 7.9%** | **Technology Hardware, Storage & Peripherals — 7.9%** |
| Anker Innovations Technology Co. Ltd., Class A | &nbsp;&nbsp; 2801 | 55153 |
| China Greatwall Technology Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16800 | 42225 |
| GRG Banking Equipment Co. Ltd., Class A | &nbsp;&nbsp; 13200 | 26575 |
| Huaqin Technology Co. Ltd., Class A | &nbsp;&nbsp; 4800 | 66235 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 7200 | 67875 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 600000 | 861352 |
| Ninestar Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7200 | 25233 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 5084 | 64252 |
| Xiaomi Corp., Class B<sup>(a)(c)</sup> | &nbsp;&nbsp; 153600 | 1048296 |
|  |  | 2257196 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $24,466,452)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $24,466,452)** | 28381534 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.7%** | **Money Market Funds — 5.7%** | **Money Market Funds — 5.7%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 1584176 | 1584968 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 20000 | 20000 |
| **Total Short-Term Securities — 5.7%** <br>**(Cost: $1,604,951)** | **Total Short-Term Securities — 5.7%** <br>**(Cost: $1,604,951)** | 1604968 |
| **Total Investments — 105.5%** <br>**(Cost: $26,071,403)** | **Total Investments — 105.5%** <br>**(Cost: $26,071,403)** | 29986502 |
| **Liabilities in Excess of Other Assets — (5.5)%** | **Liabilities in Excess of Other Assets — (5.5)%** | (1552762)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $28433740 |

---

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

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

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

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

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

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

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

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China Multisector Tech ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $—<br> $1585017 <br><sup>(a)</sup><br>| $— | $(66)<br>| $17 | $1584968 | 1584176 | $4916 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | —<br> 20000 <br><sup>(a)</sup><br>|  |  |  | 20000 | 20000 | 323 |  |
|  |  |  | $(66) | $17 | $1604968 |  | $5239 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI China Index | 1 | 09/19/25 | &nbsp;&nbsp; $34 | $1013 |

---

**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; $1013 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1013 |

---

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

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

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3917 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3917 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1013 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1013 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $44131 |

---

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China Multisector Tech ETF**

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $2397778 | &nbsp;&nbsp; $25983756 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28381534 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1604968 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1604968 |
|  | &nbsp;&nbsp; $4002746 | &nbsp;&nbsp; $25983756 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29986502 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1013 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1013 |

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Japan Value ETF** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 75600 | $813962 |
| **Automobile Components — 3.4%** | **Automobile Components — 3.4%** | **Automobile Components — 3.4%** |
| Aisin Corp. | &nbsp;&nbsp; 114300 | 1880975 |
| Bridgestone Corp. | &nbsp;&nbsp; 127000 | 5737279 |
| Denso Corp. | &nbsp;&nbsp; 277200 | 3972152 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 163800 | 4587867 |
|  |  | 16178273 |
| **Automobiles — 12.6%** | **Automobiles — 12.6%** | **Automobiles — 12.6%** |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 945000 | 10475298 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 126000 | 1650426 |
| Nissan Motor Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 181400 | 406839 |
| Subaru Corp. | &nbsp;&nbsp; 127000 | 2491277 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 228600 | 3025009 |
| Toyota Motor Corp. | &nbsp;&nbsp; 2116800 | 40986376 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 203200 | 1472625 |
|  |  | 60507850 |
| **Banks — 19.6%** | **Banks — 19.6%** | **Banks — 19.6%** |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 138600 | 1417876 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 239400 | 1806359 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 403200 | 5068280 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 2557800 | 38927298 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 567050 | 18654741 |
| Resona Holdings Inc. | &nbsp;&nbsp; 176400 | 1769192 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 819000 | 22305933 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 139700 | 3975719 |
|  |  | 93925398 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 63500 | 921803 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| Rakuten Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 114300 | 703569 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| AGC Inc. | &nbsp;&nbsp; 50400 | 1580405 |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 315000 | 2441994 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 114300 | 1194678 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 693000 | 4930881 |
| SBI Holdings Inc. | &nbsp;&nbsp; 38100 | 1790158 |
|  |  | 10357711 |
| **Chemicals — 2.1%** | **Chemicals — 2.1%** | **Chemicals — 2.1%** |
| Asahi Kasei Corp. | &nbsp;&nbsp; 277200 | 2262112 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 302400 | 1718331 |
| Nitto Denko Corp. | &nbsp;&nbsp; 163800 | 3686912 |
| Toray Industries Inc. | &nbsp;&nbsp; 327600 | 2188506 |
|  |  | 9855861 |
| **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 88900 | 1489041 |
| Secom Co. Ltd. | &nbsp;&nbsp; 63500 | 2344450 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 51000 | 1314847 |
|  |  | 5148338 |
| **Construction & Engineering — 1.6%** | **Construction & Engineering — 1.6%** | **Construction & Engineering — 1.6%** |
| Kajima Corp. | &nbsp;&nbsp; 88900 | 2643567 |
| Obayashi Corp. | &nbsp;&nbsp; 139700 | 2266093 |
| Taisei Corp. | &nbsp;&nbsp; 38100 | 2579363 |
|  |  | 7489023 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 25400 | 524666 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Diversified Telecommunication Services — 1.5%** | **Diversified Telecommunication Services — 1.5%** | **Diversified Telecommunication Services — 1.5%** |
| NTT Inc. | &nbsp;&nbsp; 6703200 | $7089806 |
| **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 151200 | 2081985 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 226800 | 3146772 |
|  |  | 5228757 |
| **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 26400 | 1662447 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 277200 | 6617603 |
|  |  | 8280050 |
| **Electronic Equipment, Instruments & Components — 2.2%** | **Electronic Equipment, Instruments & Components — 2.2%** | **Electronic Equipment, Instruments & Components — 2.2%** |
| Kyocera Corp. | &nbsp;&nbsp; 289800 | 3854251 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 378000 | 6102266 |
| Shimadzu Corp. | &nbsp;&nbsp; 25200 | 617070 |
|  |  | 10573587 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 12600 | 799820 |
| **Financial Services — 1.7%** | **Financial Services — 1.7%** | **Financial Services — 1.7%** |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 190500 | 1562715 |
| ORIX Corp. | &nbsp;&nbsp; 254000 | 6560311 |
|  |  | 8123026 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 51000 | 1061263 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 38100 | 622405 |
|  |  | 1683668 |
| **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 76200 | 2168583 |
| **Ground Transportation — 2.7%** | **Ground Transportation — 2.7%** | **Ground Transportation — 2.7%** |
| Central Japan Railway Co. | &nbsp;&nbsp; 176400 | 4691910 |
| East Japan Railway Co. | &nbsp;&nbsp; 138600 | 3400615 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 50800 | 1504030 |
| Tokyo Metro Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 25400 | 294860 |
| Tokyu Corp. | &nbsp;&nbsp; 50800 | 641189 |
| West Japan Railway Co. | &nbsp;&nbsp; 101600 | 2270805 |
|  |  | 12803409 |
| **Household Durables — 1.7%** | **Household Durables — 1.7%** | **Household Durables — 1.7%** |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 529200 | 5356710 |
| Sekisui House Ltd. | &nbsp;&nbsp; 127000 | 2858040 |
|  |  | 8214750 |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 88200 | 1673886 |
| **Insurance — 3.8%** | **Insurance — 3.8%** | **Insurance — 3.8%** |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 403200 | 3308486 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 403200 | 4114415 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 38100 | 1066759 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 289800 | 6741283 |
| T&D Holdings Inc. | &nbsp;&nbsp; 113400 | 2935905 |
|  |  | 18166848 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| LY Corp. | &nbsp;&nbsp; 326600 | 1034008 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Otsuka Corp. | &nbsp;&nbsp; 25200 | 517544 |
| SCSK Corp. | &nbsp;&nbsp; 12800 | 407733 |
|  |  | 925277 |
| **Leisure Products — 0.4%** | **Leisure Products — 0.4%** | **Leisure Products — 0.4%** |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 50400 | 1732857 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan Value ETF** 

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Machinery — 3.7%** | **Machinery — 3.7%** | **Machinery — 3.7%** |
| IHI Corp. | &nbsp;&nbsp; 15900 | $1652360 |
| Komatsu Ltd. | &nbsp;&nbsp; 214200 | 7251601 |
| Kubota Corp. | &nbsp;&nbsp; 214200 | 2476592 |
| Makita Corp. | &nbsp;&nbsp; 50800 | 1715079 |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 37800 | 644159 |
| Toyota Industries Corp. | &nbsp;&nbsp; 38100 | 4196807 |
|  |  | 17936598 |
| **Marine Transportation — 1.6%** | **Marine Transportation — 1.6%** | **Marine Transportation — 1.6%** |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 88200 | 1347888 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 76200 | 2445198 |
| Nippon Yusen KK | &nbsp;&nbsp; 101600 | 3662411 |
|  |  | 7455497 |
| **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** |
| JFE Holdings Inc. | &nbsp;&nbsp; 138600 | 1723045 |
| Nippon Steel Corp. | &nbsp;&nbsp; 215900 | 4547497 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 38100 | 1030981 |
|  |  | 7301523 |
| **Office REITs — 0.3%** | **Office REITs — 0.3%** | **Office REITs — 0.3%** |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 1651 | 1597477 |
| **Oil, Gas & Consumable Fuels — 1.4%** | **Oil, Gas & Consumable Fuels — 1.4%** | **Oil, Gas & Consumable Fuels — 1.4%** |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 393700 | 2331253 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 177860 | 1179969 |
| Inpex Corp. | &nbsp;&nbsp; 190500 | 3237007 |
|  |  | 6748229 |
| **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| ANA Holdings Inc. | &nbsp;&nbsp; 38100 | 768141 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 37800 | 803836 |
|  |  | 1571977 |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| Kao Corp. | &nbsp;&nbsp; 63600 | 2889731 |
| **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** |
| Astellas Pharma Inc. | &nbsp;&nbsp; 403200 | 4426197 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 63500 | 1941364 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 51000 | 880789 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 165100 | 2855852 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 127000 | 3823050 |
|  |  | 13927252 |
| **Real Estate Management & Development — 4.0%** | **Real Estate Management & Development — 4.0%** | **Real Estate Management & Development — 4.0%** |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 12800 | 1362071 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 127000 | 4487254 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 101600 | 1089816 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 152400 | 3246505 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 584200 | 6176297 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 63600 | 2612670 |
|  |  | 18974613 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** |
| Renesas Electronics Corp. | &nbsp;&nbsp; 378000 | $4412261 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 5600 | 516791 |
| **Technology Hardware, Storage & Peripherals — 1.7%** | **Technology Hardware, Storage & Peripherals — 1.7%** | **Technology Hardware, Storage & Peripherals — 1.7%** |
| Canon Inc. | &nbsp;&nbsp; 76200 | 2229994 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 252000 | 5970072 |
|  |  | 8200066 |
| **Tobacco — 1.8%** | **Tobacco — 1.8%** | **Tobacco — 1.8%** |
| Japan Tobacco Inc. | &nbsp;&nbsp; 266700 | 8479772 |
| **Trading Companies & Distributors — 10.0%** | **Trading Companies & Distributors — 10.0%** | **Trading Companies & Distributors — 10.0%** |
| Marubeni Corp. | &nbsp;&nbsp; 315000 | 7148987 |
| Mitsubishi Corp. | &nbsp;&nbsp; 756000 | 17068112 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 554400 | 12763052 |
| Sumitomo Corp. | &nbsp;&nbsp; 241300 | 6757701 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 151200 | 4024246 |
|  |  | 47762098 |
| **Wireless Telecommunication Services — 7.0%** | **Wireless Telecommunication Services — 7.0%** | **Wireless Telecommunication Services — 7.0%** |
| KDDI Corp. | &nbsp;&nbsp; 705600 | 12195107 |
| SoftBank Corp. | &nbsp;&nbsp; 6363000 | 9842803 |
| SoftBank Group Corp. | &nbsp;&nbsp; 105700 | 11350495 |
|  |  | 33388405 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $407,965,208)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $407,965,208)** | 477667481 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.0%** | **Money Market Funds — 0.0%** | **Money Market Funds — 0.0%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 60000 | 60000 |
| **Total Short-Term Securities — 0.0%** <br>**(Cost: $60,000)** | **Total Short-Term Securities — 0.0%** <br>**(Cost: $60,000)** | 60000 |
| **Total Investments — 99.8%** <br>**(Cost: $408,025,208)** | **Total Investments — 99.8%** <br>**(Cost: $408,025,208)** | 477727481 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 1021567 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $478749048 |

---

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

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Affiliate of the Fund. <br> <sup>(c)</sup> Annualized 7-day yield as of period end.

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan Value ETF** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $—<br> $88 <br><sup>(b)</sup><br>| $— | $(88)<br>| $— | $— |  | $1956 <br><sup>(c)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 30000<br> 30000 <br><sup>(b)</sup><br>|  |  |  | 60000 | 60000 | 5709 |  |
|  |  |  | $(88) | $— | $60000 |  | $7665 | $— |

---

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

<sup>(a)</sup> As of period end, the entity is no longer held.

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Mini TOPIX Index | 48 | 09/11/25 | &nbsp;&nbsp; $991 | $65366 |

---

**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; $65366 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $65366 |

---

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

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

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $210840 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $210840 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56510 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56510 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2550645 |

---

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Japan Value ETF** 

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1061263 | &nbsp;&nbsp; $476606218 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $477667481 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60000 |
|  | &nbsp;&nbsp; $1121263 | &nbsp;&nbsp; $476606218 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $477727481 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $65366 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $65366 |

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI China <br> Multisector <br> Tech ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Japan <br> Value ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $28381534 | $477667481 |
| Investments, at value—affiliated<sup>(c)</sup> | 1604968 | 60000 |
| Cash | 4902 | 4092 |
| Cash pledged for futures contracts | 3000 |  |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  | 53744 |
| Foreign currency, at value<sup>(e)</sup> | 22489 | 526035 |
| Receivables: |  |  |
| Investments sold | 3858 |  |
| Securities lending income—affiliated | 2985 | 520 |
| Dividends—unaffiliated | 7154 | 505770 |
| Dividends—affiliated | 97 | 480 |
| Variation margin on futures contracts | 871 |  |
| Total assets | 30031858 | 478818122 |
| **LIABILITIES** |  |  |
| Cash received for futures contracts |  | 185 |
| Collateral on securities loaned, at value | 1584935 |  |
| Payables: |  |  |
| Investment advisory fees | 13183 | 57846 |
| Variation margin on futures contracts |  | 11043 |
| Total liabilities | 1598118 | 69074 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $28433740 | $478749048 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $27143350 | $412361508 |
| Accumulated earnings | 1290390 | 66387540 |
| NET ASSETS | $28433740 | $478749048 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 1200000 | 12600000 |
| Net asset value | $23.69 | $38.00 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $24466452 | $407965208 |
| <sup>(b)</sup> Securities loaned, at value | $1525070 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $1604951 | $60000 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $53927 |
| <sup>(e)</sup> Foreign currency, at cost | $22487 | $526081 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI China <br> Multisector <br> Tech ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Japan <br> Value ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $303868 | &nbsp;&nbsp;&nbsp; $9666593 |
| Dividends—affiliated | &nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp; 5709 |
| Interest—unaffiliated | &nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 1249 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 4916 | &nbsp;&nbsp;&nbsp; 1956 |
| Foreign taxes withheld | &nbsp;&nbsp; (15612)<br>| &nbsp;&nbsp;&nbsp; (966497)<br>|
| Total investment income | &nbsp;&nbsp; 293777 | &nbsp;&nbsp;&nbsp; 8709010 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 89506 | &nbsp;&nbsp;&nbsp; 468991 |
| Commitment costs | &nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp; 3016 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 160 |
| Total expenses | &nbsp;&nbsp; 89661 | &nbsp;&nbsp;&nbsp; 472167 |
| Net investment income | &nbsp;&nbsp; 204116 | &nbsp;&nbsp;&nbsp; 8236843 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (751144)<br>| &nbsp;&nbsp;&nbsp; 5018585 |
| Investments—affiliated | &nbsp;&nbsp; (66)<br>| &nbsp;&nbsp;&nbsp; (88)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (366)<br>| &nbsp;&nbsp;&nbsp; 31541 |
| Futures contracts | &nbsp;&nbsp; 3917 | &nbsp;&nbsp;&nbsp; 210840 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10095935 |
|  | &nbsp;&nbsp; (747659)<br>| &nbsp;&nbsp;&nbsp; 15356813 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 5944774 | &nbsp;&nbsp;&nbsp; 37370877 |
| Investments—affiliated | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; (37936)<br>|
| Futures contracts | &nbsp;&nbsp; 1013 | &nbsp;&nbsp;&nbsp; 56510 |
|  | &nbsp;&nbsp; 5945847 | &nbsp;&nbsp;&nbsp; 37389451 |
| Net realized and unrealized gain | &nbsp;&nbsp; 5198188 | &nbsp;&nbsp;&nbsp; 52746264 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $5402304 | &nbsp;&nbsp;&nbsp; $60983107 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI China Multisector Tech ETF  | iShares <br>MSCI China Multisector Tech ETF  | iShares <br>MSCI Japan Value ETF  | iShares <br>MSCI Japan Value ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $204116 | &nbsp;&nbsp;&nbsp; $66485 | &nbsp;&nbsp;&nbsp; $8236843 | &nbsp;&nbsp;&nbsp; $7286506 |
| Net realized gain (loss) | &nbsp;&nbsp; (747659)<br>| &nbsp;&nbsp;&nbsp; (830548)<br>| &nbsp;&nbsp;&nbsp; 15356813 | &nbsp;&nbsp;&nbsp; 23128421 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5945847 | &nbsp;&nbsp;&nbsp; (32237)<br>| &nbsp;&nbsp;&nbsp; 37389451 | &nbsp;&nbsp;&nbsp; 24692759 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 5402304 | &nbsp;&nbsp;&nbsp; (796300)<br>| &nbsp;&nbsp;&nbsp; 60983107 | &nbsp;&nbsp;&nbsp; 55107686 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (281695)<br>| &nbsp;&nbsp;&nbsp; (292763)<br>| &nbsp;&nbsp;&nbsp; (10789285)<br>| &nbsp;&nbsp;&nbsp; (8428918)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 17250376 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 157564547 | &nbsp;&nbsp;&nbsp; (954153)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 22370985 | &nbsp;&nbsp;&nbsp; (1089063)<br>| &nbsp;&nbsp;&nbsp; 207758369 | &nbsp;&nbsp;&nbsp; 45724615 |
| Beginning of year | &nbsp;&nbsp; 6062755 | &nbsp;&nbsp;&nbsp; 7151818 | &nbsp;&nbsp;&nbsp; 270990679 | &nbsp;&nbsp;&nbsp; 225266064 |
| End of year | &nbsp;&nbsp; $28433740 | &nbsp;&nbsp;&nbsp; $6062755 | &nbsp;&nbsp;&nbsp; $478749048 | &nbsp;&nbsp;&nbsp; $270990679 |

---

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

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares MSCI China Multisector Tech ETF  | iShares MSCI China Multisector Tech ETF  | iShares MSCI China Multisector Tech ETF  | iShares MSCI China Multisector Tech ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Period From <br>01/25/22<sup>(a)</sup> <br>to 08/31/22<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $15.16 | &nbsp;&nbsp;&nbsp; $17.88 | &nbsp;&nbsp;&nbsp; $19.86 | &nbsp;&nbsp;&nbsp; $24.81 |
| Net investment income<sup>(b)</sup> | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 8.76 | &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp; (5.02)<br>|
| Net increase (decrease) from investment operations | 9.02 | &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp; (4.90)<br>|
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $23.69 | &nbsp;&nbsp;&nbsp; $15.16 | &nbsp;&nbsp;&nbsp; $17.88 | &nbsp;&nbsp;&nbsp; $19.86 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |
| Based on net asset value | 60.50<br> %<br>| &nbsp;&nbsp;&nbsp; (11.40)%<br>| &nbsp;&nbsp;&nbsp; (8.96)%<br>| &nbsp;&nbsp;&nbsp; (19.74 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>(h)</sup><br>|
| Net investment income | 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $28434 | &nbsp;&nbsp;&nbsp; $6063 | &nbsp;&nbsp;&nbsp; $7152 | &nbsp;&nbsp;&nbsp; $7944 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(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>(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. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Japan Value ETF  | iShares MSCI Japan Value ETF  | iShares MSCI Japan Value ETF  | iShares MSCI Japan Value ETF  | iShares MSCI Japan Value ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $33.46 | &nbsp;&nbsp;&nbsp; $28.16 | &nbsp;&nbsp;&nbsp; $23.78 | &nbsp;&nbsp;&nbsp; $27.73 | &nbsp;&nbsp;&nbsp; $23.22 |
| Net investment income<sup>(a)</sup> | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 4.85 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp; (3.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.36 |
| Net increase (decrease) from investment operations | 5.73 | &nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.01 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $38.00 | &nbsp;&nbsp;&nbsp; $33.46 | &nbsp;&nbsp;&nbsp; $28.16 | &nbsp;&nbsp;&nbsp; $23.78 | &nbsp;&nbsp;&nbsp; $27.73 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.46<br> %<br>| &nbsp;&nbsp;&nbsp; (11.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.62<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| Net investment income | 2.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $478749 | &nbsp;&nbsp;&nbsp; $270991 | &nbsp;&nbsp;&nbsp; $225266 | &nbsp;&nbsp;&nbsp; $80852 | &nbsp;&nbsp;&nbsp; $44361 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 24<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>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* 

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

***1. ORGANIZATION***

iShares 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 China Multisector Tech Non-diversified <br> MSCI Japan Value Diversified

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

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

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

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

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

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of 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 traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI China Multisector Tech |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; $1347586 | &nbsp;&nbsp;&nbsp; $(1347586) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 177484 | &nbsp;&nbsp;&nbsp; (177484) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1525070 | &nbsp;&nbsp;&nbsp; $(1525070) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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

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

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

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

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

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

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the 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* |
| MSCI China Multisector Tech | 0.59% |
| MSCI Japan Value | 0.15 |

---

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

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI China Multisector Tech | &nbsp;&nbsp; $1161 |
| MSCI Japan Value | &nbsp;&nbsp; 518 |

---

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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (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 year ended August 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI Japan Value | &nbsp;&nbsp; $67652994 | &nbsp;&nbsp;&nbsp; $60898262 | &nbsp;&nbsp;&nbsp; $4480374 |

---

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

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

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI China Multisector Tech | &nbsp;&nbsp; $19987506 | &nbsp;&nbsp;&nbsp; $4860562 |
| MSCI Japan Value | &nbsp;&nbsp; 118957506 | &nbsp;&nbsp;&nbsp; 113542888 |

---

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI China Multisector Tech | &nbsp;&nbsp; $2004373 | &nbsp;&nbsp;&nbsp; $— |
| MSCI Japan Value | &nbsp;&nbsp; 197586680 | &nbsp;&nbsp;&nbsp; 47760436 |

---

***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 August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions was reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| MSCI Japan Value | &nbsp;&nbsp; $9301554 | &nbsp;&nbsp;&nbsp; $(9301554) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| MSCI China Multisector Tech |  |  |
| Ordinary income | &nbsp;&nbsp; $281695 | &nbsp;&nbsp;&nbsp; $292763 |
| MSCI Japan Value |  |  |
| Ordinary income | &nbsp;&nbsp; $10789285 | &nbsp;&nbsp;&nbsp; $8428918 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| MSCI China Multisector Tech | &nbsp;&nbsp; $231124 | &nbsp;&nbsp;&nbsp; $(2182481) | &nbsp;&nbsp;&nbsp; $3241747 | &nbsp;&nbsp;&nbsp; $1290390 |
| MSCI Japan Value | &nbsp;&nbsp; 9139948 | &nbsp;&nbsp;&nbsp; (1845630) | &nbsp;&nbsp;&nbsp; 59093222 | &nbsp;&nbsp;&nbsp; 66387540 |

---

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

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

For the year ended August 31, 2025, the iShares MSCI Japan Value ETF utilized $4,463,492 of its capital loss carryforwards.

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI China Multisector Tech | &nbsp;&nbsp; $26744773 | &nbsp;&nbsp;&nbsp; $4381532 | &nbsp;&nbsp;&nbsp; $(1139803) | &nbsp;&nbsp;&nbsp; $3241729 |
| MSCI Japan Value | &nbsp;&nbsp; 418693208 | &nbsp;&nbsp;&nbsp; 62880206 | &nbsp;&nbsp;&nbsp; (3780567) | &nbsp;&nbsp;&nbsp; 59099639 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2025, the Funds did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

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

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

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

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

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

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

The Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund's investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

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

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI China Multisector Tech |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; $17250376 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| MSCI Japan Value |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; $207206484 | &nbsp;&nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp; $131377426 |
| Shares redeemed | &nbsp;&nbsp; (1500000)<br>| &nbsp;&nbsp;&nbsp; (49641937)<br>| &nbsp;&nbsp;&nbsp; (4200000)<br>| &nbsp;&nbsp;&nbsp; (132331579)<br>|
|  | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; $157564547 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; $(954153)<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. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

2025 iShares Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI China Multisector Tech ETF <br> iShares MSCI Japan Value ETF

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

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

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI China Multisector Tech | &nbsp;&nbsp; $169838 |
| MSCI Japan Value | &nbsp;&nbsp; 8862201 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| MSCI China Multisector Tech | &nbsp;&nbsp; $303868 | &nbsp;&nbsp;&nbsp;&nbsp; $15532 |
| MSCI Japan Value | &nbsp;&nbsp; 9666595 | &nbsp;&nbsp;&nbsp;&nbsp; 949015 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Electronic Delivery**

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

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to 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**.

Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares MSCI China Multisector Tech ETF, iShares MSCI Japan Value ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

2025 iShares Annual Financial Statements and Additional Information

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Glossary of Terms Used in these Financial Statements

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

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |

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Glossary of Terms Used in this Report

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August 31, 2025

![](g21991imgf5b736771.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

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

---

| |
|:---|
| **iShares Trust** |
| • iShares MSCI India ETF \| INDA \| Cboe BZX Exchange |
| • iShares MSCI India Small-Cap ETF \| SMIN \| Cboe BZX Exchange |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_58b9736b-9131-40ce-b4dd-da3da02ed312_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_58b9736b-9131-40ce-b4dd-da3da02ed312_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 14 |
| [Statements of Operations](#xx_58b9736b-9131-40ce-b4dd-da3da02ed312_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 15 |
| [Statements of Changes in Net Assets](#xx_58b9736b-9131-40ce-b4dd-da3da02ed312_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 16 |
| [Financial Highlights](#xx_58b9736b-9131-40ce-b4dd-da3da02ed312_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 17 |
| [Notes to Financial Statements](#xx_58b9736b-9131-40ce-b4dd-da3da02ed312_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 19 |
| [Report of Independent Registered Public Accounting Firm](#xx_58b9736b-9131-40ce-b4dd-da3da02ed312_opinion-Footer-iSharesReport-246_1)  | &nbsp;&nbsp; 25 |
| [Important Tax Information](#xx_58b9736b-9131-40ce-b4dd-da3da02ed312_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 26 |
| [Additional Information](#xx_58b9736b-9131-40ce-b4dd-da3da02ed312_SAI-Footer-iSharesReport-246_1)  | &nbsp;&nbsp; 27 |
| [Board Review and Approval of Investment Advisory Contract](#xx_58b9736b-9131-40ce-b4dd-da3da02ed312_15Cheader-Footer-iSharesReport-246_1)  | &nbsp;&nbsp; 29 |
| [Glossary of Terms Used in these Financial Statements](#xx_58b9736b-9131-40ce-b4dd-da3da02ed312_Abbreviations-Footer-iSharesReport-246_1)  | &nbsp;&nbsp; 34 |

---

------

Schedule of Investments

August 31, 2025

**iShares® MSCI India 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 — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 22622610 | $94795527 |
| Hindustan Aeronautics Ltd. | &nbsp;&nbsp; 1241860 | 61061906 |
|  |  | 155857433 |
| **Automobile Components — 1.4%** | **Automobile Components — 1.4%** | **Automobile Components — 1.4%** |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 478636 | 12440267 |
| Bharat Forge Ltd. | &nbsp;&nbsp; 1627521 | 20430752 |
| Bosch Ltd. | &nbsp;&nbsp; 45645 | 20694814 |
| MRF Ltd. | &nbsp;&nbsp; 14534 | 23226433 |
| Samvardhana Motherson International Ltd. | &nbsp;&nbsp; 29534373 | 31037650 |
| Tube Investments of India Ltd. | &nbsp;&nbsp; 661818 | 22219513 |
|  |  | 130049429 |
| **Automobiles — 7.2%** | **Automobiles — 7.2%** | **Automobiles — 7.2%** |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 414845 | 40599624 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 848783 | 58737980 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 742831 | 42835750 |
| Hyundai Motor India Ltd. | &nbsp;&nbsp; 1012550 | 28280870 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 5772801 | 209458936 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 778437 | 130643079 |
| Tata Motors Ltd. | &nbsp;&nbsp; 12533764 | 95105668 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 1486594 | 55245263 |
|  |  | 660907170 |
| **Banks — 20.1%** | **Banks — 20.1%** | **Banks — 20.1%** |
| AU Small Finance Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2260037 | 18402212 |
| Axis Bank Ltd. | &nbsp;&nbsp; 14205748 | 168429540 |
| Bank of Baroda | &nbsp;&nbsp; 6435483 | 17000667 |
| Canara Bank | &nbsp;&nbsp; 11295566 | 13302348 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 70315000 | 758939684 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 32761694 | 519104606 |
| IDFC First Bank Ltd. | &nbsp;&nbsp; 22307268 | 17194933 |
| IndusInd Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3581929 | 30019295 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 6768913 | 150549126 |
| Punjab National Bank | &nbsp;&nbsp; 14303660 | 16370899 |
| State Bank of India | &nbsp;&nbsp; 11048125 | 100565771 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 9506534 | 13460431 |
| Yes Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 87694380 | 19003312 |
|  |  | 1842342824 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| United Spirits Ltd. | &nbsp;&nbsp; 1809537 | 26913061 |
| Varun Beverages Ltd. | &nbsp;&nbsp; 8404722 | 46454201 |
|  |  | 73367262 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Vishal Mega Mart Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 13153296 | 22272755 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| Astral Ltd. | &nbsp;&nbsp; 752468 | 11611106 |
| **Capital Markets — 0.6%** | **Capital Markets — 0.6%** | **Capital Markets — 0.6%** |
| BSE Ltd. | &nbsp;&nbsp; 879936 | 20930750 |
| HDFC Asset Management Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 597808 | 37036029 |
|  |  | 57966779 |
| **Chemicals — 2.5%** | **Chemicals — 2.5%** | **Chemicals — 2.5%** |
| Asian Paints Ltd. | &nbsp;&nbsp; 2074724 | 59265539 |
| Coromandel International Ltd. | &nbsp;&nbsp; 729969 | 19108772 |
| PI Industries Ltd. | &nbsp;&nbsp; 469524 | 19683367 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 948192 | 32792031 |
| Solar Industries India Ltd. | &nbsp;&nbsp; 168873 | 26396349 |
| SRF Ltd. | &nbsp;&nbsp; 829585 | 26683295 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 394846 | 20016706 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| UPL Ltd. | &nbsp;&nbsp; 2808929 | $22807068 |
|  |  | 226753127 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| Indian Railway Catering & Tourism Corp. Ltd. | &nbsp;&nbsp; 1499554 | 11772127 |
| **Construction & Engineering — 2.2%** | **Construction & Engineering — 2.2%** | **Construction & Engineering — 2.2%** |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 4171394 | 170314153 |
| Rail Vikas Nigam Ltd. | &nbsp;&nbsp; 3223874 | 11061483 |
| Voltas Ltd. | &nbsp;&nbsp; 1438661 | 22414629 |
|  |  | 203790265 |
| **Construction Materials — 2.2%** | **Construction Materials — 2.2%** | **Construction Materials — 2.2%** |
| Ambuja Cements Ltd. | &nbsp;&nbsp; 3826019 | 24451941 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 1691153 | 53220801 |
| Shree Cement Ltd. | &nbsp;&nbsp; 55872 | 18545012 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 729610 | 104582687 |
|  |  | 200800441 |
| **Consumer Finance — 3.6%** | **Consumer Finance — 3.6%** | **Consumer Finance — 3.6%** |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 17330998 | 172646366 |
| Cholamandalam Investment and Finance Co. Ltd. | &nbsp;&nbsp; 2612384 | 42138231 |
| Muthoot Finance Ltd. | &nbsp;&nbsp; 748403 | 22411209 |
| SBI Cards & Payment Services Ltd. | &nbsp;&nbsp; 1775603 | 16171458 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 8731012 | 57503395 |
| Sundaram Finance Ltd. | &nbsp;&nbsp; 412305 | 21028539 |
|  |  | 331899198 |
| **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |
| Avenue Supermarts Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1010818 | 54525768 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| Indus Towers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 8195527 | 31486821 |
| Tata Communications Ltd. | &nbsp;&nbsp; 705615 | 12390717 |
|  |  | 43877538 |
| **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** | **Electric Utilities — 1.6%** |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 28783884 | 89949976 |
| Tata Power Co. Ltd. (The) | &nbsp;&nbsp; 9926378 | 42145309 |
| Torrent Power Ltd. | &nbsp;&nbsp; 1097841 | 15285042 |
|  |  | 147380327 |
| **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** |
| ABB India Ltd. | &nbsp;&nbsp; 327927 | 18601569 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp; 6495214 | 15324749 |
| CG Power & Industrial Solutions Ltd. | &nbsp;&nbsp; 4393422 | 34628533 |
| Havells India Ltd. | &nbsp;&nbsp; 1356647 | 23493595 |
| Hitachi Energy India Ltd. | &nbsp;&nbsp; 83849 | 18196571 |
| Polycab India Ltd. | &nbsp;&nbsp; 327793 | 26380905 |
| Suzlon Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 59357617 | 38057118 |
|  |  | 174683040 |
| **Financial Services — 2.3%** | **Financial Services — 2.3%** | **Financial Services — 2.3%** |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 2380909 | 51682329 |
| Bajaj Holdings & Investment Ltd. | &nbsp;&nbsp; 166067 | 24040348 |
| Jio Financial Services Ltd. | &nbsp;&nbsp; 17695784 | 62603384 |
| Power Finance Corp. Ltd. | &nbsp;&nbsp; 9191986 | 39584986 |
| REC Ltd. | &nbsp;&nbsp; 8180172 | 32495968 |
|  |  | 210407015 |
| **Food Products — 1.9%** | **Food Products — 1.9%** | **Food Products — 1.9%** |
| Britannia Industries Ltd. | &nbsp;&nbsp; 673588 | 44466521 |
| Marico Ltd. | &nbsp;&nbsp; 3226614 | 26543350 |
| Nestle India Ltd. | &nbsp;&nbsp; 4176925 | 54786106 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 3674971 | 44401991 |
|  |  | 170197968 |
| **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** |
| GAIL India Ltd. | &nbsp;&nbsp; 14309993 | 28101285 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI India ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Container Corp. of India Ltd. | &nbsp;&nbsp; 1885559 | $11274081 |
| **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 622995 | 53799524 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 4813855 | 62983841 |
|  |  | 116783365 |
| **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** |
| Eternal Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 14767880 | 52618202 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 5286360 | 45491928 |
| Jubilant Foodworks Ltd. | &nbsp;&nbsp; 2257227 | 16068994 |
| Swiggy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5472823 | 25446540 |
|  |  | 139625664 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| Dixon Technologies India Ltd. | &nbsp;&nbsp; 224681 | 42564007 |
| **Independent Power and Renewable Electricity Producers — 1.7%** | **Independent Power and Renewable Electricity Producers — 1.7%** | **Independent Power and Renewable Electricity Producers — 1.7%** |
| Adani Power Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3594532 | 24508347 |
| JSW Energy Ltd. | &nbsp;&nbsp; 2723198 | 15088929 |
| NHPC Ltd. | &nbsp;&nbsp; 18737270 | 16419139 |
| NTPC Ltd. | &nbsp;&nbsp; 27008642 | 100360715 |
|  |  | 156377130 |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| Siemens Ltd. | &nbsp;&nbsp; 553827 | 19240438 |
| **Insurance — 2.2%** | **Insurance — 2.2%** | **Insurance — 2.2%** |
| HDFC Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6019506 | 52728581 |
| ICICI Lombard General Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1509289 | 31512329 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2245093 | 15269252 |
| PB Fintech Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2132006 | 42815384 |
| SBI Life Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2791943 | 57144960 |
|  |  | 199470506 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| Info Edge India Ltd. | &nbsp;&nbsp; 2216127 | 34126751 |
| **IT Services — 9.0%** | **IT Services — 9.0%** | **IT Services — 9.0%** |
| HCL Technologies Ltd. | &nbsp;&nbsp; 5878875 | 96934426 |
| Infosys Ltd. | &nbsp;&nbsp; 20570932 | 345035852 |
| LTIMindtree Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 460875 | 26811640 |
| Mphasis Ltd. | &nbsp;&nbsp; 649665 | 20497556 |
| Persistent Systems Ltd. | &nbsp;&nbsp; 677941 | 40735972 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 5598696 | 195794763 |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 3333575 | 55946374 |
| Wipro Ltd. | &nbsp;&nbsp; 16261350 | 45979141 |
|  |  | 827735724 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| Divi's Laboratories Ltd. | &nbsp;&nbsp; 742267 | 51587688 |
| **Machinery — 0.7%** | **Machinery — 0.7%** | **Machinery — 0.7%** |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 18273206 | 26291638 |
| Cummins India Ltd. | &nbsp;&nbsp; 861311 | 37347627 |
|  |  | 63639265 |
| **Metals & Mining — 3.4%** | **Metals & Mining — 3.4%** | **Metals & Mining — 3.4%** |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 1116544 | 20322237 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 8345767 | 66694083 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 2049665 | 17745090 |
| Jindal Steel Ltd. | &nbsp;&nbsp; 2206378 | 23669085 |
| JSW Steel Ltd. | &nbsp;&nbsp; 3784149 | 44112346 |
| NMDC Ltd. | &nbsp;&nbsp; 19177381 | 14980651 |
| Tata Steel Ltd. | &nbsp;&nbsp; 46361399 | 81281597 |
| Vedanta Ltd. | &nbsp;&nbsp; 8503418 | 40593023 |
|  |  | 309398112 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels — 8.7%** | **Oil, Gas & Consumable Fuels — 8.7%** | **Oil, Gas & Consumable Fuels — 8.7%** |
| Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp; 9434364 | $32984507 |
| Coal India Ltd. | &nbsp;&nbsp; 11443590 | 48632734 |
| Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp; 5957807 | 25406520 |
| Indian Oil Corp. Ltd. | &nbsp;&nbsp; 17566243 | 27220647 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 19466981 | 51594406 |
| Oil India Ltd. | &nbsp;&nbsp; 3041932 | 13468341 |
| Petronet LNG Ltd. | &nbsp;&nbsp; 4668106 | 14261854 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 37692725 | 580491486 |
|  |  | 794060495 |
| **Passenger Airlines — 0.8%** | **Passenger Airlines — 0.8%** | **Passenger Airlines — 0.8%** |
| InterGlobe Aviation Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1172312 | 75158519 |
| **Personal Care Products — 2.5%** | **Personal Care Products — 2.5%** | **Personal Care Products — 2.5%** |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 841729 | 22265756 |
| Dabur India Ltd. | &nbsp;&nbsp; 3308164 | 19549736 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 2542419 | 35833478 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 5090143 | 153496644 |
|  |  | 231145614 |
| **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** |
| Alkem Laboratories Ltd. | &nbsp;&nbsp; 260492 | 15655851 |
| Aurobindo Pharma Ltd. | &nbsp;&nbsp; 1624664 | 18929486 |
| Cipla Ltd. | &nbsp;&nbsp; 3499812 | 63084909 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 3615893 | 51711749 |
| Lupin Ltd. | &nbsp;&nbsp; 1418970 | 30517897 |
| Mankind Pharma Ltd. | &nbsp;&nbsp; 769191 | 21573980 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 5940454 | 107468113 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 736589 | 29718627 |
| Zydus Lifesciences Ltd. | &nbsp;&nbsp; 1565782 | 17439176 |
|  |  | 356099788 |
| **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** |
| DLF Ltd. | &nbsp;&nbsp; 4613728 | 38681137 |
| Godrej Properties Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 932187 | 20591782 |
| Lodha Developers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1862157 | 25208247 |
| Oberoi Realty Ltd. | &nbsp;&nbsp; 791674 | 14467790 |
| Phoenix Mills Ltd. (The) | &nbsp;&nbsp; 1221805 | 20857290 |
| Prestige Estates Projects Ltd. | &nbsp;&nbsp; 1070531 | 18973362 |
|  |  | 138779608 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| WAAREE Energies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 540431 | 20885261 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Oracle Financial Services Software Ltd. | &nbsp;&nbsp; 135597 | 12754049 |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 213320 | 12659206 |
|  |  | 25413255 |
| **Specialty Retail — 0.9%** | **Specialty Retail — 0.9%** | **Specialty Retail — 0.9%** |
| FSN E-Commerce Ventures Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7117345 | 18569615 |
| Trent Ltd. | &nbsp;&nbsp; 1122189 | 67448755 |
|  |  | 86018370 |
| **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** |
| Kalyan Jewellers India Ltd. | &nbsp;&nbsp; 2565747 | 14682087 |
| Page Industries Ltd. | &nbsp;&nbsp; 38008 | 19118534 |
| Titan Co. Ltd. | &nbsp;&nbsp; 2198048 | 90481578 |
|  |  | 124282199 |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
| ITC Ltd. | &nbsp;&nbsp; 18595148 | 86434956 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 1004011 | 25556729 |
| **Transportation Infrastructure — 0.7%** | **Transportation Infrastructure — 0.7%** | **Transportation Infrastructure — 0.7%** |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 3355349 | 49986914 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI India ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** |
| GMR Airports Infrastructure Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 16430765 | $16053709 |
|  |  | 66040623 |
| **Wireless Telecommunication Services — 3.8%** | **Wireless Telecommunication Services — 3.8%** | **Wireless Telecommunication Services — 3.8%** |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 15882388 | 340433807 |
| Vodafone Idea Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 167639967 | 12360046 |
|  |  | 352793853 |
| **Total Common Stocks — 99.3%** <br>**(Cost: $7,114,216,139)** | **Total Common Stocks — 99.3%** <br>**(Cost: $7,114,216,139)** | 9113054858 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
| TVS Motor Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 5980432 | 677876 |
| **Total Preferred Stocks — 0.0%** <br>**(Cost: $682,756)** | **Total Preferred Stocks — 0.0%** <br>**(Cost: $682,756)** | 677876 |
| **Total Long-Term Investments — 99.3%** <br>**(Cost: $7,114,898,895)** | **Total Long-Term Investments — 99.3%** <br>**(Cost: $7,114,898,895)** | 9113732734 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.8%** | **Money Market Funds — 2.8%** | **Money Market Funds — 2.8%** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 256650000 | $256650000 |
| **Total Short-Term Securities — 2.8%** <br>**(Cost: $256,650,000)** | **Total Short-Term Securities — 2.8%** <br>**(Cost: $256,650,000)** | 256650000 |
| **Total Investments — 102.1%** <br>**(Cost: $7,371,548,895)** | **Total Investments — 102.1%** <br>**(Cost: $7,371,548,895)** | 9370382734 |
| **Liabilities in Excess of Other Assets — (2.1)%** | **Liabilities in Excess of Other Assets — (2.1)%** | (196923305)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $9173459429 |

---

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| $45770000<br> $210880000 <br><sup>(a)</sup><br>| $— | $— | $— | $256650000 | 256650000 | $11910472 | $— |

---

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| NSE IFSC Nifty 50 Index | 786 | 09/30/25 | &nbsp;&nbsp; $38636 | $(290166) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $290166 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $290166 |

---

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

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI India ETF**

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6578369)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6578369)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(337253)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(337253)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $24955734 |

---

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; $123621820 | &nbsp;&nbsp; $8989433038 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9113054858 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 677876 | &nbsp;&nbsp; — | &nbsp;&nbsp; 677876 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 256650000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 256650000 |
|  | &nbsp;&nbsp; $380271820 | &nbsp;&nbsp; $8990110914 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9370382734 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(290166)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(290166)<br>|

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI India 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** |
| **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
| Data Patterns India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 58794 | $1603128 |
| Garden Reach Shipbuilders & Engineers Ltd. | &nbsp;&nbsp; 66844 | 1781644 |
| Paras Defence & Space Technologies Ltd. | &nbsp;&nbsp; 84532 | 621603 |
| Zen Technologies Ltd. | &nbsp;&nbsp; 103270 | 1711473 |
|  |  | 5717848 |
| **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** |
| Blue Dart Express Ltd. | &nbsp;&nbsp; 13797 | 877257 |
| Delhivery Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1220584 | 6481447 |
| Transport Corp. of India Ltd. | &nbsp;&nbsp; 53553 | 692155 |
| TVS Supply Chain Solutions Ltd./India<sup>(a)</sup> | &nbsp;&nbsp; 263942 | 367016 |
|  |  | 8417875 |
| **Automobile Components — 5.8%** | **Automobile Components — 5.8%** | **Automobile Components — 5.8%** |
| Apollo Tyres Ltd. | &nbsp;&nbsp; 674010 | 3530512 |
| Asahi India Glass Ltd. | &nbsp;&nbsp; 170565 | 1618978 |
| ASK Automotive Ltd. | &nbsp;&nbsp; 117673 | 644367 |
| Banco Products India Ltd. | &nbsp;&nbsp; 97675 | 638812 |
| Belrise Industries Ltd., NVS | &nbsp;&nbsp; 532921 | 844658 |
| Ceat Ltd. | &nbsp;&nbsp; 47361 | 1682889 |
| CIE Automotive India Ltd. | &nbsp;&nbsp; 313476 | 1368341 |
| Dynamatic Technologies Ltd. | &nbsp;&nbsp; 7526 | 548575 |
| Endurance Technologies Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 82313 | 2678196 |
| Exide Industries Ltd. | &nbsp;&nbsp; 993203 | 4465982 |
| Gabriel India Ltd. | &nbsp;&nbsp; 150991 | 1974488 |
| JBM Auto Ltd. | &nbsp;&nbsp; 109938 | 741927 |
| JK Tyre & Industries Ltd. | &nbsp;&nbsp; 254848 | 927407 |
| Lumax Auto Technologies Ltd. | &nbsp;&nbsp; 70479 | 938435 |
| Minda Corp. Ltd. | &nbsp;&nbsp; 195777 | 1108649 |
| Motherson Sumi Wiring India Ltd. | &nbsp;&nbsp; 6215533 | 2933741 |
| Pricol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 167274 | 872005 |
| Sansera Engineering Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 101677 | 1464580 |
| Sharda Motor Industries Ltd. | &nbsp;&nbsp; 46213 | 534838 |
| Shriram Pistons & Rings Ltd. | &nbsp;&nbsp; 30868 | 878109 |
| Sona Blw Precision Forgings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1016017 | 5107198 |
| Sundaram Clayton Ltd. | &nbsp;&nbsp; 17779 | 332986 |
| Sundaram Finance Holdings Ltd. | &nbsp;&nbsp; 210266 | 1116607 |
| Sundram Fasteners Ltd. | &nbsp;&nbsp; 247110 | 2856693 |
| Suprajit Engineering Ltd. | &nbsp;&nbsp; 159845 | 819569 |
| TVS Holdings Ltd. | &nbsp;&nbsp; 11864 | 1595293 |
| UNO Minda Ltd. | &nbsp;&nbsp; 469921 | 6805371 |
| Varroc Engineering Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 92387 | 559920 |
| ZF Commercial Vehicle Control Systems India Ltd. | &nbsp;&nbsp; 17760 | 2834721 |
|  |  | 52423847 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| Ola Electric Mobility Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2568131 | 1573075 |
| **Banks — 2.9%** | **Banks — 2.9%** | **Banks — 2.9%** |
| Bandhan Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1844451 | 3384486 |
| City Union Bank Ltd. | &nbsp;&nbsp; 850401 | 1890821 |
| CSB Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 111623 | 459102 |
| Equitas Small Finance Bank Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1333108 | 760092 |
| Federal Bank Ltd. | &nbsp;&nbsp; 4266878 | 9280324 |
| Jammu & Kashmir Bank Ltd. (The) | &nbsp;&nbsp; 907258 | 1018055 |
| Karnataka Bank Ltd. (The) | &nbsp;&nbsp; 442133 | 860307 |
| Karur Vysya Bank Ltd. (The) | &nbsp;&nbsp; 1110991 | 2696578 |
| RBL Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1051679 | 3115949 |
| South Indian Bank Ltd. (The) | &nbsp;&nbsp; 2951637 | 980402 |
| Tamilnad Mercantile Bank Ltd. | &nbsp;&nbsp; 185261 | 889394 |
| Ujjivan Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2204172 | 1066682 |
|  |  | 26402192 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| Allied Blenders & Distillers Ltd. | &nbsp;&nbsp; 131149 | $751586 |
| Piccadily Agro Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 55212 | 364519 |
| Radico Khaitan Ltd. | &nbsp;&nbsp; 172105 | 5569503 |
| Tilaknagar Industries Ltd. | &nbsp;&nbsp; 249163 | 1338962 |
|  |  | 8024570 |
| **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| Biocon Ltd. | &nbsp;&nbsp; 1250472 | 4939931 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| RattanIndia Enterprises Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 786448 | 547251 |
| Shoppers Stop Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 89411 | 547119 |
| V-Mart Retail Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 90139 | 758726 |
|  |  | 1853096 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| Blue Star Ltd. | &nbsp;&nbsp; 312278 | 6668882 |
| Cera Sanitaryware Ltd. | &nbsp;&nbsp; 13539 | 969630 |
| Electrosteel Castings Ltd. | &nbsp;&nbsp; 720229 | 796530 |
| Greenlam Industries Ltd. | &nbsp;&nbsp; 151821 | 411264 |
| Kajaria Ceramics Ltd. | &nbsp;&nbsp; 204742 | 2813239 |
|  |  | 11659545 |
| **Capital Markets — 5.8%** | **Capital Markets — 5.8%** | **Capital Markets — 5.8%** |
| 360 ONE WAM Ltd. | &nbsp;&nbsp; 473329 | 5469136 |
| Aditya Birla Sun Life Asset Management Co. Ltd. | &nbsp;&nbsp; 134414 | 1272924 |
| Anand Rathi Wealth Ltd. | &nbsp;&nbsp; 87237 | 2763206 |
| Angel One Ltd. | &nbsp;&nbsp; 105712 | 2649817 |
| Authum Investment & Infrastucture Ltd. | &nbsp;&nbsp; 79292 | 2909919 |
| Central Depository Services India Ltd. | &nbsp;&nbsp; 239112 | 3863811 |
| Choice International Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 144971 | 1308883 |
| CRISIL Ltd. | &nbsp;&nbsp; 42746 | 2416507 |
| Edelweiss Financial Services Ltd. | &nbsp;&nbsp; 1325381 | 1610101 |
| ICRA Ltd. | &nbsp;&nbsp; 10008 | 708998 |
| IIFL Securities Ltd. | &nbsp;&nbsp; 289678 | 973942 |
| Indian Energy Exchange Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1030745 | 1634619 |
| JM Financial Ltd. | &nbsp;&nbsp; 892407 | 1794800 |
| Kfin Technologies Ltd. | &nbsp;&nbsp; 201080 | 2332255 |
| Maharashtra Scooters Ltd. | &nbsp;&nbsp; 6417 | 1154054 |
| Motilal Oswal Financial Services Ltd. | &nbsp;&nbsp; 349992 | 3404704 |
| Multi Commodity Exchange of India Ltd. | &nbsp;&nbsp; 58339 | 4893619 |
| Nippon Life India Asset Management Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 371278 | 3304722 |
| Nuvama Wealth Management Ltd. | &nbsp;&nbsp; 33602 | 2432370 |
| Prudent Corporate Advisory Services Ltd. | &nbsp;&nbsp; 43724 | 1389186 |
| Tata Investment Corp. Ltd. | &nbsp;&nbsp; 29554 | 2281125 |
| UTI Asset Management Co. Ltd. | &nbsp;&nbsp; 104768 | 1531991 |
|  |  | 52100689 |
| **Chemicals — 7.2%** | **Chemicals — 7.2%** | **Chemicals — 7.2%** |
| Aarti Industries Ltd. | &nbsp;&nbsp; 426303 | 1816864 |
| Akzo Nobel India Ltd. | &nbsp;&nbsp; 21545 | 833500 |
| Alkyl Amines Chemicals | &nbsp;&nbsp; 37087 | 843126 |
| Anupam Rasayan India Ltd. | &nbsp;&nbsp; 53506 | 684775 |
| Archean Chemical Industries Ltd. | &nbsp;&nbsp; 130589 | 972135 |
| Atul Ltd. | &nbsp;&nbsp; 31423 | 2236571 |
| Balaji Amines Ltd. | &nbsp;&nbsp; 27965 | 462430 |
| BASF India Ltd. | &nbsp;&nbsp; 25680 | 1340567 |
| Bayer CropScience Ltd. | &nbsp;&nbsp; 31748 | 1883930 |
| Carborundum Universal Ltd. | &nbsp;&nbsp; 269684 | 2790806 |
| Castrol India Ltd. | &nbsp;&nbsp; 933737 | 2088812 |
| Chambal Fertilisers and Chemicals Ltd. | &nbsp;&nbsp; 377169 | 2309943 |
| Chemplast Sanmar Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 173400 | 840393 |
| Clean Science & Technology Ltd. | &nbsp;&nbsp; 64303 | 856857 |
| DCM Shriram Ltd. | &nbsp;&nbsp; 56053 | 788298 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | &nbsp;&nbsp; 148227 | 2332746 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI India Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Deepak Nitrite Ltd. | &nbsp;&nbsp; 129413 | $2628105 |
| Dhanuka Agritech Ltd. | &nbsp;&nbsp; 31686 | 574594 |
| EID Parry India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 210271 | 2685276 |
| Epigral Ltd. | &nbsp;&nbsp; 30454 | 626053 |
| Fine Organic Industries Ltd. | &nbsp;&nbsp; 18592 | 990292 |
| Finolex Industries Ltd. | &nbsp;&nbsp; 585042 | 1407565 |
| Galaxy Surfactants Ltd. | &nbsp;&nbsp; 25736 | 660280 |
| Garware Hi-Tech Films Ltd. | &nbsp;&nbsp; 19343 | 591770 |
| GHCL Ltd. | &nbsp;&nbsp; 149672 | 938662 |
| Gujarat Fluorochemicals Ltd. | &nbsp;&nbsp; 64681 | 2504196 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | &nbsp;&nbsp; 195615 | 1159206 |
| Gujarat State Fertilizers & Chemicals Ltd. | &nbsp;&nbsp; 526094 | 1178526 |
| Gulf Oil Lubricants India Ltd. | &nbsp;&nbsp; 42109 | 597141 |
| Himadri Speciality Chemical Ltd. | &nbsp;&nbsp; 407613 | 2061026 |
| India Glycols Ltd. | &nbsp;&nbsp; 51045 | 472392 |
| Indigo Paints Ltd. | &nbsp;&nbsp; 52142 | 651302 |
| Jubilant Ingrevia Ltd. | &nbsp;&nbsp; 170668 | 1400954 |
| Laxmi Organic Industries Ltd. | &nbsp;&nbsp; 198973 | 456108 |
| Navin Fluorine International Ltd. | &nbsp;&nbsp; 72221 | 3836966 |
| Neogen Chemicals Ltd. | &nbsp;&nbsp; 28896 | 460070 |
| Paradeep Phosphates Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 860071 | 2119841 |
| PCBL Ltd. | &nbsp;&nbsp; 399367 | 1682646 |
| Privi Specility Chemical Ltd. | &nbsp;&nbsp; 23718 | 594782 |
| Rain Industries Ltd. | &nbsp;&nbsp; 454975 | 701255 |
| Rallis India Ltd. | &nbsp;&nbsp; 205044 | 809415 |
| Rashtriya Chemicals & Fertilizers Ltd. | &nbsp;&nbsp; 334054 | 564297 |
| Sudarshan Chemical Industries Ltd. | &nbsp;&nbsp; 102487 | 1736077 |
| Sumitomo Chemical India Ltd. | &nbsp;&nbsp; 295209 | 1894780 |
| Supreme Petrochem Ltd. | &nbsp;&nbsp; 156810 | 1358904 |
| Tata Chemicals Ltd. | &nbsp;&nbsp; 330782 | 3456333 |
| Vinati Organics Ltd. | &nbsp;&nbsp; 61813 | 1199064 |
|  |  | 65079631 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| CMS Info Systems Ltd. | &nbsp;&nbsp; 366180 | 1703636 |
| Doms Industries Ltd. | &nbsp;&nbsp; 42673 | 1177004 |
| ION Exchange India Ltd. | &nbsp;&nbsp; 188430 | 892553 |
| SIS Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 106250 | 433560 |
|  |  | 4206753 |
| **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| Astra Microwave Products Ltd. | &nbsp;&nbsp; 108889 | 1263608 |
| Sterlite Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 574335 | 746649 |
| Tejas Networks Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 163389 | 1081559 |
|  |  | 3091816 |
| **Construction & Engineering — 3.8%** | **Construction & Engineering — 3.8%** | **Construction & Engineering — 3.8%** |
| Afcons Infrastructure Ltd. | &nbsp;&nbsp; 384511 | 1822402 |
| Ahluwalia Contracts India Ltd. | &nbsp;&nbsp; 71184 | 743140 |
| Ashoka Buildcon Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 292988 | 574392 |
| Bondada Engineering Ltd. | &nbsp;&nbsp; 78244 | 349749 |
| Dilip Buildcon Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 70782 | 373543 |
| Engineers India Ltd. | &nbsp;&nbsp; 657541 | 1479269 |
| G R Infraprojects Ltd. | &nbsp;&nbsp; 57603 | 816704 |
| GMR Power & Urban Infra Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 410742 | 513501 |
| HG Infra Engineering Ltd. | &nbsp;&nbsp; 44688 | 492221 |
| Hindustan Construction Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3194899 | 917718 |
| Inox Green Energy Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 248397 | 413773 |
| IRB Infrastructure Developers Ltd. | &nbsp;&nbsp; 4233193 | 2060086 |
| IRCON International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 770221 | 1402293 |
| ITD Cementation India Ltd. | &nbsp;&nbsp; 118599 | 953289 |
| J Kumar Infraprojects Ltd. | &nbsp;&nbsp; 87111 | 610419 |
| Kalpataru Projects International Ltd. | &nbsp;&nbsp; 279528 | 3965984 |
| KEC International Ltd. | &nbsp;&nbsp; 310924 | 2846771 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| KNR Constructions Ltd. | &nbsp;&nbsp; 355997 | $770282 |
| Man Infraconstruction Ltd. | &nbsp;&nbsp; 272513 | 487096 |
| NBCC India Ltd. | &nbsp;&nbsp; 2207545 | 2461021 |
| NCC Ltd./India | &nbsp;&nbsp; 952810 | 2211462 |
| PNC Infratech Ltd. | &nbsp;&nbsp; 269263 | 929307 |
| Power Mech Projects Ltd. | &nbsp;&nbsp; 33042 | 1126127 |
| Praj Industries Ltd. | &nbsp;&nbsp; 279765 | 1242331 |
| Sterling and Wilson Renewable<sup>(a)</sup> | &nbsp;&nbsp; 272553 | 804112 |
| Techno Electric & Engineering Co. Ltd. | &nbsp;&nbsp; 122217 | 2097176 |
| Transrail Lighting Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 61702 | 519241 |
| Waaree Renewable Technologies Ltd. | &nbsp;&nbsp; 60649 | 705043 |
| Welspun Enterprises Ltd. | &nbsp;&nbsp; 98802 | 523919 |
|  |  | 34212371 |
| **Construction Materials — 1.8%** | **Construction Materials — 1.8%** | **Construction Materials — 1.8%** |
| Birla Corp. Ltd. | &nbsp;&nbsp; 62881 | 892677 |
| India Cements Ltd. (The)<sup>(a)</sup> | &nbsp;&nbsp; 105471 | 456826 |
| JK Cement Ltd. | &nbsp;&nbsp; 81239 | 6404758 |
| JK Lakshmi Cement Ltd. | &nbsp;&nbsp; 138057 | 1443167 |
| Nuvoco Vistas Corp. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 251700 | 1301534 |
| Orient Cement Ltd. | &nbsp;&nbsp; 122083 | 300454 |
| Prism Johnson Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 306253 | 507478 |
| Ramco Cements Ltd. (The) | &nbsp;&nbsp; 248547 | 2951464 |
| Rhi Magnesita India Ltd. | &nbsp;&nbsp; 145013 | 779412 |
| Star Cement Ltd. | &nbsp;&nbsp; 236556 | 765186 |
|  |  | 15802956 |
| **Consumer Finance — 2.4%** | **Consumer Finance — 2.4%** | **Consumer Finance — 2.4%** |
| Capri Global Capital Ltd. | &nbsp;&nbsp; 568526 | 1194356 |
| Cholamandalam Financial Holdings Ltd. | &nbsp;&nbsp; 219129 | 4287513 |
| CreditAccess Grameen Ltd. | &nbsp;&nbsp; 130646 | 2073103 |
| Five-Star Business Finance Ltd. | &nbsp;&nbsp; 447018 | 2763877 |
| Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp; 1299277 | 3742335 |
| Manappuram Finance Ltd. | &nbsp;&nbsp; 1185064 | 3512203 |
| MAS Financial Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 143969 | 506353 |
| Poonawalla Fincorp Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 545270 | 2669653 |
| SBFC Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1015424 | 1216838 |
|  |  | 21966231 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| Medplus Health Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 168437 | 1608006 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| AGI Greenpac Ltd. | &nbsp;&nbsp; 45357 | 459385 |
| EPL Ltd. | &nbsp;&nbsp; 334584 | 852399 |
| Time Technoplast Ltd. | &nbsp;&nbsp; 237315 | 1228861 |
|  |  | 2540645 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| NIIT Learning Systems Ltd. | &nbsp;&nbsp; 194382 | 723240 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| HFCL Ltd. | &nbsp;&nbsp; 1853313 | 1476124 |
| Railtel Corp. of India Ltd. | &nbsp;&nbsp; 224789 | 836545 |
| Tata Teleservices Maharashtra Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1114857 | 709236 |
|  |  | 3021905 |
| **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** |
| CESC Ltd. | &nbsp;&nbsp; 1246346 | 2151452 |
| SJVN Ltd. | &nbsp;&nbsp; 1839717 | 1955033 |
|  |  | 4106485 |
| **Electrical Equipment — 4.3%** | **Electrical Equipment — 4.3%** | **Electrical Equipment — 4.3%** |
| Amara Raja Energy & Mobility Ltd. | &nbsp;&nbsp; 256954 | 2889063 |
| Elecon Engineering Co. Ltd. | &nbsp;&nbsp; 182659 | 1144721 |
| Finolex Cables Ltd. | &nbsp;&nbsp; 161597 | 1503997 |
| GE Vernova T&D India Ltd. | &nbsp;&nbsp; 299076 | 9421473 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI India Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| Graphite India Ltd. | &nbsp;&nbsp; 159105 | $922022 |
| HBL Engineering Ltd. | &nbsp;&nbsp; 259117 | 2375532 |
| HEG Ltd. | &nbsp;&nbsp; 177522 | 929840 |
| Inox Wind Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1816505 | 2848281 |
| KEI Industries Ltd. | &nbsp;&nbsp; 145159 | 6280249 |
| RR Kabel Ltd. | &nbsp;&nbsp; 79378 | 1051960 |
| Schneider Electric Infrastructure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 111881 | 1088421 |
| TD Power Systems Ltd. | &nbsp;&nbsp; 235202 | 1340647 |
| Transformers & Rectifiers India Ltd. | &nbsp;&nbsp; 243834 | 1356929 |
| Triveni Turbine Ltd. | &nbsp;&nbsp; 334109 | 1968064 |
| V-Guard Industries Ltd. | &nbsp;&nbsp; 459779 | 1894803 |
| Voltamp Transformers Ltd. | &nbsp;&nbsp; 15383 | 1363100 |
|  |  | 38379102 |
| **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** |
| Avalon Technologies Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 61789 | 582272 |
| Cyient DLM Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 91575 | 439088 |
| Genus Power Infrastructures Ltd. | &nbsp;&nbsp; 217199 | 807607 |
| Kaynes Technology India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 70713 | 4899822 |
| PG Electroplast Ltd. | &nbsp;&nbsp; 330664 | 2002311 |
| Redington Ltd. | &nbsp;&nbsp; 1369711 | 3742128 |
| Syrma SGS Technology Ltd. | &nbsp;&nbsp; 143985 | 1227996 |
|  |  | 13701224 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| Nazara Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 71266 | 938485 |
| PVR Inox Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 172391 | 2189217 |
| Saregama India Ltd. | &nbsp;&nbsp; 176779 | 966177 |
| Tips Industries Ltd. | &nbsp;&nbsp; 101912 | 672432 |
|  |  | 4766311 |
| **Financial Services — 5.0%** | **Financial Services — 5.0%** | **Financial Services — 5.0%** |
| Aadhar Housing Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 252867 | 1441985 |
| Aavas Financiers Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 92553 | 1595369 |
| Aptus Value Housing Finance India Ltd. | &nbsp;&nbsp; 700693 | 2524819 |
| Can Fin Homes Ltd. | &nbsp;&nbsp; 186874 | 1522235 |
| Home First Finance Co. India Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 169362 | 2341330 |
| IFCI Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1575621 | 913522 |
| IIFL Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 545586 | 2644302 |
| India Shelter Finance Corp. Ltd. | &nbsp;&nbsp; 87433 | 933254 |
| Infibeam Avenues Ltd. | &nbsp;&nbsp; 2846603 | 504850 |
| JSW Holdings Ltd./India<sup>(a)</sup> | &nbsp;&nbsp; 7783 | 1538236 |
| L&T Finance Ltd. | &nbsp;&nbsp; 2051474 | 5053350 |
| LIC Housing Finance Ltd. | &nbsp;&nbsp; 706951 | 4453065 |
| One 97 Communications Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 746603 | 10224131 |
| Piramal Enterprises Ltd. | &nbsp;&nbsp; 238051 | 3025019 |
| PNB Housing Finance Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 455469 | 3892613 |
| Sammaan Capital Ltd. | &nbsp;&nbsp; 1348844 | 1895346 |
|  |  | 44503426 |
| **Food Products — 2.0%** | **Food Products — 2.0%** | **Food Products — 2.0%** |
| Avanti Feeds Ltd. | &nbsp;&nbsp; 98374 | 717269 |
| AWL Agri Business Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 767976 | 2190226 |
| Balrampur Chini Mills Ltd. | &nbsp;&nbsp; 283419 | 1723934 |
| Bikaji Foods International Ltd. | &nbsp;&nbsp; 149775 | 1342503 |
| Bombay Burmah Trading Co. | &nbsp;&nbsp; 40472 | 805424 |
| CCL Products India Ltd. | &nbsp;&nbsp; 171965 | 1701489 |
| Dodla Dairy Ltd. | &nbsp;&nbsp; 55813 | 863085 |
| Godrej Agrovet Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 88889 | 746838 |
| Gujarat Ambuja Exports Ltd. | &nbsp;&nbsp; 330909 | 388218 |
| Heritage Foods Ltd. | &nbsp;&nbsp; 100216 | 524657 |
| Hindustan Foods Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 83622 | 497927 |
| Kaveri Seed Co. Ltd. | &nbsp;&nbsp; 46889 | 620014 |
| KRBL Ltd. | &nbsp;&nbsp; 136388 | 666784 |
| LT Foods Ltd. | &nbsp;&nbsp; 326146 | 1559952 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Manorama Industries Ltd. | &nbsp;&nbsp; 41423 | $637007 |
| Mrs Bectors Food Specialities Ltd. | &nbsp;&nbsp; 71663 | 1120257 |
| Shree Renuka Sugars Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1448142 | 465707 |
| Triveni Engineering & Industries Ltd. | &nbsp;&nbsp; 182154 | 726590 |
| Zydus Wellness Ltd. | &nbsp;&nbsp; 44797 | 1024889 |
|  |  | 18322770 |
| **Gas Utilities — 0.9%** | **Gas Utilities — 0.9%** | **Gas Utilities — 0.9%** |
| Gujarat Gas Ltd. | &nbsp;&nbsp; 324981 | 1546906 |
| Gujarat State Petronet Ltd. | &nbsp;&nbsp; 661942 | 2175798 |
| Indraprastha Gas Ltd. | &nbsp;&nbsp; 1310593 | 3074203 |
| Mahanagar Gas Ltd. | &nbsp;&nbsp; 115629 | 1641008 |
|  |  | 8437915 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| VRL Logistics Ltd. | &nbsp;&nbsp; 166164 | 497439 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| Poly Medicure Ltd. | &nbsp;&nbsp; 82988 | 1963344 |
| **Health Care Providers & Services — 4.3%** | **Health Care Providers & Services — 4.3%** | **Health Care Providers & Services — 4.3%** |
| Aster DM Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 547043 | 3728842 |
| Dr Agarwal's Health Care Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 184061 | 902226 |
| Dr Lal PathLabs Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 88335 | 3313897 |
| Entero Healthcare Solutions Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 39692 | 532567 |
| Fortis Healthcare Ltd. | &nbsp;&nbsp; 1146761 | 11850518 |
| Global Health Ltd. | &nbsp;&nbsp; 188458 | 2935046 |
| HealthCare Global Enterprises Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 99523 | 760046 |
| Jupiter Life Line Hospitals Ltd. | &nbsp;&nbsp; 53799 | 860070 |
| Kovai Medical Center and Hospital | &nbsp;&nbsp; 10032 | 721336 |
| Krishna Institute of Medical Sciences Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 561070 | 4603764 |
| Metropolis Healthcare Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 60910 | 1512527 |
| Narayana Hrudayalaya Ltd. | &nbsp;&nbsp; 167110 | 3321723 |
| Rainbow Children's Medicare Ltd. | &nbsp;&nbsp; 118879 | 2024261 |
| Vijaya Diagnostic Centre Pvt Ltd. | &nbsp;&nbsp; 120353 | 1375604 |
| Yatharth Hospital & Trauma Care Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 77495 | 610769 |
|  |  | 39053196 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| Inventurus Knowledge Solutions Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 100759 | 1729697 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| Advent Hotels International Pvt Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 39692 | 140685 |
| Chalet Hotels Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 178511 | 2044011 |
| Devyani International Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1006813 | 1990774 |
| EIH Ltd. | &nbsp;&nbsp; 512438 | 2320836 |
| ITC Hotels Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1458594 | 3946735 |
| Juniper Hotels Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 133392 | 426038 |
| Le Travenues Technology Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 319028 | 979344 |
| Lemon Tree Hotels Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1108017 | 2084315 |
| Mahindra Holidays & Resorts India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 138345 | 549090 |
| Restaurant Brands Asia Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1158204 | 1049542 |
| Sapphire Foods India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 567146 | 2105000 |
| Tbo Tek Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 89204 | 1323054 |
| Thomas Cook India Ltd. | &nbsp;&nbsp; 388025 | 782017 |
| Westlife Foodworld Ltd. | &nbsp;&nbsp; 145529 | 1184863 |
| Wonderla Holidays Ltd. | &nbsp;&nbsp; 62029 | 431034 |
|  |  | 21357338 |
| **Household Durables — 1.8%** | **Household Durables — 1.8%** | **Household Durables — 1.8%** |
| Amber Enterprises India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 47457 | 3908611 |
| Bajaj Electricals Ltd. | &nbsp;&nbsp; 95349 | 616172 |
| Cello World Ltd. | &nbsp;&nbsp; 105606 | 645923 |
| Crompton Greaves Consumer Electricals Ltd. | &nbsp;&nbsp; 1515513 | 5672716 |
| Eureka Forbes Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 158769 | 1018632 |
| Orient Electric Ltd. | &nbsp;&nbsp; 278529 | 678848 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI India Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| Sheela Foam Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 89876 | $705840 |
| Symphony Ltd. | &nbsp;&nbsp; 38446 | 406691 |
| TTK Prestige Ltd. | &nbsp;&nbsp; 95922 | 714584 |
| Whirlpool of India Ltd. | &nbsp;&nbsp; 148245 | 2189589 |
|  |  | 16557606 |
| **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| Jyothy Labs Ltd. | &nbsp;&nbsp; 346022 | 1335892 |
| **Independent Power and Renewable Electricity Producers — 1.2%** | **Independent Power and Renewable Electricity Producers — 1.2%** | **Independent Power and Renewable Electricity Producers — 1.2%** |
| Acme Solar Holdings Ltd. | &nbsp;&nbsp; 281945 | 909693 |
| Jaiprakash Power Ventures Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8004015 | 1669107 |
| KPI Green Energy Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 207861 | 1134433 |
| NLC India Ltd. | &nbsp;&nbsp; 812451 | 2073014 |
| PTC India Ltd. | &nbsp;&nbsp; 515085 | 1023036 |
| RattanIndia Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6244187 | 870999 |
| Reliance Power Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6257529 | 3121812 |
|  |  | 10802094 |
| **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** |
| 3M India Ltd. | &nbsp;&nbsp; 6608 | 2302689 |
| Apar Industries Ltd. | &nbsp;&nbsp; 42189 | 3700871 |
| Nava Ltd. | &nbsp;&nbsp; 297436 | 2318584 |
|  |  | 8322144 |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| Go Digit General Insurance Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 645430 | 2617487 |
| Max Financial Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 645212 | 11719220 |
| Religare Enterprises Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 228275 | 614699 |
| Star Health & Allied Insurance Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 549776 | 2786541 |
|  |  | 17737947 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Just Dial Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 51041 | 467941 |
| **IT Services — 3.2%** | **IT Services — 3.2%** | **IT Services — 3.2%** |
| Black Box Ltd. | &nbsp;&nbsp; 79215 | 405859 |
| Coforge Ltd. | &nbsp;&nbsp; 742184 | 14500743 |
| Cyient Ltd. | &nbsp;&nbsp; 195088 | 2585252 |
| Happiest Minds Technologies Ltd. | &nbsp;&nbsp; 195388 | 1251898 |
| Hexaware Technologies Ltd. | &nbsp;&nbsp; 284694 | 2445691 |
| Mastek Ltd. | &nbsp;&nbsp; 36254 | 997136 |
| Sonata Software Ltd. | &nbsp;&nbsp; 393329 | 1565830 |
| STL Networks Ltd., NVS | &nbsp;&nbsp; 571254 | 167446 |
| Tata Technologies Ltd. | &nbsp;&nbsp; 332386 | 2477355 |
| Zensar Technologies Ltd. | &nbsp;&nbsp; 265881 | 2314401 |
|  |  | 28711611 |
| **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |
| Akums Drugs & Pharmaceuticals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 73812 | 380327 |
| Indegene Ltd. | &nbsp;&nbsp; 199883 | 1229327 |
| Onesource Specialty Pharma Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 107022 | 2295396 |
| SAI Life Sciences Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 219181 | 2048707 |
| Syngene International Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 424736 | 3015746 |
|  |  | 8969503 |
| **Machinery — 5.9%** | **Machinery — 5.9%** | **Machinery — 5.9%** |
| Action Construction Equipment Ltd. | &nbsp;&nbsp; 97222 | 1159691 |
| AIA Engineering Ltd. | &nbsp;&nbsp; 98469 | 3410208 |
| Anup Engineering Ltd. (The) | &nbsp;&nbsp; 22970 | 575993 |
| Azad Engineering Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 60238 | 1045489 |
| Balu Forge Industries Ltd. | &nbsp;&nbsp; 78113 | 545535 |
| BEML Ltd., (Acquired 09/19/22, Cost: $1,066,303)<sup>(c)</sup> | &nbsp;&nbsp; 43563 | 1895868 |
| Craftsman Automation Ltd. | &nbsp;&nbsp; 27847 | 2181881 |
| Elgi Equipments Ltd. | &nbsp;&nbsp; 444322 | 2377921 |
| ESAB India Ltd. | &nbsp;&nbsp; 10969 | 639417 |
| Force Motors Ltd. | &nbsp;&nbsp; 10753 | 2375544 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| GMM Pfaudler Ltd. | &nbsp;&nbsp; 68384 | $913473 |
| Greaves Cotton Ltd. | &nbsp;&nbsp; 218091 | 490712 |
| Grindwell Norton Ltd. | &nbsp;&nbsp; 103857 | 1841546 |
| Happy Forgings Ltd. | &nbsp;&nbsp; 45367 | 463801 |
| Ingersoll Rand India Ltd. | &nbsp;&nbsp; 18777 | 811277 |
| Inox India Ltd. | &nbsp;&nbsp; 52412 | 665614 |
| ISGEC Heavy Engineering Ltd. | &nbsp;&nbsp; 59719 | 663896 |
| Jupiter Wagons Ltd. | &nbsp;&nbsp; 297262 | 1071502 |
| Jyoti CNC Automation Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 159266 | 1645364 |
| Kennametal India Ltd. | &nbsp;&nbsp; 12335 | 307756 |
| Kirloskar Brothers Ltd. | &nbsp;&nbsp; 56274 | 1238435 |
| Kirloskar Oil Engines Ltd. | &nbsp;&nbsp; 186525 | 1905290 |
| Kirloskar Pneumatic Co. Ltd. | &nbsp;&nbsp; 83450 | 1154383 |
| KSB Ltd. | &nbsp;&nbsp; 144728 | 1357476 |
| Lloyds Engineering Works Ltd. | &nbsp;&nbsp; 1223129 | 874138 |
| LMW Ltd. | &nbsp;&nbsp; 8716 | 1393872 |
| MTAR Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 49986 | 791493 |
| Olectra Greentech Ltd. | &nbsp;&nbsp; 95925 | 1678639 |
| Raymond Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 78336 | 533190 |
| Rolex Rings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33119 | 511606 |
| Shaily Engineering Plastics Ltd. | &nbsp;&nbsp; 48001 | 1215147 |
| Shakti Pumps India Ltd. | &nbsp;&nbsp; 129425 | 1182655 |
| SKF India Ltd. | &nbsp;&nbsp; 58041 | 2922591 |
| Tega Industries Ltd. | &nbsp;&nbsp; 38621 | 809031 |
| Texmaco Rail & Engineering Ltd. | &nbsp;&nbsp; 478010 | 742105 |
| Thermax Ltd. | &nbsp;&nbsp; 97363 | 3542967 |
| Timken India Ltd. | &nbsp;&nbsp; 88174 | 2886311 |
| Titagarh Rail System Ltd. | &nbsp;&nbsp; 188516 | 1764112 |
| Vesuvius India Ltd. | &nbsp;&nbsp; 217444 | 1240802 |
|  |  | 52826731 |
| **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| Shipping Corp. of India Ltd. | &nbsp;&nbsp; 380042 | 910900 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Affle 3i Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 148110 | 3203685 |
| Network18 Media & Investments Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1260724 | 755468 |
| Sun TV Network Ltd. | &nbsp;&nbsp; 233329 | 1438029 |
| Zee Entertainment Enterprises Ltd. | &nbsp;&nbsp; 1795101 | 2360010 |
|  |  | 7757192 |
| **Metals & Mining — 2.7%** | **Metals & Mining — 2.7%** | **Metals & Mining — 2.7%** |
| Godawari Power and Ispat Ltd. | &nbsp;&nbsp; 547461 | 1444640 |
| Gravita India Ltd. | &nbsp;&nbsp; 77458 | 1423877 |
| Hindustan Copper Ltd. | &nbsp;&nbsp; 679333 | 1772773 |
| Jai Balaji Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 414349 | 486383 |
| Jindal Saw Ltd. | &nbsp;&nbsp; 524453 | 1174468 |
| Kirloskar Ferrous Industries Ltd. | &nbsp;&nbsp; 153614 | 956651 |
| Maharashtra Seamless Ltd. | &nbsp;&nbsp; 94339 | 686573 |
| Mishra Dhatu Nigam Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 106823 | 438050 |
| MOIL Ltd. | &nbsp;&nbsp; 149102 | 559207 |
| National Aluminium Co. Ltd. | &nbsp;&nbsp; 1932500 | 4086231 |
| NMDC Steel Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1712553 | 735308 |
| PTC Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10507 | 1668650 |
| Ramkrishna Forgings Ltd. | &nbsp;&nbsp; 190516 | 1224639 |
| Ratnamani Metals & Tubes Ltd. | &nbsp;&nbsp; 66309 | 1796709 |
| Sandur Manganese & Iron Ores Ltd. (The) | &nbsp;&nbsp; 92492 | 453002 |
| Sarda Energy & Minerals Ltd. | &nbsp;&nbsp; 206229 | 1398839 |
| Surya Roshni Ltd. | &nbsp;&nbsp; 148248 | 477397 |
| Usha Martin Ltd. | &nbsp;&nbsp; 324403 | 1405451 |
| Welspun Corp. Ltd. | &nbsp;&nbsp; 215281 | 2061094 |
|  |  | 24249942 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI India Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Office REITs — 1.6%** | **Office REITs — 1.6%** | **Office REITs — 1.6%** |
| Brookfield India Real Estate Trust<sup>(b)</sup> | &nbsp;&nbsp; 779875 | $2825514 |
| Embassy Office Parks REIT | &nbsp;&nbsp; 1996584 | 8785382 |
| Mindspace Business Parks REIT<sup>(b)</sup> | &nbsp;&nbsp; 501342 | 2404518 |
|  |  | 14015414 |
| **Oil, Gas & Consumable Fuels — 0.7%** | **Oil, Gas & Consumable Fuels — 0.7%** | **Oil, Gas & Consumable Fuels — 0.7%** |
| Aegis Logistics Ltd. | &nbsp;&nbsp; 328152 | 2502770 |
| Chennai Petroleum Corp. Ltd. | &nbsp;&nbsp; 120098 | 879155 |
| Great Eastern Shipping Co. Ltd. (The) | &nbsp;&nbsp; 234379 | 2464157 |
| Gujarat Mineral Development Corp. Ltd. | &nbsp;&nbsp; 185552 | 850860 |
|  |  | 6696942 |
| **Paper & Forest Products — 0.5%** | **Paper & Forest Products — 0.5%** | **Paper & Forest Products — 0.5%** |
| Aditya Birla Real Estate Ltd. | &nbsp;&nbsp; 117499 | 2333539 |
| Century Plyboards India Ltd. | &nbsp;&nbsp; 130633 | 1105846 |
| JK Paper Ltd. | &nbsp;&nbsp; 178097 | 757027 |
|  |  | 4196412 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| SpiceJet Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1445472 | 604923 |
| **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** | **Personal Care Products — 0.6%** |
| Emami Ltd. | &nbsp;&nbsp; 463204 | 3015686 |
| Gillette India Ltd. | &nbsp;&nbsp; 15274 | 1748492 |
| Honasa Consumer Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 301213 | 1000455 |
|  |  | 5764633 |
| **Pharmaceuticals — 7.4%** | **Pharmaceuticals — 7.4%** | **Pharmaceuticals — 7.4%** |
| Aarti Pharmalabs Ltd. | &nbsp;&nbsp; 105424 | 1006175 |
| Acutaas Chemicals Ltd. | &nbsp;&nbsp; 115528 | 1842133 |
| Aether Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 77222 | 644369 |
| Ajanta Pharma Ltd. | &nbsp;&nbsp; 102315 | 2875024 |
| Alembic Pharmaceuticals Ltd. | &nbsp;&nbsp; 116804 | 1240868 |
| Alivus Life Sciences Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 71058 | 761455 |
| AstraZeneca Pharma India Ltd. | &nbsp;&nbsp; 11627 | 1116689 |
| Caplin Point Laboratories Ltd. | &nbsp;&nbsp; 44199 | 1052116 |
| Cohance Lifesciences Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 267623 | 2668716 |
| Concord Biotech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 60816 | 1161388 |
| Eris Lifesciences Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 111856 | 2283501 |
| FDC Ltd./India | &nbsp;&nbsp; 117798 | 611281 |
| Gland Pharma Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 88604 | 1879049 |
| GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp; 99004 | 3126127 |
| Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp; 329597 | 7186819 |
| Granules India Ltd. | &nbsp;&nbsp; 312015 | 1742289 |
| Ipca Laboratories Ltd. | &nbsp;&nbsp; 326530 | 5125485 |
| JB Chemicals & Pharmaceuticals Ltd. | &nbsp;&nbsp; 202070 | 3950550 |
| Jubilant Pharmova Ltd. | &nbsp;&nbsp; 147719 | 1714241 |
| Laurus Labs Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 819166 | 7958792 |
| Marksans Pharma Ltd. | &nbsp;&nbsp; 471571 | 902036 |
| Natco Pharma Ltd. | &nbsp;&nbsp; 188329 | 1841363 |
| Neuland Laboratories Ltd. | &nbsp;&nbsp; 17975 | 2742161 |
| Piramal Pharma Ltd. | &nbsp;&nbsp; 1396985 | 2905094 |
| Procter & Gamble Health Ltd. | &nbsp;&nbsp; 17413 | 1257276 |
| Sanofi Consumer Healthcare India Ltd. | &nbsp;&nbsp; 16426 | 966594 |
| Sanofi India Ltd. | &nbsp;&nbsp; 18996 | 1107584 |
| Shilpa Medicare Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 102797 | 987227 |
| Strides Pharma Science Ltd. | &nbsp;&nbsp; 140740 | 1378154 |
| Wockhardt Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 170678 | 2766153 |
|  |  | 66800709 |
| **Professional Services — 1.8%** | **Professional Services — 1.8%** | **Professional Services — 1.8%** |
| BLS International Services Ltd. | &nbsp;&nbsp; 288957 | 1202568 |
| Computer Age Management Services Ltd. | &nbsp;&nbsp; 109755 | 4614967 |
| eClerx Services Ltd. | &nbsp;&nbsp; 50129 | 2399816 |
| eMudhra Ltd. | &nbsp;&nbsp; 68522 | 558776 |
| Firstsource Solutions Ltd. | &nbsp;&nbsp; 653954 | 2602706 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| International Gemmological Institute India Ltd. | &nbsp;&nbsp; 252003 | $951665 |
| Latent View Analytics Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 124868 | 588342 |
| Quess Corp. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 134008 | 407159 |
| RITES Ltd. | &nbsp;&nbsp; 278438 | 770759 |
| Sagility Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3826146 | 1903207 |
|  |  | 15999965 |
| **Real Estate Management & Development — 1.6%** | **Real Estate Management & Development — 1.6%** | **Real Estate Management & Development — 1.6%** |
| Anant Raj Ltd. | &nbsp;&nbsp; 280231 | 1642406 |
| Brigade Enterprises Ltd. | &nbsp;&nbsp; 314395 | 3292120 |
| Embassy Developments Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1234878 | 1311527 |
| Keystone Realtors Ltd. | &nbsp;&nbsp; 75299 | 540587 |
| Mahindra Lifespace Developers Ltd. | &nbsp;&nbsp; 247482 | 982627 |
| Max Estates Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 133400 | 670832 |
| NESCO Ltd. | &nbsp;&nbsp; 49374 | 786282 |
| Puravankara Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 133164 | 434107 |
| Raymond Realty Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 76435 | 525591 |
| SignatureGlobal India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 66773 | 824302 |
| Sobha Ltd. | &nbsp;&nbsp; 112499 | 1827030 |
| Sunteck Realty Ltd. | &nbsp;&nbsp; 124201 | 535865 |
| TARC Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 212527 | 370514 |
| Valor Estate Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 377295 | 724205 |
|  |  | 14467995 |
| **Retail REITs — 0.4%** | **Retail REITs — 0.4%** | **Retail REITs — 0.4%** |
| Nexus Select Trust | &nbsp;&nbsp; 1945282 | 3268848 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| Borosil Renewables Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 124318 | 777520 |
| Websol Energy System Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 69026 | 1040820 |
|  |  | 1818340 |
| **Software — 1.7%** | **Software — 1.7%** | **Software — 1.7%** |
| AurionPro Solutions Ltd. | &nbsp;&nbsp; 51435 | 773112 |
| Birlasoft Ltd. | &nbsp;&nbsp; 390997 | 1630803 |
| CE Info Systems Ltd. | &nbsp;&nbsp; 38135 | 710893 |
| Intellect Design Arena Ltd. | &nbsp;&nbsp; 194963 | 2160979 |
| KPIT Technologies Ltd. | &nbsp;&nbsp; 384555 | 5189554 |
| Newgen Software Technologies Ltd. | &nbsp;&nbsp; 150648 | 1508013 |
| Rategain Travel Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 123748 | 718286 |
| Route Mobile Ltd. | &nbsp;&nbsp; 37560 | 361398 |
| Tanla Platforms Ltd. | &nbsp;&nbsp; 154178 | 1079892 |
| Zaggle Prepaid Ocean Services Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 142972 | 635422 |
| Zinka Logistics Solutions Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 101916 | 735217 |
|  |  | 15503569 |
| **Specialty Retail — 1.3%** | **Specialty Retail — 1.3%** | **Specialty Retail — 1.3%** |
| Aditya Birla Fashion and Retail Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1002796 | 879847 |
| Aditya Birla Lifestyle Brands Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 996067 | 1524305 |
| Aditya Vision Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 117360 | 669527 |
| Arvind Fashions Ltd. | &nbsp;&nbsp; 186844 | 1100568 |
| BrainBees Solutions Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 215839 | 887032 |
| Cartrade Tech Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 99774 | 2714045 |
| Ethos Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 31199 | 799892 |
| Go Fashion India Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 61161 | 489629 |
| PC Jeweller Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4699357 | 699465 |
| Redtape Ltd./India | &nbsp;&nbsp; 315075 | 436760 |
| Senco Gold Ltd. | &nbsp;&nbsp; 131855 | 552945 |
| Thanga Mayil Jewellery Ltd. | &nbsp;&nbsp; 25065 | 641267 |
| V2 Retail Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 32245 | 630159 |
|  |  | 12025441 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Netweb Technologies India Ltd. | &nbsp;&nbsp; 39217 | 981086 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI India Small-Cap ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Textiles, Apparel & Luxury Goods — 2.3%** | **Textiles, Apparel & Luxury Goods — 2.3%** | **Textiles, Apparel & Luxury Goods — 2.3%** |
| Alok Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2963323 | $586264 |
| Arvind Ltd. | &nbsp;&nbsp; 368198 | 1173932 |
| Bata India Ltd. | &nbsp;&nbsp; 121706 | 1515104 |
| Campus Activewear Ltd. | &nbsp;&nbsp; 209832 | 629301 |
| Ganesha Ecosphere Ltd. | &nbsp;&nbsp; 31748 | 479440 |
| Garware Technical Fibres Ltd. | &nbsp;&nbsp; 104224 | 905094 |
| Gokaldas Exports Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 137589 | 1052342 |
| Indo Count Industries Ltd. | &nbsp;&nbsp; 164365 | 431215 |
| KPR Mill Ltd. | &nbsp;&nbsp; 278874 | 3123804 |
| PDS Ltd. | &nbsp;&nbsp; 86151 | 314872 |
| Pearl Global Industries Ltd. | &nbsp;&nbsp; 36542 | 512696 |
| Rajesh Exports Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 213114 | 423354 |
| Raymond Lifestyle Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 64070 | 804777 |
| Relaxo Footwears Ltd. | &nbsp;&nbsp; 174345 | 945622 |
| Safari Industries India Ltd. | &nbsp;&nbsp; 51656 | 1255878 |
| Swan Energy Ltd. | &nbsp;&nbsp; 255271 | 1287332 |
| Trident Ltd. | &nbsp;&nbsp; 2967660 | 921891 |
| Vaibhav Global Ltd. | &nbsp;&nbsp; 141670 | 328388 |
| Vardhman Textiles Ltd. | &nbsp;&nbsp; 237544 | 1144478 |
| Vedant Fashions Ltd. | &nbsp;&nbsp; 142828 | 1201321 |
| VIP Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 147013 | 699287 |
| Welspun Living Ltd. | &nbsp;&nbsp; 558439 | 693225 |
|  |  | 20429617 |
| **Tobacco — 0.4%** | **Tobacco — 0.4%** | **Tobacco — 0.4%** |
| Godfrey Phillips India Ltd. | &nbsp;&nbsp; 29147 | 3633884 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| IndiaMART Intermesh Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 70541 | 2078134 |
| Lloyds Enterprises Ltd. | &nbsp;&nbsp; 584646 | 470433 |
| Refex Industries Ltd. | &nbsp;&nbsp; 118412 | 493493 |
|  |  | 3042060 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| Gujarat Pipavav Port Ltd. | &nbsp;&nbsp; 622001 | $1051795 |
| **Water Utilities — 0.2%** | **Water Utilities — 0.2%** | **Water Utilities — 0.2%** |
| VA Tech Wabag Ltd. | &nbsp;&nbsp; 101689 | 1681358 |
| **Total Long-Term Investments — 99.3%** <br>**(Cost: $701,231,363)** | **Total Long-Term Investments — 99.3%** <br>**(Cost: $701,231,363)** | 892816963 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 20210000 | 20210000 |
| **Total Short-Term Securities — 2.3%** <br>**(Cost: $20,210,000)** | **Total Short-Term Securities — 2.3%** <br>**(Cost: $20,210,000)** | 20210000 |
| **Total Investments — 101.6%** <br>**(Cost: $721,441,363)** | **Total Investments — 101.6%** <br>**(Cost: $721,441,363)** | 913026963 |
| **Liabilities in Excess of Other Assets — (1.6)%** | **Liabilities in Excess of Other Assets — (1.6)%** | (14142726)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $898884237 |

---

&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> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,895,868, representing 0.2% of its net assets as of period end, and an original cost of $1,066,303. 

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| $12490000<br> $7720000 <br><sup>(a)</sup><br>| $— | $— | $— | $20210000 | 20210000 | $1123795 | $— |

---

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| NSE IFSC Nifty 50 Index | 83 | 09/30/25 | &nbsp;&nbsp; $4080 | $(30840) |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI India 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* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30840 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30840 |

---

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

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

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(595127)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(595127)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(30840)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(30840)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1968738 |

---

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; $37776827 | &nbsp;&nbsp; $855040136 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $892816963 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 20210000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20210000 |
|  | &nbsp;&nbsp; $57986827 | &nbsp;&nbsp; $855040136 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $913026963 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(30840)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(30840)<br>|

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI India ETF <br>| &nbsp;&nbsp; iShares <br>MSCI India <br> Small-Cap <br> ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)</sup> | $9113732734 | $892816963 |
| Investments, at value—affiliated<sup>(b)</sup> | 256650000 | 20210000 |
| Cash | 16467 | 967287 |
| Cash pledged for futures contracts | 1087000 | 113000 |
| Foreign currency, at value<sup>(c)</sup> | 27987251 | 1338647 |
| Receivables: |  |  |
| Capital shares sold | 67571 |  |
| Dividends—unaffiliated | 10300391 | 626992 |
| Dividends—affiliated | 875537 | 65017 |
| Total assets | 9410716951 | 916137906 |
| **LIABILITIES** |  |  |
| Payables: |  |  |
| Investments purchased |  | 903401 |
| Capital shares redeemed | 67569 |  |
| Deferred foreign capital gain tax | 228166446 | 15751225 |
| Foreign taxes | 3879098 | 22087 |
| Investment advisory fees | 5021076 | 562655 |
| Variation margin on futures contracts | 123333 | 14301 |
| Total liabilities | 237257522 | 17253669 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $9173459429 | $898884237 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $6589591466 | $747856164 |
| Accumulated earnings | 2583867963 | 151028073 |
| NET ASSETS | $9173459429 | $898884237 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 176500000 | 12500000 |
| Net asset value | $51.97 | $71.91 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $7114898895 | $701231363 |
| <sup>(b)</sup> Investments, at cost—affiliated | $256650000 | $20210000 |
| <sup>(c)</sup> Foreign currency, at cost | $28146339 | $1344475 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended August 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI India ETF <br>| &nbsp;&nbsp; iShares <br>MSCI India <br> Small-Cap <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $123305895 | &nbsp;&nbsp;&nbsp; $6978268 |
| Dividends—affiliated | &nbsp;&nbsp; 11910472 | &nbsp;&nbsp;&nbsp; 1123795 |
| Interest—unaffiliated | &nbsp;&nbsp; 695403 | &nbsp;&nbsp;&nbsp; 68760 |
| Foreign taxes withheld | &nbsp;&nbsp; (29150764)<br>| &nbsp;&nbsp;&nbsp; (1342609)<br>|
| Total investment income | &nbsp;&nbsp; 106761006 | &nbsp;&nbsp;&nbsp; 6828214 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 59887050 | &nbsp;&nbsp;&nbsp; 6413048 |
| Commitment costs | &nbsp;&nbsp; 39896 | &nbsp;&nbsp;&nbsp; 8986 |
| Interest expense | &nbsp;&nbsp; 2840 | &nbsp;&nbsp;&nbsp; 1512 |
| Mauritius income taxes | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 59929901 | &nbsp;&nbsp;&nbsp; 6423546 |
| Net investment income | &nbsp;&nbsp; 46831105 | &nbsp;&nbsp;&nbsp; 404668 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (120686188)<br>| &nbsp;&nbsp;&nbsp; (11912676)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (7599309)<br>| &nbsp;&nbsp;&nbsp; (1272131)<br>|
| Futures contracts | &nbsp;&nbsp; (6578369)<br>| &nbsp;&nbsp;&nbsp; (595127)<br>|
|  | &nbsp;&nbsp; (134863866)<br>| &nbsp;&nbsp;&nbsp; (13779934)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; (988155972)<br>| &nbsp;&nbsp;&nbsp; (66862788)<br>|
| Foreign currency translations | &nbsp;&nbsp; (254207)<br>| &nbsp;&nbsp;&nbsp; (11704)<br>|
| Futures contracts | &nbsp;&nbsp; (337253)<br>| &nbsp;&nbsp;&nbsp; (30840)<br>|
|  | &nbsp;&nbsp; (988747432)<br>| &nbsp;&nbsp;&nbsp; (66905332)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (1123611298)<br>| &nbsp;&nbsp;&nbsp; (80685266)<br>|
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(1076780193)<br>| &nbsp;&nbsp;&nbsp; $(80280598)<br>|
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(144794003)<br>| &nbsp;&nbsp;&nbsp; $(17566442)<br>|
| <sup>(b)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $291605896 | &nbsp;&nbsp;&nbsp; $37029527 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI India ETF  | iShares <br>MSCI India ETF  | iShares <br>MSCI India Small-Cap ETF  | iShares <br>MSCI India Small-Cap ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $46831105 | &nbsp;&nbsp;&nbsp; $44744115 | &nbsp;&nbsp;&nbsp; $404668 | &nbsp;&nbsp;&nbsp; $1344387 |
| Net realized gain (loss) | &nbsp;&nbsp; (134863866)<br>| &nbsp;&nbsp;&nbsp; (80223290)<br>| &nbsp;&nbsp;&nbsp; (13779934)<br>| &nbsp;&nbsp;&nbsp; 18674790 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (988747432)<br>| &nbsp;&nbsp;&nbsp; 2401933599 | &nbsp;&nbsp;&nbsp; (66905332)<br>| &nbsp;&nbsp;&nbsp; 200271659 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (1076780193)<br>| &nbsp;&nbsp;&nbsp; 2366454424 | &nbsp;&nbsp;&nbsp; (80280598)<br>| &nbsp;&nbsp;&nbsp; 220290836 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (75501466)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (58602040)<br>| &nbsp;&nbsp;&nbsp; (1937789)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (1177268839)<br>| &nbsp;&nbsp;&nbsp; 3196373135 | &nbsp;&nbsp;&nbsp; 43895171 | &nbsp;&nbsp;&nbsp; 360953934 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (2329550498)<br>| &nbsp;&nbsp;&nbsp; 5562827559 | &nbsp;&nbsp;&nbsp; (94987467)<br>| &nbsp;&nbsp;&nbsp; 579306981 |
| Beginning of year | &nbsp;&nbsp; 11503009927 | &nbsp;&nbsp;&nbsp; 5940182368 | &nbsp;&nbsp;&nbsp; 993871704 | &nbsp;&nbsp;&nbsp; 414564723 |
| End of year | &nbsp;&nbsp; $9173459429 | &nbsp;&nbsp;&nbsp; $11503009927 | &nbsp;&nbsp;&nbsp; $898884237 | &nbsp;&nbsp;&nbsp; $993871704 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI India ETF  | iShares MSCI India ETF  | iShares MSCI India ETF  | iShares MSCI India ETF  | iShares MSCI India ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>08/31/21<sup>(a)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $57.63 | &nbsp;&nbsp;&nbsp; $43.77 | &nbsp;&nbsp;&nbsp; $43.22 | &nbsp;&nbsp;&nbsp; $48.79 | &nbsp;&nbsp;&nbsp; $33.37 |
| Net investment income<sup>(b)</sup> | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (5.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.35 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (5.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.49 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $51.97 | &nbsp;&nbsp;&nbsp; $57.63 | &nbsp;&nbsp;&nbsp; $43.77 | &nbsp;&nbsp;&nbsp; $43.22 | &nbsp;&nbsp;&nbsp; $48.79 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (9.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp; (5.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46.54<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Net investment income | 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $9173459 | &nbsp;&nbsp;&nbsp; $11503010 | &nbsp;&nbsp;&nbsp; $5940182 | &nbsp;&nbsp;&nbsp; $4185618 | &nbsp;&nbsp;&nbsp; $6350592 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|
| <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI India Small-Cap ETF  | iShares MSCI India Small-Cap ETF  | iShares MSCI India Small-Cap ETF  | iShares MSCI India Small-Cap ETF  | iShares MSCI India Small-Cap ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>08/31/22<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>08/31/21<sup>(a)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $84.23 | &nbsp;&nbsp;&nbsp; $62.81 | &nbsp;&nbsp;&nbsp; $54.43 | &nbsp;&nbsp;&nbsp; $57.80 | &nbsp;&nbsp;&nbsp; $34.60 |
| Net investment income (loss)<sup>(b)</sup> | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (7.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.53 | &nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.26 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (7.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.66 | &nbsp;&nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.25 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| From net realized gain | &nbsp;&nbsp; (4.70)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(e)</sup><br>|
| Total distributions | &nbsp;&nbsp; (5.23)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $71.91 | &nbsp;&nbsp;&nbsp; $84.23 | &nbsp;&nbsp;&nbsp; $62.81 | &nbsp;&nbsp;&nbsp; $54.43 | &nbsp;&nbsp;&nbsp; $57.80 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (8.94)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.50<br> %<br>| &nbsp;&nbsp;&nbsp; (4.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 67.25<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>|
| Net investment income (loss) | 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp; (0.01)%<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $898884 | &nbsp;&nbsp;&nbsp; $993872 | &nbsp;&nbsp;&nbsp; $414565 | &nbsp;&nbsp;&nbsp; $304800 | &nbsp;&nbsp;&nbsp; $329466 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 150<br> %<br>| &nbsp;&nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>|
| <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. | <sup>(a)</sup> Consolidated Financial Highlights. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Rounds to less than $0.01. | <sup>(e)</sup> Rounds to less than $0.01. | <sup>(e)</sup> Rounds to less than $0.01. | <sup>(e)</sup> Rounds to less than $0.01. | <sup>(e)</sup> Rounds to less than $0.01. | <sup>(e)</sup> Rounds to less than $0.01. |
| <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. | <sup>(h)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. | <sup>(h)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. | <sup>(h)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. | <sup>(h)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. | <sup>(h)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. |
| <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

&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 India Non-diversified <br> MSCI India Small-Cap Diversified

**Basis of Consolidation:** The accompanying consolidated financial statements for MSCI India Small-Cap included the accounts of its subsidiary in the Republic of Mauritius, which was a wholly-owned subsidiary (each, a "Subsidiary") of the Fund that invested in Indian securities. On June 16, 2023, the Fund filed to liquidate its Subsidiary with the Mauritius Financial Services Commission.

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

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

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

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

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

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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

The portion of distributions that exceeds each Fund's current and accumulated earnings and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to the Fund's shareholders and will not constitute

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

non-taxable returns of capital. Return of capital distributions will reduce a shareholder's cost basis and will result in higher capital gains or lower capital losses when each Fund's shares on which distributions were received are sold. Once a shareholder's cost basis is reduced to zero, further distributions will be treated as capital gains.

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

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of 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 traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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.

Notes to Financial Statements

------

*Notes to Financial Statements* (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 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.

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

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

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

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $4 billion | 0.6500% |
| Over $4 billion, up to and including $6 billion | 0.6175 |
| Over $6 billion, up to and including $8 billion | 0.5867 |
| Over $8 billion | 0.5573 |

---

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

**Distributor:** BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

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

**Other Transactions:** 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.

***6. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI India | &nbsp;&nbsp; $2906284772 | &nbsp;&nbsp;&nbsp; $4042490226 |
| MSCI India Small-Cap | &nbsp;&nbsp; 544707779 | &nbsp;&nbsp;&nbsp; 542299892 |

---

There were no in-kind transactions for the year ended August 31, 2025.

***7. INCOME TAX INFORMATION***

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

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to net operating loss, distributions paid in excess of taxable income and distributions in connection with fund share redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| MSCI India | &nbsp;&nbsp; $(47812908) | &nbsp;&nbsp;&nbsp; $47812908 |
| MSCI India Small-Cap | &nbsp;&nbsp; 3513329 | &nbsp;&nbsp;&nbsp; (3513329) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| MSCI India |  |  |
| Ordinary income | &nbsp;&nbsp; $75501466 | &nbsp;&nbsp;&nbsp; $— |
| MSCI India Small-Cap |  |  |
| Ordinary income | &nbsp;&nbsp; $25305213 | &nbsp;&nbsp;&nbsp; $— |
| Long-term capital gains | &nbsp;&nbsp; 33296827 | &nbsp;&nbsp;&nbsp; 1937789 |
|  | &nbsp;&nbsp; $58602040 | &nbsp;&nbsp;&nbsp; $1937789 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Long-Term Capital Gains*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary Losses*<sup>(c)</sup> <br>| *Total* |
| MSCI India | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(306395702) | &nbsp;&nbsp;&nbsp; $2983508805 | &nbsp;&nbsp;&nbsp; $(93245140) | &nbsp;&nbsp;&nbsp; $2583867963 |
| MSCI India Small-Cap | &nbsp;&nbsp; 15123010 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 144443699 | &nbsp;&nbsp;&nbsp; (8538636) | &nbsp;&nbsp;&nbsp; 151028073 |

---

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

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains / losses for tax purposes. 

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

For the year ended August 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *iShares ETF* | *Utilized*  |
| MSCI India | &nbsp;&nbsp; $64779050 |

---

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI India | &nbsp;&nbsp; $6158169447 | &nbsp;&nbsp;&nbsp; $3458600365 | &nbsp;&nbsp;&nbsp; $(246677244) | &nbsp;&nbsp;&nbsp; $3211923121 |
| MSCI India Small-Cap | &nbsp;&nbsp; 752789401 | &nbsp;&nbsp;&nbsp; 193258264 | &nbsp;&nbsp;&nbsp; (33051542) | &nbsp;&nbsp;&nbsp; 160206722 |

---

***8. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2025, the Funds did not borrow under the Syndicated Credit Agreement.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

***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.

**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.

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

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

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI India |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 29450000 | &nbsp;&nbsp;&nbsp; $1622628822 | &nbsp;&nbsp;&nbsp; 71150000 | &nbsp;&nbsp;&nbsp; $3595187328 |
| Shares redeemed | &nbsp;&nbsp; (52550000)<br>| &nbsp;&nbsp;&nbsp; (2799897661)<br>| &nbsp;&nbsp;&nbsp; (7250000)<br>| &nbsp;&nbsp;&nbsp; (398814193)<br>|
|  | &nbsp;&nbsp; (23100000)<br>| &nbsp;&nbsp;&nbsp; $(1177268839)<br>| &nbsp;&nbsp;&nbsp; 63900000 | &nbsp;&nbsp;&nbsp; $3196373135 |
| MSCI India Small-Cap |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 5100000 | &nbsp;&nbsp;&nbsp; $358412673 | &nbsp;&nbsp;&nbsp; 6650000 | &nbsp;&nbsp;&nbsp; $463895089 |
| Shares redeemed | &nbsp;&nbsp; (4400000)<br>| &nbsp;&nbsp;&nbsp; (314517502)<br>| &nbsp;&nbsp;&nbsp; (1450000)<br>| &nbsp;&nbsp;&nbsp; (102941155)<br>|
|  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $43895171 | &nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp; $360953934 |

---

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.

***11. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI India ETF<sup>(1)</sup> <br> iShares MSCI India Small-Cap ETF<sup>(2)</sup>

<sup>(1)</sup> The financial highlights for each of the three years in the period ended August 31, 2025 and the consolidated financial highlights for each of the two years in the period ended August 31, 2022

<sup>(2)</sup> The financial highlights for each of the two years in the period ended August 31, 2025 and the consolidated financial highlights for each of the three years in the period ended August 31, 2023

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

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

2025 iShares Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI India | &nbsp;&nbsp; $121226145 |
| MSCI India Small-Cap | &nbsp;&nbsp; 8052461 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *20% Rate Long-Term* <br>*Capital Gain Dividends*<br>|
| MSCI India Small-Cap | &nbsp;&nbsp; $36810156 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| MSCI India | &nbsp;&nbsp; $129248548 | &nbsp;&nbsp;&nbsp;&nbsp; $170287773 |
| MSCI India Small-Cap | &nbsp;&nbsp; 9562286 | &nbsp;&nbsp;&nbsp;&nbsp; 18851232 |

---

The Funds hereby designate the following amount(s), or maximum amount(s) allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Short-Term* <br>*Capital Gains*<br>|
| MSCI India Small-Cap | &nbsp;&nbsp; $19354478 |

---

Important Tax Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Regulation under the Alternative Investment Fund Managers Directive**

The Alternative Investment Fund Managers Directive, and its United Kingdom ("UK") equivalent, (the "AIFMD") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI India ETF (the "Fund") to be marketed to investors in the EU and/or UK.

**Report on Remuneration**

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Remuneration information at an individual Fund level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Fund is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals' portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

2025 iShares Annual Financial Statements and Additional Information

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Additional Information (continued)

**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares MSCI India ETF (the "Fund") is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

The Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, the Fund's investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts ("PAIs") on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

**Electronic Delivery**

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

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to 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**.

Additional Information

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Board Review and Approval of Investment Advisory Contract

**iShares MSCI India ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also considered the tradability, liquidity and developed capital markets ecosystem associated with the Fund in relation to comparison funds in the Fund's Peer Group that do not have similar attributes. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI India Small-Cap ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

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

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

2025 iShares Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| NVS | Non-Voting Shares |
| 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.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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August 31, 2025

![](g21991img81ee84ab1.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

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

---

| |
|:---|
| **iShares Trust** |
| • iShares MSCI Denmark ETF \| EDEN \| Cboe BZX Exchange |
| • iShares MSCI Kuwait ETF \| KWT \| Cboe BZX Exchange |
| • iShares MSCI New Zealand ETF \| ENZL \| NASDAQ |
| • iShares MSCI Norway ETF \| ENOR \| Cboe BZX Exchange |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_4f2c1a4e-91ce-4d75-907a-f99bb92729f3_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_4f2c1a4e-91ce-4d75-907a-f99bb92729f3_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 15 |
| [Statements of Operations](#xx_4f2c1a4e-91ce-4d75-907a-f99bb92729f3_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 16 |
| [Statements of Changes in Net Assets](#xx_4f2c1a4e-91ce-4d75-907a-f99bb92729f3_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 17 |
| [Financial Highlights](#xx_4f2c1a4e-91ce-4d75-907a-f99bb92729f3_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 19 |
| [Notes to Financial Statements](#xx_4f2c1a4e-91ce-4d75-907a-f99bb92729f3_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 23 |
| [Report of Independent Registered Public Accounting Firm](#xx_4f2c1a4e-91ce-4d75-907a-f99bb92729f3_opinion-Footer-iSharesReport-233_1)  | &nbsp;&nbsp; 32 |
| [Important Tax Information](#xx_4f2c1a4e-91ce-4d75-907a-f99bb92729f3_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 33 |
| [Additional Information](#xx_4f2c1a4e-91ce-4d75-907a-f99bb92729f3_SAI-Footer-iSharesReport-233_1)  | &nbsp;&nbsp; 34 |
| [Board Review and Approval of Investment Advisory Contract](#xx_4f2c1a4e-91ce-4d75-907a-f99bb92729f3_15Cheader-Footer-iSharesReport-233_1)  | &nbsp;&nbsp; 35 |
| [Glossary of Terms Used in these Financial Statements](#xx_4f2c1a4e-91ce-4d75-907a-f99bb92729f3_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 42 |

---

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Denmark ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 9.6%** | **Air Freight & Logistics — 9.6%** | **Air Freight & Logistics — 9.6%** |
| DSV A/S | &nbsp;&nbsp; 81102 | $17980921 |
| **Banks — 11.0%** | **Banks — 11.0%** | **Banks — 11.0%** |
| Danske Bank A/S | &nbsp;&nbsp; 282435 | 11624518 |
| Jyske Bank A/S, Registered | &nbsp;&nbsp; 27705 | 2974797 |
| Ringkjoebing Landbobank A/S | &nbsp;&nbsp; 14811 | 3346755 |
| Sydbank A/S | &nbsp;&nbsp; 33366 | 2536930 |
|  |  | 20483000 |
| **Beverages — 4.5%** | **Beverages — 4.5%** | **Beverages — 4.5%** |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 46842 | 5729554 |
| Royal Unibrew A/S | &nbsp;&nbsp; 34461 | 2663203 |
|  |  | 8392757 |
| **Biotechnology — 6.4%** | **Biotechnology — 6.4%** | **Biotechnology — 6.4%** |
| Bavarian Nordic A/S<sup>(a)</sup> | &nbsp;&nbsp; 59328 | 2199212 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 28468 | 7105301 |
| Zealand Pharma A/S<sup>(a)</sup> | &nbsp;&nbsp; 38221 | 2626895 |
|  |  | 11931408 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| Rockwool AS, Class B | &nbsp;&nbsp; 63880 | 2414236 |
| **Chemicals — 5.1%** | **Chemicals — 5.1%** | **Chemicals — 5.1%** |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 148658 | 9456482 |
| **Commercial Services & Supplies — 1.5%** | **Commercial Services & Supplies — 1.5%** | **Commercial Services & Supplies — 1.5%** |
| ISS A/S | &nbsp;&nbsp; 94560 | 2765504 |
| **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** |
| Per Aarsleff Holding A/S | &nbsp;&nbsp; 16044 | 1573026 |
| **Electrical Equipment — 6.2%** | **Electrical Equipment — 6.2%** | **Electrical Equipment — 6.2%** |
| NKT A/S<sup>(a)</sup> | &nbsp;&nbsp; 34329 | 3269952 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 417291 | 8307202 |
|  |  | 11577154 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Schouw & Co. A/S | &nbsp;&nbsp; 15018 | 1393386 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| NTG Nordic Transport Group A/S, Class A<sup>(a)</sup> | &nbsp;&nbsp; 16379 | 471539 |
| **Health Care Equipment & Supplies — 5.5%** | **Health Care Equipment & Supplies — 5.5%** | **Health Care Equipment & Supplies — 5.5%** |
| Ambu A/S, Class B | &nbsp;&nbsp; 149670 | 2262588 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 58287 | 5607002 |
| Demant A/S<sup>(a)</sup> | &nbsp;&nbsp; 61597 | 2356674 |
|  |  | 10226264 |
| **Household Durables — 1.0%** | **Household Durables — 1.0%** | **Household Durables — 1.0%** |
| GN Store Nord A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 104424 | 1891182 |
| **Independent Power and Renewable Electricity Producers — 1.6%** | **Independent Power and Renewable Electricity Producers — 1.6%** | **Independent Power and Renewable Electricity Producers — 1.6%** |
| Orsted A/S<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 98274 | 2979809 |
| **Insurance — 3.5%** | **Insurance — 3.5%** | **Insurance — 3.5%** |
| Alm Brand A/S | &nbsp;&nbsp; 647438 | 1806276 |
| Tryg A/S | &nbsp;&nbsp; 179877 | 4727227 |
|  |  | 6533503 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| Netcompany Group A/S<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 43745 | 1667869 |
| **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** |
| Chemometec A/S | &nbsp;&nbsp; 19659 | 1605261 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |
| Gubra AS<sup>(b)</sup> | &nbsp;&nbsp; 6708 | $395460 |
|  |  | 2000721 |
| **Machinery — 1.2%** | **Machinery — 1.2%** | **Machinery — 1.2%** |
| FLSmidth & Co. A/S | &nbsp;&nbsp; 33642 | 2298476 |
| **Marine Transportation — 4.8%** | **Marine Transportation — 4.8%** | **Marine Transportation — 4.8%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 1612 | 3313832 |
| AP Moller - Maersk A/S, Class B, NVS<sup>(b)</sup> | &nbsp;&nbsp; 2061 | 4246752 |
| D/S Norden A/S | &nbsp;&nbsp; 28791 | 1028148 |
| DFDS A/S<sup>(a)</sup> | &nbsp;&nbsp; 24745 | 387717 |
|  |  | 8976449 |
| **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** |
| TORM PLC, Class A | &nbsp;&nbsp; 67128 | 1439201 |
| **Pharmaceuticals — 26.6%** | **Pharmaceuticals — 26.6%** | **Pharmaceuticals — 26.6%** |
| ALK-Abello A/S<sup>(a)</sup> | &nbsp;&nbsp; 89372 | 2821307 |
| H Lundbeck A/S | &nbsp;&nbsp; 277545 | 1756259 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 797889 | 45088238 |
|  |  | 49665804 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| cBrain A/S<sup>(b)</sup> | &nbsp;&nbsp; 16083 | 471349 |
| **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** |
| Matas A/S<sup>(b)</sup> | &nbsp;&nbsp; 45495 | 951155 |
| **Textiles, Apparel & Luxury Goods — 2.9%** | **Textiles, Apparel & Luxury Goods — 2.9%** | **Textiles, Apparel & Luxury Goods — 2.9%** |
| Pandora A/S | &nbsp;&nbsp; 39433 | 5451445 |
| **Tobacco — 0.5%** | **Tobacco — 0.5%** | **Tobacco — 0.5%** |
| Scandinavian Tobacco Group A/S, Class A<sup>(c)</sup> | &nbsp;&nbsp; 62438 | 885583 |
| **Total Long-Term Investments — 98.6%** <br>**(Cost: $200,715,163)** | **Total Long-Term Investments — 98.6%** <br>**(Cost: $200,715,163)** | 183878223 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.5%** | **Money Market Funds — 5.5%** | **Money Market Funds — 5.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 10230030 | 10235145 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 70000 | 70000 |
| **Total Short-Term Securities — 5.5%** <br>**(Cost: $10,304,846)** | **Total Short-Term Securities — 5.5%** <br>**(Cost: $10,304,846)** | 10305145 |
| **Total Investments — 104.1%** <br>**(Cost: $211,020,009)** | **Total Investments — 104.1%** <br>**(Cost: $211,020,009)** | 194183368 |
| **Liabilities in Excess of Other Assets — (4.1)%** | **Liabilities in Excess of Other Assets — (4.1)%** | (7645447)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $186537921 |

---

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

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

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

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

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Denmark ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $5139059 | $5099390 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(2139)<br>| $(1165)<br>| $10235145 | 10230030 | $60147 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 120000 |  | &nbsp;&nbsp; (50000 )<sup>(a)</sup><br>|  |  | 70000 | 70000 | 4165 |  |
|  |  |  |  | $(2139) | $(1165) | $10305145 |  | $64312 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| OMX Copenhagen 25 Index | 100 | 09/19/25 | &nbsp;&nbsp; $2616 | $9215 |

---

**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; $9215 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9215 |

---

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

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

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(442253)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(442253)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37640)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37640)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $3558236 |

---

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

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Denmark ETF**

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $3275939 | &nbsp;&nbsp; $180602284 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $183878223 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 10305145 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10305145 |
|  | &nbsp;&nbsp; $13581084 | &nbsp;&nbsp; $180602284 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $194183368 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9215 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9215 |

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Kuwait ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 1.4%** | **Air Freight & Logistics — 1.4%** | **Air Freight & Logistics — 1.4%** |
| Agility Public Warehousing Co. KSC | &nbsp;&nbsp; 2541561 | $1139937 |
| **Banks — 57.3%** | **Banks — 57.3%** | **Banks — 57.3%** |
| Al Ahli Bank of Kuwait KSCP | &nbsp;&nbsp; 1847293 | 1753655 |
| Boubyan Bank KSCP | &nbsp;&nbsp; 61741 | 139673 |
| Burgan Bank SAK | &nbsp;&nbsp; 1749094 | 1390961 |
| Gulf Bank KSCP | &nbsp;&nbsp; 2488171 | 2776748 |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 7117489 | 17957207 |
| Kuwait International Bank KSCP | &nbsp;&nbsp; 1692477 | 1455441 |
| Kuwait Projects Co. Holding KSCP<sup>(a)</sup> | &nbsp;&nbsp; 3768224 | 1070869 |
| National Bank of Kuwait SAKP | &nbsp;&nbsp; 5348127 | 17873460 |
| Warba Bank KSCP<sup>(a)</sup> | &nbsp;&nbsp; 3190524 | 2928399 |
|  |  | 47346413 |
| **Capital Markets — 3.4%** | **Capital Markets — 3.4%** | **Capital Markets — 3.4%** |
| Boursa Kuwait Securities Co. KPSC | &nbsp;&nbsp; 159615 | 1776693 |
| Noor Financial Investment Co. KSC | &nbsp;&nbsp; 719867 | 1048795 |
|  |  | 2825488 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| Boubyan Petrochemicals Co. KSCP | &nbsp;&nbsp; 603853 | 1265996 |
| **Construction & Engineering — 0.9%** | **Construction & Engineering — 0.9%** | **Construction & Engineering — 0.9%** |
| Combined Group Contracting Co. SAK | &nbsp;&nbsp; 286021 | 752615 |
| **Consumer Finance — 1.5%** | **Consumer Finance — 1.5%** | **Consumer Finance — 1.5%** |
| Arzan Financial Group for Financing & Investment KPSC | &nbsp;&nbsp; 1085411 | 1210579 |
| **Diversified Consumer Services — 1.6%** | **Diversified Consumer Services — 1.6%** | **Diversified Consumer Services — 1.6%** |
| Humansoft Holding Co. KSC | &nbsp;&nbsp; 156916 | 1278651 |
| **Electrical Equipment — 1.6%** | **Electrical Equipment — 1.6%** | **Electrical Equipment — 1.6%** |
| Gulf Cable & Electrical Industries Co. KSCP | &nbsp;&nbsp; 196495 | 1312969 |
| **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** |
| Heavy Engineering & Ship Building Co. KSCP | &nbsp;&nbsp; 263740 | 751748 |
| **Financial Services — 3.1%** | **Financial Services — 3.1%** | **Financial Services — 3.1%** |
| A'ayan Leasing & Investment Co. KSCP | &nbsp;&nbsp; 1545863 | 966639 |
| Alimtiaz Investment Group KSC<sup>(a)</sup> | &nbsp;&nbsp; 3956663 | 724738 |
| National Investments Co. KSCP | &nbsp;&nbsp; 1108997 | 893312 |
|  |  | 2584689 |
| **Food Products — 1.4%** | **Food Products — 1.4%** | **Food Products — 1.4%** |
| Mezzan Holding Co. KSCC | &nbsp;&nbsp; 292111 | 1156942 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |
| IFA Hotels & Resorts-KPSC<sup>(a)</sup> | &nbsp;&nbsp; 218527 | $602666 |
| **Independent Power and Renewable Electricity Producers — 0.9%** | **Independent Power and Renewable Electricity Producers — 0.9%** | **Independent Power and Renewable Electricity Producers — 0.9%** |
| Shamal Az-Zour Al-Oula for the First Phase of Az-Zour <br> Power Plant KSC<br>| &nbsp;&nbsp; 1365719 | 737743 |
| **Industrial Conglomerates — 3.8%** | **Industrial Conglomerates — 3.8%** | **Industrial Conglomerates — 3.8%** |
| Arabi Group Holding KSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 852199 | 1074142 |
| National Industries Group Holding SAK | &nbsp;&nbsp; 2451770 | 2044204 |
|  |  | 3118346 |
| **Passenger Airlines — 1.1%** | **Passenger Airlines — 1.1%** | **Passenger Airlines — 1.1%** |
| Jazeera Airways Co. KSCP | &nbsp;&nbsp; 207507 | 944974 |
| **Real Estate Management & Development — 10.6%** | **Real Estate Management & Development — 10.6%** | **Real Estate Management & Development — 10.6%** |
| Commercial Real Estate Co. KSC | &nbsp;&nbsp; 2568752 | 1631488 |
| Kuwait Real Estate Co. KSC<sup>(a)</sup> | &nbsp;&nbsp; 1269751 | 1515441 |
| Mabanee Co. KPSC | &nbsp;&nbsp; 875889 | 2750185 |
| National Real Estate Co. KPSC<sup>(a)</sup> | &nbsp;&nbsp; 3586019 | 968560 |
| Salhia Real Estate Co. KSCP | &nbsp;&nbsp; 907420 | 1176423 |
| United Real Estate Co. SAKP<sup>(a)</sup> | &nbsp;&nbsp; 1073581 | 708275 |
|  |  | 8750372 |
| **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** |
| Ali Alghanim Sons Automotive Co. KSCC | &nbsp;&nbsp; 332496 | 1195648 |
| **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** |
| Integrated Holding Co. KCSC | &nbsp;&nbsp; 498887 | 888507 |
| **Wireless Telecommunication Services — 5.6%** | **Wireless Telecommunication Services — 5.6%** | **Wireless Telecommunication Services — 5.6%** |
| Kuwait Telecommunications Co. | &nbsp;&nbsp; 580073 | 1093868 |
| Mobile Telecommunications Co. KSCP | &nbsp;&nbsp; 2103489 | 3522967 |
|  |  | 4616835 |
| **Total Investments — 99.8%** <br>**(Cost: $63,782,900)** | **Total Investments — 99.8%** <br>**(Cost: $63,782,900)** | 82481118 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 205747 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $82686865 |

---

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

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(a)</sup> | $100000 | $—<br> $(100000 )<sup>(b)</sup><br>| $— | $— | $— |  | $6073 | $— |

---

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

<sup>(a)</sup> As of period end, the entity is no longer held.

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

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Kuwait ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 1 | 09/19/25 | &nbsp;&nbsp; $63 | $190 |

---

**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; $190 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $190 |

---

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

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

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $108786 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $108786 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $190 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $190 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $44544 |

---

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; $14056125 | &nbsp;&nbsp; $67350851 | &nbsp;&nbsp; $1074142 | &nbsp;&nbsp; $82481118 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Kuwait 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; $190 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $190 |

---

&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.

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | |
|:---|:---|
| ***Assets*** | *Common Stocks* |
| Opening balance, as of August 31, 2024 | &nbsp;&nbsp; $— |
| Transfers into Level 3 | &nbsp;&nbsp; 797932 |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Accrued discounts/premiums | &nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp; (1602)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp; (70123)<br>|
| Purchases | &nbsp;&nbsp; 363200 |
| Sales | &nbsp;&nbsp; (15265)<br>|
| Closing balance, as of August 31, 2025 | &nbsp;&nbsp; $1074142 |
| Net change in unrealized appreciation (depreciation) on investments still held at August 31, 2025<sup>(b)</sup> | &nbsp;&nbsp; $(69707)<br>|
| (a) Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |  |
| (b) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still <br> held at August 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end.<br>|  |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI New Zealand ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 2.7%** | **Air Freight & Logistics — 2.7%** | **Air Freight & Logistics — 2.7%** |
| Freightways Group Ltd. | &nbsp;&nbsp; 274486 | $1967392 |
| **Banks — 1.4%** | **Banks — 1.4%** | **Banks — 1.4%** |
| Heartland Group Holdings Ltd. | &nbsp;&nbsp; 1883262 | 999927 |
| **Building Products — 3.9%** | **Building Products — 3.9%** | **Building Products — 3.9%** |
| Fletcher Building Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1535352 | 2852878 |
| **Diversified REITs — 2.9%** | **Diversified REITs — 2.9%** | **Diversified REITs — 2.9%** |
| Argosy Property Ltd. | &nbsp;&nbsp; 1667953 | 1161130 |
| Stride Property Group | &nbsp;&nbsp; 1231660 | 930045 |
|  |  | 2091175 |
| **Diversified Telecommunication Services — 4.7%** | **Diversified Telecommunication Services — 4.7%** | **Diversified Telecommunication Services — 4.7%** |
| Spark New Zealand Ltd. | &nbsp;&nbsp; 2215899 | 3372755 |
| **Electric Utilities — 9.3%** | **Electric Utilities — 9.3%** | **Electric Utilities — 9.3%** |
| Contact Energy Ltd. | &nbsp;&nbsp; 611835 | 3259594 |
| Mercury NZ Ltd. | &nbsp;&nbsp; 886003 | 3428895 |
|  |  | 6688489 |
| **Financial Services — 10.4%** | **Financial Services — 10.4%** | **Financial Services — 10.4%** |
| Infratil Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1116652 | 7477604 |
| **Health Care Equipment & Supplies — 21.2%** | **Health Care Equipment & Supplies — 21.2%** | **Health Care Equipment & Supplies — 21.2%** |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 709929 | 15328907 |
| **Health Care Providers & Services — 6.3%** | **Health Care Providers & Services — 6.3%** | **Health Care Providers & Services — 6.3%** |
| EBOS Group Ltd. | &nbsp;&nbsp; 135695 | 2610537 |
| Ryman Healthcare Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1403776 | 1974710 |
|  |  | 4585247 |
| **Health Care REITs — 1.6%** | **Health Care REITs — 1.6%** | **Health Care REITs — 1.6%** |
| Vital Healthcare Property Trust<sup>(b)</sup> | &nbsp;&nbsp; 968396 | 1165569 |
| **Hotels, Restaurants & Leisure — 1.2%** | **Hotels, Restaurants & Leisure — 1.2%** | **Hotels, Restaurants & Leisure — 1.2%** |
| SKYCITY Entertainment Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2115862 | 873777 |
| **Independent Power and Renewable Electricity Producers — 4.6%** | **Independent Power and Renewable Electricity Producers — 4.6%** | **Independent Power and Renewable Electricity Producers — 4.6%** |
| Meridian Energy Ltd. | &nbsp;&nbsp; 985065 | 3316479 |
| **Industrial REITs — 4.6%** | **Industrial REITs — 4.6%** | **Industrial REITs — 4.6%** |
| Goodman Property Trust | &nbsp;&nbsp; 1657659 | 2004769 |
| Property for Industry Ltd. | &nbsp;&nbsp; 931508 | 1313408 |
|  |  | 3318177 |
| **Machinery — 1.5%** | **Machinery — 1.5%** | **Machinery — 1.5%** |
| Skellerup Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 370165 | 1091894 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Office REITs — 2.6%** | **Office REITs — 2.6%** | **Office REITs — 2.6%** |
| Precinct Properties Group<sup>(b)</sup> | &nbsp;&nbsp; 2500235 | $1851142 |
| **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** |
| Channel Infrastructure NZ Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 853315 | 1193089 |
| **Passenger Airlines — 1.6%** | **Passenger Airlines — 1.6%** | **Passenger Airlines — 1.6%** |
| Air New Zealand Ltd. | &nbsp;&nbsp; 3347331 | 1165107 |
| **Retail REITs — 2.3%** | **Retail REITs — 2.3%** | **Retail REITs — 2.3%** |
| Kiwi Property Group Ltd. | &nbsp;&nbsp; 2680462 | 1644592 |
| **Software — 2.7%** | **Software — 2.7%** | **Software — 2.7%** |
| Gentrack Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 194532 | 1194695 |
| Vista Group International Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 431225 | 763203 |
|  |  | 1957898 |
| **Transportation Infrastructure — 12.5%** | **Transportation Infrastructure — 12.5%** | **Transportation Infrastructure — 12.5%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 2030812 | 9045485 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $78,810,837)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $78,810,837)** | 71987583 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.4%** | **Money Market Funds — 3.4%** | **Money Market Funds — 3.4%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 2394981 | 2396179 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 30000 | 30000 |
| **Total Short-Term Securities — 3.4%** <br>**(Cost: $2,425,998)** | **Total Short-Term Securities — 3.4%** <br>**(Cost: $2,425,998)** | 2426179 |
| **Total Investments — 103.1%** <br>**(Cost: $81,236,835)** | **Total Investments — 103.1%** <br>**(Cost: $81,236,835)** | 74413762 |
| **Liabilities in Excess of Other Assets — (3.1)%** | **Liabilities in Excess of Other Assets — (3.1)%** | (2222866)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $72190896 |

---

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

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

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

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI New Zealand ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $—<br> $2396975 <br><sup>(a)</sup><br>| $— | $(977)<br>| $181 | $2396179 | 2394981 | $10481 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 10000<br> 20000 <br><sup>(a)</sup><br>|  |  |  | 30000 | 30000 | 1159 |  |
|  |  |  | $(977) | $181 | $2426179 |  | $11640 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| SPI 200 Index | 1 | 09/18/25 | &nbsp;&nbsp; $146 | $(2) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2 |

---

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

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

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7880)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7880)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $102659 |

---

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

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI New Zealand ETF**

**Fair Value Hierarchy as of Period End**

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $49043312 | &nbsp;&nbsp; $22944271 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $71987583 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2426179 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2426179 |
|  | &nbsp;&nbsp; $51469491 | &nbsp;&nbsp; $22944271 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74413762 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2)<br>|

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Norway 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 — 7.1%** | **Aerospace & Defense — 7.1%** | **Aerospace & Defense — 7.1%** |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 97880 | $2923310 |
| **Banks — 17.1%** | **Banks — 17.1%** | **Banks — 17.1%** |
| DNB Bank ASA | &nbsp;&nbsp; 197448 | 5202391 |
| SpareBank 1 Nord Norge | &nbsp;&nbsp; 21033 | 286765 |
| SpareBank 1 Oestlandet | &nbsp;&nbsp; 10474 | 195189 |
| SpareBank 1 SMN | &nbsp;&nbsp; 28712 | 548376 |
| SpareBank 1 Sor-Norge ASA | &nbsp;&nbsp; 45715 | 802736 |
|  |  | 7035457 |
| **Broadline Retail — 0.8%** | **Broadline Retail — 0.8%** | **Broadline Retail — 0.8%** |
| Europris ASA<sup>(a)</sup> | &nbsp;&nbsp; 34966 | 338286 |
| **Chemicals — 3.6%** | **Chemicals — 3.6%** | **Chemicals — 3.6%** |
| Elkem ASA<sup>(a)</sup> | &nbsp;&nbsp; 63239 | 161005 |
| Yara International ASA | &nbsp;&nbsp; 36768 | 1338492 |
|  |  | 1499497 |
| **Construction & Engineering — 0.9%** | **Construction & Engineering — 0.9%** | **Construction & Engineering — 0.9%** |
| Cadeler AS<sup>(b)</sup> | &nbsp;&nbsp; 50075 | 263006 |
| Norconsult Norge A/S | &nbsp;&nbsp; 23707 | 108840 |
|  |  | 371846 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| Elopak ASA | &nbsp;&nbsp; 29618 | 138630 |
| **Diversified Telecommunication Services — 5.5%** | **Diversified Telecommunication Services — 5.5%** | **Diversified Telecommunication Services — 5.5%** |
| Telenor ASA | &nbsp;&nbsp; 136976 | 2285242 |
| **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** |
| Kitron ASA | &nbsp;&nbsp; 41881 | 243378 |
| NORBIT ASA | &nbsp;&nbsp; 7731 | 156939 |
|  |  | 400317 |
| **Energy Equipment & Services — 5.5%** | **Energy Equipment & Services — 5.5%** | **Energy Equipment & Services — 5.5%** |
| Aker Solutions ASA | &nbsp;&nbsp; 65043 | 201539 |
| BW Offshore Ltd. | &nbsp;&nbsp; 20401 | 76208 |
| DOF Group ASA | &nbsp;&nbsp; 32569 | 317739 |
| Odfjell Drilling Ltd. | &nbsp;&nbsp; 26058 | 210271 |
| Paratus Energy Services Ltd. | &nbsp;&nbsp; 18672 | 81136 |
| Subsea 7 SA | &nbsp;&nbsp; 49891 | 1043540 |
| TGS ASA | &nbsp;&nbsp; 43259 | 330731 |
|  |  | 2261164 |
| **Food Products — 13.8%** | **Food Products — 13.8%** | **Food Products — 13.8%** |
| Austevoll Seafood ASA | &nbsp;&nbsp; 20092 | 186369 |
| Bakkafrost P/F | &nbsp;&nbsp; 11155 | 484574 |
| Grieg Seafood ASA<sup>(b)(c)</sup> | &nbsp;&nbsp; 11236 | 79473 |
| Leroy Seafood Group ASA | &nbsp;&nbsp; 59074 | 289448 |
| Mowi ASA | &nbsp;&nbsp; 103510 | 2129649 |
| Orkla ASA | &nbsp;&nbsp; 155820 | 1742241 |
| Salmar ASA | &nbsp;&nbsp; 14816 | 758740 |
|  |  | 5670494 |
| **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** |
| Scatec ASA<sup>(a)(b)</sup> | &nbsp;&nbsp; 28013 | 294871 |
| **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** |
| Aker ASA, Class A | &nbsp;&nbsp; 4917 | 358808 |
| **Insurance — 7.9%** | **Insurance — 7.9%** | **Insurance — 7.9%** |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 44395 | 1233296 |
| Protector Forsikring ASA | &nbsp;&nbsp; 11869 | 573723 |
| Storebrand ASA | &nbsp;&nbsp; 93638 | 1440796 |
|  |  | 3247815 |
| **Interactive Media & Services — 3.4%** | **Interactive Media & Services — 3.4%** | **Interactive Media & Services — 3.4%** |
| Vend Marketplaces ASA | &nbsp;&nbsp; 15587 | 603437 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| Vend Marketplaces ASA, Class B | &nbsp;&nbsp; 22198 | $810440 |
|  |  | 1413877 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Atea ASA | &nbsp;&nbsp; 17331 | 241375 |
| **Machinery — 2.4%** | **Machinery — 2.4%** | **Machinery — 2.4%** |
| AutoStore Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 264347 | 222351 |
| TOMRA Systems ASA | &nbsp;&nbsp; 49228 | 749347 |
|  |  | 971698 |
| **Marine Transportation — 2.3%** | **Marine Transportation — 2.3%** | **Marine Transportation — 2.3%** |
| Hoegh Autoliners ASA | &nbsp;&nbsp; 23116 | 265658 |
| MPC Container Ships ASA | &nbsp;&nbsp; 83239 | 148689 |
| Odfjell SE, Class A | &nbsp;&nbsp; 3995 | 47412 |
| Stolt-Nielsen Ltd. | &nbsp;&nbsp; 5161 | 167772 |
| Wallenius Wilhelmsen ASA | &nbsp;&nbsp; 23301 | 218055 |
| Wilh Wilhelmsen Holding ASA, Class A | &nbsp;&nbsp; 2246 | 115069 |
|  |  | 962655 |
| **Metals & Mining — 4.5%** | **Metals & Mining — 4.5%** | **Metals & Mining — 4.5%** |
| Norsk Hydro ASA | &nbsp;&nbsp; 283589 | 1838163 |
| **Oil, Gas & Consumable Fuels — 18.6%** | **Oil, Gas & Consumable Fuels — 18.6%** | **Oil, Gas & Consumable Fuels — 18.6%** |
| Aker BP ASA | &nbsp;&nbsp; 70304 | 1778548 |
| BlueNord ASA | &nbsp;&nbsp; 5255 | 257468 |
| BW LPG Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 21078 | 328987 |
| DNO ASA | &nbsp;&nbsp; 96839 | 147542 |
| Equinor ASA | &nbsp;&nbsp; 181772 | 4485920 |
| Frontline PLC<sup>(c)</sup> | &nbsp;&nbsp; 32039 | 658223 |
|  |  | 7656688 |
| **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** |
| Norwegian Air Shuttle ASA | &nbsp;&nbsp; 115095 | 195066 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| Entra ASA<sup>(a)(b)</sup> | &nbsp;&nbsp; 10021 | 121223 |
| Public Property Invest AS | &nbsp;&nbsp; 24967 | 60301 |
|  |  | 181524 |
| **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** |
| Nordic Semiconductor ASA<sup>(b)</sup> | &nbsp;&nbsp; 38416 | 635994 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| LINK Mobility Group Holding ASA<sup>(b)</sup> | &nbsp;&nbsp; 38831 | 125546 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $40,137,354)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $40,137,354)** | 41048323 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.2%** | **Money Market Funds — 3.2%** | **Money Market Funds — 3.2%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 1288992 | 1289636 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 10000 | 10000 |
| **Total Short-Term Securities — 3.2%** <br>**(Cost: $1,299,617)** | **Total Short-Term Securities — 3.2%** <br>**(Cost: $1,299,617)** | 1299636 |
| **Total Investments — 102.8%** <br>**(Cost: $41,436,971)** | **Total Investments — 102.8%** <br>**(Cost: $41,436,971)** | 42347959 |
| **Liabilities in Excess of Other Assets — (2.8)%** | **Liabilities in Excess of Other Assets — (2.8)%** | (1138251)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $41209708 |

---

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

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

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Norway ETF**

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $1090558<br> $199104 <br><sup>(a)</sup><br>| $— | $252 | $(278)<br>| $1289636 | 1288992 | $10750 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 10000<br> 0 <br><sup>(a)</sup><br>|  |  |  | 10000 | 10000 | 589 |  |
|  |  |  | $252 | $(278) | $1299636 |  | $11339 | $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro Euro STOXX 50 Index | 24 | 09/19/25 | &nbsp;&nbsp; $151 | $22 |

---

**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; $22 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22 |

---

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

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

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27083 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27083 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3521)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3521)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Norway ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $192079 |

---

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; $1818467 | &nbsp;&nbsp; $39229856 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $41048323 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1299636 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1299636 |
|  | &nbsp;&nbsp; $3118103 | &nbsp;&nbsp; $39229856 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42347959 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22 |

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities

August 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI <br> Denmark <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Kuwait <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI New <br> Zealand ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Norway ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $183878223 | $82481118 | $71987583 | $41048323 |
| Investments, at value—affiliated<sup>(c)</sup> | 10305145 |  | 2426179 | 1299636 |
| Cash | 6560 |  | 2106 | 6368 |
| Cash pledged for futures contracts |  | 2000 |  |  |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 225524 |  | 10471 | 9359 |
| Foreign currency, at value<sup>(e)</sup> | 220033 | 1701696 | 77479 | 78228 |
| Receivables: |  |  |  |  |
| Investments sold |  |  |  | 22993 |
| Securities lending income—affiliated | 12216 |  | 897 | 843 |
| Dividends—unaffiliated | 26042 | 92432 | 113350 | 43735 |
| Dividends—affiliated | 188 | 402 | 60 | 31 |
| Tax reclaims | 2197427 |  |  | 9219 |
| Total assets | 196871358 | 84277648 | 74618125 | 42518735 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft |  | 1535696 |  |  |
| Collateral on securities loaned, at value | 10236534 |  | 2396975 | 1289393 |
| Payables: |  |  |  |  |
| Investments purchased |  | 2138 |  |  |
| Investment advisory fees | 82747 | 52544 | 30252 | 18698 |
| Variation margin on futures contracts | 14156 | 405 | 2 | 936 |
| Total liabilities | 10333437 | 1590783 | 2427229 | 1309027 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $186537921 | $82686865 | $72190896 | $41209708 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $211221882 | $69020334 | $148798740 | $55800426 |
| Accumulated earnings (loss) | (24683961) | 13666531 | (76607844) | (14590718) |
| NET ASSETS | $186537921 | $82686865 | $72190896 | $41209708 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 1700000 | 2150000 | 1600000 | 1450000 |
| Net asset value | $109.73 | $38.46 | $45.12 | $28.42 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $200715163 | $63782900 | $78810837 | $40137354 |
| <sup>(b)</sup> Securities loaned, at value | $9592054 | $— | $2288328 | $1028578 |
| <sup>(c)</sup> Investments, at cost—affiliated | $10304846 | $— | $2425998 | $1299617 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $223701 | $— | $10711 | $9308 |
| <sup>(e)</sup> Foreign currency, at cost | $216385 | $1701684 | $76737 | $78129 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended August 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI <br> Denmark <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Kuwait <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI New <br> Zealand ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Norway ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $5907315 | &nbsp;&nbsp;&nbsp; $3020134 | &nbsp;&nbsp;&nbsp; $2424766 | &nbsp;&nbsp;&nbsp; $2166986 |
| Dividends—affiliated | &nbsp;&nbsp; 4165 | &nbsp;&nbsp;&nbsp; 6073 | &nbsp;&nbsp;&nbsp; 1159 | &nbsp;&nbsp;&nbsp; 589 |
| Interest—unaffiliated | &nbsp;&nbsp; 23432 | &nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp; 548 | &nbsp;&nbsp;&nbsp; 324 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 60147 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10481 | &nbsp;&nbsp;&nbsp; 10750 |
| Foreign taxes withheld | &nbsp;&nbsp; (853299)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (310962)<br>| &nbsp;&nbsp;&nbsp; (467540)<br>|
| Total investment income | &nbsp;&nbsp; 5141760 | &nbsp;&nbsp;&nbsp; 3026616 | &nbsp;&nbsp;&nbsp; 2125992 | &nbsp;&nbsp;&nbsp; 1711109 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 1248416 | &nbsp;&nbsp;&nbsp; 534180 | &nbsp;&nbsp;&nbsp; 390090 | &nbsp;&nbsp;&nbsp; 175077 |
| Commitment costs | &nbsp;&nbsp; 2401 | &nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp; 323 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3286 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 1250817 | &nbsp;&nbsp;&nbsp; 538216 | &nbsp;&nbsp;&nbsp; 390895 | &nbsp;&nbsp;&nbsp; 175400 |
| Net investment income | &nbsp;&nbsp; 3890943 | &nbsp;&nbsp;&nbsp; 2488400 | &nbsp;&nbsp;&nbsp; 1735097 | &nbsp;&nbsp;&nbsp; 1535709 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (1891002)<br>| &nbsp;&nbsp;&nbsp; (701094)<br>| &nbsp;&nbsp;&nbsp; (6826896)<br>| &nbsp;&nbsp;&nbsp; (1568231)<br>|
| Investments—affiliated | &nbsp;&nbsp; (2139)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (977)<br>| &nbsp;&nbsp;&nbsp; 252 |
| Foreign currency transactions | &nbsp;&nbsp; 71645 | &nbsp;&nbsp;&nbsp; (34056)<br>| &nbsp;&nbsp;&nbsp; 2131 | &nbsp;&nbsp;&nbsp; 11312 |
| Futures contracts | &nbsp;&nbsp; (442253)<br>| &nbsp;&nbsp;&nbsp; 108786 | &nbsp;&nbsp;&nbsp; (7880)<br>| &nbsp;&nbsp;&nbsp; 27083 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 20505147 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1776185 | &nbsp;&nbsp;&nbsp; 1112530 |
|  | &nbsp;&nbsp; 18241398 | &nbsp;&nbsp;&nbsp; (626364)<br>| &nbsp;&nbsp;&nbsp; (5057437)<br>| &nbsp;&nbsp;&nbsp; (417054)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (63343839)<br>| &nbsp;&nbsp;&nbsp; 12251900 | &nbsp;&nbsp;&nbsp; (3085886)<br>| &nbsp;&nbsp;&nbsp; 5350527 |
| Investments—affiliated | &nbsp;&nbsp; (1165)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; (278)<br>|
| Foreign currency translations | &nbsp;&nbsp; 141152 | &nbsp;&nbsp;&nbsp; (2297)<br>| &nbsp;&nbsp;&nbsp; 623 | &nbsp;&nbsp;&nbsp; 1023 |
| Futures contracts | &nbsp;&nbsp; (37640)<br>| &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (3521)<br>|
|  | &nbsp;&nbsp; (63241492)<br>| &nbsp;&nbsp;&nbsp; 12249793 | &nbsp;&nbsp;&nbsp; (3085090)<br>| &nbsp;&nbsp;&nbsp; 5347751 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (45000094)<br>| &nbsp;&nbsp;&nbsp; 11623429 | &nbsp;&nbsp;&nbsp; (8142527)<br>| &nbsp;&nbsp;&nbsp; 4930697 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(41109151)<br>| &nbsp;&nbsp;&nbsp; $14111829 | &nbsp;&nbsp;&nbsp; $(6407430)<br>| &nbsp;&nbsp;&nbsp; $6466406 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Denmark ETF  | iShares <br>MSCI Denmark ETF  | iShares <br>MSCI Kuwait ETF  | iShares <br>MSCI Kuwait ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $3890943 | &nbsp;&nbsp;&nbsp; $3406777 | &nbsp;&nbsp;&nbsp; $2488400 | &nbsp;&nbsp;&nbsp; $2063080 |
| Net realized gain (loss) | &nbsp;&nbsp; 18241398 | &nbsp;&nbsp;&nbsp; 23085390 | &nbsp;&nbsp;&nbsp; (626364)<br>| &nbsp;&nbsp;&nbsp; (1651561)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (63241492)<br>| &nbsp;&nbsp;&nbsp; 33525458 | &nbsp;&nbsp;&nbsp; 12249793 | &nbsp;&nbsp;&nbsp; 4542110 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (41109151)<br>| &nbsp;&nbsp;&nbsp; 60017625 | &nbsp;&nbsp;&nbsp; 14111829 | &nbsp;&nbsp;&nbsp; 4953629 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (4090885)<br>| &nbsp;&nbsp;&nbsp; (3420554)<br>| &nbsp;&nbsp;&nbsp; (2774730)<br>| &nbsp;&nbsp;&nbsp; (3123698)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (54534381)<br>| &nbsp;&nbsp;&nbsp; (15718632)<br>| &nbsp;&nbsp;&nbsp; 12449002 | &nbsp;&nbsp;&nbsp; (1423781)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (99734417)<br>| &nbsp;&nbsp;&nbsp; 40878439 | &nbsp;&nbsp;&nbsp; 23786101 | &nbsp;&nbsp;&nbsp; 406150 |
| Beginning of year | &nbsp;&nbsp; 286272338 | &nbsp;&nbsp;&nbsp; 245393899 | &nbsp;&nbsp;&nbsp; 58900764 | &nbsp;&nbsp;&nbsp; 58494614 |
| End of year | &nbsp;&nbsp; $186537921 | &nbsp;&nbsp;&nbsp; $286272338 | &nbsp;&nbsp;&nbsp; $82686865 | &nbsp;&nbsp;&nbsp; $58900764 |

---

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

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI New Zealand ETF  | iShares <br>MSCI New Zealand ETF  | iShares <br>MSCI Norway ETF  | iShares <br>MSCI Norway ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1735097 | &nbsp;&nbsp;&nbsp; $2889217 | &nbsp;&nbsp;&nbsp; $1535709 | &nbsp;&nbsp;&nbsp; $1476648 |
| Net realized loss | &nbsp;&nbsp; (5057437)<br>| &nbsp;&nbsp;&nbsp; (15810072)<br>| &nbsp;&nbsp;&nbsp; (417054)<br>| &nbsp;&nbsp;&nbsp; (1206767)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (3085090)<br>| &nbsp;&nbsp;&nbsp; 22358662 | &nbsp;&nbsp;&nbsp; 5347751 | &nbsp;&nbsp;&nbsp; 3692507 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (6407430)<br>| &nbsp;&nbsp;&nbsp; 9437807 | &nbsp;&nbsp;&nbsp; 6466406 | &nbsp;&nbsp;&nbsp; 3962388 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1803827)<br>| &nbsp;&nbsp;&nbsp; (2949983)<br>| &nbsp;&nbsp;&nbsp; (1567328)<br>| &nbsp;&nbsp;&nbsp; (1631673)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (8813569)<br>| &nbsp;&nbsp;&nbsp; (49872246)<br>| &nbsp;&nbsp;&nbsp; 6477053 | &nbsp;&nbsp;&nbsp; (6907697)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (17024826)<br>| &nbsp;&nbsp;&nbsp; (43384422)<br>| &nbsp;&nbsp;&nbsp; 11376131 | &nbsp;&nbsp;&nbsp; (4576982)<br>|
| Beginning of year | &nbsp;&nbsp; 89215722 | &nbsp;&nbsp;&nbsp; 132600144 | &nbsp;&nbsp;&nbsp; 29833577 | &nbsp;&nbsp;&nbsp; 34410559 |
| End of year | &nbsp;&nbsp; $72190896 | &nbsp;&nbsp;&nbsp; $89215722 | &nbsp;&nbsp;&nbsp; $41209708 | &nbsp;&nbsp;&nbsp; $29833577 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Denmark ETF  | iShares MSCI Denmark ETF  | iShares MSCI Denmark ETF  | iShares MSCI Denmark ETF  | iShares MSCI Denmark ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $130.12 | &nbsp;&nbsp;&nbsp; $104.42 | &nbsp;&nbsp;&nbsp; $86.11 | &nbsp;&nbsp;&nbsp; $115.08 | &nbsp;&nbsp;&nbsp; $84.54 |
| Net investment income<sup>(a)</sup> | 1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (20.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.75 | &nbsp;&nbsp;&nbsp;&nbsp;17.99 | &nbsp;&nbsp;&nbsp; (28.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.62 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (18.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.27 | &nbsp;&nbsp;&nbsp;&nbsp;20.22 | &nbsp;&nbsp;&nbsp; (27.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.38 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $109.73 | &nbsp;&nbsp;&nbsp; $130.12 | &nbsp;&nbsp;&nbsp; $104.42 | &nbsp;&nbsp;&nbsp; $86.11 | &nbsp;&nbsp;&nbsp; $115.08 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (14.24)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.48<br> %<br>| &nbsp;&nbsp;&nbsp; (24.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.21<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Net investment income | 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $186538 | &nbsp;&nbsp;&nbsp; $286272 | &nbsp;&nbsp;&nbsp; $245394 | &nbsp;&nbsp;&nbsp; $176516 | &nbsp;&nbsp;&nbsp; $166868 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Kuwait ETF  | iShares MSCI Kuwait ETF  | iShares MSCI Kuwait ETF  | iShares MSCI Kuwait ETF  | iShares MSCI Kuwait ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Period From <br>09/01/20<sup>(a)</sup> <br>to 08/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $32.72 | &nbsp;&nbsp;&nbsp; $31.62 | &nbsp;&nbsp;&nbsp; $36.39 | &nbsp;&nbsp;&nbsp; $33.93 | &nbsp;&nbsp;&nbsp; $25.22 |
| Net investment income<sup>(b)</sup> | 1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 5.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;8.62 |
| Net increase (decrease) from investment operations | 7.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;9.28 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $38.46 | &nbsp;&nbsp;&nbsp; $32.72 | &nbsp;&nbsp;&nbsp; $31.62 | &nbsp;&nbsp;&nbsp; $36.39 | &nbsp;&nbsp;&nbsp; $33.93 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.36<br> %<br>| &nbsp;&nbsp;&nbsp; (8.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.03 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>(h)</sup><br>|
| Net investment income | 3.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $82687 | &nbsp;&nbsp;&nbsp; $58901 | &nbsp;&nbsp;&nbsp; $58495 | &nbsp;&nbsp;&nbsp; $29116 | &nbsp;&nbsp;&nbsp; $18662 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> 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>(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. |

---

*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 New Zealand ETF  | iShares MSCI New Zealand ETF  | iShares MSCI New Zealand ETF  | iShares MSCI New Zealand ETF  | iShares MSCI New Zealand ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $49.56 | &nbsp;&nbsp;&nbsp; $45.72 | &nbsp;&nbsp;&nbsp; $47.00 | &nbsp;&nbsp;&nbsp; $63.49 | &nbsp;&nbsp;&nbsp; $60.80 |
| Net investment income<sup>(a)</sup> | 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp; (16.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.97 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (15.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.01 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (1.32)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $45.12 | &nbsp;&nbsp;&nbsp; $49.56 | &nbsp;&nbsp;&nbsp; $45.72 | &nbsp;&nbsp;&nbsp; $47.00 | &nbsp;&nbsp;&nbsp; $63.49 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (6.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.52<br> %<br>| &nbsp;&nbsp;&nbsp; (1.25)%<br>| &nbsp;&nbsp;&nbsp; (23.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.58<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $72191 | &nbsp;&nbsp;&nbsp; $89216 | &nbsp;&nbsp;&nbsp; $132600 | &nbsp;&nbsp;&nbsp; $115147 | &nbsp;&nbsp;&nbsp; $142856 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Norway ETF  | iShares MSCI Norway ETF  | iShares MSCI Norway ETF  | iShares MSCI Norway ETF  | iShares MSCI Norway ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp;&nbsp; $22.94 | &nbsp;&nbsp;&nbsp; $25.92 | &nbsp;&nbsp;&nbsp; $28.67 | &nbsp;&nbsp;&nbsp; $22.40 |
| Net investment income<sup>(a)</sup> | 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 3.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.30 |
| Net increase (decrease) from investment operations | 4.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.99 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $28.42 | &nbsp;&nbsp;&nbsp; $24.86 | &nbsp;&nbsp;&nbsp; $22.94 | &nbsp;&nbsp;&nbsp; $25.92 | &nbsp;&nbsp;&nbsp; $28.67 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 19.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.30<br> %<br>| &nbsp;&nbsp;&nbsp; (7.05)%<br>| &nbsp;&nbsp;&nbsp; (6.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.42<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Net investment income | 4.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.61<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $41210 | &nbsp;&nbsp;&nbsp; $29834 | &nbsp;&nbsp;&nbsp; $34411 | &nbsp;&nbsp;&nbsp; $33690 | &nbsp;&nbsp;&nbsp; $45868 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

&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 Denmark | &nbsp;&nbsp; Non-diversified |
| MSCI Kuwait | &nbsp;&nbsp; Non-diversified |
| MSCI New Zealand | &nbsp;&nbsp; Non-diversified |
| MSCI Norway | &nbsp;&nbsp; Non-diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

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

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

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

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

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of 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 traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4. SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI Denmark |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $198732 | &nbsp;&nbsp;&nbsp; $(198732) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 703368 | &nbsp;&nbsp;&nbsp; (703368) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 5375759 | &nbsp;&nbsp;&nbsp; (5375759) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 2922744 | &nbsp;&nbsp;&nbsp; (2922744) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 391451 | &nbsp;&nbsp;&nbsp; (391451) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $9592054 | &nbsp;&nbsp;&nbsp; $(9592054) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI New Zealand |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $61945 | &nbsp;&nbsp;&nbsp; $(61945) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 118845 | &nbsp;&nbsp;&nbsp; (111313) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7532<sup>(b)</sup> <br>|
| BofA Securities, Inc. | &nbsp;&nbsp; 150559 | &nbsp;&nbsp;&nbsp; (150559) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 289076 | &nbsp;&nbsp;&nbsp; (289076) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 19860 | &nbsp;&nbsp;&nbsp; (19860) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 614158 | &nbsp;&nbsp;&nbsp; (614158) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 1033885 | &nbsp;&nbsp;&nbsp; (1033885) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2288328 | &nbsp;&nbsp;&nbsp; $(2280796) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7532 |
| MSCI Norway |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $222192 | &nbsp;&nbsp;&nbsp; $(222192) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 717692 | &nbsp;&nbsp;&nbsp; (717692) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 87633 | &nbsp;&nbsp;&nbsp; (87633) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 1061 | &nbsp;&nbsp;&nbsp; (1061) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1028578 | &nbsp;&nbsp;&nbsp; $(1028578) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of August 31, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

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 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* |
| MSCI Denmark | 0.53% |
| MSCI Kuwait | 0.74 |
| MSCI Norway | 0.53 |

---

For its investment advisory services to the iShares MSCI New Zealand ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $7 billion | 0.59% |
| Over $7 billion, up to and including $11 billion | 0.54 |
| Over $11 billion, up to and including $24 billion | 0.49 |
| Over $24 billion, up to and including $48 billion | 0.44 |
| Over $48 billion, up to and including $72 billion | 0.40 |
| Over $72 billion, up to and including $96 billion | 0.36 |
| Over $96 billion | 0.32 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Denmark | &nbsp;&nbsp; $16680 |
| MSCI New Zealand | &nbsp;&nbsp; 3396 |
| MSCI Norway | &nbsp;&nbsp; 2732 |

---

**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 year ended August 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI Denmark | &nbsp;&nbsp; $17061972 | &nbsp;&nbsp;&nbsp; $8450433 | &nbsp;&nbsp;&nbsp; $42429 |
| MSCI New Zealand | &nbsp;&nbsp; 1660608 | &nbsp;&nbsp;&nbsp; 1833786 | &nbsp;&nbsp;&nbsp; (310319) |
| MSCI Norway | &nbsp;&nbsp; 273480 | &nbsp;&nbsp;&nbsp; 252408 | &nbsp;&nbsp;&nbsp; (13937) |

---

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Denmark | &nbsp;&nbsp; $56536253 | &nbsp;&nbsp;&nbsp; $57660614 |
| MSCI Kuwait | &nbsp;&nbsp; 43278982 | &nbsp;&nbsp;&nbsp; 30807458 |
| MSCI New Zealand | &nbsp;&nbsp; 28917444 | &nbsp;&nbsp;&nbsp; 29441116 |
| MSCI Norway | &nbsp;&nbsp; 4034913 | &nbsp;&nbsp;&nbsp; 3952084 |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Denmark | &nbsp;&nbsp; $23803900 | &nbsp;&nbsp;&nbsp; $77435391 |
| MSCI New Zealand | &nbsp;&nbsp; 12251674 | &nbsp;&nbsp;&nbsp; 20853286 |
| MSCI Norway | &nbsp;&nbsp; 10545526 | &nbsp;&nbsp;&nbsp; 4130878 |

---

***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 August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| MSCI Denmark | &nbsp;&nbsp; $20178115 | &nbsp;&nbsp;&nbsp; $(20178115) |
| MSCI New Zealand | &nbsp;&nbsp; 1700004 | &nbsp;&nbsp;&nbsp; (1700004) |
| MSCI Norway | &nbsp;&nbsp; 1110775 | &nbsp;&nbsp;&nbsp; (1110775) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| MSCI Denmark |  |  |
| Ordinary income | &nbsp;&nbsp; $4090885 | &nbsp;&nbsp;&nbsp; $3420554 |
| MSCI Kuwait |  |  |
| Ordinary income | &nbsp;&nbsp; $2774730 | &nbsp;&nbsp;&nbsp; $3123698 |
| MSCI New Zealand |  |  |
| Ordinary income | &nbsp;&nbsp; $1803827 | &nbsp;&nbsp;&nbsp; $2949983 |
| MSCI Norway |  |  |
| Ordinary income | &nbsp;&nbsp; $1567328 | &nbsp;&nbsp;&nbsp; $1631673 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| MSCI Denmark | &nbsp;&nbsp; $2356518 | &nbsp;&nbsp;&nbsp; $(6442959) | &nbsp;&nbsp;&nbsp; $(20597520) | &nbsp;&nbsp;&nbsp; $(24683961) |
| MSCI Kuwait | &nbsp;&nbsp; 1661122 | &nbsp;&nbsp;&nbsp; (2798394) | &nbsp;&nbsp;&nbsp; 14803803 | &nbsp;&nbsp;&nbsp; 13666531 |
| MSCI New Zealand | &nbsp;&nbsp; 170053 | &nbsp;&nbsp;&nbsp; (68896607) | &nbsp;&nbsp;&nbsp; (7881290) | &nbsp;&nbsp;&nbsp; (76607844) |
| MSCI Norway | &nbsp;&nbsp; 132005 | &nbsp;&nbsp;&nbsp; (15406069) | &nbsp;&nbsp;&nbsp; 683346 | &nbsp;&nbsp;&nbsp; (14590718) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI Denmark | &nbsp;&nbsp; $214948673 | &nbsp;&nbsp;&nbsp; $20290999 | &nbsp;&nbsp;&nbsp; $(41047089) | &nbsp;&nbsp;&nbsp; $(20756090) |
| MSCI Kuwait | &nbsp;&nbsp; 67675246 | &nbsp;&nbsp;&nbsp; 18276425 | &nbsp;&nbsp;&nbsp; (3470553) | &nbsp;&nbsp;&nbsp; 14805872 |
| MSCI New Zealand | &nbsp;&nbsp; 82295968 | &nbsp;&nbsp;&nbsp; 3140297 | &nbsp;&nbsp;&nbsp; (11022505) | &nbsp;&nbsp;&nbsp; (7882208) |
| MSCI Norway | &nbsp;&nbsp; 41665122 | &nbsp;&nbsp;&nbsp; 4796380 | &nbsp;&nbsp;&nbsp; (4113543) | &nbsp;&nbsp;&nbsp; 682837 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2025, the Funds did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds' investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect**,** the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Denmark |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $24063969 | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; $64009546 |
| Shares redeemed | &nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp;&nbsp; (78598350)<br>| &nbsp;&nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp;&nbsp; (79728178)<br>|
|  | &nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; $(54534381)<br>| &nbsp;&nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; $(15718632)<br>|
| MSCI Kuwait |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; $31770177 | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; $19882781 |
| Shares redeemed | &nbsp;&nbsp; (550000)<br>| &nbsp;&nbsp;&nbsp; (19321175)<br>| &nbsp;&nbsp;&nbsp; (650000)<br>| &nbsp;&nbsp;&nbsp; (21306562)<br>|
|  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; $12449002 | &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; $(1423781)<br>|

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 08/31/25 | Year Ended<br> 08/31/25 | Year Ended<br> 08/31/24 | Year Ended<br> 08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI New Zealand |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $12367442 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; $4323438 |
| Shares redeemed | &nbsp;&nbsp; (450000)<br>| &nbsp;&nbsp;&nbsp; (21181011)<br>| &nbsp;&nbsp;&nbsp; (1200000)<br>| &nbsp;&nbsp;&nbsp; (54195684)<br>|
|  | &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; $(8813569)<br>| &nbsp;&nbsp;&nbsp; (1100000)<br>| &nbsp;&nbsp;&nbsp; $(49872246)<br>|
| MSCI Norway |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $10641140 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; $2404609 |
| Shares redeemed | &nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; (4164087)<br>| &nbsp;&nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (9312306)<br>|
|  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $6477053 | &nbsp;&nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp; $(6907697)<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. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

2025 iShares Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the four funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares MSCI Denmark ETF |
| iShares MSCI Kuwait ETF |
| iShares MSCI New Zealand ETF |
| iShares MSCI Norway ETF |

---

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI Denmark | &nbsp;&nbsp; $5940126 |
| MSCI New Zealand | &nbsp;&nbsp; 2192319 |
| MSCI Norway | &nbsp;&nbsp; 1993708 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| MSCI Denmark | &nbsp;&nbsp; $5947869 | &nbsp;&nbsp;&nbsp;&nbsp; $863049 |
| MSCI Kuwait | &nbsp;&nbsp; 3560500 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI New Zealand | &nbsp;&nbsp; 2424767 | &nbsp;&nbsp;&nbsp;&nbsp; 318786 |
| MSCI Norway | &nbsp;&nbsp; 2166987 | &nbsp;&nbsp;&nbsp;&nbsp; 456603 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to 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**.

Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares MSCI Denmark ETF, iShares MSCI Norway ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Kuwait ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI New Zealand ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided,

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

2025 iShares Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| NVS | Non-Voting Shares |

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Glossary of Terms Used in this Report

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.**

**Investing involves risk, including possible loss of principal.**

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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August 31, 2025

![](g21991img48a83ee11.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| • iShares ESG Aware MSCI EAFE ETF \| ESGD \| NASDAQ |
| • iShares ESG MSCI EM Leaders ETF \| LDEM \| NASDAQ |
| • iShares MSCI Global Sustainable Development Goals ETF \| SDG \| NASDAQ |
| • iShares MSCI World Small-Cap ETF \| WSML \| NASDAQ |
| • iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF \| PABD \| NASDAQ |

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------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_bcfaa31c-7948-420d-a689-da82b69dca1b_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 4 |
| [Statements of Assets and Liabilities](#xx_bcfaa31c-7948-420d-a689-da82b69dca1b_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 59 |
| [Statements of Operations](#xx_bcfaa31c-7948-420d-a689-da82b69dca1b_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 61 |
| [Statements of Changes in Net Assets](#xx_bcfaa31c-7948-420d-a689-da82b69dca1b_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 63 |
| [Financial Highlights](#xx_bcfaa31c-7948-420d-a689-da82b69dca1b_FS-Footer-iSharesReport_8)  | &nbsp;&nbsp; 66 |
| [Notes to Financial Statements](#xx_bcfaa31c-7948-420d-a689-da82b69dca1b_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 71 |
| [Report of Independent Registered Public Accounting Firm](#xx_bcfaa31c-7948-420d-a689-da82b69dca1b_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 83 |
| [Important Tax Information](#xx_bcfaa31c-7948-420d-a689-da82b69dca1b_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 84 |
| [Additional Information](#xx_bcfaa31c-7948-420d-a689-da82b69dca1b_SAI-Footer-iSharesReport-382_1)  | &nbsp;&nbsp; 85 |
| [Board Review and Approval of Investment Advisory Contract](#xx_bcfaa31c-7948-420d-a689-da82b69dca1b_15Cheader-Footer-iSharesReport-382_1)  | &nbsp;&nbsp; 86 |
| [Glossary of Terms Used in these Financial Statements](#xx_bcfaa31c-7948-420d-a689-da82b69dca1b_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 90 |

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------

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® ESG Aware MSCI EAFE 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 — 7.0%** | **Australia — 7.0%** | **Australia — 7.0%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 1212618 | $26646230 |
| APA Group | &nbsp;&nbsp; 2089026 | 12030912 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 466250 | 22107965 |
| ASX Ltd. | &nbsp;&nbsp; 269617 | 11013516 |
| BHP Group Ltd. | &nbsp;&nbsp; 1904386 | 53080884 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 620746 | 9299830 |
| Brambles Ltd. | &nbsp;&nbsp; 1836382 | 31121421 |
| CAR Group Ltd. | &nbsp;&nbsp; 421118 | 11108230 |
| Cochlear Ltd. | &nbsp;&nbsp; 93211 | 18354679 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 858848 | 95459223 |
| Computershare Ltd. | &nbsp;&nbsp; 374791 | 9327002 |
| CSL Ltd. | &nbsp;&nbsp; 278163 | 38694599 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 1907251 | 10941666 |
| Fortescue Ltd. | &nbsp;&nbsp; 909064 | 11466181 |
| Goodman Group | &nbsp;&nbsp; 746347 | 16702021 |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp; 347762 | 7062704 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 3369403 | 12944625 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 178678 | 26206199 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 947227 | 26435763 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 843340 | 10524686 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 1620383 | 22893971 |
| REA Group Ltd. | &nbsp;&nbsp; 72367 | 11851438 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 133808 | 10107462 |
| Santos Ltd. | &nbsp;&nbsp; 1916790 | 10035048 |
| Sigma Healthcare Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5381148 | 10964216 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 1917170 | 26643259 |
| Transurban Group | &nbsp;&nbsp; 4276326 | 40787996 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 593403 | 35543970 |
| Westpac Banking Corp. | &nbsp;&nbsp; 1092907 | 27529307 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 132682 | 8790429 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 1764892 | 30422310 |
|  |  | 696097742 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| Erste Group Bank AG | &nbsp;&nbsp; 135786 | 12924849 |
| OMV AG | &nbsp;&nbsp; 180856 | 9961477 |
| Verbund AG | &nbsp;&nbsp; 133338 | 9509202 |
|  |  | 32395528 |
| **Belgium — 1.1%** | **Belgium — 1.1%** | **Belgium — 1.1%** |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 613696 | 38500774 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 34238 | 24377616 |
| KBC Group NV | &nbsp;&nbsp; 248404 | 29280201 |
| UCB SA | &nbsp;&nbsp; 53627 | 12579760 |
|  |  | 104738351 |
| **Denmark — 2.0%** | **Denmark — 2.0%** | **Denmark — 2.0%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 4489 | 9228159 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 110158 | 13474152 |
| DSV A/S | &nbsp;&nbsp; 100675 | 22320401 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 43432 | 10840151 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 1628983 | 92052871 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 199317 | 12679020 |
| Orsted A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 309903 | 9396704 |
| Pandora A/S | &nbsp;&nbsp; 89586 | 12384885 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 608771 | 12119081 |
|  |  | 194495424 |
| **Finland — 1.5%** | **Finland — 1.5%** | **Finland — 1.5%** |
| Elisa OYJ | &nbsp;&nbsp; 329937 | 17588739 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 712230 | 15797482 |
| Metso OYJ | &nbsp;&nbsp; 1130592 | 14633742 |
| Neste OYJ | &nbsp;&nbsp; 574133 | 10551708 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| Nokia OYJ | &nbsp;&nbsp; 4786479 | $20605501 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 2234073 | 25635573 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 872721 | 10194477 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 637405 | 18152189 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 577185 | 16918912 |
|  |  | 150078323 |
| **France — 10.5%** | **France — 10.5%** | **France — 10.5%** |
| Air Liquide SA | &nbsp;&nbsp; 115577 | 23813173 |
| Airbus SE | &nbsp;&nbsp; 290938 | 60826106 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 393986 | 9472192 |
| Amundi SA<sup>(c)</sup> | &nbsp;&nbsp; 129749 | 9591012 |
| AXA SA | &nbsp;&nbsp; 1375652 | 64074624 |
| BNP Paribas SA | &nbsp;&nbsp; 491855 | 44200408 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 142538 | 15388281 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 1076341 | 38978131 |
| Covivio SA/France | &nbsp;&nbsp; 244297 | 16014170 |
| Credit Agricole SA | &nbsp;&nbsp; 991254 | 18132026 |
| Danone SA | &nbsp;&nbsp; 729025 | 60849773 |
| Dassault Systemes SE | &nbsp;&nbsp; 791739 | 24623240 |
| Engie SA | &nbsp;&nbsp; 651391 | 13479452 |
| EssilorLuxottica SA | &nbsp;&nbsp; 190757 | 58187625 |
| Eurofins Scientific SE | &nbsp;&nbsp; 132848 | 10087820 |
| Getlink SE | &nbsp;&nbsp; 504516 | 9543762 |
| Hermes International SCA | &nbsp;&nbsp; 16381 | 40119641 |
| Kering SA | &nbsp;&nbsp; 44685 | 11973974 |
| Legrand SA | &nbsp;&nbsp; 170545 | 25971618 |
| L'Oreal SA | &nbsp;&nbsp; 137062 | 63992289 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 122054 | 72064781 |
| Pernod Ricard SA | &nbsp;&nbsp; 100383 | 11435195 |
| Rexel SA | &nbsp;&nbsp; 681659 | 22069499 |
| Safran SA | &nbsp;&nbsp; 91978 | 30566886 |
| Sanofi SA | &nbsp;&nbsp; 297575 | 29522996 |
| Schneider Electric SE | &nbsp;&nbsp; 350003 | 85990962 |
| Societe Generale SA | &nbsp;&nbsp; 523308 | 32292721 |
| STMicroelectronics NV | &nbsp;&nbsp; 613634 | 16722362 |
| TotalEnergies SE | &nbsp;&nbsp; 1515080 | 95118302 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 106127 | 11041423 |
| Vinci SA | &nbsp;&nbsp; 98216 | 13321173 |
|  |  | 1039465617 |
| **Germany — 9.7%** | **Germany — 9.7%** | **Germany — 9.7%** |
| adidas AG | &nbsp;&nbsp; 115197 | 22412269 |
| Allianz SE, Registered | &nbsp;&nbsp; 210742 | 89098030 |
| BASF SE | &nbsp;&nbsp; 193955 | 10303073 |
| Bayer AG, Registered | &nbsp;&nbsp; 432053 | 14214787 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 160781 | 16820975 |
| Beiersdorf AG | &nbsp;&nbsp; 83733 | 9643175 |
| Commerzbank AG | &nbsp;&nbsp; 442681 | 16896490 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 203750 | 9584169 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 1187087 | 41709647 |
| Deutsche Boerse AG | &nbsp;&nbsp; 157329 | 46307252 |
| Deutsche Lufthansa AG, Registered | &nbsp;&nbsp; 1024047 | 9546987 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 1081915 | 39592662 |
| E.ON SE | &nbsp;&nbsp; 716522 | 12776549 |
| GEA Group AG | &nbsp;&nbsp; 299821 | 21823022 |
| Heidelberg Materials AG | &nbsp;&nbsp; 75378 | 17830538 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 430687 | 33100317 |
| Hensoldt AG | &nbsp;&nbsp; 98535 | 10214166 |
| Infineon Technologies AG | &nbsp;&nbsp; 852012 | 34876132 |
| LEG Immobilien SE | &nbsp;&nbsp; 113501 | 9514329 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 446805 | 27963201 |
| Merck KGaA | &nbsp;&nbsp; 191509 | 24315393 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Aware MSCI EAFE ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| MTU Aero Engines AG | &nbsp;&nbsp; 24619 | $10971881 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 80610 | 51421247 |
| QIAGEN NV | &nbsp;&nbsp; 222336 | 10359545 |
| Rheinmetall AG | &nbsp;&nbsp; 24320 | 47174731 |
| SAP SE | &nbsp;&nbsp; 601306 | 163673176 |
| Siemens AG, Registered | &nbsp;&nbsp; 408678 | 113287669 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 321543 | 34205530 |
| Vonovia SE | &nbsp;&nbsp; 294417 | 9534201 |
|  |  | 959171143 |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |
| AIA Group Ltd. | &nbsp;&nbsp; 5602600 | 53249105 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 4526000 | 20548604 |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 10661000 | 9613241 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 764900 | 44814093 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 11271500 | 38214650 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 7988000 | 9516816 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 853000 | 10075966 |
|  |  | 186032475 |
| **Ireland — 0.6%** | **Ireland — 0.6%** | **Ireland — 0.6%** |
| AIB Group PLC | &nbsp;&nbsp; 1404689 | 11412915 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 280054 | 25642760 |
| Kingspan Group PLC | &nbsp;&nbsp; 122198 | 9427998 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 322226 | 9550072 |
|  |  | 56033745 |
| **Israel — 1.1%** | **Israel — 1.1%** | **Israel — 1.1%** |
| Bank Hapoalim BM | &nbsp;&nbsp; 995450 | 19454884 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 608856 | 11700415 |
| Check Point Software Technologies Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 53193 | 10273696 |
| CyberArk Software Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33758 | 15301151 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 27399 | 13328155 |
| Isracard Ltd. | &nbsp;&nbsp; 1 | 4 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 221581 | 14470761 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 72532 | 10224497 |
| Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 81792 | 11539215 |
|  |  | 106292778 |
| **Italy — 3.2%** | **Italy — 3.2%** | **Italy — 3.2%** |
| Banca Mediolanum SpA | &nbsp;&nbsp; 544844 | 11020873 |
| Banco BPM SpA | &nbsp;&nbsp; 820160 | 11251862 |
| BPER Banca SpA | &nbsp;&nbsp; 1080970 | 11228095 |
| Enel SpA | &nbsp;&nbsp; 4275848 | 39458158 |
| Eni SpA | &nbsp;&nbsp; 578887 | 10348440 |
| Ferrari NV | &nbsp;&nbsp; 26279 | 12505854 |
| Generali | &nbsp;&nbsp; 1039147 | 40565254 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 9465097 | 59587986 |
| Leonardo SpA | &nbsp;&nbsp; 176796 | 10043494 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 595173 | 14416533 |
| Moncler SpA | &nbsp;&nbsp; 333763 | 19426630 |
| Prysmian SpA | &nbsp;&nbsp; 148738 | 12980818 |
| UniCredit SpA | &nbsp;&nbsp; 761092 | 58866440 |
|  |  | 311700437 |
| **Japan — 21.9%** | **Japan — 21.9%** | **Japan — 21.9%** |
| Advantest Corp. | &nbsp;&nbsp; 398300 | 30457795 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 1152900 | 13985887 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 839400 | 22763838 |
| ANA Holdings Inc. | &nbsp;&nbsp; 1383700 | 27897019 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 1117500 | 14043323 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 1576600 | 12865964 |
| Asics Corp. | &nbsp;&nbsp; 418200 | 11241881 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 1336200 | 14668363 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 294600 | 10128963 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Bridgestone Corp. | &nbsp;&nbsp; 885500 | $40002838 |
| Canon Inc. | &nbsp;&nbsp; 531900 | 15566062 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 377900 | 16699895 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 1366600 | 10311485 |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 1610200 | 13212607 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 1041600 | 24906387 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 133400 | 16666240 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 274700 | 9705896 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 2985900 | 23147774 |
| Disco Corp. | &nbsp;&nbsp; 43100 | 11792400 |
| East Japan Railway Co. | &nbsp;&nbsp; 600900 | 14743357 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 435300 | 13308281 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 3213000 | 19025440 |
| FANUC Corp. | &nbsp;&nbsp; 931100 | 25884101 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 109200 | 34133635 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 487900 | 11558723 |
| Fujikura Ltd. | &nbsp;&nbsp; 122000 | 10350338 |
| Fujitsu Ltd. | &nbsp;&nbsp; 1502000 | 36144412 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 791700 | 23439770 |
| Hitachi Ltd. | &nbsp;&nbsp; 2530200 | 68172211 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 1749700 | 19395376 |
| Hoya Corp. | &nbsp;&nbsp; 253800 | 32772337 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 1529700 | 10148424 |
| IHI Corp. | &nbsp;&nbsp; 87600 | 9103569 |
| Inpex Corp. | &nbsp;&nbsp; 709400 | 12054239 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 1251500 | 16392921 |
| ITOCHU Corp. | &nbsp;&nbsp; 998500 | 56403984 |
| JFE Holdings Inc. | &nbsp;&nbsp; 848600 | 10549609 |
| Kao Corp. | &nbsp;&nbsp; 222500 | 10109514 |
| KDDI Corp. | &nbsp;&nbsp; 2974200 | 51404035 |
| Keyence Corp. | &nbsp;&nbsp; 72000 | 27449496 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 709200 | 10295155 |
| Komatsu Ltd. | &nbsp;&nbsp; 493700 | 16713890 |
| Konami Group Corp. | &nbsp;&nbsp; 70300 | 10603938 |
| Marubeni Corp. | &nbsp;&nbsp; 1451300 | 32937541 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 2515300 | 14292720 |
| Mitsubishi Corp. | &nbsp;&nbsp; 1473600 | 33269271 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 1222200 | 29177614 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 663900 | 14142747 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 1570700 | 39632215 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 5365000 | 81650228 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 1006200 | 10637779 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 1543100 | 50764715 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 449200 | 10449221 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 666400 | 10758069 |
| NEC Corp. | &nbsp;&nbsp; 806600 | 24561542 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 522480 | 46599422 |
| Nippon Yusen KK | &nbsp;&nbsp; 277000 | 9985116 |
| Nitto Denko Corp. | &nbsp;&nbsp; 519800 | 11699982 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 2178800 | 15502747 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 417100 | 16372947 |
| Obayashi Corp. | &nbsp;&nbsp; 670100 | 10869783 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 532400 | 12675562 |
| ORIX Corp. | &nbsp;&nbsp; 386800 | 9990268 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 185000 | 9707410 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 1686000 | 17066161 |
| Rakuten Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1685100 | 10372559 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 819500 | 46894479 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 1058900 | 12360168 |
| Resona Holdings Inc. | &nbsp;&nbsp; 992900 | 9958226 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 182000 | 9416903 |
| Secom Co. Ltd. | &nbsp;&nbsp; 259700 | 9588245 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Aware MSCI EAFE ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sekisui House Ltd. | &nbsp;&nbsp; 1449900 | $32628917 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 769400 | 9958402 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 848300 | 9133388 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 637900 | 19428775 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 603900 | 10446089 |
| SoftBank Group Corp. | &nbsp;&nbsp; 537000 | 57665237 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 792800 | 25337449 |
| Sony Group Corp. | &nbsp;&nbsp; 3765800 | 102923592 |
| Subaru Corp. | &nbsp;&nbsp; 507000 | 9945491 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 529700 | 14333621 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 2425700 | 66065324 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 363200 | 10336301 |
| Sysmex Corp. | &nbsp;&nbsp; 768400 | 9649508 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 350100 | 10538973 |
| TDK Corp. | &nbsp;&nbsp; 875700 | 11308136 |
| Terumo Corp. | &nbsp;&nbsp; 510100 | 9146524 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 977900 | 41940118 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 309700 | 42176830 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 258400 | 9872154 |
| Tokyu Corp. | &nbsp;&nbsp; 1293700 | 16328872 |
| Toray Industries Inc. | &nbsp;&nbsp; 2066300 | 13803752 |
| Toyota Motor Corp. | &nbsp;&nbsp; 4221000 | 81728786 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 3344700 | 24239611 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 559100 | 16320406 |
| ZOZO Inc. | &nbsp;&nbsp; 1271700 | 11816913 |
|  |  | 2168628181 |
| **Netherlands — 4.4%** | **Netherlands — 4.4%** | **Netherlands — 4.4%** |
| Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 10641 | 17868048 |
| AerCap Holdings NV | &nbsp;&nbsp; 87350 | 10787725 |
| Akzo Nobel NV | &nbsp;&nbsp; 171201 | 11834223 |
| ASM International NV | &nbsp;&nbsp; 20344 | 9768576 |
| ASML Holding NV | &nbsp;&nbsp; 220029 | 163391887 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 127106 | 11294639 |
| DSM-Firmenich AG | &nbsp;&nbsp; 103299 | 10107380 |
| Heineken NV | &nbsp;&nbsp; 210789 | 17097078 |
| ING Groep NV | &nbsp;&nbsp; 1851202 | 44197391 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 354152 | 14191861 |
| Koninklijke KPN NV | &nbsp;&nbsp; 7925723 | 37822779 |
| Prosus NV | &nbsp;&nbsp; 775833 | 47992607 |
| Universal Music Group NV | &nbsp;&nbsp; 608488 | 17201521 |
| Wolters Kluwer NV | &nbsp;&nbsp; 205509 | 25888713 |
|  |  | 439444428 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| Meridian Energy Ltd. | &nbsp;&nbsp; 4420866 | 14884000 |
| **Norway — 1.0%** | **Norway — 1.0%** | **Norway — 1.0%** |
| DNB Bank ASA | &nbsp;&nbsp; 681553 | 17957667 |
| Equinor ASA | &nbsp;&nbsp; 539944 | 13325186 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 378479 | 10514173 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 337505 | 10080012 |
| Mowi ASA | &nbsp;&nbsp; 634774 | 13060053 |
| Orkla ASA | &nbsp;&nbsp; 1631947 | 18246983 |
| Telenor ASA | &nbsp;&nbsp; 623442 | 10401208 |
|  |  | 93585282 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| EDP SA | &nbsp;&nbsp; 4252547 | 18834177 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 778764 | 15137411 |
|  |  | 33971588 |
| **Singapore — 1.8%** | **Singapore — 1.8%** | **Singapore — 1.8%** |
| CapitaLand Investment Ltd./Singapore | &nbsp;&nbsp; 9971400 | 21432192 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 973010 | 38300476 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| Grab Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1917747 | $9569557 |
| Keppel Ltd. | &nbsp;&nbsp; 6023500 | 41050249 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 1120700 | 14613333 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 149879 | 27958429 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 461500 | 12638942 |
| Wilmar International Ltd. | &nbsp;&nbsp; 4349900 | 9997118 |
|  |  | 175560296 |
| **Spain — 3.5%** | **Spain — 3.5%** | **Spain — 3.5%** |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 139598 | 10551747 |
| Amadeus IT Group SA | &nbsp;&nbsp; 261490 | 21933301 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 3091308 | 56258718 |
| Banco de Sabadell SA | &nbsp;&nbsp; 3069663 | 11659242 |
| Banco Santander SA | &nbsp;&nbsp; 8561121 | 81759039 |
| CaixaBank SA | &nbsp;&nbsp; 1611044 | 16086311 |
| Cellnex Telecom SA<sup>(c)</sup> | &nbsp;&nbsp; 279477 | 9948569 |
| Endesa SA | &nbsp;&nbsp; 377277 | 11493439 |
| Iberdrola SA | &nbsp;&nbsp; 4210861 | 79378514 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 583178 | 28843594 |
| Redeia Corp. SA | &nbsp;&nbsp; 275821 | 5362063 |
| Repsol SA | &nbsp;&nbsp; 707364 | 11598010 |
|  |  | 344872547 |
| **Sweden — 3.4%** | **Sweden — 3.4%** | **Sweden — 3.4%** |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 284655 | 10058203 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 1365779 | 21804615 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 778520 | 26833988 |
| Epiroc AB, Class B | &nbsp;&nbsp; 571204 | 10630857 |
| EQT AB | &nbsp;&nbsp; 351464 | 12642205 |
| Essity AB, Class B | &nbsp;&nbsp; 778184 | 21039610 |
| Evolution AB<sup>(c)</sup> | &nbsp;&nbsp; 168120 | 14564821 |
| Hexagon AB, Class B | &nbsp;&nbsp; 1247685 | 13903858 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 2171507 | 8921496 |
| Saab AB, Class B | &nbsp;&nbsp; 289131 | 16338952 |
| Sandvik AB | &nbsp;&nbsp; 938961 | 23746520 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 73907 | 50395705 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 1559158 | 21212189 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 1141471 | 14688314 |
| Swedbank AB, Class A | &nbsp;&nbsp; 638284 | 17963139 |
| Tele2 AB, Class B | &nbsp;&nbsp; 939159 | 16540586 |
| Telia Co. AB | &nbsp;&nbsp; 7319818 | 27326421 |
| Volvo AB, Class B | &nbsp;&nbsp; 336551 | 10355000 |
|  |  | 338966479 |
| **Switzerland — 9.6%** | **Switzerland — 9.6%** | **Switzerland — 9.6%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 1259415 | 84520730 |
| Alcon AG | &nbsp;&nbsp; 446123 | 35552857 |
| Belimo Holding AG, Registered | &nbsp;&nbsp; 9236 | 10170128 |
| Galderma Group AG | &nbsp;&nbsp; 60688 | 10628687 |
| Geberit AG, Registered | &nbsp;&nbsp; 15558 | 11408177 |
| Givaudan SA, Registered | &nbsp;&nbsp; 6943 | 29240969 |
| Holcim AG | &nbsp;&nbsp; 274299 | 22991364 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 142883 | 10316981 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 89759 | 18298601 |
| Logitech International SA, Registered | &nbsp;&nbsp; 178086 | 18388751 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 57018 | 40465022 |
| Nestle SA, Registered | &nbsp;&nbsp; 1106724 | 104397874 |
| Novartis AG, Registered | &nbsp;&nbsp; 1122007 | 142014742 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 109981 | 37771422 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 192944 | 62914826 |
| SGS SA | &nbsp;&nbsp; 107817 | 10998433 |
| SIG Group AG | &nbsp;&nbsp; 854829 | 13540986 |
| Sika AG, Registered | &nbsp;&nbsp; 65957 | 15305744 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 73044 | 21276809 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Aware MSCI EAFE ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Straumann Holding AG | &nbsp;&nbsp; 84922 | $9951097 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 205138 | 28531216 |
| Swiss Re AG | &nbsp;&nbsp; 223567 | 40520192 |
| UBS Group AG, Registered | &nbsp;&nbsp; 1763316 | 71430903 |
| VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp; 38375 | 12549869 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 113535 | 82966299 |
|  |  | 946152679 |
| **United Kingdom — 14.3%** | **United Kingdom — 14.3%** | **United Kingdom — 14.3%** |
| 3i Group PLC | &nbsp;&nbsp; 758854 | 41227569 |
| Admiral Group PLC | &nbsp;&nbsp; 266947 | 13081290 |
| Anglo American PLC, NVS | &nbsp;&nbsp; 486910 | 14994355 |
| Antofagasta PLC | &nbsp;&nbsp; 409766 | 11889898 |
| Ashtead Group PLC | &nbsp;&nbsp; 248780 | 18329625 |
| AstraZeneca PLC | &nbsp;&nbsp; 749125 | 119421255 |
| Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 1192919 | 12954375 |
| Aviva PLC | &nbsp;&nbsp; 3488845 | 30722593 |
| BAE Systems PLC | &nbsp;&nbsp; 1726201 | 40912425 |
| Barclays PLC | &nbsp;&nbsp; 8164891 | 39784620 |
| BP PLC | &nbsp;&nbsp; 4019268 | 23511184 |
| Compass Group PLC | &nbsp;&nbsp; 461560 | 15687362 |
| DCC PLC | &nbsp;&nbsp; 274145 | 17434222 |
| Diageo PLC | &nbsp;&nbsp; 1711761 | 47473681 |
| Entain PLC | &nbsp;&nbsp; 820288 | 9742289 |
| Glencore PLC | &nbsp;&nbsp; 2468948 | 9753693 |
| GSK PLC | &nbsp;&nbsp; 2090494 | 41308338 |
| Haleon PLC | &nbsp;&nbsp; 2875872 | 14152855 |
| HSBC Holdings PLC | &nbsp;&nbsp; 8575739 | 109781280 |
| Informa PLC | &nbsp;&nbsp; 2254972 | 26562415 |
| Intertek Group PLC | &nbsp;&nbsp; 155789 | 9881246 |
| J Sainsbury PLC | &nbsp;&nbsp; 5202073 | 21050163 |
| Kingfisher PLC | &nbsp;&nbsp; 3231428 | 11255403 |
| Land Securities Group PLC | &nbsp;&nbsp; 1894771 | 14200795 |
| Legal & General Group PLC | &nbsp;&nbsp; 7640357 | 25571440 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 31824044 | 34138679 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 251815 | 31208189 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 2064137 | 9640488 |
| Mondi PLC | &nbsp;&nbsp; 913236 | 12855902 |
| National Grid PLC | &nbsp;&nbsp; 3144018 | 44161124 |
| NatWest Group PLC | &nbsp;&nbsp; 3985871 | 27511029 |
| Pearson PLC | &nbsp;&nbsp; 681994 | 9917426 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 1297578 | 11951662 |
| Prudential PLC | &nbsp;&nbsp; 803848 | 10721550 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 235861 | 17634710 |
| RELX PLC | &nbsp;&nbsp; 1450774 | 67765094 |
| Rio Tinto PLC | &nbsp;&nbsp; 377653 | 23607775 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 3843917 | 55430572 |
| Sage Group PLC (The) | &nbsp;&nbsp; 1293975 | 18981499 |
| Schroders PLC | &nbsp;&nbsp; 1822733 | 9364228 |
| Segro PLC | &nbsp;&nbsp; 1626262 | 13800618 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Shell PLC | &nbsp;&nbsp; 2455860 | $90423154 |
| Smiths Group PLC | &nbsp;&nbsp; 504241 | 16055289 |
| SSE PLC | &nbsp;&nbsp; 982684 | 22963672 |
| Standard Chartered PLC | &nbsp;&nbsp; 1242480 | 23281062 |
| Tesco PLC | &nbsp;&nbsp; 4366398 | 24958528 |
| Unilever PLC | &nbsp;&nbsp; 1403154 | 88518032 |
| Vodafone Group PLC | &nbsp;&nbsp; 9288103 | 11121786 |
|  |  | 1416696439 |
| **Total Common Stocks — 99.3%** <br>**(Cost: $7,108,103,196)** | **Total Common Stocks — 99.3%** <br>**(Cost: $7,108,103,196)** | 9809263482 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.2%** | **Germany — 0.2%** | **Germany — 0.2%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 112201 | 10742931 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 42864 | 9957282 |
|  |  | 20700213 |
| **Total Preferred Stocks — 0.2%** <br>**(Cost: $23,152,704)** | **Total Preferred Stocks — 0.2%** <br>**(Cost: $23,152,704)** | 20700213 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $7,131,255,900)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $7,131,255,900)** | 9829963695 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 11257768 | 11263396 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 1660000 | 1660000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $12,923,396)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $12,923,396)** | 12923396 |
| **Total Investments — 99.6%** <br>**(Cost: $7,144,179,296)** | **Total Investments — 99.6%** <br>**(Cost: $7,144,179,296)** | 9842887091 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | 43214464 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $9886101555 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Aware MSCI EAFE ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $15422264 | $—<br> $(4159871 )<sup>(a)</sup><br>| $906 | $97 | $11263396 | 11257768 | $102252 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 2860000 | —<br> (1200000 )<sup>(a)</sup><br>|  |  | 1660000 | 1660000 | 107327 |  |
|  |  |  | $906 | $97 | $12923396 |  | $209579 | $— |

---

&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 | 66 | 09/11/25 | &nbsp;&nbsp; $13628 | $623451 |
| SPI 200 Index | 42 | 09/18/25 | &nbsp;&nbsp; 6141 | 192881 |
| Euro STOXX 50 Index | 377 | 09/19/25 | &nbsp;&nbsp; 23649 | 4930 |
| FTSE 100 Index | 88 | 09/19/25 | &nbsp;&nbsp; 10972 | 266802 |
|  |  |  |  | $1088064 |

---

**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; $1088064 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1088064 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4340314 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4340314 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $60835 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $60835 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG Aware MSCI EAFE ETF**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $59311613 |

---

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; $158613556 | &nbsp;&nbsp; $9650649926 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9809263482 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 20700213 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20700213 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 12923396 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12923396 |
|  | &nbsp;&nbsp; $171536952 | &nbsp;&nbsp; $9671350139 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9842887091 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $197811 | &nbsp;&nbsp; $890253 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1088064 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® ESG MSCI EM Leaders ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 1.7%** | **Brazil — 1.7%** | **Brazil — 1.7%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 41033 | $98234 |
| CPFL Energia SA | &nbsp;&nbsp; 1821 | 13223 |
| Energisa SA | &nbsp;&nbsp; 2123 | 19112 |
| Engie Brasil Energia SA | &nbsp;&nbsp; 1662 | 12243 |
| Equatorial Energia SA | &nbsp;&nbsp; 9235 | 62289 |
| Klabin SA | &nbsp;&nbsp; 6548 | 22355 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 7111 | 47006 |
| Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp; 7873 | 20910 |
| PRIO SA<sup>(a)</sup> | &nbsp;&nbsp; 6634 | 46337 |
| Raia Drogasil SA | &nbsp;&nbsp; 10052 | 32537 |
| Rede D'Or Sao Luiz SA<sup>(b)</sup> | &nbsp;&nbsp; 6212 | 45096 |
| Rumo SA | &nbsp;&nbsp; 10058 | 26992 |
| TIM SA/Brazil | &nbsp;&nbsp; 6500 | 27274 |
| TOTVS SA | &nbsp;&nbsp; 4254 | 33816 |
| Ultrapar Participacoes SA | &nbsp;&nbsp; 5632 | 20422 |
|  |  | 527846 |
| **Chile — 0.5%** | **Chile — 0.5%** | **Chile — 0.5%** |
| Empresas CMPC SA | &nbsp;&nbsp; 8896 | 13948 |
| Empresas Copec SA | &nbsp;&nbsp; 3070 | 22862 |
| Enel Americas SA | &nbsp;&nbsp; 166343 | 17291 |
| Enel Chile SA | &nbsp;&nbsp; 214492 | 15041 |
| Falabella SA | &nbsp;&nbsp; 4893 | 27850 |
| Latam Airlines Group SA | &nbsp;&nbsp; 2031994 | 51155 |
|  |  | 148147 |
| **China — 35.0%** | **China — 35.0%** | **China — 35.0%** |
| 37 Interactive Entertainment Network Technology Group <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 1100 | 3041 |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 40100 | 39540 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 214000 | 144713 |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 4700 | 8840 |
| Air China Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5600 | 5938 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 98616 | 1632851 |
| Alibaba Health Information Technology Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 44000 | 31199 |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 1700 | 5815 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 9500 | 30004 |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17300 | 204756 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 32000 | 10679 |
| Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp; 500 | 2506 |
| BeOne Medicines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6700 | 159386 |
| Bilibili Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 1800 | 41964 |
| BOC Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1700 | 15259 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 36000 | 20836 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 2700 | 43196 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 28500 | 402073 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 9600 | 12137 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 750000 | 725851 |
| China Feihe Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 28000 | 15848 |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 2278 | 4996 |
| China Literature Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3400 | 17835 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 24000 | 47251 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 9558 | 57598 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 30500 | 189578 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 10000 | 19229 |
| China Merchants Shekou Industrial Zone Holdings Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 4300 | 5526 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 16300 | 10531 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 52000 | 29652 |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 28757 | 20895 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 29500 | 53149 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 6800 | 17551 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| China Resources Land Ltd. | &nbsp;&nbsp; 25000 | $98885 |
| China Resources Pharmaceutical Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 15500 | 9723 |
| China Resources Sanjiu Medical & Pharmaceutical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 754 | 3223 |
| China Ruyi Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 68000 | 25173 |
| China Southern Airlines Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5500 | 4664 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 12600 | 7520 |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 800 | 7789 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4200 | 4006 |
| China Vanke Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 16100 | 11034 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 11300 | 44581 |
| Chongqing Zhifei Biological Products Co. Ltd., Class A | &nbsp;&nbsp; 1100 | 3475 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 15400 | 28939 |
| CITIC Ltd. | &nbsp;&nbsp; 32000 | 45940 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 9400 | 16332 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 27000 | 41538 |
| CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp; 560 | 2941 |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp; 2040 | 87652 |
| CSPC Innovation Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 740 | 5548 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 63360 | 82364 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 6100 | 49374 |
| ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp; 1150 | 3036 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 1000 | 8027 |
| Fosun International Ltd. | &nbsp;&nbsp; 19000 | 12942 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 800 | 4484 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 47000 | 118550 |
| GEM Co. Ltd., Class A | &nbsp;&nbsp; 2800 | 2928 |
| Genscript Biotech Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 10000 | 22208 |
| Goldwind Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 1100 | 1765 |
| Great Wall Motor Co. Ltd., Class A | &nbsp;&nbsp; 1100 | 3993 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 18500 | 44357 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 700 | 2609 |
| Guangzhou Tinci Materials Technology Co. Ltd., Class A | &nbsp;&nbsp; 900 | 2720 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 6600 | 19440 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 15000 | 31501 |
| H World Group Ltd., ADR | &nbsp;&nbsp; 1555 | 57302 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 2700 | 9957 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 18800 | 63840 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 5000 | 14174 |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | &nbsp;&nbsp; 200 | 1783 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10000 | 46452 |
| Henan Shuanghui Investment & Development Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1600 | 5667 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 900 | 5597 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 3400 | 10353 |
| Huatai Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 10200 | 26013 |
| Imeik Technology Development Co. Ltd., Class A | &nbsp;&nbsp; 140 | 3815 |
| Industrial & Commercial Bank of China Ltd., Class A | &nbsp;&nbsp; 29300 | 30581 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp; 507000 | 377159 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 9900 | 31162 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp; 3000 | 12045 |
| Innovent Biologics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11500 | 143727 |
| JD Health International Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8750 | 71304 |
| JD Logistics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 15800 | 26252 |
| JD.com Inc., Class A | &nbsp;&nbsp; 19000 | 294408 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 4141 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 10000 | 11804 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 3000 | 27882 |
| Kanzhun Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 2880 | 68026 |
| KE Holdings Inc., Class A<sup>(c)</sup> | &nbsp;&nbsp; 16173 | 94810 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG MSCI EM Leaders ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24000 | $50709 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 7600 | 33476 |
| Kuaishou Technology<sup>(a)(b)</sup> | &nbsp;&nbsp; 20900 | 204848 |
| Kuang-Chi Technologies Co. Ltd., Class A | &nbsp;&nbsp; 900 | 6860 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 30000 | 27926 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 54000 | 77522 |
| Li Auto Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9604 | 112540 |
| Longfor Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 16000 | 21940 |
| MINISO Group Holding Ltd. | &nbsp;&nbsp; 3968 | 24222 |
| NetEase Inc. | &nbsp;&nbsp; 13600 | 372923 |
| NIO Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 12191 | 78077 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 15600 | 100903 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 1000 | 17522 |
| Orient Securities Co. Ltd., Class A | &nbsp;&nbsp; 3700 | 5975 |
| Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp; 800 | 3394 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4200 | 174583 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 68000 | 47356 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 4700 | 6616 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 800 | 15359 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 2300 | 14400 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp; 6700 | 3818 |
| Shandong Weigao Group Medical Polymer Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 19200 | 14508 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5800 | 7220 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp; 1000 | 4048 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class A | &nbsp;&nbsp; 1300 | 3407 |
| Shanghai Putailai New Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 900 | 2832 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 650 | 6851 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 600 | 20466 |
| Shenzhen New Industries Biomedical Engineering Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 300 | 2629 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 6400 | 50924 |
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 900 | 4607 |
| Sino Biopharmaceutical Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 80000 | 83917 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 10400 | 25062 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 5500 | 16036 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 960 | 13461 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 5500 | 59239 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 700 | 2412 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 20400 | 1579867 |
| Tianqi Lithium Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 700 | 4321 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 10000 | 28292 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 4850 | 359032 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 2541 | 42536 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 1500 | 14452 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 37000 | 25725 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 2900 | 6167 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 15000 | 31533 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp; 1100 | 2885 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 1092 | 15818 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 2700 | 37624 |
| Wuxi Biologics Cayman Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 27000 | 116150 |
| Xiamen Tungsten Co. Ltd., Class A | &nbsp;&nbsp; 500 | 2162 |
| XPeng Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9600 | 101354 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10000 | 17443 |
| Yantai Jereh Oilfield Services Group Co. Ltd., Class A | &nbsp;&nbsp; 600 | 3997 |
| Yifeng Pharmacy Chain Co. Ltd., Class A | &nbsp;&nbsp; 600 | 2001 |
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | &nbsp;&nbsp; 700 | 3309 |
| Yum China Holdings Inc. | &nbsp;&nbsp; 2907 | 130001 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 740 | 5985 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 700 | $5298 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 300 | 8817 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 12840 | 11347 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3800 | 31718 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 1400 | 4895 |
| Zoomlion Heavy Industry Science and Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 2600 | 2682 |
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 3182 | 57710 |
|  |  | 10699447 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Grupo Cibest SA | &nbsp;&nbsp; 1936 | 28433 |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 3439 | 18662 |
|  |  | 47095 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| Komercni Banka AS | &nbsp;&nbsp; 606 | 29608 |
| Moneta Money Bank AS<sup>(b)</sup> | &nbsp;&nbsp; 2025 | 14848 |
|  |  | 44456 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |
| Commercial International Bank - Egypt (CIB) | &nbsp;&nbsp; 17431 | 34856 |
| **Greece — 1.1%** | **Greece — 1.1%** | **Greece — 1.1%** |
| Alpha Bank SA | &nbsp;&nbsp; 17154 | 68052 |
| Eurobank Ergasias Services and Holdings SA | &nbsp;&nbsp; 20354 | 74802 |
| Hellenic Telecommunications Organization SA | &nbsp;&nbsp; 1302 | 24219 |
| National Bank of Greece SA | &nbsp;&nbsp; 6737 | 93300 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 8777 | 67925 |
|  |  | 328298 |
| **Hungary — 0.2%** | **Hungary — 0.2%** | **Hungary — 0.2%** |
| MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 3196 | 27505 |
| Richter Gedeon Nyrt | &nbsp;&nbsp; 1076 | 32638 |
|  |  | 60143 |
| **India — 16.7%** | **India — 16.7%** | **India — 16.7%** |
| ABB India Ltd. | &nbsp;&nbsp; 395 | 22406 |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp; 1414 | 25736 |
| Ashok Leyland Ltd. | &nbsp;&nbsp; 23106 | 33245 |
| Asian Paints Ltd. | &nbsp;&nbsp; 2675 | 76413 |
| Astral Ltd. | &nbsp;&nbsp; 903 | 13934 |
| AU Small Finance Bank Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2858 | 23271 |
| Axis Bank Ltd. | &nbsp;&nbsp; 17895 | 212171 |
| Balkrishna Industries Ltd. | &nbsp;&nbsp; 603 | 15673 |
| Britannia Industries Ltd. | &nbsp;&nbsp; 840 | 55452 |
| Cipla Ltd. | &nbsp;&nbsp; 4383 | 79005 |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 1077 | 28489 |
| Coromandel International Ltd. | &nbsp;&nbsp; 914 | 23926 |
| Dabur India Ltd. | &nbsp;&nbsp; 4078 | 24099 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 1063 | 73562 |
| Eternal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18971 | 67594 |
| GAIL India Ltd. | &nbsp;&nbsp; 17875 | 35102 |
| GMR Airports Infrastructure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 20630 | 20157 |
| Grasim Industries Ltd. | &nbsp;&nbsp; 2110 | 66402 |
| Havells India Ltd. | &nbsp;&nbsp; 1807 | 31293 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 7406 | 122115 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 88436 | 954527 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 927 | 53456 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 10604 | 84740 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 6424 | 193720 |
| ICICI Prudential Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2655 | 18057 |
| Indian Hotels Co. Ltd., Class A | &nbsp;&nbsp; 6621 | 56977 |
| Info Edge India Ltd. | &nbsp;&nbsp; 2763 | 42548 |
| Infosys Ltd. | &nbsp;&nbsp; 25907 | 434538 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG MSCI EM Leaders ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| InterGlobe Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1468 | $94115 |
| Jindal Stainless Ltd. | &nbsp;&nbsp; 2555 | 22120 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 8545 | 190052 |
| Lodha Developers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2320 | 31406 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 7301 | 264908 |
| Marico Ltd. | &nbsp;&nbsp; 4037 | 33210 |
| Max Healthcare Institute Ltd. | &nbsp;&nbsp; 6029 | 78883 |
| Nestle India Ltd. | &nbsp;&nbsp; 5232 | 68625 |
| NHPC Ltd. | &nbsp;&nbsp; 23979 | 21012 |
| PI Industries Ltd. | &nbsp;&nbsp; 604 | 25321 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 1212 | 41916 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 36471 | 113972 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 47494 | 731437 |
| Siemens Ltd. | &nbsp;&nbsp; 664 | 23068 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 492 | 24942 |
| Suzlon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 75082 | 48139 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 4603 | 55615 |
| Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp; 924 | 37280 |
| Torrent Power Ltd. | &nbsp;&nbsp; 1379 | 19200 |
| Trent Ltd. | &nbsp;&nbsp; 1419 | 85288 |
| TVS Motor Co. Ltd. | &nbsp;&nbsp; 1842 | 68453 |
| Union Bank of India Ltd. | &nbsp;&nbsp; 12027 | 17029 |
| UPL Ltd. | &nbsp;&nbsp; 3492 | 28353 |
| Vedanta Ltd. | &nbsp;&nbsp; 10611 | 50654 |
| Voltas Ltd. | &nbsp;&nbsp; 1795 | 27966 |
|  |  | 5091572 |
| **Indonesia — 0.6%** | **Indonesia — 0.6%** | **Indonesia — 0.6%** |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 113400 | 54047 |
| Barito Pacific Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 178776 | 23729 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 67000 | 33454 |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 148900 | 10989 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 387400 | 74103 |
|  |  | 196322 |
| **Kuwait — 0.7%** | **Kuwait — 0.7%** | **Kuwait — 0.7%** |
| Kuwait Finance House KSCP | &nbsp;&nbsp; 86662 | 218646 |
| **Malaysia — 2.2%** | **Malaysia — 2.2%** | **Malaysia — 2.2%** |
| AMMB Holdings Bhd | &nbsp;&nbsp; 19300 | 24634 |
| Axiata Group Bhd | &nbsp;&nbsp; 21000 | 12029 |
| CELCOMDIGI Bhd | &nbsp;&nbsp; 27100 | 23604 |
| CIMB Group Holdings Bhd | &nbsp;&nbsp; 62900 | 110499 |
| Gamuda Bhd | &nbsp;&nbsp; 36300 | 47716 |
| IHH Healthcare Bhd | &nbsp;&nbsp; 17100 | 27482 |
| Malayan Banking Bhd | &nbsp;&nbsp; 47100 | 110363 |
| Maxis Bhd | &nbsp;&nbsp; 18100 | 14996 |
| MR DIY Group M Bhd<sup>(b)(c)</sup> | &nbsp;&nbsp; 25600 | 8961 |
| Nestle Malaysia Bhd | &nbsp;&nbsp; 600 | 13498 |
| Petronas Chemicals Group Bhd | &nbsp;&nbsp; 19400 | 19843 |
| Petronas Dagangan Bhd | &nbsp;&nbsp; 2300 | 11528 |
| Petronas Gas Bhd | &nbsp;&nbsp; 6200 | 27353 |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp; 29200 | 38436 |
| Public Bank Bhd | &nbsp;&nbsp; 112800 | 113935 |
| Sunway Bhd<sup>(c)</sup> | &nbsp;&nbsp; 19900 | 23182 |
| Telekom Malaysia Bhd<sup>(c)</sup> | &nbsp;&nbsp; 8800 | 14629 |
| YTL Corp. Bhd | &nbsp;&nbsp; 23020 | 13952 |
| YTL Power International Bhd<sup>(c)</sup> | &nbsp;&nbsp; 23380 | 22296 |
|  |  | 678936 |
| **Mexico — 2.8%** | **Mexico — 2.8%** | **Mexico — 2.8%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 141241 | 140602 |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 118761 | 107470 |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 22146 | 31135 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 13415 | $116199 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | &nbsp;&nbsp; 2989 | 71882 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | &nbsp;&nbsp; 1421 | 46366 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 9971 | 31012 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 19817 | 181240 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 41147 | 122838 |
|  |  | 848744 |
| **Peru — 0.4%** | **Peru — 0.4%** | **Peru — 0.4%** |
| Credicorp Ltd. | &nbsp;&nbsp; 530 | 136316 |
| **Philippines — 0.2%** | **Philippines — 0.2%** | **Philippines — 0.2%** |
| Ayala Corp. | &nbsp;&nbsp; 1890 | 18025 |
| Manila Electric Co. | &nbsp;&nbsp; 2100 | 19660 |
| SM Investments Corp. | &nbsp;&nbsp; 1800 | 23782 |
|  |  | 61467 |
| **Poland — 1.4%** | **Poland — 1.4%** | **Poland — 1.4%** |
| Allegro.eu SA <sup>(a)(b)</sup> | &nbsp;&nbsp; 5293 | 53190 |
| Budimex SA | &nbsp;&nbsp; 99 | 14481 |
| CCC SA<sup>(a)</sup> | &nbsp;&nbsp; 418 | 19178 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 1089 | 38254 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 117 | 28262 |
| ORLEN SA | &nbsp;&nbsp; 4500 | 96161 |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 6867 | 133946 |
| Santander Bank Polska SA | &nbsp;&nbsp; 317 | 44127 |
| Zabka Group SA<sup>(a)</sup> | &nbsp;&nbsp; 2326 | 13920 |
|  |  | 441519 |
| **Qatar — 0.8%** | **Qatar — 0.8%** | **Qatar — 0.8%** |
| Qatar Fuel QSC | &nbsp;&nbsp; 5016 | 20598 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 21476 | 27866 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 35850 | 186852 |
|  |  | 235316 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Mobile TeleSystems PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 18946 | 2 |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 30360 | 4 |
| PhosAgro PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 18 |  |
| Polyus PJSC<sup>(a)(d)</sup> | &nbsp;&nbsp; 6980 |  |
|  |  | 6 |
| **Saudi Arabia — 2.4%** | **Saudi Arabia — 2.4%** | **Saudi Arabia — 2.4%** |
| ACWA Power Co.<sup>(a)</sup> | &nbsp;&nbsp; 1196 | 67622 |
| Alinma Bank | &nbsp;&nbsp; 9497 | 63777 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 191 | 12291 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 678 | 43547 |
| Etihad Etisalat Co. | &nbsp;&nbsp; 2925 | 49884 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 1817 | 58730 |
| Saudi Arabian Oil Co.<sup>(b)</sup> | &nbsp;&nbsp; 47075 | 297227 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 6977 | 113426 |
| Saudi Electricity Co. | &nbsp;&nbsp; 6643 | 25741 |
|  |  | 732245 |
| **South Africa — 6.3%** | **South Africa — 6.3%** | **South Africa — 6.3%** |
| Absa Group Ltd. | &nbsp;&nbsp; 6587 | 70531 |
| Bid Corp. Ltd. | &nbsp;&nbsp; 2612 | 68300 |
| Bidvest Group Ltd. (The) | &nbsp;&nbsp; 2532 | 34004 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 681 | 137750 |
| Clicks Group Ltd. | &nbsp;&nbsp; 1888 | 39935 |
| Discovery Ltd. | &nbsp;&nbsp; 4216 | 51863 |
| FirstRand Ltd. | &nbsp;&nbsp; 39359 | 165899 |
| Gold Fields Ltd. | &nbsp;&nbsp; 6982 | 232413 |
| Impala Platinum Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7001 | 63528 |
| MTN Group Ltd. | &nbsp;&nbsp; 13576 | 115328 |
| Naspers Ltd., Class N | &nbsp;&nbsp; 1222 | 403164 |
| Nedbank Group Ltd. | &nbsp;&nbsp; 3593 | 46048 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG MSCI EM Leaders ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **South Africa (continued)** | **South Africa (continued)** | **South Africa (continued)** |
| NEPI Rockcastle NV | &nbsp;&nbsp; 4734 | $39318 |
| Old Mutual Ltd. | &nbsp;&nbsp; 33349 | 26278 |
| Sanlam Ltd. | &nbsp;&nbsp; 13952 | 72133 |
| Sasol Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4487 | 30262 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 3897 | 58086 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 10270 | 144488 |
| Valterra Platinum Ltd. | &nbsp;&nbsp; 1642 | 75299 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 4892 | 39427 |
|  |  | 1914054 |
| **South Korea — 7.0%** | **South Korea — 7.0%** | **South Korea — 7.0%** |
| Amorepacific Corp. | &nbsp;&nbsp; 221 | 19067 |
| Coway Co. Ltd. | &nbsp;&nbsp; 422 | 31505 |
| Doosan Bobcat Inc. | &nbsp;&nbsp; 410 | 15663 |
| Doosan Enerbility Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 153912 |
| Hana Financial Group Inc. | &nbsp;&nbsp; 2233 | 131639 |
| Hanjin Kal Corp. | &nbsp;&nbsp; 183 | 14702 |
| Hanwha Systems Co. Ltd. | &nbsp;&nbsp; 586 | 21413 |
| HD Hyundai Co. Ltd. | &nbsp;&nbsp; 330 | 32495 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 184 | 64524 |
| HMM Co. Ltd. | &nbsp;&nbsp; 2001 | 31781 |
| HYBE Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 180 | 37130 |
| Hyundai Glovis Co. Ltd. | &nbsp;&nbsp; 290 | 38352 |
| Kakao Corp. | &nbsp;&nbsp; 2401 | 107506 |
| KakaoBank Corp. | &nbsp;&nbsp; 1301 | 22991 |
| KB Financial Group Inc. | &nbsp;&nbsp; 2838 | 221663 |
| Korea Zinc Co. Ltd. | &nbsp;&nbsp; 31 | 18307 |
| Korean Air Lines Co. Ltd. | &nbsp;&nbsp; 1434 | 24409 |
| Krafton Inc.<sup>(a)</sup> | &nbsp;&nbsp; 223 | 52435 |
| LG Chem Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 381 | 75674 |
| LG Corp. | &nbsp;&nbsp; 671 | 35877 |
| LG Electronics Inc. | &nbsp;&nbsp; 851 | 45093 |
| LG Energy Solution Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 366 | 92303 |
| LG H&H Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 72 | 15286 |
| LG Uplus Corp. | &nbsp;&nbsp; 1737 | 18526 |
| LS Electric Co. Ltd. | &nbsp;&nbsp; 115 | 23252 |
| Mirae Asset Securities Co. Ltd. | &nbsp;&nbsp; 1771 | 24345 |
| NAVER Corp. | &nbsp;&nbsp; 1113 | 171095 |
| POSCO Future M Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 268 | 27110 |
| Samsung C&T Corp. | &nbsp;&nbsp; 666 | 80161 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 3417 | 160115 |
| SK Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 232 | 16392 |
| SK Inc. | &nbsp;&nbsp; 280 | 41523 |
| SK Innovation Co. Ltd. | &nbsp;&nbsp; 521 | 37707 |
| SK Square Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 719 | 76255 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 434 | 16920 |
| Woori Financial Group Inc. | &nbsp;&nbsp; 5170 | 92230 |
| Yuhan Corp. | &nbsp;&nbsp; 432 | 35187 |
|  |  | 2124545 |
| **Taiwan — 13.0%** | **Taiwan — 13.0%** | **Taiwan — 13.0%** |
| Acer Inc. | &nbsp;&nbsp; 23000 | 22119 |
| Airtac International Group | &nbsp;&nbsp; 1000 | 25616 |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 74650 | 149486 |
| Chailease Holding Co. Ltd. | &nbsp;&nbsp; 11701 | 44406 |
| China Airlines Ltd. | &nbsp;&nbsp; 22000 | 15194 |
| China Steel Corp. | &nbsp;&nbsp; 94000 | 61644 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 30000 | 130028 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 131000 | 175713 |
| Delta Electronics Inc. | &nbsp;&nbsp; 15000 | 345566 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 114123 | 124553 |
| Eva Airways Corp. | &nbsp;&nbsp; 21000 | 26595 |
| Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp; 8800 | 53186 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Far Eastern New Century Corp. | &nbsp;&nbsp; 22000 | $19822 |
| Far EasTone Telecommunications Co. Ltd. | &nbsp;&nbsp; 14000 | 38473 |
| First Financial Holding Co. Ltd. | &nbsp;&nbsp; 88907 | 82265 |
| Fortune Electric Co. Ltd. | &nbsp;&nbsp; 1100 | 23045 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 64393 | 175937 |
| Hotai Motor Co. Ltd. | &nbsp;&nbsp; 2100 | 37664 |
| Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp; 70231 | 63967 |
| Lite-On Technology Corp. | &nbsp;&nbsp; 17000 | 71918 |
| Mega Financial Holding Co. Ltd. | &nbsp;&nbsp; 92667 | 121158 |
| Nan Ya Plastics Corp. | &nbsp;&nbsp; 40000 | 56303 |
| PharmaEssentia Corp. | &nbsp;&nbsp; 2000 | 32346 |
| President Chain Store Corp. | &nbsp;&nbsp; 4000 | 33235 |
| Shanghai Commercial & Savings Bank Ltd. (The) | &nbsp;&nbsp; 30000 | 40151 |
| SinoPac Financial Holdings Co. Ltd. | &nbsp;&nbsp; 86328 | 65881 |
| Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp; 84824 | 65657 |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 17000 | 15327 |
| Taiwan Mobile Co. Ltd. | &nbsp;&nbsp; 14000 | 48701 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 39000 | 1460604 |
| TS Financial Holding Co. Ltd. | &nbsp;&nbsp; 164976 | 87466 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 38000 | 95933 |
| United Microelectronics Corp. | &nbsp;&nbsp; 89000 | 117096 |
| Voltronic Power Technology Corp. | &nbsp;&nbsp; 893 | 28694 |
| Wan Hai Lines Ltd. | &nbsp;&nbsp; 5260 | 14201 |
|  |  | 3969950 |
| **Thailand — 1.4%** | **Thailand — 1.4%** | **Thailand — 1.4%** |
| Advanced Info Service PCL, NVDR | &nbsp;&nbsp; 8100 | 73656 |
| Airports of Thailand PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 33100 | 36857 |
| Bangkok Dusit Medical Services PCL, NVDR | &nbsp;&nbsp; 85400 | 54593 |
| Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp; 4700 | 25812 |
| Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp; 29400 | 19890 |
| CP ALL PCL, NVDR<sup>(c)</sup> | &nbsp;&nbsp; 41800 | 56863 |
| Gulf Development PCL, NVDR<sup>(a)</sup> | &nbsp;&nbsp; 34745 | 50406 |
| Kasikornbank PCL, NVDR | &nbsp;&nbsp; 4700 | 24448 |
| Minor International PCL, NVDR | &nbsp;&nbsp; 26800 | 19385 |
| PTT Exploration & Production PCL, NVDR | &nbsp;&nbsp; 10700 | 37002 |
| Siam Cement PCL (The), NVDR | &nbsp;&nbsp; 6000 | 39939 |
|  |  | 438851 |
| **Turkey — 0.6%** | **Turkey — 0.6%** | **Turkey — 0.6%** |
| Akbank TAS | &nbsp;&nbsp; 24189 | 40155 |
| Haci Omer Sabanci Holding AS | &nbsp;&nbsp; 8956 | 20520 |
| KOC Holding AS | &nbsp;&nbsp; 6112 | 27248 |
| Sasa Polyester Sanayi AS<sup>(a)</sup> | &nbsp;&nbsp; 6621 | 755 |
| Turk Hava Yollari AO | &nbsp;&nbsp; 4270 | 34781 |
| Turkiye Petrol Rafinerileri AS | &nbsp;&nbsp; 7469 | 31273 |
| Yapi ve Kredi Bankasi A/S<sup>(a)</sup> | &nbsp;&nbsp; 25864 | 20683 |
|  |  | 175415 |
| **United Arab Emirates — 2.2%** | **United Arab Emirates — 2.2%** | **United Arab Emirates — 2.2%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 22700 | 93528 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 11236 | 65244 |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 47399 | 35480 |
| Emaar Properties PJSC | &nbsp;&nbsp; 51689 | 202636 |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 27074 | 133271 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 34600 | 156276 |
|  |  | 686435 |
| **United Kingdom — 0.2%** | **United Kingdom — 0.2%** | **United Kingdom — 0.2%** |
| Metlen Energy & Metals PLC<sup>(a)</sup> | &nbsp;&nbsp; 789 | 50583 |
| **Total Common Stocks — 97.8%** <br>**(Cost: $22,797,188)** | **Total Common Stocks — 97.8%** <br>**(Cost: $22,797,188)** | 29891210 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG MSCI EM Leaders ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 1.6%** | **Brazil — 1.6%** | **Brazil — 1.6%** |
| Banco Bradesco SA, Preference Shares, NVS | &nbsp;&nbsp; 41440 | $128634 |
| Cia Energetica de Minas Gerais, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 13702 | 28077 |
| Cia Paranaense de Energia - Copel, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 8194 | 18166 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 10538 | 32381 |
| Itau Unibanco Holding SA, Preference Shares, NVS | &nbsp;&nbsp; 41614 | 295420 |
|  |  | 502678 |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
| Sociedad Quimica y Minera de Chile SA, Class B, <br> Preference Shares<br>| &nbsp;&nbsp; 1107 | 50487 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| Grupo Cibest SA, Preference Shares | &nbsp;&nbsp; 3543 | 44362 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| TVS Motor Co. Ltd., Preference Shares, NVS | &nbsp;&nbsp; 7368 | 835 |
| **Total Preferred Stocks — 2.0%** <br>**(Cost: $437,918)** | **Total Preferred Stocks — 2.0%** <br>**(Cost: $437,918)** | 598362 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $23,235,106)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $23,235,106)** | 30489572 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.2%** | **Money Market Funds — 2.2%** | **Money Market Funds — 2.2%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 422343 | 422554 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 260000 | $260000 |
| **Total Short-Term Securities — 2.2%** <br>**(Cost: $682,553)** | **Total Short-Term Securities — 2.2%** <br>**(Cost: $682,553)** | 682554 |
| **Total Investments — 102.0%** <br>**(Cost: $23,917,659)** | **Total Investments — 102.0%** <br>**(Cost: $23,917,659)** | 31172126 |
| **Liabilities in Excess of Other Assets — (2.0)%** | **Liabilities in Excess of Other Assets — (2.0)%** | (615481)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $30556645 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $136053 | $286572 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(32)<br>| $(39)<br>| $422554 | 422343 | $4562 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 520000 |  | &nbsp;&nbsp; (260000 )<sup>(a)</sup><br>|  |  | 260000 | 260000 | 9940 |  |
|  |  |  |  | $(32) | $(39) | $682554 |  | $14502 | $— |

---

&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 Categorized by Risk Exposure**

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3805 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3805 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® ESG MSCI EM Leaders ETF**

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $28073 |

---

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; $3365171 | &nbsp;&nbsp; $26526033 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $29891210 |
| Preferred Stocks | &nbsp;&nbsp; 597527 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 598362 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 682554 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 682554 |
|  | &nbsp;&nbsp; $4645252 | &nbsp;&nbsp; $26526868 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $31172126 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Global Sustainable Development Goals 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 — 1.5%** | **Australia — 1.5%** | **Australia — 1.5%** |
| CSL Ltd. | &nbsp;&nbsp; 16275 | $2263977 |
| Vicinity Ltd. | &nbsp;&nbsp; 161072 | 272718 |
|  |  | 2536695 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| Verbund AG | &nbsp;&nbsp; 8357 | 595992 |
| **Belgium — 0.9%** | **Belgium — 0.9%** | **Belgium — 0.9%** |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 1024 | 729093 |
| Elia Group SA/NV, Class B | &nbsp;&nbsp; 7511 | 859452 |
|  |  | 1588545 |
| **Brazil — 0.7%** | **Brazil — 0.7%** | **Brazil — 0.7%** |
| BRF SA | &nbsp;&nbsp; 296235 | 1127167 |
| **Canada — 1.2%** | **Canada — 1.2%** | **Canada — 1.2%** |
| Saputo Inc. | &nbsp;&nbsp; 81885 | 2049883 |
| **Chile — 0.9%** | **Chile — 0.9%** | **Chile — 0.9%** |
| Empresas CMPC SA | &nbsp;&nbsp; 934251 | 1464901 |
| **China — 19.9%** | **China — 19.9%** | **China — 19.9%** |
| 3SBio Inc.<sup>(b)</sup> | &nbsp;&nbsp; 58000 | 218178 |
| BAIC BluePark New Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 32900 | 40791 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 1424000 | 475200 |
| BeOne Medicines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 27821 | 661833 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 787000 | 680817 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 867000 | 1706951 |
| China Merchants Shekou Industrial Zone Holdings Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 375600 | 482730 |
| China Railway Signal & Communication Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 860053 | 673920 |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 224900 | 134228 |
| Chongqing Zhifei Biological Products Co. Ltd., Class A | &nbsp;&nbsp; 11300 | 35700 |
| CSI Solar Co. Ltd., Class A | &nbsp;&nbsp; 1115088 | 1585532 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 265520 | 345160 |
| Flat Glass Group Co. Ltd., Class A | &nbsp;&nbsp; 189300 | 471888 |
| GDS Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 779400 | 3377129 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 12000 | 55743 |
| Henan Shuanghui Investment & Development Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 43000 | 152308 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 181000 | 577460 |
| Innovent Biologics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 21000 | 262457 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 787000 | 1662830 |
| Li Auto Inc., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 546644 | 6405563 |
| New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 214100 | 1024453 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 36400 | 235439 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 27900 | 535653 |
| TAL Education Group, ADR<sup>(a)</sup> | &nbsp;&nbsp; 99843 | 1060333 |
| TCL Zhonghuan Renewable Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 636400 | 749014 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 460000 | 653705 |
| Xinyi Solar Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 13480000 | 5870138 |
| XPeng Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 229032 | 2418046 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 248000 | 432577 |
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | &nbsp;&nbsp; 29400 | 138968 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 109800 | 916474 |
|  |  | 34041218 |
| **Denmark — 6.8%** | **Denmark — 6.8%** | **Denmark — 6.8%** |
| Demant A/S<sup>(a)</sup> | &nbsp;&nbsp; 5955 | 227835 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 3344 | 834626 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 54342 | $1647727 |
| Rockwool AS, Class B | &nbsp;&nbsp; 35706 | 1349448 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 381427 | 7593241 |
|  |  | 11652877 |
| **France — 1.9%** | **France — 1.9%** | **France — 1.9%** |
| Covivio SA/France | &nbsp;&nbsp; 5944 | 389641 |
| Gecina SA | &nbsp;&nbsp; 2195 | 215532 |
| Ipsen SA | &nbsp;&nbsp; 3344 | 454639 |
| Klepierre SA | &nbsp;&nbsp; 17495 | 683126 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 14290 | 1486728 |
|  |  | 3229666 |
| **Germany — 2.1%** | **Germany — 2.1%** | **Germany — 2.1%** |
| LEG Immobilien SE | &nbsp;&nbsp; 9336 | 782599 |
| Vonovia SE | &nbsp;&nbsp; 87108 | 2820847 |
|  |  | 3603446 |
| **Hong Kong — 4.2%** | **Hong Kong — 4.2%** | **Hong Kong — 4.2%** |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 107000 | 371306 |
| Link REIT<sup>(c)</sup> | &nbsp;&nbsp; 96120 | 513393 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 382000 | 1295124 |
| WH Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 4686500 | 5036114 |
|  |  | 7215937 |
| **India — 0.8%** | **India — 0.8%** | **India — 0.8%** |
| Colgate-Palmolive India Ltd. | &nbsp;&nbsp; 3478 | 92002 |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 19007 | 573169 |
| Lodha Developers Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9527 | 128968 |
| Lupin Ltd. | &nbsp;&nbsp; 10656 | 229179 |
| Marico Ltd. | &nbsp;&nbsp; 12651 | 104072 |
| Nestle India Ltd. | &nbsp;&nbsp; 11730 | 153855 |
|  |  | 1281245 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 3953 | 244408 |
| **Japan — 11.2%** | **Japan — 11.2%** | **Japan — 11.2%** |
| Central Japan Railway Co. | &nbsp;&nbsp; 168000 | 4468486 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 17000 | 751252 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 82100 | 1963147 |
| East Japan Railway Co. | &nbsp;&nbsp; 284200 | 6972977 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 28500 | 871321 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 17400 | 300505 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 264 | 255442 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 44800 | 843637 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 25500 | 441092 |
| Sysmex Corp. | &nbsp;&nbsp; 31600 | 396830 |
| Terumo Corp. | &nbsp;&nbsp; 47600 | 853508 |
| Unicharm Corp. | &nbsp;&nbsp; 159300 | 1063051 |
|  |  | 19181248 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| QL Resources Bhd | &nbsp;&nbsp; 171044 | 165983 |
| **Mexico — 0.9%** | **Mexico — 0.9%** | **Mexico — 0.9%** |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 348617 | 490113 |
| Gruma SAB de CV, Class B | &nbsp;&nbsp; 28452 | 489131 |
| Kimberly-Clark de Mexico SAB de CV, Class A | &nbsp;&nbsp; 214310 | 402452 |
| Prologis Property Mexico SA de CV | &nbsp;&nbsp; 25671 | 94668 |
|  |  | 1476364 |
| **Netherlands — 0.8%** | **Netherlands — 0.8%** | **Netherlands — 0.8%** |
| JDE Peet's NV | &nbsp;&nbsp; 36713 | 1344480 |
| **Norway — 1.1%** | **Norway — 1.1%** | **Norway — 1.1%** |
| Mowi ASA | &nbsp;&nbsp; 68814 | 1415802 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Sustainable Development Goals ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| Salmar ASA | &nbsp;&nbsp; 9865 | $505195 |
|  |  | 1920997 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| EDP Renovaveis SA | &nbsp;&nbsp; 39281 | 461356 |
| **Saudi Arabia — 0.3%** | **Saudi Arabia — 0.3%** | **Saudi Arabia — 0.3%** |
| ACWA Power Co.<sup>(a)</sup> | &nbsp;&nbsp; 1950 | 110253 |
| Almarai Co. JSC | &nbsp;&nbsp; 34817 | 440608 |
|  |  | 550861 |
| **Singapore — 0.5%** | **Singapore — 0.5%** | **Singapore — 0.5%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 159600 | 338303 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 297816 | 529180 |
|  |  | 867483 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| NEPI Rockcastle NV | &nbsp;&nbsp; 36477 | 302962 |
| **South Korea — 1.1%** | **South Korea — 1.1%** | **South Korea — 1.1%** |
| LG Energy Solution Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7493 | 1889688 |
| **Sweden — 2.4%** | **Sweden — 2.4%** | **Sweden — 2.4%** |
| Essity AB, Class B | &nbsp;&nbsp; 113015 | 3055565 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 46823 | 637022 |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp; 12722 | 386437 |
|  |  | 4079024 |
| **Switzerland — 4.3%** | **Switzerland — 4.3%** | **Switzerland — 4.3%** |
| Novartis AG, Registered | &nbsp;&nbsp; 55268 | 6995385 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 1883 | 261893 |
|  |  | 7257278 |
| **Taiwan — 6.4%** | **Taiwan — 6.4%** | **Taiwan — 6.4%** |
| Taiwan High Speed Rail Corp. | &nbsp;&nbsp; 556000 | 501281 |
| Uni-President Enterprises Corp. | &nbsp;&nbsp; 1831000 | 4622437 |
| Wiwynn Corp. | &nbsp;&nbsp; 60000 | 5758659 |
|  |  | 10882377 |
| **United Kingdom — 1.9%** | **United Kingdom — 1.9%** | **United Kingdom — 1.9%** |
| Land Securities Group PLC | &nbsp;&nbsp; 29482 | 220960 |
| Pearson PLC | &nbsp;&nbsp; 148896 | 2165217 |
| United Utilities Group PLC | &nbsp;&nbsp; 51356 | 797869 |
|  |  | 3184046 |
| **United States — 26.5%** | **United States — 26.5%** | **United States — 26.5%** |
| Alnylam Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1206 | 538491 |
| BioMarin Pharmaceutical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14857 | 865717 |
| BXP Inc. | &nbsp;&nbsp; 16677 | 1209249 |
| Dexcom Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15246 | 1148634 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Digital Realty Trust Inc. | &nbsp;&nbsp; 18170 | $3046019 |
| Edwards Lifesciences Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 17972 | 1461842 |
| Equinix Inc. | &nbsp;&nbsp; 4460 | 3506407 |
| First Solar Inc.<sup>(a)</sup> | &nbsp;&nbsp; 37486 | 7316892 |
| Hormel Foods Corp. | &nbsp;&nbsp; 56013 | 1424971 |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 10897 | 921995 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2002 | 680440 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 43137 | 5570712 |
| Neurocrine Biosciences Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 5261 | 734436 |
| Nvidia Corp. | &nbsp;&nbsp; 37081 | 6458769 |
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 6353 | 3689187 |
| United Therapeutics Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 2652 | 808224 |
| Vertex Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8318 | 3252504 |
| Weyerhaeuser Co. | &nbsp;&nbsp; 101396 | 2623115 |
|  |  | 45257604 |
| **Total Long-Term Investments — 99.3%** <br>**(Cost: $162,425,498)** | **Total Long-Term Investments — 99.3%** <br>**(Cost: $162,425,498)** | 169453731 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.5%** | **Money Market Funds — 5.5%** | **Money Market Funds — 5.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 9204212 | 9208814 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 100000 | 100000 |
| **Total Short-Term Securities — 5.5%** <br>**(Cost: $9,308,633)** | **Total Short-Term Securities — 5.5%** <br>**(Cost: $9,308,633)** | 9308814 |
| **Total Investments — 104.8%** <br>**(Cost: $171,734,131)** | **Total Investments — 104.8%** <br>**(Cost: $171,734,131)** | 178762545 |
| **Liabilities in Excess of Other Assets — (4.8)%** | **Liabilities in Excess of Other Assets — (4.8)%** | (8130234)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $170632311 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Sustainable Development Goals ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $618867<br> $8590866 <br><sup>(a)</sup><br>| $— | $(1161)<br>| $242 | $9208814 | 9204212 | $48037 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | —<br> 100000 <br><sup>(a)</sup><br>|  |  |  | 100000 | 100000 | 6318 |  |
|  |  |  | $(1161) | $242 | $9308814 |  | $54355 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro E-Mini S&P 500 Index | 8 | 09/19/25 | &nbsp;&nbsp; $259 | $1610 |
| MSCI EAFE Index | 2 | 09/19/25 | &nbsp;&nbsp; 272 | (1149) |
| MSCI Emerging Markets Index | 8 | 09/19/25 | &nbsp;&nbsp; 506 | 4310 |
|  |  |  |  | $4771 |

---

**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; $5920 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5920 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1149 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1149 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123430 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123430 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(50640)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(50640)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Global Sustainable Development Goals ETF**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $876810 |

---

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; $52905197 | &nbsp;&nbsp; $116548534 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $169453731 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 9308814 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9308814 |
|  | &nbsp;&nbsp; $62214011 | &nbsp;&nbsp; $116548534 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $178762545 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $5920 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5920 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (1149)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1149)<br>|
|  | &nbsp;&nbsp; $4771 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4771 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI World 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 — 3.8%** | **Australia — 3.8%** | **Australia — 3.8%** |
| Accent Group Ltd. | &nbsp;&nbsp; 40500 | $37573 |
| AGL Energy Ltd. | &nbsp;&nbsp; 48125 | 258764 |
| Alpha HPA Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 94250 | 59347 |
| ALS Ltd. | &nbsp;&nbsp; 38500 | 466996 |
| Amotiv Ltd. | &nbsp;&nbsp; 10625 | 67838 |
| AMP Ltd. | &nbsp;&nbsp; 191000 | 213182 |
| Ampol Ltd. | &nbsp;&nbsp; 18875 | 362384 |
| Ansell Ltd. | &nbsp;&nbsp; 11625 | 257743 |
| ARB Corp. Ltd. | &nbsp;&nbsp; 6250 | 163098 |
| Arena REIT | &nbsp;&nbsp; 31625 | 83652 |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 86500 | 301267 |
| AUB Group Ltd. | &nbsp;&nbsp; 10500 | 230151 |
| Aurizon Holdings Ltd. | &nbsp;&nbsp; 70953 | 150261 |
| Aussie Broadband Ltd. | &nbsp;&nbsp; 22625 | 76478 |
| Austal Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 31375 | 159389 |
| Bank of Queensland Ltd. | &nbsp;&nbsp; 60250 | 286140 |
| Bapcor Ltd. | &nbsp;&nbsp; 29891 | 77734 |
| Beach Energy Ltd. | &nbsp;&nbsp; 126875 | 99425 |
| Bega Cheese Ltd. | &nbsp;&nbsp; 23767 | 90468 |
| Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp; 50125 | 436662 |
| Boss Energy Ltd. <sup>(a)</sup> | &nbsp;&nbsp; 39250 | 50010 |
| Breville Group Ltd. | &nbsp;&nbsp; 8000 | 175911 |
| Brickworks Ltd. | &nbsp;&nbsp; 6625 | 154625 |
| BWP Property Group Ltd. | &nbsp;&nbsp; 44286 | 102741 |
| BWP Property Group Ltd., NVS | &nbsp;&nbsp; 1089 | 2526 |
| Capricorn Metals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 36430 | 246797 |
| Catalyst Metals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 19982 | 95218 |
| Centuria Capital Group | &nbsp;&nbsp; 65625 | 106197 |
| Centuria Industrial REIT | &nbsp;&nbsp; 42875 | 94185 |
| Challenger Ltd. | &nbsp;&nbsp; 41250 | 224562 |
| Champion Iron Ltd. | &nbsp;&nbsp; 30875 | 90642 |
| Charter Hall Group | &nbsp;&nbsp; 37625 | 575863 |
| Charter Hall Long Wale REIT | &nbsp;&nbsp; 50750 | 151567 |
| Charter Hall Retail REIT | &nbsp;&nbsp; 41500 | 113921 |
| Charter Hall Social Infrastructure REIT | &nbsp;&nbsp; 33000 | 72845 |
| Cleanaway Waste Management Ltd. | &nbsp;&nbsp; 138128 | 250838 |
| Codan Ltd. | &nbsp;&nbsp; 8625 | 173772 |
| Collins Foods Ltd. | &nbsp;&nbsp; 10625 | 67468 |
| Corporate Travel Management Ltd. | &nbsp;&nbsp; 9875 | 104137 |
| Credit Corp. Group Ltd. | &nbsp;&nbsp; 6875 | 73967 |
| Data#3 Ltd. | &nbsp;&nbsp; 13625 | 81847 |
| Deep Yellow Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 89875 | 106203 |
| Deterra Royalties Ltd. | &nbsp;&nbsp; 33625 | 92013 |
| Dexus | &nbsp;&nbsp; 64799 | 317968 |
| Dexus Industria REIT | &nbsp;&nbsp; 109473 | 200996 |
| Dicker Data Ltd. | &nbsp;&nbsp; 8625 | 51447 |
| Domino's Pizza Enterprises Ltd. | &nbsp;&nbsp; 5500 | 54158 |
| Downer EDI Ltd. | &nbsp;&nbsp; 55125 | 260109 |
| DroneShield Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 61518 | 132346 |
| Dyno Nobel Ltd. | &nbsp;&nbsp; 148250 | 295195 |
| Eagers Automotive Ltd. | &nbsp;&nbsp; 11250 | 203010 |
| Elders Ltd. | &nbsp;&nbsp; 15250 | 74141 |
| Emerald Resources NL<sup>(a)</sup> | &nbsp;&nbsp; 41750 | 104186 |
| Endeavour Group Ltd./Australia | &nbsp;&nbsp; 120875 | 301607 |
| EVT Ltd. | &nbsp;&nbsp; 10882 | 99653 |
| Flight Centre Travel Group Ltd. | &nbsp;&nbsp; 15000 | 127526 |
| G8 Education Ltd. | &nbsp;&nbsp; 69625 | 38686 |
| Genesis Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 84250 | 252038 |
| Gold Road Resources Ltd. | &nbsp;&nbsp; 89676 | 197664 |
| GPT Group (The) | &nbsp;&nbsp; 148544 | 541723 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| GrainCorp Ltd., Class A | &nbsp;&nbsp; 16750 | $87450 |
| Greatland Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 39975 | 143720 |
| Growthpoint Properties Australia Ltd. | &nbsp;&nbsp; 29250 | 47412 |
| Hansen Technologies Ltd. | &nbsp;&nbsp; 17000 | 66199 |
| Harvey Norman Holdings Ltd. | &nbsp;&nbsp; 60339 | 271478 |
| HMC Capital Ltd. | &nbsp;&nbsp; 25975 | 65095 |
| HomeCo Daily Needs REIT | &nbsp;&nbsp; 140625 | 123585 |
| HUB24 Ltd. | &nbsp;&nbsp; 8250 | 586186 |
| IDP Education Ltd. | &nbsp;&nbsp; 21000 | 76992 |
| IGO Ltd. | &nbsp;&nbsp; 54125 | 184260 |
| Iluka Resources Ltd. | &nbsp;&nbsp; 34000 | 140332 |
| Imdex Ltd. | &nbsp;&nbsp; 40625 | 80108 |
| Ingenia Communities Group | &nbsp;&nbsp; 30750 | 118517 |
| Inghams Group Ltd. | &nbsp;&nbsp; 29625 | 52470 |
| Insignia Financial Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 42625 | 125374 |
| IperionX Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26508 | 114629 |
| IPH Ltd. | &nbsp;&nbsp; 23875 | 71221 |
| IRESS Ltd. | &nbsp;&nbsp; 14875 | 84677 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp; 8881 | 679129 |
| Judo Capital Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 89625 | 99621 |
| Karoon Energy Ltd. | &nbsp;&nbsp; 69250 | 79584 |
| Lendlease Corp. Ltd. | &nbsp;&nbsp; 53500 | 193794 |
| Liontown Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 145625 | 89128 |
| Lovisa Holdings Ltd. | &nbsp;&nbsp; 4875 | 137032 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 66875 | 605739 |
| MA Financial Group Ltd. | &nbsp;&nbsp; 11000 | 69590 |
| Maas Group Holdings Ltd. | &nbsp;&nbsp; 15750 | 46033 |
| MAC Copper Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6250 | 75489 |
| Macquarie Technology Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 49846 |
| Magellan Financial Group Ltd. | &nbsp;&nbsp; 16375 | 109102 |
| McMillan Shakespeare Ltd. | &nbsp;&nbsp; 5750 | 73582 |
| Megaport Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12750 | 136511 |
| Mesoblast Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 68004 | 96339 |
| Metcash Ltd. | &nbsp;&nbsp; 82875 | 227425 |
| Mineral Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14625 | 355009 |
| Mirvac Group | &nbsp;&nbsp; 313500 | 483148 |
| Monadelphous Group Ltd. | &nbsp;&nbsp; 7500 | 105039 |
| Nanosonics Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 23500 | 68797 |
| National Storage REIT | &nbsp;&nbsp; 98750 | 155427 |
| Netwealth Group Ltd. | &nbsp;&nbsp; 10250 | 230037 |
| Neuren Pharmaceuticals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9500 | 117570 |
| New Hope Corp. Ltd. | &nbsp;&nbsp; 58676 | 169624 |
| NEXTDC Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 51000 | 547979 |
| nib holdings Ltd. | &nbsp;&nbsp; 46125 | 231353 |
| Nick Scali Ltd. | &nbsp;&nbsp; 7375 | 116933 |
| Nickel Industries Ltd. | &nbsp;&nbsp; 159500 | 72728 |
| Nine Entertainment Co. Holdings Ltd. | &nbsp;&nbsp; 107125 | 116719 |
| NRW Holdings Ltd. | &nbsp;&nbsp; 75900 | 190014 |
| Nufarm Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 33000 | 52293 |
| Nuix Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 22000 | 38075 |
| Ora Banda Mining Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 118062 | 66312 |
| Orica Ltd. | &nbsp;&nbsp; 38750 | 556108 |
| Orora Ltd. | &nbsp;&nbsp; 106750 | 144924 |
| Paladin Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 31750 | 162296 |
| Perenti Ltd. | &nbsp;&nbsp; 78875 | 121759 |
| Perpetual Ltd. | &nbsp;&nbsp; 8250 | 117018 |
| Perseus Mining Ltd. | &nbsp;&nbsp; 141565 | 354797 |
| PEXA Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10625 | 106349 |
| Pilbara Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 242125 | 386744 |
| Pinnacle Investment Management Group Ltd. | &nbsp;&nbsp; 13500 | 188431 |
| PolyNovo Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 61875 | 52914 |
| Premier Investments Ltd. | &nbsp;&nbsp; 7625 | 111096 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| PWR Holdings Ltd. | &nbsp;&nbsp; 9750 | $49627 |
| Qube Holdings Ltd. | &nbsp;&nbsp; 94942 | 260244 |
| Ramelius Resources Ltd. | &nbsp;&nbsp; 178762 | 375707 |
| Ramsay Health Care Ltd. | &nbsp;&nbsp; 15500 | 343072 |
| Reece Ltd. | &nbsp;&nbsp; 12854 | 93512 |
| Region Group | &nbsp;&nbsp; 102768 | 163864 |
| Regis Healthcare Ltd. | &nbsp;&nbsp; 14250 | 73084 |
| Regis Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 57000 | 171694 |
| Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp; 64125 | 175142 |
| Resolute Mining Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 324454 | 138323 |
| Sandfire Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 36500 | 298690 |
| SEEK Ltd. | &nbsp;&nbsp; 28375 | 513130 |
| Silex Systems Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18625 | 50322 |
| Sims Ltd. | &nbsp;&nbsp; 13000 | 120662 |
| SiteMinder Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 24375 | 109788 |
| SmartGroup Corp. Ltd. | &nbsp;&nbsp; 13250 | 78223 |
| Stanmore Resources Ltd. | &nbsp;&nbsp; 38625 | 47022 |
| Steadfast Group Ltd. | &nbsp;&nbsp; 80426 | 319363 |
| Super Retail Group Ltd. | &nbsp;&nbsp; 12500 | 153465 |
| Tabcorp Holdings Ltd. | &nbsp;&nbsp; 200250 | 127874 |
| Technology One Ltd. | &nbsp;&nbsp; 24096 | 627525 |
| Telix Pharmaceuticals Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 21049 | 200392 |
| Temple & Webster Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7125 | 110947 |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp; 62914 | 321671 |
| Tuas Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18250 | 93321 |
| Vault Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 513375 | 182183 |
| Ventia Services Group Pty. Ltd. | &nbsp;&nbsp; 64500 | 229160 |
| Viva Energy Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 88625 | 124875 |
| Vulcan Energy Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14000 | 37871 |
| WA1 Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4875 | 56871 |
| Waypoint REIT Ltd. | &nbsp;&nbsp; 53375 | 92401 |
| WEB Travel Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 29250 | 84206 |
| West African Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 86000 | 176440 |
| Westgold Resources Ltd. | &nbsp;&nbsp; 71125 | 162119 |
| Whitehaven Coal Ltd. | &nbsp;&nbsp; 66500 | 286934 |
| Worley Ltd. | &nbsp;&nbsp; 39875 | 382118 |
| Yancoal Australia Ltd. | &nbsp;&nbsp; 31500 | 111970 |
| Zip Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 98500 | 271464 |
|  |  | 28181278 |
| **Austria — 0.4%** | **Austria — 0.4%** | **Austria — 0.4%** |
| ANDRITZ AG | &nbsp;&nbsp; 5375 | 378418 |
| BAWAG Group AG<sup>(c)</sup> | &nbsp;&nbsp; 6250 | 808098 |
| CA Immobilien Anlagen AG | &nbsp;&nbsp; 2648 | 72672 |
| CPI Europe AG<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 60007 |
| DO & CO AG | &nbsp;&nbsp; 625 | 166102 |
| EVN AG | &nbsp;&nbsp; 3375 | 92400 |
| Lenzing AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 1625 | 50324 |
| Oesterreichische Post AG | &nbsp;&nbsp; 1533 | 51631 |
| Palfinger AG | &nbsp;&nbsp; 1500 | 64786 |
| Porr AG | &nbsp;&nbsp; 1750 | 60733 |
| Raiffeisen Bank International AG | &nbsp;&nbsp; 11750 | 390359 |
| SBO AG | &nbsp;&nbsp; 1000 | 31955 |
| UNIQA Insurance Group AG | &nbsp;&nbsp; 14328 | 207635 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe<br>| &nbsp;&nbsp; 3077 | 159570 |
| voestalpine AG | &nbsp;&nbsp; 8500 | 281611 |
| Wienerberger AG | &nbsp;&nbsp; 8875 | 309274 |
|  |  | 3185575 |
| **Bahrain — 0.0%** | **Bahrain — 0.0%** | **Bahrain — 0.0%** |
| OneSpaWorld Holdings Ltd. | &nbsp;&nbsp; 9788 | 220915 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Bangladesh — 0.0%** | **Bangladesh — 0.0%** | **Bangladesh — 0.0%** |
| Hamilton Insurance Group Ltd., Class B<sup>(a)</sup> | &nbsp;&nbsp; 6500 | $154960 |
| **Belgium — 0.6%** | **Belgium — 0.6%** | **Belgium — 0.6%** |
| Ackermans & van Haaren NV | &nbsp;&nbsp; 1750 | 453983 |
| Aedifica SA | &nbsp;&nbsp; 3525 | 270989 |
| Azelis Group NV | &nbsp;&nbsp; 12625 | 188303 |
| Barco NV | &nbsp;&nbsp; 6125 | 100489 |
| Bekaert SA | &nbsp;&nbsp; 2875 | 129195 |
| CMB Tech NV<sup>(a)</sup> | &nbsp;&nbsp; 9067 | 78383 |
| Cofinimmo SA | &nbsp;&nbsp; 3000 | 268571 |
| Colruyt Group NV | &nbsp;&nbsp; 2500 | 109964 |
| Deme Group NV | &nbsp;&nbsp; 625 | 95286 |
| Fagron | &nbsp;&nbsp; 5543 | 134738 |
| Financiere de Tubize SA | &nbsp;&nbsp; 1371 | 256940 |
| Galapagos NV<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 106235 |
| KBC Ancora | &nbsp;&nbsp; 3500 | 271074 |
| Kinepolis Group NV | &nbsp;&nbsp; 875 | 34921 |
| Melexis NV | &nbsp;&nbsp; 1625 | 128653 |
| Montea NV | &nbsp;&nbsp; 1399 | 111900 |
| Ontex Group NV<sup>(a)</sup> | &nbsp;&nbsp; 6250 | 47644 |
| Proximus SADP | &nbsp;&nbsp; 10750 | 93186 |
| Recticel SA | &nbsp;&nbsp; 4250 | 46687 |
| Retail Estates NV | &nbsp;&nbsp; 2932 | 238141 |
| Shurgard Self Storage Ltd. | &nbsp;&nbsp; 2750 | 108174 |
| Solvay SA | &nbsp;&nbsp; 5875 | 192967 |
| Tessenderlo Group SA | &nbsp;&nbsp; 2000 | 60987 |
| Umicore SA | &nbsp;&nbsp; 15089 | 235494 |
| VGP NV | &nbsp;&nbsp; 1125 | 128444 |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 17176 | 440856 |
| Xior Student Housing NV | &nbsp;&nbsp; 2750 | 97370 |
|  |  | 4429574 |
| **Canada — 3.9%** | **Canada — 3.9%** | **Canada — 3.9%** |
| ADENTRA Inc. | &nbsp;&nbsp; 2375 | 59438 |
| Advantage Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 13250 | 107189 |
| Aecon Group Inc. | &nbsp;&nbsp; 5875 | 87311 |
| Air Canada<sup>(a)</sup> | &nbsp;&nbsp; 8858 | 125773 |
| Algoma Steel Group Inc. | &nbsp;&nbsp; 9125 | 44384 |
| Algonquin Power & Utilities Corp. | &nbsp;&nbsp; 57875 | 335446 |
| Allied Gold Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6500 | 91109 |
| Allied Properties REIT | &nbsp;&nbsp; 10116 | 137006 |
| Altius Minerals Corp. | &nbsp;&nbsp; 4412 | 96313 |
| Altus Group Ltd. | &nbsp;&nbsp; 3750 | 168229 |
| Andlauer Healthcare Group Inc. | &nbsp;&nbsp; 1625 | 63078 |
| Arbutus Biopharma Corp.<sup>(a)</sup> | &nbsp;&nbsp; 15375 | 57041 |
| Aris Mining Corp.<sup>(a)</sup> | &nbsp;&nbsp; 13125 | 114205 |
| Aritzia Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6625 | 396627 |
| Atco Ltd., Class I, NVS | &nbsp;&nbsp; 2299 | 84186 |
| Athabasca Oil Corp.<sup>(a)</sup> | &nbsp;&nbsp; 42000 | 184105 |
| ATS Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6625 | 183407 |
| Aurinia Pharmaceuticals Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10125 | 121399 |
| Aya Gold & Silver Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9375 | 93180 |
| B2Gold Corp. | &nbsp;&nbsp; 104750 | 432470 |
| Badger Infrastructure Solutions Ltd. | &nbsp;&nbsp; 2750 | 115398 |
| Bausch Health Companies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21875 | 161831 |
| Baytex Energy Corp. | &nbsp;&nbsp; 56250 | 124923 |
| Birchcliff Energy Ltd. | &nbsp;&nbsp; 21500 | 98784 |
| Bird Construction Inc. | &nbsp;&nbsp; 5000 | 82317 |
| Bitfarms Ltd./Canada<sup>(a)(b)</sup> | &nbsp;&nbsp; 51125 | 68124 |
| BlackBerry Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 44625 | 171241 |
| Boardwalk Real Estate Investment Trust | &nbsp;&nbsp; 1875 | 96143 |
| Boralex Inc., Class A | &nbsp;&nbsp; 7000 | 147202 |
| Boyd Group Services Inc. | &nbsp;&nbsp; 1750 | 287319 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Brookfield Business Corp., Class A | &nbsp;&nbsp; 2750 | $90829 |
| Brookfield Infrastructure Corp., Class A | &nbsp;&nbsp; 11562 | 465561 |
| Brookfield Wealth Solutions Ltd. | &nbsp;&nbsp; 2656 | 174288 |
| BRP Inc. | &nbsp;&nbsp; 2750 | 173068 |
| BSR Real Estate Investment Trust | &nbsp;&nbsp; 3375 | 42458 |
| Canaccord Genuity Group Inc. | &nbsp;&nbsp; 8500 | 62945 |
| Canada Goose Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4750 | 61565 |
| Canadian Apartment Properties REIT | &nbsp;&nbsp; 2154 | 66658 |
| Canfor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5625 | 53328 |
| Capital Power Corp. | &nbsp;&nbsp; 12336 | 514423 |
| Capstone Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp; 45375 | 324449 |
| Cardinal Energy Ltd. | &nbsp;&nbsp; 21578 | 114540 |
| Cargojet Inc. | &nbsp;&nbsp; 875 | 64248 |
| Cascades Inc. | &nbsp;&nbsp; 7625 | 54577 |
| Centerra Gold Inc. | &nbsp;&nbsp; 11193 | 91363 |
| CES Energy Solutions Corp. | &nbsp;&nbsp; 17875 | 107899 |
| Choice Properties REIT | &nbsp;&nbsp; 7885 | 83308 |
| Cogeco Communications Inc. | &nbsp;&nbsp; 1375 | 64357 |
| Colliers International Group Inc. | &nbsp;&nbsp; 3375 | 557237 |
| Computer Modelling Group Ltd. | &nbsp;&nbsp; 8500 | 38497 |
| Crombie REIT | &nbsp;&nbsp; 26335 | 288403 |
| CT REIT | &nbsp;&nbsp; 5375 | 63051 |
| Definity Financial Corp. | &nbsp;&nbsp; 7875 | 407068 |
| Denison Mines Corp.<sup>(a)</sup> | &nbsp;&nbsp; 70875 | 163079 |
| dentalcorp Holdings Ltd. | &nbsp;&nbsp; 11000 | 65038 |
| Discovery Silver Corp.<sup>(a)</sup> | &nbsp;&nbsp; 46428 | 147734 |
| Docebo Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1625 | 50631 |
| Dream Industrial REIT | &nbsp;&nbsp; 10750 | 95966 |
| Dundee Precious Metals Inc. | &nbsp;&nbsp; 18912 | 350602 |
| Eldorado Gold Corp.<sup>(a)</sup> | &nbsp;&nbsp; 16250 | 402893 |
| Endeavour Silver Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 20875 | 130417 |
| Enerflex Ltd. | &nbsp;&nbsp; 9875 | 99516 |
| Energy Fuels Inc./Canada<sup>(a)</sup> | &nbsp;&nbsp; 18125 | 209447 |
| Enghouse Systems Ltd. | &nbsp;&nbsp; 4125 | 68692 |
| EQB Inc. | &nbsp;&nbsp; 2375 | 156420 |
| Equinox Gold Corp.<sup>(a)</sup> | &nbsp;&nbsp; 50550 | 442062 |
| ERO Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7750 | 111283 |
| Exchange Income Corp. | &nbsp;&nbsp; 2250 | 117599 |
| Extendicare Inc. | &nbsp;&nbsp; 6500 | 61623 |
| Fiera Capital Corp., Class A | &nbsp;&nbsp; 9750 | 47779 |
| Finning International Inc. | &nbsp;&nbsp; 10750 | 445702 |
| First Capital Real Estate Investment Trust | &nbsp;&nbsp; 8250 | 116179 |
| First Majestic Silver Corp. | &nbsp;&nbsp; 33038 | 302390 |
| First National Financial Corp. | &nbsp;&nbsp; 2500 | 87778 |
| Foran Mining Corp.<sup>(a)</sup> | &nbsp;&nbsp; 23250 | 50958 |
| Fortuna Mining Corp.<sup>(a)</sup> | &nbsp;&nbsp; 24875 | 191813 |
| G Mining Ventures Corp.<sup>(a)</sup> | &nbsp;&nbsp; 15678 | 235053 |
| Gibson Energy Inc. | &nbsp;&nbsp; 13000 | 246398 |
| goeasy Ltd. | &nbsp;&nbsp; 1125 | 174515 |
| Granite Real Estate Investment Trust | &nbsp;&nbsp; 2500 | 142425 |
| H&R Real Estate Investment Trust | &nbsp;&nbsp; 10250 | 90756 |
| Hammond Power Solutions Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 875 | 75385 |
| Headwater Exploration Inc. | &nbsp;&nbsp; 18875 | 93595 |
| Hudbay Minerals Inc. | &nbsp;&nbsp; 31250 | 374995 |
| IAMGOLD Corp.<sup>(a)</sup> | &nbsp;&nbsp; 45375 | 422577 |
| IMAX Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3750 | 107100 |
| Interfor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5125 | 47244 |
| International Petroleum Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6125 | 113683 |
| InterRent REIT | &nbsp;&nbsp; 6125 | 59673 |
| Ivanhoe Electric Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8250 | 73590 |
| Jamieson Wellness Inc.<sup>(c)</sup> | &nbsp;&nbsp; 3375 | 91665 |
| K92 Mining Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19679 | 221959 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Kelt Exploration Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 14250 | $69727 |
| Killam Apartment REIT | &nbsp;&nbsp; 5125 | 67060 |
| Kinaxis Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 310578 |
| Lassonde Industries Inc., Class A | &nbsp;&nbsp; 386 | 59726 |
| Laurentian Bank of Canada | &nbsp;&nbsp; 5125 | 113818 |
| Leon's Furniture Ltd. | &nbsp;&nbsp; 2500 | 54356 |
| Lightspeed Commerce Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11000 | 136003 |
| Linamar Corp. | &nbsp;&nbsp; 3125 | 170614 |
| Lionsgate Studios Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 13638 | 87692 |
| Lithium Americas Corp.<sup>(a)</sup> | &nbsp;&nbsp; 18875 | 56487 |
| MAG Silver Corp. | &nbsp;&nbsp; 8537 | 208988 |
| Major Drilling Group International Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8375 | 59031 |
| Maple Leaf Foods Inc. | &nbsp;&nbsp; 6375 | 167667 |
| MDA Space Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9328 | 301639 |
| MEG Energy Corp. | &nbsp;&nbsp; 20625 | 424259 |
| Meren Energy Inc. | &nbsp;&nbsp; 35375 | 45850 |
| Methanex Corp. | &nbsp;&nbsp; 5375 | 190915 |
| Mind Medicine MindMed Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7125 | 63270 |
| MTY Food Group Inc. | &nbsp;&nbsp; 2000 | 56067 |
| Mullen Group Ltd. | &nbsp;&nbsp; 6750 | 67679 |
| New Gold Inc.<sup>(a)</sup> | &nbsp;&nbsp; 62875 | 370836 |
| NexGen Energy Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 42625 | 335513 |
| NFI Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8750 | 117486 |
| NGEx Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10750 | 165475 |
| North American Construction Group Ltd. | &nbsp;&nbsp; 2500 | 34168 |
| North West Co. Inc. (The) | &nbsp;&nbsp; 3875 | 142376 |
| Northland Power Inc. | &nbsp;&nbsp; 20625 | 334151 |
| Northwest Healthcare Properties Real Estate <br> Investment Trust<br>| &nbsp;&nbsp; 32610 | 118962 |
| Novagold Resources Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23000 | 157258 |
| Novanta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2312 | 269140 |
| NuVista Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 13896 | 147728 |
| OceanaGold Corp. | &nbsp;&nbsp; 18750 | 342684 |
| Onex Corp. | &nbsp;&nbsp; 4635 | 396558 |
| OR Royalties Inc. | &nbsp;&nbsp; 13375 | 429780 |
| Orla Mining Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 19774 | 218279 |
| Ovintiv Inc. | &nbsp;&nbsp; 20172 | 849645 |
| Paramount Resources Ltd., Class A | &nbsp;&nbsp; 6500 | 96647 |
| Parex Resources Inc. | &nbsp;&nbsp; 7750 | 97626 |
| Parkland Corp. | &nbsp;&nbsp; 11000 | 311254 |
| Pason Systems Inc. | &nbsp;&nbsp; 7000 | 59890 |
| Perpetua Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 94350 |
| Pet Valu Holdings Ltd. | &nbsp;&nbsp; 4206 | 119441 |
| Peyto Exploration & Development Corp. | &nbsp;&nbsp; 15750 | 214343 |
| PrairieSky Royalty Ltd. | &nbsp;&nbsp; 10263 | 179874 |
| Precision Drilling Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1375 | 79596 |
| Premium Brands Holdings Corp., Class A | &nbsp;&nbsp; 3500 | 240733 |
| Prinmaris REIT | &nbsp;&nbsp; 23466 | 256642 |
| Propel Holdings Inc. | &nbsp;&nbsp; 2750 | 64497 |
| Quebecor Inc., Class B | &nbsp;&nbsp; 9878 | 300149 |
| Richelieu Hardware Ltd. | &nbsp;&nbsp; 4125 | 109842 |
| RioCan REIT | &nbsp;&nbsp; 7639 | 102792 |
| Rogers Sugar Inc. | &nbsp;&nbsp; 6500 | 30007 |
| Russel Metals Inc. | &nbsp;&nbsp; 4625 | 140095 |
| Sandstorm Gold Ltd. | &nbsp;&nbsp; 21250 | 237358 |
| Savaria Corp. | &nbsp;&nbsp; 12183 | 184783 |
| Seabridge Gold Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6250 | 109131 |
| Secure Waste Infrastructure Corp. | &nbsp;&nbsp; 15750 | 187966 |
| Sienna Senior Living Inc. | &nbsp;&nbsp; 7250 | 93756 |
| Silvercorp Metals Inc. | &nbsp;&nbsp; 19875 | 96093 |
| Skeena Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7375 | 123619 |
| South Bow Corp. | &nbsp;&nbsp; 16500 | 457269 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Spin Master Corp.<sup>(c)</sup> | &nbsp;&nbsp; 3125 | $51448 |
| Sprott Inc. | &nbsp;&nbsp; 1750 | 115307 |
| SSR Mining Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16125 | 311146 |
| Stella-Jones Inc. | &nbsp;&nbsp; 4000 | 227822 |
| StorageVault Canada Inc. | &nbsp;&nbsp; 22875 | 79617 |
| SunOpta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7750 | 48418 |
| Superior Plus Corp. | &nbsp;&nbsp; 18875 | 99780 |
| Tamarack Valley Energy Ltd. | &nbsp;&nbsp; 46772 | 183567 |
| Taseko Mines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 27750 | 90523 |
| TerraVest Industries Inc. | &nbsp;&nbsp; 1213 | 127337 |
| Topaz Energy Corp. | &nbsp;&nbsp; 4188 | 76389 |
| Torex Gold Resources Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6911 | 230526 |
| TransAlta Corp. | &nbsp;&nbsp; 22500 | 276386 |
| Transcontinental Inc., Class A | &nbsp;&nbsp; 5625 | 83391 |
| Trican Well Service Ltd. | &nbsp;&nbsp; 16250 | 70521 |
| Triple Flag Precious Metals Corp. | &nbsp;&nbsp; 5500 | 150421 |
| Trisura Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 112835 |
| Vermilion Energy Inc. | &nbsp;&nbsp; 12375 | 93442 |
| Well Health Technologies Corp.<sup>(a)</sup> | &nbsp;&nbsp; 18375 | 63955 |
| Wesdome Gold Mines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 12406 | 164679 |
| West Fraser Timber Co. Ltd. | &nbsp;&nbsp; 2952 | 215035 |
| Westshore Terminals Investment Corp. | &nbsp;&nbsp; 3250 | 60913 |
| Winpak Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 2875 | 87547 |
|  |  | 28935735 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| CARsgen Therapeutics Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 26500 | 79057 |
| GigaCloud Technology Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2125 | 56249 |
|  |  | 135306 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |
| Establishment Labs Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1875 | 77381 |
| **Denmark — 0.7%** | **Denmark — 0.7%** | **Denmark — 0.7%** |
| ALK-Abello A/S<sup>(a)</sup> | &nbsp;&nbsp; 10500 | 331465 |
| Alm Brand A/S | &nbsp;&nbsp; 67375 | 187968 |
| Ambu A/S, Class B | &nbsp;&nbsp; 15337 | 231852 |
| Bavarian Nordic A/S<sup>(a)</sup> | &nbsp;&nbsp; 6250 | 231680 |
| Chemometec A/S | &nbsp;&nbsp; 1250 | 102069 |
| D/S Norden A/S | &nbsp;&nbsp; 2125 | 75885 |
| DFDS A/S<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 48964 |
| FLSmidth & Co. A/S | &nbsp;&nbsp; 3831 | 261740 |
| GN Store Nord A/S<sup>(a)</sup> | &nbsp;&nbsp; 10875 | 196953 |
| Gubra AS | &nbsp;&nbsp; 625 | 36846 |
| H Lundbeck A/S | &nbsp;&nbsp; 22125 | 140003 |
| ISS A/S | &nbsp;&nbsp; 9831 | 287518 |
| Jyske Bank A/S, Registered | &nbsp;&nbsp; 2529 | 271549 |
| Matas A/S | &nbsp;&nbsp; 2750 | 57494 |
| Netcompany Group A/S<sup>(a)(c)</sup> | &nbsp;&nbsp; 3375 | 128679 |
| NKT A/S<sup>(a)</sup> | &nbsp;&nbsp; 4572 | 435498 |
| NTG Nordic Transport Group A/S, Class A<sup>(a)</sup> | &nbsp;&nbsp; 1411 | 40622 |
| Per Aarsleff Holding A/S | &nbsp;&nbsp; 1416 | 138831 |
| Ringkjoebing Landbobank A/S | &nbsp;&nbsp; 1937 | 437693 |
| Royal Unibrew A/S | &nbsp;&nbsp; 3444 | 266158 |
| Scandinavian Tobacco Group A/S, Class A<sup>(c)</sup> | &nbsp;&nbsp; 5043 | 71527 |
| Schouw & Co. A/S | &nbsp;&nbsp; 1205 | 111801 |
| Sydbank A/S | &nbsp;&nbsp; 4625 | 351654 |
| TORM PLC, Class A | &nbsp;&nbsp; 4625 | 99158 |
| Zealand Pharma A/S<sup>(a)</sup> | &nbsp;&nbsp; 4936 | 339247 |
|  |  | 4882854 |
| **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** |
| Finnair OYJ | &nbsp;&nbsp; 10375 | 38134 |
| Harvia OYJ | &nbsp;&nbsp; 1375 | 61848 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| Hiab OYJ, Class B | &nbsp;&nbsp; 3386 | $223151 |
| Huhtamaki OYJ | &nbsp;&nbsp; 7750 | 275302 |
| Kalmar OYJ, Class B | &nbsp;&nbsp; 3000 | 138090 |
| Kemira OYJ | &nbsp;&nbsp; 9250 | 213848 |
| Kojamo OYJ<sup>(a)</sup> | &nbsp;&nbsp; 10750 | 131675 |
| Konecranes OYJ | &nbsp;&nbsp; 5375 | 443080 |
| Mandatum OYJ | &nbsp;&nbsp; 36576 | 251413 |
| Marimekko OYJ | &nbsp;&nbsp; 2625 | 36820 |
| Metsa Board OYJ, Class B | &nbsp;&nbsp; 15750 | 57800 |
| Nokian Renkaat OYJ<sup>(b)</sup> | &nbsp;&nbsp; 9875 | 92915 |
| Outokumpu OYJ | &nbsp;&nbsp; 29000 | 119314 |
| Puuilo OYJ | &nbsp;&nbsp; 6000 | 93588 |
| QT Group OYJ<sup>(a)</sup> | &nbsp;&nbsp; 1625 | 89557 |
| Revenio Group OYJ | &nbsp;&nbsp; 1625 | 45370 |
| TietoEVRY OYJ | &nbsp;&nbsp; 8500 | 158773 |
| Tokmanni Group Corp. | &nbsp;&nbsp; 4500 | 48776 |
| Valmet OYJ | &nbsp;&nbsp; 11750 | 408402 |
|  |  | 2927856 |
| **France — 1.2%** | **France — 1.2%** | **France — 1.2%** |
| Air France-KLM, NVS<sup>(a)</sup> | &nbsp;&nbsp; 9500 | 149478 |
| Altarea SCA | &nbsp;&nbsp; 915 | 108649 |
| Alten SA | &nbsp;&nbsp; 2375 | 183392 |
| Antin Infrastructure Partners SA | &nbsp;&nbsp; 4000 | 53363 |
| Aperam SA | &nbsp;&nbsp; 3500 | 106259 |
| Aubay | &nbsp;&nbsp; 750 | 39927 |
| Beneteau SACA | &nbsp;&nbsp; 4250 | 41584 |
| Canal+ SA, NVS<sup>(a)</sup> | &nbsp;&nbsp; 55125 | 168090 |
| Carmila SA | &nbsp;&nbsp; 4500 | 90600 |
| Clariane SE<sup>(a)</sup> | &nbsp;&nbsp; 10750 | 53902 |
| Coface SA | &nbsp;&nbsp; 8375 | 157721 |
| Constellium SE, Class A<sup>(a)</sup> | &nbsp;&nbsp; 9550 | 138379 |
| Derichebourg SA | &nbsp;&nbsp; 9000 | 62996 |
| Elis SA | &nbsp;&nbsp; 13125 | 359655 |
| Emeis SA<sup>(a)</sup> | &nbsp;&nbsp; 6500 | 92910 |
| Eramet SA | &nbsp;&nbsp; 875 | 52238 |
| Esso SA Francaise | &nbsp;&nbsp; 250 | 28484 |
| Etablissements Maurel et Prom SA | &nbsp;&nbsp; 6750 | 40173 |
| Eurazeo SE | &nbsp;&nbsp; 2283 | 149400 |
| Eutelsat Communications SACA<sup>(a)</sup> | &nbsp;&nbsp; 11500 | 41847 |
| Exail Technologies SA, NVS<sup>(a)</sup> | &nbsp;&nbsp; 637 | 85132 |
| Exosens SAS | &nbsp;&nbsp; 1750 | 80556 |
| Fnac Darty SA | &nbsp;&nbsp; 1375 | 47390 |
| Forvia SE<sup>(a)</sup> | &nbsp;&nbsp; 11750 | 156794 |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 2875 | 536570 |
| Havas NV | &nbsp;&nbsp; 54250 | 95141 |
| ICADE | &nbsp;&nbsp; 3125 | 75954 |
| ID Logistics Group SACA<sup>(a)</sup> | &nbsp;&nbsp; 250 | 120081 |
| Imerys SA | &nbsp;&nbsp; 2750 | 70258 |
| Interparfums SA | &nbsp;&nbsp; 2045 | 75531 |
| IPSOS SA | &nbsp;&nbsp; 2750 | 114261 |
| JCDecaux SE | &nbsp;&nbsp; 5125 | 88241 |
| Kaufman & Broad SA | &nbsp;&nbsp; 1375 | 46115 |
| LISI SA | &nbsp;&nbsp; 1375 | 73028 |
| Louis Hachette Group, NVS | &nbsp;&nbsp; 55125 | 106033 |
| Mercialys SA | &nbsp;&nbsp; 7500 | 95204 |
| Mersen SA | &nbsp;&nbsp; 2375 | 67405 |
| Metropole Television SA | &nbsp;&nbsp; 3604 | 55521 |
| Nexans SA | &nbsp;&nbsp; 2625 | 400234 |
| Nexity SA<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 41677 |
| Opmobility | &nbsp;&nbsp; 5500 | 88703 |
| Peugeot Invest SA | &nbsp;&nbsp; 625 | 56477 |
| Planisware SA, NVS | &nbsp;&nbsp; 2000 | 42977 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Pluxee NV, NVS | &nbsp;&nbsp; 7000 | $142573 |
| Quadient SA | &nbsp;&nbsp; 2875 | 53788 |
| Remy Cointreau SA | &nbsp;&nbsp; 1757 | 107862 |
| Rubis SCA | &nbsp;&nbsp; 6125 | 202789 |
| SCOR SE | &nbsp;&nbsp; 12125 | 397175 |
| SEB SA | &nbsp;&nbsp; 1538 | 112103 |
| SES SA, Class A | &nbsp;&nbsp; 29000 | 202708 |
| Societe BIC SA | &nbsp;&nbsp; 1875 | 117172 |
| SOITEC<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 93448 |
| Sopra Steria Group | &nbsp;&nbsp; 1250 | 232095 |
| SPIE SA | &nbsp;&nbsp; 11375 | 630464 |
| Technip Energies NV | &nbsp;&nbsp; 10625 | 491075 |
| Television Francaise 1 SA | &nbsp;&nbsp; 5375 | 53067 |
| Trigano SA | &nbsp;&nbsp; 750 | 132321 |
| Ubisoft Entertainment SA<sup>(a)</sup> | &nbsp;&nbsp; 6500 | 71115 |
| Valeo SE | &nbsp;&nbsp; 17500 | 212378 |
| Vallourec SACA | &nbsp;&nbsp; 13000 | 233386 |
| Vicat SACA | &nbsp;&nbsp; 1500 | 105007 |
| Virbac SACA | &nbsp;&nbsp; 375 | 147043 |
| Vivendi SE | &nbsp;&nbsp; 53125 | 190136 |
| VusionGroup | &nbsp;&nbsp; 574 | 144073 |
| Wavestone | &nbsp;&nbsp; 750 | 43092 |
| Wendel SE | &nbsp;&nbsp; 568 | 54737 |
| Worldline SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 16875 | 56115 |
|  |  | 8964052 |
| **Germany — 1.3%** | **Germany — 1.3%** | **Germany — 1.3%** |
| 1&1 AG | &nbsp;&nbsp; 3625 | 86760 |
| Adesso SE | &nbsp;&nbsp; 375 | 38168 |
| Aixtron SE | &nbsp;&nbsp; 9000 | 132171 |
| Aroundtown SA<sup>(a)</sup> | &nbsp;&nbsp; 61000 | 242085 |
| Atoss Software SE | &nbsp;&nbsp; 875 | 105040 |
| Aurubis AG | &nbsp;&nbsp; 2500 | 283834 |
| Auto1 Group SE<sup>(a)</sup> | &nbsp;&nbsp; 10375 | 351104 |
| Bechtle AG | &nbsp;&nbsp; 6500 | 295457 |
| Befesa SA<sup>(c)</sup> | &nbsp;&nbsp; 2750 | 88344 |
| Bilfinger SE | &nbsp;&nbsp; 2939 | 304558 |
| CANCOM SE | &nbsp;&nbsp; 2375 | 63798 |
| Carl Zeiss Meditec AG, Bearer | &nbsp;&nbsp; 2875 | 145246 |
| Ceconomy AG<sup>(a)</sup> | &nbsp;&nbsp; 14750 | 76822 |
| Cewe Stiftung & Co. KGaA | &nbsp;&nbsp; 500 | 56284 |
| Dermapharm Holding SE | &nbsp;&nbsp; 1500 | 57713 |
| Deutsche Pfandbriefbank AG<sup>(c)</sup> | &nbsp;&nbsp; 15375 | 95102 |
| Deutz AG | &nbsp;&nbsp; 12500 | 130108 |
| Douglas AG<sup>(a)</sup> | &nbsp;&nbsp; 3250 | 46282 |
| Duerr AG | &nbsp;&nbsp; 4125 | 102392 |
| Eckert & Ziegler SE | &nbsp;&nbsp; 3750 | 75770 |
| Elmos Semiconductor SE | &nbsp;&nbsp; 625 | 59681 |
| Energiekontor AG | &nbsp;&nbsp; 750 | 38236 |
| Evotec SE<sup>(a)</sup> | &nbsp;&nbsp; 11250 | 79028 |
| Fielmann Group AG | &nbsp;&nbsp; 2000 | 121478 |
| flatexDEGIRO AG | &nbsp;&nbsp; 6625 | 219205 |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 257081 |
| Freenet AG | &nbsp;&nbsp; 9500 | 317295 |
| Gerresheimer AG | &nbsp;&nbsp; 2750 | 138865 |
| GFT Technologies SE | &nbsp;&nbsp; 1875 | 38495 |
| Grand City Properties SA<sup>(a)</sup> | &nbsp;&nbsp; 6750 | 87065 |
| Grenke AG | &nbsp;&nbsp; 2625 | 51819 |
| Hamborner REIT AG | &nbsp;&nbsp; 6500 | 43747 |
| HelloFresh SE<sup>(a)</sup> | &nbsp;&nbsp; 12500 | 110590 |
| Hornbach Holding AG & Co. KGaA | &nbsp;&nbsp; 875 | 106501 |
| Hugo Boss AG | &nbsp;&nbsp; 3750 | 184762 |
| Hypoport SE<sup>(a)</sup> | &nbsp;&nbsp; 375 | 62701 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| IONOS Group SE<sup>(a)</sup> | &nbsp;&nbsp; 3529 | $157542 |
| Jenoptik AG | &nbsp;&nbsp; 4125 | 82104 |
| JOST Werke SE<sup>(c)</sup> | &nbsp;&nbsp; 1823 | 111749 |
| K+S AG, Registered<sup>(b)</sup> | &nbsp;&nbsp; 13500 | 182422 |
| KION Group AG | &nbsp;&nbsp; 5750 | 374412 |
| Kloeckner & Co. SE | &nbsp;&nbsp; 5625 | 38783 |
| Kontron AG | &nbsp;&nbsp; 3000 | 85791 |
| Krones AG | &nbsp;&nbsp; 1013 | 155797 |
| Lanxess AG | &nbsp;&nbsp; 6875 | 195059 |
| Mutares SE & Co. KGaA | &nbsp;&nbsp; 1375 | 45956 |
| Nagarro SE | &nbsp;&nbsp; 750 | 46186 |
| Nordex SE<sup>(a)</sup> | &nbsp;&nbsp; 9500 | 232459 |
| Norma Group SE | &nbsp;&nbsp; 3125 | 58127 |
| Orion SA | &nbsp;&nbsp; 5250 | 55387 |
| Pfeiffer Vacuum Technology AG | &nbsp;&nbsp; 250 | 45977 |
| PNE AG | &nbsp;&nbsp; 2375 | 38626 |
| ProSiebenSat.1 Media SE | &nbsp;&nbsp; 11125 | 109678 |
| Puma SE | &nbsp;&nbsp; 8126 | 204796 |
| Redcare Pharmacy NV<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 1250 | 119108 |
| RENK Group AG | &nbsp;&nbsp; 5838 | 426387 |
| RTL Group SA<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 128819 |
| SAF-Holland SE | &nbsp;&nbsp; 4250 | 79179 |
| Salzgitter AG | &nbsp;&nbsp; 2250 | 58682 |
| Schaeffler AG | &nbsp;&nbsp; 17250 | 119355 |
| Schott Pharma AG & Co. KGaA | &nbsp;&nbsp; 3000 | 80176 |
| Siltronic AG | &nbsp;&nbsp; 1500 | 62306 |
| Sixt SE | &nbsp;&nbsp; 1000 | 98922 |
| SMA Solar Technology AG<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 46455 |
| Stabilus SE | &nbsp;&nbsp; 2250 | 62313 |
| Stroeer SE & Co. KGaA | &nbsp;&nbsp; 2750 | 133558 |
| Suedzucker AG | &nbsp;&nbsp; 5625 | 65954 |
| SUESS MicroTec SE | &nbsp;&nbsp; 1625 | 48414 |
| TAG Immobilien AG | &nbsp;&nbsp; 14000 | 250824 |
| TeamViewer SE<sup>(a)(c)</sup> | &nbsp;&nbsp; 11500 | 122051 |
| thyssenkrupp AG | &nbsp;&nbsp; 39500 | 418014 |
| United Internet AG, Registered<sup>(d)</sup> | &nbsp;&nbsp; 6125 | 195789 |
| Vossloh AG | &nbsp;&nbsp; 875 | 86272 |
| Wacker Chemie AG | &nbsp;&nbsp; 1500 | 114463 |
| Wacker Neuson SE | &nbsp;&nbsp; 3000 | 88114 |
| Wuestenrot & Wuerttembergische AG | &nbsp;&nbsp; 5907 | 96501 |
|  |  | 9816094 |
| **Guernsey — 0.0%** | **Guernsey — 0.0%** | **Guernsey — 0.0%** |
| Burford Capital Ltd. | &nbsp;&nbsp; 16890 | 236460 |
| **Hong Kong — 0.7%** | **Hong Kong — 0.7%** | **Hong Kong — 0.7%** |
| ASMPT Ltd. | &nbsp;&nbsp; 25600 | 232026 |
| Bank of East Asia Ltd. (The) | &nbsp;&nbsp; 125000 | 206048 |
| Bright Smart Securities & Commodities Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 62000 | 93038 |
| CITIC Telecom International Holdings Ltd. | &nbsp;&nbsp; 387000 | 128259 |
| Dah Sing Banking Group Ltd. | &nbsp;&nbsp; 102800 | 138142 |
| Dah Sing Financial Holdings Ltd. | &nbsp;&nbsp; 50000 | 227470 |
| DFI Retail Group Holdings Ltd. | &nbsp;&nbsp; 37500 | 119250 |
| First Pacific Co. Ltd. | &nbsp;&nbsp; 168000 | 143987 |
| Fortune REIT | &nbsp;&nbsp; 210000 | 130023 |
| Genpact Ltd. | &nbsp;&nbsp; 13500 | 612090 |
| Guotai Junan International Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 389000 | 296946 |
| Hang Lung Group Ltd. | &nbsp;&nbsp; 55000 | 96384 |
| Hang Lung Properties Ltd. | &nbsp;&nbsp; 135000 | 137826 |
| HKBN Ltd. | &nbsp;&nbsp; 96000 | 62190 |
| Johnson Electric Holdings Ltd. | &nbsp;&nbsp; 36500 | 134114 |
| Kerry Properties Ltd. | &nbsp;&nbsp; 84500 | 219157 |
| Man Wah Holdings Ltd. | &nbsp;&nbsp; 150000 | 91184 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Melco Resorts & Entertainment Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 20375 | $202528 |
| New World Development Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 125000 | 107053 |
| NWS Holdings Ltd. | &nbsp;&nbsp; 96000 | 95752 |
| Pacific Basin Shipping Ltd. | &nbsp;&nbsp; 535000 | 150331 |
| PAX Global Technology Ltd. | &nbsp;&nbsp; 172000 | 143195 |
| PCCW Ltd. | &nbsp;&nbsp; 426000 | 287689 |
| SJM Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 273000 | 101804 |
| Stella International Holdings Ltd. | &nbsp;&nbsp; 66500 | 143825 |
| SUNeVision Holdings Ltd. | &nbsp;&nbsp; 125000 | 122807 |
| United Laboratories International Holdings Ltd. (The) | &nbsp;&nbsp; 70000 | 138116 |
| Vobile Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 163000 | 139316 |
| VTech Holdings Ltd. | &nbsp;&nbsp; 14500 | 117137 |
| Wynn Macau Ltd. | &nbsp;&nbsp; 183200 | 169416 |
| Xinyi Glass Holdings Ltd. | &nbsp;&nbsp; 149000 | 163532 |
| Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp; 65500 | 115783 |
|  |  | 5266418 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| WNS Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3051 | 230198 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| Cairn Homes PLC | &nbsp;&nbsp; 49250 | 127047 |
| Cimpress PLC<sup>(a)</sup> | &nbsp;&nbsp; 1625 | 102562 |
| Dalata Hotel Group PLC | &nbsp;&nbsp; 14375 | 107126 |
| Glanbia PLC | &nbsp;&nbsp; 15375 | 255725 |
| Glenveagh Properties PLC<sup>(a)(c)</sup> | &nbsp;&nbsp; 44125 | 100766 |
| Irish Residential Properties REIT PLC | &nbsp;&nbsp; 53500 | 60211 |
| nVent Electric PLC | &nbsp;&nbsp; 13125 | 1186369 |
| Uniphar PLC | &nbsp;&nbsp; 23625 | 112001 |
| Weatherford International PLC | &nbsp;&nbsp; 5875 | 374267 |
|  |  | 2426074 |
| **Israel — 1.4%** | **Israel — 1.4%** | **Israel — 1.4%** |
| Africa Israel Residences Ltd. | &nbsp;&nbsp; 625 | 45029 |
| Airport City Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4625 | 84031 |
| Alony Hetz Properties & Investments Ltd. | &nbsp;&nbsp; 12750 | 144890 |
| Amot Investments Ltd. | &nbsp;&nbsp; 18750 | 133953 |
| Ashtrom Group Ltd. | &nbsp;&nbsp; 4750 | 96950 |
| Aura Investments Ltd. | &nbsp;&nbsp; 14125 | 87398 |
| Bet Shemesh Engines Holdings 1997 Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 625 | 117236 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | &nbsp;&nbsp; 188165 | 346003 |
| Big Shopping Centers Ltd. | &nbsp;&nbsp; 1288 | 252827 |
| Blue Square Real Estate Ltd. | &nbsp;&nbsp; 500 | 56521 |
| Camtek Ltd./Israel<sup>(a)</sup> | &nbsp;&nbsp; 2375 | 203624 |
| Cellcom Israel Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10250 | 92935 |
| Cellebrite DI Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7750 | 127100 |
| Clal Insurance Enterprises Holdings Ltd. | &nbsp;&nbsp; 7312 | 375188 |
| Danel Adir Yeoshua Ltd. | &nbsp;&nbsp; 500 | 70897 |
| Delek Automotive Systems Ltd. | &nbsp;&nbsp; 5500 | 42795 |
| Delek Group Ltd. | &nbsp;&nbsp; 750 | 165482 |
| Delta Galil Ltd. | &nbsp;&nbsp; 1000 | 52341 |
| El Al Israel Airlines<sup>(a)</sup> | &nbsp;&nbsp; 22750 | 90912 |
| Elco Ltd. | &nbsp;&nbsp; 1125 | 60057 |
| Electra Consumer Products 1970 Ltd. | &nbsp;&nbsp; 1375 | 48557 |
| Electra Ltd./Israel | &nbsp;&nbsp; 125 | 74590 |
| Electra Real Estate Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 46329 |
| Energix-Renewable Energies Ltd. | &nbsp;&nbsp; 25375 | 98228 |
| Enlight Renewable Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9375 | 265702 |
| Equital Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 87868 |
| Fattal Holdings 1998 Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 625 | 101867 |
| FIBI Holdings Ltd. | &nbsp;&nbsp; 1419 | 107560 |
| First International Bank Of Israel Ltd. (The) | &nbsp;&nbsp; 4875 | 345669 |
| Fiverr International Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 64763 |
| Formula Systems 1985 Ltd. | &nbsp;&nbsp; 875 | 111718 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| Fox Wizel Ltd. | &nbsp;&nbsp; 875 | $81908 |
| Global-e Online Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8530 | 285414 |
| Harel Insurance Investments & Financial Services Ltd. | &nbsp;&nbsp; 11125 | 370403 |
| Hilan Ltd. | &nbsp;&nbsp; 1250 | 98964 |
| Inmode Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6500 | 97110 |
| Isracard Ltd. | &nbsp;&nbsp; 18500 | 74481 |
| Israel Canada T.R Ltd. | &nbsp;&nbsp; 17625 | 75895 |
| Israel Corp Ltd. | &nbsp;&nbsp; 250 | 80969 |
| Isras Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 375 | 43447 |
| Ituran Location and Control Ltd. | &nbsp;&nbsp; 1500 | 50580 |
| JFrog Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7500 | 370275 |
| Kenon Holdings Ltd./Singapore | &nbsp;&nbsp; 2375 | 111999 |
| Kornit Digital Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 57893 |
| Kvutzat Acro Ltd. | &nbsp;&nbsp; 3000 | 41164 |
| Magic Software Enterprises Ltd. | &nbsp;&nbsp; 3000 | 61847 |
| Matrix IT Ltd. | &nbsp;&nbsp; 3250 | 114363 |
| Mega Or Holdings Ltd. | &nbsp;&nbsp; 2000 | 97510 |
| Melisron Ltd. | &nbsp;&nbsp; 889 | 104180 |
| Menora Mivtachim Holdings Ltd. | &nbsp;&nbsp; 1758 | 170424 |
| Migdal Insurance & Financial Holdings Ltd. | &nbsp;&nbsp; 66301 | 238829 |
| Mivne Real Estate KD Ltd. | &nbsp;&nbsp; 26176 | 95904 |
| Nayax Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1375 | 68375 |
| Next Vision Stabilized Systems Ltd. | &nbsp;&nbsp; 4875 | 202872 |
| Oddity Tech Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 3126 | 188216 |
| Oil Refineries Ltd. | &nbsp;&nbsp; 248875 | 61679 |
| One Software Technologies Ltd. | &nbsp;&nbsp; 4375 | 106786 |
| OPC Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 10125 | 159973 |
| OY Nofar Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3636 | 115041 |
| Pagaya Technologies Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 4250 | 156740 |
| Partner Communications Co. Ltd. | &nbsp;&nbsp; 11250 | 105454 |
| Paz Retail & Energy Ltd. | &nbsp;&nbsp; 750 | 141471 |
| Radware Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3250 | 82030 |
| Rami Levy Chain Stores Hashikma Marketing 2006 <br> Ltd.<br>| &nbsp;&nbsp; 1000 | 91081 |
| Reit 1 Ltd. | &nbsp;&nbsp; 15500 | 112530 |
| Retailors Ltd. | &nbsp;&nbsp; 2000 | 36880 |
| Riskified Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9750 | 46508 |
| Sapiens International Corp. NV | &nbsp;&nbsp; 2750 | 117738 |
| Sella Capital Real Estate Ltd. | &nbsp;&nbsp; 22500 | 69157 |
| Shapir Engineering and Industry Ltd. | &nbsp;&nbsp; 12750 | 100783 |
| Shikun & Binui Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 26125 | 115649 |
| Shufersal Ltd. | &nbsp;&nbsp; 15875 | 197147 |
| SimilarWeb Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4500 | 46755 |
| Strauss Group Ltd. | &nbsp;&nbsp; 4125 | 108624 |
| Summit Real Estate Holdings Ltd. | &nbsp;&nbsp; 3250 | 63134 |
| Taboola.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 15875 | 53023 |
| Tel Aviv Stock Exchange Ltd. | &nbsp;&nbsp; 7250 | 168287 |
| Tower Semiconductor Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 530680 |
| YH Dimri Construction & Development Ltd. | &nbsp;&nbsp; 1000 | 109302 |
| ZIM Integrated Shipping Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 9625 | 130996 |
|  |  | 10209490 |
| **Italy — 1.2%** | **Italy — 1.2%** | **Italy — 1.2%** |
| A2A SpA | &nbsp;&nbsp; 124375 | 312512 |
| ACEA SpA | &nbsp;&nbsp; 3750 | 88702 |
| Amplifon SpA | &nbsp;&nbsp; 9378 | 170802 |
| Azimut Holding SpA | &nbsp;&nbsp; 9250 | 331864 |
| Banca Generali SpA | &nbsp;&nbsp; 4625 | 269324 |
| Banca IFIS SpA | &nbsp;&nbsp; 3250 | 87861 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 64533 | 592174 |
| Banca Popolare di Sondrio SpA | &nbsp;&nbsp; 7154 | 103268 |
| Banco di Desio e della Brianza SpA | &nbsp;&nbsp; 3625 | 31099 |
| BFF Bank SpA<sup>(a)(c)</sup> | &nbsp;&nbsp; 14250 | 186588 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Brembo NV | &nbsp;&nbsp; 11875 | $131461 |
| Brunello Cucinelli SpA | &nbsp;&nbsp; 2750 | 318103 |
| Buzzi SpA | &nbsp;&nbsp; 6875 | 349104 |
| Carel Industries SpA<sup>(c)</sup> | &nbsp;&nbsp; 4000 | 109060 |
| Cementir Holding NV | &nbsp;&nbsp; 4750 | 78041 |
| Credito Emiliano SpA | &nbsp;&nbsp; 8875 | 139538 |
| De' Longhi SpA | &nbsp;&nbsp; 6125 | 214526 |
| DiaSorin SpA | &nbsp;&nbsp; 1035 | 104407 |
| El.En. SpA | &nbsp;&nbsp; 4875 | 67299 |
| Enav SpA<sup>(c)</sup> | &nbsp;&nbsp; 21500 | 105827 |
| ERG SpA | &nbsp;&nbsp; 4125 | 99709 |
| Ferretti SpA | &nbsp;&nbsp; 31403 | 98953 |
| Fila SpA | &nbsp;&nbsp; 3625 | 36988 |
| Fincantieri SpA<sup>(a)</sup> | &nbsp;&nbsp; 6613 | 157629 |
| GVS SpA<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 8500 | 44929 |
| Hera SpA | &nbsp;&nbsp; 65125 | 279917 |
| Intercos SpA, NVS | &nbsp;&nbsp; 4875 | 68097 |
| Interpump Group SpA | &nbsp;&nbsp; 6125 | 291069 |
| Iren SpA | &nbsp;&nbsp; 51625 | 155962 |
| Italgas SpA | &nbsp;&nbsp; 48272 | 433896 |
| Iveco Group NV | &nbsp;&nbsp; 14000 | 301026 |
| Juventus Football Club SpA, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 9125 | 31315 |
| Lottomatica Group SpA | &nbsp;&nbsp; 20999 | 570439 |
| Maire SpA | &nbsp;&nbsp; 11750 | 169715 |
| MARR SpA<sup>(b)</sup> | &nbsp;&nbsp; 3750 | 42438 |
| MFE-MediaForEurope NV, Class A | &nbsp;&nbsp; 13250 | 48270 |
| OVS SpA<sup>(c)</sup> | &nbsp;&nbsp; 16375 | 78963 |
| Piaggio & C SpA | &nbsp;&nbsp; 18125 | 42372 |
| Pirelli & C SpA<sup>(c)</sup> | &nbsp;&nbsp; 25062 | 171662 |
| RAI Way SpA<sup>(c)</sup> | &nbsp;&nbsp; 9801 | 69298 |
| Reply SpA | &nbsp;&nbsp; 1875 | 270169 |
| Saipem SpA | &nbsp;&nbsp; 103000 | 289430 |
| Salvatore Ferragamo SpA<sup>(a)(b)</sup> | &nbsp;&nbsp; 5625 | 30950 |
| Sanlorenzo SpA/Ameglia | &nbsp;&nbsp; 1625 | 62148 |
| Sesa SpA | &nbsp;&nbsp; 750 | 65107 |
| SOL SpA | &nbsp;&nbsp; 3250 | 196572 |
| Tamburi Investment Partners SpA | &nbsp;&nbsp; 9125 | 87357 |
| Technogym SpA<sup>(c)</sup> | &nbsp;&nbsp; 9625 | 164373 |
| Technoprobe SpA<sup>(a)</sup> | &nbsp;&nbsp; 13000 | 102921 |
| Webuild SpA | &nbsp;&nbsp; 40375 | 181933 |
|  |  | 8435167 |
| **Japan — 12.8%** | **Japan — 12.8%** | **Japan — 12.8%** |
| 77 Bank Ltd. (The) | &nbsp;&nbsp; 3400 | 130431 |
| ABC-Mart Inc. | &nbsp;&nbsp; 5800 | 115216 |
| Acom Co. Ltd. | &nbsp;&nbsp; 37500 | 117252 |
| Activia Properties Inc. | &nbsp;&nbsp; 201 | 184798 |
| ADEKA Corp. | &nbsp;&nbsp; 4700 | 104576 |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 250 | 277296 |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 10100 | 101505 |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 67 | 59906 |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 4200 | 107924 |
| Aiful Corp. | &nbsp;&nbsp; 50000 | 158608 |
| Air Water Inc. | &nbsp;&nbsp; 15600 | 271212 |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 14800 | 222718 |
| Alps Alpine Co. Ltd. | &nbsp;&nbsp; 11300 | 137872 |
| ALSOK Co. Ltd. | &nbsp;&nbsp; 37500 | 286875 |
| Amada Co. Ltd. | &nbsp;&nbsp; 26300 | 334199 |
| Amano Corp. | &nbsp;&nbsp; 3900 | 111408 |
| Anritsu Corp. | &nbsp;&nbsp; 12500 | 146683 |
| Aozora Bank Ltd. | &nbsp;&nbsp; 12500 | 193926 |
| Appier Group Inc. | &nbsp;&nbsp; 12500 | 130359 |
| ARE Holdings Inc. | &nbsp;&nbsp; 13800 | 191634 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 18900 | $323557 |
| Atom Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 29100 | 129121 |
| Autobacs Seven Co. Ltd. | &nbsp;&nbsp; 22200 | 235502 |
| Axial Retailing Inc. | &nbsp;&nbsp; 21200 | 165821 |
| Azbil Corp. | &nbsp;&nbsp; 39000 | 390338 |
| AZ-COM MARUWA Holdings Inc. | &nbsp;&nbsp; 12500 | 100425 |
| BayCurrent Inc. | &nbsp;&nbsp; 11600 | 658160 |
| Bic Camera Inc. | &nbsp;&nbsp; 12500 | 134025 |
| BIPROGY Inc. | &nbsp;&nbsp; 7300 | 314358 |
| Brother Industries Ltd. | &nbsp;&nbsp; 18600 | 313425 |
| Bunka Shutter Co. Ltd. | &nbsp;&nbsp; 12500 | 220346 |
| Calbee Inc. | &nbsp;&nbsp; 12500 | 227205 |
| Canon Marketing Japan Inc. | &nbsp;&nbsp; 4200 | 162812 |
| Casio Computer Co. Ltd. | &nbsp;&nbsp; 18800 | 154063 |
| Chiyoda Corp.<sup>(a)</sup> | &nbsp;&nbsp; 25000 | 68011 |
| Chugin Financial Group Inc., NVS | &nbsp;&nbsp; 14800 | 210788 |
| Chugoku Electric Power Co. Inc. (The) | &nbsp;&nbsp; 25000 | 149949 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 11200 | 76751 |
| CKD Corp. | &nbsp;&nbsp; 7600 | 124698 |
| Coca-Cola Bottlers Japan Holdings Inc. | &nbsp;&nbsp; 12500 | 218895 |
| Colowide Co. Ltd. | &nbsp;&nbsp; 12500 | 165530 |
| Comforia Residential REIT Inc. | &nbsp;&nbsp; 64 | 135672 |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 12500 | 313112 |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 3500 | 168203 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 4100 | 248368 |
| CRE Logistics REIT Inc. | &nbsp;&nbsp; 125 | 132431 |
| Create Restaurants Holdings Inc. | &nbsp;&nbsp; 25000 | 134950 |
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 12500 | 317422 |
| CyberAgent Inc. | &nbsp;&nbsp; 37500 | 453423 |
| Daicel Corp. | &nbsp;&nbsp; 25000 | 230086 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 12500 | 106943 |
| Daiichikosho Co. Ltd. | &nbsp;&nbsp; 12500 | 143137 |
| Daio Paper Corp. | &nbsp;&nbsp; 12500 | 73953 |
| Daishi Hokuetsu Financial Group Inc. | &nbsp;&nbsp; 6000 | 160402 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 338 | 291381 |
| Daiwa Office Investment Corp. | &nbsp;&nbsp; 49 | 121871 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 98 | 71689 |
| Daiwabo Holdings Co. Ltd. | &nbsp;&nbsp; 6000 | 127212 |
| DCM Holdings Co. Ltd. | &nbsp;&nbsp; 16200 | 162286 |
| DeNA Co. Ltd. | &nbsp;&nbsp; 6200 | 93867 |
| Denka Co. Ltd. | &nbsp;&nbsp; 12500 | 189047 |
| Dentsu Group Inc. | &nbsp;&nbsp; 15500 | 306063 |
| Dentsu Soken Inc. | &nbsp;&nbsp; 2000 | 89556 |
| Dexerials Corp. | &nbsp;&nbsp; 13900 | 187149 |
| DIC Corp. | &nbsp;&nbsp; 5700 | 131824 |
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 12500 | 259948 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 2800 | 98308 |
| DTS Corp. | &nbsp;&nbsp; 2800 | 98726 |
| Ebara Corp. | &nbsp;&nbsp; 37500 | 771087 |
| EDION Corp. | &nbsp;&nbsp; 2700 | 37116 |
| Electric Power Development Co. Ltd. | &nbsp;&nbsp; 7200 | 137268 |
| EXEO Group Inc. | &nbsp;&nbsp; 16000 | 236030 |
| Ezaki Glico Co. Ltd. | &nbsp;&nbsp; 4100 | 136751 |
| Financial Products Group Co. Ltd. | &nbsp;&nbsp; 7800 | 129566 |
| Food & Life Companies Ltd. | &nbsp;&nbsp; 9200 | 530652 |
| Freee KK<sup>(a)</sup> | &nbsp;&nbsp; 3300 | 69423 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 250 | 148727 |
| Fuji Corp./Aichi | &nbsp;&nbsp; 6600 | 122854 |
| Fuji Media Holdings Inc. | &nbsp;&nbsp; 3600 | 80919 |
| Fujitec Co. Ltd. | &nbsp;&nbsp; 6100 | 231936 |
| Fukuoka Financial Group Inc. | &nbsp;&nbsp; 14100 | 422494 |
| Fukuoka REIT Corp. | &nbsp;&nbsp; 125 | 156812 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Furukawa Electric Co. Ltd. | &nbsp;&nbsp; 6000 | $374010 |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 3300 | 97735 |
| GENDA Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12500 | 70097 |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 183 | 183903 |
| GLP J-REIT | &nbsp;&nbsp; 375 | 350239 |
| GMO internet group Inc. | &nbsp;&nbsp; 12500 | 334462 |
| GMO Payment Gateway Inc. | &nbsp;&nbsp; 4100 | 234720 |
| Gree Inc. | &nbsp;&nbsp; 23100 | 69611 |
| GS Yuasa Corp. | &nbsp;&nbsp; 6200 | 138983 |
| Gunma Bank Ltd. (The) | &nbsp;&nbsp; 26900 | 281130 |
| H.U. Group Holdings Inc. | &nbsp;&nbsp; 3200 | 79578 |
| H2O Retailing Corp. | &nbsp;&nbsp; 12500 | 175875 |
| Hachijuni Bank Ltd. (The) | &nbsp;&nbsp; 30500 | 297053 |
| Hakuhodo DY Holdings Inc. | &nbsp;&nbsp; 25000 | 200391 |
| Hamakyorex Co. Ltd. | &nbsp;&nbsp; 12500 | 127537 |
| Hamamatsu Photonics KK | &nbsp;&nbsp; 25500 | 267633 |
| Hankyu Hanshin REIT Inc. | &nbsp;&nbsp; 125 | 145496 |
| Haseko Corp. | &nbsp;&nbsp; 25000 | 413185 |
| Hazama Ando Corp. | &nbsp;&nbsp; 19100 | 222183 |
| Heiwa Real Estate REIT Inc. | &nbsp;&nbsp; 125 | 127924 |
| Hino Motors Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 25000 | 64821 |
| Hirogin Holdings Inc. | &nbsp;&nbsp; 25000 | 237559 |
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 2200 | 284851 |
| Hisamitsu Pharmaceutical Co. Inc. | &nbsp;&nbsp; 3600 | 102785 |
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 7700 | 236716 |
| Hokkaido Electric Power Co. Inc. | &nbsp;&nbsp; 15200 | 119465 |
| Hokuetsu Corp.<sup>(b)</sup> | &nbsp;&nbsp; 12500 | 86596 |
| Hokuhoku Financial Group Inc. | &nbsp;&nbsp; 12500 | 314861 |
| Hokuriku Electric Power Co. | &nbsp;&nbsp; 16200 | 99223 |
| Horiba Ltd. | &nbsp;&nbsp; 2600 | 193056 |
| Hoshino Resorts REIT Inc. | &nbsp;&nbsp; 54 | 102259 |
| Hoshizaki Corp. | &nbsp;&nbsp; 8800 | 338332 |
| Hosiden Corp. | &nbsp;&nbsp; 12500 | 194155 |
| House Foods Group Inc. | &nbsp;&nbsp; 5700 | 109710 |
| Hulic REIT Inc. | &nbsp;&nbsp; 125 | 140991 |
| Hyakugo Bank Ltd. (The) | &nbsp;&nbsp; 25000 | 139993 |
| Ibiden Co. Ltd. | &nbsp;&nbsp; 9400 | 451430 |
| Ichibanya Co. Ltd. | &nbsp;&nbsp; 37900 | 249993 |
| Ichigo Inc. | &nbsp;&nbsp; 37500 | 110393 |
| Ichigo Office REIT Investment Corp. | &nbsp;&nbsp; 151 | 98888 |
| IDOM Inc. | &nbsp;&nbsp; 12500 | 84962 |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 17000 | 266651 |
| Iino Kaiun Kaisha Ltd. | &nbsp;&nbsp; 12500 | 101282 |
| Inaba Denki Sangyo Co. Ltd. | &nbsp;&nbsp; 4400 | 123726 |
| Inabata & Co. Ltd. | &nbsp;&nbsp; 3800 | 89026 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 207 | 182340 |
| Infomart Corp. | &nbsp;&nbsp; 25000 | 62579 |
| Infroneer Holdings Inc. | &nbsp;&nbsp; 19200 | 191617 |
| Internet Initiative Japan Inc. | &nbsp;&nbsp; 12500 | 235212 |
| Invincible Investment Corp. | &nbsp;&nbsp; 625 | 283253 |
| Isetan Mitsukoshi Holdings Ltd. | &nbsp;&nbsp; 25900 | 430866 |
| Ito En Ltd. | &nbsp;&nbsp; 3900 | 89558 |
| Itoham Yonekyu Holdings Inc. | &nbsp;&nbsp; 2300 | 88256 |
| Iwatani Corp. | &nbsp;&nbsp; 16500 | 179792 |
| Iyogin Holdings Inc., NVS | &nbsp;&nbsp; 25000 | 345132 |
| J Front Retailing Co. Ltd. | &nbsp;&nbsp; 25000 | 387066 |
| JAC Recruitment Co. Ltd. | &nbsp;&nbsp; 12500 | 92864 |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 4300 | 147370 |
| Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp; 6800 | 115947 |
| Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp; 6100 | 159776 |
| Japan Excellent Inc. | &nbsp;&nbsp; 125 | 124443 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 500 | 293482 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Japan Lifeline Co. Ltd. | &nbsp;&nbsp; 12500 | $122494 |
| Japan Logistics Fund Inc. | &nbsp;&nbsp; 250 | 166482 |
| Japan Material Co. Ltd. | &nbsp;&nbsp; 12500 | 125303 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp; 657 | 500137 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 17200 | 141092 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 140 | 98458 |
| Japan Pulp & Paper Co. Ltd. | &nbsp;&nbsp; 17500 | 82306 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 489 | 425054 |
| Japan Securities Finance Co. Ltd. | &nbsp;&nbsp; 12500 | 155329 |
| Japan Steel Works Ltd. (The) | &nbsp;&nbsp; 5400 | 324633 |
| Jeol Ltd. | &nbsp;&nbsp; 2700 | 84459 |
| JGC Holdings Corp. | &nbsp;&nbsp; 18200 | 173355 |
| Joyful Honda Co. Ltd. | &nbsp;&nbsp; 12500 | 180738 |
| JTEKT Corp. | &nbsp;&nbsp; 12500 | 122114 |
| Juroku Financial Group Inc. | &nbsp;&nbsp; 3000 | 110169 |
| JVCKenwood Corp. | &nbsp;&nbsp; 12500 | 104327 |
| JX Advanced Metals Corp. | &nbsp;&nbsp; 41500 | 382061 |
| Kadokawa Corp. | &nbsp;&nbsp; 6900 | 158507 |
| Kagome Co. Ltd. | &nbsp;&nbsp; 12500 | 244183 |
| Kakaku.com Inc. | &nbsp;&nbsp; 12700 | 236094 |
| Kamigumi Co. Ltd. | &nbsp;&nbsp; 3700 | 110982 |
| Kanadevia Corp. | &nbsp;&nbsp; 20200 | 134863 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 12500 | 336879 |
| Kanematsu Corp. | &nbsp;&nbsp; 9000 | 189420 |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 12500 | 210533 |
| KDX Realty Investment Corp. | &nbsp;&nbsp; 375 | 431122 |
| Keihan Holdings Co. Ltd. | &nbsp;&nbsp; 6600 | 144014 |
| Keikyu Corp. | &nbsp;&nbsp; 13800 | 145193 |
| Keio Corp. | &nbsp;&nbsp; 7200 | 180876 |
| Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp; 32800 | 301823 |
| Keiyo Bank Ltd. (The) | &nbsp;&nbsp; 25000 | 204061 |
| Kewpie Corp. | &nbsp;&nbsp; 6800 | 191130 |
| Kinden Corp. | &nbsp;&nbsp; 12500 | 445851 |
| Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 12500 | 250786 |
| Kitz Corp. | &nbsp;&nbsp; 26600 | 270084 |
| Kiyo Bank Ltd. (The) | &nbsp;&nbsp; 4700 | 91990 |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4100 | 148044 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 20400 | 250345 |
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 12500 | 163908 |
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 12700 | 180634 |
| Kokusai Electric Corp., NVS | &nbsp;&nbsp; 14400 | 273943 |
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 25300 | 156832 |
| Konica Minolta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 37500 | 127409 |
| Kose Corp. | &nbsp;&nbsp; 2100 | 80927 |
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 12500 | 154153 |
| K's Holdings Corp. | &nbsp;&nbsp; 12500 | 127384 |
| Kumiai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 18100 | 103036 |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 25000 | 297868 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 9400 | 318094 |
| Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 5300 | 140657 |
| Kyoritsu Maintenance Co. Ltd. | &nbsp;&nbsp; 3600 | 81842 |
| Kyoto Financial Group Inc. | &nbsp;&nbsp; 18700 | 369188 |
| Kyudenko Corp. | &nbsp;&nbsp; 3100 | 149205 |
| Kyushu Electric Power Co. Inc. | &nbsp;&nbsp; 37500 | 394474 |
| Kyushu Financial Group Inc. | &nbsp;&nbsp; 31200 | 184299 |
| Kyushu Railway Co. | &nbsp;&nbsp; 12500 | 345264 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 45 | 43614 |
| Leopalace21 Corp. | &nbsp;&nbsp; 37500 | 176452 |
| Lifenet Insurance Co.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10200 | 155718 |
| Lion Corp. | &nbsp;&nbsp; 25000 | 266953 |
| Lixil Corp. | &nbsp;&nbsp; 18100 | 235471 |
| Mabuchi Motor Co. Ltd. | &nbsp;&nbsp; 12500 | 213900 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Macnica Holdings Inc. | &nbsp;&nbsp; 12500 | $170061 |
| Makino Milling Machine Co. Ltd. | &nbsp;&nbsp; 1800 | 140570 |
| Mani Inc. | &nbsp;&nbsp; 12500 | 104473 |
| Maruha Nichiro Corp. | &nbsp;&nbsp; 5800 | 129579 |
| Marui Group Co. Ltd. | &nbsp;&nbsp; 12500 | 268677 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 4000 | 103029 |
| Maruwa Co. Ltd./Aichi | &nbsp;&nbsp; 600 | 161898 |
| Matsui Securities Co. Ltd. | &nbsp;&nbsp; 32400 | 170756 |
| Mazda Motor Corp. | &nbsp;&nbsp; 50000 | 333593 |
| McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp; 7200 | 320227 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 17900 | 172630 |
| Mebuki Financial Group Inc. | &nbsp;&nbsp; 87500 | 537874 |
| Medipal Holdings Corp. | &nbsp;&nbsp; 16200 | 287038 |
| Meidensha Corp. | &nbsp;&nbsp; 2300 | 90362 |
| Meiko Electronics Co. Ltd. | &nbsp;&nbsp; 1400 | 91156 |
| MEITEC Group Holdings Inc. | &nbsp;&nbsp; 5400 | 119660 |
| Menicon Co. Ltd. | &nbsp;&nbsp; 12500 | 101564 |
| Mercari Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12500 | 210631 |
| Metaplanet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 36800 | 214446 |
| Mirai Corp. | &nbsp;&nbsp; 500 | 162824 |
| Mirait One Corp. | &nbsp;&nbsp; 12500 | 240408 |
| MISUMI Group Inc. | &nbsp;&nbsp; 25000 | 379161 |
| Mitsubishi Estate Logistics REIT Investment Corp. | &nbsp;&nbsp; 126 | 104354 |
| Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 13200 | 238157 |
| Mitsubishi Logistics Corp. | &nbsp;&nbsp; 25000 | 207318 |
| Mitsubishi Materials Corp. | &nbsp;&nbsp; 1600 | 27412 |
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 62500 | 170253 |
| Mitsui Chemicals Inc. | &nbsp;&nbsp; 16900 | 413803 |
| Mitsui E&S Co. Ltd. | &nbsp;&nbsp; 7200 | 221785 |
| Mitsui Fudosan Accommodations Fund Inc. | &nbsp;&nbsp; 199 | 167038 |
| Mitsui Fudosan Logistics Park Inc. | &nbsp;&nbsp; 250 | 186225 |
| Mitsui High-Tec Inc. | &nbsp;&nbsp; 12500 | 71618 |
| Mitsui Mining & Smelting Co. Ltd. | &nbsp;&nbsp; 4500 | 317296 |
| Mitsui-Soko Holdings Co. Ltd. | &nbsp;&nbsp; 3900 | 110565 |
| Miura Co. Ltd. | &nbsp;&nbsp; 7300 | 139735 |
| Mizuho Leasing Co. Ltd. | &nbsp;&nbsp; 7600 | 65787 |
| Modec Inc. | &nbsp;&nbsp; 3300 | 176437 |
| Monex Group Inc. | &nbsp;&nbsp; 20400 | 117540 |
| Money Forward Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3400 | 148039 |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 54 | 52208 |
| Mori Trust REIT Inc. | &nbsp;&nbsp; 186 | 94572 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 3200 | 58069 |
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 7300 | 163843 |
| Musashino Bank Ltd. (The) | &nbsp;&nbsp; 4200 | 109157 |
| Nabtesco Corp. | &nbsp;&nbsp; 12500 | 262867 |
| Nagase & Co. Ltd. | &nbsp;&nbsp; 6500 | 138977 |
| Nagoya Railroad Co. Ltd. | &nbsp;&nbsp; 7100 | 81079 |
| Nakanishi Inc. | &nbsp;&nbsp; 6500 | 92491 |
| Nankai Electric Railway Co. Ltd. | &nbsp;&nbsp; 5400 | 96694 |
| Nanto Bank Ltd. (The) | &nbsp;&nbsp; 2700 | 90424 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 16200 | 255699 |
| NH Foods Ltd. | &nbsp;&nbsp; 6400 | 241827 |
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 17300 | 216202 |
| Nichias Corp. | &nbsp;&nbsp; 4100 | 157850 |
| Nichicon Corp. | &nbsp;&nbsp; 12500 | 116234 |
| Nichirei Corp. | &nbsp;&nbsp; 19600 | 226072 |
| Nifco Inc./Japan | &nbsp;&nbsp; 6100 | 175113 |
| Nihon Kohden Corp. | &nbsp;&nbsp; 13300 | 147963 |
| Nihon M&A Center Holdings Inc. | &nbsp;&nbsp; 25000 | 127255 |
| Nihon Parkerizing Co. Ltd. | &nbsp;&nbsp; 29900 | 287300 |
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 12500 | 269754 |
| Nikon Corp. | &nbsp;&nbsp; 25000 | 280642 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Nippn Corp., New | &nbsp;&nbsp; 7000 | $108057 |
| Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 6300 | 191850 |
| Nippon Express Holdings Inc. | &nbsp;&nbsp; 17700 | 387223 |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 12500 | 240131 |
| Nippon Kayaku Co. Ltd. | &nbsp;&nbsp; 12500 | 121122 |
| Nippon Light Metal Holdings Co. Ltd. | &nbsp;&nbsp; 15800 | 219915 |
| Nippon Paper Industries Co. Ltd. | &nbsp;&nbsp; 12500 | 102671 |
| Nippon Prologis REIT Inc. | &nbsp;&nbsp; 503 | 292269 |
| Nippon REIT Investment Corp. | &nbsp;&nbsp; 207 | 138318 |
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 12500 | 157152 |
| Nippon Television Holdings Inc. | &nbsp;&nbsp; 3600 | 94244 |
| Nipro Corp. | &nbsp;&nbsp; 12500 | 127510 |
| Nishi-Nippon Financial Holdings Inc. | &nbsp;&nbsp; 12500 | 209011 |
| Nishi-Nippon Railroad Co. Ltd. | &nbsp;&nbsp; 12500 | 189177 |
| Nissan Chemical Corp. | &nbsp;&nbsp; 9700 | 342186 |
| Nissan Shatai Co. Ltd. | &nbsp;&nbsp; 12500 | 96295 |
| Nisshin Oillio Group Ltd. (The) | &nbsp;&nbsp; 2400 | 84340 |
| Nisshin Seifun Group Inc. | &nbsp;&nbsp; 7300 | 88762 |
| Nisshinbo Holdings Inc. | &nbsp;&nbsp; 12500 | 97943 |
| Nissui Corp. | &nbsp;&nbsp; 10700 | 72664 |
| Niterra Co. Ltd. | &nbsp;&nbsp; 12500 | 445256 |
| NOF Corp. | &nbsp;&nbsp; 20100 | 373335 |
| Nojima Corp. | &nbsp;&nbsp; 5400 | 121241 |
| NOK Corp. | &nbsp;&nbsp; 12500 | 217558 |
| Nomura Co. Ltd. | &nbsp;&nbsp; 14600 | 102606 |
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 62500 | 386175 |
| Nomura Real Estate Master Fund Inc. | &nbsp;&nbsp; 288 | 315247 |
| North Pacific Bank Ltd. | &nbsp;&nbsp; 25000 | 117237 |
| NS Solutions Corp. | &nbsp;&nbsp; 5100 | 120791 |
| NSD Co. Ltd. | &nbsp;&nbsp; 4900 | 110319 |
| NSK Ltd. | &nbsp;&nbsp; 37500 | 196792 |
| NTN Corp. | &nbsp;&nbsp; 50000 | 110872 |
| NTT UD REIT Investment Corp. | &nbsp;&nbsp; 180 | 166497 |
| Nxera Pharma Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 12500 | 77951 |
| OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 2400 | 138930 |
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 25000 | 286059 |
| Ogaki Kyoritsu Bank Ltd. (The) | &nbsp;&nbsp; 3600 | 76200 |
| Oji Holdings Corp. | &nbsp;&nbsp; 75800 | 417723 |
| Okamura Corp. | &nbsp;&nbsp; 12500 | 201918 |
| Okasan Securities Group Inc. | &nbsp;&nbsp; 31300 | 143977 |
| Oki Electric Industry Co. Ltd. | &nbsp;&nbsp; 12500 | 129650 |
| Okinawa Cellular Telephone Co. | &nbsp;&nbsp; 2200 | 75071 |
| Okumura Corp. | &nbsp;&nbsp; 2600 | 85212 |
| Omron Corp. | &nbsp;&nbsp; 13600 | 346683 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 30200 | 340150 |
| Onward Holdings Co. Ltd. | &nbsp;&nbsp; 25000 | 108688 |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 5700 | 291281 |
| Open Up Group Inc. | &nbsp;&nbsp; 12500 | 154831 |
| Organo Corp. | &nbsp;&nbsp; 1900 | 143531 |
| Orix JREIT Inc. | &nbsp;&nbsp; 500 | 333292 |
| Osaka Soda Co. Ltd. | &nbsp;&nbsp; 12500 | 160274 |
| OSG Corp. | &nbsp;&nbsp; 12500 | 171004 |
| PAL GROUP Holdings Co. Ltd. | &nbsp;&nbsp; 3600 | 126288 |
| Park24 Co. Ltd. | &nbsp;&nbsp; 12500 | 171461 |
| Penta-Ocean Construction Co. Ltd. | &nbsp;&nbsp; 25000 | 180455 |
| PeptiDream Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10600 | 107212 |
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 150000 | 279750 |
| Pigeon Corp. | &nbsp;&nbsp; 13700 | 167402 |
| Pola Orbis Holdings Inc. | &nbsp;&nbsp; 19000 | 166568 |
| Prestige International Inc. | &nbsp;&nbsp; 29300 | 135989 |
| Rakus Co. Ltd. | &nbsp;&nbsp; 12500 | 221850 |
| Rakuten Bank Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 7800 | 438539 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Relo Group Inc. | &nbsp;&nbsp; 12500 | $147382 |
| Rengo Co. Ltd. | &nbsp;&nbsp; 18800 | 117284 |
| Resonac Holdings Corp. | &nbsp;&nbsp; 14300 | 371652 |
| Resorttrust Inc. | &nbsp;&nbsp; 25000 | 319244 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 42800 | 378310 |
| Rigaku Holdings Corp. | &nbsp;&nbsp; 12500 | 69814 |
| Rinnai Corp. | &nbsp;&nbsp; 10700 | 265137 |
| Rohm Co. Ltd. | &nbsp;&nbsp; 25600 | 374728 |
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 15100 | 257164 |
| Rorze Corp. | &nbsp;&nbsp; 8500 | 103764 |
| Round One Corp. | &nbsp;&nbsp; 15900 | 162232 |
| Saizeriya Co. Ltd. | &nbsp;&nbsp; 2200 | 79470 |
| Sangetsu Corp. | &nbsp;&nbsp; 3800 | 79364 |
| San-In Godo Bank Ltd. (The) | &nbsp;&nbsp; 9500 | 86121 |
| Sanken Electric Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 77493 |
| Sankyo Co. Ltd. | &nbsp;&nbsp; 14500 | 291878 |
| Sankyu Inc. | &nbsp;&nbsp; 3700 | 205572 |
| Sansan Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7200 | 93257 |
| Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 32900 | 348585 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 14400 | 463619 |
| Sapporo Holdings Ltd. | &nbsp;&nbsp; 5300 | 271211 |
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; 12500 | 158721 |
| SBI Sumishin Net Bank Ltd., NVS | &nbsp;&nbsp; 3700 | 121348 |
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 12500 | 260071 |
| Seibu Holdings Inc. | &nbsp;&nbsp; 16800 | 609594 |
| Seiko Epson Corp. | &nbsp;&nbsp; 23500 | 298837 |
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; 5400 | 84264 |
| Sekisui House REIT Inc. | &nbsp;&nbsp; 48 | 26370 |
| Senko Group Holdings Co. Ltd. | &nbsp;&nbsp; 12500 | 171637 |
| Senshu Ikeda Holdings Inc. | &nbsp;&nbsp; 50000 | 218289 |
| Septeni Holdings Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 25000 | 70174 |
| Seven Bank Ltd. | &nbsp;&nbsp; 75000 | 147633 |
| Sharp Corp./Japan<sup>(a)</sup> | &nbsp;&nbsp; 25000 | 149789 |
| SHIFT Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15400 | 159034 |
| Shiga Bank Ltd. (The) | &nbsp;&nbsp; 2800 | 123857 |
| Shikoku Electric Power Co. Inc. | &nbsp;&nbsp; 12500 | 117054 |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 3600 | 265752 |
| Shimizu Corp. | &nbsp;&nbsp; 50000 | 671715 |
| Ship Healthcare Holdings Inc. | &nbsp;&nbsp; 12500 | 188917 |
| Shizuoka Financial Group Inc., NVS | &nbsp;&nbsp; 37500 | 497755 |
| Sinfonia Technology Co. Ltd. | &nbsp;&nbsp; 1500 | 79706 |
| Sinko Industries Ltd. | &nbsp;&nbsp; 12500 | 106352 |
| SKY Perfect JSAT Holdings Inc. | &nbsp;&nbsp; 25900 | 245656 |
| Skylark Holdings Co. Ltd. | &nbsp;&nbsp; 18300 | 366695 |
| SMS Co. Ltd. | &nbsp;&nbsp; 12500 | 133374 |
| Socionext Inc. | &nbsp;&nbsp; 18200 | 344908 |
| Sojitz Corp. | &nbsp;&nbsp; 19200 | 505798 |
| SOSiLA Logistics REIT Inc. | &nbsp;&nbsp; 263 | 214840 |
| Sotetsu Holdings Inc. | &nbsp;&nbsp; 7100 | 124871 |
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 6100 | 418991 |
| Stanley Electric Co. Ltd. | &nbsp;&nbsp; 12500 | 253171 |
| Star Asia Investment Corp. | &nbsp;&nbsp; 187 | 77657 |
| Starts Corp. Inc. | &nbsp;&nbsp; 2800 | 94591 |
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 12500 | 315913 |
| SUMCO Corp. | &nbsp;&nbsp; 37500 | 312007 |
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 5800 | 194090 |
| Sumitomo Chemical Co. Ltd. | &nbsp;&nbsp; 125000 | 374952 |
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 37500 | 425298 |
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 6200 | 137031 |
| Sumitomo Pharma Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17600 | 180467 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 12500 | 146044 |
| Sundrug Co. Ltd. | &nbsp;&nbsp; 7000 | 220496 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Suruga Bank Ltd. | &nbsp;&nbsp; 12500 | $124919 |
| Suzuken Co. Ltd. | &nbsp;&nbsp; 4100 | 162153 |
| SWCC Corp. | &nbsp;&nbsp; 2200 | 121617 |
| Systena Corp. | &nbsp;&nbsp; 30000 | 100703 |
| Tadano Ltd. | &nbsp;&nbsp; 13600 | 95466 |
| Taiheiyo Cement Corp. | &nbsp;&nbsp; 7400 | 200151 |
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 3000 | 156585 |
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 12500 | 253391 |
| Takara Holdings Inc. | &nbsp;&nbsp; 12500 | 143942 |
| Takara Leben Real Estate Investment Corp. | &nbsp;&nbsp; 305 | 195454 |
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 3600 | 218222 |
| Takashimaya Co. Ltd. | &nbsp;&nbsp; 25000 | 220239 |
| Takuma Co. Ltd. | &nbsp;&nbsp; 12500 | 191417 |
| TBS Holdings Inc. | &nbsp;&nbsp; 2100 | 76672 |
| TechnoPro Holdings Inc. | &nbsp;&nbsp; 7800 | 254658 |
| Teijin Ltd. | &nbsp;&nbsp; 12500 | 106325 |
| THK Co. Ltd. | &nbsp;&nbsp; 8500 | 228617 |
| Toa Corp./Tokyo | &nbsp;&nbsp; 12500 | 183100 |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 19800 | 206290 |
| Tobu Railway Co. Ltd. | &nbsp;&nbsp; 13100 | 237775 |
| Tocalo Co. Ltd. | &nbsp;&nbsp; 13000 | 186192 |
| Toda Corp. | &nbsp;&nbsp; 12500 | 88670 |
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 5400 | 114817 |
| Toho Bank Ltd. (The) | &nbsp;&nbsp; 50000 | 134043 |
| Toho Gas Co. Ltd. | &nbsp;&nbsp; 5900 | 179091 |
| Toho Holdings Co. Ltd. | &nbsp;&nbsp; 3600 | 133013 |
| Tohoku Electric Power Co. Inc. | &nbsp;&nbsp; 37500 | 288019 |
| Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 14700 | 100938 |
| TOKAI Holdings Corp. | &nbsp;&nbsp; 30100 | 214271 |
| Tokai Tokyo Financial Holdings Inc. | &nbsp;&nbsp; 69100 | 272330 |
| Tokuyama Corp. | &nbsp;&nbsp; 5600 | 127629 |
| Tokyo Century Corp. | &nbsp;&nbsp; 12500 | 156271 |
| Tokyo Electric Power Co. Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 124600 | 631513 |
| Tokyo Kiraboshi Financial Group Inc. | &nbsp;&nbsp; 2000 | 94985 |
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 7600 | 241396 |
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 2900 | 162032 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 12500 | 140610 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 18100 | 340235 |
| Tokyu Construction Co. Ltd. | &nbsp;&nbsp; 31600 | 240864 |
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 47100 | 377811 |
| Tokyu REIT Inc. | &nbsp;&nbsp; 125 | 170734 |
| TOMONY Holdings Inc. | &nbsp;&nbsp; 41300 | 177171 |
| Tomy Co. Ltd. | &nbsp;&nbsp; 6400 | 146249 |
| Topcon Corp. | &nbsp;&nbsp; 8300 | 184453 |
| Toridoll Holdings Corp. | &nbsp;&nbsp; 3500 | 117449 |
| Tosoh Corp. | &nbsp;&nbsp; 25000 | 394110 |
| TOTO Ltd. | &nbsp;&nbsp; 12500 | 322785 |
| Towa Corp. | &nbsp;&nbsp; 6900 | 80364 |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp; 12500 | 303739 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 7400 | 509013 |
| Toyo Tire Corp. | &nbsp;&nbsp; 12500 | 317573 |
| Toyobo Co. Ltd. | &nbsp;&nbsp; 20700 | 152330 |
| Toyota Boshoku Corp. | &nbsp;&nbsp; 12500 | 203880 |
| TS Tech Co. Ltd. | &nbsp;&nbsp; 19500 | 245213 |
| Tsubakimoto Chain Co. | &nbsp;&nbsp; 5100 | 76130 |
| Tsumura & Co. | &nbsp;&nbsp; 4000 | 96192 |
| Tsuruha Holdings Inc. | &nbsp;&nbsp; 17500 | 269988 |
| UACJ Corp. | &nbsp;&nbsp; 2400 | 102440 |
| UBE Corp. | &nbsp;&nbsp; 12500 | 197336 |
| Ulvac Inc. | &nbsp;&nbsp; 2400 | 96785 |
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 6700 | 94434 |
| United Super Markets Holdings Inc. | &nbsp;&nbsp; 15900 | 103869 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| United Urban Investment Corp. | &nbsp;&nbsp; 250 | $301336 |
| Ushio Inc. | &nbsp;&nbsp; 12500 | 181829 |
| USS Co. Ltd. | &nbsp;&nbsp; 37500 | 454287 |
| Visional Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1800 | 143255 |
| Wacoal Holdings Corp. | &nbsp;&nbsp; 2500 | 92558 |
| Wacom Co. Ltd. | &nbsp;&nbsp; 25000 | 122502 |
| Welcia Holdings Co. Ltd. | &nbsp;&nbsp; 12500 | 220391 |
| Yamada Holdings Co. Ltd. | &nbsp;&nbsp; 5600 | 17658 |
| Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 8700 | 104032 |
| Yamaha Corp. | &nbsp;&nbsp; 37500 | 246740 |
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 18800 | 317202 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 3400 | 222674 |
| Yamazaki Baking Co. Ltd. | &nbsp;&nbsp; 12500 | 290077 |
| Yaoko Co. Ltd. | &nbsp;&nbsp; 1500 | 93393 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 18200 | 360320 |
| Yodogawa Steel Works Ltd. | &nbsp;&nbsp; 9000 | 83645 |
| Yokohama Rubber Co. Ltd. (The) | &nbsp;&nbsp; 12500 | 459944 |
| Yonex Co. Ltd. | &nbsp;&nbsp; 5100 | 144167 |
| Yoshinoya Holdings Co. Ltd. | &nbsp;&nbsp; 6100 | 131710 |
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 11600 | 265272 |
| Zeon Corp. | &nbsp;&nbsp; 12500 | 143528 |
|  |  | 94243539 |
| **Netherlands — 0.5%** | **Netherlands — 0.5%** | **Netherlands — 0.5%** |
| Aalberts NV | &nbsp;&nbsp; 7875 | 275886 |
| Allfunds Group PLC | &nbsp;&nbsp; 24250 | 170183 |
| AMG Critical Materials NV | &nbsp;&nbsp; 3250 | 99923 |
| Arcadis NV | &nbsp;&nbsp; 5750 | 265290 |
| Basic-Fit NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 3875 | 113424 |
| Corbion NV | &nbsp;&nbsp; 4125 | 83181 |
| Eurocommercial Properties NV | &nbsp;&nbsp; 3500 | 111101 |
| Expro Group Holdings NV<sup>(a)</sup> | &nbsp;&nbsp; 8125 | 101319 |
| Flow Traders Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3503 | 103803 |
| Fugro NV | &nbsp;&nbsp; 9250 | 127574 |
| Just Eat Takeaway.com NV<sup>(a)(c)</sup> | &nbsp;&nbsp; 12430 | 293561 |
| Koninklijke BAM Groep NV | &nbsp;&nbsp; 21375 | 190531 |
| Koninklijke Heijmans NV | &nbsp;&nbsp; 2000 | 137478 |
| Koninklijke Vopak NV | &nbsp;&nbsp; 4625 | 223648 |
| Newamsterdam Pharma Co. NV<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 81169 |
| OCI NV | &nbsp;&nbsp; 8625 | 49282 |
| Pharming Group NV<sup>(a)</sup> | &nbsp;&nbsp; 59500 | 87499 |
| SBM Offshore NV | &nbsp;&nbsp; 10500 | 287064 |
| Signify NV<sup>(c)</sup> | &nbsp;&nbsp; 10898 | 287786 |
| TKH Group NV | &nbsp;&nbsp; 3250 | 131616 |
| TomTom NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 7625 | 46986 |
| Van Lanschot Kempen NV | &nbsp;&nbsp; 2250 | 137494 |
| Wereldhave NV | &nbsp;&nbsp; 4125 | 89726 |
|  |  | 3495524 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| Air New Zealand Ltd. | &nbsp;&nbsp; 158125 | 55039 |
| EBOS Group Ltd. | &nbsp;&nbsp; 15263 | 293634 |
| Fletcher Building Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 85375 | 158637 |
| Goodman Property Trust | &nbsp;&nbsp; 85625 | 103555 |
| Kiwi Property Group Ltd. | &nbsp;&nbsp; 183125 | 112356 |
| Mercury NZ Ltd. | &nbsp;&nbsp; 57000 | 220594 |
| Ryman Healthcare Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 72625 | 102163 |
| Spark New Zealand Ltd. | &nbsp;&nbsp; 146500 | 222983 |
|  |  | 1268961 |
| **Norway — 0.8%** | **Norway — 0.8%** | **Norway — 0.8%** |
| Aker ASA, Class A | &nbsp;&nbsp; 1750 | 127703 |
| Aker Solutions ASA | &nbsp;&nbsp; 29661 | 91906 |
| Atea ASA | &nbsp;&nbsp; 6250 | 87046 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| Austevoll Seafood ASA | &nbsp;&nbsp; 8882 | $82387 |
| AutoStore Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 95375 | 80223 |
| Bakkafrost P/F | &nbsp;&nbsp; 4000 | 173760 |
| BlueNord ASA | &nbsp;&nbsp; 1875 | 91865 |
| BW LPG Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 7625 | 119012 |
| Cadeler AS<sup>(a)</sup> | &nbsp;&nbsp; 18125 | 95197 |
| DNO ASA | &nbsp;&nbsp; 45500 | 69323 |
| DOF Group ASA | &nbsp;&nbsp; 11750 | 114631 |
| Elkem ASA<sup>(c)</sup> | &nbsp;&nbsp; 27125 | 69060 |
| Elopak ASA | &nbsp;&nbsp; 13000 | 60848 |
| Entra ASA<sup>(a)(c)</sup> | &nbsp;&nbsp; 5500 | 66533 |
| Europris ASA<sup>(c)</sup> | &nbsp;&nbsp; 12625 | 122143 |
| Frontline PLC | &nbsp;&nbsp; 11500 | 236261 |
| Hoegh Autoliners ASA | &nbsp;&nbsp; 9625 | 110614 |
| Kitron ASA | &nbsp;&nbsp; 15875 | 92252 |
| Leroy Seafood Group ASA | &nbsp;&nbsp; 19250 | 94320 |
| MPC Container Ships ASA | &nbsp;&nbsp; 38375 | 68549 |
| Norconsult Norge A/S | &nbsp;&nbsp; 24133 | 110796 |
| Nordic Semiconductor ASA<sup>(a)</sup> | &nbsp;&nbsp; 14625 | 242124 |
| Norwegian Air Shuttle ASA | &nbsp;&nbsp; 71375 | 120968 |
| Odfjell Drilling Ltd. | &nbsp;&nbsp; 9000 | 72624 |
| Protector Forsikring ASA | &nbsp;&nbsp; 4381 | 211769 |
| Scatec ASA<sup>(a)(c)</sup> | &nbsp;&nbsp; 10125 | 106578 |
| SpareBank 1 Nord Norge | &nbsp;&nbsp; 9750 | 132932 |
| SpareBank 1 Oestlandet | &nbsp;&nbsp; 5625 | 104825 |
| SpareBank 1 SMN | &nbsp;&nbsp; 5507 | 105179 |
| SpareBank 1 Sor-Norge ASA | &nbsp;&nbsp; 13042 | 229012 |
| Stolt-Nielsen Ltd. | &nbsp;&nbsp; 2250 | 73142 |
| Storebrand ASA | &nbsp;&nbsp; 33750 | 519307 |
| Subsea 7 SA | &nbsp;&nbsp; 17875 | 373881 |
| TGS ASA | &nbsp;&nbsp; 15625 | 119459 |
| TOMRA Systems ASA | &nbsp;&nbsp; 17625 | 268287 |
| Vend Marketplaces ASA | &nbsp;&nbsp; 6007 | 232556 |
| Vend Marketplaces ASA, Class B | &nbsp;&nbsp; 8000 | 292077 |
| Wallenius Wilhelmsen ASA | &nbsp;&nbsp; 8375 | 78375 |
| Wilh Wilhelmsen Holding ASA, Class A | &nbsp;&nbsp; 1500 | 76849 |
|  |  | 5524373 |
| **Portugal — 0.1%** | **Portugal — 0.1%** | **Portugal — 0.1%** |
| Altri SGPS SA<sup>(b)</sup> | &nbsp;&nbsp; 7875 | 46341 |
| CTT-Correios de Portugal SA | &nbsp;&nbsp; 7250 | 62256 |
| Navigator Co. SA (The) | &nbsp;&nbsp; 20125 | 78090 |
| NOS SGPS SA | &nbsp;&nbsp; 16375 | 74837 |
| REN - Redes Energeticas Nacionais SGPS SA | &nbsp;&nbsp; 31750 | 111065 |
| Sonae SGPS SA | &nbsp;&nbsp; 68125 | 101856 |
|  |  | 474445 |
| **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** |
| EVERTEC Inc. | &nbsp;&nbsp; 4279 | 152675 |
| First BanCorp./Puerto Rico | &nbsp;&nbsp; 11073 | 246153 |
| Liberty Latin America Ltd., Class C, NVS<sup>(a)</sup> | &nbsp;&nbsp; 10500 | 86520 |
| OFG Bancorp. | &nbsp;&nbsp; 3504 | 156804 |
|  |  | 642152 |
| **Singapore — 0.7%** | **Singapore — 0.7%** | **Singapore — 0.7%** |
| AIMS APAC REIT | &nbsp;&nbsp; 50000 | 52575 |
| Bitdeer Technologies Group, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 8250 | 117892 |
| CapitaLand Ascott Trust | &nbsp;&nbsp; 225000 | 155066 |
| CapitaLand China Trust | &nbsp;&nbsp; 125000 | 73046 |
| Capitaland India Trust | &nbsp;&nbsp; 112500 | 103448 |
| CDL Hospitality Trusts<sup>(b)</sup> | &nbsp;&nbsp; 100000 | 61926 |
| City Developments Ltd. | &nbsp;&nbsp; 37500 | 198746 |
| ComfortDelGro Corp. Ltd. | &nbsp;&nbsp; 187500 | 211833 |
| Digital Core REIT Management Pte. Ltd. | &nbsp;&nbsp; 87500 | 44612 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| ESR-REIT | &nbsp;&nbsp; 28080 | $59943 |
| Far East Hospitality Trust | &nbsp;&nbsp; 100000 | 45963 |
| First Resources Ltd. | &nbsp;&nbsp; 37500 | 49968 |
| Frasers Centrepoint Trust | &nbsp;&nbsp; 125000 | 227030 |
| Frasers Logistics & Commercial Trust | &nbsp;&nbsp; 250000 | 177206 |
| Golden Agri-Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 500000 | 109224 |
| Hafnia Ltd. | &nbsp;&nbsp; 24375 | 149064 |
| Hutchison Port Holdings Trust, Class U | &nbsp;&nbsp; 437500 | 94063 |
| iFAST Corp. Ltd. | &nbsp;&nbsp; 12500 | 82288 |
| Keppel DC REIT | &nbsp;&nbsp; 125000 | 229827 |
| Keppel Infrastructure Trust | &nbsp;&nbsp; 237500 | 82369 |
| Keppel REIT | &nbsp;&nbsp; 212500 | 161379 |
| Lendlease Global Commercial REIT | &nbsp;&nbsp; 349800 | 163603 |
| Mapletree Industrial Trust<sup>(b)</sup> | &nbsp;&nbsp; 150000 | 240735 |
| Mapletree Logistics Trust<sup>(b)</sup> | &nbsp;&nbsp; 250000 | 237526 |
| Mapletree Pan Asia Commercial Trust<sup>(b)</sup> | &nbsp;&nbsp; 200000 | 215105 |
| Olam Group Ltd. | &nbsp;&nbsp; 87500 | 68876 |
| Parkway Life REIT | &nbsp;&nbsp; 37500 | 123334 |
| Raffles Medical Group Ltd. | &nbsp;&nbsp; 75000 | 59043 |
| Riverstone Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 87500 | 49100 |
| SATS Ltd. | &nbsp;&nbsp; 75000 | 193399 |
| Seatrium Ltd. | &nbsp;&nbsp; 187500 | 341562 |
| Sheng Siong Group Ltd. | &nbsp;&nbsp; 62500 | 98881 |
| SIA Engineering Co. Ltd. | &nbsp;&nbsp; 37500 | 91770 |
| Singapore Post Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 137500 | 49808 |
| Starhill Global REIT | &nbsp;&nbsp; 100000 | 42480 |
| StarHub Ltd. | &nbsp;&nbsp; 50000 | 43644 |
| Stoneweg Europe Stapled Trust, NVS | &nbsp;&nbsp; 37500 | 68000 |
| Suntec REIT | &nbsp;&nbsp; 150000 | 154376 |
| UMS Integration Ltd. | &nbsp;&nbsp; 75000 | 80656 |
| UOL Group Ltd. | &nbsp;&nbsp; 37500 | 217730 |
| Venture Corp. Ltd. | &nbsp;&nbsp; 7600 | 80429 |
| Yangzijiang Financial Holding Ltd. | &nbsp;&nbsp; 275000 | 224987 |
|  |  | 5332512 |
| **Spain — 0.5%** | **Spain — 0.5%** | **Spain — 0.5%** |
| Acerinox SA | &nbsp;&nbsp; 14875 | 183524 |
| Aedas Homes SA<sup>(c)</sup> | &nbsp;&nbsp; 750 | 18569 |
| Almirall SA | &nbsp;&nbsp; 11898 | 155596 |
| Atresmedia Corp. de Medios de Comunicacion SA | &nbsp;&nbsp; 9339 | 56963 |
| CIE Automotive SA | &nbsp;&nbsp; 3375 | 106514 |
| Construcciones y Auxiliar de Ferrocarriles SA | &nbsp;&nbsp; 1750 | 105949 |
| Distribuidora Internacional de Alimentacion SA<sup>(a)</sup> | &nbsp;&nbsp; 1519 | 44871 |
| eDreams ODIGEO SA<sup>(a)</sup> | &nbsp;&nbsp; 8250 | 82946 |
| Enagas SA | &nbsp;&nbsp; 13790 | 214810 |
| Ence Energia y Celulosa SA | &nbsp;&nbsp; 14250 | 46940 |
| Fluidra SA | &nbsp;&nbsp; 7625 | 217411 |
| Gestamp Automocion SA<sup>(c)</sup> | &nbsp;&nbsp; 18625 | 75317 |
| Grenergy Renovables SA<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 95617 |
| Indra Sistemas SA | &nbsp;&nbsp; 6375 | 257465 |
| Inmobiliaria Colonial SOCIMI SA | &nbsp;&nbsp; 13019 | 85947 |
| Laboratorios Farmaceuticos Rovi SA | &nbsp;&nbsp; 1750 | 118949 |
| Linea Directa Aseguradora SA Cia de Seguros <br> y Reaseguros<br>| &nbsp;&nbsp; 43754 | 68285 |
| Logista Integral SA | &nbsp;&nbsp; 4750 | 155690 |
| Melia Hotels International SA | &nbsp;&nbsp; 10000 | 93004 |
| Merlin Properties SOCIMI SA | &nbsp;&nbsp; 31375 | 467770 |
| Neinor Homes SA<sup>(c)</sup> | &nbsp;&nbsp; 3550 | 70732 |
| Pharma Mar SA | &nbsp;&nbsp; 1000 | 95310 |
| Prosegur Cash SA<sup>(c)</sup> | &nbsp;&nbsp; 23625 | 19624 |
| Prosegur Cia. de Seguridad SA | &nbsp;&nbsp; 10875 | 33768 |
| Sacyr SA | &nbsp;&nbsp; 28982 | 122322 |
| Solaria Energia y Medio Ambiente SA<sup>(a)</sup> | &nbsp;&nbsp; 7500 | 121493 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Tecnicas Reunidas SA<sup>(a)</sup> | &nbsp;&nbsp; 4625 | $122806 |
| Unicaja Banco SA<sup>(c)</sup> | &nbsp;&nbsp; 81750 | 226677 |
| Vidrala SA | &nbsp;&nbsp; 1750 | 188795 |
| Viscofan SA | &nbsp;&nbsp; 3181 | 222848 |
|  |  | 3876512 |
| **Sweden — 1.8%** | **Sweden — 1.8%** | **Sweden — 1.8%** |
| AAK AB | &nbsp;&nbsp; 14375 | 413713 |
| AcadeMedia AB<sup>(c)</sup> | &nbsp;&nbsp; 6875 | 67395 |
| AddLife AB, Class B | &nbsp;&nbsp; 9375 | 175633 |
| Addnode Group AB, Class B | &nbsp;&nbsp; 9875 | 118040 |
| AFRY AB | &nbsp;&nbsp; 7875 | 124444 |
| Alimak Group AB<sup>(c)</sup> | &nbsp;&nbsp; 5500 | 91524 |
| Alleima AB | &nbsp;&nbsp; 15000 | 110861 |
| Ambea AB<sup>(c)</sup> | &nbsp;&nbsp; 6375 | 85934 |
| AQ Group AB | &nbsp;&nbsp; 4750 | 97588 |
| Arjo AB, Class B | &nbsp;&nbsp; 18750 | 68561 |
| Asmodee Group AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 10250 | 124148 |
| Atrium Ljungberg AB, Class B | &nbsp;&nbsp; 24375 | 81202 |
| Attendo AB<sup>(c)</sup> | &nbsp;&nbsp; 8875 | 61993 |
| Avanza Bank Holding AB | &nbsp;&nbsp; 10000 | 377943 |
| Axfood AB | &nbsp;&nbsp; 8625 | 272056 |
| Betsson AB, Class B | &nbsp;&nbsp; 9879 | 167211 |
| Better Collective A/S<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 48394 |
| Bilia AB, Class A | &nbsp;&nbsp; 5625 | 69356 |
| Billerud Aktiebolag | &nbsp;&nbsp; 17875 | 170796 |
| BioArctic AB, Class B<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 2875 | 92090 |
| BioGaia AB, Class B | &nbsp;&nbsp; 7699 | 85443 |
| BoneSupport Holding AB<sup>(a)(c)</sup> | &nbsp;&nbsp; 4125 | 135437 |
| Boozt AB<sup>(a)(c)</sup> | &nbsp;&nbsp; 5750 | 55893 |
| Bravida Holding AB<sup>(c)</sup> | &nbsp;&nbsp; 16250 | 159263 |
| Bufab AB | &nbsp;&nbsp; 10625 | 105346 |
| Bure Equity AB | &nbsp;&nbsp; 4500 | 134864 |
| Camurus AB<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 219463 |
| Castellum AB | &nbsp;&nbsp; 31250 | 354402 |
| Catena AB | &nbsp;&nbsp; 3625 | 166572 |
| Cibus Nordic Real Estate AB publ | &nbsp;&nbsp; 5000 | 90047 |
| Clas Ohlson AB, Class B | &nbsp;&nbsp; 3500 | 123780 |
| Cloetta AB, Class B | &nbsp;&nbsp; 17342 | 59455 |
| Creades AB, Class A | &nbsp;&nbsp; 17788 | 147262 |
| Dios Fastigheter AB | &nbsp;&nbsp; 11375 | 77200 |
| Dometic Group AB<sup>(c)</sup> | &nbsp;&nbsp; 24250 | 135717 |
| Dynavox Group AB<sup>(a)</sup> | &nbsp;&nbsp; 6739 | 89537 |
| Electrolux AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 15450 | 91794 |
| Electrolux Professional AB, Class B | &nbsp;&nbsp; 18875 | 122598 |
| Elekta AB, Class B | &nbsp;&nbsp; 27913 | 138798 |
| Embracer Group AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 9500 | 84946 |
| Engcon AB | &nbsp;&nbsp; 4125 | 33316 |
| Fabege AB | &nbsp;&nbsp; 19292 | 166126 |
| Getinge AB, Class B | &nbsp;&nbsp; 18125 | 397144 |
| Granges AB | &nbsp;&nbsp; 8500 | 124683 |
| Hemnet Group AB | &nbsp;&nbsp; 6875 | 178966 |
| Hexatronic Group AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 17875 | 43610 |
| Hexpol AB | &nbsp;&nbsp; 21000 | 189116 |
| HMS Networks AB<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 127637 |
| Hufvudstaden AB, Class A | &nbsp;&nbsp; 8875 | 115691 |
| Husqvarna AB, Class B | &nbsp;&nbsp; 25568 | 145131 |
| Instalco AB | &nbsp;&nbsp; 22000 | 58092 |
| INVISIO AB | &nbsp;&nbsp; 2875 | 94643 |
| Inwido AB | &nbsp;&nbsp; 4125 | 79883 |
| JM AB | &nbsp;&nbsp; 5625 | 81337 |
| Kinnevik AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 19375 | 173956 |
| Lindab International AB | &nbsp;&nbsp; 6000 | 133298 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Loomis AB, Class B | &nbsp;&nbsp; 5625 | $249397 |
| Medicover AB, Class B | &nbsp;&nbsp; 5250 | 147047 |
| MEKO AB | &nbsp;&nbsp; 4000 | 34574 |
| Millicom International Cellular SA | &nbsp;&nbsp; 8250 | 398557 |
| MIPS AB | &nbsp;&nbsp; 2125 | 90167 |
| Modern Times Group MTG AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 6564 | 67888 |
| Munters Group AB<sup>(c)</sup> | &nbsp;&nbsp; 10250 | 140134 |
| Mycronic AB | &nbsp;&nbsp; 12500 | 280243 |
| NCAB Group AB<sup>(a)</sup> | &nbsp;&nbsp; 14125 | 73478 |
| NCC AB, Class B | &nbsp;&nbsp; 6625 | 136003 |
| New Wave Group AB, Class B | &nbsp;&nbsp; 7000 | 78161 |
| Nolato AB, Class B | &nbsp;&nbsp; 15375 | 94338 |
| Nordnet AB publ | &nbsp;&nbsp; 11000 | 320254 |
| Norion Bank AB<sup>(a)</sup> | &nbsp;&nbsp; 7250 | 53118 |
| NP3 Fastigheter AB | &nbsp;&nbsp; 7992 | 213216 |
| Nyfosa AB | &nbsp;&nbsp; 13250 | 114912 |
| Pandox AB, Class B | &nbsp;&nbsp; 8500 | 153846 |
| Paradox Interactive AB | &nbsp;&nbsp; 3420 | 62603 |
| Peab AB, Class B | &nbsp;&nbsp; 13500 | 105328 |
| Platzer Fastigheter Holding AB, Class B | &nbsp;&nbsp; 5875 | 42397 |
| Polestar Automotive Holding U.K. PLC, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 42375 | 58054 |
| Ratos AB, Class B | &nbsp;&nbsp; 20250 | 75409 |
| Rusta AB | &nbsp;&nbsp; 6000 | 46981 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(a)</sup> | &nbsp;&nbsp; 118000 | 59642 |
| Scandic Hotels Group AB<sup>(c)</sup> | &nbsp;&nbsp; 12125 | 112527 |
| Sdiptech AB, Class B<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 57137 |
| Sectra AB, Class B | &nbsp;&nbsp; 10875 | 381214 |
| Sinch AB<sup>(a)(c)</sup> | &nbsp;&nbsp; 53625 | 167716 |
| SkiStar AB | &nbsp;&nbsp; 3375 | 56017 |
| SSAB AB, Class A | &nbsp;&nbsp; 17625 | 102588 |
| SSAB AB, Class B | &nbsp;&nbsp; 50125 | 284476 |
| Storskogen Group AB, Class B | &nbsp;&nbsp; 110500 | 115156 |
| Surgical Science Sweden AB<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 36948 |
| Svolder AB, Class B | &nbsp;&nbsp; 33582 | 191395 |
| Sweco AB, Class B | &nbsp;&nbsp; 15875 | 267955 |
| Synsam AB | &nbsp;&nbsp; 10375 | 64706 |
| Thule Group AB<sup>(c)</sup> | &nbsp;&nbsp; 8625 | 241901 |
| Troax Group AB | &nbsp;&nbsp; 3500 | 52202 |
| Truecaller AB, Class B | &nbsp;&nbsp; 21400 | 101457 |
| VBG Group AB, Class B | &nbsp;&nbsp; 1625 | 51302 |
| Vimian Group AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 18590 | 61219 |
| Vitec Software Group AB, Class B | &nbsp;&nbsp; 2625 | 100844 |
| Vitrolife AB | &nbsp;&nbsp; 5875 | 84845 |
| Wallenstam AB, Class B | &nbsp;&nbsp; 28125 | 131199 |
| Wihlborgs Fastigheter AB | &nbsp;&nbsp; 22000 | 218566 |
| Xvivo Perfusion AB<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 35482 |
| Yubico AB<sup>(a)(b)</sup> | &nbsp;&nbsp; 3750 | 54173 |
|  |  | 13606100 |
| **Switzerland — 1.6%** | **Switzerland — 1.6%** | **Switzerland — 1.6%** |
| Accelleron Industries AG | &nbsp;&nbsp; 7500 | 645382 |
| Adecco Group AG, Registered | &nbsp;&nbsp; 13375 | 428447 |
| Allreal Holding AG, Registered | &nbsp;&nbsp; 682 | 154490 |
| ALSO Holding AG, Registered | &nbsp;&nbsp; 500 | 158435 |
| ams-OSRAM AG<sup>(a)</sup> | &nbsp;&nbsp; 7875 | 98406 |
| Arbonia AG | &nbsp;&nbsp; 5125 | 37190 |
| Aryzta AG<sup>(a)</sup> | &nbsp;&nbsp; 1756 | 161753 |
| Autoneum Holding AG | &nbsp;&nbsp; 250 | 49628 |
| Bachem Holding AG | &nbsp;&nbsp; 2750 | 218945 |
| Basilea Pharmaceutica Ag Allschwil, Registered<sup>(a)</sup> | &nbsp;&nbsp; 1649 | 97218 |
| Bossard Holding AG, Class A, Registered | &nbsp;&nbsp; 500 | 105932 |
| Bucher Industries AG, Registered | &nbsp;&nbsp; 500 | 237555 |
| Burckhardt Compression Holding AG | &nbsp;&nbsp; 250 | 225109 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Burkhalter Holding AG | &nbsp;&nbsp; 750 | $136894 |
| Bystronic AG, Registered | &nbsp;&nbsp; 125 | 54997 |
| Cembra Money Bank AG | &nbsp;&nbsp; 2375 | 269406 |
| Clariant AG, Registered | &nbsp;&nbsp; 17125 | 175949 |
| Comet Holding AG, Registered | &nbsp;&nbsp; 625 | 133897 |
| COSMO Pharmaceuticals NV | &nbsp;&nbsp; 875 | 68829 |
| Daetwyler Holding AG, Bearer | &nbsp;&nbsp; 625 | 105683 |
| DKSH Holding AG | &nbsp;&nbsp; 2875 | 211440 |
| dormakaba Holding AG | &nbsp;&nbsp; 250 | 232598 |
| Dottikon Es Holding AG<sup>(a)</sup> | &nbsp;&nbsp; 375 | 133719 |
| EFG International AG | &nbsp;&nbsp; 7500 | 149088 |
| Emmi AG, Registered | &nbsp;&nbsp; 125 | 116611 |
| Flughafen Zurich AG, Registered | &nbsp;&nbsp; 1417 | 432955 |
| Forbo Holding AG, Registered | &nbsp;&nbsp; 125 | 123943 |
| Galenica AG<sup>(c)</sup> | &nbsp;&nbsp; 4168 | 446532 |
| Georg Fischer AG | &nbsp;&nbsp; 6250 | 499802 |
| Hiag Immobilien Holding AG | &nbsp;&nbsp; 583 | 77108 |
| Huber + Suhner AG, Registered | &nbsp;&nbsp; 1125 | 170252 |
| Implenia AG, Registered | &nbsp;&nbsp; 1250 | 99753 |
| Inficon Holding AG | &nbsp;&nbsp; 1250 | 148510 |
| Interroll Holding AG, Registered | &nbsp;&nbsp; 34 | 95431 |
| Intershop Holding AG | &nbsp;&nbsp; 500 | 96413 |
| Kardex Holding AG, Registered | &nbsp;&nbsp; 500 | 209152 |
| Komax Holding AG, Registered<sup>(a)</sup> | &nbsp;&nbsp; 375 | 40050 |
| Kuros Biosciences AG<sup>(a)</sup> | &nbsp;&nbsp; 2387 | 74105 |
| Landis+Gyr Group AG | &nbsp;&nbsp; 2000 | 160421 |
| LEM Holding SA, Registered<sup>(a)</sup> | &nbsp;&nbsp; 37 | 24217 |
| Medacta Group SA<sup>(c)</sup> | &nbsp;&nbsp; 500 | 91032 |
| Mobilezone Holding AG, Registered | &nbsp;&nbsp; 3875 | 52731 |
| Mobimo Holding AG, Registered | &nbsp;&nbsp; 625 | 246927 |
| Montana Aerospace AG<sup>(a)(c)</sup> | &nbsp;&nbsp; 2750 | 87016 |
| OC Oerlikon Corp. AG Pfaffikon, Registered | &nbsp;&nbsp; 16875 | 62121 |
| PSP Swiss Property AG, Registered | &nbsp;&nbsp; 3824 | 636159 |
| R&S Group Holding AG | &nbsp;&nbsp; 2041 | 93872 |
| Schweiter Technologies AG | &nbsp;&nbsp; 125 | 49189 |
| Sensirion Holding AG<sup>(a)(c)</sup> | &nbsp;&nbsp; 875 | 72363 |
| SFS Group AG | &nbsp;&nbsp; 1375 | 189193 |
| Siegfried Holding AG | &nbsp;&nbsp; 3077 | 322942 |
| SKAN Group AG | &nbsp;&nbsp; 1000 | 76808 |
| Softwareone Holding AG | &nbsp;&nbsp; 11410 | 98483 |
| Softwareone Holding AG<sup>(a)</sup> | &nbsp;&nbsp; 2137 | 18359 |
| Stadler Rail AG | &nbsp;&nbsp; 4375 | 116448 |
| Sulzer AG, Registered | &nbsp;&nbsp; 1500 | 281091 |
| Sunrise Communications AG, Class A | &nbsp;&nbsp; 5250 | 329784 |
| Swissquote Group Holding SA, Registered | &nbsp;&nbsp; 875 | 573797 |
| Tecan Group AG, Registered | &nbsp;&nbsp; 1125 | 232327 |
| Temenos AG, Registered | &nbsp;&nbsp; 4082 | 362963 |
| TX Group AG | &nbsp;&nbsp; 295 | 72199 |
| u-blox Holding AG<sup>(a)</sup> | &nbsp;&nbsp; 625 | 105906 |
| Valiant Holding AG, Registered | &nbsp;&nbsp; 1190 | 196634 |
| Vetropack Holding AG, Class A, Registered | &nbsp;&nbsp; 1500 | 48778 |
| Vontobel Holding AG, Registered | &nbsp;&nbsp; 2375 | 181171 |
| Ypsomed Holding AG, Registered | &nbsp;&nbsp; 375 | 184044 |
| Zehnder Group AG, Registered | &nbsp;&nbsp; 875 | 78277 |
|  |  | 11966859 |
| **United Kingdom — 4.8%** | **United Kingdom — 4.8%** | **United Kingdom — 4.8%** |
| 4imprint Group PLC | &nbsp;&nbsp; 2250 | 102410 |
| AB Dynamics PLC | &nbsp;&nbsp; 1500 | 28890 |
| Aberdeen Group PLC | &nbsp;&nbsp; 150875 | 397107 |
| Advanced Medical Solutions Group PLC | &nbsp;&nbsp; 18500 | 50591 |
| AG Barr PLC | &nbsp;&nbsp; 8875 | 81857 |
| Airtel Africa PLC<sup>(c)</sup> | &nbsp;&nbsp; 73000 | 218779 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| AJ Bell PLC | &nbsp;&nbsp; 26250 | $181216 |
| Alfa Financial Software Holdings PLC<sup>(c)</sup> | &nbsp;&nbsp; 25515 | 76904 |
| Alpha Group International PLC | &nbsp;&nbsp; 2378 | 134237 |
| Alphawave IP Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 36625 | 90067 |
| AO World PLC<sup>(a)</sup> | &nbsp;&nbsp; 34500 | 40242 |
| Ashmore Group PLC | &nbsp;&nbsp; 36750 | 88614 |
| Ashtead Technology Holdings PLC | &nbsp;&nbsp; 7250 | 36306 |
| Atalaya Mining Copper SA | &nbsp;&nbsp; 11000 | 79988 |
| Auction Technology Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 9500 | 43336 |
| B&M European Value Retail SA | &nbsp;&nbsp; 77799 | 253046 |
| Babcock International Group PLC | &nbsp;&nbsp; 21000 | 288307 |
| Balfour Beatty PLC | &nbsp;&nbsp; 41000 | 328971 |
| Baltic Classifieds Group PLC | &nbsp;&nbsp; 36500 | 162800 |
| Beazley PLC | &nbsp;&nbsp; 50750 | 537251 |
| Bellway PLC | &nbsp;&nbsp; 9375 | 295326 |
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 8000 | 389316 |
| Big Yellow Group PLC | &nbsp;&nbsp; 15375 | 189240 |
| Bodycote PLC | &nbsp;&nbsp; 14500 | 122685 |
| Breedon Group PLC | &nbsp;&nbsp; 21875 | 108626 |
| Bridgepoint Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 19625 | 89337 |
| British Land Co. PLC (The) | &nbsp;&nbsp; 78069 | 354487 |
| Burberry Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 28500 | 494776 |
| Bytes Technology Group PLC | &nbsp;&nbsp; 18125 | 98833 |
| C&C Group PLC | &nbsp;&nbsp; 34000 | 78766 |
| Capri Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9875 | 203326 |
| Carnival PLC<sup>(a)</sup> | &nbsp;&nbsp; 11625 | 339027 |
| Chemring Group PLC | &nbsp;&nbsp; 21750 | 157850 |
| Chesnara PLC | &nbsp;&nbsp; 37421 | 142883 |
| Clarkson PLC | &nbsp;&nbsp; 2500 | 118088 |
| Coats Group PLC | &nbsp;&nbsp; 126875 | 131593 |
| Computacenter PLC | &nbsp;&nbsp; 5750 | 178708 |
| Conduit Holdings Ltd. | &nbsp;&nbsp; 12252 | 49671 |
| Convatec Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 130250 | 416409 |
| Craneware PLC | &nbsp;&nbsp; 2375 | 68695 |
| Cranswick PLC | &nbsp;&nbsp; 4250 | 292937 |
| Crest Nicholson Holdings PLC | &nbsp;&nbsp; 23625 | 48020 |
| Croda International PLC | &nbsp;&nbsp; 8106 | 274601 |
| Currys PLC | &nbsp;&nbsp; 81125 | 123142 |
| CVS Group PLC | &nbsp;&nbsp; 5750 | 95467 |
| Deliveroo PLC<sup>(a)(c)</sup> | &nbsp;&nbsp; 80250 | 193521 |
| Derwent London PLC | &nbsp;&nbsp; 8250 | 189920 |
| Diploma PLC | &nbsp;&nbsp; 10625 | 775635 |
| DiscoverIE Group PLC | &nbsp;&nbsp; 8625 | 70645 |
| Diversified Energy Co. PLC | &nbsp;&nbsp; 5000 | 81463 |
| Domino's Pizza Group PLC | &nbsp;&nbsp; 28250 | 74676 |
| Dowlais Group PLC | &nbsp;&nbsp; 107125 | 112961 |
| Dr. Martens PLC | &nbsp;&nbsp; 61375 | 75198 |
| Drax Group PLC | &nbsp;&nbsp; 29250 | 256923 |
| Dunelm Group PLC | &nbsp;&nbsp; 10500 | 170302 |
| easyJet PLC | &nbsp;&nbsp; 24125 | 159996 |
| Elementis PLC | &nbsp;&nbsp; 47000 | 103278 |
| Empiric Student Property PLC | &nbsp;&nbsp; 63500 | 77501 |
| Endeavour Mining PLC | &nbsp;&nbsp; 15500 | 532161 |
| Energean PLC | &nbsp;&nbsp; 12375 | 159650 |
| Fevertree Drinks PLC | &nbsp;&nbsp; 8375 | 91787 |
| Firstgroup PLC | &nbsp;&nbsp; 43625 | 130663 |
| Frasers Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 9000 | 82228 |
| Future PLC | &nbsp;&nbsp; 8375 | 82186 |
| Games Workshop Group PLC | &nbsp;&nbsp; 2625 | 548023 |
| Gamma Communications PLC | &nbsp;&nbsp; 7250 | 103478 |
| Gates Industrial Corp. PLC<sup>(a)</sup> | &nbsp;&nbsp; 21255 | 543278 |
| GB Group PLC | &nbsp;&nbsp; 20125 | 60030 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Genuit Group PLC | &nbsp;&nbsp; 19750 | $89999 |
| Genus PLC | &nbsp;&nbsp; 4875 | 171848 |
| GlobalData PLC | &nbsp;&nbsp; 25500 | 46184 |
| Grafton Group PLC | &nbsp;&nbsp; 14125 | 166862 |
| Grainger PLC | &nbsp;&nbsp; 56000 | 147252 |
| Great Portland Estates PLC | &nbsp;&nbsp; 27375 | 113035 |
| Greencore Group PLC | &nbsp;&nbsp; 30875 | 104118 |
| Greggs PLC | &nbsp;&nbsp; 8625 | 183950 |
| Hammerson PLC | &nbsp;&nbsp; 37125 | 144087 |
| Harbour Energy PLC | &nbsp;&nbsp; 45750 | 141138 |
| Hays PLC | &nbsp;&nbsp; 126500 | 106578 |
| Helios Towers PLC<sup>(a)</sup> | &nbsp;&nbsp; 58500 | 103737 |
| Hill & Smith PLC | &nbsp;&nbsp; 6375 | 182346 |
| Hilton Food Group PLC | &nbsp;&nbsp; 5250 | 58967 |
| Hiscox Ltd. | &nbsp;&nbsp; 27000 | 476019 |
| Hochschild Mining PLC | &nbsp;&nbsp; 28258 | 107527 |
| Hollywood Bowl Group PLC | &nbsp;&nbsp; 13750 | 46926 |
| Howden Joinery Group PLC | &nbsp;&nbsp; 43625 | 493571 |
| Hunting PLC | &nbsp;&nbsp; 14000 | 62160 |
| Ibstock PLC<sup>(c)</sup> | &nbsp;&nbsp; 36875 | 68879 |
| ICG PLC | &nbsp;&nbsp; 23125 | 681903 |
| IG Group Holdings PLC | &nbsp;&nbsp; 28875 | 441115 |
| IMI PLC | &nbsp;&nbsp; 17761 | 545785 |
| Inchcape PLC | &nbsp;&nbsp; 28125 | 253748 |
| Indivior PLC<sup>(a)</sup> | &nbsp;&nbsp; 7040 | 170931 |
| Indivior PLC<sup>(a)</sup> | &nbsp;&nbsp; 610 | 14811 |
| IntegraFin Holdings PLC | &nbsp;&nbsp; 33757 | 159397 |
| International Workplace Group PLC | &nbsp;&nbsp; 60375 | 165444 |
| Investec PLC | &nbsp;&nbsp; 50250 | 367436 |
| IP Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 101125 | 82145 |
| ITV PLC | &nbsp;&nbsp; 269125 | 296873 |
| J D Wetherspoon PLC | &nbsp;&nbsp; 7875 | 73899 |
| JET2 PLC | &nbsp;&nbsp; 8054 | 177362 |
| John Wood Group PLC<sup>(a)(e)</sup> | &nbsp;&nbsp; 25696 | 5764 |
| Johnson Matthey PLC | &nbsp;&nbsp; 13781 | 355909 |
| Johnson Service Group PLC | &nbsp;&nbsp; 36375 | 68372 |
| JTC PLC<sup>(c)</sup> | &nbsp;&nbsp; 12750 | 199298 |
| Judges Scientific PLC | &nbsp;&nbsp; 500 | 44603 |
| Jupiter Fund Management PLC | &nbsp;&nbsp; 57875 | 97936 |
| Just Group PLC | &nbsp;&nbsp; 82500 | 235287 |
| Kainos Group PLC | &nbsp;&nbsp; 7875 | 75173 |
| Keller Group PLC | &nbsp;&nbsp; 5500 | 99230 |
| Kier Group PLC | &nbsp;&nbsp; 42000 | 107789 |
| Kiniksa Pharmaceuticals International PLC, <br> Class A<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 3625 | 121401 |
| Lancashire Holdings Ltd. | &nbsp;&nbsp; 19375 | 160004 |
| Lion Finance Group PLC | &nbsp;&nbsp; 3250 | 322184 |
| LivaNova PLC<sup>(a)</sup> | &nbsp;&nbsp; 4625 | 260711 |
| LondonMetric Property PLC | &nbsp;&nbsp; 125282 | 312037 |
| Man Group PLC/Jersey | &nbsp;&nbsp; 94500 | 208815 |
| Marshalls PLC | &nbsp;&nbsp; 21750 | 52504 |
| Me Group International PLC | &nbsp;&nbsp; 20500 | 55389 |
| Metro Bank Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp; 50000 | 79744 |
| Mitchells & Butlers PLC<sup>(a)</sup> | &nbsp;&nbsp; 23500 | 81789 |
| Mitie Group PLC | &nbsp;&nbsp; 95250 | 180289 |
| Molten Ventures PLC<sup>(a)</sup> | &nbsp;&nbsp; 16500 | 79794 |
| MONY Group PLC | &nbsp;&nbsp; 40500 | 109437 |
| Moonpig Group PLC | &nbsp;&nbsp; 25875 | 69596 |
| Morgan Advanced Materials PLC | &nbsp;&nbsp; 25625 | 73079 |
| Morgan Sindall Group PLC | &nbsp;&nbsp; 3625 | 204556 |
| NCC Group PLC | &nbsp;&nbsp; 26500 | 51999 |
| Ninety One PLC | &nbsp;&nbsp; 33500 | 85893 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Noble Corp. PLC | &nbsp;&nbsp; 10250 | $295405 |
| Ocado Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 43000 | 195696 |
| OSB Group PLC | &nbsp;&nbsp; 29294 | 208804 |
| Oxford Instruments PLC | &nbsp;&nbsp; 4625 | 115130 |
| Oxford Nanopore Technologies PLC<sup>(a)</sup> | &nbsp;&nbsp; 51750 | 126801 |
| Pagegroup PLC | &nbsp;&nbsp; 24750 | 79326 |
| Pan African Resources PLC | &nbsp;&nbsp; 161250 | 137742 |
| Paragon Banking Group PLC | &nbsp;&nbsp; 21527 | 252843 |
| Penno Group PLC | &nbsp;&nbsp; 38878 | 248744 |
| Persimmon PLC | &nbsp;&nbsp; 25375 | 364591 |
| Pets at Home Group PLC | &nbsp;&nbsp; 34625 | 104802 |
| Playtech PLC | &nbsp;&nbsp; 21250 | 117615 |
| Plus500 Ltd. | &nbsp;&nbsp; 6286 | 257589 |
| Polar Capital Holdings PLC | &nbsp;&nbsp; 9125 | 56681 |
| Premier Foods PLC | &nbsp;&nbsp; 47875 | 122039 |
| Primary Health Properties PLC | &nbsp;&nbsp; 102190 | 127157 |
| PRS REIT PLC (The) | &nbsp;&nbsp; 41500 | 56441 |
| QinetiQ Group PLC | &nbsp;&nbsp; 39382 | 253157 |
| Quilter PLC<sup>(c)</sup> | &nbsp;&nbsp; 111500 | 247154 |
| Raspberry PI Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp; 8125 | 46412 |
| Rathbones Group PLC | &nbsp;&nbsp; 3750 | 93277 |
| Renew Holdings PLC | &nbsp;&nbsp; 7125 | 77114 |
| Renishaw PLC | &nbsp;&nbsp; 3125 | 136427 |
| RHI Magnesita NV | &nbsp;&nbsp; 1625 | 44848 |
| Rightmove PLC | &nbsp;&nbsp; 63169 | 633904 |
| Rotork PLC | &nbsp;&nbsp; 67250 | 312945 |
| RS Group PLC | &nbsp;&nbsp; 37625 | 287422 |
| Safestore Holdings PLC | &nbsp;&nbsp; 17375 | 148003 |
| Savills PLC | &nbsp;&nbsp; 10875 | 133758 |
| Senior PLC | &nbsp;&nbsp; 36125 | 97922 |
| Serco Group PLC | &nbsp;&nbsp; 85375 | 252018 |
| Serica Energy PLC | &nbsp;&nbsp; 28000 | 68202 |
| Shaftesbury Capital PLC | &nbsp;&nbsp; 125000 | 246828 |
| SigmaRoc PLC<sup>(a)</sup> | &nbsp;&nbsp; 79750 | 123970 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 120000 | 164787 |
| Softcat PLC | &nbsp;&nbsp; 9875 | 215006 |
| Spectris PLC | &nbsp;&nbsp; 7875 | 430897 |
| Spire Healthcare Group PLC<sup>(c)</sup> | &nbsp;&nbsp; 23125 | 67896 |
| Spirent Communications PLC | &nbsp;&nbsp; 46000 | 121859 |
| SSP Group PLC | &nbsp;&nbsp; 63625 | 132347 |
| St. James's Place PLC | &nbsp;&nbsp; 43250 | 741634 |
| Supermarket Income REIT PLC | &nbsp;&nbsp; 99000 | 104958 |
| Target Healthcare REIT PLC | &nbsp;&nbsp; 49250 | 63652 |
| Tate & Lyle PLC | &nbsp;&nbsp; 30375 | 218411 |
| Taylor Wimpey PLC | &nbsp;&nbsp; 281250 | 363852 |
| TBC Bank Group PLC | &nbsp;&nbsp; 3875 | 229192 |
| Telecom Plus PLC | &nbsp;&nbsp; 5375 | 131494 |
| TP ICAP Group PLC | &nbsp;&nbsp; 61500 | 230866 |
| Trainline PLC<sup>(a)(c)</sup> | &nbsp;&nbsp; 35750 | 130635 |
| Travis Perkins PLC | &nbsp;&nbsp; 16186 | 130209 |
| Tritax Big Box REIT PLC | &nbsp;&nbsp; 120838 | 226950 |
| Tronox Holdings PLC | &nbsp;&nbsp; 10625 | 45475 |
| Trustpilot Group PLC<sup>(a)(c)</sup> | &nbsp;&nbsp; 27875 | 77622 |
| TUI AG<sup>(a)</sup> | &nbsp;&nbsp; 36250 | 371667 |
| UNITE Group PLC (The) | &nbsp;&nbsp; 24408 | 230387 |
| Vesuvius PLC | &nbsp;&nbsp; 16250 | 82100 |
| Victrex PLC | &nbsp;&nbsp; 6875 | 66351 |
| Vistry Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 26375 | 217811 |
| Volex PLC | &nbsp;&nbsp; 10500 | 49335 |
| Volution Group PLC | &nbsp;&nbsp; 15750 | 134538 |
| Watches of Switzerland Group PLC<sup>(a)(c)</sup> | &nbsp;&nbsp; 18125 | 79995 |
| Weir Group PLC (The) | &nbsp;&nbsp; 20625 | 686894 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| WH Smith PLC | &nbsp;&nbsp; 9909 | $92447 |
| Workspace Group PLC | &nbsp;&nbsp; 12625 | 68256 |
| XPS Pensions Group PLC | &nbsp;&nbsp; 14875 | 69966 |
| Yellow Cake PLC<sup>(a)(c)</sup> | &nbsp;&nbsp; 17250 | 120442 |
| YouGov PLC | &nbsp;&nbsp; 11750 | 55108 |
| Zigup PLC | &nbsp;&nbsp; 14500 | 61636 |
|  |  | 35288287 |
| **United States — 59.7%** | **United States — 59.7%** | **United States — 59.7%** |
| 10X Genomics Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8250 | 115583 |
| 1st Source Corp. | &nbsp;&nbsp; 2500 | 161050 |
| 89bio Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9875 | 89171 |
| A O Smith Corp. | &nbsp;&nbsp; 9125 | 650521 |
| A10 Networks Inc. | &nbsp;&nbsp; 6262 | 110900 |
| AAON Inc. | &nbsp;&nbsp; 5500 | 456225 |
| AAR Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3018 | 228342 |
| Abercrombie & Fitch Co., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3932 | 367760 |
| ABM Industries Inc. | &nbsp;&nbsp; 5000 | 245850 |
| Academy Sports & Outdoors Inc. | &nbsp;&nbsp; 5625 | 301219 |
| Acadia Healthcare Co. Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7045 | 161753 |
| Acadia Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8625 | 224164 |
| Acadia Realty Trust | &nbsp;&nbsp; 11875 | 237619 |
| Acadian Asset Management Inc. | &nbsp;&nbsp; 2908 | 148221 |
| Accel Entertainment Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5875 | 68091 |
| ACI Worldwide Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8375 | 413306 |
| ACM Research Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 116407 |
| Acuity Inc. | &nbsp;&nbsp; 2500 | 816175 |
| Acuren Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5321 | 59968 |
| Acushnet Holdings Corp. | &nbsp;&nbsp; 2625 | 201206 |
| ACV Auctions Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12875 | 150122 |
| AdaptHealth Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8375 | 79479 |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | &nbsp;&nbsp; 10000 | 131800 |
| Addus HomeCare Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1560 | 179665 |
| Adeia Inc. | &nbsp;&nbsp; 8625 | 129720 |
| Adient PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 4397 | 109046 |
| ADMA Biologics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19167 | 330822 |
| ADT Inc. | &nbsp;&nbsp; 28000 | 243880 |
| Adtalem Global Education Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 409219 |
| ADTRAN Holdings Inc. <sup>(a)</sup> | &nbsp;&nbsp; 7375 | 69178 |
| Advance Auto Parts Inc. | &nbsp;&nbsp; 4777 | 291349 |
| Advanced Drainage Systems Inc. | &nbsp;&nbsp; 5875 | 845824 |
| Advanced Energy Industries Inc. | &nbsp;&nbsp; 3125 | 467750 |
| AdvanSix Inc. | &nbsp;&nbsp; 2500 | 53650 |
| AeroVironment Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2517 | 607478 |
| AES Corp. (The) | &nbsp;&nbsp; 56500 | 765010 |
| Affiliated Managers Group Inc. | &nbsp;&nbsp; 2297 | 516412 |
| AGCO Corp. | &nbsp;&nbsp; 5125 | 554474 |
| agilon health Inc.<sup>(a)</sup> | &nbsp;&nbsp; 24750 | 31680 |
| Agilysys Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2125 | 231880 |
| Agios Pharmaceuticals Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4416 | 166527 |
| AGNC Investment Corp. | &nbsp;&nbsp; 70375 | 686860 |
| Agree Realty Corp. | &nbsp;&nbsp; 8250 | 600105 |
| Air Lease Corp., Class A | &nbsp;&nbsp; 8625 | 519311 |
| Akero Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4160 | 194397 |
| Alamo Group Inc. | &nbsp;&nbsp; 875 | 185027 |
| Alarm.com Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3648 | 213882 |
| Alaska Air Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 164797 |
| Albany International Corp., Class A | &nbsp;&nbsp; 2750 | 174652 |
| Albemarle Corp. | &nbsp;&nbsp; 9090 | 771923 |
| Alcoa Corp. | &nbsp;&nbsp; 21107 | 679434 |
| Alexander's Inc. | &nbsp;&nbsp; 250 | 57585 |
| Alight Inc., Class A | &nbsp;&nbsp; 36750 | 142590 |
| Alignment Healthcare Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9250 | 151330 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Alkami Technology Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5250 | $134400 |
| Alkermes PLC<sup>(a)</sup> | &nbsp;&nbsp; 12250 | 354882 |
| Allegiant Travel Co.<sup>(a)</sup> | &nbsp;&nbsp; 500 | 31330 |
| Allegro MicroSystems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10250 | 316212 |
| ALLETE Inc. | &nbsp;&nbsp; 3791 | 243193 |
| Allison Transmission Holdings Inc. | &nbsp;&nbsp; 6875 | 600256 |
| Ally Financial Inc. | &nbsp;&nbsp; 21420 | 879291 |
| Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 75521 |
| Alpha Metallurgical Resources Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1125 | 167839 |
| Alphatec Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8500 | 135150 |
| Altice USA Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 20875 | 48848 |
| Amalgamated Financial Corp. | &nbsp;&nbsp; 3375 | 97504 |
| A-Mark Precious Metals Inc. | &nbsp;&nbsp; 1875 | 43894 |
| Ambarella Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 309300 |
| AMC Entertainment Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 30250 | 85003 |
| Amentum Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11106 | 277095 |
| Amerant Bancorp Inc., Class A | &nbsp;&nbsp; 5250 | 112875 |
| Ameresco Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 101720 |
| American Airlines Group Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 13000 | 173810 |
| American Assets Trust Inc. | &nbsp;&nbsp; 10563 | 220767 |
| American Eagle Outfitters Inc. | &nbsp;&nbsp; 14521 | 187902 |
| American Healthcare REIT Inc. | &nbsp;&nbsp; 12940 | 553703 |
| American States Water Co. | &nbsp;&nbsp; 2665 | 198622 |
| American Superconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 168412 |
| American Woodmark Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 80713 |
| Americold Realty Trust Inc. | &nbsp;&nbsp; 21297 | 307529 |
| Ameris Bancorp. | &nbsp;&nbsp; 5064 | 371090 |
| AMERISAFE Inc. | &nbsp;&nbsp; 2750 | 126995 |
| Amicus Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17750 | 134723 |
| Amkor Technology Inc. | &nbsp;&nbsp; 10500 | 253995 |
| AMN Healthcare Services Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 64938 |
| Amneal Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14500 | 138620 |
| Amphastar Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3959 | 121225 |
| Amplitude Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6750 | 77153 |
| AnaptysBio Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1750 | 35578 |
| Anavex Life Sciences Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7625 | 73505 |
| Andersons Inc. (The) | &nbsp;&nbsp; 3125 | 127813 |
| ANI Pharmaceuticals Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1750 | 163625 |
| Antero Midstream Corp. | &nbsp;&nbsp; 31092 | 553127 |
| Antero Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp; 23500 | 750120 |
| APA Corp. | &nbsp;&nbsp; 29375 | 682087 |
| Apellis Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5500 | 151635 |
| API Group Corp.<sup>(a)</sup> | &nbsp;&nbsp; 27218 | 971138 |
| Apogee Enterprises Inc. | &nbsp;&nbsp; 2125 | 93447 |
| Apogee Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 77286 |
| Apollo Commercial Real Estate Finance Inc. | &nbsp;&nbsp; 11500 | 121785 |
| Appfolio Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 485415 |
| Appian Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 84645 |
| Apple Hospitality REIT Inc. | &nbsp;&nbsp; 18125 | 236712 |
| Applied Digital Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 17286 | 276230 |
| Applied Industrial Technologies Inc. | &nbsp;&nbsp; 3085 | 813144 |
| Applied Optoelectronics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4250 | 102850 |
| AptarGroup Inc. | &nbsp;&nbsp; 4782 | 665989 |
| Aramark | &nbsp;&nbsp; 20000 | 782200 |
| Arbor Realty Trust Inc. | &nbsp;&nbsp; 3786 | 45205 |
| ArcBest Corp. | &nbsp;&nbsp; 1875 | 138300 |
| Arcellx Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 190822 |
| Archer Aviation Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 42578 | 381073 |
| Archrock Inc. | &nbsp;&nbsp; 12875 | 318785 |
| Arcosa Inc. | &nbsp;&nbsp; 4000 | 395800 |
| Arcus Biosciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6625 | 70159 |
| Arcutis Biotherapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8375 | 129980 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Ardelyx Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19000 | $120840 |
| Argan Inc. | &nbsp;&nbsp; 1125 | 256747 |
| Arhaus Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5125 | 60116 |
| Aris Water Solution Inc., Class A | &nbsp;&nbsp; 2250 | 54608 |
| Arlo Technologies Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8875 | 154514 |
| Armada Hoffler Properties Inc. | &nbsp;&nbsp; 7375 | 53690 |
| ARMOUR Residential REIT Inc. | &nbsp;&nbsp; 13467 | 206180 |
| Armstrong World Industries Inc. | &nbsp;&nbsp; 3559 | 696745 |
| Array Digital Infrastructure Inc. | &nbsp;&nbsp; 1250 | 67288 |
| Array Technologies Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 13625 | 122761 |
| ArriVent Biopharma Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1625 | 31070 |
| Arrow Electronics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 536902 |
| Arrowhead Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 195516 |
| ARS Pharmaceuticals Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3750 | 43575 |
| Artisan Partners Asset Management Inc., Class A | &nbsp;&nbsp; 4564 | 213550 |
| Artivion Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 131790 |
| Arvinas Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 40583 |
| Asana Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 7000 | 102200 |
| Asbury Automotive Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 377310 |
| ASGN Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 196656 |
| Ashland Inc. | &nbsp;&nbsp; 3750 | 210562 |
| Aspen Aerogels Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7000 | 47880 |
| Associated Banc-Corp. | &nbsp;&nbsp; 11586 | 312474 |
| Assurant Inc. | &nbsp;&nbsp; 3926 | 846485 |
| Assured Guaranty Ltd. | &nbsp;&nbsp; 2839 | 233366 |
| AST SpaceMobile Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 14770 | 722844 |
| Astec Industries Inc. | &nbsp;&nbsp; 2000 | 92580 |
| Astera Labs Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10450 | 1903990 |
| Astrana Health Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 115855 |
| Astronics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2500 | 90925 |
| ATI Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11213 | 869456 |
| Atkore Inc. | &nbsp;&nbsp; 3000 | 174570 |
| Atlanta Braves Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 510 | 24228 |
| Atlanta Braves Holdings Inc., Class C, NVS<sup>(a)</sup> | &nbsp;&nbsp; 3388 | 152392 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp; 9348 | 334004 |
| Atlanticus Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 750 | 50025 |
| Atlas Energy Solutions Inc. | &nbsp;&nbsp; 4625 | 54159 |
| Atmus Filtration Technologies Inc. | &nbsp;&nbsp; 6625 | 294945 |
| AtriCure Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 143336 |
| Aurora Innovation Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 76500 | 430695 |
| Autoliv Inc. | &nbsp;&nbsp; 5759 | 714519 |
| AutoNation Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 465545 |
| Avadel Pharmaceuticals PLC<sup>(a)(b)</sup> | &nbsp;&nbsp; 8375 | 123615 |
| Avanos Medical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 50745 |
| Avantor Inc.<sup>(a)</sup> | &nbsp;&nbsp; 50498 | 680208 |
| Aveanna Healthcare Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5250 | 42000 |
| AvePoint Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12391 | 202717 |
| Avidity Biosciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7000 | 326060 |
| AvidXchange Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14375 | 142887 |
| Avient Corp. | &nbsp;&nbsp; 7250 | 271150 |
| Avis Budget Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1426 | 225636 |
| Avista Corp. | &nbsp;&nbsp; 6375 | 232942 |
| Avnet Inc. | &nbsp;&nbsp; 7125 | 388811 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 17059 | 533264 |
| Axcelis Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 210105 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp; 5508 | 542979 |
| Axogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 62543 |
| Axos Financial Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4184 | 381623 |
| Axsome Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 318360 |
| Azenta Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 103073 |
| AZZ Inc. | &nbsp;&nbsp; 2625 | 296336 |
| Badger Meter Inc. | &nbsp;&nbsp; 2375 | 434435 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Balchem Corp. | &nbsp;&nbsp; 2625 | $425486 |
| Baldwin Insurance Group Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp; 6212 | 196734 |
| Banc of California Inc. | &nbsp;&nbsp; 11386 | 192651 |
| BancFirst Corp. | &nbsp;&nbsp; 981 | 130444 |
| Bancorp Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 3299 | 251516 |
| Bank First Corp. | &nbsp;&nbsp; 1250 | 162400 |
| Bank of Hawaii Corp. | &nbsp;&nbsp; 3060 | 208447 |
| Bank OZK | &nbsp;&nbsp; 8500 | 445995 |
| BankUnited Inc. | &nbsp;&nbsp; 5107 | 200143 |
| Banner Corp. | &nbsp;&nbsp; 2381 | 159598 |
| Bar Harbor Bankshares | &nbsp;&nbsp; 3125 | 100844 |
| Barrett Business Services Inc. | &nbsp;&nbsp; 2000 | 97600 |
| Bath & Body Works Inc. | &nbsp;&nbsp; 16625 | 485616 |
| Beam Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7125 | 116565 |
| Beazer Homes USA Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 69190 |
| Bel Fuse Inc., Class B, NVS | &nbsp;&nbsp; 1000 | 134560 |
| Belden Inc. | &nbsp;&nbsp; 3375 | 439425 |
| BellRing Brands Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10250 | 420762 |
| Benchmark Electronics Inc. | &nbsp;&nbsp; 3500 | 142065 |
| Berkshire Hills Bancorp Inc. | &nbsp;&nbsp; 3148 | 82257 |
| BGC Group Inc. | &nbsp;&nbsp; 26144 | 256473 |
| BigBear.ai Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 22975 | 116483 |
| BILL Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7750 | 359755 |
| BioCryst Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15625 | 129844 |
| Biohaven Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 7500 | 115425 |
| BioLife Solutions Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 78281 |
| Bio-Rad Laboratories Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1509 | 449501 |
| Bio-Techne Corp. | &nbsp;&nbsp; 12257 | 669600 |
| BJ's Restaurants Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 67120 |
| BJ's Wholesale Club Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10500 | 1025640 |
| BKV Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 49534 |
| Black Hills Corp. | &nbsp;&nbsp; 4517 | 270162 |
| Blackbaud Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 233485 |
| BlackLine Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4625 | 251461 |
| Blackstone Mortgage Trust Inc., Class A | &nbsp;&nbsp; 13000 | 254280 |
| Blend Labs Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 19750 | 71495 |
| Bloom Energy Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16875 | 893362 |
| Bloomin' Brands Inc. | &nbsp;&nbsp; 7875 | 57881 |
| Blue Bird Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 175170 |
| Blue Owl Capital Inc., Class A | &nbsp;&nbsp; 50049 | 926907 |
| BlueLinx Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 875 | 72284 |
| Boise Cascade Co. | &nbsp;&nbsp; 3125 | 271875 |
| BOK Financial Corp. | &nbsp;&nbsp; 1266 | 141045 |
| Boot Barn Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2500 | 444425 |
| BorgWarner Inc. | &nbsp;&nbsp; 15380 | 657649 |
| Boston Beer Co. Inc. (The), Class A<sup>(a)</sup> | &nbsp;&nbsp; 750 | 165817 |
| Bowhead Specialty Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2375 | 73768 |
| Box Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11375 | 371166 |
| Boyd Gaming Corp. | &nbsp;&nbsp; 4017 | 344900 |
| Brady Corp., Class A, NVS | &nbsp;&nbsp; 3625 | 283040 |
| Brandywine Realty Trust | &nbsp;&nbsp; 17000 | 72420 |
| Braze Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6125 | 169662 |
| Bridgebio Pharma Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12556 | 649899 |
| Bright Horizons Family Solutions Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4441 | 524216 |
| Brighthouse Financial Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4526 | 213899 |
| BrightSpire Capital Inc., Class A | &nbsp;&nbsp; 12250 | 71050 |
| BrightSpring Health Services Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6500 | 153985 |
| BrightView Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5875 | 84600 |
| Brinker International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 565427 |
| Brink's Co. (The) | &nbsp;&nbsp; 3625 | 406145 |
| Brixmor Property Group Inc. | &nbsp;&nbsp; 24000 | 671760 |
| Broadstone Net Lease Inc. | &nbsp;&nbsp; 15000 | 278850 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Brookdale Senior Living Inc.<sup>(a)</sup> | &nbsp;&nbsp; 18532 | $142696 |
| Bruker Corp. | &nbsp;&nbsp; 8375 | 284582 |
| Brunswick Corp. | &nbsp;&nbsp; 4157 | 264344 |
| Buckle Inc. (The) | &nbsp;&nbsp; 2500 | 141475 |
| Bumble Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8125 | 50131 |
| Burke & Herbert Financial Services Corp. | &nbsp;&nbsp; 2000 | 127120 |
| Business First Bancshares Inc. | &nbsp;&nbsp; 4500 | 112545 |
| BWX Technologies Inc. | &nbsp;&nbsp; 7065 | 1144813 |
| Byline Bancorp Inc. | &nbsp;&nbsp; 4125 | 119254 |
| C3.ai Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 9750 | 164872 |
| Cable One Inc. | &nbsp;&nbsp; 375 | 60555 |
| Cabot Corp. | &nbsp;&nbsp; 4375 | 356825 |
| CACI International Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 839510 |
| Cactus Inc., Class A | &nbsp;&nbsp; 5375 | 225481 |
| Cadence Bank | &nbsp;&nbsp; 4426 | 166595 |
| Cadre Holdings Inc. | &nbsp;&nbsp; 2625 | 80876 |
| Caesars Entertainment Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16875 | 451744 |
| Calavo Growers Inc. | &nbsp;&nbsp; 1875 | 51281 |
| Caleres Inc. | &nbsp;&nbsp; 3250 | 48750 |
| California Resources Corp. | &nbsp;&nbsp; 5125 | 254610 |
| California Water Service Group | &nbsp;&nbsp; 4755 | 223152 |
| Calix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5125 | 304681 |
| Cal-Maine Foods Inc. | &nbsp;&nbsp; 3500 | 404740 |
| Calumet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8250 | 134475 |
| Camden National Corp. | &nbsp;&nbsp; 2625 | 107336 |
| Camping World Holdings Inc., Class A | &nbsp;&nbsp; 4500 | 78795 |
| Cannae Holdings Inc. | &nbsp;&nbsp; 3417 | 63898 |
| Cantaloupe Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 96471 |
| Capital City Bank Group Inc. | &nbsp;&nbsp; 2750 | 120615 |
| CareDx Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4827 | 65937 |
| CareTrust REIT Inc. | &nbsp;&nbsp; 17872 | 614976 |
| Cargurus Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7000 | 242200 |
| CarMax Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11816 | 724912 |
| Carpenter Technology Corp. | &nbsp;&nbsp; 4040 | 973155 |
| Cars.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5750 | 75038 |
| Carter's Inc. | &nbsp;&nbsp; 3167 | 90450 |
| Casella Waste Systems Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 5000 | 492800 |
| Casey's General Stores Inc. | &nbsp;&nbsp; 2956 | 1461801 |
| Cass Information Systems Inc. | &nbsp;&nbsp; 1376 | 59333 |
| Castle Biosciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 69029 |
| Catalyst Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9250 | 190457 |
| Cathay General Bancorp. | &nbsp;&nbsp; 4514 | 225294 |
| Cava Group Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7173 | 484536 |
| Cavco Industries Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 625 | 331556 |
| CBIZ Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3625 | 233957 |
| CBL & Associates Properties Inc. | &nbsp;&nbsp; 1625 | 51756 |
| CCC Intelligent Solutions Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 34875 | 345262 |
| CECO Environmental Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2750 | 125373 |
| Celanese Corp., Class A | &nbsp;&nbsp; 8456 | 402759 |
| Celldex Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4875 | 107640 |
| Celsius Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12375 | 778140 |
| Centerspace | &nbsp;&nbsp; 1375 | 81813 |
| Central Garden & Pet Co., Class A, NVS<sup>(a)</sup> | &nbsp;&nbsp; 4750 | 156892 |
| Central Pacific Financial Corp. | &nbsp;&nbsp; 1252 | 39213 |
| Centrus Energy Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1215 | 245102 |
| Century Aluminum Co.<sup>(a)</sup> | &nbsp;&nbsp; 6250 | 139563 |
| Century Communities Inc. | &nbsp;&nbsp; 2250 | 148230 |
| Ceribell Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1375 | 16266 |
| Certara Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10500 | 113820 |
| CEVA Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2375 | 52773 |
| CG oncology, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 90518 |
| Champion Homes Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 330137 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Charles River Laboratories International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4002 | $653567 |
| Chart Industries Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 697760 |
| Cheesecake Factory Inc. (The) | &nbsp;&nbsp; 4375 | 268887 |
| Chefs' Warehouse Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 189420 |
| Chemed Corp. | &nbsp;&nbsp; 1188 | 544045 |
| Chemours Co. (The) | &nbsp;&nbsp; 13000 | 200200 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp; 1875 | 231712 |
| Chewy Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17785 | 728474 |
| Chimera Investment Corp. | &nbsp;&nbsp; 7250 | 102733 |
| Choice Hotels International Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1508 | 180327 |
| Chord Energy Corp. | &nbsp;&nbsp; 4207 | 462307 |
| Churchill Downs Inc. | &nbsp;&nbsp; 5250 | 544582 |
| Ciena Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11250 | 1057162 |
| Cinemark Holdings Inc.<sup>(b)</sup> | &nbsp;&nbsp; 9375 | 241875 |
| Cipher Mining Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22625 | 172855 |
| Cirrus Logic Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4291 | 489989 |
| Civitas Resources Inc. | &nbsp;&nbsp; 6500 | 239070 |
| Clarivate PLC<sup>(a)</sup> | &nbsp;&nbsp; 25500 | 110925 |
| Clean Harbors Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3703 | 896904 |
| Cleanspark Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 23250 | 220177 |
| Clear Channel Outdoor Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 27750 | 34410 |
| Clear Secure Inc., Class A | &nbsp;&nbsp; 7750 | 281402 |
| Clearwater Analytics Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18255 | 377331 |
| Clearway Energy Inc., Class A | &nbsp;&nbsp; 3000 | 84570 |
| Clearway Energy Inc., Class C | &nbsp;&nbsp; 6875 | 204944 |
| Cleveland-Cliffs Inc.<sup>(a)</sup> | &nbsp;&nbsp; 37054 | 398330 |
| Clover Health Investments Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 31000 | 81220 |
| CNO Financial Group Inc. | &nbsp;&nbsp; 10070 | 397463 |
| CNX Resources Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11875 | 346750 |
| Coastal Financial Corp./WA<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 200375 |
| Coca-Cola Consolidated Inc. | &nbsp;&nbsp; 4514 | 529221 |
| Coeur Mining Inc.<sup>(a)</sup> | &nbsp;&nbsp; 49937 | 656672 |
| Cogent Biosciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6875 | 83050 |
| Cogent Communications Holdings Inc. | &nbsp;&nbsp; 3750 | 143362 |
| Cognex Corp. | &nbsp;&nbsp; 14000 | 615160 |
| Cohen & Steers Inc. | &nbsp;&nbsp; 1919 | 141737 |
| Coherent Corp.<sup>(a)</sup> | &nbsp;&nbsp; 12500 | 1130875 |
| Cohu Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 87063 |
| Collegium Pharmaceutical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 135800 |
| Columbia Banking System Inc. | &nbsp;&nbsp; 19125 | 511976 |
| Columbia Financial Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6125 | 92059 |
| Columbia Sportswear Co. | &nbsp;&nbsp; 2500 | 139300 |
| Comerica Inc. | &nbsp;&nbsp; 10586 | 747160 |
| Comfort Systems USA Inc. | &nbsp;&nbsp; 2875 | 2022217 |
| Commerce Bancshares Inc. | &nbsp;&nbsp; 9074 | 562044 |
| Commercial Metals Co. | &nbsp;&nbsp; 9000 | 519030 |
| CommScope Holding Co. Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17500 | 280700 |
| Community Bank System Inc. | &nbsp;&nbsp; 4071 | 243812 |
| Community Healthcare Trust Inc. | &nbsp;&nbsp; 3250 | 50083 |
| Community Trust Bancorp. Inc. | &nbsp;&nbsp; 2250 | 131445 |
| CommVault Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 653257 |
| Compass Diversified Holdings | &nbsp;&nbsp; 7750 | 58125 |
| Compass Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 36625 | 332555 |
| Compass Minerals International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 76200 |
| CompoSecure Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 71700 |
| Comstock Resources Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7000 | 112910 |
| Conagra Brands Inc. | &nbsp;&nbsp; 34754 | 664844 |
| Concentra Group Holdings Parent Inc. | &nbsp;&nbsp; 9875 | 235025 |
| Concentrix Corp. | &nbsp;&nbsp; 3254 | 171681 |
| Confluent Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 19875 | 394717 |
| CONMED Corp. | &nbsp;&nbsp; 2500 | 135900 |
| ConnectOne Bancorp. Inc. | &nbsp;&nbsp; 5125 | 131200 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Construction Partners Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 3750 | $449625 |
| COPT Defense Properties | &nbsp;&nbsp; 5222 | 150289 |
| Corcept Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7625 | 531615 |
| Core & Main Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 15375 | 995070 |
| Core Laboratories Inc. | &nbsp;&nbsp; 4250 | 48918 |
| Core Natural Resources Inc. | &nbsp;&nbsp; 4375 | 324887 |
| Core Scientific Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 21378 | 306774 |
| CoreCivic Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9625 | 195195 |
| CorMedix Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5875 | 87126 |
| Corsair Gaming Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 44650 |
| CorVel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 200362 |
| Coty Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 38125 | 163175 |
| Couchbase Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4250 | 103658 |
| Coursera Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11250 | 129375 |
| Cousins Properties Inc. | &nbsp;&nbsp; 13375 | 394429 |
| Covenant Logistics Group Inc., Class A | &nbsp;&nbsp; 1875 | 45244 |
| CRA International Inc. | &nbsp;&nbsp; 625 | 121100 |
| Cracker Barrel Old Country Store Inc. | &nbsp;&nbsp; 1875 | 112163 |
| Crane Co. | &nbsp;&nbsp; 3875 | 718037 |
| Crane NXT Co. | &nbsp;&nbsp; 4125 | 246386 |
| Crawford & Co., Class A, NVS | &nbsp;&nbsp; 2059 | 22320 |
| Credit Acceptance Corp.<sup>(a)</sup> | &nbsp;&nbsp; 442 | 227511 |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11971 | 1473091 |
| Crescent Energy Co., Class A | &nbsp;&nbsp; 14125 | 134753 |
| Crinetics Pharmaceuticals Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6625 | 205309 |
| CRISPR Therapeutics AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 6500 | 336895 |
| Crocs Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4657 | 406090 |
| CSG Systems International Inc. | &nbsp;&nbsp; 2375 | 152380 |
| CSW Industrials Inc. | &nbsp;&nbsp; 1375 | 376117 |
| CTS Corp. | &nbsp;&nbsp; 2875 | 122159 |
| CubeSmart | &nbsp;&nbsp; 19350 | 791802 |
| Cullen/Frost Bankers Inc. | &nbsp;&nbsp; 4825 | 622570 |
| Curbline Properties Corp. | &nbsp;&nbsp; 9750 | 219667 |
| Curtiss-Wright Corp. | &nbsp;&nbsp; 3000 | 1434450 |
| Custom Truck One Source Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9000 | 55260 |
| Customers Bancorp Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1947 | 139580 |
| CVB Financial Corp. | &nbsp;&nbsp; 11138 | 224208 |
| CVR Energy Inc. | &nbsp;&nbsp; 3375 | 102904 |
| Cytokinetics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 313554 |
| Daily Journal Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 125 | 58400 |
| Daktronics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 71569 |
| Dana Inc. | &nbsp;&nbsp; 10375 | 209160 |
| Darling Ingredients Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12625 | 428745 |
| Dave & Buster's Entertainment Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3250 | 83428 |
| Dave Inc.<sup>(a)</sup> | &nbsp;&nbsp; 705 | 150320 |
| Day One Biopharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5500 | 41305 |
| Dayforce Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12267 | 855869 |
| Delek U.S. Holdings Inc. | &nbsp;&nbsp; 6213 | 172162 |
| Deluxe Corp. | &nbsp;&nbsp; 4250 | 83555 |
| Denali Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10250 | 156517 |
| Dentsply Sirona Inc. | &nbsp;&nbsp; 15302 | 218819 |
| Diebold Nixdorf Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1722 | 105231 |
| Digi International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 104160 |
| DigitalBridge Group Inc. | &nbsp;&nbsp; 14875 | 169724 |
| DigitalOcean Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5625 | 183487 |
| Dillard's Inc., Class A | &nbsp;&nbsp; 279 | 148674 |
| Diodes Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 238153 |
| Disc Medicine Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2432 | 145057 |
| Distribution Solutions Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 32210 |
| Diversified Healthcare Trust | &nbsp;&nbsp; 19750 | 75248 |
| DNOW Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8625 | 138000 |
| Dolby Laboratories Inc., Class A | &nbsp;&nbsp; 4875 | 349440 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Donaldson Co. Inc. | &nbsp;&nbsp; 7767 | $618797 |
| Donegal Group Inc., Class A | &nbsp;&nbsp; 3875 | 69324 |
| Donnelley Financial Solutions Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2282 | 129549 |
| Dorian LPG Ltd. | &nbsp;&nbsp; 4375 | 139913 |
| Dorman Products Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 343804 |
| DoubleVerify Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12125 | 197274 |
| Douglas Dynamics Inc. | &nbsp;&nbsp; 2250 | 75758 |
| Douglas Emmett Inc. | &nbsp;&nbsp; 3461 | 56103 |
| Doximity Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9490 | 644751 |
| Dream Finders Homes Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 2750 | 76423 |
| Driven Brands Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5750 | 105915 |
| Dropbox Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18125 | 526712 |
| DT Midstream Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8266 | 861152 |
| Ducommun Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1125 | 102623 |
| Duolingo Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2769 | 824774 |
| Dutch Bros. Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9301 | 668091 |
| D-Wave Quantum Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 22559 | 352372 |
| DXC Technology Co.<sup>(a)</sup> | &nbsp;&nbsp; 14375 | 207719 |
| DXP Enterprises Inc./TX<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 187320 |
| Dycom Industries Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2375 | 599616 |
| Dynavax Technologies Corp.<sup>(a)</sup> | &nbsp;&nbsp; 9375 | 94875 |
| Dyne Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6396 | 86282 |
| Dynex Capital Inc. | &nbsp;&nbsp; 7125 | 89918 |
| Eagle Materials Inc. | &nbsp;&nbsp; 2750 | 634975 |
| East West Bancorp. Inc. | &nbsp;&nbsp; 11135 | 1170734 |
| Easterly Government Properties Inc., Class A | &nbsp;&nbsp; 3142 | 71920 |
| Eastern Bankshares Inc. | &nbsp;&nbsp; 11844 | 202651 |
| EastGroup Properties Inc. | &nbsp;&nbsp; 4000 | 678240 |
| Eastman Chemical Co. | &nbsp;&nbsp; 9677 | 680680 |
| EchoStar Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11500 | 710585 |
| Ecovyst Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10250 | 93173 |
| Edgewell Personal Care Co. | &nbsp;&nbsp; 4250 | 102085 |
| Edgewise Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 59194 |
| Elanco Animal Health Inc.<sup>(a)</sup> | &nbsp;&nbsp; 40125 | 736294 |
| Elastic NV<sup>(a)</sup> | &nbsp;&nbsp; 7088 | 602905 |
| Element Solutions Inc. | &nbsp;&nbsp; 18250 | 469390 |
| elf Beauty Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4524 | 565500 |
| Ellington Financial Inc. | &nbsp;&nbsp; 8250 | 112530 |
| Embecta Corp. | &nbsp;&nbsp; 5125 | 74210 |
| Empire State Realty Trust Inc., Class A | &nbsp;&nbsp; 11250 | 86063 |
| Employers Holdings Inc. | &nbsp;&nbsp; 1721 | 74450 |
| Encompass Health Corp. | &nbsp;&nbsp; 7887 | 960321 |
| Encore Capital Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 94140 |
| Energizer Holdings Inc. | &nbsp;&nbsp; 5250 | 144690 |
| Energy Recovery Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5284 | 75086 |
| Enerpac Tool Group Corp., Class A | &nbsp;&nbsp; 4750 | 201115 |
| EnerSys | &nbsp;&nbsp; 3250 | 333612 |
| Enliven Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2500 | 50675 |
| Ennis Inc. | &nbsp;&nbsp; 2750 | 50243 |
| Enova International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1443 | 175036 |
| Enovis Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3253 | 100518 |
| Enovix Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 14604 | 140490 |
| Enphase Energy Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10750 | 405275 |
| Enpro Inc. | &nbsp;&nbsp; 1750 | 382847 |
| Ensign Group Inc. (The) | &nbsp;&nbsp; 4500 | 773010 |
| Enterprise Financial Services Corp. | &nbsp;&nbsp; 3750 | 229650 |
| Enviri Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7500 | 84750 |
| Envista Holdings Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 13625 | 288577 |
| Eos Energy Enterprises Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 19375 | 133688 |
| EPAM Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4387 | 773691 |
| ePlus Inc. | &nbsp;&nbsp; 2250 | 162832 |
| EPR Properties | &nbsp;&nbsp; 6125 | 332281 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Equity Bancshares Inc., Class A | &nbsp;&nbsp; 2625 | $106391 |
| Esab Corp. | &nbsp;&nbsp; 4625 | 533586 |
| ESCO Technologies Inc. | &nbsp;&nbsp; 2125 | 426934 |
| Esquire Financial Holdings Inc. | &nbsp;&nbsp; 1375 | 134888 |
| Essent Group Ltd. | &nbsp;&nbsp; 8154 | 511582 |
| Essential Properties Realty Trust Inc. | &nbsp;&nbsp; 13875 | 434565 |
| Ethan Allen Interiors Inc. | &nbsp;&nbsp; 3156 | 93134 |
| Etsy Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 470464 |
| Euronet Worldwide Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3375 | 314516 |
| Eve Holding Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7000 | 27510 |
| Evercore Inc., Class A | &nbsp;&nbsp; 2875 | 924456 |
| EverQuote Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2500 | 58125 |
| Everus Construction Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 303955 |
| Evolent Health Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8000 | 77200 |
| Evolus Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 38150 |
| Evolv Technologies Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14000 | 115360 |
| Exact Sciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 14569 | 690862 |
| Excelerate Energy Inc., Class A | &nbsp;&nbsp; 2252 | 54994 |
| Exelixis Inc.<sup>(a)</sup> | &nbsp;&nbsp; 20375 | 762432 |
| ExlService Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12750 | 558195 |
| eXp World Holdings Inc. | &nbsp;&nbsp; 7875 | 85286 |
| Exponent Inc. | &nbsp;&nbsp; 4125 | 294442 |
| Extreme Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10500 | 224490 |
| EZCORP Inc., Class A, NVS<sup>(a)</sup> | &nbsp;&nbsp; 5375 | 89601 |
| Fabrinet<sup>(a)(b)</sup> | &nbsp;&nbsp; 3000 | 993870 |
| Farmers National Banc Corp. | &nbsp;&nbsp; 7125 | 108158 |
| Farmland Partners Inc. | &nbsp;&nbsp; 5125 | 56478 |
| Fastly Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12125 | 92271 |
| FB Financial Corp. | &nbsp;&nbsp; 3875 | 208010 |
| Federal Agricultural Mortgage Corp., Class C, NVS | &nbsp;&nbsp; 750 | 157177 |
| Federal Realty Investment Trust | &nbsp;&nbsp; 6171 | 620494 |
| Federal Signal Corp. | &nbsp;&nbsp; 4875 | 599576 |
| Federated Hermes Inc., NVS | &nbsp;&nbsp; 6414 | 340583 |
| Figs Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11250 | 79313 |
| First Advantage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6125 | 100205 |
| First American Financial Corp. | &nbsp;&nbsp; 8125 | 536250 |
| First Bancorp./Southern Pines NC | &nbsp;&nbsp; 2323 | 126813 |
| First Busey Corp. | &nbsp;&nbsp; 6309 | 155832 |
| First Community Bankshares Inc. | &nbsp;&nbsp; 2750 | 104445 |
| First Financial Bancorp. | &nbsp;&nbsp; 5953 | 157635 |
| First Financial Bankshares Inc. | &nbsp;&nbsp; 8828 | 328137 |
| First Financial Corp. | &nbsp;&nbsp; 2000 | 118000 |
| First Hawaiian Inc. | &nbsp;&nbsp; 9382 | 243463 |
| First Horizon Corp. | &nbsp;&nbsp; 42913 | 969834 |
| First Industrial Realty Trust Inc. | &nbsp;&nbsp; 10625 | 558875 |
| First Interstate BancSystem Inc., Class A | &nbsp;&nbsp; 5875 | 192230 |
| First Merchants Corp. | &nbsp;&nbsp; 6125 | 254310 |
| First Mid Bancshares Inc. | &nbsp;&nbsp; 3250 | 131430 |
| First Watch Restaurant Group Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4375 | 82425 |
| FirstCash Holdings Inc. | &nbsp;&nbsp; 3250 | 478627 |
| Firstsun Capital Bancorp<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 66518 |
| Five Below Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4387 | 636554 |
| Five Star Bancorp. | &nbsp;&nbsp; 3125 | 102406 |
| Five9 Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6625 | 178345 |
| Flagstar Financial Inc. | &nbsp;&nbsp; 23877 | 306103 |
| Flex Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 31125 | 1668922 |
| Floor & Decor Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8500 | 696320 |
| Flowers Foods Inc. | &nbsp;&nbsp; 11784 | 177231 |
| Flowserve Corp. | &nbsp;&nbsp; 10625 | 570137 |
| Fluence Energy Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7125 | 52725 |
| Fluor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 13996 | 574116 |
| Flywire Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11199 | 147267 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| FMC Corp. | &nbsp;&nbsp; 9875 | $386112 |
| FNB Corp. | &nbsp;&nbsp; 33000 | 550770 |
| Foot Locker Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7000 | 172900 |
| Forestar Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 62258 |
| FormFactor Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7125 | 207979 |
| Fortune Brands Innovations Inc. | &nbsp;&nbsp; 9394 | 549737 |
| Forward Air Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2500 | 75075 |
| Four Corners Property Trust Inc. | &nbsp;&nbsp; 3158 | 81761 |
| Fox Factory Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 101255 |
| Franklin BSP Realty Trust Inc. | &nbsp;&nbsp; 7375 | 85181 |
| Franklin Electric Co. Inc. | &nbsp;&nbsp; 2186 | 213922 |
| Franklin Resources Inc. | &nbsp;&nbsp; 22401 | 574810 |
| Freedom Holding Corp./NV<sup>(a)</sup> | &nbsp;&nbsp; 1638 | 279967 |
| Fresh Del Monte Produce Inc. | &nbsp;&nbsp; 4406 | 159850 |
| Freshpet Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3750 | 209325 |
| Freshworks Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 15875 | 213836 |
| frontdoor Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6125 | 372094 |
| Frontier Communications Parent Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19806 | 734406 |
| Frontier Group Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6750 | 33075 |
| FRP Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3646 | 93702 |
| FTAI Aviation Ltd. | &nbsp;&nbsp; 8166 | 1256339 |
| FTAI Infrastructure Inc. | &nbsp;&nbsp; 10375 | 49800 |
| FTI Consulting Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 484840 |
| fuboTV Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 27500 | 97075 |
| Fulgent Genetics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 58196 |
| Fulton Financial Corp. | &nbsp;&nbsp; 11734 | 230690 |
| Galaxy Digital Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 12932 | 303773 |
| GameStop Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 33625 | 753536 |
| Gannett Co. Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14500 | 59595 |
| Gap Inc. (The) | &nbsp;&nbsp; 19500 | 429195 |
| Garrett Motion Inc. | &nbsp;&nbsp; 8125 | 105544 |
| GATX Corp. | &nbsp;&nbsp; 2750 | 462852 |
| GCI Liberty Inc., Class C, NVS<sup>(a)</sup> | &nbsp;&nbsp; 1896 | 69469 |
| Genco Shipping & Trading Ltd. | &nbsp;&nbsp; 5635 | 94893 |
| GeneDx Holdings Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 1500 | 194235 |
| Generac Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4750 | 879937 |
| Gentex Corp. | &nbsp;&nbsp; 14837 | 415584 |
| Gentherm Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 101118 |
| Genworth Financial Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 28231 | 241940 |
| GEO Group Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 11375 | 235917 |
| German American Bancorp. Inc. | &nbsp;&nbsp; 1538 | 64258 |
| Geron Corp.<sup>(a)</sup> | &nbsp;&nbsp; 45375 | 63525 |
| Getty Realty Corp. | &nbsp;&nbsp; 4875 | 139376 |
| Gibraltar Industries Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 179946 |
| G-III Apparel Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 4007 | 108189 |
| Gitlab Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 12070 | 579601 |
| Glacier Bancorp. Inc. | &nbsp;&nbsp; 8502 | 417873 |
| Glaukos Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 419212 |
| Global Business Travel Group I<sup>(a)</sup> | &nbsp;&nbsp; 9000 | 75060 |
| Global Industrial Co. | &nbsp;&nbsp; 2375 | 88659 |
| Global Medical REIT Inc. | &nbsp;&nbsp; 7125 | 53438 |
| Global Net Lease Inc. | &nbsp;&nbsp; 15625 | 122969 |
| Globalstar Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4125 | 123461 |
| Globe Life Inc. | &nbsp;&nbsp; 6569 | 919332 |
| Globus Medical Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9000 | 551430 |
| GMS Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2825 | 310552 |
| Gogo Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7000 | 76860 |
| Golden Entertainment Inc. | &nbsp;&nbsp; 2250 | 55958 |
| GoodRx Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 10750 | 46763 |
| Goodyear Tire & Rubber Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 23375 | 198220 |
| Goosehead Insurance Inc., Class A | &nbsp;&nbsp; 2273 | 192546 |
| Gorman-Rupp Co. (The) | &nbsp;&nbsp; 2000 | 85540 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Graham Holdings Co., Class B | &nbsp;&nbsp; 277 | $300836 |
| GRAIL Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2750 | 90173 |
| Grand Canyon Education Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2378 | 479333 |
| Granite Construction Inc. | &nbsp;&nbsp; 3500 | 377125 |
| Granite Ridge Resources Inc. | &nbsp;&nbsp; 6125 | 34055 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp; 22004 | 490029 |
| Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6875 | 80163 |
| Great Southern Bancorp. Inc. | &nbsp;&nbsp; 1750 | 110758 |
| Green Brick Partners Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 192060 |
| Greenbrier Companies Inc. (The) | &nbsp;&nbsp; 2500 | 116575 |
| Greif Inc., Class A, NVS | &nbsp;&nbsp; 2042 | 133363 |
| Greif Inc., Class B | &nbsp;&nbsp; 875 | 59745 |
| Grid Dynamics Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5500 | 45595 |
| Griffon Corp. | &nbsp;&nbsp; 3250 | 247520 |
| Grindr Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2875 | 44965 |
| Grocery Outlet Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 8213 | 148737 |
| Group 1 Automotive Inc. | &nbsp;&nbsp; 1000 | 464780 |
| Guardant Health Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9148 | 616758 |
| Guess? Inc. | &nbsp;&nbsp; 3125 | 52531 |
| Guidewire Software Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6375 | 1383502 |
| Gulfport Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 217537 |
| GXO Logistics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9500 | 500175 |
| H&R Block Inc. | &nbsp;&nbsp; 10875 | 547556 |
| HA Sustainable Infrastructure Capital Inc. | &nbsp;&nbsp; 8652 | 244332 |
| Hackett Group Inc. (The) | &nbsp;&nbsp; 2375 | 49448 |
| Haemonetics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 218160 |
| Hagerty Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7625 | 87306 |
| Halozyme Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10125 | 740644 |
| Hamilton Lane Inc., Class A | &nbsp;&nbsp; 3148 | 485862 |
| Hancock Whitney Corp. | &nbsp;&nbsp; 6875 | 432575 |
| Hanesbrands Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29625 | 186934 |
| Hanmi Financial Corp. | &nbsp;&nbsp; 1623 | 40835 |
| Hanover Insurance Group Inc. (The) | &nbsp;&nbsp; 2693 | 467182 |
| Harley-Davidson Inc. | &nbsp;&nbsp; 9625 | 280280 |
| Harmonic Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9375 | 90188 |
| Harmony Biosciences Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3538 | 130517 |
| Harrow Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3000 | 117000 |
| Hasbro Inc. | &nbsp;&nbsp; 10500 | 852285 |
| Hawaiian Electric Industries Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13750 | 178200 |
| Hawkins Inc. | &nbsp;&nbsp; 1750 | 292827 |
| Hayward Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16625 | 267330 |
| HB Fuller Co. | &nbsp;&nbsp; 2425 | 148046 |
| HBT Financial Inc. | &nbsp;&nbsp; 2875 | 76159 |
| HCI Group Inc. | &nbsp;&nbsp; 662 | 110362 |
| Healthcare Realty Trust Inc., Class A | &nbsp;&nbsp; 27250 | 473605 |
| Healthcare Services Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6625 | 103416 |
| HealthEquity Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6875 | 614144 |
| HealthStream Inc. | &nbsp;&nbsp; 2375 | 66690 |
| Heartland Express Inc. | &nbsp;&nbsp; 5375 | 46171 |
| Hecla Mining Co. | &nbsp;&nbsp; 51392 | 437346 |
| Heidrick & Struggles International Inc. | &nbsp;&nbsp; 2099 | 106650 |
| Helen of Troy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1875 | 46031 |
| Helios Technologies Inc. | &nbsp;&nbsp; 2750 | 149160 |
| Helix Energy Solutions Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11500 | 75785 |
| Helmerich & Payne Inc. | &nbsp;&nbsp; 8500 | 177565 |
| Henry Schein Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9463 | 658436 |
| Herbalife Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10000 | 97800 |
| Herc Holdings Inc. | &nbsp;&nbsp; 2575 | 336784 |
| Heritage Commerce Corp. | &nbsp;&nbsp; 10500 | 108465 |
| Hertz Global Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9875 | 56584 |
| Hess Midstream LP, Class A | &nbsp;&nbsp; 10016 | 412659 |
| Hexcel Corp. | &nbsp;&nbsp; 6377 | 402708 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| HF Sinclair Corp. | &nbsp;&nbsp; 13044 | $663679 |
| HighPeak Energy Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2250 | 17325 |
| Highwoods Properties Inc. | &nbsp;&nbsp; 8375 | 264064 |
| Hillenbrand Inc. | &nbsp;&nbsp; 6211 | 157697 |
| Hillman Solutions Corp.<sup>(a)</sup> | &nbsp;&nbsp; 15625 | 154375 |
| Hilltop Holdings Inc. | &nbsp;&nbsp; 4171 | 146319 |
| Hilton Grand Vacations Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3324 | 157956 |
| Hims & Hers Health Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 14514 | 614668 |
| HNI Corp. | &nbsp;&nbsp; 4125 | 185377 |
| Home BancShares Inc./AR | &nbsp;&nbsp; 11327 | 337092 |
| Horace Mann Educators Corp. | &nbsp;&nbsp; 3205 | 147366 |
| Host Hotels & Resorts Inc. | &nbsp;&nbsp; 51393 | 884474 |
| Houlihan Lokey Inc., Class A | &nbsp;&nbsp; 4290 | 854782 |
| Howard Hughes Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 228810 |
| Hub Group Inc., Class A | &nbsp;&nbsp; 4537 | 169775 |
| Huntington Ingalls Industries Inc. | &nbsp;&nbsp; 3125 | 846219 |
| Huntsman Corp. | &nbsp;&nbsp; 8548 | 95396 |
| Huron Consulting Group Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1500 | 205440 |
| Hut 8 Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7558 | 202025 |
| Hyster-Yale Inc. | &nbsp;&nbsp; 750 | 28125 |
| I3 Verticals Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 3265 | 102684 |
| IAC Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5450 | 199579 |
| Ibotta Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 888 | 23923 |
| ICF International Inc. | &nbsp;&nbsp; 1500 | 147330 |
| Ichor Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 52656 |
| ICU Medical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1875 | 239362 |
| IDACORP Inc. | &nbsp;&nbsp; 4375 | 547312 |
| Ideaya Biosciences Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6500 | 159575 |
| IDT Corp., Class B | &nbsp;&nbsp; 2145 | 137430 |
| IES Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 750 | 261982 |
| ImmunityBio Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 19375 | 45338 |
| Immunome Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6375 | 60626 |
| Immunovant Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5750 | 84468 |
| Impinj Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2214 | 415059 |
| Independence Realty Trust Inc. | &nbsp;&nbsp; 17875 | 323716 |
| Independent Bank Corp. | &nbsp;&nbsp; 2789 | 199441 |
| Independent Bank Corp./MI | &nbsp;&nbsp; 571 | 18780 |
| Informatica Inc. , Class A<sup>(a)</sup> | &nbsp;&nbsp; 8250 | 205672 |
| Ingevity Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 175140 |
| Ingles Markets Inc., Class A | &nbsp;&nbsp; 1375 | 93074 |
| Ingredion Inc. | &nbsp;&nbsp; 5450 | 705993 |
| Innodata Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2406 | 91380 |
| Innospec Inc. | &nbsp;&nbsp; 2125 | 186129 |
| Innovative Industrial Properties Inc. | &nbsp;&nbsp; 2090 | 118419 |
| Innovex International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 58253 |
| Innoviva Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5302 | 108320 |
| Insight Enterprises Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2250 | 292860 |
| Insmed Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15154 | 2062459 |
| Insperity Inc. | &nbsp;&nbsp; 2875 | 158757 |
| Inspire Medical Systems Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2375 | 222514 |
| Installed Building Products Inc. | &nbsp;&nbsp; 2000 | 523640 |
| Intapp Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 201206 |
| Integer Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1916 | 206679 |
| Integra LifeSciences Holdings Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5625 | 85106 |
| Integral Ad Science Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 8375 | 75291 |
| Intellia Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9000 | 102195 |
| Inter Parfums Inc. | &nbsp;&nbsp; 1750 | 201145 |
| InterDigital Inc. | &nbsp;&nbsp; 2259 | 613793 |
| Interface Inc., Class A | &nbsp;&nbsp; 4625 | 123580 |
| International Bancshares Corp. | &nbsp;&nbsp; 3709 | 265342 |
| International Seaways Inc. | &nbsp;&nbsp; 4125 | 187357 |
| Interpublic Group of Companies Inc. (The) | &nbsp;&nbsp; 28893 | 775488 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Intuitive Machines Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 13112 | $114992 |
| InvenTrust Properties Corp. | &nbsp;&nbsp; 5188 | 154447 |
| Invesco Ltd. | &nbsp;&nbsp; 29030 | 635467 |
| Invesco Mortgage Capital Inc. | &nbsp;&nbsp; 21857 | 170922 |
| Ionis Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11500 | 490302 |
| IonQ Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 21686 | 926860 |
| Iovance Biotherapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 19250 | 42928 |
| IPG Photonics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 173867 |
| iRadimed Corp. | &nbsp;&nbsp; 1140 | 82582 |
| iRhythm Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2500 | 424950 |
| Iridium Communications Inc. | &nbsp;&nbsp; 8125 | 202231 |
| Itron Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 445657 |
| ITT Inc. | &nbsp;&nbsp; 6500 | 1106625 |
| J&J Snack Foods Corp. | &nbsp;&nbsp; 1250 | 139463 |
| Jamf Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6000 | 55920 |
| Janus Henderson Group PLC | &nbsp;&nbsp; 10375 | 459820 |
| Janus International Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13375 | 138431 |
| Janux Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 76680 |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | &nbsp;&nbsp; 4625 | 590844 |
| JBG SMITH Properties | &nbsp;&nbsp; 5271 | 113010 |
| JBT Marel Corp. | &nbsp;&nbsp; 4302 | 616434 |
| Jefferies Financial Group Inc. | &nbsp;&nbsp; 12333 | 799795 |
| JetBlue Airways Corp.<sup>(a)</sup> | &nbsp;&nbsp; 9750 | 52163 |
| Joby Aviation Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15500 | 219325 |
| John B Sanfilippo & Son Inc. | &nbsp;&nbsp; 1000 | 64900 |
| John Wiley & Sons Inc., Class A | &nbsp;&nbsp; 3500 | 142030 |
| Jones Lang LaSalle Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 1184084 |
| Kadant Inc. | &nbsp;&nbsp; 1000 | 323280 |
| KAR Auction Services Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9375 | 271125 |
| Karman Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3703 | 197777 |
| KB Home | &nbsp;&nbsp; 4538 | 288390 |
| KBR Inc. | &nbsp;&nbsp; 10750 | 542445 |
| Kemper Corp. | &nbsp;&nbsp; 4253 | 228173 |
| Kennametal Inc. | &nbsp;&nbsp; 5875 | 125901 |
| Kennedy-Wilson Holdings Inc. | &nbsp;&nbsp; 11125 | 97900 |
| Kforce Inc. | &nbsp;&nbsp; 1500 | 48900 |
| Kilroy Realty Corp. | &nbsp;&nbsp; 9125 | 379509 |
| Kimbell Royalty Partners LP | &nbsp;&nbsp; 7000 | 97790 |
| KinderCare Learning Cos. Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 22469 |
| Kinetik Holdings Inc., Class A | &nbsp;&nbsp; 3537 | 147953 |
| Kinsale Capital Group Inc. | &nbsp;&nbsp; 1724 | 788644 |
| Kirby Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 121500 |
| Kite Realty Group Trust | &nbsp;&nbsp; 17500 | 399350 |
| KKR Real Estate Finance Trust Inc. | &nbsp;&nbsp; 6125 | 58984 |
| Klaviyo Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9539 | 309445 |
| Knife River Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4657 | 377217 |
| Knight-Swift Transportation Holdings Inc. | &nbsp;&nbsp; 12260 | 538214 |
| Knowles Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7625 | 162794 |
| Kodiak Gas Services Inc. | &nbsp;&nbsp; 4025 | 144055 |
| Kohl's Corp. | &nbsp;&nbsp; 8875 | 133658 |
| Kontoor Brands Inc. | &nbsp;&nbsp; 4000 | 309000 |
| Korn Ferry | &nbsp;&nbsp; 4250 | 315095 |
| Kosmos Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 52000 | 93080 |
| Kratos Defense & Security Solutions Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 13590 | 894766 |
| Krispy Kreme Inc. | &nbsp;&nbsp; 9125 | 32394 |
| Krystal Biotech Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 258475 |
| Kulicke & Soffa Industries Inc. | &nbsp;&nbsp; 4375 | 164062 |
| Kura Oncology Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4875 | 38513 |
| Kura Sushi USA Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 750 | 63604 |
| Kymera Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3125 | 128750 |
| Kyndryl Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 18934 | 601912 |
| Ladder Capital Corp., Class A | &nbsp;&nbsp; 10125 | 117653 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Lamar Advertising Co., Class A | &nbsp;&nbsp; 7033 | $894949 |
| Lamb Weston Holdings Inc. | &nbsp;&nbsp; 10750 | 618447 |
| Landbridge Co. LLC<sup>(b)</sup> | &nbsp;&nbsp; 1502 | 79831 |
| Landstar System Inc. | &nbsp;&nbsp; 2333 | 308726 |
| Lantheus Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5528 | 303487 |
| Latham Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 35131 |
| Lattice Semiconductor Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11000 | 730180 |
| Laureate Education Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9928 | 272821 |
| Lazard Inc., Class A | &nbsp;&nbsp; 6561 | 375027 |
| La-Z-Boy Inc. | &nbsp;&nbsp; 3375 | 124774 |
| LCI Industries | &nbsp;&nbsp; 1459 | 153808 |
| Lear Corp. | &nbsp;&nbsp; 3689 | 405790 |
| Legacy Housing Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1125 | 31438 |
| Legalzoom.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8500 | 94180 |
| Leggett & Platt Inc. | &nbsp;&nbsp; 10875 | 104509 |
| LeMaitre Vascular Inc. | &nbsp;&nbsp; 1625 | 154968 |
| Lemonade Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 264500 |
| LendingClub Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11000 | 188980 |
| LendingTree Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 84938 |
| LENZ Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1125 | 43459 |
| Leonardo DRS Inc. | &nbsp;&nbsp; 6625 | 275997 |
| Levi Strauss & Co., Class A | &nbsp;&nbsp; 7500 | 167775 |
| LGI Homes Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 108343 |
| Liberty Broadband Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1250 | 75838 |
| Liberty Broadband Corp., Class C, NVS<sup>(a)</sup> | &nbsp;&nbsp; 9601 | 584317 |
| Liberty Energy Inc., Class A | &nbsp;&nbsp; 13500 | 151875 |
| Liberty Global Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 13000 | 155350 |
| Liberty Global Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11078 | 130056 |
| Liberty Media Corp-Liberty Live, Class A<sup>(a)</sup> | &nbsp;&nbsp; 1625 | 153757 |
| Liberty Media Corp-Liberty Live, Class C, NVS<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 377347 |
| Life Time Group Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11069 | 309046 |
| Life360 Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6000 | 542670 |
| LifeStance Health Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10875 | 59595 |
| Ligand Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1715 | 277333 |
| Light & Wonder Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6885 | 636656 |
| Limbach Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1000 | 114560 |
| Lincoln Electric Holdings Inc. | &nbsp;&nbsp; 4394 | 1066116 |
| Lindblad Expeditions Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 61965 |
| Lindsay Corp. | &nbsp;&nbsp; 878 | 120488 |
| Lineage Inc. | &nbsp;&nbsp; 4756 | 199324 |
| Liquidia Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5125 | 141860 |
| Liquidity Services Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 59828 |
| Lithia Motors Inc., Class A | &nbsp;&nbsp; 2062 | 694234 |
| Littelfuse Inc. | &nbsp;&nbsp; 2000 | 519660 |
| Live Oak Bancshares Inc. | &nbsp;&nbsp; 2693 | 104192 |
| LiveRamp Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 146580 |
| LKQ Corp. | &nbsp;&nbsp; 19578 | 638634 |
| Loar Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2536 | 179194 |
| Louisiana-Pacific Corp. | &nbsp;&nbsp; 5125 | 487439 |
| LSI Industries Inc. | &nbsp;&nbsp; 2750 | 63058 |
| LTC Properties Inc. | &nbsp;&nbsp; 3802 | 138773 |
| Lucid Group Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 95750 | 189585 |
| Lumen Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 78875 | 392009 |
| Lumentum Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5625 | 747056 |
| LXP Industrial Trust | &nbsp;&nbsp; 25250 | 229270 |
| Lyft Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 35226 | 571366 |
| M/I Homes Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2056 | 302767 |
| Macerich Co. (The) | &nbsp;&nbsp; 20250 | 372600 |
| MACOM Technology Solutions Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 640750 |
| Macy's Inc. | &nbsp;&nbsp; 22625 | 299329 |
| Madison Square Garden Entertainment Corp., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 3250 | 132308 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Madison Square Garden Sports Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1250 | $247300 |
| Madrigal Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1094 | 479008 |
| Magnera Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 43400 |
| Magnite Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11125 | 288694 |
| Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp; 14375 | 357650 |
| Malibu Boats Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1875 | 62250 |
| Manhattan Associates Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4686 | 1009552 |
| MannKind Corp.<sup>(a)</sup> | &nbsp;&nbsp; 22000 | 100980 |
| ManpowerGroup Inc. | &nbsp;&nbsp; 4000 | 169600 |
| Maplebear Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 13449 | 583283 |
| MARA Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 27750 | 443445 |
| Marcus & Millichap Inc. | &nbsp;&nbsp; 2500 | 81475 |
| Marcus Corp. (The) | &nbsp;&nbsp; 2375 | 36670 |
| MarineMax Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 52700 |
| MarketAxess Holdings Inc. | &nbsp;&nbsp; 3064 | 563286 |
| Marqeta Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 34125 | 217206 |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp; 2375 | 185606 |
| Marten Transport Ltd. | &nbsp;&nbsp; 4881 | 57791 |
| Marzetti Company (The) | &nbsp;&nbsp; 1625 | 296725 |
| Masimo Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 506449 |
| MasTec Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 908450 |
| Masterbrand Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10125 | 128689 |
| Matador Resources Co. | &nbsp;&nbsp; 9142 | 460391 |
| Match Group Inc. | &nbsp;&nbsp; 19000 | 709460 |
| Materion Corp. | &nbsp;&nbsp; 1750 | 193900 |
| Matson Inc. | &nbsp;&nbsp; 770 | 80119 |
| Mattel Inc.<sup>(a)</sup> | &nbsp;&nbsp; 27250 | 498675 |
| Matthews International Corp., Class A | &nbsp;&nbsp; 2750 | 67568 |
| Maximus Inc. | &nbsp;&nbsp; 3933 | 345789 |
| MaxLinear Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7250 | 113970 |
| McGrath RentCorp. | &nbsp;&nbsp; 2125 | 258166 |
| MDU Resources Group Inc. | &nbsp;&nbsp; 15375 | 250459 |
| MediaAlpha Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 38316 |
| Medical Properties Trust Inc. | &nbsp;&nbsp; 42875 | 192937 |
| Medpace Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 1010459 |
| Mercantile Bank Corp. | &nbsp;&nbsp; 2500 | 123125 |
| Merchants Bancorp./IN | &nbsp;&nbsp; 2875 | 93208 |
| Mercury General Corp. | &nbsp;&nbsp; 2750 | 212657 |
| Mercury Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 295531 |
| MeridianLink Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 59670 |
| Merit Medical Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4750 | 430065 |
| Meritage Homes Corp. | &nbsp;&nbsp; 5750 | 446717 |
| Merus NV<sup>(a)</sup> | &nbsp;&nbsp; 3764 | 247822 |
| Metallus Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 67774 |
| Metrocity Bankshares Inc. | &nbsp;&nbsp; 3500 | 104790 |
| Metropolitan Bank Holding Corp. | &nbsp;&nbsp; 1750 | 138933 |
| MFA Financial Inc. | &nbsp;&nbsp; 9125 | 93075 |
| MGE Energy Inc. | &nbsp;&nbsp; 3000 | 255450 |
| MGIC Investment Corp. | &nbsp;&nbsp; 16461 | 458110 |
| MGM Resorts International<sup>(a)</sup> | &nbsp;&nbsp; 16938 | 672269 |
| MGP Ingredients Inc. | &nbsp;&nbsp; 1500 | 44355 |
| Middleby Corp. (The)<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 581612 |
| Miller Industries Inc./TN | &nbsp;&nbsp; 1000 | 42090 |
| MillerKnoll Inc. | &nbsp;&nbsp; 5375 | 113466 |
| Millrose Properties Inc. | &nbsp;&nbsp; 9375 | 331031 |
| MiMedx Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9375 | 66563 |
| Minerals Technologies Inc. | &nbsp;&nbsp; 2625 | 171806 |
| Mirion Technologies Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 17875 | 366437 |
| Mirum Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3034 | 224122 |
| Mission Produce Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 65678 |
| Mister Car Wash Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 50676 |
| MKS Inc. | &nbsp;&nbsp; 5375 | 555452 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Mobileye Global Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 10608 | $148618 |
| Moderna Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 26956 | 649370 |
| Modine Manufacturing Co.<sup>(a)</sup> | &nbsp;&nbsp; 4125 | 561536 |
| Mohawk Industries Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 580519 |
| Monarch Casino & Resort Inc. | &nbsp;&nbsp; 1125 | 117371 |
| Montrose Environmental Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 93180 |
| Moog Inc., Class A | &nbsp;&nbsp; 2375 | 465144 |
| MoonLake Immunotherapeutics, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 1875 | 104531 |
| Morningstar Inc. | &nbsp;&nbsp; 2201 | 577586 |
| Mosaic Co. (The) | &nbsp;&nbsp; 25411 | 848727 |
| MP Materials Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10750 | 764755 |
| Mr. Cooper Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4934 | 930207 |
| MRC Global Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9625 | 145145 |
| MSA Safety Inc. | &nbsp;&nbsp; 2682 | 457549 |
| MSC Industrial Direct Co. Inc., Class A | &nbsp;&nbsp; 2751 | 248223 |
| Mueller Industries Inc. | &nbsp;&nbsp; 8625 | 827482 |
| Mueller Water Products Inc., Class A | &nbsp;&nbsp; 12750 | 336090 |
| Murphy Oil Corp. | &nbsp;&nbsp; 11250 | 279675 |
| Murphy USA Inc. | &nbsp;&nbsp; 1464 | 551196 |
| MYR Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1375 | 257496 |
| Myriad Genetics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8375 | 53349 |
| N-able Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8000 | 64480 |
| Nabors Industries Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1000 | 37280 |
| NANO Nuclear Energy Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2125 | 69148 |
| Napco Security Technologies Inc. | &nbsp;&nbsp; 3500 | 133175 |
| National Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2887 | 121398 |
| National Fuel Gas Co. | &nbsp;&nbsp; 7000 | 607180 |
| National Health Investors Inc. | &nbsp;&nbsp; 3625 | 283801 |
| National HealthCare Corp. | &nbsp;&nbsp; 1375 | 156035 |
| National Presto Industries Inc. | &nbsp;&nbsp; 645 | 67609 |
| National Storage Affiliates Trust | &nbsp;&nbsp; 5750 | 185322 |
| National Vision Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6625 | 151977 |
| Natural Grocers by Vitamin Cottage Inc. | &nbsp;&nbsp; 1125 | 43256 |
| Navient Corp. | &nbsp;&nbsp; 6113 | 83809 |
| NB Bancorp Inc. | &nbsp;&nbsp; 6250 | 118063 |
| NBT Bancorp. Inc. | &nbsp;&nbsp; 4098 | 181418 |
| nCino Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8375 | 268921 |
| NCR Atleos Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5625 | 222862 |
| NCR Voyix Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11750 | 154865 |
| Nelnet Inc., Class A | &nbsp;&nbsp; 1125 | 144686 |
| Neogen Corp.<sup>(a)</sup> | &nbsp;&nbsp; 16375 | 94156 |
| NeoGenomics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10250 | 89995 |
| NerdWallet Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4875 | 50408 |
| NETGEAR Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2929 | 79581 |
| NetScout Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5750 | 143117 |
| NETSTREIT Corp. | &nbsp;&nbsp; 7500 | 137175 |
| New Fortress Energy Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 11625 | 28598 |
| New Jersey Resources Corp. | &nbsp;&nbsp; 7875 | 372409 |
| New York Mortgage Trust Inc. | &nbsp;&nbsp; 8875 | 64078 |
| New York Times Co. (The), Class A | &nbsp;&nbsp; 12250 | 733040 |
| Newell Brands Inc. | &nbsp;&nbsp; 34705 | 205454 |
| Newmark Group Inc., Class A | &nbsp;&nbsp; 11250 | 204862 |
| NewMarket Corp. | &nbsp;&nbsp; 642 | 530908 |
| NexPoint Residential Trust Inc. | &nbsp;&nbsp; 2125 | 73334 |
| Nexstar Media Group Inc., Class A | &nbsp;&nbsp; 2418 | 494554 |
| NextDecade Corp.<sup>(a)</sup> | &nbsp;&nbsp; 14875 | 159460 |
| Nextdoor Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21375 | 43819 |
| NextNav Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5875 | 104634 |
| NEXTracker Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 11625 | 781897 |
| Nicolet Bankshares Inc. | &nbsp;&nbsp; 1260 | 174245 |
| nLight Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3073 | 88502 |
| NMI Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5546 | 218235 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| NNN REIT Inc. | &nbsp;&nbsp; 13767 | $590742 |
| Northeast Bank | &nbsp;&nbsp; 1125 | 124380 |
| Northern Oil & Gas Inc. | &nbsp;&nbsp; 7500 | 196200 |
| Northfield Bancorp. Inc. | &nbsp;&nbsp; 8000 | 94800 |
| Northwest Bancshares Inc. | &nbsp;&nbsp; 7873 | 99593 |
| Northwest Natural Holding Co. | &nbsp;&nbsp; 3250 | 134973 |
| Northwestern Energy Group Inc. | &nbsp;&nbsp; 5000 | 287550 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 34875 | 866295 |
| NOV Inc. | &nbsp;&nbsp; 31500 | 418635 |
| Novavax Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11875 | 88706 |
| Novocure Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8125 | 100181 |
| NPK International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8125 | 84500 |
| Nurix Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5625 | 52538 |
| NuScale Power Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9199 | 318745 |
| Nuvalent Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 239312 |
| Nuvation Bio Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 26375 | 78334 |
| Oceaneering International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8500 | 207400 |
| Ocular Therapeutix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9750 | 119048 |
| ODP Corp. (The)<sup>(a)</sup> | &nbsp;&nbsp; 2626 | 53203 |
| OGE Energy Corp. | &nbsp;&nbsp; 16000 | 714560 |
| O-I Glass Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12250 | 159127 |
| Oklo Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 8687 | 639711 |
| Old National Bancorp./IN | &nbsp;&nbsp; 28456 | 651358 |
| Old Republic International Corp. | &nbsp;&nbsp; 19375 | 774419 |
| Old Second Bancorp. Inc. | &nbsp;&nbsp; 6625 | 122298 |
| Olin Corp. | &nbsp;&nbsp; 9250 | 218855 |
| Ollie's Bargain Outlet Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 634200 |
| Olo Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 10250 | 105063 |
| Omega Healthcare Investors Inc. | &nbsp;&nbsp; 20828 | 886648 |
| Omnicell Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 122213 |
| ONE Gas Inc. | &nbsp;&nbsp; 4625 | 353812 |
| One Liberty Properties Inc. | &nbsp;&nbsp; 1625 | 38821 |
| OneMain Holdings Inc. | &nbsp;&nbsp; 9750 | 603135 |
| OneSpan Inc. | &nbsp;&nbsp; 7578 | 114617 |
| Onestream Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 5307 | 110333 |
| Onto Innovation Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 424000 |
| Opendoor Technologies Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 61625 | 274231 |
| OPKO Health Inc.<sup>(a)</sup> | &nbsp;&nbsp; 36250 | 50025 |
| Option Care Health Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13750 | 394350 |
| Organon & Co. | &nbsp;&nbsp; 21125 | 198997 |
| Origin Bancorp Inc. | &nbsp;&nbsp; 3662 | 142415 |
| Ormat Technologies Inc. | &nbsp;&nbsp; 4750 | 436477 |
| Orrstown Financial Services Inc. | &nbsp;&nbsp; 3375 | 117619 |
| OrthoPediatrics Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1750 | 37380 |
| Oscar Health Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 14789 | 246385 |
| Oshkosh Corp. | &nbsp;&nbsp; 5250 | 731692 |
| OSI Systems Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1375 | 316319 |
| Otter Tail Corp. | &nbsp;&nbsp; 3000 | 251970 |
| Ouster Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3544 | 101110 |
| Outfront Media Inc. | &nbsp;&nbsp; 11750 | 219490 |
| Owens & Minor Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7375 | 36138 |
| Oxford Industries Inc. | &nbsp;&nbsp; 1500 | 66075 |
| P10 Inc. | &nbsp;&nbsp; 5463 | 67413 |
| Pacific Premier Bancorp. Inc. | &nbsp;&nbsp; 7096 | 173781 |
| Pacira BioSciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 116681 |
| PACS Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 58200 |
| PagerDuty Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6750 | 112995 |
| Palomar Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2126 | 261541 |
| Papa John's International Inc. | &nbsp;&nbsp; 2625 | 127864 |
| Par Pacific Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5500 | 190520 |
| PAR Technology Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 159937 |
| Paramount Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16702 | 120254 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Paramount Skydance Corp., Class B, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 25148 | $369676 |
| Park Hotels & Resorts Inc. | &nbsp;&nbsp; 18375 | 216090 |
| Park National Corp. | &nbsp;&nbsp; 1042 | 178984 |
| Parsons Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 310387 |
| Pathward Financial Inc. | &nbsp;&nbsp; 1618 | 128582 |
| Patrick Industries Inc. | &nbsp;&nbsp; 2750 | 307587 |
| Patterson-UTI Energy Inc. | &nbsp;&nbsp; 29375 | 170669 |
| Paylocity Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 649709 |
| Paymentus Holdings Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 2625 | 102191 |
| Payoneer Global Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19984 | 138889 |
| PBF Energy Inc., Class A | &nbsp;&nbsp; 6875 | 187825 |
| PC Connection Inc. | &nbsp;&nbsp; 1250 | 80263 |
| PDF Solutions Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 63906 |
| Peabody Energy Corp. | &nbsp;&nbsp; 9625 | 167475 |
| Peapack-Gladstone Financial Corp. | &nbsp;&nbsp; 3125 | 90656 |
| Pediatrix Medical Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6875 | 118319 |
| Pegasystems Inc. | &nbsp;&nbsp; 7500 | 406575 |
| Peloton Interactive Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 28625 | 217550 |
| Penguin Solutions Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4250 | 102553 |
| Penn Entertainment Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12500 | 252875 |
| Pennant Group Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 3375 | 81034 |
| PennyMac Financial Services Inc. | &nbsp;&nbsp; 2625 | 289012 |
| PennyMac Mortgage Investment Trust | &nbsp;&nbsp; 1379 | 16975 |
| Penske Automotive Group Inc. | &nbsp;&nbsp; 1163 | 214469 |
| Penumbra Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 817920 |
| Peoples Bancorp. Inc./OH | &nbsp;&nbsp; 4875 | 150832 |
| Perdoceo Education Corp. | &nbsp;&nbsp; 4889 | 160066 |
| Perella Weinberg Partners, Class A | &nbsp;&nbsp; 4250 | 94053 |
| Performance Food Group Co.<sup>(a)</sup> | &nbsp;&nbsp; 12500 | 1267500 |
| Perimeter Solutions Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11768 | 263486 |
| Permian Resources Corp., Class A | &nbsp;&nbsp; 49534 | 707841 |
| Perrigo Co. PLC | &nbsp;&nbsp; 11125 | 264107 |
| Phibro Animal Health Corp., Class A | &nbsp;&nbsp; 2250 | 83408 |
| Phillips Edison & Co. Inc. | &nbsp;&nbsp; 6898 | 242741 |
| Phinia Inc. | &nbsp;&nbsp; 3375 | 197370 |
| Photronics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7027 | 159302 |
| Phreesia Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 138513 |
| Piedmont Realty Trust Inc. | &nbsp;&nbsp; 9875 | 83641 |
| Pilgrim's Pride Corp. | &nbsp;&nbsp; 4000 | 177800 |
| Pinnacle Financial Partners Inc. | &nbsp;&nbsp; 6359 | 618222 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp; 9125 | 815410 |
| Piper Sandler Co. | &nbsp;&nbsp; 1428 | 476652 |
| PJT Partners Inc., Class A | &nbsp;&nbsp; 1778 | 318262 |
| Plains GP Holdings LP, Class A | &nbsp;&nbsp; 10587 | 204329 |
| Planet Fitness Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6750 | 707400 |
| Planet Labs PBC<sup>(a)</sup> | &nbsp;&nbsp; 19125 | 135596 |
| Plexus Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 308272 |
| Plug Power Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 61625 | 96751 |
| Plymouth Industrial REIT Inc. | &nbsp;&nbsp; 4125 | 90750 |
| Polaris Inc. | &nbsp;&nbsp; 4625 | 261682 |
| Popular Inc. | &nbsp;&nbsp; 5203 | 653705 |
| Portillo's Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 5625 | 39825 |
| Portland General Electric Co. | &nbsp;&nbsp; 6940 | 296893 |
| Post Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3780 | 427707 |
| PotlatchDeltic Corp. | &nbsp;&nbsp; 4541 | 190858 |
| Powell Industries Inc. | &nbsp;&nbsp; 875 | 232890 |
| Power Integrations Inc. | &nbsp;&nbsp; 4625 | 208587 |
| Powerfleet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12500 | 58375 |
| PRA Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 64088 |
| Praxis Precision Medicines Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2419 | 110161 |
| Preformed Line Products Co. | &nbsp;&nbsp; 250 | 47768 |
| Premier Inc., Class A | &nbsp;&nbsp; 5964 | 154468 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Prestige Consumer Healthcare Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4000 | $272160 |
| PriceSmart Inc. | &nbsp;&nbsp; 2500 | 268150 |
| Primerica Inc. | &nbsp;&nbsp; 2750 | 740685 |
| Primo Brands Corp., Class A | &nbsp;&nbsp; 21284 | 534441 |
| Primoris Services Corp. | &nbsp;&nbsp; 4375 | 518656 |
| Privia Health Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8375 | 192960 |
| ProAssurance Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3377 | 80406 |
| PROCEPT BioRobotics Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4125 | 165701 |
| Procore Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9176 | 637824 |
| PROG Holdings Inc. | &nbsp;&nbsp; 4165 | 146775 |
| Progress Software Corp. | &nbsp;&nbsp; 3625 | 167801 |
| Progyny Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6572 | 155559 |
| ProPetro Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 45263 |
| PROS Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 58125 |
| Prosperity Bancshares Inc. | &nbsp;&nbsp; 5912 | 408697 |
| Protagonist Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 228819 |
| Proto Labs Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 112073 |
| Provident Financial Services Inc. | &nbsp;&nbsp; 5744 | 113961 |
| PTC Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5175 | 255283 |
| PubMatic Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 37931 |
| PureCycle Technologies Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10375 | 148259 |
| Pursuit Attractions & Hospitality Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2000 | 74600 |
| PVH Corp. | &nbsp;&nbsp; 4330 | 365106 |
| Q2 Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4875 | 383809 |
| QCR Holdings Inc. | &nbsp;&nbsp; 2125 | 166557 |
| Qorvo Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7250 | 657575 |
| Quaker Chemical Corp. | &nbsp;&nbsp; 1250 | 181337 |
| Qualys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 407430 |
| Quanex Building Products Corp. | &nbsp;&nbsp; 4000 | 85080 |
| Quantum Computing Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10349 | 163307 |
| QuantumScape Corp., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 30875 | 244839 |
| QuidelOrtho Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5625 | 161381 |
| QuinStreet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 66640 |
| QXO Inc.<sup>(a)</sup> | &nbsp;&nbsp; 42409 | 853693 |
| Radian Group Inc. | &nbsp;&nbsp; 9344 | 325919 |
| RadNet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5500 | 394680 |
| Ralliant Corp.<sup>(a)</sup> | &nbsp;&nbsp; 8790 | 367510 |
| Ralph Lauren Corp., Class A | &nbsp;&nbsp; 3285 | 975415 |
| Rambus Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8625 | 636266 |
| Range Resources Corp. | &nbsp;&nbsp; 20746 | 710965 |
| Rapid7 Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4750 | 98373 |
| Rayonier Inc. | &nbsp;&nbsp; 11625 | 305505 |
| RBC Bearings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2375 | 926155 |
| Ready Capital Corp. | &nbsp;&nbsp; 15625 | 66563 |
| RealReal Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 8250 | 62948 |
| Recursion Pharmaceuticals Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 21190 | 99593 |
| Red Rock Resorts Inc., Class A | &nbsp;&nbsp; 4375 | 270681 |
| Redwire Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4058 | 36157 |
| Redwood Trust Inc. | &nbsp;&nbsp; 13125 | 80325 |
| Regal Rexnord Corp. | &nbsp;&nbsp; 5250 | 783982 |
| Reinsurance Group of America Inc. | &nbsp;&nbsp; 5010 | 975898 |
| Relay Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 12875 | 46221 |
| Remitly Global Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12250 | 226992 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp; 3754 | 912184 |
| Renasant Corp. | &nbsp;&nbsp; 7334 | 286979 |
| Repligen Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 519860 |
| Replimune Group Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5250 | 28350 |
| Republic Bancorp Inc., Class A | &nbsp;&nbsp; 1500 | 115110 |
| Resideo Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12250 | 417112 |
| REV Group Inc. | &nbsp;&nbsp; 4167 | 221726 |
| Revolution Medicines Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11375 | 431909 |
| Revolve Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 78295 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| REX American Resources Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1759 | $110061 |
| Rexford Industrial Realty Inc. | &nbsp;&nbsp; 17625 | 729851 |
| Reynolds Consumer Products Inc. | &nbsp;&nbsp; 5125 | 118951 |
| RH<sup>(a)(b)</sup> | &nbsp;&nbsp; 1250 | 282087 |
| Rhythm Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3875 | 399706 |
| Ribbon Communications Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10625 | 43350 |
| Rigetti Computing Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 22177 | 359933 |
| Riley Exploration Permian Inc. | &nbsp;&nbsp; 1125 | 32918 |
| RingCentral Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5750 | 175432 |
| Riot Platforms Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 28375 | 390440 |
| Rithm Capital Corp. | &nbsp;&nbsp; 42125 | 521507 |
| RLI Corp. | &nbsp;&nbsp; 6882 | 466118 |
| RLJ Lodging Trust | &nbsp;&nbsp; 13250 | 102025 |
| Robert Half Inc. | &nbsp;&nbsp; 8250 | 307890 |
| Rogers Corp.<sup>(a)</sup> | &nbsp;&nbsp; 804 | 63082 |
| Roivant Sciences Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 29750 | 354917 |
| Roku Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10040 | 969462 |
| Root Inc.<sup>(a)</sup> | &nbsp;&nbsp; 909 | 83828 |
| Royal Gold Inc. | &nbsp;&nbsp; 5224 | 938126 |
| RPC Inc. | &nbsp;&nbsp; 9250 | 44123 |
| Rubrik Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9822 | 878087 |
| Rumble Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6250 | 45563 |
| Rush Enterprises Inc., Class A | &nbsp;&nbsp; 5125 | 294175 |
| Rush Enterprises Inc., Class B | &nbsp;&nbsp; 750 | 43530 |
| Rush Street Interactive Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7125 | 158887 |
| RXO Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8250 | 134723 |
| Ryan Specialty Holdings Inc., Class A | &nbsp;&nbsp; 8625 | 487571 |
| Ryder System Inc. | &nbsp;&nbsp; 3375 | 632880 |
| Ryerson Holding Corp. | &nbsp;&nbsp; 2750 | 62700 |
| Ryman Hospitality Properties Inc. | &nbsp;&nbsp; 4500 | 444555 |
| Sable Offshore Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4750 | 128155 |
| Sabra Health Care REIT Inc. | &nbsp;&nbsp; 19250 | 367867 |
| Sabre Corp.<sup>(a)</sup> | &nbsp;&nbsp; 29125 | 52134 |
| Safehold Inc. | &nbsp;&nbsp; 4625 | 76128 |
| Safety Insurance Group Inc. | &nbsp;&nbsp; 1726 | 127741 |
| Saia Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2125 | 629977 |
| Sally Beauty Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8125 | 112613 |
| Sandisk Corp.<sup>(a)</sup> | &nbsp;&nbsp; 10783 | 565784 |
| Sanmina Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4664 | 548113 |
| Sarepta Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6875 | 125125 |
| Saul Centers Inc. | &nbsp;&nbsp; 1625 | 55526 |
| ScanSource Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 92756 |
| Schneider National Inc., Class B | &nbsp;&nbsp; 4375 | 108150 |
| Scholar Rock Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5750 | 187737 |
| Scholastic Corp. | &nbsp;&nbsp; 2750 | 70565 |
| Schrodinger Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 102428 |
| Science Applications International Corp. | &nbsp;&nbsp; 3918 | 461149 |
| Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp; 3625 | 221922 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp; 6875 | 213881 |
| Sealed Air Corp. | &nbsp;&nbsp; 9894 | 321258 |
| SEI Investments Co. | &nbsp;&nbsp; 8279 | 730870 |
| Select Medical Holdings Corp. | &nbsp;&nbsp; 8750 | 113838 |
| Select Water Solutions Inc. | &nbsp;&nbsp; 7375 | 62835 |
| Selective Insurance Group Inc. | &nbsp;&nbsp; 4629 | 362127 |
| SEMrush Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 34563 |
| Semtech Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6875 | 399369 |
| Seneca Foods Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 756 | 85579 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp; 12250 | 398615 |
| Sensient Technologies Corp. | &nbsp;&nbsp; 3000 | 340380 |
| SentinelOne Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 29679 | 559746 |
| Service Corp. International | &nbsp;&nbsp; 11500 | 911375 |
| ServisFirst Bancshares Inc. | &nbsp;&nbsp; 4000 | 352600 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Sezzle Inc., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 1625 | $153725 |
| Shake Shack Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 331250 |
| Shenandoah Telecommunications Co. | &nbsp;&nbsp; 4375 | 57969 |
| Shift4 Payments Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 5000 | 452150 |
| Shoe Carnival Inc. | &nbsp;&nbsp; 1875 | 39188 |
| Shutterstock Inc. | &nbsp;&nbsp; 2500 | 52325 |
| SI-BONE Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 58345 |
| SIGA Technologies Inc. | &nbsp;&nbsp; 5000 | 41950 |
| Signet Jewelers Ltd. | &nbsp;&nbsp; 3301 | 290653 |
| Sila Realty Trust Inc. | &nbsp;&nbsp; 4375 | 109113 |
| Silgan Holdings Inc. | &nbsp;&nbsp; 7256 | 340452 |
| Silicon Laboratories Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2625 | 352669 |
| Simmons First National Corp., Class A | &nbsp;&nbsp; 9503 | 197472 |
| Simply Good Foods Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 7750 | 221882 |
| Simpson Manufacturing Co. Inc. | &nbsp;&nbsp; 3375 | 645030 |
| Sinclair Inc. | &nbsp;&nbsp; 3625 | 52454 |
| Sirius XM Holdings Inc. | &nbsp;&nbsp; 16125 | 381195 |
| SITE Centers Corp. | &nbsp;&nbsp; 5125 | 62935 |
| SiteOne Landscape Supply Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 519245 |
| SiTime Corp.<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 362505 |
| Six Flags Entertainment Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7625 | 173011 |
| Skechers USA Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 10500 | 662340 |
| Skyward Specialty Insurance Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 169050 |
| SkyWest Inc.<sup>(a)</sup> | &nbsp;&nbsp; 875 | 106225 |
| Skyworks Solutions Inc. | &nbsp;&nbsp; 11901 | 891861 |
| SL Green Realty Corp. | &nbsp;&nbsp; 5625 | 320006 |
| SLM Corp. | &nbsp;&nbsp; 16297 | 509770 |
| SM Energy Co. | &nbsp;&nbsp; 9125 | 260519 |
| SolarEdge Technologies Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4750 | 160645 |
| Solaris Energy Infrastructure Inc., Class A | &nbsp;&nbsp; 3125 | 98719 |
| Soleno Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2411 | 163152 |
| Somnigroup International Inc. | &nbsp;&nbsp; 16157 | 1356380 |
| Sonic Automotive Inc., Class A | &nbsp;&nbsp; 1178 | 96820 |
| Sonoco Products Co. | &nbsp;&nbsp; 6064 | 286524 |
| Sonos Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9875 | 137460 |
| Sotera Health Co.<sup>(a)</sup> | &nbsp;&nbsp; 12375 | 202579 |
| Soundhound AI Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 28125 | 366187 |
| South Plains Financial Inc. | &nbsp;&nbsp; 2625 | 106654 |
| Southern Missouri Bancorp. Inc. | &nbsp;&nbsp; 1875 | 107878 |
| SouthState Corp. | &nbsp;&nbsp; 8173 | 834136 |
| Southwest Gas Holdings Inc. | &nbsp;&nbsp; 4750 | 379430 |
| SpartanNash Co. | &nbsp;&nbsp; 3625 | 97150 |
| Spectrum Brands Holdings Inc. | &nbsp;&nbsp; 2250 | 128228 |
| Sphere Entertainment Co.<sup>(a)</sup> | &nbsp;&nbsp; 2375 | 107611 |
| Spire Inc. | &nbsp;&nbsp; 4625 | 354275 |
| Spirit AeroSystems Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 9625 | 400304 |
| Sprinklr Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8875 | 76680 |
| Sprout Social Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 67108 |
| Sprouts Farmers Market Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8000 | 1124320 |
| SPS Commerce Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 330900 |
| SPX Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 701662 |
| Spyre Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3375 | 55654 |
| St Joe Co. (The) | &nbsp;&nbsp; 3250 | 163995 |
| STAAR Surgical Co.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 99180 |
| STAG Industrial Inc. | &nbsp;&nbsp; 14031 | 517042 |
| Stagwell Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 10125 | 57105 |
| Standard BioTools Inc.<sup>(a)</sup> | &nbsp;&nbsp; 24625 | 31028 |
| Standard Motor Products Inc. | &nbsp;&nbsp; 2250 | 87323 |
| StandardAero Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13301 | 352343 |
| Standex International Corp. | &nbsp;&nbsp; 1125 | 229579 |
| Stanley Black & Decker Inc. | &nbsp;&nbsp; 11955 | 888137 |
| Starwood Property Trust Inc. | &nbsp;&nbsp; 21446 | 434710 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Steelcase Inc., Class A | &nbsp;&nbsp; 6750 | $112995 |
| Stepan Co. | &nbsp;&nbsp; 1875 | 93806 |
| StepStone Group Inc., Class A | &nbsp;&nbsp; 5625 | 349087 |
| Sterling Infrastructure Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2500 | 696325 |
| Steven Madden Ltd. | &nbsp;&nbsp; 5750 | 166980 |
| Stewart Information Services Corp. | &nbsp;&nbsp; 2625 | 191205 |
| Stifel Financial Corp. | &nbsp;&nbsp; 8204 | 945839 |
| Stock Yards Bancorp. Inc. | &nbsp;&nbsp; 2875 | 232041 |
| Stoke Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3875 | 76570 |
| StoneX Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3565 | 364236 |
| Strategic Education Inc. | &nbsp;&nbsp; 1875 | 152531 |
| Stride Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 571165 |
| Sturm Ruger & Co. Inc. | &nbsp;&nbsp; 1625 | 56339 |
| Summit Hotel Properties Inc. | &nbsp;&nbsp; 11250 | 61650 |
| SunCoke Energy Inc. | &nbsp;&nbsp; 8375 | 64655 |
| Sunrun Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 17875 | 285464 |
| Supernus Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 236880 |
| Surgery Partners Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5625 | 127631 |
| Sweetgreen Inc., Class A <sup>(a)(b)</sup> | &nbsp;&nbsp; 8625 | 78488 |
| Sylvamo Corp. | &nbsp;&nbsp; 3125 | 144156 |
| Symbotic Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 3875 | 183791 |
| Synaptics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3305 | 230887 |
| Syndax Pharmaceuticals Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6125 | 100021 |
| Synovus Financial Corp. | &nbsp;&nbsp; 11335 | 584999 |
| Talen Energy Corp.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 1136760 |
| Talos Energy Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13625 | 134615 |
| Tandem Diabetes Care Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 65678 |
| Tanger Inc. | &nbsp;&nbsp; 8771 | 299793 |
| Tarsus Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2500 | 146450 |
| Taylor Morrison Home Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7100 | 478327 |
| TD SYNNEX Corp. | &nbsp;&nbsp; 6250 | 925437 |
| TechnipFMC PLC | &nbsp;&nbsp; 33668 | 1237636 |
| TechTarget Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3125 | 18438 |
| TEGNA Inc. | &nbsp;&nbsp; 13314 | 282257 |
| Teladoc Health Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13875 | 107254 |
| Teleflex Inc. | &nbsp;&nbsp; 3211 | 405903 |
| Telephone and Data Systems Inc. | &nbsp;&nbsp; 8250 | 330742 |
| Tempus AI Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7681 | 582681 |
| Tenable Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9750 | 301470 |
| Tenet Healthcare Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7501 | 1382659 |
| Tennant Co. | &nbsp;&nbsp; 1500 | 123060 |
| Teradata Corp.<sup>(a)</sup> | &nbsp;&nbsp; 8250 | 173085 |
| Terawulf Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 24750 | 233887 |
| Terex Corp. | &nbsp;&nbsp; 5750 | 287155 |
| Terreno Realty Corp. | &nbsp;&nbsp; 8000 | 462160 |
| Tetra Tech Inc. | &nbsp;&nbsp; 19435 | 707823 |
| Texas Capital Bancshares Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3162 | 273734 |
| Texas Roadhouse Inc., Class A | &nbsp;&nbsp; 5375 | 927456 |
| TFS Financial Corp. | &nbsp;&nbsp; 9000 | 126540 |
| TG Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 12000 | 351960 |
| The Campbell's Co. | &nbsp;&nbsp; 13257 | 423296 |
| Thermon Group Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2750 | 72930 |
| Thor Industries Inc. | &nbsp;&nbsp; 4125 | 452100 |
| Thryv Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 51440 |
| Tidewater Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1125 | 67725 |
| Timken Co. (The) | &nbsp;&nbsp; 5250 | 405457 |
| Tiptree Inc. | &nbsp;&nbsp; 3625 | 85006 |
| Titan International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5125 | 45203 |
| TKO Group Holdings Inc., Class A | &nbsp;&nbsp; 5432 | 1029690 |
| Toll Brothers Inc. | &nbsp;&nbsp; 7805 | 1084895 |
| Tompkins Financial Corp. | &nbsp;&nbsp; 1875 | 131513 |
| Tootsie Roll Industries Inc.<sup>(b)</sup> | &nbsp;&nbsp; 3337 | 134181 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| TopBuild Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2375 | $999305 |
| Topgolf Callaway Brands Corp.<sup>(a)</sup> | &nbsp;&nbsp; 11000 | 105160 |
| Toro Co. (The) | &nbsp;&nbsp; 8000 | 648480 |
| Towne Bank/Portsmouth VA | &nbsp;&nbsp; 4135 | 151713 |
| TPG Inc., Class A | &nbsp;&nbsp; 10625 | 641219 |
| TPG RE Finance Trust Inc. | &nbsp;&nbsp; 7500 | 70125 |
| Transcat Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 83950 |
| TransMedics Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2671 | 307058 |
| Transocean Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 64125 | 194299 |
| Travel + Leisure Co. | &nbsp;&nbsp; 5500 | 347655 |
| Travere Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6500 | 113750 |
| TreeHouse Foods Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3750 | 68775 |
| Trex Co. Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8625 | 531559 |
| Tri Pointe Homes Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7375 | 260559 |
| TriCo Bancshares | &nbsp;&nbsp; 1292 | 58683 |
| TriMas Corp. | &nbsp;&nbsp; 3250 | 125678 |
| TriNet Group Inc. | &nbsp;&nbsp; 2750 | 199155 |
| Trinity Industries Inc. | &nbsp;&nbsp; 7125 | 202492 |
| TripAdvisor Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9000 | 156780 |
| Trump Media & Technology Group Corp.<sup>(a)</sup> | &nbsp;&nbsp; 12186 | 213621 |
| Trupanion Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3271 | 151644 |
| Trustmark Corp. | &nbsp;&nbsp; 4537 | 182705 |
| TTM Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9047 | 403225 |
| Turning Point Brands Inc. | &nbsp;&nbsp; 1762 | 175319 |
| Tutor Perini Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4375 | 257862 |
| Twist Bioscience Corp.<sup>(a)</sup> | &nbsp;&nbsp; 5000 | 134850 |
| Two Harbors Investment Corp. | &nbsp;&nbsp; 8875 | 88750 |
| TXNM Energy Inc. | &nbsp;&nbsp; 7483 | 423837 |
| U.S. Foods Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 17688 | 1372589 |
| U.S. Physical Therapy Inc. | &nbsp;&nbsp; 1402 | 116212 |
| Udemy Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7375 | 50593 |
| UFP Industries Inc. | &nbsp;&nbsp; 4689 | 473448 |
| UFP Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 625 | 131350 |
| UGI Corp. | &nbsp;&nbsp; 17250 | 597540 |
| UiPath Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 34250 | 380860 |
| UL Solutions Inc., Class A | &nbsp;&nbsp; 5000 | 315850 |
| Ultra Clean Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 87073 |
| Ultragenyx Pharmaceutical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6625 | 198485 |
| UMB Financial Corp. | &nbsp;&nbsp; 5825 | 710067 |
| UMH Properties Inc. | &nbsp;&nbsp; 6000 | 94140 |
| Under Armour Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 15000 | 75000 |
| Under Armour Inc., Class C, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 10750 | 52890 |
| UniFirst Corp./MA | &nbsp;&nbsp; 1250 | 222275 |
| United Bankshares Inc./WV | &nbsp;&nbsp; 9705 | 372090 |
| United Community Banks Inc./GA | &nbsp;&nbsp; 8111 | 270907 |
| United Natural Foods Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4750 | 134330 |
| United Parks & Resorts Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2250 | 118305 |
| United States Lime & Minerals Inc | &nbsp;&nbsp; 1133 | 142667 |
| Uniti Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11824 | 74491 |
| Unity Software Inc.<sup>(a)</sup> | &nbsp;&nbsp; 24841 | 978984 |
| Universal Corp./VA | &nbsp;&nbsp; 2000 | 111900 |
| Universal Display Corp. | &nbsp;&nbsp; 3625 | 502389 |
| Universal Health Realty Income Trust | &nbsp;&nbsp; 4857 | 197146 |
| Universal Insurance Holdings Inc. | &nbsp;&nbsp; 4500 | 109755 |
| Universal Technical Institute Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3500 | 93065 |
| Univest Financial Corp. | &nbsp;&nbsp; 4250 | 134598 |
| Unum Group | &nbsp;&nbsp; 14024 | 979717 |
| Upbound Group Inc. | &nbsp;&nbsp; 3750 | 95288 |
| Upstart Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6750 | 494640 |
| Upwork Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10125 | 155824 |
| Uranium Energy Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 41000 | 438290 |
| Urban Edge Properties | &nbsp;&nbsp; 10081 | 208576 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Urban Outfitters Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4875 | $327015 |
| USANA Health Sciences Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1375 | 43876 |
| Utz Brands Inc. | &nbsp;&nbsp; 5625 | 75488 |
| UWM Holdings Corp. | &nbsp;&nbsp; 15000 | 85500 |
| V2X Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1500 | 86250 |
| Vail Resorts Inc. | &nbsp;&nbsp; 3000 | 491400 |
| Valaris Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5375 | 266976 |
| Valley National Bancorp | &nbsp;&nbsp; 38777 | 405607 |
| Valmont Industries Inc. | &nbsp;&nbsp; 1625 | 596570 |
| Valvoline Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9875 | 382952 |
| Varonis Systems Inc., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 8875 | 523802 |
| Vaxcyte Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9125 | 280959 |
| Veeco Instruments Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4625 | 113405 |
| Vera Therapeutics Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3625 | 78445 |
| Veracyte Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6500 | 197210 |
| Vericel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 4250 | 154530 |
| Verint Systems Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5000 | 101950 |
| Veris Residential Inc. | &nbsp;&nbsp; 6625 | 104211 |
| Veritex Holdings Inc. | &nbsp;&nbsp; 3893 | 133725 |
| Verra Mobility Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 13125 | 326156 |
| Vertex Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 5750 | 148465 |
| Verve Therapeutics Inc., NVS<sup>(b)(e)</sup> | &nbsp;&nbsp; 6160 | 3942 |
| Vestis Corp. | &nbsp;&nbsp; 9375 | 43875 |
| VF Corp. | &nbsp;&nbsp; 26250 | 397162 |
| Viasat Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7851 | 253823 |
| Viatris Inc. | &nbsp;&nbsp; 92555 | 976455 |
| Viavi Solutions Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 19125 | 215730 |
| Vicor Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1875 | 95831 |
| Victoria's Secret & Co.<sup>(a)</sup> | &nbsp;&nbsp; 5625 | 129488 |
| Victory Capital Holdings Inc., Class A | &nbsp;&nbsp; 3688 | 262881 |
| Viking Therapeutics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8625 | 233306 |
| Vimeo Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13500 | 56700 |
| Viper Energy Inc., Class A | &nbsp;&nbsp; 13906 | 554085 |
| Vir Biotechnology Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8250 | 40755 |
| Viridian Therapeutics Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5125 | 94198 |
| Virtu Financial Inc., Class A | &nbsp;&nbsp; 6780 | 284218 |
| Virtus Investment Partners Inc. | &nbsp;&nbsp; 318 | 64055 |
| Vishay Intertechnology Inc. | &nbsp;&nbsp; 9375 | 144937 |
| Visteon Corp. | &nbsp;&nbsp; 2028 | 251391 |
| Vita Coco Co. Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 3507 | 125340 |
| Vital Energy Inc.<sup>(a)</sup> | &nbsp;&nbsp; 3000 | 53460 |
| Vital Farms Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2660 | 135899 |
| Vitesse Energy Inc. | &nbsp;&nbsp; 3000 | 79830 |
| Vontier Corp. | &nbsp;&nbsp; 12125 | 520284 |
| Vornado Realty Trust | &nbsp;&nbsp; 13125 | 499144 |
| Voya Financial Inc. | &nbsp;&nbsp; 7376 | 553864 |
| VSE Corp. | &nbsp;&nbsp; 1625 | 263900 |
| Walker & Dunlop Inc. | &nbsp;&nbsp; 2750 | 233887 |
| Warby Parker Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6875 | 180125 |
| Warrior Met Coal Inc. | &nbsp;&nbsp; 4135 | 252814 |
| Washington Federal Inc. | &nbsp;&nbsp; 5535 | 174076 |
| Watts Water Technologies Inc., Class A | &nbsp;&nbsp; 2250 | 623025 |
| WaVe Life Sciences Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 9625 | 92400 |
| Wayfair Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 8185 | 610601 |
| Waystar Holding Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7515 | 284668 |
| WD-40 Co. | &nbsp;&nbsp; 1125 | 243045 |
| Weave Communications Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4625 | 35983 |
| Webster Financial Corp. | &nbsp;&nbsp; 12891 | 802078 |
| Weis Markets Inc. | &nbsp;&nbsp; 1625 | 116431 |
| Wendy's Co. (The) | &nbsp;&nbsp; 15000 | 159150 |
| Werner Enterprises Inc. | &nbsp;&nbsp; 3281 | 94657 |
| WesBanco Inc. | &nbsp;&nbsp; 6650 | 218120 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| WESCO International Inc. | &nbsp;&nbsp; 4000 | $879360 |
| Western Alliance Bancorp. | &nbsp;&nbsp; 8189 | 733325 |
| Western Union Co. (The) | &nbsp;&nbsp; 19585 | 169802 |
| Westrock Coffee Co.<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 21640 |
| WEX Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2580 | 442083 |
| Whirlpool Corp. | &nbsp;&nbsp; 4375 | 407531 |
| White Mountains Insurance Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 191 | 349564 |
| Whitestone REIT | &nbsp;&nbsp; 4375 | 57575 |
| Willdan Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 945 | 103818 |
| Willis Lease Finance Corp. | &nbsp;&nbsp; 375 | 55755 |
| WillScot Mobile Mini Holdings Corp. | &nbsp;&nbsp; 14625 | 354510 |
| Wingstop Inc. | &nbsp;&nbsp; 2150 | 705458 |
| Winmark Corp. | &nbsp;&nbsp; 250 | 115960 |
| Winnebago Industries Inc. | &nbsp;&nbsp; 2375 | 85453 |
| Wintrust Financial Corp. | &nbsp;&nbsp; 4889 | 671211 |
| WK Kellogg Co. | &nbsp;&nbsp; 5500 | 126060 |
| Wolverine World Wide Inc. | &nbsp;&nbsp; 7625 | 243542 |
| Woodward Inc. | &nbsp;&nbsp; 4750 | 1172395 |
| Workiva Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 328960 |
| World Acceptance Corp.<sup>(a)</sup> | &nbsp;&nbsp; 375 | 64286 |
| World Fuel Services Corp. | &nbsp;&nbsp; 5526 | 148152 |
| Worthington Enterprises Inc. | &nbsp;&nbsp; 2625 | 172725 |
| Worthington Steel Inc. | &nbsp;&nbsp; 3125 | 104063 |
| WSFS Financial Corp. | &nbsp;&nbsp; 4045 | 235783 |
| Wyndham Hotels & Resorts Inc. | &nbsp;&nbsp; 6250 | 541312 |
| Wynn Resorts Ltd. | &nbsp;&nbsp; 6563 | 831860 |
| Xencor Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5375 | 43699 |
| Xenia Hotels & Resorts Inc. | &nbsp;&nbsp; 9500 | 134235 |
| Xenon Pharmaceuticals Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5625 | 217744 |
| Xeris Biopharma Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10436 | 81714 |
| Xerox Holdings Corp. | &nbsp;&nbsp; 12000 | 47760 |
| Xometry Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4526 | 223946 |
| XPEL Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2125 | 78965 |
| XPLR Infrastructure LP | &nbsp;&nbsp; 9125 | 96725 |
| XPO Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9250 | 1199725 |
| Yelp Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5250 | 166005 |
| YETI Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 6750 | 237330 |
| Yext Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9875 | 89764 |
| Zeta Global Holdings Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 15500 | 304420 |
| Ziff Davis Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3500 | 133735 |
| Zions Bancorp. NA | &nbsp;&nbsp; 11625 | 674366 |
| ZoomInfo Technologies Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 22125 | 241162 |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp; 11500 | 521640 |
| Zymeworks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4000 | 59240 |
|  |  | 441335550 |
| **Total Common Stocks — 99.5%** <br>**(Cost: $657,384,890)** | **Total Common Stocks — 99.5%** <br>**(Cost: $657,384,890)** | 735770201 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| Draegerwerk AG & Co. KGaA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 750 | 58179 |
| FUCHS SE, Preference Shares, NVS | &nbsp;&nbsp; 5250 | 252041 |
| Jungheinrich AG, Preference Shares, NVS | &nbsp;&nbsp; 3875 | 136300 |
| Sixt SE, Preference Shares, NVS | &nbsp;&nbsp; 1250 | 87170 |
| STO SE & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 250 | 36337 |
|  |  | 570027 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Danieli & C Officine Meccaniche SpA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 3125 | $104976 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $672,901)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $672,901)** | 675003 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $658,057,791)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $658,057,791)** | 736445204 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.4%** | **Money Market Funds — 5.4%** | **Money Market Funds — 5.4%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)</sup><br>| &nbsp;&nbsp; 38378349 | 38397539 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(f)</sup><br>| &nbsp;&nbsp; 1220000 | 1220000 |
| **Total Short-Term Securities — 5.4%** <br>**(Cost: $39,614,969)** | **Total Short-Term Securities — 5.4%** <br>**(Cost: $39,614,969)** | 39617539 |
| **Total Investments — 105.0%** <br>**(Cost: $697,672,760)** | **Total Investments — 105.0%** <br>**(Cost: $697,672,760)** | 776062743 |
| **Liabilities in Excess of Other Assets — (5.0)%** | **Liabilities in Excess of Other Assets — (5.0)%** | (36718251)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $739344492 |

---

&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> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(e)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(f)</sup> Affiliate of the Fund.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*04/01/25*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $—<br> &nbsp;&nbsp; $38395310 <br><sup>(b)</sup><br>| $— | $(341)<br>| $2570 | $38397539 | 38378349 | $150054 | $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| —<br> &nbsp;&nbsp; 1220000 <br><sup>(b)</sup><br>|  |  |  | 1220000 | 1220000 | 13538 |  |
|  |  |  | $(341) | $2570 | $39617539 |  | $163592 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Russell 2000 Index | 8 | 09/19/25 | &nbsp;&nbsp; $948 | $37983 |
| MSCI EAFE Index | 5 | 09/19/25 | &nbsp;&nbsp; 680 | (7808) |
| S&P Mid 400 E-Mini Index | 1 | 09/19/25 | &nbsp;&nbsp; 326 | 7711 |
|  |  |  |  | $37886 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**Equity Swap contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| Jackson Financial Inc., Class A | BNP Paribas | &nbsp;&nbsp; $98 | 08/30/27 | 0.20% | 1D SONIA | Monthly | &nbsp;&nbsp; $1 |
| Jackson Financial Inc., Class A | &nbsp;&nbsp; Goldman Sachs Bank <br> USA | &nbsp;&nbsp; 98 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly | &nbsp;&nbsp; 1 |
| Jackson Financial Inc., Class A | HSBC Bank PLC | &nbsp;&nbsp; 98 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly | &nbsp;&nbsp; 1 |
| Jackson Financial Inc., Class A | &nbsp;&nbsp; JPMorgan Chase Bank <br> NA | &nbsp;&nbsp; 98 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly | &nbsp;&nbsp; 1 |
| Jackson Financial Inc., Class A | Merrill Lynch International | &nbsp;&nbsp; 98 | 02/15/28 | 0.40% | 1D OBFR01 | Monthly | &nbsp;&nbsp; 1 |
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  | 5 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; — |
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency. 

**Balances Reported in the Statements of Assets and Liabilities for OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp;&nbsp; $— |

---

**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; $45694 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45694 |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45699 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45699 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7808 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7808 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $162143 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $162143 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37886 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37886 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37891 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37891 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1632810 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; $245 |

---

**Derivative Financial Instruments - Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11145 |
| Swaps - OTC<sup>(a)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 11145 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11145)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $5 | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

The following table presents the Fund's derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| BNP Paribas | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| HSBC Bank PLC | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Merrill Lynch International | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
|  | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $492718735 | &nbsp;&nbsp; $243041760 | &nbsp;&nbsp; $9706 | &nbsp;&nbsp; $735770201 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 675003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 675003 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 39617539 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39617539 |
|  | &nbsp;&nbsp; $532336274 | &nbsp;&nbsp; $243716763 | &nbsp;&nbsp; $9706 | &nbsp;&nbsp; $776062743 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $45694 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45699 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI World Small-Cap ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(7808)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7808)<br>|
|  | &nbsp;&nbsp; $37886 | &nbsp;&nbsp; $5 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37891 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® Paris-Aligned Climate Optimized MSCI World ex USA 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 — 6.1%** | **Australia — 6.1%** | **Australia — 6.1%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 43015 | $945217 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 5687 | 269658 |
| ASX Ltd. | &nbsp;&nbsp; 2299 | 93911 |
| Brambles Ltd. | &nbsp;&nbsp; 11374 | 192757 |
| Cochlear Ltd. | &nbsp;&nbsp; 1763 | 347162 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 19126 | 2125816 |
| Computershare Ltd. | &nbsp;&nbsp; 6803 | 169299 |
| CSL Ltd. | &nbsp;&nbsp; 4840 | 673281 |
| Goodman Group | &nbsp;&nbsp; 39572 | 885556 |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp; 9620 | 195373 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 4161 | 610282 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 24805 | 82637 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 41690 | 1163509 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 22627 | 282380 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 11566 | 163413 |
| REA Group Ltd. | &nbsp;&nbsp; 847 | 138712 |
| Scentre Group | &nbsp;&nbsp; 218284 | 581788 |
| SGH Ltd. | &nbsp;&nbsp; 2066 | 68032 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 68160 | 138878 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 2904 | 45615 |
| Stockland | &nbsp;&nbsp; 116796 | 473042 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 35612 | 494906 |
| Transurban Group | &nbsp;&nbsp; 91310 | 870923 |
| Vicinity Ltd. | &nbsp;&nbsp; 467701 | 791886 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 19606 | 1174371 |
| Westpac Banking Corp. | &nbsp;&nbsp; 14399 | 362697 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 1348 | 89308 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 968 | 103221 |
|  |  | 13533630 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| Erste Group Bank AG | &nbsp;&nbsp; 3998 | 380551 |
| Verbund AG | &nbsp;&nbsp; 4356 | 310655 |
|  |  | 691206 |
| **Belgium — 1.2%** | **Belgium — 1.2%** | **Belgium — 1.2%** |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 13592 | 852706 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 393 | 279818 |
| D'ieteren Group | &nbsp;&nbsp; 750 | 162525 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 2243 | 197154 |
| KBC Group NV | &nbsp;&nbsp; 4477 | 527719 |
| Lotus Bakeries NV | &nbsp;&nbsp; 12 | 117677 |
| Sofina SA | &nbsp;&nbsp; 203 | 61422 |
| UCB SA | &nbsp;&nbsp; 2123 | 498011 |
|  |  | 2697032 |
| **Canada — 13.2%** | **Canada — 13.2%** | **Canada — 13.2%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 8653 | 1247592 |
| Alamos Gold Inc., Class A | &nbsp;&nbsp; 6269 | 190989 |
| Bank of Montreal | &nbsp;&nbsp; 5445 | 658903 |
| BCE Inc. | &nbsp;&nbsp; 4892 | 122073 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 2843 | 171095 |
| CAE Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5203 | 140290 |
| Cameco Corp. | &nbsp;&nbsp; 4043 | 312760 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 13794 | 1065574 |
| CCL Industries Inc., Class B, NVS | &nbsp;&nbsp; 2057 | 123224 |
| Celestica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1643 | 320022 |
| CGI Inc. | &nbsp;&nbsp; 3394 | 329577 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 203 | 672603 |
| Dollarama Inc. | &nbsp;&nbsp; 8003 | 1091231 |
| Element Fleet Management Corp. | &nbsp;&nbsp; 17566 | 468137 |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp; 363 | 624930 |
| FirstService Corp. | &nbsp;&nbsp; 732 | 147370 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| GFL Environmental Inc. | &nbsp;&nbsp; 5203 | $260273 |
| Gildan Activewear Inc. | &nbsp;&nbsp; 3630 | 198185 |
| Great-West Lifeco Inc. | &nbsp;&nbsp; 17926 | 710070 |
| Hydro One Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 41695 | 1518307 |
| iA Financial Corp. Inc. | &nbsp;&nbsp; 3923 | 422051 |
| IGM Financial Inc. | &nbsp;&nbsp; 5808 | 208240 |
| Intact Financial Corp. | &nbsp;&nbsp; 4403 | 881754 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 61181 | 540822 |
| Kinross Gold Corp. | &nbsp;&nbsp; 27609 | 577169 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 22440 | 916489 |
| Lundin Gold Inc. | &nbsp;&nbsp; 2121 | 130424 |
| Lundin Mining Corp. | &nbsp;&nbsp; 47432 | 548800 |
| Manulife Financial Corp. | &nbsp;&nbsp; 34052 | 1047582 |
| Metro Inc./CN | &nbsp;&nbsp; 6655 | 477022 |
| National Bank of Canada | &nbsp;&nbsp; 4840 | 508758 |
| Open Text Corp. | &nbsp;&nbsp; 923 | 30526 |
| Pan American Silver Corp. | &nbsp;&nbsp; 9075 | 307863 |
| Power Corp. of Canada | &nbsp;&nbsp; 14036 | 594104 |
| RB Global Inc. | &nbsp;&nbsp; 1331 | 152459 |
| Restaurant Brands International Inc. | &nbsp;&nbsp; 5243 | 332023 |
| Rogers Communications Inc., Class B, NVS | &nbsp;&nbsp; 5645 | 202272 |
| Royal Bank of Canada | &nbsp;&nbsp; 19239 | 2795878 |
| Shopify Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 12166 | 1718397 |
| Stantec Inc. | &nbsp;&nbsp; 5687 | 618164 |
| Sun Life Financial Inc. | &nbsp;&nbsp; 14326 | 836809 |
| TFI International Inc. | &nbsp;&nbsp; 2178 | 206358 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 3443 | 611484 |
| TMX Group Ltd. | &nbsp;&nbsp; 11326 | 452347 |
| Toromont Industries Ltd. | &nbsp;&nbsp; 2662 | 278324 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 23169 | 1739678 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 12166 | 1221782 |
| WSP Global Inc. | &nbsp;&nbsp; 3201 | 651877 |
|  |  | 29382661 |
| **China — 0.1%** | **China — 0.1%** | **China — 0.1%** |
| Wharf Holdings Ltd. (The) | &nbsp;&nbsp; 35000 | 100449 |
| **Denmark — 2.3%** | **Denmark — 2.3%** | **Denmark — 2.3%** |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 2178 | 266406 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 1726 | 166035 |
| Danske Bank A/S | &nbsp;&nbsp; 1453 | 59803 |
| Demant A/S<sup>(a)</sup> | &nbsp;&nbsp; 1210 | 46294 |
| DSV A/S | &nbsp;&nbsp; 2123 | 470685 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 484 | 120801 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 34666 | 1958955 |
| Novonesis Novozymes B, Class B | &nbsp;&nbsp; 10046 | 639050 |
| Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 4766 | 144512 |
| Pandora A/S | &nbsp;&nbsp; 1210 | 167277 |
| Rockwool AS, Class B | &nbsp;&nbsp; 6655 | 251514 |
| Tryg A/S | &nbsp;&nbsp; 3872 | 101757 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 37055 | 737671 |
|  |  | 5130760 |
| **Finland — 1.1%** | **Finland — 1.1%** | **Finland — 1.1%** |
| Elisa OYJ | &nbsp;&nbsp; 923 | 49204 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 29169 | 646977 |
| Kone OYJ, Class B | &nbsp;&nbsp; 5808 | 365309 |
| Nokia OYJ | &nbsp;&nbsp; 67793 | 291845 |
| Orion OYJ, Class B | &nbsp;&nbsp; 3153 | 251881 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 58578 | 672172 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 8470 | 241211 |
|  |  | 2518599 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Paris-Aligned Climate Optimized MSCI World ex USA ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France — 9.5%** | **France — 9.5%** | **France — 9.5%** |
| Aeroports de Paris SA | &nbsp;&nbsp; 683 | $89897 |
| Air Liquide SA | &nbsp;&nbsp; 1163 | 239621 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 13020 | 313026 |
| Amundi SA<sup>(b)</sup> | &nbsp;&nbsp; 968 | 71554 |
| AXA SA | &nbsp;&nbsp; 19006 | 885255 |
| BioMerieux | &nbsp;&nbsp; 563 | 78293 |
| BNP Paribas SA | &nbsp;&nbsp; 3443 | 309404 |
| Capgemini SE | &nbsp;&nbsp; 923 | 131278 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 5092 | 549728 |
| Covivio SA/France | &nbsp;&nbsp; 11446 | 750309 |
| Dassault Systemes SE | &nbsp;&nbsp; 10414 | 323877 |
| Edenred SE | &nbsp;&nbsp; 6606 | 191094 |
| Eiffage SA | &nbsp;&nbsp; 3443 | 433286 |
| EssilorLuxottica SA | &nbsp;&nbsp; 3802 | 1159744 |
| Eurofins Scientific SE | &nbsp;&nbsp; 3563 | 270557 |
| Gecina SA | &nbsp;&nbsp; 7523 | 738699 |
| Getlink SE | &nbsp;&nbsp; 44455 | 840941 |
| Hermes International SCA | &nbsp;&nbsp; 386 | 945375 |
| Ipsen SA | &nbsp;&nbsp; 1776 | 241459 |
| Kering SA | &nbsp;&nbsp; 1050 | 281362 |
| Klepierre SA | &nbsp;&nbsp; 23409 | 914050 |
| Legrand SA | &nbsp;&nbsp; 6323 | 962904 |
| L'Oreal SA | &nbsp;&nbsp; 3443 | 1607488 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 3083 | 1820307 |
| Pernod Ricard SA | &nbsp;&nbsp; 4719 | 537568 |
| Publicis Groupe SA | &nbsp;&nbsp; 1523 | 140631 |
| Sanofi SA | &nbsp;&nbsp; 14080 | 1396904 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 363 | 74441 |
| Schneider Electric SE | &nbsp;&nbsp; 10846 | 2664714 |
| STMicroelectronics NV | &nbsp;&nbsp; 11795 | 321430 |
| Teleperformance SE | &nbsp;&nbsp; 926 | 71449 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 3323 | 345724 |
| Vinci SA | &nbsp;&nbsp; 9922 | 1345735 |
|  |  | 21048104 |
| **Germany — 7.0%** | **Germany — 7.0%** | **Germany — 7.0%** |
| adidas AG | &nbsp;&nbsp; 1883 | 366349 |
| Allianz SE, Registered | &nbsp;&nbsp; 5123 | 2165915 |
| Beiersdorf AG | &nbsp;&nbsp; 2123 | 244497 |
| Commerzbank AG | &nbsp;&nbsp; 3173 | 121109 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 18067 | 634804 |
| Deutsche Boerse AG | &nbsp;&nbsp; 2057 | 605445 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 4283 | 195209 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 26889 | 984003 |
| Hannover Rueck SE | &nbsp;&nbsp; 631 | 183711 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 1251 | 96145 |
| Infineon Technologies AG | &nbsp;&nbsp; 19133 | 783187 |
| LEG Immobilien SE | &nbsp;&nbsp; 2420 | 202859 |
| Merck KGaA | &nbsp;&nbsp; 2057 | 261172 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 1828 | 1166084 |
| QIAGEN NV | &nbsp;&nbsp; 4520 | 210605 |
| Rational AG | &nbsp;&nbsp; 121 | 90195 |
| Rheinmetall AG | &nbsp;&nbsp; 589 | 1142513 |
| SAP SE | &nbsp;&nbsp; 11806 | 3213548 |
| Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp; 363 | 47032 |
| Siemens AG, Registered | &nbsp;&nbsp; 6803 | 1885827 |
| Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp; 3390 | 187719 |
| Symrise AG, Class A | &nbsp;&nbsp; 1936 | 187466 |
| Talanx AG<sup>(a)</sup> | &nbsp;&nbsp; 616 | 84940 |
| Vonovia SE | &nbsp;&nbsp; 13189 | 427104 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Zalando SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 1815 | $50580 |
|  |  | 15538018 |
| **Hong Kong — 1.6%** | **Hong Kong — 1.6%** | **Hong Kong — 1.6%** |
| AIA Group Ltd. | &nbsp;&nbsp; 136600 | 1298295 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 41500 | 196357 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; 726 | 134745 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 156000 | 541343 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 10500 | 615176 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 181500 | 615354 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 18500 | 239249 |
|  |  | 3640519 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 918 | 84055 |
| Kingspan Group PLC | &nbsp;&nbsp; 5826 | 449496 |
|  |  | 533551 |
| **Israel — 0.8%** | **Israel — 0.8%** | **Israel — 0.8%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; 4252 | 407565 |
| Bank Hapoalim BM | &nbsp;&nbsp; 15526 | 303437 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 7623 | 146492 |
| Check Point Software Technologies Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 726 | 140220 |
| CyberArk Software Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 242 | 109689 |
| Elbit Systems Ltd. | &nbsp;&nbsp; 389 | 189228 |
| Nice Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 726 | 102341 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 12371 | 227379 |
| Wix.com Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 204 | 28780 |
|  |  | 1655131 |
| **Italy — 3.4%** | **Italy — 3.4%** | **Italy — 3.4%** |
| Banco BPM SpA | &nbsp;&nbsp; 47729 | 654799 |
| BPER Banca SpA | &nbsp;&nbsp; 22627 | 235028 |
| Davide Campari-Milano NV | &nbsp;&nbsp; 20409 | 153733 |
| Enel SpA | &nbsp;&nbsp; 34618 | 319460 |
| Ferrari NV | &nbsp;&nbsp; 2123 | 1010310 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 12705 | 278898 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 15526 | 97745 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 34364 | 832379 |
| Moncler SpA | &nbsp;&nbsp; 4043 | 235322 |
| Nexi SpA<sup>(b)</sup> | &nbsp;&nbsp; 7875 | 49972 |
| Poste Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp; 8355 | 195687 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 7036 | 435025 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 123959 | 1246051 |
| UniCredit SpA | &nbsp;&nbsp; 21009 | 1624935 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 3157 | 65959 |
|  |  | 7435303 |
| **Japan — 17.9%** | **Japan — 17.9%** | **Japan — 17.9%** |
| Advantest Corp. | &nbsp;&nbsp; 12100 | 925281 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 1800 | 48815 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 24200 | 304115 |
| Asics Corp. | &nbsp;&nbsp; 8300 | 223117 |
| Astellas Pharma Inc. | &nbsp;&nbsp; 36300 | 398489 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 8300 | 285371 |
| Canon Inc. | &nbsp;&nbsp; 12100 | 354107 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 1800 | 48573 |
| Central Japan Railway Co. | &nbsp;&nbsp; 60500 | 1609187 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 3600 | 36828 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 12100 | 534715 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 24200 | 182598 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 8300 | 261237 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 24200 | 578662 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 24200 | 187607 |
| Disco Corp. | &nbsp;&nbsp; 1800 | 492490 |
| East Japan Railway Co. | &nbsp;&nbsp; 36300 | 890637 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Paris-Aligned Climate Optimized MSCI World ex USA ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Eisai Co. Ltd. | &nbsp;&nbsp; 12100 | $369929 |
| FANUC Corp. | &nbsp;&nbsp; 20300 | 564330 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 2100 | 656416 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 12100 | 286658 |
| Fujikura Ltd. | &nbsp;&nbsp; 200 | 16968 |
| Fujitsu Ltd. | &nbsp;&nbsp; 14800 | 356150 |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 700 | 186401 |
| Hitachi Ltd. | &nbsp;&nbsp; 24200 | 652030 |
| Hoya Corp. | &nbsp;&nbsp; 5500 | 710196 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 12100 | 129791 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 39900 | 417040 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 36300 | 456296 |
| KDDI Corp. | &nbsp;&nbsp; 12100 | 209128 |
| Keyence Corp. | &nbsp;&nbsp; 3000 | 1143729 |
| Kikkoman Corp. | &nbsp;&nbsp; 24200 | 207699 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 2700 | 75940 |
| Komatsu Ltd. | &nbsp;&nbsp; 12100 | 409638 |
| Konami Group Corp. | &nbsp;&nbsp; 1000 | 150838 |
| Kyocera Corp. | &nbsp;&nbsp; 24200 | 321853 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 12100 | 208972 |
| Lasertec Corp. | &nbsp;&nbsp; 1500 | 155730 |
| M3 Inc. | &nbsp;&nbsp; 3600 | 52796 |
| Makita Corp. | &nbsp;&nbsp; 12100 | 408513 |
| Mitsubishi Corp. | &nbsp;&nbsp; 1700 | 38381 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 24200 | 515521 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 121000 | 1841506 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 24200 | 255848 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 20300 | 667827 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 1700 | 29292 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 12100 | 281468 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 48400 | 781348 |
| NEC Corp. | &nbsp;&nbsp; 11700 | 356273 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 12100 | 273813 |
| Nidec Corp. | &nbsp;&nbsp; 12100 | 261145 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 12600 | 1123780 |
| Nippon Building Fund Inc. | &nbsp;&nbsp; 847 | 819541 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 8300 | 60059 |
| Nitto Denko Corp. | &nbsp;&nbsp; 8300 | 186822 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 600 | 23553 |
| Obic Co. Ltd. | &nbsp;&nbsp; 12100 | 427846 |
| Olympus Corp. | &nbsp;&nbsp; 20300 | 235298 |
| Oracle Corp./Japan | &nbsp;&nbsp; 900 | 93152 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 12100 | 288081 |
| ORIX Corp. | &nbsp;&nbsp; 24200 | 625037 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 3600 | 188901 |
| Rakuten Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 24200 | 148962 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 14200 | 812571 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 36300 | 423717 |
| Resona Holdings Inc. | &nbsp;&nbsp; 12100 | 121356 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 5200 | 269054 |
| SBI Holdings Inc. | &nbsp;&nbsp; 8300 | 389982 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 1300 | 98269 |
| Secom Co. Ltd. | &nbsp;&nbsp; 200 | 7384 |
| Shimadzu Corp. | &nbsp;&nbsp; 12100 | 296291 |
| Shimano Inc. | &nbsp;&nbsp; 800 | 88714 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 24200 | 737069 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 24200 | 418605 |
| SMC Corp. | &nbsp;&nbsp; 1700 | 520300 |
| SoftBank Group Corp. | &nbsp;&nbsp; 12100 | 1299347 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 12300 | 393101 |
| Sony Group Corp. | &nbsp;&nbsp; 72600 | 1984240 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 36300 | 988651 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sysmex Corp. | &nbsp;&nbsp; 12100 | $151951 |
| T&D Holdings Inc. | &nbsp;&nbsp; 8300 | 214886 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 14800 | 445521 |
| TDK Corp. | &nbsp;&nbsp; 36300 | 468751 |
| Terumo Corp. | &nbsp;&nbsp; 24200 | 433926 |
| TIS Inc. | &nbsp;&nbsp; 8300 | 276328 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 600 | 38087 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 24200 | 1037888 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 5400 | 735405 |
| Toyota Motor Corp. | &nbsp;&nbsp; 92300 | 1787152 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 300 | 15900 |
| Unicharm Corp. | &nbsp;&nbsp; 8300 | 55388 |
| ZOZO Inc. | &nbsp;&nbsp; 24200 | 224872 |
|  |  | 39767030 |
| **Netherlands — 4.0%** | **Netherlands — 4.0%** | **Netherlands — 4.0%** |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 203 | 340871 |
| AerCap Holdings NV | &nbsp;&nbsp; 2122 | 262067 |
| Akzo Nobel NV | &nbsp;&nbsp; 2243 | 155047 |
| ASM International NV | &nbsp;&nbsp; 567 | 272256 |
| ASML Holding NV | &nbsp;&nbsp; 4643 | 3447857 |
| ASR Nederland NV | &nbsp;&nbsp; 3388 | 235052 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 1171 | 157731 |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 4763 | 423240 |
| DSM-Firmenich AG | &nbsp;&nbsp; 2662 | 260466 |
| EXOR NV | &nbsp;&nbsp; 5723 | 573534 |
| Heineken NV | &nbsp;&nbsp; 1403 | 113797 |
| IMCD NV | &nbsp;&nbsp; 605 | 67939 |
| ING Groep NV | &nbsp;&nbsp; 5105 | 121882 |
| InPost SA<sup>(a)</sup> | &nbsp;&nbsp; 13846 | 201255 |
| NN Group NV | &nbsp;&nbsp; 8843 | 608682 |
| Prosus NV | &nbsp;&nbsp; 20576 | 1272820 |
| Universal Music Group NV | &nbsp;&nbsp; 9075 | 256544 |
| Wolters Kluwer NV | &nbsp;&nbsp; 1210 | 152428 |
|  |  | 8923468 |
| **New Zealand — 0.3%** | **New Zealand — 0.3%** | **New Zealand — 0.3%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 48447 | 215789 |
| Contact Energy Ltd. | &nbsp;&nbsp; 14686 | 78241 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 2299 | 49640 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 102608 | 345457 |
|  |  | 689127 |
| **Norway — 1.4%** | **Norway — 1.4%** | **Norway — 1.4%** |
| DNB Bank ASA | &nbsp;&nbsp; 34606 | 911804 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 17446 | 484651 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 2420 | 72276 |
| Mowi ASA | &nbsp;&nbsp; 36332 | 747507 |
| Orkla ASA | &nbsp;&nbsp; 17545 | 196173 |
| Salmar ASA | &nbsp;&nbsp; 12046 | 616886 |
|  |  | 3029297 |
| **Portugal — 0.4%** | **Portugal — 0.4%** | **Portugal — 0.4%** |
| EDP Renovaveis SA | &nbsp;&nbsp; 34560 | 405908 |
| EDP SA | &nbsp;&nbsp; 114636 | 507713 |
|  |  | 913621 |
| **Singapore — 1.6%** | **Singapore — 1.6%** | **Singapore — 1.6%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 423500 | 897690 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 737010 | 1309569 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 8300 | 326712 |
| Genting Singapore Ltd. | &nbsp;&nbsp; 56300 | 31582 |
| Grab Holdings Ltd., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp; 48295 | 240992 |
| Sea Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 3083 | 575103 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Paris-Aligned Climate Optimized MSCI World ex USA ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 14597 | $188443 |
|  |  | 3570091 |
| **Spain — 2.8%** | **Spain — 2.8%** | **Spain — 2.8%** |
| Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; 27830 | 806639 |
| Amadeus IT Group SA | &nbsp;&nbsp; 5982 | 501759 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 31052 | 565115 |
| Banco Santander SA | &nbsp;&nbsp; 164971 | 1575479 |
| CaixaBank SA | &nbsp;&nbsp; 38612 | 385542 |
| Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp; 847 | 30151 |
| Ferrovial SE | &nbsp;&nbsp; 19606 | 1072334 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 20933 | 1035332 |
| Redeia Corp. SA | &nbsp;&nbsp; 17643 | 342987 |
|  |  | 6315338 |
| **Sweden — 3.9%** | **Sweden — 3.9%** | **Sweden — 3.9%** |
| AddTech AB, Class B | &nbsp;&nbsp; 968 | 33945 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 6083 | 214941 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 38012 | 606860 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 32612 | 463749 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp; 8483 | 292392 |
| Epiroc AB, Class A | &nbsp;&nbsp; 12766 | 266780 |
| Epiroc AB, Class B | &nbsp;&nbsp; 7270 | 135304 |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 1121 | 97116 |
| Fastighets AB Balder, Class B<sup>(a)</sup> | &nbsp;&nbsp; 4883 | 34764 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 11847 | 174100 |
| Hexagon AB, Class B | &nbsp;&nbsp; 47335 | 527488 |
| Holmen AB, Class B | &nbsp;&nbsp; 5123 | 199465 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 1746 | 69491 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 5363 | 213476 |
| Indutrade AB | &nbsp;&nbsp; 1815 | 45175 |
| Investor AB, Class B | &nbsp;&nbsp; 20134 | 620267 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 32624 | 134034 |
| Nordea Bank Abp | &nbsp;&nbsp; 29649 | 452452 |
| Sagax AB, Class B | &nbsp;&nbsp; 10606 | 229988 |
| Sandvik AB | &nbsp;&nbsp; 16829 | 425609 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 27743 | 513038 |
| Skanska AB, Class B | &nbsp;&nbsp; 9564 | 237513 |
| Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp; 1524 | 1039185 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 32972 | 448581 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 35852 | 461339 |
| Swedbank AB, Class A | &nbsp;&nbsp; 5576 | 156925 |
| Tele2 AB, Class B | &nbsp;&nbsp; 17303 | 304743 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 29543 | 233886 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 3287 | 127198 |
|  |  | 8759804 |
| **Switzerland — 10.1%** | **Switzerland — 10.1%** | **Switzerland — 10.1%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 32492 | 2180574 |
| Alcon AG | &nbsp;&nbsp; 5843 | 465646 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 3025 | 784518 |
| Banque Cantonale Vaudoise, Registered | &nbsp;&nbsp; 1130 | 131354 |
| BKW AG | &nbsp;&nbsp; 3683 | 766695 |
| Chocoladefabriken Lindt & Spruengli AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 9 | 137254 |
| Chocoladefabriken Lindt & Spruengli AG, Registered | &nbsp;&nbsp; 3 | 449283 |
| EMS-Chemie Holding AG, Registered | &nbsp;&nbsp; 9 | 6907 |
| Galderma Group AG | &nbsp;&nbsp; 1283 | 224700 |
| Geberit AG, Registered | &nbsp;&nbsp; 1112 | 815393 |
| Givaudan SA, Registered | &nbsp;&nbsp; 199 | 838103 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 3683 | 265934 |
| Logitech International SA, Registered | &nbsp;&nbsp; 2116 | 218493 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 803 | 569880 |
| Novartis AG, Registered | &nbsp;&nbsp; 24489 | 3099623 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Partners Group Holding AG | &nbsp;&nbsp; 323 | $443579 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 363 | 124667 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 7640 | 2491237 |
| Sandoz Group AG | &nbsp;&nbsp; 5843 | 366645 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 1350 | 501798 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 683 | 244269 |
| SGS SA | &nbsp;&nbsp; 726 | 74059 |
| SIG Group AG | &nbsp;&nbsp; 1089 | 17250 |
| Sika AG, Registered | &nbsp;&nbsp; 2178 | 505419 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 862 | 251090 |
| Straumann Holding AG | &nbsp;&nbsp; 1694 | 198502 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 484 | 523038 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 7283 | 1012942 |
| Swiss Re AG | &nbsp;&nbsp; 4235 | 767569 |
| Swisscom AG, Registered | &nbsp;&nbsp; 923 | 667306 |
| UBS Group AG, Registered | &nbsp;&nbsp; 36452 | 1476649 |
| VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp; 1043 | 341095 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 2003 | 1463703 |
|  |  | 22425174 |
| **United Kingdom — 9.6%** | **United Kingdom — 9.6%** | **United Kingdom — 9.6%** |
| 3i Group PLC | &nbsp;&nbsp; 21249 | 1154431 |
| Admiral Group PLC | &nbsp;&nbsp; 3751 | 183812 |
| Antofagasta PLC | &nbsp;&nbsp; 33333 | 967201 |
| Ashtead Group PLC | &nbsp;&nbsp; 12166 | 896367 |
| AstraZeneca PLC | &nbsp;&nbsp; 17806 | 2838532 |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 9196 | 99863 |
| Aviva PLC | &nbsp;&nbsp; 92720 | 816488 |
| Barclays PLC | &nbsp;&nbsp; 230269 | 1122019 |
| Barratt Redrow PLC | &nbsp;&nbsp; 28809 | 140057 |
| Bunzl PLC | &nbsp;&nbsp; 6362 | 215015 |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 2123 | 107391 |
| Compass Group PLC | &nbsp;&nbsp; 7283 | 247532 |
| Diageo PLC | &nbsp;&nbsp; 33932 | 941064 |
| Experian PLC | &nbsp;&nbsp; 8963 | 464602 |
| GSK PLC | &nbsp;&nbsp; 54378 | 1074514 |
| Haleon PLC | &nbsp;&nbsp; 126359 | 621843 |
| Halma PLC | &nbsp;&nbsp; 8865 | 394113 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 2420 | 58462 |
| HSBC Holdings PLC | &nbsp;&nbsp; 194620 | 2491404 |
| Informa PLC | &nbsp;&nbsp; 33937 | 399761 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 2178 | 264389 |
| Intertek Group PLC | &nbsp;&nbsp; 363 | 23024 |
| Land Securities Group PLC | &nbsp;&nbsp; 49615 | 371851 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 819206 | 878789 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 3443 | 426701 |
| NatWest Group PLC | &nbsp;&nbsp; 67541 | 466177 |
| Next PLC | &nbsp;&nbsp; 3323 | 536989 |
| Pearson PLC | &nbsp;&nbsp; 9682 | 140794 |
| Prudential PLC | &nbsp;&nbsp; 15646 | 208683 |
| RELX PLC | &nbsp;&nbsp; 18392 | 859083 |
| Rentokil Initial PLC | &nbsp;&nbsp; 44578 | 220406 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 21129 | 304687 |
| Schroders PLC | &nbsp;&nbsp; 17086 | 87779 |
| Segro PLC | &nbsp;&nbsp; 76148 | 646199 |
| Smith & Nephew PLC | &nbsp;&nbsp; 12869 | 241378 |
| Smiths Group PLC | &nbsp;&nbsp; 5243 | 166940 |
| Spirax Group PLC | &nbsp;&nbsp; 2592 | 255545 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 4403 | 62725 |
|  |  | 21396610 |
| **Total Common Stocks — 98.8%** <br>**(Cost: $197,803,337)** | **Total Common Stocks — 98.8%** <br>**(Cost: $197,803,337)** | 219694523 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Paris-Aligned Climate Optimized MSCI World ex USA ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.2%** | **Germany — 0.2%** | **Germany — 0.2%** |
| Dr Ing hc F Porsche AG, Preference Shares, NVS<sup>(b)</sup> | &nbsp;&nbsp; 4840 | $256726 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 2193 | 185111 |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 484 | 112433 |
|  |  | 554270 |
| **Total Preferred Stocks — 0.2%** <br>**(Cost: $584,053)** | **Total Preferred Stocks — 0.2%** <br>**(Cost: $584,053)** | 554270 |
| **Total Long-Term Investments — 99.0%** <br>**(Cost: $198,387,390)** | **Total Long-Term Investments — 99.0%** <br>**(Cost: $198,387,390)** | 220248793 |
| **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 Shares, <br> 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 1012269 | 1012775 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 20000 | 20000 |
| **Total Short-Term Securities — 0.5%** <br>**(Cost: $1,032,767)** | **Total Short-Term Securities — 0.5%** <br>**(Cost: $1,032,767)** | 1032775 |
| **Total Investments — 99.5%** <br>**(Cost: $199,420,157)** | **Total Investments — 99.5%** <br>**(Cost: $199,420,157)** | 221281568 |
| **Other Assets Less Liabilities — 0.5%** | **Other Assets Less Liabilities — 0.5%** | 1055414 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $222336982 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $— | $1012782 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(15)<br>| $8 | $1012775 | 1012269 | $267 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 30000 |  | &nbsp;&nbsp; (10000 )<sup>(a)</sup><br>|  |  | 20000 | 20000 | 5024 |  |
|  |  |  |  | $(15) | $8 | $1032775 |  | $5291 | $— |

---

&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 |  |  |  |  |
| STOXX Europe 600 Index | 26 | 09/19/25 | &nbsp;&nbsp; $838 | $(3077) |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Paris-Aligned Climate Optimized MSCI World ex USA ETF**

**Equity Swap contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| Hong Kong Exchanges & Clearing Ltd. | HSBC Bank PLC | &nbsp;&nbsp; $200326 | 02/10/28 | 0.55% | HONIA | Monthly | &nbsp;&nbsp; $4733 |
| Redeia Corp. SA | HSBC Bank PLC | &nbsp;&nbsp; 294202 | 02/10/28 | 0.45% | 1D ESTR | Monthly | &nbsp;&nbsp; 5724 |
| Redeia Corp. SA | &nbsp;&nbsp; JPMorgan Chase Bank <br> NA | &nbsp;&nbsp; 376156 | 02/11/26 | 0.28% | 1D ESTR | Monthly | &nbsp;&nbsp; 5031 |
| Singapore Exchange Ltd. | HSBC Bank PLC | &nbsp;&nbsp; 109909 | 02/10/28 | 0.55% | SORA | Monthly | &nbsp;&nbsp; 3735 |
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  | 19223 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; 5886 |
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $25109 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency. 

**Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums* <br>*Paid*<br>| &nbsp;&nbsp; *Swap*<br> *Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $25109 | &nbsp;&nbsp;&nbsp; $— |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Swaps — OTC |  |  |  |  |  |  |  |
| Unrealized appreciation on OTC swaps; Swap premiums paid | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25109 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25109 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3077 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3077 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37870 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37870 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29477 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29477 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $67347 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $67347 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9188)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9188)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12921 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12921 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3733 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3733 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Paris-Aligned Climate Optimized MSCI World ex USA ETF**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $664586 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; $587411 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments - Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5337 |
| Swaps - OTC<sup>(a)</sup> | &nbsp;&nbsp; 25109 | &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 25109 | &nbsp;&nbsp;&nbsp; 5337 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5337)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $25109 | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

The following table presents the Fund's derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)</sup> <br>|
| HSBC Bank PLC | &nbsp;&nbsp; $14192 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14192 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp; 5031 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5031 |
|  | &nbsp;&nbsp; $19223 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19223 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $32829490 | &nbsp;&nbsp; $186865033 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $219694523 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 554270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 554270 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1032775 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1032775 |
|  | &nbsp;&nbsp; $33862265 | &nbsp;&nbsp; $187419303 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $221281568 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25109 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25109 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Paris-Aligned Climate Optimized MSCI World ex USA ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(3077)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3077)<br>|
|  | &nbsp;&nbsp; $(3077)<br>| &nbsp;&nbsp; $25109 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22032 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>ESG Aware MSCI <br> EAFE ETF <br>| &nbsp;&nbsp; iShares <br>ESG MSCI <br> EM Leaders <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global <br> Sustainable <br> Development <br> Goals ETF <br>| &nbsp;&nbsp; iShares <br>MSCI World <br> Small-Cap <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $9829963695 | $30489572 | $169453731 | $736445204 |
| Investments, at value—affiliated<sup>(c)</sup> | 12923396 | 682554 | 9308814 | 39617539 |
| Cash | 6760 | 825 | 20630 | 56563 |
| Cash pledged for futures contracts |  |  | 49000 | 134000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 3479219 |  |  |  |
| Foreign currency, at value<sup>(e)</sup> | 15052693 | 68102 | 493178 | 853257 |
| Receivables: |  |  |  |  |
| Investments sold | 223 | 5145 |  | 134 |
| Securities lending income—affiliated | 4434 | 400 | 5941 | 110318 |
| Dividends—unaffiliated | 19311726 | 44149 | 482301 | 890203 |
| Dividends—affiliated | 3668 | 546 | 458 | 4182 |
| Tax reclaims | 18694056 | 4605 | 510745 | 60132 |
| Variation margin on futures contracts |  | 29 |  |  |
| Unrealized appreciation on OTC swaps |  |  |  | 5 |
| Total assets | 9899439870 | 31295927 | 180324798 | 778171537 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value | 11259586 | 429165 | 9209847 | 38395310 |
| Payables: |  |  |  |  |
| Investments purchased | 73 | 1031 | 384147 | 328929 |
| Deferred foreign capital gain tax |  | 204963 | 17557 | 5489 |
| Foreign taxes |  | 21 | 4 |  |
| Investment advisory fees | 1670402 | 4132 | 70702 | 86172 |
| Professional fees | 37317 |  | 3724 |  |
| Due to custodian |  | 99970 |  |  |
| Variation margin on futures contracts | 370937 |  | 6506 | 11145 |
| Total liabilities | 13338315 | 739282 | 9692487 | 38827045 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $9886101555 | $30556645 | $170632311 | $739344492 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $7865096727 | $25538589 | $277830336 | $653196574 |
| Accumulated earnings (loss) | 2021004828 | 5018056 | (107198025) | 86147918 |
| NET ASSETS | $9886101555 | $30556645 | $170632311 | $739344492 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 108900000 | 550000 | 2100000 | 25000000 |
| Net asset value | $90.78 | $55.56 | $81.25 | $29.57 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $7131255900 | $23235106 | $162425498 | $658057791 |
| <sup>(b)</sup> Securities loaned, at value | $10720410 | $407161 | $8758516 | $36642404 |
| <sup>(c)</sup> Investments, at cost—affiliated | $12923396 | $682553 | $9308633 | $39614969 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $3471583 | $— | $— | $— |
| <sup>(e)</sup> Foreign currency, at cost | $15019105 | $67986 | $494138 | $852001 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Paris-Aligned <br> Climate <br> Optimized <br> MSCI World <br> ex USA ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $220248793 |
| Investments, at value—affiliated<sup>(c)</sup> | 1032775 |
| Cash | 2463 |
| Cash pledged for futures contracts | 58000 |
| Foreign currency, at value<sup>(d)</sup> | 1622594 |
| Receivables: |  |
| Securities lending income—affiliated | 76 |
| Swaps | 4306 |
| Dividends—unaffiliated | 334503 |
| Dividends—affiliated | 490 |
| Tax reclaims | 93699 |
| Unrealized appreciation on OTC swaps | 25109 |
| Total assets | 223422808 |
| **LIABILITIES** |  |
| Collateral on securities loaned, at value | 1012782 |
| Payables: |  |
| Swaps | 45552 |
| Investment advisory fees | 22155 |
| Variation margin on futures contracts | 5337 |
| Total liabilities | 1085826 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $222336982 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $201152464 |
| Accumulated earnings | 21184518 |
| NET ASSETS | $222336982 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 3630000 |
| Net asset value | $61.25 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $198387390 |
| <sup>(b)</sup> Securities loaned, at value | $999781 |
| <sup>(c)</sup> Investments, at cost—affiliated | $1032767 |
| <sup>(d)</sup> Foreign currency, at cost | $1617196 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>ESG Aware MSCI <br> EAFE ETF <br>| &nbsp;&nbsp; iShares <br>ESG MSCI <br> EM Leaders <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Global <br> Sustainable <br> Development <br> Goals ETF <br>| &nbsp;&nbsp; iShares <br>MSCI World <br> Small-Cap <br> ETF<sup>(a)</sup> <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $290931072 | &nbsp;&nbsp;&nbsp; $884037 | &nbsp;&nbsp;&nbsp; $4208764 | &nbsp;&nbsp;&nbsp; $4135582 |
| Dividends—affiliated | &nbsp;&nbsp; 107327 | &nbsp;&nbsp;&nbsp; 9940 | &nbsp;&nbsp;&nbsp; 6318 | &nbsp;&nbsp;&nbsp; 13538 |
| Interest—unaffiliated | &nbsp;&nbsp; 146918 | &nbsp;&nbsp;&nbsp; 898 | &nbsp;&nbsp;&nbsp; 2771 | &nbsp;&nbsp;&nbsp; 2388 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 102252 | &nbsp;&nbsp;&nbsp; 4562 | &nbsp;&nbsp;&nbsp; 48037 | &nbsp;&nbsp;&nbsp; 150054 |
| Other income—unaffiliated | &nbsp;&nbsp; 183624 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7605 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (21945541)<br>| &nbsp;&nbsp;&nbsp; (91731)<br>| &nbsp;&nbsp;&nbsp; (313867)<br>| &nbsp;&nbsp;&nbsp; (253820)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 6362117 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 78441 | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 275887769 | &nbsp;&nbsp;&nbsp; 807706 | &nbsp;&nbsp;&nbsp; 4038069 | &nbsp;&nbsp;&nbsp; 4047742 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 17824621 | &nbsp;&nbsp;&nbsp; 47224 | &nbsp;&nbsp;&nbsp; 951969 | &nbsp;&nbsp;&nbsp; 563529 |
| Professional | &nbsp;&nbsp; 280537 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11921 | &nbsp;&nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp; 532 | &nbsp;&nbsp;&nbsp; 4316 | &nbsp;&nbsp;&nbsp; 724 |
| Commitment costs | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; 1223 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 18105431 | &nbsp;&nbsp;&nbsp; 48251 | &nbsp;&nbsp;&nbsp; 969429 | &nbsp;&nbsp;&nbsp; 564253 |
| Less: |  |  |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (281764)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 18105431 | &nbsp;&nbsp;&nbsp; 48251 | &nbsp;&nbsp;&nbsp; 969429 | &nbsp;&nbsp;&nbsp; 282489 |
| Net investment income | &nbsp;&nbsp; 257782338 | &nbsp;&nbsp;&nbsp; 759455 | &nbsp;&nbsp;&nbsp; 3068640 | &nbsp;&nbsp;&nbsp; 3765253 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; (35881521)<br>| &nbsp;&nbsp;&nbsp; (1126178)<br>| &nbsp;&nbsp;&nbsp; (20875471)<br>| &nbsp;&nbsp;&nbsp; 5337811 |
| Investments—affiliated | &nbsp;&nbsp; 906 | &nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp;&nbsp; (1161)<br>| &nbsp;&nbsp;&nbsp; (341)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 1926606 | &nbsp;&nbsp;&nbsp; (10193)<br>| &nbsp;&nbsp;&nbsp; 16651 | &nbsp;&nbsp;&nbsp; 1705 |
| Futures contracts | &nbsp;&nbsp; 4340314 | &nbsp;&nbsp;&nbsp; 3805 | &nbsp;&nbsp;&nbsp; 123430 | &nbsp;&nbsp;&nbsp; 162143 |
| In-kind redemptions—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 44023340 | &nbsp;&nbsp;&nbsp; 125144 | &nbsp;&nbsp;&nbsp; 6779722 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 14409645 | &nbsp;&nbsp;&nbsp; (1007454)<br>| &nbsp;&nbsp;&nbsp; (13956829)<br>| &nbsp;&nbsp;&nbsp; 5501318 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated<sup>(d)</sup> | &nbsp;&nbsp; 843654859 | &nbsp;&nbsp;&nbsp; 5833569 | &nbsp;&nbsp;&nbsp; 9658979 | &nbsp;&nbsp;&nbsp; 78381924 |
| Investments—affiliated | &nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; 2570 |
| Foreign currency translations | &nbsp;&nbsp; 359732 | &nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp; (48858)<br>| &nbsp;&nbsp;&nbsp; 2541 |
| Futures contracts | &nbsp;&nbsp; 60835 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (50640)<br>| &nbsp;&nbsp;&nbsp; 37886 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp; 844075523 | &nbsp;&nbsp;&nbsp; 5833492 | &nbsp;&nbsp;&nbsp; 9559723 | &nbsp;&nbsp;&nbsp; 78424926 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 858485168 | &nbsp;&nbsp;&nbsp; 4826038 | &nbsp;&nbsp;&nbsp; (4397106)<br>| &nbsp;&nbsp;&nbsp; 83926244 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1116267506 | &nbsp;&nbsp;&nbsp; $5585493 | &nbsp;&nbsp;&nbsp; $(1328466)<br>| &nbsp;&nbsp;&nbsp; $87691497 |
| <sup>(a)</sup> For the period from April 1, 2025 (commencement of operations) to August 31, 2025. | <sup>(a)</sup> For the period from April 1, 2025 (commencement of operations) to August 31, 2025. | <sup>(a)</sup> For the period from April 1, 2025 (commencement of operations) to August 31, 2025. | <sup>(a)</sup> For the period from April 1, 2025 (commencement of operations) to August 31, 2025. | <sup>(a)</sup> For the period from April 1, 2025 (commencement of operations) to August 31, 2025. |
| <sup>(b)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(74145)<br>| &nbsp;&nbsp;&nbsp; $(25118)<br>| &nbsp;&nbsp;&nbsp; $— |
| <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(d)</sup> Net of reduction/increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $77414 | &nbsp;&nbsp;&nbsp; $51059 | &nbsp;&nbsp;&nbsp; $(5489)<br>|

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations (continued)

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>Paris-Aligned <br> Climate <br> Optimized <br> MSCI World <br> ex USA ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $3277982 |
| Dividends—affiliated | &nbsp;&nbsp; 5024 |
| Interest—unaffiliated | &nbsp;&nbsp; 4258 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 267 |
| Foreign taxes withheld | &nbsp;&nbsp; (439797)<br>|
| Total investment income | &nbsp;&nbsp; 2847734 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 126248 |
| Interest expense | &nbsp;&nbsp; 34 |
| Total expenses | &nbsp;&nbsp; 126282 |
| Net investment income | &nbsp;&nbsp; 2721452 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (693910)<br>|
| Investments—affiliated | &nbsp;&nbsp; (15)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 69714 |
| Futures contracts | &nbsp;&nbsp; 37870 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 380400 |
| Swaps | &nbsp;&nbsp; 29477 |
|  | &nbsp;&nbsp; (176464)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 17715521 |
| Investments—affiliated | &nbsp;&nbsp; 8 |
| Foreign currency translations | &nbsp;&nbsp; 6655 |
| Futures contracts | &nbsp;&nbsp; (9188)<br>|
| Swaps | &nbsp;&nbsp; 12921 |
|  | &nbsp;&nbsp; 17725917 |
| Net realized and unrealized gain | &nbsp;&nbsp; 17549453 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $20270905 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>ESG Aware MSCI EAFE ETF  | iShares <br>ESG Aware MSCI EAFE ETF  | iShares <br>ESG MSCI EM Leaders ETF  | iShares <br>ESG MSCI EM Leaders ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $257782338 | &nbsp;&nbsp;&nbsp; $219945868 | &nbsp;&nbsp;&nbsp; $759455 | &nbsp;&nbsp;&nbsp; $992068 |
| Net realized gain (loss) | &nbsp;&nbsp; 14409645 | &nbsp;&nbsp;&nbsp; (27745814)<br>| &nbsp;&nbsp;&nbsp; (1007454)<br>| &nbsp;&nbsp;&nbsp; 2047484 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 844075523 | &nbsp;&nbsp;&nbsp; 1224889402 | &nbsp;&nbsp;&nbsp; 5833492 | &nbsp;&nbsp;&nbsp; 390451 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1116267506 | &nbsp;&nbsp;&nbsp; 1417089456 | &nbsp;&nbsp;&nbsp; 5585493 | &nbsp;&nbsp;&nbsp; 3430003 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (283175426)<br>| &nbsp;&nbsp;&nbsp; (240540881)<br>| &nbsp;&nbsp;&nbsp; (895391)<br>| &nbsp;&nbsp;&nbsp; (1325397)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 434737201 | &nbsp;&nbsp;&nbsp; 181080521 | &nbsp;&nbsp;&nbsp; (4729355)<br>| &nbsp;&nbsp;&nbsp; (24534088)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 1267829281 | &nbsp;&nbsp;&nbsp; 1357629096 | &nbsp;&nbsp;&nbsp; (39253)<br>| &nbsp;&nbsp;&nbsp; (22429482)<br>|
| Beginning of year | &nbsp;&nbsp; 8618272274 | &nbsp;&nbsp;&nbsp; 7260643178 | &nbsp;&nbsp;&nbsp; 30595898 | &nbsp;&nbsp;&nbsp; 53025380 |
| End of year | &nbsp;&nbsp; $9886101555 | &nbsp;&nbsp;&nbsp; $8618272274 | &nbsp;&nbsp;&nbsp; $30556645 | &nbsp;&nbsp;&nbsp; $30595898 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | iShares <br>MSCI Global Sustainable Development <br> Goals ETF  | iShares <br>MSCI Global Sustainable Development <br> Goals ETF  | iShares <br>MSCI World <br> Small-Cap ETF <br>|
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Period From <br>04/01/25<sup>(a)</sup> <br>to 08/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | &nbsp;&nbsp; $3068640 | &nbsp;&nbsp;&nbsp; $5304371 | &nbsp;&nbsp;&nbsp; $3765253 |
| Net realized gain (loss) | &nbsp;&nbsp; (13956829)<br>| &nbsp;&nbsp;&nbsp; (21757739)<br>| &nbsp;&nbsp;&nbsp; 5501318 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 9559723 | &nbsp;&nbsp;&nbsp; 24636368 | &nbsp;&nbsp;&nbsp; 78424926 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (1328466)<br>| &nbsp;&nbsp;&nbsp; 8183000 | &nbsp;&nbsp;&nbsp; 87691497 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (3509810)<br>| &nbsp;&nbsp;&nbsp; (6141248)<br>| &nbsp;&nbsp;&nbsp; (1543579)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (66978334)<br>| &nbsp;&nbsp;&nbsp; (133674894)<br>| &nbsp;&nbsp;&nbsp; 653196574 |
| *NET ASSETS* |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (71816610)<br>| &nbsp;&nbsp;&nbsp; (131633142)<br>| &nbsp;&nbsp;&nbsp; 739344492 |
| Beginning of year | &nbsp;&nbsp; 242448921 | &nbsp;&nbsp;&nbsp; 374082063 | &nbsp;&nbsp;&nbsp; — |
| End of year | &nbsp;&nbsp; $170632311 | &nbsp;&nbsp;&nbsp; $242448921 | &nbsp;&nbsp;&nbsp; $739344492 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations. <br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>Paris-Aligned Climate Optimized MSCI <br> World ex USA ETF  | iShares <br>Paris-Aligned Climate Optimized MSCI <br> World ex USA ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Period From <br>01/17/24<sup>(a)</sup> <br>to 08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $2721452 | &nbsp;&nbsp;&nbsp; $912436 |
| Net realized loss | &nbsp;&nbsp; (176464)<br>| &nbsp;&nbsp;&nbsp; (255634)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 17725917 | &nbsp;&nbsp;&nbsp; 4172349 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 20270905 | &nbsp;&nbsp;&nbsp; 4829151 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (2564556)<br>| &nbsp;&nbsp;&nbsp; (722905)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 150742532 | &nbsp;&nbsp;&nbsp; 49781855 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 168448881 | &nbsp;&nbsp;&nbsp; 53888101 |
| Beginning of period | &nbsp;&nbsp; 53888101 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $222336982 | &nbsp;&nbsp;&nbsp; $53888101 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations. <br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares ESG Aware MSCI EAFE ETF  | iShares ESG Aware MSCI EAFE ETF  | iShares ESG Aware MSCI EAFE ETF  | iShares ESG Aware MSCI EAFE ETF  | iShares ESG Aware MSCI EAFE ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $83.35 | &nbsp;&nbsp;&nbsp; $71.75 | &nbsp;&nbsp;&nbsp; $62.03 | &nbsp;&nbsp;&nbsp; $80.85 | &nbsp;&nbsp;&nbsp; $65.21 |
| Net investment income<sup>(a)</sup> | 2.40 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 7.67 | &nbsp;&nbsp;&nbsp;&nbsp;11.82 | &nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp; (18.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.47 |
| Net increase (decrease) from investment operations | 10.07 | &nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;11.39 | &nbsp;&nbsp;&nbsp; (16.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.31 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $90.78 | &nbsp;&nbsp;&nbsp; $83.35 | &nbsp;&nbsp;&nbsp; $71.75 | &nbsp;&nbsp;&nbsp; $62.03 | &nbsp;&nbsp;&nbsp; $80.85 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.36 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.80 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.42<br> %<br>| &nbsp;&nbsp;&nbsp; (20.54)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.69<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<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>|
| Total expenses excluding professional fees for foreign withholding tax claims | 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; N/A |
| Net investment income | 2.89 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $9886102 | &nbsp;&nbsp;&nbsp; $8618272 | &nbsp;&nbsp;&nbsp; $7260643 | &nbsp;&nbsp;&nbsp; $6376262 | &nbsp;&nbsp;&nbsp; $6694669 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2024:<br> • Net investment income per share by $0.06 and $0.04.<br> .• Total return by 0.06% and 0.06%.<br> .• Ratio of net investment income to average net assets by 0.07% and 0.05%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2024:<br> • Net investment income per share by $0.06 and $0.04.<br> .• Total return by 0.06% and 0.06%.<br> .• Ratio of net investment income to average net assets by 0.07% and 0.05%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2024:<br> • Net investment income per share by $0.06 and $0.04.<br> .• Total return by 0.06% and 0.06%.<br> .• Ratio of net investment income to average net assets by 0.07% and 0.05%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2024:<br> • Net investment income per share by $0.06 and $0.04.<br> .• Total return by 0.06% and 0.06%.<br> .• Ratio of net investment income to average net assets by 0.07% and 0.05%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2024:<br> • Net investment income per share by $0.06 and $0.04.<br> .• Total return by 0.06% and 0.06%.<br> .• Ratio of net investment income to average net assets by 0.07% and 0.05%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025 and <br> August 31, 2024:<br> • Net investment income per share by $0.06 and $0.04.<br> .• Total return by 0.06% and 0.06%.<br> .• Ratio of net investment income to average net assets by 0.07% and 0.05%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares ESG MSCI EM Leaders ETF  | iShares ESG MSCI EM Leaders ETF  | iShares ESG MSCI EM Leaders ETF  | iShares ESG MSCI EM Leaders ETF  | iShares ESG MSCI EM Leaders ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $47.07 | &nbsp;&nbsp;&nbsp; $44.19 | &nbsp;&nbsp;&nbsp; $46.46 | &nbsp;&nbsp;&nbsp; $63.49 | &nbsp;&nbsp;&nbsp; $51.84 |
| Net investment income<sup>(a)</sup> | 1.28 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 8.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (16.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.67 |
| Net increase (decrease) from investment operations | 9.96 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (15.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.68 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $55.56 | &nbsp;&nbsp;&nbsp; $47.07 | &nbsp;&nbsp;&nbsp; $44.19 | &nbsp;&nbsp;&nbsp; $46.46 | &nbsp;&nbsp;&nbsp; $63.49 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.04 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (0.48)%<br>| &nbsp;&nbsp;&nbsp; (25.25 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.68<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $30557 | &nbsp;&nbsp;&nbsp; $30596 | &nbsp;&nbsp;&nbsp; $53025 | &nbsp;&nbsp;&nbsp; $60394 | &nbsp;&nbsp;&nbsp; $882529 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024: <br> • Net investment income per share by $0.04. <br> .• Total return by 0.13%. <br> .• Ratio of net investment income to average net assets by 0.10%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024: <br> • Net investment income per share by $0.04. <br> .• Total return by 0.13%. <br> .• Ratio of net investment income to average net assets by 0.10%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024: <br> • Net investment income per share by $0.04. <br> .• Total return by 0.13%. <br> .• Ratio of net investment income to average net assets by 0.10%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024: <br> • Net investment income per share by $0.04. <br> .• Total return by 0.13%. <br> .• Ratio of net investment income to average net assets by 0.10%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024: <br> • Net investment income per share by $0.04. <br> .• Total return by 0.13%. <br> .• Ratio of net investment income to average net assets by 0.10%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024: <br> • Net investment income per share by $0.04. <br> .• Total return by 0.13%. <br> .• Ratio of net investment income to average net assets by 0.10%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Includes payments received from an affiliate, which impacted the Fund's total return. Excluding payments, the Fund's total return would have been -26.07%. | <sup>(f)</sup> Includes payments received from an affiliate, which impacted the Fund's total return. Excluding payments, the Fund's total return would have been -26.07%. | <sup>(f)</sup> Includes payments received from an affiliate, which impacted the Fund's total return. Excluding payments, the Fund's total return would have been -26.07%. | <sup>(f)</sup> Includes payments received from an affiliate, which impacted the Fund's total return. Excluding payments, the Fund's total return would have been -26.07%. | <sup>(f)</sup> Includes payments received from an affiliate, which impacted the Fund's total return. Excluding payments, the Fund's total return would have been -26.07%. | <sup>(f)</sup> Includes payments received from an affiliate, which impacted the Fund's total return. Excluding payments, the Fund's total return would have been -26.07%. |
| <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Global Sustainable Development Goals ETF  | iShares MSCI Global Sustainable Development Goals ETF  | iShares MSCI Global Sustainable Development Goals ETF  | iShares MSCI Global Sustainable Development Goals ETF  | iShares MSCI Global Sustainable Development Goals ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $80.82 | &nbsp;&nbsp;&nbsp; $78.75 | &nbsp;&nbsp;&nbsp; $78.45 | &nbsp;&nbsp;&nbsp; $100.03 | &nbsp;&nbsp;&nbsp; $81.68 |
| Net investment income<sup>(a)</sup> | 1.21 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (21.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.09 |
| Net increase (decrease) from investment operations | 1.85 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp; (19.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.21 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $81.25 | &nbsp;&nbsp;&nbsp; $80.82 | &nbsp;&nbsp;&nbsp; $78.75 | &nbsp;&nbsp;&nbsp; $78.45 | &nbsp;&nbsp;&nbsp; $100.03 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 2.45 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp; (19.93)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.60<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.49<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.58 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $170632 | &nbsp;&nbsp;&nbsp; $242449 | &nbsp;&nbsp;&nbsp; $374082 | &nbsp;&nbsp;&nbsp; $415791 | &nbsp;&nbsp;&nbsp; $565145 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp;&nbsp; 70<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2025:<br> • Net investment income per share by $0.03.<br> .• Total return by 0.04%.<br> .• Ratio of net investment income to average net assets by 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 year ended August 31, 2025:<br> • Net investment income per share by $0.03.<br> .• Total return by 0.04%.<br> .• Ratio of net investment income to average net assets by 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 year ended August 31, 2025:<br> • Net investment income per share by $0.03.<br> .• Total return by 0.04%.<br> .• Ratio of net investment income to average net assets by 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 year ended August 31, 2025:<br> • Net investment income per share by $0.03.<br> .• Total return by 0.04%.<br> .• Ratio of net investment income to average net assets by 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 year ended August 31, 2025:<br> • Net investment income per share by $0.03.<br> .• Total return by 0.04%.<br> .• Ratio of net investment income to average net assets by 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 year ended August 31, 2025:<br> • Net investment income per share by $0.03.<br> .• Total return by 0.04%.<br> .• Ratio of net investment income to average net assets by 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>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br> MSCI <br> World <br> Small-Cap <br> ETF <br>|
|  | Period <br> From <br>04/01/25<sup>(a)</sup> <br>to <br> 08/31/25<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $25.07 |
| Net investment income<sup>(b)</sup> | 0.23 |
| Net realized and unrealized gain<sup>(c)</sup> | 4.35 |
| Net increase from investment operations | 4.58 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.08)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $29.57 |
| **Total Return**<sup>(e)</sup> <br>|  |
| Based on net asset value | 18.33 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |
| Total expenses | 0.30 %<sup>(h)</sup><br>|
| Total expenses after fees waived | 0.15 %<sup>(h)</sup><br>|
| Net investment income | 2.00 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $739344 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 14<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(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>(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. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF  | iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Period From <br>01/17/24<sup>(a)</sup> <br>to 08/31/24 <br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $56.13 | &nbsp;&nbsp;&nbsp; $49.02 |
| Net investment income<sup>(b)</sup> | 1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Net realized and unrealized gain<sup>(c)</sup> | 5.10 | &nbsp;&nbsp;&nbsp;&nbsp;6.71 |
| Net increase from investment operations | 6.58 | &nbsp;&nbsp;&nbsp;&nbsp;7.82 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $61.25 | &nbsp;&nbsp;&nbsp; $56.13 |
| **Total Return**<sup>(e)</sup> <br>|  |  |
| Based on net asset value | 12.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.06 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |
| Total expenses | 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12 %<sup>(h)</sup><br>|
| Net investment income | 2.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $222337 | &nbsp;&nbsp;&nbsp; $53888 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(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>(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. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

&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>|
| ESG Aware MSCI EAFE | &nbsp;&nbsp; Diversified |
| ESG MSCI EM Leaders | &nbsp;&nbsp; Diversified |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; Diversified |
| MSCI World Small-Cap<sup>(a)</sup> | &nbsp;&nbsp; Diversified |
| Paris-Aligned Climate Optimized MSCI World ex USA<sup>(b)</sup> | &nbsp;&nbsp; Diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund commenced operations on April 1, 2025. <br> <sup>(b)</sup> Formerly the iShares Paris-Aligned Climate MSCI World ex USA 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.

Certain Russian securities held by iShares ESG MSCI EM Leaders ETF declared dividends during the period. However, there is no assurance these dividends can be collected by the Fund due to restrictions imposed by the Russian government. As a result, the Fund has not recognized investment income associated with these Russian securities. Any future recognition of these dividend payments, or other dividends of Russian securities declared in prior periods subject to the same or similar restrictions imposed by Russia or other government agencies, could have a material accretive effect on the Fund's net asset value per share.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of 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 traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4. SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| ESG Aware MSCI EAFE |  |  |  |  |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; $10720410 | &nbsp;&nbsp;&nbsp; $(10720410) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| ESG MSCI EM Leaders |  |  |  |  |
| Citigroup Global Markets Ltd. | &nbsp;&nbsp; $4480 | &nbsp;&nbsp;&nbsp; $(4480) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 189945 | &nbsp;&nbsp;&nbsp; (189945) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 27435 | &nbsp;&nbsp;&nbsp; (27435) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 7314 | &nbsp;&nbsp;&nbsp; (7314) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 79721 | &nbsp;&nbsp;&nbsp; (79721) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 78606 | &nbsp;&nbsp;&nbsp; (78606) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 19660 | &nbsp;&nbsp;&nbsp; (19660) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $407161 | &nbsp;&nbsp;&nbsp; $(407161) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| MSCI Global Sustainable Development Goals |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $461477 | &nbsp;&nbsp;&nbsp; $(461477) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 2140532 | &nbsp;&nbsp;&nbsp; (2140532) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 5560081 | &nbsp;&nbsp;&nbsp; (5560081) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 596426 | &nbsp;&nbsp;&nbsp; (596426) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $8758516 | &nbsp;&nbsp;&nbsp; $(8758516) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI World Small-Cap |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $8292750 | &nbsp;&nbsp;&nbsp; $(8292750) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 9723508 | &nbsp;&nbsp;&nbsp; (9723508) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 741743 | &nbsp;&nbsp;&nbsp; (741743) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 9639995 | &nbsp;&nbsp;&nbsp; (9639995) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 1241573 | &nbsp;&nbsp;&nbsp; (1241573) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mizuho Securities USA LLC | &nbsp;&nbsp; 4044 | &nbsp;&nbsp;&nbsp; (3962) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 82<sup>(b)</sup> <br>|
| State Street Bank & Trust Co. | &nbsp;&nbsp; 654950 | &nbsp;&nbsp;&nbsp; (654950) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 860915 | &nbsp;&nbsp;&nbsp; (860915) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 3297745 | &nbsp;&nbsp;&nbsp; (3297745) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 2185181 | &nbsp;&nbsp;&nbsp; (2185181) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $36642404 | &nbsp;&nbsp;&nbsp; $(36642322) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $82 |
| Paris-Aligned Climate Optimized MSCI World ex USA |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; $517732 | &nbsp;&nbsp;&nbsp; $(517732) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Jefferies LLC | &nbsp;&nbsp; 108329 | &nbsp;&nbsp;&nbsp; (108329) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 238522 | &nbsp;&nbsp;&nbsp; (238522) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 135198 | &nbsp;&nbsp;&nbsp; (135198) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $999781 | &nbsp;&nbsp;&nbsp; $(999781) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of August 31, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Equity swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Fund will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a spread.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the 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* |
| ESG Aware MSCI EAFE | 0.20% |
| ESG MSCI EM Leaders | 0.16 |
| MSCI Global Sustainable Development Goals | 0.49 |
| MSCI World Small-Cap | 0.30 |
| Paris-Aligned Climate Optimized MSCI World ex USA | 0.12 |

---

**Expense Waivers:** BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). For the iShares MSCI World Small-Cap ETF, BFA has elected to implement a voluntary fee waiver in order to limit the Fund's total annual operating expenses after fee waiver to 0.15%. This voluntary waiver may be terminated by BFA at any time without notice.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended August 31, 2025, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| MSCI World Small-Cap | &nbsp;&nbsp; $281764 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| ESG Aware MSCI EAFE | &nbsp;&nbsp; $30205 |
| ESG MSCI EM Leaders | &nbsp;&nbsp; 1112 |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; 12392 |
| MSCI World Small-Cap | &nbsp;&nbsp; 34952 |
| Paris-Aligned Climate Optimized MSCI World ex USA | &nbsp;&nbsp; 107 |

---

**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 year ended August 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| ESG Aware MSCI EAFE | &nbsp;&nbsp; $788208827 | &nbsp;&nbsp;&nbsp; $757325250 | &nbsp;&nbsp;&nbsp; $11693527 |
| ESG MSCI EM Leaders | &nbsp;&nbsp; 452018 | &nbsp;&nbsp;&nbsp; 131641 | &nbsp;&nbsp;&nbsp; 16569 |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; 36850499 | &nbsp;&nbsp;&nbsp; 35587013 | &nbsp;&nbsp;&nbsp; (1770137) |

---

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| ESG Aware MSCI EAFE | &nbsp;&nbsp; $2374550561 | &nbsp;&nbsp;&nbsp; $2325114040 |
| ESG MSCI EM Leaders | &nbsp;&nbsp; 5457734 | &nbsp;&nbsp;&nbsp; 8486205 |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; 123849583 | &nbsp;&nbsp;&nbsp; 132036844 |
| MSCI World Small-Cap | &nbsp;&nbsp; 74772313 | &nbsp;&nbsp;&nbsp; 60598590 |
| Paris-Aligned Climate Optimized MSCI World ex USA | &nbsp;&nbsp; 35054719 | &nbsp;&nbsp;&nbsp; 19944002 |

---

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| ESG Aware MSCI EAFE | &nbsp;&nbsp; $472766130 | &nbsp;&nbsp;&nbsp; $107845561 |
| ESG MSCI EM Leaders | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1916728 |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58784764 |
| MSCI World Small-Cap | &nbsp;&nbsp; 638701954 | &nbsp;&nbsp;&nbsp; — |
| Paris-Aligned Climate Optimized MSCI World ex USA | &nbsp;&nbsp; 137502753 | &nbsp;&nbsp;&nbsp; 3120660 |

---

***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 August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to nondeductible expenses and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| ESG Aware MSCI EAFE | &nbsp;&nbsp; $43318478 | &nbsp;&nbsp;&nbsp; $(43318478) |
| ESG MSCI EM Leaders | &nbsp;&nbsp; 110245 | &nbsp;&nbsp;&nbsp; (110245) |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; 6074138 | &nbsp;&nbsp;&nbsp; (6074138) |
| Paris-Aligned Climate Optimized MSCI World ex USA | &nbsp;&nbsp; 344546 | &nbsp;&nbsp;&nbsp; (344546) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| ESG Aware MSCI EAFE |  |  |
| Ordinary income | &nbsp;&nbsp; $283175426 | &nbsp;&nbsp;&nbsp; $240540881 |
| ESG MSCI EM Leaders |  |  |
| Ordinary income | &nbsp;&nbsp; $895391 | &nbsp;&nbsp;&nbsp; $1325397 |
| MSCI Global Sustainable Development Goals |  |  |
| Ordinary income | &nbsp;&nbsp; $3509810 | &nbsp;&nbsp;&nbsp; $6141248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *iShares ETF* | *Period Ended* <br>*08/31/25*<br>|
| MSCI World Small-Cap |  |
| Ordinary income | &nbsp;&nbsp; $1543579 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Period Ended* <br>*08/31/24*<br>|
| Paris-Aligned Climate Optimized MSCI World ex USA |  |  |
| Ordinary income | &nbsp;&nbsp; $2564556 | &nbsp;&nbsp;&nbsp; $722905 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Undistributed* <br>*Long-Term Capital Gains*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| ESG Aware MSCI EAFE | &nbsp;&nbsp; $76747953 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(668932808) | &nbsp;&nbsp;&nbsp; $2613189683 | &nbsp;&nbsp;&nbsp; $2021004828 |
| ESG MSCI EM Leaders | &nbsp;&nbsp; 530490 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1976771) | &nbsp;&nbsp;&nbsp; 6464337 | &nbsp;&nbsp;&nbsp; 5018056 |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; 748965 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (112726295) | &nbsp;&nbsp;&nbsp; 4779305 | &nbsp;&nbsp;&nbsp; (107198025) |
| MSCI World Small-Cap | &nbsp;&nbsp; 10902828 | &nbsp;&nbsp;&nbsp; 120017 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 75125073 | &nbsp;&nbsp;&nbsp; 86147918 |
| Paris-Aligned Climate Optimized MSCI World ex USA | &nbsp;&nbsp; 1999977 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1249027) | &nbsp;&nbsp;&nbsp; 20433568 | &nbsp;&nbsp;&nbsp; 21184518 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain futures contracts, the accounting for swap agreements, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| ESG Aware MSCI EAFE | &nbsp;&nbsp; $7232191960 | &nbsp;&nbsp;&nbsp; $2805979653 | &nbsp;&nbsp;&nbsp; $(194468190) | &nbsp;&nbsp;&nbsp; $2611511463 |
| ESG MSCI EM Leaders | &nbsp;&nbsp; 24502933 | &nbsp;&nbsp;&nbsp; 8127262 | &nbsp;&nbsp;&nbsp; (1458069) | &nbsp;&nbsp;&nbsp; 6669193 |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; 174009605 | &nbsp;&nbsp;&nbsp; 19521942 | &nbsp;&nbsp;&nbsp; (14769002) | &nbsp;&nbsp;&nbsp; 4752940 |
| MSCI World Small-Cap | &nbsp;&nbsp; 700934721 | &nbsp;&nbsp;&nbsp; 88479528 | &nbsp;&nbsp;&nbsp; (13351507) | &nbsp;&nbsp;&nbsp; 75128021 |
| Paris-Aligned Climate Optimized MSCI World ex USA | &nbsp;&nbsp; 200862823 | &nbsp;&nbsp;&nbsp; 24692381 | &nbsp;&nbsp;&nbsp; (4273636) | &nbsp;&nbsp;&nbsp; 20418745 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***9. LINE OF CREDIT***

The iShares ESG MSCI EM Leaders ETF, iShares and MSCI Global Sustainable Development Goals ETF, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the year ended August 31, 2025, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Maximum* <br>*Amount* <br>*Borrowed*<br>| &nbsp;&nbsp; *Average* <br>*Borrowing*<br>| &nbsp;&nbsp; *Weighted* <br>*Average* <br>*Interest Rates* <br>|
| ESG MSCI EM Leaders | &nbsp;&nbsp; $390000 | &nbsp;&nbsp;&nbsp; $8575 | &nbsp;&nbsp;&nbsp;&nbsp;5.68% |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; 3370 | &nbsp;&nbsp;&nbsp;&nbsp;5.23 |

---

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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 and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Certain Funds invest a significant portion of their assets in securities of issuers located in 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 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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| ESG Aware MSCI EAFE |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 6800000 | &nbsp;&nbsp;&nbsp; $542912698 | &nbsp;&nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp; $298016056 |
| Shares redeemed | &nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; (108175497)<br>| &nbsp;&nbsp;&nbsp; (1700000)<br>| &nbsp;&nbsp;&nbsp; (116935535)<br>|
|  | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; $434737201 | &nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; $181080521 |
| ESG MSCI EM Leaders |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $24020 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $40761 |
| Shares redeemed | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (4753375)<br>| &nbsp;&nbsp;&nbsp; (550000)<br>| &nbsp;&nbsp;&nbsp; (24574849)<br>|
|  | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; $(4729355)<br>| &nbsp;&nbsp;&nbsp; (550000)<br>| &nbsp;&nbsp;&nbsp; $(24534088)<br>|
| MSCI Global Sustainable Development Goals |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $23082 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $40643 |
| Shares redeemed | &nbsp;&nbsp; (900000)<br>| &nbsp;&nbsp;&nbsp; (67001416)<br>| &nbsp;&nbsp;&nbsp; (1750000)<br>| &nbsp;&nbsp;&nbsp; (133715537)<br>|
|  | &nbsp;&nbsp; (900000)<br>| &nbsp;&nbsp;&nbsp; $(66978334)<br>| &nbsp;&nbsp;&nbsp; (1750000)<br>| &nbsp;&nbsp;&nbsp; $(133674894)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Period Ended <br>08/31/25<sup>(a)</sup>  | Period Ended <br>08/31/25<sup>(a)</sup>  |
| *iShares ETF* | *Shares* | *Amount* |
| MSCI World Small-Cap |  |  |
| Shares sold | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp; $653196574 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund commenced operations on April 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Period Ended <br>08/31/24 | Period Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Paris-Aligned Climate Optimized MSCI World ex USA |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2730000 | &nbsp;&nbsp;&nbsp; $154013559 | &nbsp;&nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp; $52935806 |
| Shares redeemed | &nbsp;&nbsp; (60000)<br>| &nbsp;&nbsp;&nbsp; (3271027)<br>| &nbsp;&nbsp;&nbsp; (60000)<br>| &nbsp;&nbsp;&nbsp; (3153951)<br>|
|  | &nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp; $150742532 | &nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp; $49781855 |

---

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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

***12. FOREIGN WITHHOLDING TAX CLAIMS***

Certain of the outstanding foreign tax reclaims are not deemed by the Funds to meet the recognition criteria under U.S. GAAP as of August 31, 2025 and have not been recorded in the applicable Fund's net asset value. The recognition by the Funds of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares ESG Aware MSCI EAFE ETF and iShares MSCI Global Sustainable Development Goals ETF is able to pass through to its shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

***13. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of each of the five funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares ESG Aware MSCI EAFE ETF<sup>(1)</sup> <br>|
| iShares ESG MSCI EM Leaders ETF<sup>(1)</sup> <br>|
| iShares MSCI Global Sustainable Development Goals ETF<sup>(1)</sup> <br>|
| iShares MSCI World Small-Cap ETF <sup>(2)</sup> <br>|
| iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF<sup>(3)</sup> <br>|

---

(1) Statement of operations for the year ended August 31, 2025 and statement of changes in net assets for each of the two years in the period ended August 31, 2025

(2) Statement of operations and statement of changes in net assets for the period April 1, 2025 (commencement of operations) through August 31, 2025

(3) Statement of operations for the year ended August 31, 2025 and statement of changes in net assets for the year ended August 31, 2025 and the period January 17, 2024 (commencement of operations) through August 31, 2024

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

2025 iShares Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| ESG Aware MSCI EAFE | &nbsp;&nbsp; $274212484 |
| ESG MSCI EM Leaders | &nbsp;&nbsp; 425892 |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; 2237230 |
| MSCI World Small-Cap | &nbsp;&nbsp; 3037962 |
| Paris-Aligned Climate Optimized MSCI World ex USA | &nbsp;&nbsp; 2997635 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business* <br>*Income*<br>|
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; $207770 |
| MSCI World Small-Cap | &nbsp;&nbsp; 246089 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| ESG Aware MSCI EAFE | &nbsp;&nbsp; $291088706 | &nbsp;&nbsp;&nbsp;&nbsp; $14438613 |
| ESG MSCI EM Leaders | &nbsp;&nbsp; 882147 | &nbsp;&nbsp;&nbsp;&nbsp; 164009 |
| MSCI Global Sustainable Development Goals | &nbsp;&nbsp; 3600650 | &nbsp;&nbsp;&nbsp;&nbsp; 234260 |
| Paris-Aligned Climate Optimized MSCI World ex USA | &nbsp;&nbsp; 3295852 | &nbsp;&nbsp;&nbsp;&nbsp; 397393 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received* <br>*Deduction*<br>|
| MSCI Global Sustainable Development Goals | 4.98<br> %<br>|
| MSCI World Small-Cap | 10.21<br> %<br>|

---

Important Tax Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to 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**.

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares ESG Aware MSCI EAFE ETF, iShares ESG MSCI EM Leaders ETF, iShares MSCI Global Sustainable Development Goals ETF, iShares MSCI Water Management Multisector ETF, iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

i**Shares MSCI World Small-Cap ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required to consider the approval of the proposed Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Agreement. At a meeting held on March 19-20, 2025 the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. ("BTC"), and BlackRock, Inc. ("BlackRock"), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Agreement are discussed below.

**Expenses of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board's approval of the Advisory Agreement.

**Nature, Extent and Quality of Services to be Provided by BFA:** The Board reviewed the scope of services to be provided by BFA under the Advisory Agreement. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA's compliance program and its compliance record with respect to other iShares funds, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds, and other matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Agreement supported the Board's approval of the Advisory Agreement.

**Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates:** The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Agreement or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund's launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

**Economies of Scale:** The Board considered information that it had previously received regarding potential economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for any breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the Advisory Agreement.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive character and scope of services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement.

**Other Benefits to BFA and/or its Affiliates:** Except as noted below, the Board did not consider the other benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board considered the potential payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund's securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that will be provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the Advisory Agreement.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the Advisory Agreement.

2025 iShares Annual Financial Statements and Additional Information

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Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D ESTR | EUR - 1D Euro Short Term Rate |
| 1D FEDL01 | USD - 1D Overnight Fed Funds Effective Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| 1D SONIA | GBP - 1D Sterling Overnight Index Average |
| ADR | American Depositary Receipt |
| HONIA | HKD - Overnight Index Average |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SORA | SGD - Overnight Rate Average |

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Glossary of Terms Used in this Report

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.**

**Investing involves risk, including possible loss of principal.**

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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August 31, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| **iShares Trust** |
| • iShares Currency Hedged MSCI Eurozone ETF \| HEZU \| NYSE Arca |
| • iShares Currency Hedged MSCI Japan ETF \| HEWJ \| NYSE Arca |

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_71a91687-b4bd-42a2-8caf-c95e61f0768e_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_71a91687-b4bd-42a2-8caf-c95e61f0768e_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 9 |
| [Statements of Operations](#xx_71a91687-b4bd-42a2-8caf-c95e61f0768e_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 10 |
| [Statements of Changes in Net Assets](#xx_71a91687-b4bd-42a2-8caf-c95e61f0768e_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 11 |
| [Financial Highlights](#xx_71a91687-b4bd-42a2-8caf-c95e61f0768e_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 12 |
| [Notes to Financial Statements](#xx_71a91687-b4bd-42a2-8caf-c95e61f0768e_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_71a91687-b4bd-42a2-8caf-c95e61f0768e_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 22 |
| [Important Tax Information](#xx_71a91687-b4bd-42a2-8caf-c95e61f0768e_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 23 |
| [Additional Information](#xx_71a91687-b4bd-42a2-8caf-c95e61f0768e_SAI-Footer-iSharesReport-313_1)  | &nbsp;&nbsp; 24 |
| [Board Review and Approval of Investment Advisory Contract](#xx_71a91687-b4bd-42a2-8caf-c95e61f0768e_15Cheader-Footer-iSharesReport-313_1)  | &nbsp;&nbsp; 25 |
| [Glossary of Terms Used in these Financial Statements](#xx_71a91687-b4bd-42a2-8caf-c95e61f0768e_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 28 |

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Schedule of Investments

August 31, 2025

**iShares® Currency Hedged MSCI Eurozone ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange-Traded Funds — 100.0%** | **Exchange-Traded Funds — 100.0%** | **Exchange-Traded Funds — 100.0%** |
| iShares MSCI Eurozone ETF<sup>(a)(b)</sup> | &nbsp;&nbsp; 12127992 | $725375201 |
| **Total Investment Companies** <br>**(Cost: $624,414,122)** | **Total Investment Companies** <br>**(Cost: $624,414,122)** | 725375201 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.2%** | **Money Market Funds — 5.2%** | **Money Market Funds — 5.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, <br>4.44%<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp; 37456212 | 37474940 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br>4.26%<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 370000 | 370000 |
| **Total Short-Term Securities — 5.2%** <br>**(Cost: $37,843,296)** | **Total Short-Term Securities — 5.2%** <br>**(Cost: $37,843,296)** | 37844940 |
| **Total Investments in Securities — 105.2%** <br>**(Cost: $662,257,418)** | **Total Investments in Securities — 105.2%** <br>**(Cost: $662,257,418)** | 763220141 |
| **Liabilities in Excess of Other Assets — (5.2)%** | **Liabilities in Excess of Other Assets — (5.2)%** | (37529346)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $725690795 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| $— | $37475253 <br><sup>(a)</sup><br>| $— | $(1957)<br>| $1644 | $37474940 | 37456212 | $174266 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 210000 | 160000 <br><sup>(a)</sup><br>|  |  |  | 370000 | 370000 | 30969 |  |
| iShares MSCI Eurozone ETF | 419592061 | 483989689 | &nbsp;&nbsp; (273190236)<br>| 18452236 | 76531451 | 725375201 | 12127992 | 17087197 |  |
|  |  |  |  | $18450279 | $76533095 | $763220141 |  | $17292432 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| EUR | 530000 | USD | 618960 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1087 |
| EUR | 7167000 | USD | 8397324 | State Street Bank & Trust Company | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2983 |
| USD | 736175240 | EUR | 628053345 | Societe Generale | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45661 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49731 |
| EUR | 628053345 | USD | 734759608 | Societe Generale | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(75)<br>|
| USD | 658308144 | EUR | 574594345 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13909711)<br>|
| USD | 34991325 | EUR | 30017000 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125560)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Currency Hedged MSCI Eurozone ETF**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Pur-*<br> *chased* | *Currency Pur-*<br> *chased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 2060753 | EUR | 1800000 | BNP Paribas SA | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(45067)<br>|
| USD | 25425772 | EUR | 22172000 | State Street Bank & Trust Company | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (513248)<br>|
| EUR | 596000 | USD | 698968 | State Street Bank & Trust Company | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (408)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14594069)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(14544338)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49731 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49731 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14594069 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14594069 |

---

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(41830280)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(41830280)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6261223)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6261223)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $552174671 |
| Average amounts sold — in USD | &nbsp;&nbsp; $1097390187 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments - Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $49731 | &nbsp;&nbsp;&nbsp; $14594069 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 49731 | &nbsp;&nbsp;&nbsp; 14594069 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $49731 | &nbsp;&nbsp;&nbsp; $14594069 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Currency Hedged MSCI Eurozone ETF**

**Derivative Financial Instruments - Offsetting as of Period End (continued)**

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup> <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $1087 | &nbsp;&nbsp; $(1087)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Societe Generale | &nbsp;&nbsp; 45661 | &nbsp;&nbsp; (75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45586 |
| State Street Bank & Trust Company | &nbsp;&nbsp; 2983 | &nbsp;&nbsp; (2983)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $49731 | &nbsp;&nbsp; $(4145)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)(e)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $13909711 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13909711 |
| Barclays Bank PLC | &nbsp;&nbsp; 125560 | &nbsp;&nbsp; (1087)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 124473 |
| BNP Paribas SA | &nbsp;&nbsp; 45067 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45067 |
| Societe Generale | &nbsp;&nbsp; 75 | &nbsp;&nbsp; (75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Company | &nbsp;&nbsp; 513656 | &nbsp;&nbsp; (2983)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 510673 |
|  | &nbsp;&nbsp; $14594069 | &nbsp;&nbsp; $(4145)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14589924 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(d)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $725375201 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $725375201 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 37844940 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37844940 |
|  | &nbsp;&nbsp; $763220141 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $763220141 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49731 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49731 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (14594069)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14594069)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14544338)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14544338)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® Currency Hedged MSCI Japan ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** | **Exchange-Traded Funds — 99.9%** |
| iShares MSCI Japan ETF<sup>(a)(b)</sup> | &nbsp;&nbsp; 4861569 | $380563622 |
| **Total Investment Companies** <br>**(Cost: $335,956,312)** | **Total Investment Companies** <br>**(Cost: $335,956,312)** | 380563622 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 22.0%** | **Money Market Funds — 22.0%** | **Money Market Funds — 22.0%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, <br>4.44%<sup>(a)(c)(d)</sup><br>| &nbsp;&nbsp; 83761992 | 83803873 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br>4.26%<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 220000 | 220000 |
| **Total Short-Term Securities — 22.0%** <br>**(Cost: $84,019,317)** | **Total Short-Term Securities — 22.0%** <br>**(Cost: $84,019,317)** | 84023873 |
| **Total Investments in Securities — 121.9%** <br>**(Cost: $419,975,629)** | **Total Investments in Securities — 121.9%** <br>**(Cost: $419,975,629)** | 464587495 |
| **Liabilities in Excess of Other Assets — (21.9)%** | **Liabilities in Excess of Other Assets — (21.9)%** | (83522437)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $381065058 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Annualized 7-day yield as of period end.

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, <br> SL Agency Shares<br>| $157918478 | $— | $(74120695 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(5160)<br>| $11250 | $83803873 | 83761992 | $453255 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 250000 |  | (30000 )<sup>(a)</sup><br>|  |  | 220000 | 220000 | 16751 |  |
| iShares MSCI Japan ETF | 400070506 | 170841660 | (221116266)<br>| 7900286 | 22867436 | 380563622 | 4861569 | 8350245 |  |
|  |  |  |  | $7895126 | $22878686 | $464587495 |  | $8820251 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| JPY | 340364000 | USD | 2308725 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7385 |
| JPY | 191154000 | USD | 1304730 | JPMorgan Chase Bank N.A. | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| USD | 372139798 | JPY | 54458268238 | Bank of America N.A. | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368107 |
| USD | 15059355 | JPY | 2203766000 | JPMorgan Chase Bank N.A. | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14848 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390566 |
| JPY | 54458268238 | USD | 370905964 | Bank of America N.A. | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(328113)<br>|
| USD | 346393396 | JPY | 51962958238 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7204360)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Currency Hedged MSCI Japan ETF**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 12496514 | JPY | 1874618000 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(259895)<br>|
| USD | 6395800 | JPY | 961056000 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143997)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7936365)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(7545799)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $390566 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $390566 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7936365 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7936365 |

---

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10888569 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10888569 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1572087 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1572087 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $380725050 |
| Average amounts sold — in USD | &nbsp;&nbsp; $733851169 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments - Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| **Derivative Financial Instruments:** |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $390566 | &nbsp;&nbsp;&nbsp; $7936365 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 390566 | &nbsp;&nbsp;&nbsp; 7936365 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $390566 | &nbsp;&nbsp;&nbsp; $7936365 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® Currency Hedged MSCI Japan ETF**

**Derivative Financial Instruments - Offsetting as of Period End (continued)**

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $368107 | &nbsp;&nbsp; $(328113)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39994 |
| Barclays Bank PLC | &nbsp;&nbsp; 7385 | &nbsp;&nbsp; (7385)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 15074 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15074 |
|  | &nbsp;&nbsp; $390566 | &nbsp;&nbsp; $(335498)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $55068 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup> <br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup> <br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)(e)</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; $328113 | &nbsp;&nbsp; $(328113)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 7204360 | &nbsp;&nbsp; (7385)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7196975 |
| HSBC Bank PLC | &nbsp;&nbsp; 259895 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 259895 |
| UBS AG | &nbsp;&nbsp; 143997 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 143997 |
|  | &nbsp;&nbsp; $7936365 | &nbsp;&nbsp; $(335498)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7600867 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(d)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Investment Companies | &nbsp;&nbsp; $380563622 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $380563622 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 84023873 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 84023873 |
|  | &nbsp;&nbsp; $464587495 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $464587495 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $390566 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $390566 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (7936365)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (7936365)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7545799)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7545799)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Currency <br> Hedged <br> MSCI <br> Eurozone <br> ETF <br>| &nbsp;&nbsp; iShares <br>Currency <br> Hedged <br> MSCI Japan <br> ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—affiliated<sup>(a)(b)</sup> | $763220141 | $464587495 |
| Cash | 8006 | 9765 |
| Receivables: |  |  |
| Investments sold | 14488171 | 7790803 |
| Securities lending income—affiliated | 7957 | 21490 |
| Dividends—affiliated | 1312 | 776 |
| Unrealized appreciation on forward foreign currency exchange contracts | 49731 | 390566 |
| Total assets | 777775318 | 472800895 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 37472420 | 83799360 |
| Payables: |  |  |
| Investment advisory fees | 18034 | 112 |
| Unrealized depreciation on forward foreign currency exchange contracts | 14594069 | 7936365 |
| Total liabilities | 52084523 | 91735837 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $725690795 | $381065058 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $713277162 | $357617229 |
| Accumulated earnings | 12413633 | 23447829 |
| NET ASSETS | $725690795 | $381065058 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 17800000 | 8000000 |
| Net asset value | $40.77 | $47.63 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—affiliated | $662257418 | $419975629 |
| <sup>(b)</sup> Securities loaned, at value | $36502043 | $80985357 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>Currency <br> Hedged <br> MSCI <br> Eurozone <br> ETF <br>| &nbsp;&nbsp; iShares <br>Currency <br> Hedged <br> MSCI Japan <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—affiliated | &nbsp;&nbsp; $17118166 | &nbsp;&nbsp;&nbsp; $8366996 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 174266 | &nbsp;&nbsp;&nbsp; 453255 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36495 |
| Total investment income | &nbsp;&nbsp; 17292432 | &nbsp;&nbsp;&nbsp; 8856746 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 3282554 | &nbsp;&nbsp;&nbsp; 1899700 |
| Commitment costs | &nbsp;&nbsp; 5282 | &nbsp;&nbsp;&nbsp; 3584 |
| Interest expense | &nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp; 295 |
| Total expenses | &nbsp;&nbsp; 3288500 | &nbsp;&nbsp;&nbsp; 1903579 |
| Less: |  |  |
| Investment advisory fees waived | &nbsp;&nbsp; (3129667)<br>| &nbsp;&nbsp;&nbsp; (1899932)<br>|
| Total expenses after fees waived | &nbsp;&nbsp; 158833 | &nbsp;&nbsp;&nbsp; 3647 |
| Net investment income | &nbsp;&nbsp; 17133599 | &nbsp;&nbsp;&nbsp; 8853099 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—affiliated | &nbsp;&nbsp; 2692530 | &nbsp;&nbsp;&nbsp; (341630)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (41830280)<br>| &nbsp;&nbsp;&nbsp; 10888569 |
| In-kind redemptions—affiliated<sup>(a)</sup> | &nbsp;&nbsp; 15757749 | &nbsp;&nbsp;&nbsp; 8236756 |
|  | &nbsp;&nbsp; (23380001)<br>| &nbsp;&nbsp;&nbsp; 18783695 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—affiliated | &nbsp;&nbsp; 76533095 | &nbsp;&nbsp;&nbsp; 22878686 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (6261223)<br>| &nbsp;&nbsp;&nbsp; 1572087 |
|  | &nbsp;&nbsp; 70271872 | &nbsp;&nbsp;&nbsp; 24450773 |
| Net realized and unrealized gain | &nbsp;&nbsp; 46891871 | &nbsp;&nbsp;&nbsp; 43234468 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $64025470 | &nbsp;&nbsp;&nbsp; $52087567 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Currency Hedged MSCI Eurozone ETF  | iShares <br>Currency Hedged MSCI Eurozone ETF  | iShares <br>Currency Hedged MSCI Japan ETF  | iShares <br>Currency Hedged MSCI Japan ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $17133599 | &nbsp;&nbsp;&nbsp; $11770550 | &nbsp;&nbsp;&nbsp; $8853099 | &nbsp;&nbsp;&nbsp; $5626609 |
| Net realized gain (loss) | &nbsp;&nbsp; (23380001)<br>| &nbsp;&nbsp;&nbsp; 18386833 | &nbsp;&nbsp;&nbsp; 18783695 | &nbsp;&nbsp;&nbsp; 34561633 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 70271872 | &nbsp;&nbsp;&nbsp; 31672538 | &nbsp;&nbsp;&nbsp; 24450773 | &nbsp;&nbsp;&nbsp; 21362331 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 64025470 | &nbsp;&nbsp;&nbsp; 61829921 | &nbsp;&nbsp;&nbsp; 52087567 | &nbsp;&nbsp;&nbsp; 61550573 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (17008056)<br>| &nbsp;&nbsp;&nbsp; (11787836)<br>| &nbsp;&nbsp;&nbsp; (8867653)<br>| &nbsp;&nbsp;&nbsp; (5618246)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 258276582 | &nbsp;&nbsp;&nbsp; 38661295 | &nbsp;&nbsp;&nbsp; (64376742)<br>| &nbsp;&nbsp;&nbsp; 130692124 |
| Capital contribution from affiliate | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 104238 | &nbsp;&nbsp;&nbsp; — |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 305293996 | &nbsp;&nbsp;&nbsp; 88703380 | &nbsp;&nbsp;&nbsp; (21052590)<br>| &nbsp;&nbsp;&nbsp; 186624451 |
| Beginning of year | &nbsp;&nbsp; 420396799 | &nbsp;&nbsp;&nbsp; 331693419 | &nbsp;&nbsp;&nbsp; 402117648 | &nbsp;&nbsp;&nbsp; 215493197 |
| End of year | &nbsp;&nbsp; $725690795 | &nbsp;&nbsp;&nbsp; $420396799 | &nbsp;&nbsp;&nbsp; $381065058 | &nbsp;&nbsp;&nbsp; $402117648 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Currency Hedged MSCI Eurozone ETF  | iShares Currency Hedged MSCI Eurozone ETF  | iShares Currency Hedged MSCI Eurozone ETF  | iShares Currency Hedged MSCI Eurozone ETF  | iShares Currency Hedged MSCI Eurozone ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $36.40 | &nbsp;&nbsp;&nbsp; $31.74 | &nbsp;&nbsp;&nbsp; $30.98 | &nbsp;&nbsp;&nbsp; $37.33 | &nbsp;&nbsp;&nbsp; $28.36 |
| Net investment income<sup>(a)</sup> | 1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 4.21 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.00 |
| Net increase (decrease) from investment operations | 5.47 | &nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;&nbsp; (4.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.83 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.44)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (6.15)<br>| &nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $40.77 | &nbsp;&nbsp;&nbsp; $36.40 | &nbsp;&nbsp;&nbsp; $31.74 | &nbsp;&nbsp;&nbsp; $30.98 | &nbsp;&nbsp;&nbsp; $37.33 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 15.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.30<br> %<br>| &nbsp;&nbsp;&nbsp; (13.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.04<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>|
| Total expenses after fees waived | 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>|
| Net investment income | 3.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.52<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $725691 | &nbsp;&nbsp;&nbsp; $420397 | &nbsp;&nbsp;&nbsp; $331693 | &nbsp;&nbsp;&nbsp; $353138 | &nbsp;&nbsp;&nbsp; $744670 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Rounds to less than $0.01. | <sup>(d)</sup> Rounds to less than $0.01. | <sup>(d)</sup> Rounds to less than $0.01. | <sup>(d)</sup> Rounds to less than $0.01. | <sup>(d)</sup> Rounds to less than $0.01. | <sup>(d)</sup> Rounds to less than $0.01. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Currency Hedged MSCI Japan ETF  | iShares Currency Hedged MSCI Japan ETF  | iShares Currency Hedged MSCI Japan ETF  | iShares Currency Hedged MSCI Japan ETF  | iShares Currency Hedged MSCI Japan ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $41.89 | &nbsp;&nbsp;&nbsp; $33.94 | &nbsp;&nbsp;&nbsp; $38.73 | &nbsp;&nbsp;&nbsp; $38.66 | &nbsp;&nbsp;&nbsp; $31.50 |
| Net investment income<sup>(a)</sup> | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 5.76 | &nbsp;&nbsp;&nbsp;&nbsp;8.01 | &nbsp;&nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.06 |
| Net increase from investment operations | 6.81 | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;&nbsp;7.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;7.57 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12.04)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (12.31)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Capital contributions<sup>(e)</sup> | 0.01 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of year** | &nbsp;&nbsp; $47.63 | &nbsp;&nbsp;&nbsp; $41.89 | &nbsp;&nbsp;&nbsp; $33.94 | &nbsp;&nbsp;&nbsp; $38.73 | &nbsp;&nbsp;&nbsp; $38.66 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 16.58 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.08<br> %<br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Total expenses after fees waived | 0.00 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(i)</sup><br>|
| Net investment income | 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $381065 | &nbsp;&nbsp;&nbsp; $402118 | &nbsp;&nbsp;&nbsp; $215493 | &nbsp;&nbsp;&nbsp; $464751 | &nbsp;&nbsp;&nbsp; $535398 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Rounds to less than $0.01. | <sup>(d)</sup> Rounds to less than $0.01. | <sup>(d)</sup> Rounds to less than $0.01. | <sup>(d)</sup> Rounds to less than $0.01. | <sup>(d)</sup> Rounds to less than $0.01. | <sup>(d)</sup> Rounds to less than $0.01. |
| <sup>(e)</sup> Payment received related to certain shareholder transactions. | <sup>(e)</sup> Payment received related to certain shareholder transactions. | <sup>(e)</sup> Payment received related to certain shareholder transactions. | <sup>(e)</sup> Payment received related to certain shareholder transactions. | <sup>(e)</sup> Payment received related to certain shareholder transactions. | <sup>(e)</sup> Payment received related to certain shareholder transactions. |
| <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> Includes capital contributions from affiliate, which impacted the Fund's total return. Excluding the capital contributions from affiliate, the Fund's total return is 16.54%. | <sup>(g)</sup> Includes capital contributions from affiliate, which impacted the Fund's total return. Excluding the capital contributions from affiliate, the Fund's total return is 16.54%. | <sup>(g)</sup> Includes capital contributions from affiliate, which impacted the Fund's total return. Excluding the capital contributions from affiliate, the Fund's total return is 16.54%. | <sup>(g)</sup> Includes capital contributions from affiliate, which impacted the Fund's total return. Excluding the capital contributions from affiliate, the Fund's total return is 16.54%. | <sup>(g)</sup> Includes capital contributions from affiliate, which impacted the Fund's total return. Excluding the capital contributions from affiliate, the Fund's total return is 16.54%. | <sup>(g)</sup> Includes capital contributions from affiliate, which impacted the Fund's total return. Excluding the capital contributions from affiliate, the Fund's total return is 16.54%. |
| <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> Rounds to less than 0.01%. | <sup>(i)</sup> Rounds to less than 0.01%. | <sup>(i)</sup> Rounds to less than 0.01%. | <sup>(i)</sup> Rounds to less than 0.01%. | <sup>(i)</sup> Rounds to less than 0.01%. | <sup>(i)</sup> Rounds to less than 0.01%. |
| <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.*

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* 

&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> Currency Hedged MSCI Eurozone Diversified <br> Currency Hedged MSCI Japan Diversified

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an "underlying fund"). The financial statements, including the accounting policies, and schedules of investments for the underlying funds are available on **iShares.com** and should be read in conjunction with the Funds' financial statements.

***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 from the underlying funds, if any, are recorded on the ex-dividend date. Interest income 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. However, each Fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of 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;• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange ("NYSE") based on that day's prevailing forward exchange rate for the underlying currencies.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***4. SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Currency Hedged MSCI Eurozone |  |  |  |  |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; $26753013 | &nbsp;&nbsp;&nbsp; $(26753013) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Morgan Stanley | &nbsp;&nbsp; 9749030 | &nbsp;&nbsp;&nbsp; (9749030) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $36502043 | &nbsp;&nbsp;&nbsp; $(36502043) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Currency Hedged MSCI Japan |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $76479560 | &nbsp;&nbsp;&nbsp; $(76479560) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 4505797 | &nbsp;&nbsp;&nbsp; (4505797) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $80985357 | &nbsp;&nbsp;&nbsp; $(80985357) | &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***

**Forward Foreign Currency Exchange Contracts:** Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter ("OTC") and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors ("BFA") manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to 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* |
| Currency Hedged MSCI Eurozone | 0.62% |
| Currency Hedged MSCI Japan | 0.53 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares Currency Hedged MSCI Eurozone ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in the iShares MSCI Eurozone ETF ("EZU"), after taking into account any fee waivers by EZU, plus 0.03%.

For the iShares Currency Hedged MSCI Japan ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other iShares funds, provided that the waiver be no greater than the Fund's investment advisory fee of 0.53%. BFA has also contractually agreed to waive an additional portion of its investment advisory fee for the Fund through December 31, 2025 such that the Fund's total annual operating expenses after fee waiver will be equal to the greater of the acquired fund fees and expenses or 0.48%.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended August 31, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
| Currency Hedged MSCI Eurozone | &nbsp;&nbsp; $3129667 |
| Currency Hedged MSCI Japan | &nbsp;&nbsp; 1899932 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Currency Hedged MSCI Eurozone | &nbsp;&nbsp; $46371 |
| Currency Hedged MSCI Japan | &nbsp;&nbsp; 130316 |

---

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** During the year ended August 31, 2025, iShares Currency Hedged MSCI Japan ETF received a reimbursement of $104,238 from an affiliate, which is included in capital contributions by affiliate in the Statements of Changes in Net Assets, related to an operating event.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Currency Hedged MSCI Eurozone | &nbsp;&nbsp; $68162779 | &nbsp;&nbsp;&nbsp; $121830563 |
| Currency Hedged MSCI Japan | &nbsp;&nbsp; 70209768 | &nbsp;&nbsp;&nbsp; 54581240 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Currency Hedged MSCI Eurozone | &nbsp;&nbsp; $415826910 | &nbsp;&nbsp;&nbsp; $151359673 |
| Currency Hedged MSCI Japan | &nbsp;&nbsp; 100631892 | &nbsp;&nbsp;&nbsp; 166535027 |

---

***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 August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| Currency Hedged MSCI Eurozone | &nbsp;&nbsp; $15092041 | &nbsp;&nbsp;&nbsp; $(15092041) |
| Currency Hedged MSCI Japan | &nbsp;&nbsp; 8143707 | &nbsp;&nbsp;&nbsp; (8143707) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| Currency Hedged MSCI Eurozone |  |  |
| Ordinary income | &nbsp;&nbsp; $17008056 | &nbsp;&nbsp;&nbsp; $11787836 |
| Currency Hedged MSCI Japan |  |  |
| Ordinary income | &nbsp;&nbsp; $8867653 | &nbsp;&nbsp;&nbsp; $5618246 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| Currency Hedged MSCI Eurozone | &nbsp;&nbsp; $125543 | &nbsp;&nbsp;&nbsp; $(87783954) | &nbsp;&nbsp;&nbsp; $100072044 | &nbsp;&nbsp;&nbsp; $12413633 |
| Currency Hedged MSCI Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20594277) | &nbsp;&nbsp;&nbsp; 44042106 | &nbsp;&nbsp;&nbsp; 23447829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains(losses) on certain foreign currency contracts. 

For the year ended August 31, 2025, the iShares Currency Hedged MSCI Japan ETF utilized $12,492,788 of its capital loss carryforwards.

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Currency Hedged MSCI Eurozone | &nbsp;&nbsp; $663148097 | &nbsp;&nbsp;&nbsp; $115556792 | &nbsp;&nbsp;&nbsp; $(15484748) | &nbsp;&nbsp;&nbsp; $100072044 |
| Currency Hedged MSCI Japan | &nbsp;&nbsp; 420545389 | &nbsp;&nbsp;&nbsp; 52548231 | &nbsp;&nbsp;&nbsp; (8506125) | &nbsp;&nbsp;&nbsp; 44042106 |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2025, the Funds did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

**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.

**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.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Currency Hedged MSCI Eurozone |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 10250000 | &nbsp;&nbsp;&nbsp; $409255096 | &nbsp;&nbsp;&nbsp; 5150000 | &nbsp;&nbsp;&nbsp; $175902351 |
| Shares redeemed | &nbsp;&nbsp; (4000000)<br>| &nbsp;&nbsp;&nbsp; (150978514)<br>| &nbsp;&nbsp;&nbsp; (4050000)<br>| &nbsp;&nbsp;&nbsp; (137241056)<br>|
|  | &nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp; $258276582 | &nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; $38661295 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 08/31/25 | Year Ended<br> 08/31/25 | Year Ended<br> 08/31/24 | Year Ended<br> 08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Currency Hedged MSCI Japan |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; $100480632 | &nbsp;&nbsp;&nbsp; 10950000 | &nbsp;&nbsp;&nbsp; $419917708 |
| Shares redeemed | &nbsp;&nbsp; (3950000)<br>| &nbsp;&nbsp;&nbsp; (164857374)<br>| &nbsp;&nbsp;&nbsp; (7700000)<br>| &nbsp;&nbsp;&nbsp; (289225584)<br>|
|  | &nbsp;&nbsp; (1600000)<br>| &nbsp;&nbsp;&nbsp; $(64376742)<br>| &nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; $130692124 |

---

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. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

2025 iShares Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of each of the two funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

iShares Currency Hedged MSCI Eurozone ETF <br> iShares Currency Hedged MSCI Japan ETF

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| Currency Hedged MSCI Eurozone | &nbsp;&nbsp; $16969462 |
| Currency Hedged MSCI Japan | &nbsp;&nbsp; 6755881 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| Currency Hedged MSCI Eurozone | &nbsp;&nbsp; $18810879 | &nbsp;&nbsp;&nbsp;&nbsp; $1723992 |
| Currency Hedged MSCI Japan | &nbsp;&nbsp; 9224411 | &nbsp;&nbsp;&nbsp;&nbsp; 874364 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to 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**.

Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares Currency Hedged MSCI Eurozone ETF, iShares Currency Hedged MSCI Japan ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

2025 iShares Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| EUR | Euro |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

Glossary of Terms Used in this Report

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.**

**Investing involves risk, including possible loss of principal.**

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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August 31, 2025

![](g21991img8d9936621.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| • iShares MSCI United Kingdom ETF \| EWU \| NYSE Arca |

---

------

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_cbf4d1c9-81fc-46ee-9800-810b8c4db476_SOIs-Footer-iSharesReport-36_1)  | &nbsp;&nbsp; 3 |
| [Statement of Assets and Liabilities](#xx_cbf4d1c9-81fc-46ee-9800-810b8c4db476_FS-Footer-iSharesReport-36_1)  | &nbsp;&nbsp; 6 |
| [Statement of Operations](#xx_cbf4d1c9-81fc-46ee-9800-810b8c4db476_FS-Footer-iSharesReport-36_2)  | &nbsp;&nbsp; 7 |
| [Statements of Changes in Net Assets](#xx_cbf4d1c9-81fc-46ee-9800-810b8c4db476_FS-Footer-iSharesReport-36_3)  | &nbsp;&nbsp; 8 |
| [Financial Highlights](#xx_cbf4d1c9-81fc-46ee-9800-810b8c4db476_FS-Footer-iSharesReport-36_4)  | &nbsp;&nbsp; 9 |
| [Notes to Financial Statements](#xx_cbf4d1c9-81fc-46ee-9800-810b8c4db476_NTFS-Footer-iSharesReport-36_1)  | &nbsp;&nbsp; 10 |
| [Report of Independent Registered Public Accounting Firm](#xx_cbf4d1c9-81fc-46ee-9800-810b8c4db476_opinion-Footer-iSharesReport-36_1)  | &nbsp;&nbsp; 18 |
| [Important Tax Information](#xx_cbf4d1c9-81fc-46ee-9800-810b8c4db476_Tax-annual-Footer-iSharesReport-36_1)  | &nbsp;&nbsp; 19 |
| [Additional Information](#xx_cbf4d1c9-81fc-46ee-9800-810b8c4db476_SAI-Footer-iSharesReport-36_1)  | &nbsp;&nbsp; 20 |
| [Board Review and Approval of Investment Advisory Contract](#xx_cbf4d1c9-81fc-46ee-9800-810b8c4db476_15Cheader-Footer-iSharesReport-36_1)  | &nbsp;&nbsp; 22 |
| [Glossary of Terms Used in these Financial Statements](#xx_cbf4d1c9-81fc-46ee-9800-810b8c4db476_Abbreviations-Footer-iSharesReport-36_1)  | &nbsp;&nbsp; 25 |

---

------

Schedule of Investments

August 31, 2025

**iShares® MSCI United Kingdom 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 — 7.1%** | **Aerospace & Defense — 7.1%** | **Aerospace & Defense — 7.1%** |
| BAE Systems PLC | &nbsp;&nbsp; 3034519 | $71920669 |
| Melrose Industries PLC | &nbsp;&nbsp; 1271807 | 10099430 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 8510705 | 122727220 |
|  |  | 204747319 |
| **Banks — 15.6%** | **Banks — 15.6%** | **Banks — 15.6%** |
| Barclays PLC | &nbsp;&nbsp; 14245452 | 69413038 |
| HSBC Holdings PLC | &nbsp;&nbsp; 17569382 | 224912306 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 60338442 | 64726995 |
| NatWest Group PLC | &nbsp;&nbsp; 8158820 | 56313297 |
| Standard Chartered PLC | &nbsp;&nbsp; 1990167 | 37290903 |
|  |  | 452656539 |
| **Beverages — 2.5%** | **Beverages — 2.5%** | **Beverages — 2.5%** |
| Coca-Cola HBC AG, Class DI | &nbsp;&nbsp; 218613 | 11058382 |
| Diageo PLC | &nbsp;&nbsp; 2241654 | 62169641 |
|  |  | 73228023 |
| **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** |
| Next PLC | &nbsp;&nbsp; 117580 | 19000651 |
| **Capital Markets — 4.0%** | **Capital Markets — 4.0%** | **Capital Markets — 4.0%** |
| 3i Group PLC | &nbsp;&nbsp; 980553 | 53272193 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 478649 | 59320408 |
| Schroders PLC | &nbsp;&nbsp; 725879 | 3729179 |
|  |  | 116321780 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| Rentokil Initial PLC | &nbsp;&nbsp; 2544606 | 12581259 |
| **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** |
| J Sainsbury PLC | &nbsp;&nbsp; 1750297 | 7082568 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 2062639 | 9633492 |
| Tesco PLC | &nbsp;&nbsp; 6612319 | 37796314 |
|  |  | 54512374 |
| **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** |
| Pearson PLC | &nbsp;&nbsp; 598267 | 8699884 |
| **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** |
| Land Securities Group PLC | &nbsp;&nbsp; 708436 | 5309536 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| BT Group PLC | &nbsp;&nbsp; 6024040 | 17637121 |
| **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
| SSE PLC | &nbsp;&nbsp; 1114651 | 26047519 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Halma PLC | &nbsp;&nbsp; 380032 | 16895166 |
| **Financial Services — 0.6%** | **Financial Services — 0.6%** | **Financial Services — 0.6%** |
| M&G PLC | &nbsp;&nbsp; 2281242 | 8171502 |
| Wise PLC, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 671982 | 9573019 |
|  |  | 17744521 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| Associated British Foods PLC | &nbsp;&nbsp; 327898 | 9582380 |
| **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** |
| Smith & Nephew PLC | &nbsp;&nbsp; 833908 | 15641255 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| NMC Health PLC, NVS<sup>(a)(c)</sup> | &nbsp;&nbsp; 122262 | 2 |
| **Hotels, Restaurants & Leisure — 3.1%** | **Hotels, Restaurants & Leisure — 3.1%** | **Hotels, Restaurants & Leisure — 3.1%** |
| Compass Group PLC | &nbsp;&nbsp; 1709881 | 58114921 |
| Entain PLC | &nbsp;&nbsp; 609531 | 7239198 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 148145 | $17983431 |
| Whitbread PLC | &nbsp;&nbsp; 176293 | 7505385 |
|  |  | 90842935 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Barratt Redrow PLC | &nbsp;&nbsp; 1377595 | 6697264 |
| **Household Products — 1.8%** | **Household Products — 1.8%** | **Household Products — 1.8%** |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 684191 | 51155171 |
| **Industrial Conglomerates — 0.6%** | **Industrial Conglomerates — 0.6%** | **Industrial Conglomerates — 0.6%** |
| DCC PLC | &nbsp;&nbsp; 99550 | 6330871 |
| Smiths Group PLC | &nbsp;&nbsp; 335241 | 10674243 |
|  |  | 17005114 |
| **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** |
| Segro PLC | &nbsp;&nbsp; 1289892 | 10946149 |
| **Insurance — 3.5%** | **Insurance — 3.5%** | **Insurance — 3.5%** |
| Admiral Group PLC | &nbsp;&nbsp; 261434 | 12811134 |
| Aviva PLC | &nbsp;&nbsp; 3079423 | 27117243 |
| Legal & General Group PLC | &nbsp;&nbsp; 5776388 | 19332940 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 705978 | 6502585 |
| Prudential PLC | &nbsp;&nbsp; 2609813 | 34809118 |
|  |  | 100573020 |
| **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| Auto Trader Group PLC<sup>(d)</sup> | &nbsp;&nbsp; 878062 | 9535219 |
| **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| Spirax Group PLC | &nbsp;&nbsp; 74096 | 7305120 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| Informa PLC | &nbsp;&nbsp; 1324614 | 15603275 |
| WPP PLC | &nbsp;&nbsp; 1077858 | 5715470 |
|  |  | 21318745 |
| **Metals & Mining — 5.6%** | **Metals & Mining — 5.6%** | **Metals & Mining — 5.6%** |
| Anglo American PLC, NVS | &nbsp;&nbsp; 1127364 | 34717086 |
| Antofagasta PLC | &nbsp;&nbsp; 397242 | 11526498 |
| Fresnillo PLC | &nbsp;&nbsp; 223937 | 5425110 |
| Glencore PLC | &nbsp;&nbsp; 10211022 | 40339115 |
| Rio Tinto PLC | &nbsp;&nbsp; 1136898 | 71069558 |
|  |  | 163077367 |
| **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** | **Multi-Utilities — 2.8%** |
| Centrica PLC | &nbsp;&nbsp; 4890652 | 10634767 |
| National Grid PLC | &nbsp;&nbsp; 4937751 | 69356040 |
|  |  | 79990807 |
| **Oil, Gas & Consumable Fuels — 10.8%** | **Oil, Gas & Consumable Fuels — 10.8%** | **Oil, Gas & Consumable Fuels — 10.8%** |
| BP PLC | &nbsp;&nbsp; 15987766 | 93522329 |
| Shell PLC | &nbsp;&nbsp; 5935327 | 218534845 |
|  |  | 312057174 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| Mondi PLC | &nbsp;&nbsp; 440881 | 6206416 |
| **Personal Care Products — 5.4%** | **Personal Care Products — 5.4%** | **Personal Care Products — 5.4%** |
| Unilever PLC | &nbsp;&nbsp; 2469475 | 155786939 |
| **Pharmaceuticals — 13.1%** | **Pharmaceuticals — 13.1%** | **Pharmaceuticals — 13.1%** |
| AstraZeneca PLC | &nbsp;&nbsp; 1562043 | 249012028 |
| GSK PLC | &nbsp;&nbsp; 4113777 | 81288580 |
| Haleon PLC | &nbsp;&nbsp; 9026431 | 44421230 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 168206 | 4063508 |
|  |  | 378785346 |
| **Professional Services — 5.0%** | **Professional Services — 5.0%** | **Professional Services — 5.0%** |
| Experian PLC | &nbsp;&nbsp; 925621 | 47980039 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI United Kingdom ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| Intertek Group PLC | &nbsp;&nbsp; 158572 | $10057764 |
| RELX PLC | &nbsp;&nbsp; 1849465 | 86387797 |
|  |  | 144425600 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Sage Group PLC (The) | &nbsp;&nbsp; 980792 | 14387374 |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| JD Sports Fashion PLC | &nbsp;&nbsp; 2597994 | 3372286 |
| Kingfisher PLC | &nbsp;&nbsp; 1780849 | 6202884 |
|  |  | 9575170 |
| **Tobacco — 5.2%** | **Tobacco — 5.2%** | **Tobacco — 5.2%** |
| British American Tobacco PLC | &nbsp;&nbsp; 2100473 | 119280813 |
| Imperial Brands PLC | &nbsp;&nbsp; 777624 | 32841149 |
|  |  | 152121962 |
| **Trading Companies & Distributors — 1.5%** | **Trading Companies & Distributors — 1.5%** | **Trading Companies & Distributors — 1.5%** |
| Ashtead Group PLC | &nbsp;&nbsp; 429819 | 31668226 |
| Bunzl PLC | &nbsp;&nbsp; 327162 | 11057030 |
|  |  | 42725256 |
| **Water Utilities — 0.7%** | **Water Utilities — 0.7%** | **Water Utilities — 0.7%** |
| Severn Trent PLC | &nbsp;&nbsp; 272681 | 9525243 |
| United Utilities Group PLC | &nbsp;&nbsp; 686911 | 10671880 |
|  |  | 20197123 |
| **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** |
| Vodafone Group PLC | &nbsp;&nbsp; 19612545 | 23484508 |
| **Total Long-Term Investments — 99.0%** <br>**(Cost: $2,706,316,067)** | **Total Long-Term Investments — 99.0%** <br>**(Cost: $2,706,316,067)** | 2868805108 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 5182350 | $5184941 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 1060000 | 1060000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $6,244,638)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $6,244,638)** | 6244941 |
| **Total Investments — 99.2%** <br>**(Cost: $2,712,560,705)** | **Total Investments — 99.2%** <br>**(Cost: $2,712,560,705)** | 2875050049 |
| **Other Assets Less Liabilities — 0.8%** | **Other Assets Less Liabilities — 0.8%** | 22249347 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2897299396 |

---

&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 year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $2916847 | $2268736 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(1237)<br>| $595 | $5184941 | 5182350 | $8950 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 3690000 |  | &nbsp;&nbsp; (2630000 )<sup>(a)</sup><br>|  |  | 1060000 | 1060000 | 68547 |  |
|  |  |  |  | $(1237) | $595 | $6244941 |  | $77497 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| FTSE 100 Index | 223 | 09/19/25 | &nbsp;&nbsp; $27803 | $276569 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI United Kingdom 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; $276569 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $276569 |

---

&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 August 31, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1473410 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1473410 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(343063)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(343063)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $24539226 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2868805106 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $2868805108 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 6244941 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6244941 |
|  | &nbsp;&nbsp; $6244941 | &nbsp;&nbsp; $2868805106 | &nbsp;&nbsp; $2 | &nbsp;&nbsp; $2875050049 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $276569 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $276569 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI United <br> Kingdom ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $2868805108 |
| Investments, at value—affiliated<sup>(c)</sup> | 6244941 |
| Cash | 17 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 1834121 |
| Foreign currency, at value<sup>(e)</sup> | 5911284 |
| Receivables: |  |
| Securities lending income—affiliated | 719 |
| Dividends—unaffiliated | 20894496 |
| Dividends—affiliated | 2506 |
| Tax reclaims | 72454 |
| Total assets | 2903765646 |
| **LIABILITIES** |  |
| Collateral on securities loaned, at value | 5185875 |
| Payables: |  |
| Investments purchased | 31 |
| Investment advisory fees | 1218306 |
| Variation margin on futures contracts | 62038 |
| Total liabilities | 6466250 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $2897299396 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $3468596514 |
| Accumulated loss | (571297118) |
| NET ASSETS | $2897299396 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 69900000 |
| Net asset value | $41.45 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $2706316067 |
| <sup>(b)</sup> Securities loaned, at value | $4925180 |
| <sup>(c)</sup> Investments, at cost—affiliated | $6244638 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $1831003 |
| <sup>(e)</sup> Foreign currency, at cost | $5914794 |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | iShares <br>MSCI United <br> Kingdom <br> ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $117311555 |
| Dividends—affiliated | &nbsp;&nbsp; 68547 |
| Interest—unaffiliated | &nbsp;&nbsp; 54366 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 8950 |
| Foreign taxes withheld | &nbsp;&nbsp; (97754)<br>|
| Total investment income | &nbsp;&nbsp; 117345664 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 15461986 |
| Commitment costs | &nbsp;&nbsp; 31458 |
| Total expenses | &nbsp;&nbsp; 15493444 |
| Net investment income | &nbsp;&nbsp; 101852220 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (68165336)<br>|
| Investments—affiliated | &nbsp;&nbsp; (1237)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 1914900 |
| Futures contracts | &nbsp;&nbsp; 1473410 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 201055930 |
|  | &nbsp;&nbsp; 136277667 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; 190580580 |
| Investments—affiliated | &nbsp;&nbsp; 595 |
| Foreign currency translations | &nbsp;&nbsp; (342494)<br>|
| Futures contracts | &nbsp;&nbsp; (343063)<br>|
|  | &nbsp;&nbsp; 189895618 |
| Net realized and unrealized gain | &nbsp;&nbsp; 326173285 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $428025505 |
| <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.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI United Kingdom ETF  | iShares <br>MSCI United Kingdom ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $101852220 | &nbsp;&nbsp;&nbsp; $95599369 |
| Net realized gain (loss) | &nbsp;&nbsp; 136277667 | &nbsp;&nbsp;&nbsp; (46780357)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 189895618 | &nbsp;&nbsp;&nbsp; 507559075 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 428025505 | &nbsp;&nbsp;&nbsp; 556378087 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (125556497)<br>| &nbsp;&nbsp;&nbsp; (113771316)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (661894111)<br>| &nbsp;&nbsp;&nbsp; 116364212 |
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (359425103)<br>| &nbsp;&nbsp;&nbsp; 558970983 |
| Beginning of year | &nbsp;&nbsp; 3256724499 | &nbsp;&nbsp;&nbsp; 2697753516 |
| End of year | &nbsp;&nbsp; $2897299396 | &nbsp;&nbsp;&nbsp; $3256724499 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI United Kingdom ETF  | iShares MSCI United Kingdom ETF  | iShares MSCI United Kingdom ETF  | iShares MSCI United Kingdom ETF  | iShares MSCI United Kingdom ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $37.39 | &nbsp;&nbsp;&nbsp; $31.96 | &nbsp;&nbsp;&nbsp; $28.90 | &nbsp;&nbsp;&nbsp; $33.05 | &nbsp;&nbsp;&nbsp; $26.88 |
| Net investment income<sup>(a)</sup> | 1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 4.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp; (3.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.87 |
| Net increase (decrease) from investment operations | 5.60 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.07 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $41.45 | &nbsp;&nbsp;&nbsp; $37.39 | &nbsp;&nbsp;&nbsp; $31.96 | &nbsp;&nbsp;&nbsp; $28.90 | &nbsp;&nbsp;&nbsp; $33.05 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 15.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.46<br> %<br>| &nbsp;&nbsp;&nbsp; (8.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.46<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | 3.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.91<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $2897299 | &nbsp;&nbsp;&nbsp; $3256724 | &nbsp;&nbsp;&nbsp; $2697754 | &nbsp;&nbsp;&nbsp; $3299842 | &nbsp;&nbsp;&nbsp; $3579181 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* 

&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 United Kingdom Non-diversified

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Currency Translation:** The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

**Distributions:** Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Segment Reporting:** The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the 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 traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4. SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI United Kingdom |  |  |  |  |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; $4925180 | &nbsp;&nbsp;&nbsp; $(4925180) | &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 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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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 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 iShares MSCI United Kingdom ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $7 billion | 0.59% |
| Over $7 billion, up to and including $11 billion | 0.54 |
| Over $11 billion, up to and including $24 billion | 0.49 |
| Over $24 billion, up to and including $48 billion | 0.44 |
| Over $48 billion, up to and including $72 billion | 0.40 |
| Over $72 billion, up to and including $96 billion | 0.36 |
| Over $96 billion | 0.32 |

---

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, 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 the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the year ended August 31, 2025, the Fund paid BTC $3,583 for securities lending agent services.

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (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 year ended August 31, 2025, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI United Kingdom | &nbsp;&nbsp; $31123438 | &nbsp;&nbsp;&nbsp; $27439632 | &nbsp;&nbsp;&nbsp; $(16248903) |

---

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI United Kingdom | &nbsp;&nbsp; $187340250 | &nbsp;&nbsp;&nbsp; $146522733 |

---

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI United Kingdom | &nbsp;&nbsp; $243891656 | &nbsp;&nbsp;&nbsp; $956539824 |

---

***8. 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 August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| MSCI United Kingdom | &nbsp;&nbsp; $187680663 | &nbsp;&nbsp;&nbsp; $(187680663) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| MSCI United Kingdom |  |  |
| Ordinary income | &nbsp;&nbsp; $125556497 | &nbsp;&nbsp;&nbsp; $113771316 |

---

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| MSCI United Kingdom | &nbsp;&nbsp; $36632042 | &nbsp;&nbsp;&nbsp; $(726376539) | &nbsp;&nbsp;&nbsp; $118447379 | &nbsp;&nbsp;&nbsp; $(571297118) |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain futures contracts and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI United Kingdom | &nbsp;&nbsp; $2756676012 | &nbsp;&nbsp;&nbsp; $393420697 | &nbsp;&nbsp;&nbsp; $(275046660) | &nbsp;&nbsp;&nbsp; $118374037 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2025, the Fund did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve the Fund's investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (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 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 Fund's 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.

**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 the Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI United Kingdom |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 9400000 | &nbsp;&nbsp;&nbsp; $344497707 | &nbsp;&nbsp;&nbsp; 12200000 | &nbsp;&nbsp;&nbsp; $427652805 |
| Shares redeemed | &nbsp;&nbsp; (26600000)<br>| &nbsp;&nbsp;&nbsp; (1006391818)<br>| &nbsp;&nbsp;&nbsp; (9500000)<br>| &nbsp;&nbsp;&nbsp; (311288593)<br>|
|  | &nbsp;&nbsp; (17200000)<br>| &nbsp;&nbsp;&nbsp; $(661894111)<br>| &nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; $116364212 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (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.

***12. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Fund's financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

2025 iShares Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of iShares MSCI United Kingdom ETF

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares MSCI United Kingdom ETF (one of the funds constituting iShares Trust, referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI United Kingdom | &nbsp;&nbsp; $115012856 |

---

The Fund intends to pass through to its shareholders the following amount, or maximum amount allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| MSCI United Kingdom | &nbsp;&nbsp; $117311556 | &nbsp;&nbsp;&nbsp;&nbsp; $97754 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Regulation under the Alternative Investment Fund Managers Directive**

The Alternative Investment Fund Managers Directive, and its United Kingdom ("UK") equivalent, (the "AIFMD") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI United Kingdom ETF (the "Fund") to be marketed to investors in the EU and/or UK.

**Report on Remuneration**

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Remuneration information at an individual Fund level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Fund is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals' portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

Additional Information

------

Additional Information (continued)

**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares MSCI United Kingdom ETF (the "Fund") is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

The Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, the Fund's investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts ("PAIs") on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to 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**.

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares MSCI United Kingdom ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

Board Review and Approval of Investment Advisory Contract

------

Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| NVS | Non-Voting Shares |

---

2025 iShares Annual Financial Statements and Additional Information

------

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Fund's shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.**

**Investing involves risk, including possible loss of principal.**

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

![](g21991img352f12db2.gif)

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August 31, 2025

![](g21991img335001af1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **iShares Trust** |
| • iShares MSCI Brazil Small-Cap ETF \| EWZS \| NASDAQ |
| • iShares MSCI China ETF \| MCHI \| NASDAQ |
| • iShares MSCI China Small-Cap ETF \| ECNS \| NYSE Arca |
| • iShares MSCI Indonesia ETF \| EIDO \| NYSE Arca |
| • iShares MSCI Peru and Global Exposure ETF \| EPU \| NYSE Arca |
| • iShares MSCI Philippines ETF \| EPHE \| NYSE Arca |
| • iShares MSCI Poland ETF \| EPOL \| NYSE Arca |
| • iShares MSCI Qatar ETF \| QAT \| NASDAQ |
| • iShares MSCI Saudi Arabia ETF \| KSA \| NYSE Arca |
| • iShares MSCI UAE ETF \| UAE \| NASDAQ |

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_90962d6e-871b-492e-a634-2f1c2ce9ac10_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_90962d6e-871b-492e-a634-2f1c2ce9ac10_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 42 |
| [Statements of Operations](#xx_90962d6e-871b-492e-a634-2f1c2ce9ac10_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 45 |
| [Statements of Changes in Net Assets](#xx_90962d6e-871b-492e-a634-2f1c2ce9ac10_FS-Footer-iSharesReport_7)  | &nbsp;&nbsp; 48 |
| [Financial Highlights](#xx_90962d6e-871b-492e-a634-2f1c2ce9ac10_FS-Footer-iSharesReport_12)  | &nbsp;&nbsp; 53 |
| [Notes to Financial Statements](#xx_90962d6e-871b-492e-a634-2f1c2ce9ac10_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 63 |
| [Report of Independent Registered Public Accounting Firm](#xx_90962d6e-871b-492e-a634-2f1c2ce9ac10_opinion-Footer-iSharesReport-218_1)  | &nbsp;&nbsp; 75 |
| [Important Tax Information](#xx_90962d6e-871b-492e-a634-2f1c2ce9ac10_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 76 |
| [Additional Information](#xx_90962d6e-871b-492e-a634-2f1c2ce9ac10_SAI-Footer-iSharesReport-216_1)  | &nbsp;&nbsp; 77 |
| [Board Review and Approval of Investment Advisory Contract](#xx_90962d6e-871b-492e-a634-2f1c2ce9ac10_15Cheader-Footer-iSharesReport-211_1)  | &nbsp;&nbsp; 79 |
| [Glossary of Terms Used in these Financial Statements](#xx_90962d6e-871b-492e-a634-2f1c2ce9ac10_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 91 |

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Schedule of Investments

August 31, 2025

**iShares® MSCI Brazil Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Automobile Components — 0.9%** | **Automobile Components — 0.9%** | **Automobile Components — 0.9%** |
| Fras-Le SA | &nbsp;&nbsp; 194432 | $835557 |
| Mahle-Metal Leve SA | &nbsp;&nbsp; 150409 | 776201 |
|  |  | 1611758 |
| **Banks — 3.2%** | **Banks — 3.2%** | **Banks — 3.2%** |
| Inter & Co. Inc., Class A | &nbsp;&nbsp; 671928 | 5771861 |
| **Broadline Retail — 0.8%** | **Broadline Retail — 0.8%** | **Broadline Retail — 0.8%** |
| Magazine Luiza SA | &nbsp;&nbsp; 922579 | 1393606 |
| **Capital Markets — 1.7%** | **Capital Markets — 1.7%** | **Capital Markets — 1.7%** |
| Patria Investments Ltd., Class A | &nbsp;&nbsp; 180688 | 2446516 |
| Vinci Compass Investments Ltd. | &nbsp;&nbsp; 68774 | 691866 |
|  |  | 3138382 |
| **Commercial Services & Supplies — 2.8%** | **Commercial Services & Supplies — 2.8%** | **Commercial Services & Supplies — 2.8%** |
| GPS Participacoes e Empreendimentos SA<sup>(a)</sup> | &nbsp;&nbsp; 1127377 | 3593068 |
| Orizon Valorizacao de Residuos SA<sup>(b)</sup> | &nbsp;&nbsp; 133341 | 1351400 |
|  |  | 4944468 |
| **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| Intelbras SA Industria de Telecomunicacao <br> Eletronica Brasileira<br>| &nbsp;&nbsp; 272665 | 624099 |
| **Consumer Staples Distribution & Retail — 5.2%** | **Consumer Staples Distribution & Retail — 5.2%** | **Consumer Staples Distribution & Retail — 5.2%** |
| Grupo Mateus SA | &nbsp;&nbsp; 1559467 | 2099672 |
| Sendas Distribuidora SA | &nbsp;&nbsp; 3751498 | 7279021 |
|  |  | 9378693 |
| **Diversified Consumer Services — 1.9%** | **Diversified Consumer Services — 1.9%** | **Diversified Consumer Services — 1.9%** |
| Afya Ltd., Class A | &nbsp;&nbsp; 41548 | 630698 |
| Cogna Educacao SA | &nbsp;&nbsp; 5206218 | 2803869 |
|  |  | 3434567 |
| **Electric Utilities — 3.2%** | **Electric Utilities — 3.2%** | **Electric Utilities — 3.2%** |
| Alupar Investimento SA | &nbsp;&nbsp; 457238 | 2513108 |
| Transmissora Alianca de Energia Eletrica SA | &nbsp;&nbsp; 514758 | 3310606 |
|  |  | 5823714 |
| **Financial Services — 8.5%** | **Financial Services — 8.5%** | **Financial Services — 8.5%** |
| Pagseguro Digital Ltd., Class A | &nbsp;&nbsp; 551224 | 4938967 |
| StoneCo Ltd., Class A<sup>(b)(c)</sup> | &nbsp;&nbsp; 618640 | 10189001 |
|  |  | 15127968 |
| **Food Products — 5.1%** | **Food Products — 5.1%** | **Food Products — 5.1%** |
| M Dias Branco SA | &nbsp;&nbsp; 188096 | 1029318 |
| Marfrig Global Foods SA | &nbsp;&nbsp; 595032 | 2735994 |
| Minerva SA<sup>(b)</sup> | &nbsp;&nbsp; 1241095 | 1380304 |
| Sao Martinho SA | &nbsp;&nbsp; 432423 | 1451552 |
| SLC Agricola SA | &nbsp;&nbsp; 491967 | 1587912 |
| Tres Tentos Agroindustrial SA | &nbsp;&nbsp; 346436 | 934803 |
|  |  | 9119883 |
| **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** |
| Simpar SA | &nbsp;&nbsp; 847719 | 811469 |
| Vamos Locacao de Caminhoes Maquinas e <br> Equipamentos SA<br>| &nbsp;&nbsp; 1349586 | 1077807 |
|  |  | 1889276 |
| **Health Care Providers & Services — 6.0%** | **Health Care Providers & Services — 6.0%** | **Health Care Providers & Services — 6.0%** |
| Fleury SA | &nbsp;&nbsp; 683126 | 1876065 |
| Hapvida Participacoes e Investimentos SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 906383 | 6972756 |
| Odontoprev SA | &nbsp;&nbsp; 757134 | 1837728 |
|  |  | 10686549 |
| **Hotels, Restaurants & Leisure — 2.7%** | **Hotels, Restaurants & Leisure — 2.7%** | **Hotels, Restaurants & Leisure — 2.7%** |
| Smartfit Escola de Ginastica e Danca SA | &nbsp;&nbsp; 1077008 | 4848855 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Household Durables — 5.9%** | **Household Durables — 5.9%** | **Household Durables — 5.9%** |
| Cury Construtora e Incorporadora SA | &nbsp;&nbsp; 404871 | $2550862 |
| Cyrela Brazil Realty SA Empreendimentos <br> e Participacoes<br>| &nbsp;&nbsp; 745725 | 3867644 |
| Direcional Engenharia SA | &nbsp;&nbsp; 938606 | 2674634 |
| MRV Engenharia e Participacoes SA<sup>(b)</sup> | &nbsp;&nbsp; 1014933 | 1420796 |
|  |  | 10513936 |
| **Independent Power and Renewable Electricity Producers — 2.0%** | **Independent Power and Renewable Electricity Producers — 2.0%** | **Independent Power and Renewable Electricity Producers — 2.0%** |
| Auren Energia SA | &nbsp;&nbsp; 1019912 | 2042890 |
| Serena Energia SA<sup>(b)</sup> | &nbsp;&nbsp; 691050 | 1551146 |
|  |  | 3594036 |
| **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** |
| IRB-Brasil Resseguros SA<sup>(b)</sup> | &nbsp;&nbsp; 158122 | 1395490 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| VTEX, Class A<sup>(b)(c)</sup> | &nbsp;&nbsp; 167210 | 682217 |
| **Machinery — 0.7%** | **Machinery — 0.7%** | **Machinery — 0.7%** |
| Marcopolo SA | &nbsp;&nbsp; 568658 | 776132 |
| Tupy SA | &nbsp;&nbsp; 165354 | 439167 |
|  |  | 1215299 |
| **Marine Transportation — 0.6%** | **Marine Transportation — 0.6%** | **Marine Transportation — 0.6%** |
| Hidrovias do Brasil SA<sup>(b)</sup> | &nbsp;&nbsp; 1698333 | 1099468 |
| **Metals & Mining — 3.4%** | **Metals & Mining — 3.4%** | **Metals & Mining — 3.4%** |
| Aura Minerals Inc. | &nbsp;&nbsp; 91695 | 2678040 |
| Cia. Siderurgica Nacional SA | &nbsp;&nbsp; 1655526 | 2323663 |
| Sigma Lithium Corp.<sup>(b)</sup> | &nbsp;&nbsp; 169800 | 1139358 |
|  |  | 6141061 |
| **Oil, Gas & Consumable Fuels — 4.6%** | **Oil, Gas & Consumable Fuels — 4.6%** | **Oil, Gas & Consumable Fuels — 4.6%** |
| Brava Energia<sup>(b)</sup> | &nbsp;&nbsp; 1030226 | 3809776 |
| Cosan SA<sup>(b)</sup> | &nbsp;&nbsp; 3365946 | 3631746 |
| Petroreconcavo SA | &nbsp;&nbsp; 366377 | 873734 |
|  |  | 8315256 |
| **Paper & Forest Products — 0.7%** | **Paper & Forest Products — 0.7%** | **Paper & Forest Products — 0.7%** |
| Dexco SA | &nbsp;&nbsp; 1138237 | 1205028 |
| **Personal Care Products — 2.3%** | **Personal Care Products — 2.3%** | **Personal Care Products — 2.3%** |
| Natura Cosmeticos SA<sup>(b)</sup> | &nbsp;&nbsp; 2478709 | 4119105 |
| **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** |
| Hypera SA | &nbsp;&nbsp; 790777 | 3558741 |
| **Real Estate Management & Development — 6.7%** | **Real Estate Management & Development — 6.7%** | **Real Estate Management & Development — 6.7%** |
| Allos SA | &nbsp;&nbsp; 1054379 | 4659465 |
| Iguatemi SA | &nbsp;&nbsp; 600592 | 2602046 |
| Multiplan Empreendimentos Imobiliarios SA | &nbsp;&nbsp; 925377 | 4753313 |
|  |  | 12014824 |
| **Specialty Retail — 5.7%** | **Specialty Retail — 5.7%** | **Specialty Retail — 5.7%** |
| C&A Modas SA | &nbsp;&nbsp; 427578 | 1324882 |
| Lojas Renner SA | &nbsp;&nbsp; 2939480 | 8815431 |
|  |  | 10140313 |
| **Textiles, Apparel & Luxury Goods — 3.3%** | **Textiles, Apparel & Luxury Goods — 3.3%** | **Textiles, Apparel & Luxury Goods — 3.3%** |
| Azzas 2154 SA | &nbsp;&nbsp; 372358 | 2383789 |
| Grendene SA | &nbsp;&nbsp; 875993 | 877310 |
| Vivara Participacoes SA | &nbsp;&nbsp; 360402 | 1927692 |
| Vulcabras SA | &nbsp;&nbsp; 191103 | 762036 |
|  |  | 5950827 |
| **Transportation Infrastructure — 3.4%** | **Transportation Infrastructure — 3.4%** | **Transportation Infrastructure — 3.4%** |
| EcoRodovias Infraestrutura e Logistica SA | &nbsp;&nbsp; 965911 | 1444809 |
| Santos Brasil Participacoes SA | &nbsp;&nbsp; 1198722 | 3143913 |
| Wilson Sons SA | &nbsp;&nbsp; 428188 | 1420752 |
|  |  | 6009474 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Brazil Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Water Utilities — 3.1%** | **Water Utilities — 3.1%** | **Water Utilities — 3.1%** |
| Cia de Saneamento de Minas Gerais Copasa MG | &nbsp;&nbsp; 527463 | $2907839 |
| Cia De Sanena Do Parana | &nbsp;&nbsp; 407622 | 2593005 |
|  |  | 5500844 |
| **Total Common Stocks — 89.0%** <br>**(Cost: $127,679,393)** | **Total Common Stocks — 89.0%** <br>**(Cost: $127,679,393)** | 159249598 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Banks — 1.8%** | **Banks — 1.8%** | **Banks — 1.8%** |
| Banco ABC Brasil SA, Preference Shares, NVS | &nbsp;&nbsp; 202812 | 824438 |
| Banco do Estado do Rio Grande do Sul SA, Class B, <br> Preference Shares, NVS<br>| &nbsp;&nbsp; 561892 | 1190763 |
| Banco Pan SA, Preference Shares, NVS | &nbsp;&nbsp; 763422 | 1089828 |
|  |  | 3105029 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| Braskem SA, Class A, Preference Shares, NVS | &nbsp;&nbsp; 526510 | 909911 |
| Unipar Carbocloro SA, Preference Shares, NVS | &nbsp;&nbsp; 149171 | 1780912 |
|  |  | 2690823 |
| **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
| Marcopolo SA, Preference Shares, NVS | &nbsp;&nbsp; 1914261 | 3272905 |
| **Metals & Mining — 3.8%** | **Metals & Mining — 3.8%** | **Metals & Mining — 3.8%** |
| Bradespar SA, Preference Shares, NVS | &nbsp;&nbsp; 707750 | 2138190 |
| Cia. de Ferro Ligas da Bahia FERBASA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 457242 | 543106 |
| Metalurgica Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp; 1743893 | 3042730 |
| Usinas Siderurgicas de Minas Gerais SA Usiminas, <br> Class A, Preference Shares, NVS<br>| &nbsp;&nbsp; 1291672 | 1041085 |
|  |  | 6765111 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| Alpargatas SA, Preference Shares, NVS | &nbsp;&nbsp; 428898 | 751502 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Water Utilities — 0.8%** | **Water Utilities — 0.8%** | **Water Utilities — 0.8%** |
| Cia. De Sanena Do Parana, Preference Shares, NVS | &nbsp;&nbsp; 1162792 | $1436909 |
| **Total Preferred Stocks — 10.1%** <br>**(Cost: $13,855,778)** | **Total Preferred Stocks — 10.1%** <br>**(Cost: $13,855,778)** | 18022279 |
| **Total Long-Term Investments — 99.1%** <br>**(Cost: $141,535,171)** | **Total Long-Term Investments — 99.1%** <br>**(Cost: $141,535,171)** | 177271877 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 1257332 | 1257961 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 450000 | 450000 |
| **Total Short-Term Securities — 0.9%** <br>**(Cost: $1,707,866)** | **Total Short-Term Securities — 0.9%** <br>**(Cost: $1,707,866)** | 1707961 |
| **Total Investments — 100.0%** <br>**(Cost: $143,243,037)** | **Total Investments — 100.0%** <br>**(Cost: $143,243,037)** | 178979838 |
| **Liabilities in Excess of Other Assets — (0.0)%** | **Liabilities in Excess of Other Assets — (0.0)%** | (61150)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $178918688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $—<br> $1258926 <br><sup>(a)</sup><br>| $— | $(1060)<br>| $95 | $1257961 | 1257332 | $173584 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 300000<br> 150000 <br><sup>(a)</sup><br>|  |  |  | 450000 | 450000 | 18181 |  |
|  |  |  | $(1060) | $95 | $1707961 |  | $191765 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Brazil Small-Cap 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 |  |  |  |  |
| Bclear MSCI Brazil Index | 27 | 09/19/25 | &nbsp;&nbsp; $1603 | $55401 |

---

**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; $55401 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $55401 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8799)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8799)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7552 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7552 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1296555 |

---

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; $159249598 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $159249598 |
| Preferred Stocks | &nbsp;&nbsp; 18022279 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18022279 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1707961 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1707961 |
|  | &nbsp;&nbsp; $178979838 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $178979838 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Brazil Small-Cap 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; $55401 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $55401 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI China ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| AECC Aviation Power Co. Ltd., Class A | &nbsp;&nbsp; 451492 | $2559902 |
| AviChina Industry & Technology Co. Ltd., Class H | &nbsp;&nbsp; 7671000 | 4359699 |
| Avicopter PLC, Class A | &nbsp;&nbsp; 129000 | 732343 |
| Kuang-Chi Technologies Co. Ltd., Class A | &nbsp;&nbsp; 351572 | 2679609 |
|  |  | 10331553 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| J&T Global Express Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6704400 | 9005388 |
| JD Logistics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 5539000 | 9203054 |
| SF Holding Co. Ltd., Class A | &nbsp;&nbsp; 812883 | 5089306 |
| YTO Express Group Co. Ltd., Class A | &nbsp;&nbsp; 581000 | 1382741 |
| ZTO Express Cayman Inc. | &nbsp;&nbsp; 1170040 | 21220333 |
|  |  | 45900822 |
| **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
| Bethel Automotive Safety Systems Co. Ltd., Class A | &nbsp;&nbsp; 89420 | 597788 |
| Changzhou Xingyu Automotive Lighting Systems <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 51473 | 874629 |
| Fuyao Glass Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 315698 | 2910277 |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 1727600 | 15246032 |
| Huayu Automotive Systems Co. Ltd., Class A | &nbsp;&nbsp; 516072 | 1386323 |
| Huizhou Desay Sv Automotive Co. Ltd., Class A | &nbsp;&nbsp; 91000 | 1622623 |
| Ningbo Tuopu Group Co. Ltd., Class A | &nbsp;&nbsp; 293585 | 2569369 |
| Sailun Group Co. Ltd., Class A | &nbsp;&nbsp; 582261 | 1158907 |
| Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | &nbsp;&nbsp; 364300 | 966348 |
|  |  | 27332296 |
| **Automobiles — 4.6%** | **Automobiles — 4.6%** | **Automobiles — 4.6%** |
| Anhui Jianghuai Automobile Group Corp. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 365256 | 2787561 |
| BAIC BluePark New Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 890100 | 1103583 |
| BYD Co. Ltd., Class A | &nbsp;&nbsp; 910406 | 14565271 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 10338500 | 145853563 |
| Chongqing Changan Automobile Co. Ltd., Class A | &nbsp;&nbsp; 1367120 | 2413362 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp; 16939000 | 42725966 |
| Great Wall Motor Co. Ltd., Class A | &nbsp;&nbsp; 452300 | 1641920 |
| Great Wall Motor Co. Ltd., Class H | &nbsp;&nbsp; 6473500 | 15521316 |
| Guangzhou Automobile Group Co. Ltd., Class A | &nbsp;&nbsp; 1049500 | 1155622 |
| Li Auto Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3508580 | 41113467 |
| NIO Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 4421660 | 28318511 |
| SAIC Motor Corp. Ltd., Class A | &nbsp;&nbsp; 1285404 | 3386746 |
| Seres Group Co. Ltd., Class A | &nbsp;&nbsp; 270600 | 5195256 |
| XPeng Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3494172 | 36890342 |
| Yadea Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3558000 | 6206089 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1410500 | 11773106 |
|  |  | 360651681 |
| **Banks — 10.7%** | **Banks — 10.7%** | **Banks — 10.7%** |
| Agricultural Bank of China Ltd., Class A | &nbsp;&nbsp; 14321000 | 14120881 |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 77636000 | 52499683 |
| Bank of Beijing Co. Ltd., Class A | &nbsp;&nbsp; 3619799 | 3050759 |
| Bank of Changsha Co. Ltd., Class A | &nbsp;&nbsp; 645000 | 870783 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 709574 | 1840553 |
| Bank of China Ltd., Class A | &nbsp;&nbsp; 6517700 | 5054606 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 199984000 | 109766037 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 8984372 | 9174972 |
| Bank of Communications Co. Ltd., Class H | &nbsp;&nbsp; 24544200 | 21281511 |
| Bank of Hangzhou Co. Ltd., Class A | &nbsp;&nbsp; 1186628 | 2645033 |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp; 3096615 | 4710599 |
| Bank of Nanjing Co. Ltd., Class A | &nbsp;&nbsp; 2007604 | 3134807 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp; 1097395 | 4349669 |
| Bank of Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 2386510 | 3197474 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Bank of Suzhou Co. Ltd., Class A | &nbsp;&nbsp; 763861 | $871101 |
| China CITIC Bank Corp. Ltd., Class A | &nbsp;&nbsp; 1783600 | 1980572 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 23231800 | 20773074 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 3541014 | 4476669 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 269897000 | 261206839 |
| China Everbright Bank Co. Ltd., Class A | &nbsp;&nbsp; 8439900 | 4482311 |
| China Everbright Bank Co. Ltd., Class H | &nbsp;&nbsp; 7823000 | 3512347 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 3464125 | 20875415 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 10962150 | 68137198 |
| China Minsheng Banking Corp. Ltd., Class A | &nbsp;&nbsp; 6451570 | 4168208 |
| China Minsheng Banking Corp. Ltd., Class H | &nbsp;&nbsp; 18136160 | 10341736 |
| China Zheshang Bank Co. Ltd., Class A | &nbsp;&nbsp; 3540190 | 1610895 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1395004 | 1232418 |
| Chongqing Rural Commercial Bank Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 6558000 | 4851343 |
| CNPC Capital Co. Ltd., Class A | &nbsp;&nbsp; 1423800 | 2535771 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 2258561 | 2401029 |
| Industrial & Commercial Bank of China Ltd., <br> Class A<br>| &nbsp;&nbsp; 10553700 | 11015174 |
| Industrial & Commercial Bank of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 182763000 | 135957995 |
| Industrial Bank Co. Ltd., Class A | &nbsp;&nbsp; 3546010 | 11161684 |
| Ping An Bank Co. Ltd., Class A | &nbsp;&nbsp; 3226055 | 5461492 |
| Postal Savings Bank of China Co. Ltd., Class A | &nbsp;&nbsp; 5097300 | 4325394 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 25167000 | 17526411 |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 5049922 | 9667904 |
| Shanghai Rural Commercial Bank Co. Ltd., Class A | &nbsp;&nbsp; 1596900 | 1950830 |
|  |  | 846221177 |
| **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** |
| Anhui Gujing Distillery Co. Ltd., Class A | &nbsp;&nbsp; 70096 | 1687915 |
| Anhui Gujing Distillery Co. Ltd., Class B | &nbsp;&nbsp; 330080 | 4712423 |
| Beijing Yanjing Brewery Co. Ltd., Class A | &nbsp;&nbsp; 452700 | 801636 |
| China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp; 4578500 | 16586196 |
| Eastroc Beverage Group Co. Ltd., Class A | &nbsp;&nbsp; 86110 | 3734780 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp; 210303 | 1279040 |
| Jiangsu Yanghe Distillery Co. Ltd., Class A | &nbsp;&nbsp; 258076 | 2679466 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 211435 | 43982676 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 249450 | 4809102 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 5657000 | 36590150 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 204686 | 5813102 |
| Tsingtao Brewery Co. Ltd., Class A | &nbsp;&nbsp; 135163 | 1319162 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 1720000 | 11185145 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 648277 | 11795956 |
|  |  | 146976749 |
| **Biotechnology — 2.3%** | **Biotechnology — 2.3%** | **Biotechnology — 2.3%** |
| 3SBio Inc.<sup>(b)</sup> | &nbsp;&nbsp; 5024000 | 18898733 |
| Akeso Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 1756000 | 35368569 |
| Beijing Tiantan Biological Products Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 358262 | 1008660 |
| Beijing Wantai Biological Pharmacy Enterprise Co. <br> Ltd., Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 176365 | 1452960 |
| BeOne Medicines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2393670 | 56942980 |
| Chongqing Zhifei Biological Products Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 400910 | 1266577 |
| Hualan Biological Engineering Inc., Class A | &nbsp;&nbsp; 287728 | 690908 |
| Imeik Technology Development Co. Ltd., Class A | &nbsp;&nbsp; 48921 | 1333089 |
| Innovent Biologics Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4066000 | 50816685 |
| Legend Biotech Corp., ADR<sup>(a)(c)</sup> | &nbsp;&nbsp; 205888 | 7150490 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Shanghai RAAS Blood Products Co. Ltd., Class A | &nbsp;&nbsp; 1062700 | $1026998 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., <br> Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 136300 | 7942285 |
|  |  | 183898934 |
| **Broadline Retail — 14.8%** | **Broadline Retail — 14.8%** | **Broadline Retail — 14.8%** |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 48182068 | 797782476 |
| CCOOP Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3008400 | 1005341 |
| JD.com Inc., Class A | &nbsp;&nbsp; 6844846 | 106061943 |
| MINISO Group Holding Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1384412 | 8450779 |
| PDD Holdings Inc., ADR<sup>(a)</sup> | &nbsp;&nbsp; 1990653 | 239316304 |
| Vipshop Holdings Ltd., ADR | &nbsp;&nbsp; 918136 | 15369596 |
|  |  | 1167986439 |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
| Beijing New Building Materials PLC, Class A | &nbsp;&nbsp; 258070 | 968074 |
| **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** |
| Beijing Compass Technology Development Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 127400 | 2685918 |
| BOC International China Co. Ltd., Class A | &nbsp;&nbsp; 467100 | 1058899 |
| Caitong Securities Co. Ltd., Class A | &nbsp;&nbsp; 819100 | 997293 |
| Capital Securities Co. Ltd., Class A | &nbsp;&nbsp; 322500 | 968263 |
| Changjiang Securities Co. Ltd., Class A | &nbsp;&nbsp; 967536 | 1161734 |
| China CITIC Financial Asset Management Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 39493000 | 5849559 |
| China Galaxy Securities Co. Ltd., Class A | &nbsp;&nbsp; 1218300 | 3166840 |
| China Galaxy Securities Co. Ltd., Class H | &nbsp;&nbsp; 9843500 | 14209894 |
| China Great Wall Securities Co. Ltd., Class A | &nbsp;&nbsp; 709500 | 1218379 |
| China International Capital Corp. Ltd., Class A | &nbsp;&nbsp; 471102 | 2549854 |
| China International Capital Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 4551600 | 12485790 |
| China Merchants Securities Co. Ltd., Class A | &nbsp;&nbsp; 1251568 | 3334115 |
| CITIC Securities Co. Ltd., Class A | &nbsp;&nbsp; 2034159 | 8994096 |
| CITIC Securities Co. Ltd., Class H | &nbsp;&nbsp; 4420800 | 16373953 |
| CSC Financial Co. Ltd., Class A | &nbsp;&nbsp; 743399 | 2960834 |
| Dongxing Securities Co. Ltd., Class A | &nbsp;&nbsp; 580511 | 995661 |
| East Money Information Co. Ltd., Class A | &nbsp;&nbsp; 2644551 | 10735032 |
| Everbright Securities Co. Ltd., Class A | &nbsp;&nbsp; 671599 | 1890620 |
| Founder Securities Co. Ltd., Class A | &nbsp;&nbsp; 1422600 | 1725799 |
| GF Securities Co. Ltd., Class A | &nbsp;&nbsp; 963999 | 2961677 |
| Guolian Securities Co. Ltd., Class A | &nbsp;&nbsp; 535900 | 920119 |
| Guosen Securities Co. Ltd., Class A | &nbsp;&nbsp; 1085733 | 2260278 |
| Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp; 2356443 | 6940679 |
| Guotai Haitong Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 5427032 | 11396951 |
| Guoyuan Securities Co. Ltd., Class A | &nbsp;&nbsp; 760470 | 986874 |
| Hithink RoyalFlush Information Network Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 89487 | 5189982 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 1162093 | 3538725 |
| Huatai Securities Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 3651000 | 9311169 |
| Industrial Securities Co. Ltd., Class A | &nbsp;&nbsp; 1499292 | 1434314 |
| Nanjing Securities Co. Ltd., Class A | &nbsp;&nbsp; 516000 | 638431 |
| Orient Securities Co. Ltd., Class A | &nbsp;&nbsp; 1225621 | 1979066 |
| SDIC Capital Co. Ltd., Class A | &nbsp;&nbsp; 1226300 | 1436405 |
| Shenwan Hongyuan Group Co. Ltd., Class A | &nbsp;&nbsp; 3978979 | 3050237 |
| Sinolink Securities Co. Ltd., Class A | &nbsp;&nbsp; 516000 | 747045 |
| SooChow Securities Co. Ltd., Class A | &nbsp;&nbsp; 852235 | 1209358 |
| Southwest Securities Co. Ltd., Class A | &nbsp;&nbsp; 1097900 | 752256 |
| Tianfeng Securities Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1675900 | 1374763 |
| Western Securities Co. Ltd., Class A | &nbsp;&nbsp; 774030 | 972731 |
| Zheshang Securities Co. Ltd., Class A | &nbsp;&nbsp; 645000 | 1094007 |
| Zhongtai Securities Co. Ltd., Class A | &nbsp;&nbsp; 1290000 | 1305831 |
|  |  | 152863431 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 274966 | $1541320 |
| Guangzhou Tinci Materials Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 323300 | 977018 |
| Hengli Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 1226510 | 3033861 |
| Hoshine Silicon Industry Co. Ltd., Class A | &nbsp;&nbsp; 154700 | 1145613 |
| Huafon Chemical Co. Ltd., Class A | &nbsp;&nbsp; 881900 | 995901 |
| Inner Mongolia Junzheng Energy & Chemical <br> Industry Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 1419570 | 1114957 |
| Jiangsu Eastern Shenghong Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1162700 | 1605015 |
| LB Group Co. Ltd., Class A | &nbsp;&nbsp; 387500 | 1010974 |
| Meihua Holdings Group Co. Ltd., Class A | &nbsp;&nbsp; 470400 | 730821 |
| Ningxia Baofeng Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 1222600 | 2978178 |
| Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 903500 | 2575285 |
| Rongsheng Petrochemical Co. Ltd., Class A | &nbsp;&nbsp; 1732092 | 2438103 |
| Satellite Chemical Co. Ltd., Class A | &nbsp;&nbsp; 580895 | 1637181 |
| Shandong Hualu Hengsheng Chemical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 387000 | 1490890 |
| Shanghai Putailai New Energy Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 348440 | 1096537 |
| Tianqi Lithium Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 257951 | 1592242 |
| Wanhua Chemical Group Co. Ltd., Class A | &nbsp;&nbsp; 516073 | 4972049 |
| Yunnan Yuntianhua Co. Ltd., Class A | &nbsp;&nbsp; 266100 | 1016353 |
| Zangge Mining Co. Ltd., Class A | &nbsp;&nbsp; 260100 | 1968576 |
| Zhejiang Juhua Co. Ltd., Class A | &nbsp;&nbsp; 452272 | 2456018 |
| Zhejiang Longsheng Group Co. Ltd., Class A | &nbsp;&nbsp; 519800 | 770668 |
| Zhejiang NHU Co. Ltd., Class A | &nbsp;&nbsp; 515999 | 1804032 |
|  |  | 38951592 |
| **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** |
| Zhejiang Weiming Environment Protection Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 259060 | 701280 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| BYD Electronic International Co. Ltd. | &nbsp;&nbsp; 2216000 | 11780876 |
| Guangzhou Haige Communications Group Inc. Co., <br> Class A<br>| &nbsp;&nbsp; 388084 | 796501 |
| Hengtong Optic-Electric Co. Ltd., Class A | &nbsp;&nbsp; 413000 | 1187325 |
| Suzhou TFC Optical Communication Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 125672 | 3488255 |
| Yealink Network Technology Corp. Ltd., Class A | &nbsp;&nbsp; 217431 | 1153326 |
| Zhongji Innolight Co. Ltd., Class A | &nbsp;&nbsp; 186427 | 9256449 |
| ZTE Corp., Class A | &nbsp;&nbsp; 652184 | 4160972 |
| ZTE Corp., Class H<sup>(c)</sup> | &nbsp;&nbsp; 2154840 | 9739275 |
|  |  | 41562979 |
| **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** |
| China Communications Services Corp. Ltd., <br> Class H<br>| &nbsp;&nbsp; 6464800 | 3855826 |
| China Energy Engineering Corp. Ltd., Class A | &nbsp;&nbsp; 5492000 | 1890354 |
| China National Chemical Engineering Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1096595 | 1210660 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 3614098 | 2884204 |
| China Railway Group Ltd., Class H | &nbsp;&nbsp; 11610000 | 5905818 |
| China State Construction Engineering Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 6968078 | 5472104 |
| China State Construction International Holdings Ltd. | &nbsp;&nbsp; 3896000 | 5340724 |
| Metallurgical Corp. of China Ltd., Class A | &nbsp;&nbsp; 3096000 | 1482722 |
| Power Construction Corp. of China Ltd., Class A | &nbsp;&nbsp; 2908097 | 2418549 |
| Sichuan Road & Bridge Group Co. Ltd., Class A | &nbsp;&nbsp; 1096540 | 1333437 |
|  |  | 31794398 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| Anhui Conch Cement Co. Ltd., Class A | &nbsp;&nbsp; 612791 | 2096223 |
| Anhui Conch Cement Co. Ltd., Class H | &nbsp;&nbsp; 3547500 | 11203952 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Construction Materials (continued)** | **Construction Materials (continued)** | **Construction Materials (continued)** |
| China Jushi Co. Ltd., Class A | &nbsp;&nbsp; 714905 | $1567821 |
| China National Building Material Co. Ltd., Class H | &nbsp;&nbsp; 10495522 | 7626230 |
|  |  | 22494226 |
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| Qfin Holdings Inc. | &nbsp;&nbsp; 283462 | 8254413 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
| Alibaba Health Information Technology Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 15904000 | 11277006 |
| JD Health International Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3142300 | 25606653 |
| Yifeng Pharmacy Chain Co. Ltd., Class A | &nbsp;&nbsp; 203361 | 678181 |
| Yonghui Superstores Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1501800 | 1094994 |
|  |  | 38656834 |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| Zhejiang China Commodities City Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 914200 | 2891742 |
| **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** |
| New Oriental Education & Technology Group Inc. | &nbsp;&nbsp; 3433390 | 16428516 |
| TAL Education Group, ADR<sup>(a)</sup> | &nbsp;&nbsp; 1159077 | 12309398 |
|  |  | 28737914 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 12500200 | 18883584 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| China XD Electric Co. Ltd., Class A | &nbsp;&nbsp; 868200 | 800016 |
| CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp; 171786 | 902227 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 735819 | 31615529 |
| Contemporary Amperex Technology Co. Ltd., <br> Class H<sup>(c)</sup><br>| &nbsp;&nbsp; 200600 | 10908047 |
| Dongfang Electric Corp. Ltd., Class A | &nbsp;&nbsp; 512600 | 1423685 |
| Eve Energy Co. Ltd., Class A | &nbsp;&nbsp; 345836 | 2775950 |
| GEM Co. Ltd., Class A | &nbsp;&nbsp; 709500 | 742003 |
| Goldwind Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 582620 | 934925 |
| Goneo Group Co. Ltd., Class A | &nbsp;&nbsp; 139838 | 925881 |
| Gotion High-tech Co. Ltd., Class A | &nbsp;&nbsp; 296392 | 1518403 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | &nbsp;&nbsp; 580500 | 1323956 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 1355088 | 4142317 |
| Ningbo Deye Technology Co. Ltd., Class A | &nbsp;&nbsp; 152727 | 1385727 |
| Ningbo Orient Wires & Cables Co. Ltd., Class A | &nbsp;&nbsp; 115631 | 856051 |
| Ningbo Sanxing Medical Electric Co. Ltd., Class A | &nbsp;&nbsp; 229100 | 740821 |
| Shanghai Electric Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2129801 | 2651214 |
| Sungrow Power Supply Co. Ltd., Class A | &nbsp;&nbsp; 347920 | 4878590 |
| Sunwoda Electronic Co. Ltd., Class A | &nbsp;&nbsp; 322508 | 1111298 |
| TBEA Co. Ltd., Class A | &nbsp;&nbsp; 828634 | 1648126 |
| Zhejiang Chint Electrics Co. Ltd., Class A | &nbsp;&nbsp; 323021 | 1243011 |
| Zhejiang Huayou Cobalt Co. Ltd., Class A | &nbsp;&nbsp; 295606 | 1994868 |
|  |  | 74522645 |
| **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** |
| AAC Technologies Holdings Inc. | &nbsp;&nbsp; 2189000 | 12208804 |
| Accelink Technologies Co. Ltd., Class A | &nbsp;&nbsp; 140200 | 1350980 |
| Avary Holding Shenzhen Co. Ltd., Class A | &nbsp;&nbsp; 389200 | 3258154 |
| BOE Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 6514500 | 3870126 |
| Chaozhou Three-Circle Group Co. Ltd., Class A | &nbsp;&nbsp; 322577 | 1999127 |
| China Railway Signal & Communication Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1059000 | 829811 |
| Eoptolink Technology Inc. Ltd., Class A | &nbsp;&nbsp; 166480 | 8291425 |
| Everdisplay Optronics Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1806000 | 702522 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 2227006 | 16807116 |
| GoerTek Inc., Class A | &nbsp;&nbsp; 580500 | 2984665 |
| Huagong Tech Co. Ltd., Class A | &nbsp;&nbsp; 167600 | 1608642 |
| Lens Technology Co. Ltd., Class A | &nbsp;&nbsp; 840842 | 3665075 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Lingyi iTech Guangdong Co., Class A | &nbsp;&nbsp; 1161213 | $2527919 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 1225541 | 7903303 |
| Maxscend Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 89512 | 1039048 |
| OFILM Group Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 532400 | 991357 |
| Shanghai BOCHU Electronic Technology Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 48088 | 1033763 |
| Shengyi Technology Co. Ltd., Class A | &nbsp;&nbsp; 403700 | 3009734 |
| Shennan Circuits Co. Ltd., Class A | &nbsp;&nbsp; 104751 | 2905614 |
| Shenzhen Kinwong Electronic Co. Ltd. | &nbsp;&nbsp; 127400 | 1140437 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 2000600 | 21548045 |
| SUPCON Technology Co. Ltd., Class A | &nbsp;&nbsp; 122385 | 893433 |
| Suzhou Dongshan Precision Manufacturing Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 308100 | 2847547 |
| TCL Technology Group Corp., Class A | &nbsp;&nbsp; 3355760 | 2189119 |
| Unisplendour Corp. Ltd., Class A | &nbsp;&nbsp; 483327 | 1893497 |
| Victory Giant Technology Huizhou Co. Ltd., Class A | &nbsp;&nbsp; 143700 | 5354364 |
| Wingtech Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 211800 | 1291345 |
| Wuhan Guide Infrared Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 723464 | 1276124 |
| WUS Printed Circuit Kunshan Co. Ltd., Class A | &nbsp;&nbsp; 309818 | 2974360 |
| Zhejiang Dahua Technology Co. Ltd., Class A | &nbsp;&nbsp; 544200 | 1484374 |
|  |  | 119879830 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 4842000 | 4411387 |
| Yantai Jereh Oilfield Services Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 171692 | 1143779 |
|  |  | 5555166 |
| **Entertainment — 2.7%** | **Entertainment — 2.7%** | **Entertainment — 2.7%** |
| 37 Interactive Entertainment Network Technology <br> Group Co. Ltd., Class A<br>| &nbsp;&nbsp; 345500 | 955108 |
| Beijing Enlight Media Co. Ltd., Class A | &nbsp;&nbsp; 828100 | 2298215 |
| China Ruyi Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 24564000 | 9093378 |
| Giant Network Group Co. Ltd., Class A | &nbsp;&nbsp; 382200 | 1695710 |
| Kingsoft Corp. Ltd. | &nbsp;&nbsp; 2727000 | 12011792 |
| Mango Excellent Media Co. Ltd., Class A | &nbsp;&nbsp; 294480 | 1078749 |
| NetEase Cloud Music Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 242800 | 8755864 |
| NetEase Inc. | &nbsp;&nbsp; 4886160 | 133982338 |
| Tencent Music Entertainment Group, ADR | &nbsp;&nbsp; 1612015 | 39526608 |
|  |  | 209397762 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| Far East Horizon Ltd. | &nbsp;&nbsp; 5737000 | 5482734 |
| **Food Products — 0.9%** | **Food Products — 0.9%** | **Food Products — 0.9%** |
| Angel Yeast Co. Ltd., Class A | &nbsp;&nbsp; 140611 | 782396 |
| China Feihe Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 10175000 | 5759015 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 8784000 | 17293949 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | &nbsp;&nbsp; 774285 | 4509663 |
| Guangdong Haid Group Co. Ltd., Class A | &nbsp;&nbsp; 279997 | 2418316 |
| Henan Shuanghui Investment & Development Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 588190 | 2083397 |
| Inner Mongolia Yili Industrial Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1070023 | 4296100 |
| Muyuan Foods Co. Ltd., Class A | &nbsp;&nbsp; 920268 | 7108494 |
| New Hope Liuhe Co. Ltd., Class A | &nbsp;&nbsp; 765099 | 1061988 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 5490000 | 7801827 |
| Want Want China Holdings Ltd. | &nbsp;&nbsp; 13546000 | 9418179 |
| Wens Foodstuff Group Co. Ltd., Class A | &nbsp;&nbsp; 1096723 | 2802786 |
| Yihai Kerry Arawana Holdings Co. Ltd., Class A | &nbsp;&nbsp; 315877 | 1493091 |
|  |  | 66829201 |
| **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** |
| Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp; 1458500 | 6073355 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 7740000 | 7751414 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Gas Utilities (continued)** | **Gas Utilities (continued)** | **Gas Utilities (continued)** |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 2592400 | $6691222 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 2227900 | 18032829 |
| ENN Natural Gas Co. Ltd., Class A | &nbsp;&nbsp; 413496 | 1091774 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 10756000 | 10012333 |
|  |  | 49652927 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Beijing-Shanghai High Speed Railway Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 8257500 | 6193201 |
| Daqin Railway Co. Ltd., Class A | &nbsp;&nbsp; 3408100 | 3020828 |
|  |  | 9214029 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| APT Medical Inc., Class A | &nbsp;&nbsp; 23514 | 939113 |
| Jiangsu Yuyue Medical Equipment & Supply Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 148100 | 778160 |
| Shandong Weigao Group Medical Polymer Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 6966000 | 5263830 |
| Shanghai United Imaging Healthcare Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 140115 | 2789196 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 206439 | 7041653 |
| Shenzhen New Industries Biomedical Engineering <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 129700 | 1136765 |
|  |  | 17948717 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| Aier Eye Hospital Group Co. Ltd., Class A | &nbsp;&nbsp; 1613310 | 3034292 |
| Guangzhou Baiyunshan Pharmaceutical Holdings <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 221095 | 824122 |
| Huadong Medicine Co. Ltd., Class A | &nbsp;&nbsp; 296680 | 1845134 |
| Shanghai Pharmaceuticals Holding Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 452497 | 1185969 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 3802000 | 9162173 |
|  |  | 16051690 |
| **Hotels, Restaurants & Leisure — 5.1%** | **Hotels, Restaurants & Leisure — 5.1%** | **Hotels, Restaurants & Leisure — 5.1%** |
| H World Group Ltd., ADR | &nbsp;&nbsp; 560448 | 20652509 |
| Haidilao International Holding Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 4648000 | 8301422 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 13965140 | 186000774 |
| Tongcheng Travel Holdings Ltd. | &nbsp;&nbsp; 3615200 | 10228094 |
| TravelSky Technology Ltd., Class H | &nbsp;&nbsp; 2580000 | 3610226 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 1741884 | 128946971 |
| Yum China Holdings Inc. | &nbsp;&nbsp; 1043119 | 46648282 |
|  |  | 404388278 |
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| Beijing Roborock Technology Co. Ltd., Class A | &nbsp;&nbsp; 42784 | 1290694 |
| Ecovacs Robotics Co. Ltd., Class A | &nbsp;&nbsp; 97400 | 1325635 |
| Gree Electric Appliances Inc. of Zhuhai, Class A | &nbsp;&nbsp; 468719 | 2805194 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 1033246 | 3810459 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 6837000 | 23216603 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 590300 | 6109138 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp; 990100 | 10436742 |
| Oppein Home Group Inc., Class A | &nbsp;&nbsp; 81420 | 632961 |
| Sichuan Changhong Electric Co. Ltd., Class A | &nbsp;&nbsp; 807500 | 1297006 |
|  |  | 50924432 |
| **Independent Power and Renewable Electricity Producers — 1.0%** | **Independent Power and Renewable Electricity Producers — 1.0%** | **Independent Power and Renewable Electricity Producers — 1.0%** |
| CGN Power Co. Ltd., Class A | &nbsp;&nbsp; 2644500 | 1425591 |
| CGN Power Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 29741000 | 11237321 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 7217000 | 6243273 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 3474276 | 4346335 |
| China Power International Development Ltd. | &nbsp;&nbsp; 10937000 | 4396839 |
| China Resources Power Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5720599 | 13209878 |

---

---

| | | |
|:---|:---|:---|
| *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)** |
| China Three Gorges Renewables Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 5077426 | $3030380 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 4101741 | 16182440 |
| Datang International Power Generation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2220200 | 1087550 |
| GD Power Development Co. Ltd., Class A | &nbsp;&nbsp; 2968500 | 1997422 |
| Huadian Power International Corp. Ltd., Class A | &nbsp;&nbsp; 1548000 | 1152812 |
| Huaneng Power International Inc., Class A | &nbsp;&nbsp; 1800352 | 1866575 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 11470000 | 8241525 |
| SDIC Power Holdings Co. Ltd., Class A | &nbsp;&nbsp; 1371300 | 2760619 |
| Shenergy Co. Ltd., Class A | &nbsp;&nbsp; 806338 | 914879 |
| Sichuan Chuantou Energy Co. Ltd., Class A | &nbsp;&nbsp; 811062 | 1696053 |
| Wintime Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 3047900 | 620559 |
| Zhejiang Zheneng Electric Power Co. Ltd., Class A | &nbsp;&nbsp; 1962176 | 1399435 |
|  |  | 81809486 |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| CITIC Ltd. | &nbsp;&nbsp; 11483000 | 16485310 |
| Fosun International Ltd. | &nbsp;&nbsp; 6772500 | 4613232 |
|  |  | 21098542 |
| **Insurance — 4.6%** | **Insurance — 4.6%** | **Insurance — 4.6%** |
| China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 485005 | 2867991 |
| China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 20831000 | 64799251 |
| China Pacific Insurance Group Co. Ltd., Class A | &nbsp;&nbsp; 1183947 | 6704050 |
| China Pacific Insurance Group Co. Ltd., Class H | &nbsp;&nbsp; 7367800 | 33817894 |
| China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp; 3999124 | 8355481 |
| New China Life Insurance Co. Ltd., Class A | &nbsp;&nbsp; 359176 | 3443036 |
| New China Life Insurance Co. Ltd., Class H | &nbsp;&nbsp; 2595400 | 16148402 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class A<br>| &nbsp;&nbsp; 1670000 | 2106241 |
| People's Insurance Co. Group of China Ltd. (The), <br> Class H<br>| &nbsp;&nbsp; 24321000 | 21869703 |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp; 19350462 | 46765583 |
| Ping An Insurance Group Co. of China Ltd., Class A | &nbsp;&nbsp; 1814943 | 15271265 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 18805500 | 136916138 |
|  |  | 359065035 |
| **Interactive Media & Services — 20.0%** | **Interactive Media & Services — 20.0%** | **Interactive Media & Services — 20.0%** |
| Autohome Inc., ADR | &nbsp;&nbsp; 178705 | 5161000 |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6252306 | 73999686 |
| Bilibili Inc., Class Z<sup>(a)</sup> | &nbsp;&nbsp; 651745 | 15194176 |
| Kuaishou Technology<sup>(a)(b)</sup> | &nbsp;&nbsp; 7531700 | 73820738 |
| Kunlun Tech Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 208900 | 1232349 |
| Meitu Inc.<sup>(b)</sup> | &nbsp;&nbsp; 9561000 | 14567817 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 17999500 | 1393961461 |
|  |  | 1577937227 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| GDS Holdings Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2917200 | 12640186 |
| Isoftstone Information Technology Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 159000 | 1336444 |
| Range Intelligent Computing Technology Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 227900 | 1888223 |
|  |  | 15864853 |
| **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |
| Genscript Biotech Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 3394000 | 7537403 |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | &nbsp;&nbsp; 65037 | 579657 |
| Pharmaron Beijing Co. Ltd., Class A | &nbsp;&nbsp; 261325 | 1108686 |
| WuXi AppTec Co. Ltd., Class A | &nbsp;&nbsp; 421839 | 6110279 |
| WuXi AppTec Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 967581 | 13483184 |
| Wuxi Biologics Cayman Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9713500 | 41786205 |
| WuXi XDC Cayman Inc.<sup>(a)</sup> | &nbsp;&nbsp; 839000 | 6117702 |
|  |  | 76723116 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| China CSSC Holdings Ltd., Class A | &nbsp;&nbsp; 1273800 | $6685025 |
| CRRC Corp. Ltd., Class A | &nbsp;&nbsp; 4020947 | 4331204 |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp; 12477000 | 10056161 |
| Haitian International Holdings Ltd. | &nbsp;&nbsp; 1882000 | 5335220 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | &nbsp;&nbsp; 221144 | 2770754 |
| Sany Heavy Industry Co. Ltd., Class A | &nbsp;&nbsp; 1429293 | 4219638 |
| Shandong Himile Mechanical Science & Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 131700 | 1108192 |
| Shenzhen Inovance Technology Co. Ltd., Class A | &nbsp;&nbsp; 228230 | 2405448 |
| Sinotruk Hong Kong Ltd. | &nbsp;&nbsp; 1936500 | 5646098 |
| Weichai Power Co. Ltd., Class A | &nbsp;&nbsp; 1033768 | 2198436 |
| Weichai Power Co. Ltd., Class H | &nbsp;&nbsp; 5576000 | 11721711 |
| XCMG Construction Machinery Co. Ltd., Class A | &nbsp;&nbsp; 2015916 | 2705154 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 375151 | 1455429 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 326500 | 1459585 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class A | &nbsp;&nbsp; 105929 | 720073 |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | &nbsp;&nbsp; 1294600 | 6617738 |
| Zoomlion Heavy Industry Science and Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 1162016 | 1198856 |
|  |  | 70634722 |
| **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** |
| Cosco Shipping Holdings Co. Ltd., Class A | &nbsp;&nbsp; 2046550 | 4389559 |
| Cosco Shipping Holdings Co. Ltd., Class H | &nbsp;&nbsp; 7395100 | 12885704 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 375000 | 6570921 |
|  |  | 23846184 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| China Literature Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1144000 | 6000780 |
| Focus Media Information Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 2404438 | 2805266 |
| Jiangsu Phoenix Publishing & Media Corp. Ltd., <br> Class A<br>| &nbsp;&nbsp; 389400 | 616898 |
|  |  | 9422944 |
| **Metals & Mining — 2.5%** | **Metals & Mining — 2.5%** | **Metals & Mining — 2.5%** |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp; 2236400 | 2460025 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp; 10640000 | 9532238 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 3742649 | 3642510 |
| Chifeng Jilong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 265300 | 979927 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp; 7836000 | 25792651 |
| China Northern Rare Earth Group High-Tech Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 606500 | 4843506 |
| China Rare Earth Resources & Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 174450 | 1428851 |
| Citic Pacific Special Steel Group Co. Ltd., Class A | &nbsp;&nbsp; 516000 | 946796 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 2839200 | 4932854 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp; 10593000 | 16296919 |
| Henan Shenhuo Coal Industry & Electricity Power <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 387000 | 1049307 |
| Huaibei Mining Holdings Co. Ltd., Class A | &nbsp;&nbsp; 470400 | 823606 |
| Hunan Valin Steel Co. Ltd., Class A | &nbsp;&nbsp; 1138400 | 950293 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 7647692 | 2995777 |
| Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp; 294800 | 1155346 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp; 3013000 | 8872074 |
| Jinduicheng Molybdenum Co. Ltd., Class A | &nbsp;&nbsp; 525000 | 1106603 |
| MMG Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 11727200 | 7835229 |
| Shandong Gold Mining Co. Ltd., Class A | &nbsp;&nbsp; 645091 | 3049512 |
| Shandong Gold Mining Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 2242500 | 8566505 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp; 2064000 | 1176301 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp; 444921 | 1231233 |
| Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp; 838500 | 1187889 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Tongling Nonferrous Metals Group Co. Ltd., Class A | &nbsp;&nbsp; 2338600 | $1482061 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp; 403200 | 1057334 |
| Western Superconducting Technologies Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 98436 | 862360 |
| Xiamen Tungsten Co. Ltd., Class A | &nbsp;&nbsp; 250800 | 1084383 |
| Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp; 593148 | 1613617 |
| Zhaojin Mining Industry Co. Ltd., Class H | &nbsp;&nbsp; 4824000 | 15152247 |
| Zhongjin Gold Corp. Ltd., Class A | &nbsp;&nbsp; 801200 | 1813514 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 3635800 | 11844924 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 15782000 | 52403678 |
|  |  | 198170070 |
| **Oil, Gas & Consumable Fuels — 2.3%** | **Oil, Gas & Consumable Fuels — 2.3%** | **Oil, Gas & Consumable Fuels — 2.3%** |
| China Coal Energy Co. Ltd., Class H | &nbsp;&nbsp; 5257000 | 6388594 |
| China Merchants Energy Shipping Co. Ltd., Class A | &nbsp;&nbsp; 1381500 | 1259364 |
| China Petroleum & Chemical Corp., Class A | &nbsp;&nbsp; 5239088 | 4200737 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 64519000 | 35832945 |
| China Shenhua Energy Co. Ltd., Class A | &nbsp;&nbsp; 1094352 | 5760058 |
| China Shenhua Energy Co. Ltd., Class H | &nbsp;&nbsp; 9501000 | 42695801 |
| Cosco Shipping Energy Transportation Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 516000 | 750114 |
| Guanghui Energy Co. Ltd., Class A | &nbsp;&nbsp; 1161145 | 864111 |
| Inner Mongolia Dian Tou Energy Corp. Ltd., <br> Class A <br>| &nbsp;&nbsp; 360300 | 1048331 |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | &nbsp;&nbsp; 2605100 | 5273876 |
| PetroChina Co. Ltd., Class A | &nbsp;&nbsp; 3618092 | 4430726 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 59226000 | 57348994 |
| Shaanxi Coal Industry Co. Ltd., Class A | &nbsp;&nbsp; 1634089 | 4676337 |
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 1019830 | 1011113 |
| Shanxi Lu'an Environmental Energy Development <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 516000 | 940171 |
| Yankuang Energy Group Co. Ltd., Class A | &nbsp;&nbsp; 1282965 | 2334286 |
| Yankuang Energy Group Co. Ltd., Class H | &nbsp;&nbsp; 8817500 | 10257011 |
|  |  | 185072569 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Shandong Sun Paper Industry JSC Ltd., Class A | &nbsp;&nbsp; 451500 | 973884 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Air China Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 2118914 | 2246811 |
| China Eastern Airlines Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3160596 | 1806508 |
| China Southern Airlines Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1999534 | 1695612 |
| Hainan Airlines Holding Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7103822 | 1587307 |
| Spring Airlines Co. Ltd., Class A | &nbsp;&nbsp; 163800 | 1227062 |
|  |  | 8563300 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Giant Biogene Holding Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1042600 | 7261839 |
| Hengan International Group Co. Ltd. | &nbsp;&nbsp; 1681000 | 5363038 |
|  |  | 12624877 |
| **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** | **Pharmaceuticals — 1.4%** |
| Beijing Tong Ren Tang Co. Ltd., Class A | &nbsp;&nbsp; 219288 | 1098972 |
| Changchun High-Tech Industry Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 64896 | 939166 |
| China Resources Pharmaceutical Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5085500 | 3190229 |
| China Resources Sanjiu Medical & Pharmaceutical <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 273535 | 1169130 |
| CSPC Innovation Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 229289 | 1719191 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 22642400 | 29433790 |
| Dong-E-E-Jiao Co. Ltd., Class A | &nbsp;&nbsp; 114079 | 831075 |
| Haisco Pharmaceutical Group Co. Ltd., Class A | &nbsp;&nbsp; 159400 | 1240921 |
| Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 3342000 | 15524338 |
| Humanwell Healthcare Group Co. Ltd., Class A | &nbsp;&nbsp; 292900 | 838731 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | &nbsp;&nbsp; 1076380 | 10003874 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Shanghai Allist Pharmaceuticals Co. Ltd. | &nbsp;&nbsp; 75036 | $1200647 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 348184 | 1409267 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 178931 | 1264603 |
| Sichuan Biokin Pharmaceutical Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 33042 | 1553212 |
| Sichuan Kelun Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 277365 | 1419931 |
| Sino Biopharmaceutical Ltd. | &nbsp;&nbsp; 28917000 | 30332952 |
| Yunnan Baiyao Group Co. Ltd., Class A | &nbsp;&nbsp; 297762 | 2408182 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 100209 | 2945241 |
|  |  | 108523452 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| Kanzhun Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 1030169 | 24332592 |
| **Real Estate Management & Development — 1.6%** | **Real Estate Management & Development — 1.6%** | **Real Estate Management & Development — 1.6%** |
| C&D International Investment Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2368000 | 5647600 |
| China Merchants Shekou Industrial Zone Holdings <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 1485470 | 1909161 |
| China Overseas Land & Investment Ltd. | &nbsp;&nbsp; 10697000 | 19272399 |
| China Resources Land Ltd. | &nbsp;&nbsp; 9003665 | 35613256 |
| China Resources Mixc Lifestyle Services Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1916200 | 9611657 |
| China Vanke Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1613828 | 1539176 |
| China Vanke Co. Ltd., Class H<sup>(a)(c)</sup> | &nbsp;&nbsp; 6127931 | 4199856 |
| Hainan Airport Infrastructure Co. Ltd., Class A | &nbsp;&nbsp; 2347600 | 1289029 |
| KE Holdings Inc., Class A | &nbsp;&nbsp; 5785658 | 33916995 |
| Longfor Group Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 5854500 | 8027942 |
| Poly Developments and Holdings Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 1936075 | 2164909 |
| Shanghai Zhangjiang High-Tech Park Development <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 258000 | 1376011 |
| Youngor Fashion Co. Ltd., Class A | &nbsp;&nbsp; 725700 | 763374 |
|  |  | 125331365 |
| **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** |
| ACM Research Shanghai Inc., Class A | &nbsp;&nbsp; 46555 | 1013192 |
| Advanced Micro-Fabrication Equipment Inc./China, <br> Class A<br>| &nbsp;&nbsp; 102947 | 3096835 |
| Amlogic Shanghai Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 63579 | 892346 |
| Bestechnic Shanghai Co. Ltd., Class A | &nbsp;&nbsp; 28003 | 1112271 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 70028 | 14665523 |
| China Resources Microelectronics Ltd., Class A | &nbsp;&nbsp; 224212 | 1649560 |
| CSI Solar Co. Ltd., Class A | &nbsp;&nbsp; 601704 | 855557 |
| Flat Glass Group Co. Ltd., Class A | &nbsp;&nbsp; 322500 | 803929 |
| GalaxyCore Inc., Class A | &nbsp;&nbsp; 348362 | 843760 |
| GCL Technology Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 63759000 | 10261130 |
| GigaDevice Semiconductor Inc., Class A | &nbsp;&nbsp; 111087 | 2479811 |
| Hangzhou First Applied Material Co. Ltd., Class A | &nbsp;&nbsp; 452530 | 953334 |
| Hangzhou Silan Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 276800 | 1261400 |
| Hua Hong Semiconductor Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 2026000 | 14027197 |
| Hwatsing Technology Co. Ltd., Class A | &nbsp;&nbsp; 127400 | 2253435 |
| Hygon Information Technology Co. Ltd., Class A | &nbsp;&nbsp; 388874 | 10613549 |
| Ingenic Semiconductor Co. Ltd., Class A | &nbsp;&nbsp; 77800 | 820663 |
| JA Solar Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 521296 | 926786 |
| JCET Group Co. Ltd., Class A | &nbsp;&nbsp; 297600 | 1667359 |
| Jinko Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1679098 | 1336908 |
| LONGi Green Energy Technology Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 1245301 | 3003008 |
| Loongson Technology Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 66866 | 1336901 |
| Montage Technology Co. Ltd., Class A | &nbsp;&nbsp; 191001 | 3294963 |
| National Silicon Industry Group Co. Ltd., Class A | &nbsp;&nbsp; 445200 | 1295238 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 118805 | 6209072 |
| Nexchip Semiconductor Corp., Class A | &nbsp;&nbsp; 324312 | 1103620 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| OmniVision Integrated Circuits Group Inc. | &nbsp;&nbsp; 202645 | $4068585 |
| Piotech Inc., Class A | &nbsp;&nbsp; 45313 | 1207860 |
| Rockchip Electronics Co. Ltd., Class A | &nbsp;&nbsp; 69100 | 2386697 |
| Sanan Optoelectronics Co. Ltd., Class A | &nbsp;&nbsp; 837100 | 1779807 |
| SG Micro Corp., Class A | &nbsp;&nbsp; 104069 | 1134231 |
| Shenzhen Goodix Technology Co. Ltd., Class A | &nbsp;&nbsp; 77700 | 898698 |
| TCL Zhonghuan Renewable Energy Technology Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 709572 | 835134 |
| Tianshui Huatian Technology Co. Ltd., Class A | &nbsp;&nbsp; 513929 | 854862 |
| TongFu Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 252696 | 1174783 |
| Tongwei Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 739199 | 2286773 |
| Trina Solar Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 343713 | 799428 |
| Unigroup Guoxin Microelectronics Co. Ltd., Class A | &nbsp;&nbsp; 130793 | 1496845 |
| Verisilicon Microelectronics Shanghai Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 127400 | 2746034 |
| Xinjiang Daqo New Energy Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 286629 | 1294206 |
| Xinyi Solar Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 12662000 | 5513924 |
| Zhejiang Jingsheng Mechanical & Electrical Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 223493 | 946556 |
|  |  | 117201770 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| 360 Security Technology Inc., Class A | &nbsp;&nbsp; 1162848 | 1894515 |
| Beijing Kingsoft Office Software Inc., Class A | &nbsp;&nbsp; 76532 | 3595313 |
| China National Software & Service Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 163435 | 1229305 |
| Empyrean Technology Co. Ltd., Class A | &nbsp;&nbsp; 71800 | 1239196 |
| Horizon Robotics<sup>(a)</sup> | &nbsp;&nbsp; 11488200 | 14308638 |
| Hundsun Technologies Inc., Class A | &nbsp;&nbsp; 302801 | 1594247 |
| Iflytek Co. Ltd., Class A | &nbsp;&nbsp; 373662 | 2799968 |
| Jiangsu Hoperun Software Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 132700 | 1220136 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 8412000 | 17773474 |
| Shanghai Baosight Software Co. Ltd., Class A | &nbsp;&nbsp; 351990 | 1251774 |
| Yonyou Network Technology Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 573312 | 1326655 |
|  |  | 48233221 |
| **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** | **Specialty Retail — 1.0%** |
| China Tourism Group Duty Free Corp. Ltd., Class A | &nbsp;&nbsp; 324024 | 3154895 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 5512600 | 10358881 |
| HLA Group Corp. Ltd., Class A | &nbsp;&nbsp; 728400 | 713047 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1507000 | 62642027 |
|  |  | 76868850 |
| **Technology Hardware, Storage & Peripherals — 4.7%** | **Technology Hardware, Storage & Peripherals — 4.7%** | **Technology Hardware, Storage & Peripherals — 4.7%** |
| Anker Innovations Technology Co. Ltd., Class A | &nbsp;&nbsp; 87730 | 1727439 |
| China Greatwall Technology Group Co. Ltd., <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 532200 | 1337638 |
| GRG Banking Equipment Co. Ltd., Class A | &nbsp;&nbsp; 401400 | 808114 |
| Huaqin Technology Co. Ltd., Class A | &nbsp;&nbsp; 138600 | 1912529 |
| IEIT Systems Co. Ltd., Class A | &nbsp;&nbsp; 243516 | 2295645 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 19220000 | 27591961 |
| Ninestar Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 258026 | 904282 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | &nbsp;&nbsp; 194163 | 2453867 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 48108000 | 328329710 |
|  |  | 367361185 |
| **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 3536800 | 44006465 |
| Bosideng International Holdings Ltd. | &nbsp;&nbsp; 12932000 | 7484746 |
| Laopu Gold Co. Ltd., Class H | &nbsp;&nbsp; 77800 | 7134577 |
| Li Ning Co. Ltd. | &nbsp;&nbsp; 6493000 | 15899625 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp; 2326500 | 18511833 |
|  |  | 93037246 |
| **Tobacco — 0.2%** | **Tobacco — 0.2%** | **Tobacco — 0.2%** |
| Smoore International Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 5217000 | 12703448 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| BOC Aviation Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 581600 | $5220342 |
| Xiamen C & D Inc., Class A | &nbsp;&nbsp; 453488 | 741768 |
|  |  | 5962110 |
| **Transportation Infrastructure — 0.2%** | **Transportation Infrastructure — 0.2%** | **Transportation Infrastructure — 0.2%** |
| China Merchants Expressway Network & <br> Technology Holdings Co. Ltd., Class A<br>| &nbsp;&nbsp; 967500 | 1414598 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 3638000 | 6995526 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 3526000 | 4162246 |
| Shanghai International Airport Co. Ltd., Class A | &nbsp;&nbsp; 193799 | 879690 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 4353000 | 3846958 |
|  |  | 17299018 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 11610000 | 3874352 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 8054000 | 7575284 |
|  |  | 11449636 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| China United Network Communications Ltd., <br> Class A<br>| &nbsp;&nbsp; 5291027 | 4236367 |
| **Total Common Stocks — 99.6%** <br>**(Cost: $7,158,901,869)** | **Total Common Stocks — 99.6%** <br>**(Cost: $7,158,901,869)** | 7860254598 |
| **Rights** | **Rights** | **Rights** |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| Kangmei Pharmaceutical Co. Ltd. NVS (Expires <br> 12/31/49)<sup>(d)</sup><br>| &nbsp;&nbsp; 73621 |  |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $7,158,901,869)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $7,158,901,869)** | 7860254598 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.2%** | **Money Market Funds — 1.2%** | **Money Market Funds — 1.2%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 95360278 | $95407959 |
| **Total Short-Term Securities — 1.2%** <br>**(Cost: $95,407,959)** | **Total Short-Term Securities — 1.2%** <br>**(Cost: $95,407,959)** | 95407959 |
| **Total Investments — 100.8%** <br>**(Cost: $7,254,309,828)** | **Total Investments — 100.8%** <br>**(Cost: $7,254,309,828)** | 7955662557 |
| **Liabilities in Excess of Other Assets — (0.8)%** | **Liabilities in Excess of Other Assets — (0.8)%** | (65810516)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $7889852041 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $40896524 | $54518236 <br><sup>(a)</sup><br>| $— | $42858 | $(49659)<br>| $95407959 | 95360278 | $1201278 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<sup>(c)</sup><br>| 2560000 |  | &nbsp;&nbsp; (2560000 )<sup>(a)</sup><br>|  |  |  |  | 216905 |  |
|  |  |  |  | $42858 | $(49659) | $95407959 |  | $1418183 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

<sup>(c)</sup> As of period end, the entity is no longer held.

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI China Index | 771 | 09/19/25 | &nbsp;&nbsp; $25956 | $1787227 |

---

**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; $1787227 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1787227 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12865361 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12865361 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2421661 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2421661 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $30488625 |

---

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; $436662629 | &nbsp;&nbsp; $7423591969 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7860254598 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 95407959 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 95407959 |
|  | &nbsp;&nbsp; $532070588 | &nbsp;&nbsp; $7423591969 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7955662557 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China 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; $1787227 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1787227 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI China Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| Hangzhou SF Intra-City Industrial Co. Ltd., <br> Class H<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 124800 | $241099 |
| **Automobile Components — 2.6%** | **Automobile Components — 2.6%** | **Automobile Components — 2.6%** |
| Launch Tech Co. Ltd., Class H | &nbsp;&nbsp; 72000 | 102755 |
| Minth Group Ltd. | &nbsp;&nbsp; 344000 | 1461415 |
| Nexteer Automotive Group Ltd. | &nbsp;&nbsp; 432000 | 381940 |
| Tianneng Power International Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 312000 | 325132 |
| Weifu High-Technology Group Co. Ltd., Class B | &nbsp;&nbsp; 67200 | 116938 |
|  |  | 2388180 |
| **Automobiles — 1.1%** | **Automobiles — 1.1%** | **Automobiles — 1.1%** |
| BAIC Motor Corp. Ltd., Class H<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 840068 | 221615 |
| Brilliance China Automotive Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1440000 | 737632 |
|  |  | 959247 |
| **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** |
| Bank of Zhengzhou Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 672000 | 117237 |
| China Bohai Bank Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 1320000 | 173218 |
|  |  | 290455 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| China Foods Ltd. | &nbsp;&nbsp; 384000 | 196389 |
| China Huiyuan Juice Group Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 81000 |  |
| Yantai Changyu Pioneer Wine Co. Ltd., Class B | &nbsp;&nbsp; 100800 | 112892 |
|  |  | 309281 |
| **Biotechnology — 11.2%** | **Biotechnology — 11.2%** | **Biotechnology — 11.2%** |
| Abbisko Cayman Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 217000 | 477573 |
| Alphamab Oncology<sup>(a)(b)</sup> | &nbsp;&nbsp; 240000 | 285809 |
| Ascentage Pharma Group International<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 124800 | 1336574 |
| CanSino Biologics Inc., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 48000 | 302449 |
| CStone Pharmaceuticals<sup>(a)(b)</sup> | &nbsp;&nbsp; 456000 | 632179 |
| Duality Biotherapeutics Inc.<sup>(b)</sup> | &nbsp;&nbsp; 7800 | 315782 |
| Everest Medicines Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 112386 | 919896 |
| HBM Holdings Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 271000 | 513372 |
| InnoCare Pharma Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 384000 | 835469 |
| Keymed Biosciences Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 96000 | 852393 |
| Laekna Inc.<sup>(b)</sup> | &nbsp;&nbsp; 96000 | 200973 |
| Lepu Biopharma Co. Ltd., Class H<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 384000 | 429583 |
| Remegen Co. Ltd., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 86000 | 1088632 |
| Shandong BoAn Biotechnology Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 76800 | 136676 |
| Shanghai Henlius Biotech Inc., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 28800 | 287913 |
| Untrade Cteg, NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 600000 | 1 |
| Zai Lab Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 470400 | 1565793 |
|  |  | 10181067 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| China Lesso Group Holdings Ltd. | &nbsp;&nbsp; 432000 | 268317 |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| Central China Securities Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 480000 | 173990 |
| China Everbright Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 446000 | 511728 |
| JF SmartInvest Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 52000 | 512731 |
| Noah Holdings Ltd., ADR | &nbsp;&nbsp; 18672 | 232466 |
| Up Fintech Holding Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 48000 | 600000 |
|  |  | 2030915 |
| **Chemicals — 3.8%** | **Chemicals — 3.8%** | **Chemicals — 3.8%** |
| China BlueChemical Ltd., Class H | &nbsp;&nbsp; 768000 | 240818 |
| China Risun Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 528000 | 165265 |
| China XLX Fertiliser Ltd. | &nbsp;&nbsp; 288000 | 273222 |
| Dongyue Group Ltd. | &nbsp;&nbsp; 624000 | 1042791 |
| Fufeng Group Ltd. | &nbsp;&nbsp; 720600 | 862104 |
| Global New Material International Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 379000 | 228556 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Huabao International Holdings Ltd. | &nbsp;&nbsp; 384000 | $207874 |
| Shanghai Chlor-Alkali Chemical Co. Ltd., Class B | &nbsp;&nbsp; 192093 | 127956 |
| Sinofert Holdings Ltd. | &nbsp;&nbsp; 1526000 | 276726 |
| Untradelumena Newmat, NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 21700 |  |
|  |  | 3425312 |
| **Commercial Services & Supplies — 1.7%** | **Commercial Services & Supplies — 1.7%** | **Commercial Services & Supplies — 1.7%** |
| Binjiang Service Group Co. Ltd. | &nbsp;&nbsp; 44359 | 140665 |
| China Everbright Environment Group Ltd. | &nbsp;&nbsp; 1728000 | 974467 |
| Dynagreen Environmental Protection Group Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 192000 | 116264 |
| Tuhu Car Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 86400 | 223326 |
| Zonqing Environmental Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 96000 | 58372 |
|  |  | 1513094 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| Yangtze Optical Fibre & Cable Joint Stock Co. Ltd., <br> Class H<sup>(a)(c)</sup><br>| &nbsp;&nbsp; 120000 | 814534 |
| **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** |
| China Conch Venture Holdings Ltd. | &nbsp;&nbsp; 672000 | 893040 |
| Greentown Management Holdings Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 288000 | 107048 |
| Sinopec Engineering Group Co. Ltd., Class H | &nbsp;&nbsp; 672000 | 601506 |
| Xinte Energy Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 174000 | 152189 |
|  |  | 1753783 |
| **Construction Materials — 0.9%** | **Construction Materials — 0.9%** | **Construction Materials — 0.9%** |
| BBMG Corp., Class H | &nbsp;&nbsp; 1104000 | 117890 |
| China Resources Building Materials Technology <br> Holdings Ltd.<br>| &nbsp;&nbsp; 1152000 | 274774 |
| CSG Holding Co. Ltd., Class B | &nbsp;&nbsp; 528047 | 125907 |
| MH Development Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 112000 |  |
| West China Cement Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 950000 | 324612 |
|  |  | 843183 |
| **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** |
| FinVolution Group, ADR | &nbsp;&nbsp; 46080 | 380160 |
| Lufax Holding Ltd., ADR<sup>(b)</sup> | &nbsp;&nbsp; 122208 | 359291 |
| Yixin Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 816000 | 334812 |
|  |  | 1074263 |
| **Consumer Staples Distribution & Retail — 2.4%** | **Consumer Staples Distribution & Retail — 2.4%** | **Consumer Staples Distribution & Retail — 2.4%** |
| Chongqing Hongjiu Fruit Co. Ltd., Class H<sup>(b)(d)</sup> | &nbsp;&nbsp; 211280 | 21222 |
| East Buy Holding Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 192000 | 669883 |
| Guoquan Food Shanghai Co. Ltd. | &nbsp;&nbsp; 307200 | 129256 |
| Ping An Healthcare and Technology Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 408000 | 1089674 |
| Sun Art Retail Group Ltd. | &nbsp;&nbsp; 1128000 | 294447 |
|  |  | 2204482 |
| **Distributors — 0.6%** | **Distributors — 0.6%** | **Distributors — 0.6%** |
| China Tobacco International HK Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 96000 | 505808 |
| **Diversified Consumer Services — 1.4%** | **Diversified Consumer Services — 1.4%** | **Diversified Consumer Services — 1.4%** |
| China East Education Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 264000 | 273979 |
| China Education Group Holdings Ltd. | &nbsp;&nbsp; 528000 | 193895 |
| Fenbi Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 576000 | 232136 |
| Fu Shou Yuan International Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 672000 | 287763 |
| Tianli International Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 619000 | 300944 |
|  |  | 1288717 |
| **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** |
| Yuexiu REIT | &nbsp;&nbsp; 1200000 | 145052 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| China Fiber Optic Network System Group Ltd., <br> NVS<sup>(b)(d)</sup><br>| &nbsp;&nbsp; 181600 |  |
| Hangzhou Steam Turbine Power Group Co. Ltd., <br> Class B<br>| &nbsp;&nbsp; 91812 | 130999 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
| Harbin Electric Co. Ltd., Class H | &nbsp;&nbsp; 314000 | $325877 |
| JL Mag Rare-Earth Co. Ltd., Class H | &nbsp;&nbsp; 67200 | 199214 |
| REPT BATTERO Energy Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 144000 | 220929 |
| Trony Solar Holdings Co. Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 216000 |  |
|  |  | 877019 |
| **Electronic Equipment, Instruments & Components — 4.0%** | **Electronic Equipment, Instruments & Components — 4.0%** | **Electronic Equipment, Instruments & Components — 4.0%** |
| Anxin-China Holdings Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 672000 | 1 |
| BOE Varitronix Ltd. | &nbsp;&nbsp; 192000 | 150257 |
| FIH Mobile Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 144000 | 283363 |
| Kingboard Holdings Ltd. | &nbsp;&nbsp; 288000 | 1060052 |
| Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 432000 | 736537 |
| Q Technology Group Co. Ltd. | &nbsp;&nbsp; 219000 | 453616 |
| RoboSense Technology Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 120000 | 619926 |
| Wasion Holdings Ltd. | &nbsp;&nbsp; 228000 | 338780 |
|  |  | 3642532 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Dalipal Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 192000 | 145315 |
| **Entertainment — 3.8%** | **Entertainment — 3.8%** | **Entertainment — 3.8%** |
| Boyaa Interactive International Ltd. | &nbsp;&nbsp; 192000 | 192924 |
| Damai Entertainment Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 5760000 | 863243 |
| iQIYI Inc., ADR<sup>(b)(c)</sup> | &nbsp;&nbsp; 223584 | 592498 |
| Maoyan Entertainment<sup>(a)(c)</sup> | &nbsp;&nbsp; 192000 | 191848 |
| NetDragon Websoft Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 144000 | 193200 |
| Untrade SMI Holdings, NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 267200 |  |
| XD Inc. | &nbsp;&nbsp; 138400 | 1444472 |
|  |  | 3478185 |
| **Financial Services — 0.8%** | **Financial Services — 0.8%** | **Financial Services — 0.8%** |
| CSSC Hong Kong Shipping Co. Ltd. | &nbsp;&nbsp; 576000 | 147385 |
| Lianlian DigiTech Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 96000 | 141374 |
| SY Holdings Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 216000 | 330542 |
| Yeahka Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 96000 | 146987 |
|  |  | 766288 |
| **Food Products — 1.6%** | **Food Products — 1.6%** | **Food Products — 1.6%** |
| China Modern Dairy Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1344000 | 226270 |
| China Youran Dairy Group Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 528000 | 264450 |
| COFCO Joycome Foods Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1296000 | 299726 |
| Star Plus Legend Holdings Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 96000 | 131522 |
| Yihai International Holding Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 240820 | 425202 |
| Zhou Hei Ya International Holdings Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 408000 | 128365 |
|  |  | 1475535 |
| **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** |
| Towngas Smart Energy Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 480000 | 247500 |
| Zhongyu Energy Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 384000 | 184230 |
|  |  | 431730 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| ANE Cayman Inc.<sup>(b)</sup> | &nbsp;&nbsp; 336000 | 361624 |
| Canggang Railway Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 672000 | 115513 |
| Guangshen Railway Co. Ltd. | &nbsp;&nbsp; 672000 | 197691 |
|  |  | 674828 |
| **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** |
| AK Medical Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 230000 | 166237 |
| Angelalign Technology Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 28800 | 267994 |
| Kangji Medical Holdings Ltd. | &nbsp;&nbsp; 168000 | 187036 |
| Lifetech Scientific Corp. <sup>(b)(c)</sup> | &nbsp;&nbsp; 1536000 | 385482 |
| MicroPort NeuroScientific Corp.<sup>(c)</sup> | &nbsp;&nbsp; 118000 | 198317 |
| Microport Scientific Corp.<sup>(b)(c)</sup> | &nbsp;&nbsp; 436800 | 683240 |
| Shanghai Conant Optical Co. Ltd., Class H | &nbsp;&nbsp; 89500 | 553729 |
| Shanghai MicroPort MedBot Group Co. Ltd., <br> Class H<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 168000 | 440275 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| Untrade Hosa International Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 220000 | $— |
| Zylox-Tonbridge Medical Technology Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 72000 | 213053 |
|  |  | 3095363 |
| **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** | **Health Care Providers & Services — 2.1%** |
| Adicon Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 120000 | 110525 |
| China Resources Medical Holdings Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 408000 | 191345 |
| Genertec Universal Medical Group Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 408000 | 318220 |
| Gushengtang Holdings Ltd. | &nbsp;&nbsp; 72000 | 301813 |
| Hygeia Healthcare Holdings Co. Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 172800 | 332686 |
| Jinxin Fertility Group Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 1032000 | 383894 |
| New Horizon Health Ltd.<sup>(a)(b)(d)</sup> | &nbsp;&nbsp; 132000 | 167601 |
| YSB Inc. | &nbsp;&nbsp; 115200 | 135290 |
|  |  | 1941374 |
| **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** |
| Medlive Technology Co. Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 96000 | 173971 |
| Yidu Tech Inc. <sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 302400 | 236141 |
|  |  | 410112 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |
| Atour Lifestyle Holdings Ltd., ADR | &nbsp;&nbsp; 16032 | 623965 |
| China Travel International Investment Hong Kong <br> Ltd.<sup>(c)</sup><br>| &nbsp;&nbsp; 950000 | 184522 |
| DPC Dash Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 38400 | 438702 |
| Haichang Ocean Park Holdings Ltd.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 1536000 | 146301 |
| Jiumaojiu International Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 432000 | 134438 |
|  |  | 1527928 |
| **Household Durables — 1.1%** | **Household Durables — 1.1%** | **Household Durables — 1.1%** |
| Chervon Holdings Ltd. | &nbsp;&nbsp; 62400 | 179624 |
| Skyworth Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 306000 | 136419 |
| TCL Electronics Holdings Ltd. | &nbsp;&nbsp; 480000 | 664847 |
|  |  | 980890 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Blue Moon Group Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 552000 | 236174 |
| **Independent Power and Renewable Electricity Producers — 1.1%** | **Independent Power and Renewable Electricity Producers — 1.1%** | **Independent Power and Renewable Electricity Producers — 1.1%** |
| Beijing Jingneng Clean Energy Co. Ltd., Class H | &nbsp;&nbsp; 768000 | 234861 |
| CGN New Energy Holdings Co. Ltd. | &nbsp;&nbsp; 576000 | 179976 |
| China Datang Corp. Renewable Power Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 1104000 | 339367 |
| Concord New Energy Group Ltd. | &nbsp;&nbsp; 2400000 | 121609 |
| Xinyi Energy Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 960000 | 156696 |
|  |  | 1032509 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| Shanghai Industrial Holdings Ltd. | &nbsp;&nbsp; 192632 | 357916 |
| **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
| ZhongAn Online P&C Insurance Co. Ltd., <br> Class H<sup>(a)(b)(c)</sup><br>| &nbsp;&nbsp; 460800 | 1174911 |
| **Interactive Media & Services — 2.3%** | **Interactive Media & Services — 2.3%** | **Interactive Media & Services — 2.3%** |
| Hello Group Inc., ADR | &nbsp;&nbsp; 56640 | 470112 |
| JOYY Inc., ADR | &nbsp;&nbsp; 13344 | 721377 |
| Newborn Town Inc.<sup>(b)</sup> | &nbsp;&nbsp; 256000 | 406370 |
| Weibo Corp., ADR | &nbsp;&nbsp; 40464 | 463717 |
|  |  | 2061576 |
| **IT Services — 3.1%** | **IT Services — 3.1%** | **IT Services — 3.1%** |
| Chinasoft International Ltd. | &nbsp;&nbsp; 1086000 | 919166 |
| INESA Intelligent Tech Inc., Class B | &nbsp;&nbsp; 139242 | 111423 |
| Kingsoft Cloud Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1078980 | 1074073 |
| National Agricultural Holdings Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 108900 |  |
| Vnet Group Inc., ADR<sup>(b)(c)</sup> | &nbsp;&nbsp; 68208 | 590681 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| WellCell Holdings Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 115200 | $106233 |
|  |  | 2801576 |
| **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** |
| Joinn Laboratories China Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 48000 | 132463 |
| XtalPi Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 672000 | 889525 |
|  |  | 1021988 |
| **Machinery — 2.7%** | **Machinery — 2.7%** | **Machinery — 2.7%** |
| CIMC Enric Holdings Ltd. | &nbsp;&nbsp; 289193 | 267843 |
| First Tractor Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 192000 | 184354 |
| LK Technology Holdings Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 240491 | 166275 |
| Lonking Holdings Ltd. | &nbsp;&nbsp; 912000 | 317080 |
| Sany Heavy Equipment International Holdings Co. Ltd. | &nbsp;&nbsp; 528000 | 466908 |
| Shanghai Mechanical and Electrical Industry Co. Ltd., <br> Class B<br>| &nbsp;&nbsp; 100805 | 133311 |
| Shanghai Zhenhua Heavy Industries Co. Ltd., Class B | &nbsp;&nbsp; 504040 | 141074 |
| UBTech Robotics Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 60000 | 741917 |
|  |  | 2418762 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Xinhua Winshare Publishing and Media Co. Ltd., <br> Class H<br>| &nbsp;&nbsp; 144000 | 219819 |
| **Metals & Mining — 4.7%** | **Metals & Mining — 4.7%** | **Metals & Mining — 4.7%** |
| China Gold International Resources Corp. Ltd. | &nbsp;&nbsp; 110400 | 1564860 |
| China Metal Recycling Holdings Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 184800 |  |
| China Nonferrous Mining Corp Ltd. | &nbsp;&nbsp; 624000 | 835594 |
| Jinchuan Group International Resources Co. Ltd.<sup>(c)(d)</sup> | &nbsp;&nbsp; 1372000 | 101376 |
| Lingbao Gold Group Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 192000 | 355443 |
| Maanshan Iron & Steel Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 672000 | 208413 |
| Shougang Fushan Resources Group Ltd. | &nbsp;&nbsp; 960000 | 339652 |
| Tiangong International Co. Ltd. | &nbsp;&nbsp; 672000 | 216543 |
| Tongguan Gold Group Ltd. | &nbsp;&nbsp; 788000 | 203127 |
| Untrade Real Gold Mining, NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 126000 |  |
| Wanguo Gold Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 122000 | 476084 |
| Youyuan International Holdings Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 120000 |  |
|  |  | 4301092 |
| **Oil, Gas & Consumable Fuels — 0.9%** | **Oil, Gas & Consumable Fuels — 0.9%** | **Oil, Gas & Consumable Fuels — 0.9%** |
| CGN Mining Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1200000 | 427982 |
| Kinetic Development Group Ltd. | &nbsp;&nbsp; 1152000 | 177963 |
| Sinopec Kantons Holdings Ltd. | &nbsp;&nbsp; 384000 | 209352 |
|  |  | 815297 |
| **Paper & Forest Products — 0.9%** | **Paper & Forest Products — 0.9%** | **Paper & Forest Products — 0.9%** |
| China Forestry Holdings Co. Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 306000 | 1 |
| Lee & Man Paper Manufacturing Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 624000 | 236528 |
| Nine Dragons Paper Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 768000 | 558433 |
| Qunxing Paper Holdings Co. Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 148000 |  |
| Superb Summit International Group Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 2975 |  |
|  |  | 794962 |
| **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** |
| Shanghai Chicmax Cosmetic Co. Ltd. | &nbsp;&nbsp; 33600 | 391969 |
| **Pharmaceuticals — 6.3%** | **Pharmaceuticals — 6.3%** | **Pharmaceuticals — 6.3%** |
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 115000 | 135478 |
| China Animal Healthcare Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 140000 |  |
| China Medical System Holdings Ltd. | &nbsp;&nbsp; 576000 | 966465 |
| China Shineway Pharmaceutical Group Ltd. | &nbsp;&nbsp; 144000 | 159913 |
| China Traditional Chinese Medicine Holdings Co. Ltd. | &nbsp;&nbsp; 1440000 | 405403 |
| Consun Pharmaceutical Group Ltd. | &nbsp;&nbsp; 192000 | 367870 |
| Grand Pharmaceutical Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 576000 | 697318 |
| Hua Han Health Industry Holdings Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 505580 | 1 |
| HUTCHMED China Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 264165 | 806794 |
| Luye Pharma Group Ltd. <sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 984000 | 456858 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Ocumension Therapeutics<sup>(a)(b)</sup> | &nbsp;&nbsp; 144000 | $164756 |
| Sihuan Pharmaceutical Holdings Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 2016000 | 379030 |
| Simcere Pharmaceutical Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 288000 | 522287 |
| SSY Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 672000 | 245430 |
| Sunshine Lake Pharma Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 33670 | 224380 |
| Tong Ren Tang Technologies Co. Ltd., Class H | &nbsp;&nbsp; 288000 | 183495 |
|  |  | 5715478 |
| **Real Estate Management & Development — 8.1%** | **Real Estate Management & Development — 8.1%** | **Real Estate Management & Development — 8.1%** |
| A-Living Smart City Services Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 336000 | 132899 |
| C&D Property Management Group Co. Ltd. | &nbsp;&nbsp; 240000 | 98296 |
| China Jinmao Holdings Group Ltd. | &nbsp;&nbsp; 2582000 | 487511 |
| China Overseas Grand Oceans Group Ltd. | &nbsp;&nbsp; 816000 | 237645 |
| China Overseas Property Holdings Ltd. | &nbsp;&nbsp; 595000 | 409088 |
| Country Garden Services Holdings Co. Ltd. | &nbsp;&nbsp; 1008000 | 843804 |
| Evergrande Property Services Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 2568000 | 294414 |
| Gemdale Properties & Investment Corp. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 2390000 | 78749 |
| Greentown China Holdings Ltd. | &nbsp;&nbsp; 480000 | 606392 |
| Greentown Service Group Co. Ltd. | &nbsp;&nbsp; 672000 | 429799 |
| Guangzhou R&F Properties Co. Ltd., Class H<sup>(b)(c)</sup> | &nbsp;&nbsp; 883200 | 84527 |
| Hopson Development Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 532824 | 241960 |
| Onewo Inc., Class H | &nbsp;&nbsp; 110400 | 357336 |
| Poly Property Group Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1008000 | 207854 |
| Poly Property Services Co. Ltd., Class H | &nbsp;&nbsp; 63600 | 287764 |
| Radiance Holdings Group Co. Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 384000 | 134167 |
| Seazen Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 1152000 | 368921 |
| Shanghai Jinqiao Export Processing Zone <br> Development Co. Ltd., Class B<br>| &nbsp;&nbsp; 129683 | 100110 |
| Shenzhen Investment Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 1248000 | 134697 |
| Shoucheng Holdings Ltd. | &nbsp;&nbsp; 865600 | 210541 |
| Shui On Land Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 1704000 | 166455 |
| Sunac China Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 4032000 | 794761 |
| Sunac Services Holdings Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 720000 | 154835 |
| Yuexiu Property Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 672000 | 428632 |
| Yuexiu Services Group Ltd. | &nbsp;&nbsp; 216000 | 78079 |
|  |  | 7369236 |
| **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** |
| Black Sesame International Holding Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 57600 | 140269 |
| Daqo New Energy Corp., ADR<sup>(b)</sup> | &nbsp;&nbsp; 22080 | 559728 |
| JinkoSolar Holding Co. Ltd., ADR | &nbsp;&nbsp; 14544 | 335530 |
|  |  | 1035527 |
| **Software — 2.7%** | **Software — 2.7%** | **Software — 2.7%** |
| AsiaInfo Technologies Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 172800 | 229589 |
| Beijing Fourth Paradigm Technology Co. Ltd., <br> Class H<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 62400 | 489912 |
| Inspur Digital Enterprise Technology Ltd. | &nbsp;&nbsp; 258000 | 325488 |
| Marketingforce Management Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 38400 | 280435 |
| Ming Yuan Cloud Group Holdings Ltd. | &nbsp;&nbsp; 480000 | 244839 |
| Tuya Inc. | &nbsp;&nbsp; 126768 | 337203 |
| Weimob Inc.<sup>(a)(b)(c)</sup> | &nbsp;&nbsp; 1536000 | 521805 |
|  |  | 2429271 |
| **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** | **Specialty Retail — 1.6%** |
| Boshiwa International Holding Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 67000 |  |
| Topsports International Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1051000 | 437173 |
| XXF Group Holdings Ltd.<sup>(b)(c)</sup> | &nbsp;&nbsp; 393000 | 352896 |
| Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp; 336000 | 697102 |
|  |  | 1487171 |
| **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** |
| Legend Holdings Corp., Class H<sup>(a)(b)</sup> | &nbsp;&nbsp; 268800 | 405527 |
| **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** | **Textiles, Apparel & Luxury Goods — 1.4%** |
| 361 Degrees International Ltd. | &nbsp;&nbsp; 384000 | 314329 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China Small-Cap ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** |
| China Lilang Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 192000 | $93346 |
| Fuguiniao Co. Ltd., NVS<sup>(b)(d)</sup> | &nbsp;&nbsp; 43200 |  |
| JNBY Design Ltd. | &nbsp;&nbsp; 96000 | 248685 |
| Xtep International Holdings Ltd. | &nbsp;&nbsp; 720000 | 615404 |
|  |  | 1271764 |
| **Tobacco — 0.4%** | **Tobacco — 0.4%** | **Tobacco — 0.4%** |
| RLX Technology Inc., ADR | &nbsp;&nbsp; 128256 | 325770 |
| **Transportation Infrastructure — 2.6%** | **Transportation Infrastructure — 2.6%** | **Transportation Infrastructure — 2.6%** |
| Anhui Expressway Co. Ltd., Class H | &nbsp;&nbsp; 192000 | 289822 |
| Beijing Capital International Airport Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 864000 | 328184 |
| Cosco Shipping International Hong Kong Co. Ltd. | &nbsp;&nbsp; 192000 | 159909 |
| COSCO Shipping Ports Ltd. | &nbsp;&nbsp; 576000 | 418201 |
| Hainan Meilan International Airport Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 96000 | 128689 |
| Shenzhen International Holdings Ltd. | &nbsp;&nbsp; 696000 | 702176 |
| Sichuan Expressway Co. Ltd., Class H | &nbsp;&nbsp; 288000 | 177333 |
| Yuexiu Transport Infrastructure Ltd. | &nbsp;&nbsp; 345601 | 190190 |
|  |  | 2394504 |
| **Water Utilities — 0.3%** | **Water Utilities — 0.3%** | **Water Utilities — 0.3%** |
| China Water Affairs Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 336000 | 268365 |
| **Total Long-Term Investments — 99.1%** <br>**(Cost: $76,942,336)** | **Total Long-Term Investments — 99.1%** <br>**(Cost: $76,942,336)** | 90015052 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 23.6%** | **Money Market Funds — 23.6%** | **Money Market Funds — 23.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 21274063 | 21284700 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 160000 | $160000 |
| **Total Short-Term Securities — 23.6%** <br>**(Cost: $21,443,896)** | **Total Short-Term Securities — 23.6%** <br>**(Cost: $21,443,896)** | 21444700 |
| **Total Investments — 122.7%** <br>**(Cost: $98,386,232)** | **Total Investments — 122.7%** <br>**(Cost: $98,386,232)** | 111459752 |
| **Liabilities in Excess of Other Assets — (22.7)%** | **Liabilities in Excess of Other Assets — (22.7)%** | (20640334)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $90819418 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> Affiliate of the Fund.

<sup>(f)</sup> Annualized 7-day yield as of period end.

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $12718133<br> $8569663 <br><sup>(a)</sup><br>| $— | $869 | $(3965)<br>| $21284700 | 21274063 | $892503 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 20000<br> 140000 <br><sup>(a)</sup><br>|  |  |  | 160000 | 160000 | 2680 |  |
|  |  |  | $869 | $(3965) | $21444700 |  | $895183 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI China Index | 20 | 09/19/25 | &nbsp;&nbsp; $673 | $21024 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China 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; $21024 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21024 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $158722 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $158722 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27172 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27172 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $469104 |

---

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; $12987275 | &nbsp;&nbsp; $76737574 | &nbsp;&nbsp; $290203 | &nbsp;&nbsp; $90015052 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 21444700 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21444700 |
|  | &nbsp;&nbsp; $34431975 | &nbsp;&nbsp; $76737574 | &nbsp;&nbsp; $290203 | &nbsp;&nbsp; $111459752 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21024 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21024 |

---

&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.

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI China Small-Cap ETF**

in determining fair value:

---

| | |
|:---|:---|
| ***Assets*** | *Common Stocks* |
| Opening balance, as of August 31, 2024 | &nbsp;&nbsp; $608999 |
| Transfers into Level 3 | &nbsp;&nbsp; 77065 |
| Transfers out of Level 3 | &nbsp;&nbsp; (119080)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp; (691386)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp; 520243 |
| Purchases | &nbsp;&nbsp; 26004 |
| Sales | &nbsp;&nbsp; (131642)<br>|
| Closing balance, as of August 31, 2025 | &nbsp;&nbsp; $290203 |
| Net change in unrealized appreciation (depreciation) on investments still held at August 31, 2025<sup>(b)</sup> | &nbsp;&nbsp; $(59105)<br>|
| <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |  |
| <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments <br> still held at August 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end.<br>|  |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Indonesia ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
| Selamat Sempurna Tbk PT | &nbsp;&nbsp; 8514900 | $975935 |
| **Banks — 42.8%** | **Banks — 42.8%** | **Banks — 42.8%** |
| Bank Aladin Syariah Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 22889500 | 1131288 |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 127644790 | 62534410 |
| Bank Jago Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 12323800 | 1696338 |
| Bank Mandiri Persero Tbk PT | &nbsp;&nbsp; 87250120 | 25006122 |
| Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp; 36378816 | 9658072 |
| Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp; 158034154 | 38794590 |
| Bank Tabungan Negara Persero Tbk PT | &nbsp;&nbsp; 19861826 | 1563874 |
|  |  | 140384694 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Sariguna Primatirta Tbk. PT | &nbsp;&nbsp; 17999400 | 627703 |
| **Broadline Retail — 3.5%** | **Broadline Retail — 3.5%** | **Broadline Retail — 3.5%** |
| Bukalapak.com PT Tbk<sup>(a)</sup> | &nbsp;&nbsp; 170624000 | 1800035 |
| GoTo Gojek Tokopedia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 2204430900 | 7744087 |
| Mitra Adiperkasa Tbk PT | &nbsp;&nbsp; 26892500 | 1963197 |
|  |  | 11507319 |
| **Capital Markets — 0.6%** | **Capital Markets — 0.6%** | **Capital Markets — 0.6%** |
| Pacific Strategic Financial Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 26692300 | 1885781 |
| Pool Advista Indonesia Tbk PT<sup>(a)(b)</sup> | &nbsp;&nbsp; 7126300 |  |
|  |  | 1885781 |
| **Chemicals — 4.9%** | **Chemicals — 4.9%** | **Chemicals — 4.9%** |
| Avia Avian Tbk PT | &nbsp;&nbsp; 36278800 | 927440 |
| Barito Pacific Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 43392055 | 5759338 |
| Chandra Asri Pacific Tbk PT | &nbsp;&nbsp; 17182852 | 8579598 |
| ESSA Industries Indonesia Tbk PT | &nbsp;&nbsp; 24441000 | 836762 |
|  |  | 16103138 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| Waskita Karya Persero Tbk PT<sup>(a)(b)</sup> | &nbsp;&nbsp; 61414619 | 376160 |
| Wijaya Karya Persero Tbk PT<sup>(a)(b)</sup> | &nbsp;&nbsp; 20339300 | 213877 |
|  |  | 590037 |
| **Construction Materials — 1.1%** | **Construction Materials — 1.1%** | **Construction Materials — 1.1%** |
| Indocement Tunggal Prakarsa Tbk PT | &nbsp;&nbsp; 4098544 | 1740207 |
| Semen Indonesia Persero Tbk PT | &nbsp;&nbsp; 11267941 | 1808883 |
|  |  | 3549090 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| BFI Finance Indonesia Tbk PT | &nbsp;&nbsp; 23978000 | 1105111 |
| **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** |
| Midi Utama Indonesia Tbk PT | &nbsp;&nbsp; 30039000 | 816099 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 47098200 | 6283468 |
|  |  | 7099567 |
| **Diversified Telecommunication Services — 6.8%** | **Diversified Telecommunication Services — 6.8%** | **Diversified Telecommunication Services — 6.8%** |
| Dayamitra Telekomunikasi PT | &nbsp;&nbsp; 12486200 | 442961 |
| Inovisi Infracom Tbk PT, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 9476400 |  |
| Sarana Menara Nusantara Tbk PT | &nbsp;&nbsp; 50177000 | 1871368 |
| Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp; 104818890 | 20050117 |
|  |  | 22364446 |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| MD Entertainment Tbk PT | &nbsp;&nbsp; 6915720 | 1379789 |
| **Food Products — 5.9%** | **Food Products — 5.9%** | **Food Products — 5.9%** |
| Astra Agro Lestari Tbk PT | &nbsp;&nbsp; 852500 | 377395 |
| Charoen Pokphand Indonesia Tbk PT | &nbsp;&nbsp; 19159425 | 4959775 |
| Cisarua Mountain Dairy PT TBK | &nbsp;&nbsp; 4516100 | 1369345 |
| Indofood CBP Sukses Makmur Tbk PT | &nbsp;&nbsp; 6416454 | 3493365 |
| Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp; 11285830 | 5100634 |
| Inti Agri Resources Tbk PT<sup>(a)(b)</sup> | &nbsp;&nbsp; 190840700 |  |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Japfa Comfeed Indonesia Tbk PT | &nbsp;&nbsp; 18732000 | $1861633 |
| Sawit Sumbermas Sarana Tbk PT | &nbsp;&nbsp; 11686500 | 1038249 |
| Triputra Agro Persada PT | &nbsp;&nbsp; 4072000 | 350651 |
| Ultrajaya Milk Industry & Trading Co. Tbk PT | &nbsp;&nbsp; 9985200 | 772386 |
|  |  | 19323433 |
| **Gas Utilities — 0.9%** | **Gas Utilities — 0.9%** | **Gas Utilities — 0.9%** |
| Perusahaan Gas Negara Tbk PT | &nbsp;&nbsp; 28370207 | 2941897 |
| **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** |
| Medikaloka Hermina Tbk PT | &nbsp;&nbsp; 23307200 | 2343128 |
| Mitra Keluarga Karyasehat Tbk PT | &nbsp;&nbsp; 13406500 | 1788617 |
|  |  | 4131745 |
| **Industrial Conglomerates — 4.0%** | **Industrial Conglomerates — 4.0%** | **Industrial Conglomerates — 4.0%** |
| Astra International Tbk PT | &nbsp;&nbsp; 39489430 | 13174221 |
| **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** | **Marine Transportation — 0.3%** |
| Transcoal Pacific Tbk PT | &nbsp;&nbsp; 3105500 | 1082876 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Elang Mahkota Teknologi Tbk PT | &nbsp;&nbsp; 38169100 | 2812175 |
| **Metals & Mining — 8.7%** | **Metals & Mining — 8.7%** | **Metals & Mining — 8.7%** |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 29842684 | 14223285 |
| Aneka Tambang Tbk | &nbsp;&nbsp; 22841754 | 4233876 |
| Bumi Resources Minerals Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 153213800 | 4389434 |
| Merdeka Copper Gold Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 26901006 | 4055246 |
| Petrosea Tbk PT | &nbsp;&nbsp; 1499600 | 344598 |
| Vale Indonesia Tbk PT | &nbsp;&nbsp; 6070400 | 1378689 |
|  |  | 28625128 |
| **Oil, Gas & Consumable Fuels — 8.1%** | **Oil, Gas & Consumable Fuels — 8.1%** | **Oil, Gas & Consumable Fuels — 8.1%** |
| Adaro Andalan Indonesia PT<sup>(a)</sup> | &nbsp;&nbsp; 863800 | 361444 |
| AKR Corporindo Tbk PT | &nbsp;&nbsp; 24294900 | 1759862 |
| Alamtri Resources Indonesia Tbk PT | &nbsp;&nbsp; 26771539 | 2850744 |
| Bukit Asam Tbk PT | &nbsp;&nbsp; 13523300 | 1967614 |
| Bumi Resources Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 333342900 | 2204142 |
| Dian Swastatika Sentosa Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 1456300 | 8760762 |
| Indo Tambangraya Megah Tbk PT | &nbsp;&nbsp; 1123600 | 1506695 |
| Medco Energi Internasional Tbk PT | &nbsp;&nbsp; 22849886 | 1612551 |
| Petrindo Jaya Kreasi Tbk PT | &nbsp;&nbsp; 34151900 | 3226339 |
| Raharja Energi Cepu PT | &nbsp;&nbsp; 852700 | 315545 |
| Sekawan Intipratama Tbk PT, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 30572100 |  |
| Sugih Energy Tbk PT<sup>(a)(b)</sup> | &nbsp;&nbsp; 39886700 |  |
| Trada Alam Minera Tbk PT<sup>(a)(b)</sup> | &nbsp;&nbsp; 163879000 |  |
| United Tractors Tbk PT | &nbsp;&nbsp; 1422796 | 2104481 |
|  |  | 26670179 |
| **Paper & Forest Products — 1.6%** | **Paper & Forest Products — 1.6%** | **Paper & Forest Products — 1.6%** |
| Indah Kiat Pulp & Paper Tbk PT | &nbsp;&nbsp; 6947200 | 3221249 |
| Pabrik Kertas Tjiwi Kimia Tbk PT | &nbsp;&nbsp; 4555000 | 1985834 |
|  |  | 5207083 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| Industri Jamu Dan Farmasi Sido Muncul Tbk PT | &nbsp;&nbsp; 33480137 | 1055771 |
| **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| Kalbe Farma Tbk PT | &nbsp;&nbsp; 50084985 | 3696424 |
| **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** | **Real Estate Management & Development — 1.5%** |
| Bumi Serpong Damai Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 20379122 | 1340388 |
| Ciputra Development Tbk PT | &nbsp;&nbsp; 31051713 | 1912513 |
| Hanson International Tbk PT, NVS<sup>(b)</sup> | &nbsp;&nbsp; 372896535 |  |
| MNC Tourism Indonesia Tbk PT<sup>(a)</sup> | &nbsp;&nbsp; 31396900 | 352239 |
| Pakuwon Jati Tbk PT | &nbsp;&nbsp; 59581877 | 1344618 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Indonesia ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| Rimo International Lestari Tbk PT<sup>(a)(b)</sup> | &nbsp;&nbsp; 54096000 | $— |
|  |  | 4949758 |
| **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** |
| Aspirasi Hidup Indonesia Tbk PT | &nbsp;&nbsp; 29643979 | 820458 |
| Map Aktif Adiperkasa PT | &nbsp;&nbsp; 30178200 | 1150033 |
|  |  | 1970491 |
| **Tobacco — 0.2%** | **Tobacco — 0.2%** | **Tobacco — 0.2%** |
| Gudang Garam Tbk PT | &nbsp;&nbsp; 1430500 | 739540 |
| **Transportation Infrastructure — 0.4%** | **Transportation Infrastructure — 0.4%** | **Transportation Infrastructure — 0.4%** |
| Jasa Marga Persero Tbk PT | &nbsp;&nbsp; 7111608 | 1449062 |
| **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** |
| XLSMART Telecom Sejahtera Tbk. PT | &nbsp;&nbsp; 15964200 | 2662313 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $435,259,936)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $435,259,936)** | 328064706 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 240000 | 240000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $240,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $240,000)** | 240000 |
| **Total Investments — 100.0%** <br>**(Cost: $435,499,936)** | **Total Investments — 100.0%** <br>**(Cost: $435,499,936)** | 328304706 |
| **Liabilities in Excess of Other Assets — (0.0)%** | **Liabilities in Excess of Other Assets — (0.0)%** | (122472)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $328182234 |

---

&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 year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $320000 | $—<br> $(80000 )<sup>(a)</sup><br>| $— | $— | $240000 | 240000 | $13418 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $173841 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $173841 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Indonesia ETF**

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $855488 |

---

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; $29547534 | &nbsp;&nbsp; $297927135 | &nbsp;&nbsp; $590037 | &nbsp;&nbsp; $328064706 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 240000 |
|  | &nbsp;&nbsp; $29787534 | &nbsp;&nbsp; $297927135 | &nbsp;&nbsp; $590037 | &nbsp;&nbsp; $328304706 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Peru and Global Exposure ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 27.8%** | **Banks — 27.8%** | **Banks — 27.8%** |
| Banco BBVA Peru SA | &nbsp;&nbsp; 7881196 | $3279602 |
| Credicorp Ltd. | &nbsp;&nbsp; 147405 | 37912566 |
| Intercorp Financial Services Inc. | &nbsp;&nbsp; 124083 | 4928577 |
|  |  | 46120745 |
| **Broadline Retail — 2.7%** | **Broadline Retail — 2.7%** | **Broadline Retail — 2.7%** |
| Falabella SA | &nbsp;&nbsp; 781420 | 4447638 |
| **Construction Materials — 1.9%** | **Construction Materials — 1.9%** | **Construction Materials — 1.9%** |
| Cementos Pacasmayo SAA | &nbsp;&nbsp; 2383745 | 3104054 |
| **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** |
| InRetail Peru Corp.<sup>(a)</sup> | &nbsp;&nbsp; 97410 | 2620329 |
| **Diversified Consumer Services — 2.9%** | **Diversified Consumer Services — 2.9%** | **Diversified Consumer Services — 2.9%** |
| Laureate Education Inc.<sup>(b)</sup> | &nbsp;&nbsp; 173102 | 4756843 |
| **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 660613 | 3584881 |
| **Food Products — 0.9%** | **Food Products — 0.9%** | **Food Products — 0.9%** |
| Casa Grande SAA | &nbsp;&nbsp; 481561 | 1445003 |
| **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** |
| Auna SA, Class A<sup>(b)</sup> | &nbsp;&nbsp; 324052 | 2038287 |
| **Metals & Mining — 50.9%** | **Metals & Mining — 50.9%** | **Metals & Mining — 50.9%** |
| Cia. de Minas Buenaventura SAA, ADR | &nbsp;&nbsp; 409983 | 7847075 |
| Corp. Aceros Arequipa SA, NVS | &nbsp;&nbsp; 2380233 | 653586 |
| Fortuna Mining Corp.<sup>(b)</sup> | &nbsp;&nbsp; 643112 | 4959083 |
| Hochschild Mining PLC | &nbsp;&nbsp; 1821924 | 6932777 |
| MMG Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7976000 | 5328960 |
| Pan American Silver Corp. | &nbsp;&nbsp; 147590 | 5006894 |
| Sociedad Minera Cerro Verde SAA | &nbsp;&nbsp; 77482 | 3172888 |
| Southern Copper Corp. | &nbsp;&nbsp; 381896 | 36696371 |
| Triple Flag Precious Metals Corp. | &nbsp;&nbsp; 179402 | 4906498 |
| Volcan Cia. Minera SAA, Class B, NVS<sup>(b)</sup> | &nbsp;&nbsp; 42772459 | 4346807 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 47742 | $4794536 |
|  |  | 84645475 |
| **Real Estate Management & Development — 2.4%** | **Real Estate Management & Development — 2.4%** | **Real Estate Management & Development — 2.4%** |
| Parque Arauco SA | &nbsp;&nbsp; 1716670 | 3959470 |
| **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** |
| Ferreycorp SAA | &nbsp;&nbsp; 4738483 | 4600925 |
| **Transportation Infrastructure — 0.7%** | **Transportation Infrastructure — 0.7%** | **Transportation Infrastructure — 0.7%** |
| Inversiones Portuarias Chancay SAA, NVS<sup>(b)</sup> | &nbsp;&nbsp; 31358770 | 1198407 |
| **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** |
| Empresa Nacional de Telecomunicaciones SA | &nbsp;&nbsp; 818770 | 2838647 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $135,761,597)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $135,761,597)** | 165360704 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 660000 | 660000 |
| **Total Short-Term Securities — 0.4%** <br>**(Cost: $660,000)** | **Total Short-Term Securities — 0.4%** <br>**(Cost: $660,000)** | 660000 |
| **Total Investments — 100.0%** <br>**(Cost: $136,421,597)** | **Total Investments — 100.0%** <br>**(Cost: $136,421,597)** | 166020704 |
| **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 73566 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $166094270 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $90000<br> $570000 <br><sup>(a)</sup><br>| $— | $— | $— | $660000 | 660000 | $10683 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 8 | 09/19/25 | &nbsp;&nbsp; $506 | $(3083) |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Peru and Global Exposure ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3083 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3083 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $121145 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $121145 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9504)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9504)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $918091 |

---

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; $153098967 | &nbsp;&nbsp; $12261737 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $165360704 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 660000 |
|  | &nbsp;&nbsp; $153758967 | &nbsp;&nbsp; $12261737 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $166020704 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(3083)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3083)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Philippines ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 19.7%** | **Banks — 19.7%** | **Banks — 19.7%** |
| Bank of the Philippine Islands | &nbsp;&nbsp; 2287015 | $4522403 |
| BDO Unibank Inc. | &nbsp;&nbsp; 4282861 | 10132869 |
| Metropolitan Bank & Trust Co. | &nbsp;&nbsp; 3792954 | 4642775 |
| Philippine National Bank | &nbsp;&nbsp; 1218340 | 1154486 |
|  |  | 20452533 |
| **Consumer Staples Distribution & Retail — 3.6%** | **Consumer Staples Distribution & Retail — 3.6%** | **Consumer Staples Distribution & Retail — 3.6%** |
| Puregold Price Club Inc. | &nbsp;&nbsp; 3745460 | 2703653 |
| Robinsons Retail Holdings Inc. | &nbsp;&nbsp; 1663500 | 1031955 |
|  |  | 3735608 |
| **Diversified Telecommunication Services — 1.7%** | **Diversified Telecommunication Services — 1.7%** | **Diversified Telecommunication Services — 1.7%** |
| Converge Information and Communications Technology <br> Solutions Inc.<br>| &nbsp;&nbsp; 7071800 | 1732675 |
| **Electric Utilities — 6.1%** | **Electric Utilities — 6.1%** | **Electric Utilities — 6.1%** |
| Manila Electric Co. | &nbsp;&nbsp; 499750 | 4678734 |
| Synergy Grid & Development Phils Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6497400 | 1705503 |
|  |  | 6384237 |
| **Food Products — 5.6%** | **Food Products — 5.6%** | **Food Products — 5.6%** |
| Century Pacific Food Inc. | &nbsp;&nbsp; 3708400 | 2381631 |
| Monde Nissin Corp.<sup>(b)</sup> | &nbsp;&nbsp; 11896400 | 1467663 |
| Universal Robina Corp. | &nbsp;&nbsp; 1367468 | 1936894 |
|  |  | 5786188 |
| **Hotels, Restaurants & Leisure — 6.1%** | **Hotels, Restaurants & Leisure — 6.1%** | **Hotels, Restaurants & Leisure — 6.1%** |
| DigiPlus Interactive Corp. | &nbsp;&nbsp; 4103030 | 1651407 |
| Jollibee Foods Corp. | &nbsp;&nbsp; 1142661 | 4639030 |
|  |  | 6290437 |
| **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** | **Independent Power and Renewable Electricity Producers — 0.5%** |
| ACEN Corp. | &nbsp;&nbsp; 12299663 | 477824 |
| **Industrial Conglomerates — 19.8%** | **Industrial Conglomerates — 19.8%** | **Industrial Conglomerates — 19.8%** |
| Aboitiz Equity Ventures Inc. | &nbsp;&nbsp; 4408800 | 2245097 |
| Alliance Global Group Inc. | &nbsp;&nbsp; 11531239 | 1473061 |
| Ayala Corp. | &nbsp;&nbsp; 326878 | 3117482 |
| DMCI Holdings Inc. | &nbsp;&nbsp; 9328800 | 1756548 |
| GT Capital Holdings Inc. | &nbsp;&nbsp; 282896 | 3416682 |
| JG Summit Holdings Inc. | &nbsp;&nbsp; 4137861 | 1721874 |
| LT Group Inc. | &nbsp;&nbsp; 8413200 | 2064101 |
| SM Investments Corp. | &nbsp;&nbsp; 359516 | 4749927 |
|  |  | 20544772 |
| **Office REITs — 1.0%** | **Office REITs — 1.0%** | **Office REITs — 1.0%** |
| AREIT Inc. | &nbsp;&nbsp; 678500 | 530736 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Office REITs (continued)** | **Office REITs (continued)** | **Office REITs (continued)** |
| RL Commercial REIT Inc. | &nbsp;&nbsp; 3576600 | $503209 |
|  |  | 1033945 |
| **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** |
| Semirara Mining & Power Corp., Class A | &nbsp;&nbsp; 2964500 | 1706747 |
| **Real Estate Management & Development — 13.0%** | **Real Estate Management & Development — 13.0%** | **Real Estate Management & Development — 13.0%** |
| Ayala Land Inc. | &nbsp;&nbsp; 9165250 | 4490800 |
| Megaworld Corp. | &nbsp;&nbsp; 42020960 | 1516045 |
| Robinsons Land Corp. | &nbsp;&nbsp; 1945006 | 500334 |
| SM Prime Holdings Inc. | &nbsp;&nbsp; 17296335 | 6991781 |
|  |  | 13498960 |
| **Transportation Infrastructure — 15.1%** | **Transportation Infrastructure — 15.1%** | **Transportation Infrastructure — 15.1%** |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 1851383 | 15648165 |
| **Water Utilities — 2.5%** | **Water Utilities — 2.5%** | **Water Utilities — 2.5%** |
| Manila Water Co. Inc. | &nbsp;&nbsp; 3504429 | 2575659 |
| **Wireless Telecommunication Services — 3.4%** | **Wireless Telecommunication Services — 3.4%** | **Wireless Telecommunication Services — 3.4%** |
| PLDT Inc. | &nbsp;&nbsp; 174329 | 3536113 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $116,968,257)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $116,968,257)** | 103403863 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 80000 | 80000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $80,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $80,000)** | 80000 |
| **Total Investments — 99.8%** <br>**(Cost: $117,048,257)** | **Total Investments — 99.8%** <br>**(Cost: $117,048,257)** | 103483863 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 219664 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $103703527 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $180000 | $—<br> $(100000 )<sup>(a)</sup><br>| $— | $— | $80000 | 80000 | $5341 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Philippines ETF**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 4 | 09/19/25 | &nbsp;&nbsp; $253 | $834 |

---

**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; $834 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $834 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8607)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8607)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $77 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $77 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $176121 |

---

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; $64761840 | &nbsp;&nbsp; $38642023 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $103403863 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80000 |
|  | &nbsp;&nbsp; $64841840 | &nbsp;&nbsp; $38642023 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $103483863 |

---

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Philippines 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; $834 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $834 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Poland ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 33.1%** | **Banks — 33.1%** | **Banks — 33.1%** |
| Alior Bank SA | &nbsp;&nbsp; 350043 | $9972543 |
| Bank Handlowy w Warszawie SA | &nbsp;&nbsp; 53435 | 1512002 |
| Bank Millennium SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 2345864 | 9087454 |
| Bank Polska Kasa Opieki SA | &nbsp;&nbsp; 667076 | 33599771 |
| mBank SA<sup>(a)</sup> | &nbsp;&nbsp; 55955 | 13516224 |
| Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp; 3146191 | 61368963 |
| Santander Bank Polska SA | &nbsp;&nbsp; 130622 | 18182645 |
|  |  | 147239602 |
| **Broadline Retail — 5.5%** | **Broadline Retail — 5.5%** | **Broadline Retail — 5.5%** |
| Allegro.eu SA <sup>(a)(c)</sup> | &nbsp;&nbsp; 1990499 | 20002835 |
| Pepco Group NV<sup>(b)</sup> | &nbsp;&nbsp; 747807 | 4401412 |
|  |  | 24404247 |
| **Capital Markets — 1.4%** | **Capital Markets — 1.4%** | **Capital Markets — 1.4%** |
| XTB SA<sup>(c)</sup> | &nbsp;&nbsp; 284522 | 6017487 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Grupa Azoty SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 293295 | 1468822 |
| **Construction & Engineering — 1.6%** | **Construction & Engineering — 1.6%** | **Construction & Engineering — 1.6%** |
| Budimex SA<sup>(b)</sup> | &nbsp;&nbsp; 49883 | 7296609 |
| **Consumer Finance — 1.9%** | **Consumer Finance — 1.9%** | **Consumer Finance — 1.9%** |
| KRUK SA | &nbsp;&nbsp; 68773 | 8593373 |
| **Consumer Staples Distribution & Retail — 5.4%** | **Consumer Staples Distribution & Retail — 5.4%** | **Consumer Staples Distribution & Retail — 5.4%** |
| Dino Polska SA<sup>(a)(c)</sup> | &nbsp;&nbsp; 1570570 | 19596801 |
| Zabka Group SA<sup>(a)</sup> | &nbsp;&nbsp; 778513 | 4659172 |
|  |  | 24255973 |
| **Diversified Telecommunication Services — 2.4%** | **Diversified Telecommunication Services — 2.4%** | **Diversified Telecommunication Services — 2.4%** |
| Cyfrowy Polsat SA<sup>(a)</sup> | &nbsp;&nbsp; 1079225 | 4241945 |
| Orange Polska SA | &nbsp;&nbsp; 2619730 | 6666338 |
|  |  | 10908283 |
| **Electric Utilities — 5.8%** | **Electric Utilities — 5.8%** | **Electric Utilities — 5.8%** |
| Enea SA<sup>(a)</sup> | &nbsp;&nbsp; 1098157 | 5527279 |
| PGE Polska Grupa Energetyczna SA<sup>(a)</sup> | &nbsp;&nbsp; 3451153 | 10756028 |
| Tauron Polska Energia SA<sup>(a)</sup> | &nbsp;&nbsp; 4098876 | 9514235 |
|  |  | 25797542 |
| **Entertainment — 3.8%** | **Entertainment — 3.8%** | **Entertainment — 3.8%** |
| CD Projekt SA | &nbsp;&nbsp; 242908 | 16816397 |
| **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** |
| Diagnostyka SA, NVS | &nbsp;&nbsp; 21673 | 1206091 |
| **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** |
| AmRest Holdings SE | &nbsp;&nbsp; 393575 | 1569198 |
| **Insurance — 8.2%** | **Insurance — 8.2%** | **Insurance — 8.2%** |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 2194048 | 36516209 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining — 6.1%** | **Metals & Mining — 6.1%** | **Metals & Mining — 6.1%** |
| Grupa Kety SA | &nbsp;&nbsp; 38091 | $9635115 |
| Jastrzebska Spolka Weglowa SA, Class S<sup>(a)(b)</sup> | &nbsp;&nbsp; 290499 | 1807224 |
| KGHM Polska Miedz SA<sup>(a)</sup> | &nbsp;&nbsp; 451171 | 15848546 |
|  |  | 27290885 |
| **Oil, Gas & Consumable Fuels — 10.1%** | **Oil, Gas & Consumable Fuels — 10.1%** | **Oil, Gas & Consumable Fuels — 10.1%** |
| ORLEN SA | &nbsp;&nbsp; 2101187 | 44900348 |
| **Professional Services — 2.3%** | **Professional Services — 2.3%** | **Professional Services — 2.3%** |
| Benefit Systems SA | &nbsp;&nbsp; 11360 | 10167444 |
| **Software — 2.4%** | **Software — 2.4%** | **Software — 2.4%** |
| Asseco Poland SA | &nbsp;&nbsp; 207772 | 10784344 |
| **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** |
| Auto Partner SA | &nbsp;&nbsp; 397070 | 2195834 |
| CCC SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 204287 | 9372683 |
|  |  | 11568517 |
| **Textiles, Apparel & Luxury Goods — 3.8%** | **Textiles, Apparel & Luxury Goods — 3.8%** | **Textiles, Apparel & Luxury Goods — 3.8%** |
| LPP SA | &nbsp;&nbsp; 3584 | 16980314 |
| **Total Long-Term Investments — 97.4%** <br>**(Cost: $404,628,331)** | **Total Long-Term Investments — 97.4%** <br>**(Cost: $404,628,331)** | 433781685 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.9%** | **Money Market Funds — 4.9%** | **Money Market Funds — 4.9%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 19846390 | 19856314 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 2120000 | 2120000 |
| **Total Short-Term Securities — 4.9%** <br>**(Cost: $21,974,781)** | **Total Short-Term Securities — 4.9%** <br>**(Cost: $21,974,781)** | 21976314 |
| **Total Investments — 102.3%** <br>**(Cost: $426,603,112)** | **Total Investments — 102.3%** <br>**(Cost: $426,603,112)** | 455757999 |
| **Liabilities in Excess of Other Assets — (2.3)%** | **Liabilities in Excess of Other Assets — (2.3)%** | (10408702)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $445349297 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Poland ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $19033721 | $822346 <br><sup>(a)</sup><br>| $— | &nbsp;&nbsp; $(1204)<br>| $1451 | $19856314 | 19846390 | $145100 <br><sup>(b)</sup><br>| $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 4260000 |  | &nbsp;&nbsp; (2140000 )<sup>(a)</sup><br>|  |  | 2120000 | 2120000 | 74355 |  |
|  |  |  |  | $(1204) | $1451 | $21976314 |  | $219455 | $— |

---

&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 |  |  |  |  |
| WIG20 Index | 723 | 09/19/25 | &nbsp;&nbsp; $11161 | $(341367) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $341367 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $341367 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1160560 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1160560 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(344623)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(344623)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $5479108 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Poland ETF**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $8862172 | &nbsp;&nbsp; $424919513 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $433781685 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 21976314 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21976314 |
|  | &nbsp;&nbsp; $30838486 | &nbsp;&nbsp; $424919513 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $455757999 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(341367)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(341367)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Qatar ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** |
| Gulf Warehousing Co. | &nbsp;&nbsp; 571909 | $424374 |
| **Banks — 54.7%** | **Banks — 54.7%** | **Banks — 54.7%** |
| Al Rayan Bank | &nbsp;&nbsp; 5330336 | 3518585 |
| Commercial Bank PSQC (The) | &nbsp;&nbsp; 2641396 | 3401748 |
| Doha Bank QPSC | &nbsp;&nbsp; 2647196 | 1882244 |
| Dukhan Bank | &nbsp;&nbsp; 1944710 | 1955699 |
| Qatar International Islamic Bank QSC | &nbsp;&nbsp; 1002602 | 3104534 |
| Qatar Islamic Bank QPSC | &nbsp;&nbsp; 1721773 | 11552353 |
| Qatar National Bank QPSC | &nbsp;&nbsp; 3366813 | 17547991 |
|  |  | 42963154 |
| **Chemicals — 2.8%** | **Chemicals — 2.8%** | **Chemicals — 2.8%** |
| Mesaieed Petrochemical Holding Co. | &nbsp;&nbsp; 5942426 | 2216005 |
| **Construction & Engineering — 1.7%** | **Construction & Engineering — 1.7%** | **Construction & Engineering — 1.7%** |
| Estithmar Holding QPSC<sup>(a)</sup> | &nbsp;&nbsp; 1164905 | 1327111 |
| **Construction Materials — 1.1%** | **Construction Materials — 1.1%** | **Construction Materials — 1.1%** |
| Qatar National Cement Co. QSC | &nbsp;&nbsp; 523961 | 488689 |
| Qatari Investors Group QSC | &nbsp;&nbsp; 829001 | 342086 |
|  |  | 830775 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| Al Meera Consumer Goods Co. QSC | &nbsp;&nbsp; 150005 | 598744 |
| **Diversified Telecommunication Services — 3.7%** | **Diversified Telecommunication Services — 3.7%** | **Diversified Telecommunication Services — 3.7%** |
| Ooredoo QPSC | &nbsp;&nbsp; 832332 | 2944609 |
| **Energy Equipment & Services — 1.4%** | **Energy Equipment & Services — 1.4%** | **Energy Equipment & Services — 1.4%** |
| Gulf International Services QSC | &nbsp;&nbsp; 1279040 | 1116827 |
| **Financial Services — 0.5%** | **Financial Services — 0.5%** | **Financial Services — 0.5%** |
| Salam International Investment Ltd. QSC | &nbsp;&nbsp; 1800597 | 380649 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Baladna<sup>(a)</sup> | &nbsp;&nbsp; 1229679 | 539409 |
| **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** |
| Medicare Group | &nbsp;&nbsp; 367721 | 640541 |
| **Industrial Conglomerates — 8.0%** | **Industrial Conglomerates — 8.0%** | **Industrial Conglomerates — 8.0%** |
| Aamal Co. | &nbsp;&nbsp; 2703441 | 613156 |
| Industries Qatar QSC | &nbsp;&nbsp; 1499765 | 5286657 |
| Mannai Corp. QSC | &nbsp;&nbsp; 258208 | 385180 |
|  |  | 6284993 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Meeza QSTP LLC | &nbsp;&nbsp; 479122 | $452520 |
| **Marine Transportation — 3.9%** | **Marine Transportation — 3.9%** | **Marine Transportation — 3.9%** |
| Qatar Navigation QSC | &nbsp;&nbsp; 984676 | 3092930 |
| **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** |
| Qatar Aluminum Manufacturing Co. | &nbsp;&nbsp; 3162533 | 1237350 |
| **Multi-Utilities — 2.6%** | **Multi-Utilities — 2.6%** | **Multi-Utilities — 2.6%** |
| Qatar Electricity & Water Co. QSC | &nbsp;&nbsp; 464692 | 2014082 |
| **Oil, Gas & Consumable Fuels — 7.8%** | **Oil, Gas & Consumable Fuels — 7.8%** | **Oil, Gas & Consumable Fuels — 7.8%** |
| Qatar Fuel QSC | &nbsp;&nbsp; 617756 | 2536843 |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 2736865 | 3551152 |
|  |  | 6087995 |
| **Real Estate Management & Development — 4.3%** | **Real Estate Management & Development — 4.3%** | **Real Estate Management & Development — 4.3%** |
| Barwa Real Estate Co. | &nbsp;&nbsp; 2304691 | 1728635 |
| Ezdan Holding Group QSC<sup>(a)</sup> | &nbsp;&nbsp; 2121620 | 721679 |
| Mazaya Real Estate Development QPSC<sup>(a)</sup> | &nbsp;&nbsp; 1578657 | 275002 |
| United Development Co. QSC | &nbsp;&nbsp; 2370364 | 659980 |
|  |  | 3385296 |
| **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** |
| Vodafone Qatar QSC | &nbsp;&nbsp; 2024557 | 1357887 |
| **Total Common Stocks — 99.2%** <br>**(Cost: $56,395,613)** | **Total Common Stocks — 99.2%** <br>**(Cost: $56,395,613)** | 77895251 |
| **Rights** | **Rights** | **Rights** |
| **Banks — 0.8%** | **Banks — 0.8%** | **Banks — 0.8%** |
| Lesha Bank LLC, CVR) | &nbsp;&nbsp; 1164842 | 601370 |
| **Total Rights — 0.8%** <br>**(Cost: $301,616)** | **Total Rights — 0.8%** <br>**(Cost: $301,616)** | 601370 |
| **Total Investments — 100.0%** <br>**(Cost: $56,697,229)** | **Total Investments — 100.0%** <br>**(Cost: $56,697,229)** | 78496621 |
| **Other Assets Less Liabilities — 0.0%** | **Other Assets Less Liabilities — 0.0%** | 26546 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $78523167 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(a)</sup> | $150000 | $—<br> $(150000 )<sup>(b)</sup><br>| $— | $— | $— |  | $2610 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Qatar ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(56221)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(56221)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $328 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $328 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $302198 |

---

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; $40572649 | &nbsp;&nbsp; $37322602 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $77895251 |
| Rights | &nbsp;&nbsp; 601370 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 601370 |
|  | &nbsp;&nbsp; $41174019 | &nbsp;&nbsp; $37322602 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78496621 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI Saudi Arabia ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** |
| SAL Saudi Logistics Services | &nbsp;&nbsp; 58291 | $2632887 |
| **Banks — 36.4%** | **Banks — 36.4%** | **Banks — 36.4%** |
| Al Rajhi Bank | &nbsp;&nbsp; 3202550 | 80359963 |
| Alinma Bank | &nbsp;&nbsp; 2177277 | 14621567 |
| Arab National Bank | &nbsp;&nbsp; 1597127 | 9986719 |
| Bank AlBilad | &nbsp;&nbsp; 1307597 | 9102355 |
| Bank Al-Jazira<sup>(a)</sup> | &nbsp;&nbsp; 1114127 | 3605749 |
| Banque Saudi Fransi | &nbsp;&nbsp; 2173222 | 9371504 |
| Riyad Bank | &nbsp;&nbsp; 2611902 | 18042192 |
| Saudi Awwal Bank | &nbsp;&nbsp; 1789606 | 14362958 |
| Saudi Investment Bank (The) | &nbsp;&nbsp; 1087141 | 3934312 |
| Saudi National Bank (The) | &nbsp;&nbsp; 4765223 | 44165686 |
|  |  | 207553005 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| Bawan Co. | &nbsp;&nbsp; 52955 | 859570 |
| Saudi Ceramic Co. | &nbsp;&nbsp; 85711 | 665783 |
|  |  | 1525353 |
| **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** |
| Derayah Financial Co. | &nbsp;&nbsp; 75135 | 560171 |
| Saudi Tadawul Group Holding Co. | &nbsp;&nbsp; 85181 | 3865330 |
|  |  | 4425501 |
| **Chemicals — 8.9%** | **Chemicals — 8.9%** | **Chemicals — 8.9%** |
| Advanced Petrochemical Co.<sup>(a)</sup> | &nbsp;&nbsp; 225734 | 2105615 |
| Alujain Corp. | &nbsp;&nbsp; 61024 | 597548 |
| National Industrialization Co.<sup>(a)</sup> | &nbsp;&nbsp; 580395 | 1682928 |
| SABIC Agri-Nutrients Co. | &nbsp;&nbsp; 358056 | 11573201 |
| Sahara International Petrochemical Co. | &nbsp;&nbsp; 639080 | 3429035 |
| Saudi Aramco Base Oil Co. | &nbsp;&nbsp; 45372 | 1041100 |
| Saudi Basic Industries Corp. | &nbsp;&nbsp; 1429245 | 23235421 |
| Saudi Industrial Investment Group | &nbsp;&nbsp; 592307 | 3030804 |
| Saudi Kayan Petrochemical Co.<sup>(a)</sup> | &nbsp;&nbsp; 536943 | 731794 |
| Yanbu National Petrochemical Co. | &nbsp;&nbsp; 352247 | 3081762 |
|  |  | 50509208 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| Catrion Catering Holding Co. | &nbsp;&nbsp; 71806 | 1920920 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Al Babtain Power & Telecommunication Co. | &nbsp;&nbsp; 56331 | 858314 |
| **Construction Materials — 1.4%** | **Construction Materials — 1.4%** | **Construction Materials — 1.4%** |
| Arabian Cement Co./Saudi Arabia | &nbsp;&nbsp; 85711 | 500827 |
| City Cement Co. | &nbsp;&nbsp; 119974 | 518304 |
| Eastern Province Cement Co. | &nbsp;&nbsp; 73735 | 511172 |
| Qassim Cement Co. (The) | &nbsp;&nbsp; 96417 | 1107753 |
| Riyadh Cement Co. | &nbsp;&nbsp; 95908 | 770258 |
| Saudi Cement Co. | &nbsp;&nbsp; 133354 | 1381089 |
| Southern Province Cement Co. | &nbsp;&nbsp; 113347 | 781269 |
| Yamama Cement Co. | &nbsp;&nbsp; 176084 | 1540277 |
| Yanbu Cement Co. | &nbsp;&nbsp; 134969 | 595816 |
|  |  | 7706765 |
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| United International Holding Co.<sup>(a)</sup> | &nbsp;&nbsp; 11172 | 467690 |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
| Abdullah Al Othaim Markets Co. | &nbsp;&nbsp; 782298 | 1563679 |
| Al-Dawaa Medical Services Co. | &nbsp;&nbsp; 53191 | 927026 |
| Almunajem Foods Co. | &nbsp;&nbsp; 31450 | 477217 |
| BinDawood Holding Co. | &nbsp;&nbsp; 515512 | 759745 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| Nahdi Medical Co. | &nbsp;&nbsp; 69512 | $2141567 |
|  |  | 5869234 |
| **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** | **Diversified Consumer Services — 0.3%** |
| Ataa Educational Co. | &nbsp;&nbsp; 36039 | 610383 |
| National Co. for Learning & Education | &nbsp;&nbsp; 30523 | 1379644 |
|  |  | 1990027 |
| **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** |
| Al Rajhi REIT | &nbsp;&nbsp; 468531 | 1024426 |
| Jadwa REIT Saudi Fund | &nbsp;&nbsp; 318542 | 873567 |
|  |  | 1897993 |
| **Diversified Telecommunication Services — 6.5%** | **Diversified Telecommunication Services — 6.5%** | **Diversified Telecommunication Services — 6.5%** |
| Etihad Atheeb Telecommunication Co. | &nbsp;&nbsp; 30022 | 853218 |
| Saudi Telecom Co. | &nbsp;&nbsp; 3226538 | 36094873 |
|  |  | 36948091 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| Saudi Electricity Co. | &nbsp;&nbsp; 1478804 | 5730195 |
| **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |
| Electrical Industries Co. | &nbsp;&nbsp; 978283 | 2344614 |
| **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** |
| Ades Holding Co. | &nbsp;&nbsp; 601599 | 2390596 |
| Arabian Drilling Co. | &nbsp;&nbsp; 41488 | 828673 |
|  |  | 3219269 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| Saudi Advanced Industries Co. | &nbsp;&nbsp; 51446 | 331726 |
| **Food Products — 3.0%** | **Food Products — 3.0%** | **Food Products — 3.0%** |
| Almarai Co. JSC | &nbsp;&nbsp; 871400 | 11027542 |
| First Milling Co. | &nbsp;&nbsp; 29141 | 403573 |
| Modern Mills Co. | &nbsp;&nbsp; 42931 | 360784 |
| National Agriculture Development Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 262533 | 1457590 |
| Saudia Dairy & Foodstuff Co. | &nbsp;&nbsp; 28334 | 2019218 |
| Savola Group (The)<sup>(a)</sup> | &nbsp;&nbsp; 262358 | 1685099 |
|  |  | 16953806 |
| **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** |
| National Gas & Industrialization Co. | &nbsp;&nbsp; 65414 | 1310586 |
| **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
| Lumi Rental Co.<sup>(a)</sup> | &nbsp;&nbsp; 28840 | 469989 |
| Saudi Public Transport Co.<sup>(a)</sup> | &nbsp;&nbsp; 107128 | 394133 |
| Theeb Rent A Car Co. | &nbsp;&nbsp; 36861 | 617196 |
| United International Transportation Co. | &nbsp;&nbsp; 63812 | 1177135 |
|  |  | 2658453 |
| **Health Care Providers & Services — 4.0%** | **Health Care Providers & Services — 4.0%** | **Health Care Providers & Services — 4.0%** |
| Al Hammadi Holding | &nbsp;&nbsp; 138789 | 1245898 |
| Almoosa Health Co. | &nbsp;&nbsp; 17191 | 779326 |
| Dallah Healthcare Co. | &nbsp;&nbsp; 60535 | 2091708 |
| Dr Sulaiman Al Habib Medical Services Group Co. | &nbsp;&nbsp; 155637 | 9996407 |
| Dr. Soliman Abdel Kader Fakeeh Hospital Co. | &nbsp;&nbsp; 90885 | 967729 |
| Middle East Healthcare Co. | &nbsp;&nbsp; 73155 | 1116766 |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 174286 | 3361846 |
| National Medical Care Co. | &nbsp;&nbsp; 38920 | 1789813 |
| Saudi Chemical Co. Holding | &nbsp;&nbsp; 731741 | 1332545 |
|  |  | 22682038 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |
| Jabal Omar Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 943610 | 4811797 |
| Jahez International Co.<sup>(a)</sup> | &nbsp;&nbsp; 182281 | 1082520 |
| Leejam Sports Co. JSC | &nbsp;&nbsp; 45461 | 1794587 |
| Seera Group Holding<sup>(a)</sup> | &nbsp;&nbsp; 260369 | 2017613 |
|  |  | 9706517 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Saudi Arabia ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Independent Power and Renewable Electricity Producers — 2.7%** | **Independent Power and Renewable Electricity Producers — 2.7%** | **Independent Power and Renewable Electricity Producers — 2.7%** |
| ACWA Power Co.<sup>(a)</sup> | &nbsp;&nbsp; 272249 | $15392942 |
| **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** |
| Astra Industrial Group | &nbsp;&nbsp; 69789 | 2656485 |
| **Insurance — 2.7%** | **Insurance — 2.7%** | **Insurance — 2.7%** |
| Al Rajhi Co. for Co-operative Insurance<sup>(a)</sup> | &nbsp;&nbsp; 71383 | 2218452 |
| Bupa Arabia for Cooperative Insurance Co. | &nbsp;&nbsp; 146404 | 5696183 |
| Co. for Cooperative Insurance (The) | &nbsp;&nbsp; 130588 | 4071604 |
| Mediterranean and Gulf Cooperative Insurance and <br> Reinsurance Co. (The)<sup>(a)</sup><br>| &nbsp;&nbsp; 89984 | 396218 |
| Rasan Information Technology Co.<sup>(a)</sup> | &nbsp;&nbsp; 61356 | 1625184 |
| Saudi Reinsurance Co.<sup>(a)</sup> | &nbsp;&nbsp; 89730 | 1105673 |
| Walaa Cooperative Insurance Co.<sup>(a)</sup> | &nbsp;&nbsp; 109313 | 358550 |
|  |  | 15471864 |
| **IT Services — 2.2%** | **IT Services — 2.2%** | **IT Services — 2.2%** |
| Al Moammar Information Systems Co. | &nbsp;&nbsp; 26352 | 927208 |
| Arabian Internet & Communications Services Co. | &nbsp;&nbsp; 26137 | 1681876 |
| Elm Co. | &nbsp;&nbsp; 42590 | 9733203 |
| Perfect Presentation For Commercial Services Co.<sup>(a)</sup> | &nbsp;&nbsp; 157400 | 433375 |
|  |  | 12775662 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Arabian Contracting Services Co.<sup>(a)</sup> | &nbsp;&nbsp; 30153 | 712301 |
| Saudi Research & Media Group<sup>(a)</sup> | &nbsp;&nbsp; 63887 | 2944821 |
|  |  | 3657122 |
| **Metals & Mining — 4.9%** | **Metals & Mining — 4.9%** | **Metals & Mining — 4.9%** |
| Al Masane Al Kobra Mining Co. | &nbsp;&nbsp; 64378 | 1056069 |
| East Pipes Integrated Co. for Industry | &nbsp;&nbsp; 23707 | 670646 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | &nbsp;&nbsp; 1842135 | 25525794 |
| Saudi Steel Pipe Co. | &nbsp;&nbsp; 35651 | 470234 |
| Zamil Industrial Investment Co.<sup>(a)</sup> | &nbsp;&nbsp; 43650 | 411213 |
|  |  | 28133956 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| Power & Water Utility Co. for Jubail & Yanbu | &nbsp;&nbsp; 125032 | 1321265 |
| **Oil, Gas & Consumable Fuels — 10.4%** | **Oil, Gas & Consumable Fuels — 10.4%** | **Oil, Gas & Consumable Fuels — 10.4%** |
| Saudi Arabian Oil Co.<sup>(b)</sup> | &nbsp;&nbsp; 9423275 | 59497680 |
| **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** | **Paper & Forest Products — 0.2%** |
| Middle East Paper Co.<sup>(a)</sup> | &nbsp;&nbsp; 74257 | 557828 |
| Saudi Paper Manufacturing Co. | &nbsp;&nbsp; 31736 | 433846 |
|  |  | 991674 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
| Jamjoom Pharmaceuticals Factory Co. | &nbsp;&nbsp; 37178 | 1571168 |
| Middle East Pharmaceutical Co. | &nbsp;&nbsp; 10513 | 357843 |
| Saudi Pharmaceutical Industries & Medical Appliances <br> Corp.<sup>(a)</sup><br>| &nbsp;&nbsp; 106140 | 758200 |
|  |  | 2687211 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| Maharah Human Resources Co. | &nbsp;&nbsp; 407071 | 519043 |
| Saudi Manpower Solutions Co. | &nbsp;&nbsp; 197586 | 318585 |
|  |  | 837628 |
| **Real Estate Management & Development — 3.2%** | **Real Estate Management & Development — 3.2%** | **Real Estate Management & Development — 3.2%** |
| Alandalus Property Co. | &nbsp;&nbsp; 79987 | 431431 |
| Arabian Centres Co.<sup>(b)</sup> | &nbsp;&nbsp; 343423 | 1867834 |
| Arriyadh Development Co. | &nbsp;&nbsp; 183334 | 1615585 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| Dar Al Arkan Real Estate Development Co.<sup>(a)</sup> | &nbsp;&nbsp; 939120 | $4677729 |
| Emaar Economic City<sup>(a)</sup> | &nbsp;&nbsp; 328652 | 1136790 |
| Knowledge Economic City Co.<sup>(a)</sup> | &nbsp;&nbsp; 124795 | 424508 |
| Makkah Construction & Development Co. | &nbsp;&nbsp; 159221 | 3188918 |
| Retal Urban Development Co. | &nbsp;&nbsp; 434327 | 1442502 |
| Saudi Real Estate Co.<sup>(a)</sup> | &nbsp;&nbsp; 266744 | 1290209 |
| Sumou Real Estate Co. | &nbsp;&nbsp; 30702 | 313408 |
| Taiba Investments Co. | &nbsp;&nbsp; 205448 | 2062036 |
|  |  | 18450950 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| Al Majed for Oud Co. | &nbsp;&nbsp; 10836 | 346913 |
| Aldrees Petroleum and Transport Services Co. | &nbsp;&nbsp; 86957 | 2757060 |
| AlSaif Stores For Development & Investment Co.<sup>(a)</sup> | &nbsp;&nbsp; 212310 | 398066 |
| Fawaz Abdulaziz Al Hokair & Co.<sup>(a)</sup> | &nbsp;&nbsp; 85351 | 551112 |
| Jarir Marketing Co. | &nbsp;&nbsp; 1044640 | 3548952 |
| Nice One Beauty Digital Marketing Co.<sup>(a)</sup> | &nbsp;&nbsp; 49620 | 332406 |
| Saudi Automotive Services Co. | &nbsp;&nbsp; 61647 | 847177 |
| United Electronics Co. | &nbsp;&nbsp; 69576 | 1677200 |
|  |  | 10458886 |
| **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** |
| Saudi Ground Services Co. | &nbsp;&nbsp; 162934 | 1960817 |
| Sustained Infrastructure Holding Co. | &nbsp;&nbsp; 70372 | 654283 |
|  |  | 2615100 |
| **Water Utilities — 0.3%** | **Water Utilities — 0.3%** | **Water Utilities — 0.3%** |
| AlKhorayef Water & Power Technologies Co. | &nbsp;&nbsp; 30659 | 1034554 |
| Miahona | &nbsp;&nbsp; 75024 | 507540 |
|  |  | 1542094 |
| **Wireless Telecommunication Services — 2.4%** | **Wireless Telecommunication Services — 2.4%** | **Wireless Telecommunication Services — 2.4%** |
| Etihad Etisalat Co. | &nbsp;&nbsp; 670912 | 11442090 |
| Mobile Telecommunications Co. Saudi Arabia | &nbsp;&nbsp; 784842 | 2233114 |
|  |  | 13675204 |
| **Total Long-Term Investments — 101.6%** <br>**(Cost: $455,357,948)** | **Total Long-Term Investments — 101.6%** <br>**(Cost: $455,357,948)** | 579407915 |
| **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> 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 1850000 | 1850000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $1,850,000)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $1,850,000)** | 1850000 |
| **Total Investments — 101.9%** <br>**(Cost: $457,207,948)** | **Total Investments — 101.9%** <br>**(Cost: $457,207,948)** | 581257915 |
| **Liabilities in Excess of Other Assets — (1.9)%** | **Liabilities in Excess of Other Assets — (1.9)%** | (10930269)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $570327646 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Saudi Arabia ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $5700000 | $—<br> $(3850000 )<sup>(a)</sup><br>| $— | $— | $1850000 | 1850000 | $71180 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 30 | 09/19/25 | &nbsp;&nbsp; $1897 | $12664 |

---

**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; $12664 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $368099 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $368099 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37468)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37468)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2981951 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI Saudi Arabia ETF**

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $62210972 | &nbsp;&nbsp; $517196943 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $579407915 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1850000 |
|  | &nbsp;&nbsp; $64060972 | &nbsp;&nbsp; $517196943 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $581257915 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $12664 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

August 31, 2025

**iShares® MSCI UAE ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 1.5%** | **Air Freight & Logistics — 1.5%** | **Air Freight & Logistics — 1.5%** |
| Abu Dhabi Aviation Co. | &nbsp;&nbsp; 669525 | $1037204 |
| Agility Global PLC | &nbsp;&nbsp; 4675472 | 1476619 |
|  |  | 2513823 |
| **Banks — 33.3%** | **Banks — 33.3%** | **Banks — 33.3%** |
| Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp; 1786128 | 7359147 |
| Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp; 1241367 | 7208249 |
| Ajman Bank PJSC | &nbsp;&nbsp; 2252381 | 883058 |
| Bank of Sharjah<sup>(a)</sup> | &nbsp;&nbsp; 835067 | 352402 |
| Dubai Islamic Bank PJSC | &nbsp;&nbsp; 2833986 | 7457246 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp; 1746219 | 12004528 |
| First Abu Dhabi Bank PJSC | &nbsp;&nbsp; 4202546 | 18981481 |
| Sharjah Islamic Bank | &nbsp;&nbsp; 2183694 | 1752913 |
|  |  | 55999024 |
| **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
| Ras Al Khaimah Ceramics PJSC | &nbsp;&nbsp; 1308949 | 893578 |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| Al Waha Capital PJSC | &nbsp;&nbsp; 2321560 | 1003722 |
| Dubai Financial Market PJSC | &nbsp;&nbsp; 3156633 | 1443838 |
| Investcorp Capital PLC | &nbsp;&nbsp; 1735197 | 751188 |
| SHUAA Capital PSC<sup>(a)</sup> | &nbsp;&nbsp; 5478860 | 432148 |
|  |  | 3630896 |
| **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** |
| Parkin Co. PJSC | &nbsp;&nbsp; 1131009 | 1861534 |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |
| Arabtec Holding PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp; 2433366 | 7 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| Apex Investment Co. PSC<sup>(a)</sup> | &nbsp;&nbsp; 108935 | 131458 |
| **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |
| Spinneys 1961 Holding PLC | &nbsp;&nbsp; 2192616 | 977763 |
| **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** |
| Alef Education Holding PLC | &nbsp;&nbsp; 3260908 | 906087 |
| Taaleem Holdings PJSC | &nbsp;&nbsp; 442503 | 571057 |
|  |  | 1477144 |
| **Diversified Telecommunication Services — 10.3%** | **Diversified Telecommunication Services — 10.3%** | **Diversified Telecommunication Services — 10.3%** |
| Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp; 3266205 | 16077809 |
| Space42 PLC<sup>(a)</sup> | &nbsp;&nbsp; 2399913 | 1258750 |
|  |  | 17336559 |
| **Energy Equipment & Services — 3.3%** | **Energy Equipment & Services — 3.3%** | **Energy Equipment & Services — 3.3%** |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 3661220 | 5492403 |
| NMDC Energy | &nbsp;&nbsp; 185496 | 126702 |
|  |  | 5619105 |
| **Financial Services — 1.2%** | **Financial Services — 1.2%** | **Financial Services — 1.2%** |
| Amanat Holdings PJSC | &nbsp;&nbsp; 2756631 | 848090 |
| Amlak Finance PJSC<sup>(a)</sup> | &nbsp;&nbsp; 2377945 | 1217151 |
| Gulf General Investment Co.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7295803 | 20 |
|  |  | 2065261 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| Agthia Group PJSC | &nbsp;&nbsp; 732167 | 807313 |
| **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |
| Dubai Taxi Co. PJSC | &nbsp;&nbsp; 1400359 | 1010346 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| NMC Health PLC, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 112588 | 1 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| Abu Dhabi National Hotels | &nbsp;&nbsp; 13080269 | $1648792 |
| Americana Restaurants International PLC - <br> Foreign Co.<br>| &nbsp;&nbsp; 4026841 | 2126920 |
|  |  | 3775712 |
| **Industrial Conglomerates — 1.6%** | **Industrial Conglomerates — 1.6%** | **Industrial Conglomerates — 1.6%** |
| Dubai Investments PJSC | &nbsp;&nbsp; 3061668 | 2384203 |
| Modon Holding PSC<sup>(a)</sup> | &nbsp;&nbsp; 129341 | 131156 |
| Multiply Group PJSC<sup>(a)</sup> | &nbsp;&nbsp; 158735 | 129917 |
|  |  | 2645276 |
| **Marine Transportation — 1.0%** | **Marine Transportation — 1.0%** | **Marine Transportation — 1.0%** |
| Gulf Navigation Holding PJSC<sup>(a)</sup> | &nbsp;&nbsp; 839727 | 1646098 |
| **Multi-Utilities — 2.6%** | **Multi-Utilities — 2.6%** | **Multi-Utilities — 2.6%** |
| Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp; 5839046 | 4370764 |
| **Oil, Gas & Consumable Fuels — 4.3%** | **Oil, Gas & Consumable Fuels — 4.3%** | **Oil, Gas & Consumable Fuels — 4.3%** |
| Adnoc Gas PLC | &nbsp;&nbsp; 6000224 | 5435651 |
| Dana Gas PJSC | &nbsp;&nbsp; 8462124 | 1734840 |
|  |  | 7170491 |
| **Passenger Airlines — 1.8%** | **Passenger Airlines — 1.8%** | **Passenger Airlines — 1.8%** |
| Air Arabia PJSC | &nbsp;&nbsp; 2954856 | 3033059 |
| **Real Estate Management & Development — 23.2%** | **Real Estate Management & Development — 23.2%** | **Real Estate Management & Development — 23.2%** |
| Aldar Properties PJSC | &nbsp;&nbsp; 2735041 | 7153799 |
| Deyaar Development PJSC | &nbsp;&nbsp; 682003 | 191091 |
| Emaar Development PJSC | &nbsp;&nbsp; 751690 | 3014590 |
| Emaar Properties PJSC | &nbsp;&nbsp; 6373837 | 24987249 |
| Eshraq Investments PJSC<sup>(a)</sup> | &nbsp;&nbsp; 5214864 | 794850 |
| RAK Properties PJSC<sup>(a)</sup> | &nbsp;&nbsp; 3068371 | 1318921 |
| Union Properties PJSC<sup>(a)</sup> | &nbsp;&nbsp; 6314737 | 1514810 |
|  |  | 38975310 |
| **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
| Dubai Residential REIT | &nbsp;&nbsp; 1688336 | 643535 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| Phoenix Group PLC<sup>(a)</sup> | &nbsp;&nbsp; 2875111 | 1157784 |
| **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** |
| Abu Dhabi National Oil Co. for Distribution PJSC | &nbsp;&nbsp; 3808077 | 3898329 |
| **Transportation Infrastructure — 1.9%** | **Transportation Infrastructure — 1.9%** | **Transportation Infrastructure — 1.9%** |
| Salik Co. PJSC | &nbsp;&nbsp; 1811603 | 3255307 |
| **Water Utilities — 1.6%** | **Water Utilities — 1.6%** | **Water Utilities — 1.6%** |
| Emirates Central Cooling Systems Corp. | &nbsp;&nbsp; 3490751 | 1577655 |
| National Central Cooling Co. PJSC | &nbsp;&nbsp; 1433082 | 1156739 |
|  |  | 2734394 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $137,275,991)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $137,275,991)** | 167629871 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI UAE ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.26%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 230000 | $230000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $230,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $230,000)** | 230000 |
| **Total Investments — 99.9%** <br>**(Cost: $137,505,991)** | **Total Investments — 99.9%** <br>**(Cost: $137,505,991)** | 167859871 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 182789 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $168042660 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. <br> <sup>(c)</sup> Affiliate of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| &nbsp;&nbsp; *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $60000<br> $170000 <br><sup>(a)</sup><br>| $— | $— | $— | $230000 | 230000 | $7672 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| MSCI Emerging Markets Index | 6 | 09/19/25 | &nbsp;&nbsp; $379 | $(1093) |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1093 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

Schedule of Investments

------

Schedule of Investments (continued)

August 31, 2025

**iShares® MSCI UAE ETF**

For the period ended August 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(25120)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(25120)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1093)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1093)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $123600 |

---

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; $57297189 | &nbsp;&nbsp; $110332654 | &nbsp;&nbsp; $28 | &nbsp;&nbsp; $167629871 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 230000 |
|  | &nbsp;&nbsp; $57527189 | &nbsp;&nbsp; $110332654 | &nbsp;&nbsp; $28 | &nbsp;&nbsp; $167859871 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(1093)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1093)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Brazil <br> Small-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI China ETF <br>| &nbsp;&nbsp; iShares <br>MSCI China <br> Small-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Indonesia <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $177271877 | $7860254598 | $90015052 | $328064706 |
| Investments, at value—affiliated<sup>(c)</sup> | 1707961 | 95407959 | 21444700 | 240000 |
| Cash | 82794 | 6720796 | 3285898 | 6301 |
| Cash pledged for futures contracts | 115000 | 1967000 | 36000 |  |
| Foreign currency, at value<sup>(d)</sup> | 105591 | 21285757 | 234751 |  |
| Receivables: |  |  |  |  |
| Investments sold |  | 35175 |  |  |
| Securities lending income—affiliated | 318 | 195739 | 76834 |  |
| Capital shares sold |  | 45297 | 8853463 |  |
| Dividends—unaffiliated | 978609 | 2145861 | 132861 |  |
| Dividends—affiliated | 1818 | 7574 | 263 | 644 |
| Variation margin on futures contracts |  | 667312 | 13038 |  |
| Total assets | 180263968 | 7988733068 | 124092860 | 328311651 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value | 1258925 | 95233269 | 21289842 |  |
| Payables: |  |  |  |  |
| Investments purchased |  | 45272 | 11948010 |  |
| Capital shares redeemed |  | 9 |  |  |
| Investment advisory fees | 82057 | 3602477 | 35590 | 129417 |
| Variation margin on futures contracts | 4298 |  |  |  |
| Total liabilities | 1345280 | 98881027 | 33273442 | 129417 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $178918688 | $7889852041 | $90819418 | $328182234 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $265060199 | $9730719607 | $131841629 | $739674722 |
| Accumulated loss | (86141511) | (1840867566) | (41022211) | (411492488) |
| NET ASSETS | $178918688 | $7889852041 | $90819418 | $328182234 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 13350000 | 129000000 | 2400000 | 18600000 |
| Net asset value | $13.40 | $61.16 | $37.84 | $17.64 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $141535171 | $7158901869 | $76942336 | $435259936 |
| <sup>(b)</sup> Securities loaned, at value | $1214372 | $89075199 | $17630328 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $1707866 | $95407959 | $21443896 | $240000 |
| <sup>(d)</sup> Foreign currency, at cost | $105882 | $21275565 | $234744 | $— |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (continued)

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Peru <br> and Global <br> Exposure <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Philippines <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Poland <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Qatar <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $165360704 | $103403863 | $433781685 | $78496621 |
| Investments, at value—affiliated<sup>(c)</sup> | 660000 | 80000 | 21976314 |  |
| Cash | 15415 | 8944 | 4886 |  |
| Cash pledged for futures contracts | 16000 | 8000 |  |  |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  |  | 744024 |  |
| Foreign currency, at value<sup>(e)</sup> | 253786 | 2545 | 250514 | 1091075 |
| Receivables: |  |  |  |  |
| Investments sold |  |  | 420525 |  |
| Securities lending income—affiliated |  |  | 11715 |  |
| Capital shares sold |  |  | 137522 |  |
| Dividends—unaffiliated | 440870 | 252103 | 4460900 |  |
| Dividends—affiliated | 1249 | 450 | 5094 | 305 |
| Tax reclaims |  |  | 2699922 |  |
| Foreign withholding tax claims |  |  | 3346428 |  |
| Total assets | 166748024 | 103755905 | 467839529 | 79588001 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft |  |  |  | 1025744 |
| Collateral on securities loaned, at value |  |  | 19857489 |  |
| Payables: |  |  |  |  |
| Investments purchased | 39605 |  |  | 175 |
| Capital shares redeemed |  |  | 91682 |  |
| Investment advisory fees | 77923 | 50898 | 240123 | 38915 |
| IRS compliance fee for foreign withholding tax claims |  |  | 1361971 |  |
| Due to custodian | 533226 |  | 726291 |  |
| Variation margin on futures contracts | 3000 | 1480 | 212676 |  |
| Total liabilities | 653754 | 52378 | 22490232 | 1064834 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $166094270 | $103703527 | $445349297 | $78523167 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $312827707 | $224150888 | $582829158 | $82678538 |
| Accumulated loss | (146733437) | (120447361) | (137479861) | (4155371) |
| NET ASSETS | $166094270 | $103703527 | $445349297 | $78523167 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 3100000 | 4000000 | 14050000 | 3950000 |
| Net asset value | $53.58 | $25.93 | $31.70 | $19.88 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $135761597 | $116968257 | $404628331 | $56697229 |
| <sup>(b)</sup> Securities loaned, at value | $— | $— | $18745956 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $660000 | $80000 | $21974781 | $— |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $— | $738567 | $— |
| <sup>(e)</sup> Foreign currency, at cost | $253025 | $2545 | $248813 | $1091075 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>MSCI Saudi <br> Arabia ETF <br>| &nbsp;&nbsp; iShares <br>MSCI UAE <br> ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)</sup> | $579407915 | $167629871 |
| Investments, at value—affiliated<sup>(b)</sup> | 1850000 | 230000 |
| Cash | 21952 | 11787 |
| Cash pledged for futures contracts | 57000 | 12000 |
| Foreign currency, at value<sup>(c)</sup> |  | 443156 |
| Receivables: |  |  |
| Dividends—unaffiliated | 1300467 | 203538 |
| Dividends—affiliated | 19431 | 707 |
| Total assets | 582656765 | 168531059 |
| **LIABILITIES** |  |  |
| Foreign bank overdraft | 108542 |  |
| Payables: |  |  |
| Investments purchased |  | 405415 |
| Capital shares redeemed | 11256290 |  |
| Investment advisory fees | 390176 | 80756 |
| Due to custodian | 562866 |  |
| Variation margin on futures contracts | 11245 | 2228 |
| Total liabilities | 12329119 | 488399 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $570327646 | $168042660 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $534957512 | $185730334 |
| Accumulated earnings (loss) | 35370134 | (17687674) |
| NET ASSETS | $570327646 | $168042660 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 15200000 | 8650000 |
| Net asset value | $37.52 | $19.43 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $455357948 | $137275991 |
| <sup>(b)</sup> Investments, at cost—affiliated | $1850000 | $230000 |
| <sup>(c)</sup> Foreign currency, at cost | $(108542) | $443139 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Brazil <br> Small-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI China ETF <br>| &nbsp;&nbsp; iShares <br>MSCI China <br> Small-Cap <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Indonesia <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $6327120 | &nbsp;&nbsp;&nbsp; $145911829 | &nbsp;&nbsp;&nbsp; $2560969 | &nbsp;&nbsp;&nbsp; $16904440 |
| Dividends—affiliated | &nbsp;&nbsp; 18181 | &nbsp;&nbsp;&nbsp; 216905 | &nbsp;&nbsp;&nbsp; 2680 | &nbsp;&nbsp;&nbsp; 13418 |
| Interest—unaffiliated | &nbsp;&nbsp; 8082 | &nbsp;&nbsp;&nbsp; 104986 | &nbsp;&nbsp;&nbsp; 3048 | &nbsp;&nbsp;&nbsp; 1848 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 173584 | &nbsp;&nbsp;&nbsp; 1201278 | &nbsp;&nbsp;&nbsp; 892503 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (377982)<br>| &nbsp;&nbsp;&nbsp; (9498642)<br>| &nbsp;&nbsp;&nbsp; (27816)<br>| &nbsp;&nbsp;&nbsp; (2545954)<br>|
| Total investment income | &nbsp;&nbsp; 6148985 | &nbsp;&nbsp;&nbsp; 137936356 | &nbsp;&nbsp;&nbsp; 3431384 | &nbsp;&nbsp;&nbsp; 14373752 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 816607 | &nbsp;&nbsp;&nbsp; 35114694 | &nbsp;&nbsp;&nbsp; 391244 | &nbsp;&nbsp;&nbsp; 1731973 |
| Commitment costs | &nbsp;&nbsp; 1419 | &nbsp;&nbsp;&nbsp; 39896 | &nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; 2908 |
| Interest expense | &nbsp;&nbsp; 871 | &nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35 |
| Total expenses | &nbsp;&nbsp; 818897 | &nbsp;&nbsp;&nbsp; 35154867 | &nbsp;&nbsp;&nbsp; 391909 | &nbsp;&nbsp;&nbsp; 1734916 |
| Net investment income | &nbsp;&nbsp; 5330088 | &nbsp;&nbsp;&nbsp; 102781489 | &nbsp;&nbsp;&nbsp; 3039475 | &nbsp;&nbsp;&nbsp; 12638836 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (24833153)<br>| &nbsp;&nbsp;&nbsp; (173380277)<br>| &nbsp;&nbsp;&nbsp; 1366741 | &nbsp;&nbsp;&nbsp; (40154716)<br>|
| Investments—affiliated | &nbsp;&nbsp; (1060)<br>| &nbsp;&nbsp;&nbsp; 42858 | &nbsp;&nbsp;&nbsp; 869 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (219298)<br>| &nbsp;&nbsp;&nbsp; 121669 | &nbsp;&nbsp;&nbsp; (1095)<br>| &nbsp;&nbsp;&nbsp; (62320)<br>|
| Futures contracts | &nbsp;&nbsp; (8799)<br>| &nbsp;&nbsp;&nbsp; 12865361 | &nbsp;&nbsp;&nbsp; 158722 | &nbsp;&nbsp;&nbsp; 173841 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 516821 | &nbsp;&nbsp;&nbsp; 98028640 | &nbsp;&nbsp;&nbsp; 6505042 | &nbsp;&nbsp;&nbsp; 948562 |
|  | &nbsp;&nbsp; (24545489)<br>| &nbsp;&nbsp;&nbsp; (62321749)<br>| &nbsp;&nbsp;&nbsp; 8030279 | &nbsp;&nbsp;&nbsp; (39094633)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 28468699 | &nbsp;&nbsp;&nbsp; 2042952059 | &nbsp;&nbsp;&nbsp; 26006444 | &nbsp;&nbsp;&nbsp; (30334085)<br>|
| Investments—affiliated | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; (49659)<br>| &nbsp;&nbsp;&nbsp; (3965)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 129576 | &nbsp;&nbsp;&nbsp; 10929 | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 43 |
| Futures contracts | &nbsp;&nbsp; 7552 | &nbsp;&nbsp;&nbsp; 2421661 | &nbsp;&nbsp;&nbsp; 27172 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 28605922 | &nbsp;&nbsp;&nbsp; 2045334990 | &nbsp;&nbsp;&nbsp; 26029803 | &nbsp;&nbsp;&nbsp; (30334042)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 4060433 | &nbsp;&nbsp;&nbsp; 1983013241 | &nbsp;&nbsp;&nbsp; 34060082 | &nbsp;&nbsp;&nbsp; (69428675)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $9390521 | &nbsp;&nbsp;&nbsp; $2085794730 | &nbsp;&nbsp;&nbsp; $37099557 | &nbsp;&nbsp;&nbsp; $(56789839)<br>|
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations (continued)

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Peru <br> and Global <br> Exposure <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI <br> Philippines <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Poland <br> ETF <br>| &nbsp;&nbsp; iShares <br>MSCI Qatar <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $4745682 | &nbsp;&nbsp;&nbsp; $3685885 | &nbsp;&nbsp;&nbsp; $22515203 | &nbsp;&nbsp;&nbsp; $3299001 |
| Dividends—affiliated | &nbsp;&nbsp; 10683 | &nbsp;&nbsp;&nbsp; 5341 | &nbsp;&nbsp;&nbsp; 74355 | &nbsp;&nbsp;&nbsp; 2610 |
| Interest—unaffiliated | &nbsp;&nbsp; 1401 | &nbsp;&nbsp;&nbsp; 566 | &nbsp;&nbsp;&nbsp; 1007 | &nbsp;&nbsp;&nbsp; 379 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 145100 | &nbsp;&nbsp;&nbsp; — |
| Other income—unaffiliated | &nbsp;&nbsp; 20623 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (171311)<br>| &nbsp;&nbsp;&nbsp; (918775)<br>| &nbsp;&nbsp;&nbsp; (746389)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3346428 | &nbsp;&nbsp;&nbsp; — |
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (275638)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 4607078 | &nbsp;&nbsp;&nbsp; 2773017 | &nbsp;&nbsp;&nbsp; 25060066 | &nbsp;&nbsp;&nbsp; 3301990 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 635616 | &nbsp;&nbsp;&nbsp; 608069 | &nbsp;&nbsp;&nbsp; 1928489 | &nbsp;&nbsp;&nbsp; 423368 |
| Commitment costs | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 1028 | &nbsp;&nbsp;&nbsp; 3188 | &nbsp;&nbsp;&nbsp; 701 |
| Interest expense | &nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 3415 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 41264 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 637062 | &nbsp;&nbsp;&nbsp; 609097 | &nbsp;&nbsp;&nbsp; 1972972 | &nbsp;&nbsp;&nbsp; 427484 |
| Net investment income | &nbsp;&nbsp; 3970016 | &nbsp;&nbsp;&nbsp; 2163920 | &nbsp;&nbsp;&nbsp; 23087094 | &nbsp;&nbsp;&nbsp; 2874506 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 1696714 | &nbsp;&nbsp;&nbsp; (13693512)<br>| &nbsp;&nbsp;&nbsp; (14482717)<br>| &nbsp;&nbsp;&nbsp; 98233 |
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1204)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; 26396 | &nbsp;&nbsp;&nbsp; 5780 | &nbsp;&nbsp;&nbsp; (34651)<br>| &nbsp;&nbsp;&nbsp; (2248)<br>|
| Futures contracts | &nbsp;&nbsp; 121145 | &nbsp;&nbsp;&nbsp; (8607)<br>| &nbsp;&nbsp;&nbsp; 1160560 | &nbsp;&nbsp;&nbsp; (56221)<br>|
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 1549159 | &nbsp;&nbsp;&nbsp; 3468357 | &nbsp;&nbsp;&nbsp; 36617090 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 3393414 | &nbsp;&nbsp;&nbsp; (10227982)<br>| &nbsp;&nbsp;&nbsp; 23259078 | &nbsp;&nbsp;&nbsp; 39764 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 31030498 | &nbsp;&nbsp;&nbsp; 2728777 | &nbsp;&nbsp;&nbsp; 38340221 | &nbsp;&nbsp;&nbsp; 9227711 |
| Investments—affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1451 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; (411)<br>| &nbsp;&nbsp;&nbsp; (898)<br>| &nbsp;&nbsp;&nbsp; 528107 | &nbsp;&nbsp;&nbsp; (236)<br>|
| Futures contracts | &nbsp;&nbsp; (9504)<br>| &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; (344623)<br>| &nbsp;&nbsp;&nbsp; 328 |
|  | &nbsp;&nbsp; 31020583 | &nbsp;&nbsp;&nbsp; 2727956 | &nbsp;&nbsp;&nbsp; 38525156 | &nbsp;&nbsp;&nbsp; 9227803 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 34413997 | &nbsp;&nbsp;&nbsp; (7500026)<br>| &nbsp;&nbsp;&nbsp; 61784234 | &nbsp;&nbsp;&nbsp; 9267567 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $38384013 | &nbsp;&nbsp;&nbsp; $(5336106)<br>| &nbsp;&nbsp;&nbsp; $84871328 | &nbsp;&nbsp;&nbsp; $12142073 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Operations (continued)

Year Ended August 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | iShares <br>MSCI Saudi <br> Arabia ETF <br>| &nbsp;&nbsp; iShares <br>MSCI UAE <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $25112461 | &nbsp;&nbsp;&nbsp; $5488148 |
| Dividends—affiliated | &nbsp;&nbsp; 71180 | &nbsp;&nbsp;&nbsp; 7672 |
| Interest—unaffiliated | &nbsp;&nbsp; 16036 | &nbsp;&nbsp;&nbsp; 1452 |
| Foreign taxes withheld | &nbsp;&nbsp; (1026420)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 24173257 | &nbsp;&nbsp;&nbsp; 5497272 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 4813472 | &nbsp;&nbsp;&nbsp; 544672 |
| Interest expense | &nbsp;&nbsp; 54713 | &nbsp;&nbsp;&nbsp; 62 |
| Commitment costs | &nbsp;&nbsp; 6592 | &nbsp;&nbsp;&nbsp; 895 |
| Total expenses | &nbsp;&nbsp; 4874777 | &nbsp;&nbsp;&nbsp; 545629 |
| Net investment income | &nbsp;&nbsp; 19298480 | &nbsp;&nbsp;&nbsp; 4951643 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (16263832)<br>| &nbsp;&nbsp;&nbsp; (3275529)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (86657)<br>| &nbsp;&nbsp;&nbsp; (30682)<br>|
| Futures contracts | &nbsp;&nbsp; 368099 | &nbsp;&nbsp;&nbsp; (25120)<br>|
|  | &nbsp;&nbsp; (15982390)<br>| &nbsp;&nbsp;&nbsp; (3331331)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (59911419)<br>| &nbsp;&nbsp;&nbsp; 25787530 |
| Foreign currency translations | &nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; (6)<br>|
| Futures contracts | &nbsp;&nbsp; (37468)<br>| &nbsp;&nbsp;&nbsp; (1093)<br>|
|  | &nbsp;&nbsp; (59948752)<br>| &nbsp;&nbsp;&nbsp; 25786431 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (75931142)<br>| &nbsp;&nbsp;&nbsp; 22455100 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(56632662)<br>| &nbsp;&nbsp;&nbsp; $27406743 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Brazil Small-Cap ETF  | iShares <br>MSCI Brazil Small-Cap ETF  | iShares <br>MSCI China ETF  | iShares <br>MSCI China ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $5330088 | &nbsp;&nbsp;&nbsp; $6904755 | &nbsp;&nbsp;&nbsp; $102781489 | &nbsp;&nbsp;&nbsp; $126399397 |
| Net realized loss | &nbsp;&nbsp; (24545489)<br>| &nbsp;&nbsp;&nbsp; (17121836)<br>| &nbsp;&nbsp;&nbsp; (62321749)<br>| &nbsp;&nbsp;&nbsp; (646218925)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 28605922 | &nbsp;&nbsp;&nbsp; (2909788)<br>| &nbsp;&nbsp;&nbsp; 2045334990 | &nbsp;&nbsp;&nbsp; 45388874 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 9390521 | &nbsp;&nbsp;&nbsp; (13126869)<br>| &nbsp;&nbsp;&nbsp; 2085794730 | &nbsp;&nbsp;&nbsp; (474430654)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (4842016)<br>| &nbsp;&nbsp;&nbsp; (7232235)<br>| &nbsp;&nbsp;&nbsp; (165418557)<br>| &nbsp;&nbsp;&nbsp; (171871798)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 47980631 | &nbsp;&nbsp;&nbsp; (60544150)<br>| &nbsp;&nbsp;&nbsp; 1647904022 | &nbsp;&nbsp;&nbsp; (2560377376)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 52529136 | &nbsp;&nbsp;&nbsp; (80903254)<br>| &nbsp;&nbsp;&nbsp; 3568280195 | &nbsp;&nbsp;&nbsp; (3206679828)<br>|
| Beginning of year | &nbsp;&nbsp; 126389552 | &nbsp;&nbsp;&nbsp; 207292806 | &nbsp;&nbsp;&nbsp; 4321571846 | &nbsp;&nbsp;&nbsp; 7528251674 |
| End of year | &nbsp;&nbsp; $178918688 | &nbsp;&nbsp;&nbsp; $126389552 | &nbsp;&nbsp;&nbsp; $7889852041 | &nbsp;&nbsp;&nbsp; $4321571846 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI China Small-Cap ETF  | iShares <br>MSCI China Small-Cap ETF  | iShares <br>MSCI Indonesia ETF  | iShares <br>MSCI Indonesia ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $3039475 | &nbsp;&nbsp;&nbsp; $2340692 | &nbsp;&nbsp;&nbsp; $12638836 | &nbsp;&nbsp;&nbsp; $12443708 |
| Net realized gain (loss) | &nbsp;&nbsp; 8030279 | &nbsp;&nbsp;&nbsp; (21696529)<br>| &nbsp;&nbsp;&nbsp; (39094633)<br>| &nbsp;&nbsp;&nbsp; (41535345)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 26029803 | &nbsp;&nbsp;&nbsp; 10562819 | &nbsp;&nbsp;&nbsp; (30334042)<br>| &nbsp;&nbsp;&nbsp; 5663850 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 37099557 | &nbsp;&nbsp;&nbsp; (8793018)<br>| &nbsp;&nbsp;&nbsp; (56789839)<br>| &nbsp;&nbsp;&nbsp; (23427787)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (3906562)<br>| &nbsp;&nbsp;&nbsp; (3072146)<br>| &nbsp;&nbsp;&nbsp; (12499708)<br>| &nbsp;&nbsp;&nbsp; (14700844)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 8017011 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 52597583 | &nbsp;&nbsp;&nbsp; (115427679)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 41210006 | &nbsp;&nbsp;&nbsp; (11865164)<br>| &nbsp;&nbsp;&nbsp; (16691964)<br>| &nbsp;&nbsp;&nbsp; (153556310)<br>|
| Beginning of year | &nbsp;&nbsp; 49609412 | &nbsp;&nbsp;&nbsp; 61474576 | &nbsp;&nbsp;&nbsp; 344874198 | &nbsp;&nbsp;&nbsp; 498430508 |
| End of year | &nbsp;&nbsp; $90819418 | &nbsp;&nbsp;&nbsp; $49609412 | &nbsp;&nbsp;&nbsp; $328182234 | &nbsp;&nbsp;&nbsp; $344874198 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Peru and Global Exposure ETF  | iShares <br>MSCI Peru and Global Exposure ETF  | iShares <br>MSCI Philippines ETF  | iShares <br>MSCI Philippines ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $3970016 | &nbsp;&nbsp;&nbsp; $3002240 | &nbsp;&nbsp;&nbsp; $2163920 | &nbsp;&nbsp;&nbsp; $2241022 |
| Net realized gain (loss) | &nbsp;&nbsp; 3393414 | &nbsp;&nbsp;&nbsp; 4256171 | &nbsp;&nbsp;&nbsp; (10227982)<br>| &nbsp;&nbsp;&nbsp; (10604817)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 31020583 | &nbsp;&nbsp;&nbsp; 19042405 | &nbsp;&nbsp;&nbsp; 2727956 | &nbsp;&nbsp;&nbsp; 20744629 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 38384013 | &nbsp;&nbsp;&nbsp; 26300816 | &nbsp;&nbsp;&nbsp; (5336106)<br>| &nbsp;&nbsp;&nbsp; 12380834 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (5114136)<br>| &nbsp;&nbsp;&nbsp; (4900738)<br>| &nbsp;&nbsp;&nbsp; (2166273)<br>| &nbsp;&nbsp;&nbsp; (2229901)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 53113622 | &nbsp;&nbsp;&nbsp; (46792277)<br>| &nbsp;&nbsp;&nbsp; 3041903 | &nbsp;&nbsp;&nbsp; 4938722 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 86383499 | &nbsp;&nbsp;&nbsp; (25392199)<br>| &nbsp;&nbsp;&nbsp; (4460476)<br>| &nbsp;&nbsp;&nbsp; 15089655 |
| Beginning of year | &nbsp;&nbsp; 79710771 | &nbsp;&nbsp;&nbsp; 105102970 | &nbsp;&nbsp;&nbsp; 108164003 | &nbsp;&nbsp;&nbsp; 93074348 |
| End of year | &nbsp;&nbsp; $166094270 | &nbsp;&nbsp;&nbsp; $79710771 | &nbsp;&nbsp;&nbsp; $103703527 | &nbsp;&nbsp;&nbsp; $108164003 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Poland ETF  | iShares <br>MSCI Poland ETF  | iShares <br>MSCI Qatar ETF  | iShares <br>MSCI Qatar ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $23087094 | &nbsp;&nbsp;&nbsp; $11950656 | &nbsp;&nbsp;&nbsp; $2874506 | &nbsp;&nbsp;&nbsp; $3958762 |
| Net realized gain (loss) | &nbsp;&nbsp; 23259078 | &nbsp;&nbsp;&nbsp; 10869081 | &nbsp;&nbsp;&nbsp; 39764 | &nbsp;&nbsp;&nbsp; (2291338)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 38525156 | &nbsp;&nbsp;&nbsp; 50368534 | &nbsp;&nbsp;&nbsp; 9227803 | &nbsp;&nbsp;&nbsp; 984100 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 84871328 | &nbsp;&nbsp;&nbsp; 73188271 | &nbsp;&nbsp;&nbsp; 12142073 | &nbsp;&nbsp;&nbsp; 2651524 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (15757414)<br>| &nbsp;&nbsp;&nbsp; (13681422)<br>| &nbsp;&nbsp;&nbsp; (3075482)<br>| &nbsp;&nbsp;&nbsp; (3388994)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 64425949 | &nbsp;&nbsp;&nbsp; 23938978 | &nbsp;&nbsp;&nbsp; 7729014 | &nbsp;&nbsp;&nbsp; (16286432)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 133539863 | &nbsp;&nbsp;&nbsp; 83445827 | &nbsp;&nbsp;&nbsp; 16795605 | &nbsp;&nbsp;&nbsp; (17023902)<br>|
| Beginning of year | &nbsp;&nbsp; 311809434 | &nbsp;&nbsp;&nbsp; 228363607 | &nbsp;&nbsp;&nbsp; 61727562 | &nbsp;&nbsp;&nbsp; 78751464 |
| End of year | &nbsp;&nbsp; $445349297 | &nbsp;&nbsp;&nbsp; $311809434 | &nbsp;&nbsp;&nbsp; $78523167 | &nbsp;&nbsp;&nbsp; $61727562 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>MSCI Saudi Arabia ETF  | iShares <br>MSCI Saudi Arabia ETF  | iShares <br>MSCI UAE ETF  | iShares <br>MSCI UAE ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $19298480 | &nbsp;&nbsp;&nbsp; $18130812 | &nbsp;&nbsp;&nbsp; $4951643 | &nbsp;&nbsp;&nbsp; $1613203 |
| Net realized gain (loss) | &nbsp;&nbsp; (15982390)<br>| &nbsp;&nbsp;&nbsp; 75365475 | &nbsp;&nbsp;&nbsp; (3331331)<br>| &nbsp;&nbsp;&nbsp; (3502617)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (59948752)<br>| &nbsp;&nbsp;&nbsp; (73377106)<br>| &nbsp;&nbsp;&nbsp; 25786431 | &nbsp;&nbsp;&nbsp; 2479894 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (56632662)<br>| &nbsp;&nbsp;&nbsp; 20119181 | &nbsp;&nbsp;&nbsp; 27406743 | &nbsp;&nbsp;&nbsp; 590480 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (23419533)<br>| &nbsp;&nbsp;&nbsp; (19935433)<br>| &nbsp;&nbsp;&nbsp; (4446152)<br>| &nbsp;&nbsp;&nbsp; (1739357)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 37258318 | &nbsp;&nbsp;&nbsp; (350849667)<br>| &nbsp;&nbsp;&nbsp; 109426988 | &nbsp;&nbsp;&nbsp; (36317)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (42793877)<br>| &nbsp;&nbsp;&nbsp; (350665919)<br>| &nbsp;&nbsp;&nbsp; 132387579 | &nbsp;&nbsp;&nbsp; (1185194)<br>|
| Beginning of year | &nbsp;&nbsp; 613121523 | &nbsp;&nbsp;&nbsp; 963787442 | &nbsp;&nbsp;&nbsp; 35655081 | &nbsp;&nbsp;&nbsp; 36840275 |
| End of year | &nbsp;&nbsp; $570327646 | &nbsp;&nbsp;&nbsp; $613121523 | &nbsp;&nbsp;&nbsp; $168042660 | &nbsp;&nbsp;&nbsp; $35655081 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Brazil Small-Cap ETF  | iShares MSCI Brazil Small-Cap ETF  | iShares MSCI Brazil Small-Cap ETF  | iShares MSCI Brazil Small-Cap ETF  | iShares MSCI Brazil Small-Cap ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $12.51 | &nbsp;&nbsp;&nbsp; $13.82 | &nbsp;&nbsp;&nbsp; $13.58 | &nbsp;&nbsp;&nbsp; $17.42 | &nbsp;&nbsp;&nbsp; $13.62 |
| Net investment income<sup>(a)</sup> | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 0.81 | &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.79 |
| Net increase (decrease) from investment operations | 1.26 | &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.16 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $13.40 | &nbsp;&nbsp;&nbsp; $12.51 | &nbsp;&nbsp;&nbsp; $13.82 | &nbsp;&nbsp;&nbsp; $13.58 | &nbsp;&nbsp;&nbsp; $17.42 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 10.81<br> %<br>| &nbsp;&nbsp;&nbsp; (6.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.95<br> %<br>| &nbsp;&nbsp;&nbsp; (18.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.34<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 3.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $178919 | &nbsp;&nbsp;&nbsp; $126390 | &nbsp;&nbsp;&nbsp; $207293 | &nbsp;&nbsp;&nbsp; $82865 | &nbsp;&nbsp;&nbsp; $107976 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp;&nbsp; 103<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI China ETF  | iShares MSCI China ETF  | iShares MSCI China ETF  | iShares MSCI China ETF  | iShares MSCI China ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $41.96 | &nbsp;&nbsp;&nbsp; $45.03 | &nbsp;&nbsp;&nbsp; $49.82 | &nbsp;&nbsp;&nbsp; $70.90 | &nbsp;&nbsp;&nbsp; $75.92 |
| Net investment income<sup>(a)</sup> | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 19.73 | &nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp; (4.48)<br>| &nbsp;&nbsp;&nbsp; (21.30)<br>| &nbsp;&nbsp;&nbsp; (4.98)<br>|
| Net increase (decrease) from investment operations | 20.63 | &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (3.65)<br>| &nbsp;&nbsp;&nbsp; (20.29)<br>| &nbsp;&nbsp;&nbsp; (4.24)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $61.16 | &nbsp;&nbsp;&nbsp; $41.96 | &nbsp;&nbsp;&nbsp; $45.03 | &nbsp;&nbsp;&nbsp; $49.82 | &nbsp;&nbsp;&nbsp; $70.90 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 49.98<br> %<br>| &nbsp;&nbsp;&nbsp; (4.06)%<br>| &nbsp;&nbsp;&nbsp; (7.39)%<br>| &nbsp;&nbsp;&nbsp; (28.80)%<br>| &nbsp;&nbsp;&nbsp; (5.69)%<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $7889852 | &nbsp;&nbsp;&nbsp; $4321572 | &nbsp;&nbsp;&nbsp; $7528252 | &nbsp;&nbsp;&nbsp; $7841066 | &nbsp;&nbsp;&nbsp; $6182469 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI China Small-Cap ETF  | iShares MSCI China Small-Cap ETF  | iShares MSCI China Small-Cap ETF  | iShares MSCI China Small-Cap ETF  | iShares MSCI China Small-Cap ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $22.55 | &nbsp;&nbsp;&nbsp; $27.94 | &nbsp;&nbsp;&nbsp; $34.59 | &nbsp;&nbsp;&nbsp; $53.83 | &nbsp;&nbsp;&nbsp; $45.21 |
| Net investment income<sup>(a)</sup> | 1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 15.62 | &nbsp;&nbsp;&nbsp; (5.05)<br>| &nbsp;&nbsp;&nbsp; (6.62)<br>| &nbsp;&nbsp;&nbsp; (18.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.86 |
| Net increase (decrease) from investment operations | 16.92 | &nbsp;&nbsp;&nbsp; (3.99)<br>| &nbsp;&nbsp;&nbsp; (5.65)<br>| &nbsp;&nbsp;&nbsp; (16.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.36 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp; (1.74)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $37.84 | &nbsp;&nbsp;&nbsp; $22.55 | &nbsp;&nbsp;&nbsp; $27.94 | &nbsp;&nbsp;&nbsp; $34.59 | &nbsp;&nbsp;&nbsp; $53.83 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 77.95<br> %<br>| &nbsp;&nbsp;&nbsp; (14.63)%<br>| &nbsp;&nbsp;&nbsp; (16.74)%<br>| &nbsp;&nbsp;&nbsp; (32.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.33<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 4.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $90819 | &nbsp;&nbsp;&nbsp; $49609 | &nbsp;&nbsp;&nbsp; $61475 | &nbsp;&nbsp;&nbsp; $55338 | &nbsp;&nbsp;&nbsp; $88821 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Indonesia ETF  | iShares MSCI Indonesia ETF  | iShares MSCI Indonesia ETF  | iShares MSCI Indonesia ETF  | iShares MSCI Indonesia ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $21.97 | &nbsp;&nbsp;&nbsp; $23.08 | &nbsp;&nbsp;&nbsp; $23.96 | &nbsp;&nbsp;&nbsp; $21.33 | &nbsp;&nbsp;&nbsp; $19.69 |
| Net investment income<sup>(a)</sup> | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (4.36)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $17.64 | &nbsp;&nbsp;&nbsp; $21.97 | &nbsp;&nbsp;&nbsp; $23.08 | &nbsp;&nbsp;&nbsp; $23.96 | &nbsp;&nbsp;&nbsp; $21.33 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (16.24)%<br>| &nbsp;&nbsp;&nbsp; (0.68)%<br>| &nbsp;&nbsp;&nbsp; (0.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.88<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 4.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $328182 | &nbsp;&nbsp;&nbsp; $344874 | &nbsp;&nbsp;&nbsp; $498431 | &nbsp;&nbsp;&nbsp; $443181 | &nbsp;&nbsp;&nbsp; $351958 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 16<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>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Peru and Global Exposure ETF  | iShares MSCI Peru and Global Exposure ETF  | iShares MSCI Peru and Global Exposure ETF  | iShares MSCI Peru and Global Exposure ETF  | iShares MSCI Peru and Global Exposure ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $40.88 | &nbsp;&nbsp;&nbsp; $32.34 | &nbsp;&nbsp;&nbsp; $25.51 | &nbsp;&nbsp;&nbsp; $27.00 | &nbsp;&nbsp;&nbsp; $31.65 |
| Net investment income<sup>(a)</sup> | 1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 13.22 | &nbsp;&nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (5.00)<br>|
| Net increase (decrease) from investment operations | 14.89 | &nbsp;&nbsp;&nbsp;&nbsp;10.24 | &nbsp;&nbsp;&nbsp;&nbsp;8.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp; (4.21)<br>|
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $53.58 | &nbsp;&nbsp;&nbsp; $40.88 | &nbsp;&nbsp;&nbsp; $32.34 | &nbsp;&nbsp;&nbsp; $25.51 | &nbsp;&nbsp;&nbsp; $27.00 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 37.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp; (13.49)%<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 3.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $166094 | &nbsp;&nbsp;&nbsp; $79711 | &nbsp;&nbsp;&nbsp; $105103 | &nbsp;&nbsp;&nbsp; $127530 | &nbsp;&nbsp;&nbsp; $95862 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Philippines ETF  | iShares MSCI Philippines ETF  | iShares MSCI Philippines ETF  | iShares MSCI Philippines ETF  | iShares MSCI Philippines ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $27.73 | &nbsp;&nbsp;&nbsp; $24.49 | &nbsp;&nbsp;&nbsp; $26.54 | &nbsp;&nbsp;&nbsp; $30.50 | &nbsp;&nbsp;&nbsp; $26.63 |
| Net investment income<sup>(a)</sup> | 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp; (3.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.90 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.16 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $25.93 | &nbsp;&nbsp;&nbsp; $27.73 | &nbsp;&nbsp;&nbsp; $24.49 | &nbsp;&nbsp;&nbsp; $26.54 | &nbsp;&nbsp;&nbsp; $30.50 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (4.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.91<br> %<br>| &nbsp;&nbsp;&nbsp; (6.16)%<br>| &nbsp;&nbsp;&nbsp; (11.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.57<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $103704 | &nbsp;&nbsp;&nbsp; $108164 | &nbsp;&nbsp;&nbsp; $93074 | &nbsp;&nbsp;&nbsp; $108818 | &nbsp;&nbsp;&nbsp; $125043 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Poland ETF  | iShares MSCI Poland ETF  | iShares MSCI Poland ETF  | iShares MSCI Poland ETF  | iShares MSCI Poland ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $24.65 | &nbsp;&nbsp;&nbsp; $19.19 | &nbsp;&nbsp;&nbsp; $12.60 | &nbsp;&nbsp;&nbsp; $23.10 | &nbsp;&nbsp;&nbsp; $18.24 |
| Net investment income<sup>(a)</sup> | 1.93 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; 0.51 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.46 | &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp; (10.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.86 |
| Net increase (decrease) from investment operations | 8.39 | &nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp; (10.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.02 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $31.70 | &nbsp;&nbsp;&nbsp; $24.65 | &nbsp;&nbsp;&nbsp; $19.19 | &nbsp;&nbsp;&nbsp; $12.60 | &nbsp;&nbsp;&nbsp; $23.10 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 35.92 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.67 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 55.04<br> %<br>| &nbsp;&nbsp;&nbsp; (44.38 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.65 %<sup>(b)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 7.07 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.32 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %<sup>(b)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $445349 | &nbsp;&nbsp;&nbsp; $311809 | &nbsp;&nbsp;&nbsp; $228364 | &nbsp;&nbsp;&nbsp; $130373 | &nbsp;&nbsp;&nbsp; $284146 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024, August 31, 2022 and August 31, 2021 respectively:<br> • Net investment income per share by $0.28, $0.12, $0.15 and $0.07 respectively.<br> • Total return by 1.20%, 0.62%, 0.76% and 0.38% respectively.<br> • Ratio of net investment income to average net assets by 1.01%, 0.52%, 0.78% and 0.34% respectively. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024, August 31, 2022 and August 31, 2021 respectively:<br> • Net investment income per share by $0.28, $0.12, $0.15 and $0.07 respectively.<br> • Total return by 1.20%, 0.62%, 0.76% and 0.38% respectively.<br> • Ratio of net investment income to average net assets by 1.01%, 0.52%, 0.78% and 0.34% respectively. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024, August 31, 2022 and August 31, 2021 respectively:<br> • Net investment income per share by $0.28, $0.12, $0.15 and $0.07 respectively.<br> • Total return by 1.20%, 0.62%, 0.76% and 0.38% respectively.<br> • Ratio of net investment income to average net assets by 1.01%, 0.52%, 0.78% and 0.34% respectively. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024, August 31, 2022 and August 31, 2021 respectively:<br> • Net investment income per share by $0.28, $0.12, $0.15 and $0.07 respectively.<br> • Total return by 1.20%, 0.62%, 0.76% and 0.38% respectively.<br> • Ratio of net investment income to average net assets by 1.01%, 0.52%, 0.78% and 0.34% respectively. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024, August 31, 2022 and August 31, 2021 respectively:<br> • Net investment income per share by $0.28, $0.12, $0.15 and $0.07 respectively.<br> • Total return by 1.20%, 0.62%, 0.76% and 0.38% respectively.<br> • Ratio of net investment income to average net assets by 1.01%, 0.52%, 0.78% and 0.34% respectively. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2025, <br> August 31, 2024, August 31, 2022 and August 31, 2021 respectively:<br> • Net investment income per share by $0.28, $0.12, $0.15 and $0.07 respectively.<br> • Total return by 1.20%, 0.62%, 0.76% and 0.38% respectively.<br> • Ratio of net investment income to average net assets by 1.01%, 0.52%, 0.78% and 0.34% respectively. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI Qatar ETF  | iShares MSCI Qatar ETF  | iShares MSCI Qatar ETF  | iShares MSCI Qatar ETF  | iShares MSCI Qatar ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $17.64 | &nbsp;&nbsp;&nbsp; $17.70 | &nbsp;&nbsp;&nbsp; $22.62 | &nbsp;&nbsp;&nbsp; $19.60 | &nbsp;&nbsp;&nbsp; $17.62 |
| Net investment income<sup>(a)</sup> | 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 2.22 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (4.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| Net increase (decrease) from investment operations | 2.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $19.88 | &nbsp;&nbsp;&nbsp; $17.64 | &nbsp;&nbsp;&nbsp; $17.70 | &nbsp;&nbsp;&nbsp; $22.62 | &nbsp;&nbsp;&nbsp; $19.60 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.32<br> %<br>| &nbsp;&nbsp;&nbsp; (18.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.70<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 4.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $78523 | &nbsp;&nbsp;&nbsp; $61728 | &nbsp;&nbsp;&nbsp; $78751 | &nbsp;&nbsp;&nbsp; $96153 | &nbsp;&nbsp;&nbsp; $86234 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). |

---

*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 Saudi Arabia ETF  | iShares MSCI Saudi Arabia ETF  | iShares MSCI Saudi Arabia ETF  | iShares MSCI Saudi Arabia ETF  | iShares MSCI Saudi Arabia ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $42.28 | &nbsp;&nbsp;&nbsp; $40.84 | &nbsp;&nbsp;&nbsp; $44.53 | &nbsp;&nbsp;&nbsp; $41.22 | &nbsp;&nbsp;&nbsp; $28.70 |
| Net investment income<sup>(a)</sup> | 1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;12.27 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp; (2.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;12.98 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $37.52 | &nbsp;&nbsp;&nbsp; $42.28 | &nbsp;&nbsp;&nbsp; $40.84 | &nbsp;&nbsp;&nbsp; $44.53 | &nbsp;&nbsp;&nbsp; $41.22 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (8.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.48<br> %<br>| &nbsp;&nbsp;&nbsp; (6.20)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.37<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>|
| Net investment income | 2.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $570328 | &nbsp;&nbsp;&nbsp; $613122 | &nbsp;&nbsp;&nbsp; $963787 | &nbsp;&nbsp;&nbsp; $1135603 | &nbsp;&nbsp;&nbsp; $898684 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). | <sup>(f)</sup> Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares MSCI UAE ETF  | iShares MSCI UAE ETF  | iShares MSCI UAE ETF  | iShares MSCI UAE ETF  | iShares MSCI UAE ETF  |
|  | Year Ended <br>08/31/25<br>| &nbsp;&nbsp; Year Ended <br>08/31/24<br>| &nbsp;&nbsp; Year Ended <br>08/31/23<br>| &nbsp;&nbsp; Year Ended <br>08/31/22<br>| &nbsp;&nbsp; Year Ended <br>08/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $14.86 | &nbsp;&nbsp;&nbsp; $15.04 | &nbsp;&nbsp;&nbsp; $16.16 | &nbsp;&nbsp;&nbsp; $14.82 | &nbsp;&nbsp;&nbsp; $10.91 |
| Net investment income<sup>(a)</sup> | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 4.23 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.96 |
| Net increase (decrease) from investment operations | 5.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $19.43 | &nbsp;&nbsp;&nbsp; $14.86 | &nbsp;&nbsp;&nbsp; $15.04 | &nbsp;&nbsp;&nbsp; $16.16 | &nbsp;&nbsp;&nbsp; $14.82 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 35.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.34<br> %<br>| &nbsp;&nbsp;&nbsp; (4.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.74<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | 5.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.61<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $168043 | &nbsp;&nbsp;&nbsp; $35655 | &nbsp;&nbsp;&nbsp; $36840 | &nbsp;&nbsp;&nbsp; $37966 | &nbsp;&nbsp;&nbsp; $23718 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 112<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1. ORGANIZATION***

iShares 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 Brazil Small-Cap | &nbsp;&nbsp; Diversified |
| MSCI China | &nbsp;&nbsp; Non-diversified |
| MSCI China Small-Cap | &nbsp;&nbsp; Diversified |
| MSCI Indonesia | &nbsp;&nbsp; Non-diversified |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; Non-diversified |
| MSCI Philippines | &nbsp;&nbsp; Non-diversified |
| MSCI Poland | &nbsp;&nbsp; Non-diversified |
| MSCI Qatar | &nbsp;&nbsp; Non-diversified |
| MSCI Saudi Arabia | &nbsp;&nbsp; Non-diversified |
| MSCI UAE | &nbsp;&nbsp; Non-diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of 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 traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4. SECURITIES AND OTHER INVESTMENTS***

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| MSCI Brazil Small-Cap |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $407433 | &nbsp;&nbsp;&nbsp; $(407433) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 741659 | &nbsp;&nbsp;&nbsp; (741659) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 65280 | &nbsp;&nbsp;&nbsp; (65280) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1214372 | &nbsp;&nbsp;&nbsp; $(1214372) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| MSCI China |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $11919374 | &nbsp;&nbsp;&nbsp; $(11919374) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 878169 | &nbsp;&nbsp;&nbsp; (878169) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 4759258 | &nbsp;&nbsp;&nbsp; (4759258) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 7076791 | &nbsp;&nbsp;&nbsp; (7076791) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 18690585 | &nbsp;&nbsp;&nbsp; (18690585) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 6262774 | &nbsp;&nbsp;&nbsp; (6262774) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 5094550 | &nbsp;&nbsp;&nbsp; (5094550) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 7619995 | &nbsp;&nbsp;&nbsp; (7619995) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mizuho Securities USA LLC | &nbsp;&nbsp; 2142347 | &nbsp;&nbsp;&nbsp; (2142347) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 21372312 | &nbsp;&nbsp;&nbsp; (21372312) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 3236836 | &nbsp;&nbsp;&nbsp; (3236836) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 22208 | &nbsp;&nbsp;&nbsp; (22208) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $89075199 | &nbsp;&nbsp;&nbsp; $(89075199) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI China Small-Cap |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $60932 | &nbsp;&nbsp;&nbsp; $(60932) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 1898654 | &nbsp;&nbsp;&nbsp; (1898654) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 1378418 | &nbsp;&nbsp;&nbsp; (1378418) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 764420 | &nbsp;&nbsp;&nbsp; (764420) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 2058586 | &nbsp;&nbsp;&nbsp; (2058586) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 5263447 | &nbsp;&nbsp;&nbsp; (5263447) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 1428987 | &nbsp;&nbsp;&nbsp; (1428987) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 1372139 | &nbsp;&nbsp;&nbsp; (1372139) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 275566 | &nbsp;&nbsp;&nbsp; (275566) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Ltd. | &nbsp;&nbsp; 1145970 | &nbsp;&nbsp;&nbsp; (1145970) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1262356 | &nbsp;&nbsp;&nbsp; (1262356) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; 720688 | &nbsp;&nbsp;&nbsp; (720688) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;(165) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $17630328 | &nbsp;&nbsp;&nbsp; $(17630328) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| MSCI Poland |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $1232 | &nbsp;&nbsp;&nbsp; $(1232) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 314308 | &nbsp;&nbsp;&nbsp; (314308) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 16961488 | &nbsp;&nbsp;&nbsp; (16961488) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1468928 | &nbsp;&nbsp;&nbsp; (1468928) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $18745956 | &nbsp;&nbsp;&nbsp; $(18745956) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

***6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the 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 iShares MSCI Brazil Small-Cap, iShares MSCI China, iShares MSCI China Small-Cap, iShares MSCI Indonesia, iShares MSCI Peru and Global Exposure, iShares MSCI Philippines, iShares MSCI Poland, iShares MSCI Qatar and iShares MSCI UAE ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $2 billion | 0.7400% |
| Over $2 billion, up to and including $4 billion | 0.6900 |
| Over $4 billion, up to and including $8 billion | 0.6400 |
| Over $8 billion, up to and including $16 billion | 0.5700 |
| Over $16 billion, up to and including $24 billion | 0.5100 |
| Over $24 billion, up to and including $32 billion | 0.4800 |
| Over $32 billion, up to and including $40 billion | 0.4500 |
| Over $40 billion | 0.4275 |

---

For its investment advisory services to the iShares MSCI Saudi Arabia ETF, BFA is entitled to an annual investment advisory fee of 0.74%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| MSCI Brazil Small-Cap | &nbsp;&nbsp; $39550 |
| MSCI China | &nbsp;&nbsp; 291238 |
| MSCI China Small-Cap | &nbsp;&nbsp; 201678 |
| MSCI Poland | &nbsp;&nbsp; 36722 |

---

**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 year ended August 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| MSCI Brazil Small-Cap | &nbsp;&nbsp; $1356883 | &nbsp;&nbsp;&nbsp; $668788 | &nbsp;&nbsp;&nbsp; $(16199) |
| MSCI China | &nbsp;&nbsp; 34521624 | &nbsp;&nbsp;&nbsp; 24759979 | &nbsp;&nbsp;&nbsp; (13597316) |
| MSCI China Small-Cap | &nbsp;&nbsp; 858425 | &nbsp;&nbsp;&nbsp; 7647843 | &nbsp;&nbsp;&nbsp; 5117770 |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; 7229646 | &nbsp;&nbsp;&nbsp; 361232 | &nbsp;&nbsp;&nbsp; 49773 |
| MSCI Poland | &nbsp;&nbsp; 1678737 | &nbsp;&nbsp;&nbsp; 5538502 | &nbsp;&nbsp;&nbsp; (1796739) |

---

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***7. PURCHASES AND SALES***

For the year ended August 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| MSCI Brazil Small-Cap | &nbsp;&nbsp; $156394678 | &nbsp;&nbsp;&nbsp; $113053144 |
| MSCI China | &nbsp;&nbsp; 3242397023 | &nbsp;&nbsp;&nbsp; 710440959 |
| MSCI China Small-Cap | &nbsp;&nbsp; 48497436 | &nbsp;&nbsp;&nbsp; 23627197 |
| MSCI Indonesia | &nbsp;&nbsp; 49544592 | &nbsp;&nbsp;&nbsp; 47266670 |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; 28346767 | &nbsp;&nbsp;&nbsp; 18673646 |
| MSCI Philippines | &nbsp;&nbsp; 22547577 | &nbsp;&nbsp;&nbsp; 21083023 |
| MSCI Poland | &nbsp;&nbsp; 44040367 | &nbsp;&nbsp;&nbsp; 38999510 |
| MSCI Qatar | &nbsp;&nbsp; 28374847 | &nbsp;&nbsp;&nbsp; 20870475 |
| MSCI Saudi Arabia | &nbsp;&nbsp; 204049204 | &nbsp;&nbsp;&nbsp; 155002954 |
| MSCI UAE | &nbsp;&nbsp; 154165499 | &nbsp;&nbsp;&nbsp; 44562704 |

---

For the year ended August 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| MSCI Brazil Small-Cap | &nbsp;&nbsp; $12853607 | &nbsp;&nbsp;&nbsp; $7713200 |
| MSCI China | &nbsp;&nbsp; 198882800 | &nbsp;&nbsp;&nbsp; 1145053393 |
| MSCI China Small-Cap | &nbsp;&nbsp; 2056771 | &nbsp;&nbsp;&nbsp; 20177284 |
| MSCI Indonesia | &nbsp;&nbsp; 214802103 | &nbsp;&nbsp;&nbsp; 164226945 |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; 52033280 | &nbsp;&nbsp;&nbsp; 9824814 |
| MSCI Philippines | &nbsp;&nbsp; 21388037 | &nbsp;&nbsp;&nbsp; 19734758 |
| MSCI Poland | &nbsp;&nbsp; 244507655 | &nbsp;&nbsp;&nbsp; 187952226 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***8. INCOME TAX INFORMATION***

Each Fund is treated as an entity separate from the 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 August 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| MSCI Brazil Small-Cap | &nbsp;&nbsp; $500628 | &nbsp;&nbsp;&nbsp; $(500628) |
| MSCI China | &nbsp;&nbsp; 86033427 | &nbsp;&nbsp;&nbsp; (86033427) |
| MSCI China Small-Cap | &nbsp;&nbsp; 6138022 | &nbsp;&nbsp;&nbsp; (6138022) |
| MSCI Indonesia | &nbsp;&nbsp; (3449052) | &nbsp;&nbsp;&nbsp; 3449052 |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; 1405434 | &nbsp;&nbsp;&nbsp; (1405434) |
| MSCI Philippines | &nbsp;&nbsp; 3437191 | &nbsp;&nbsp;&nbsp; (3437191) |
| MSCI Poland | &nbsp;&nbsp; 34831389 | &nbsp;&nbsp;&nbsp; (34831389) |
| MSCI Saudi Arabia | (9) | &nbsp;&nbsp;&nbsp; 9 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*08/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*08/31/24*<br>|
| MSCI Brazil Small-Cap |  |  |
| Ordinary income | &nbsp;&nbsp; $4842016 | &nbsp;&nbsp;&nbsp; $7232235 |
| MSCI China |  |  |
| Ordinary income | &nbsp;&nbsp; $165418557 | &nbsp;&nbsp;&nbsp; $171871798 |
| MSCI China Small-Cap |  |  |
| Ordinary income | &nbsp;&nbsp; $3906562 | &nbsp;&nbsp;&nbsp; $3072146 |
| MSCI Indonesia |  |  |
| Ordinary income | &nbsp;&nbsp; $12499708 | &nbsp;&nbsp;&nbsp; $14700844 |
| MSCI Peru and Global Exposure |  |  |
| Ordinary income | &nbsp;&nbsp; $5114136 | &nbsp;&nbsp;&nbsp; $4900738 |
| MSCI Philippines |  |  |
| Ordinary income | &nbsp;&nbsp; $2166273 | &nbsp;&nbsp;&nbsp; $2229901 |
| MSCI Poland |  |  |
| Ordinary income | &nbsp;&nbsp; $15757414 | &nbsp;&nbsp;&nbsp; $13681422 |
| MSCI Qatar |  |  |
| Ordinary income | &nbsp;&nbsp; $3075482 | &nbsp;&nbsp;&nbsp; $3388994 |
| MSCI Saudi Arabia |  |  |
| Ordinary income | &nbsp;&nbsp; $23419533 | &nbsp;&nbsp;&nbsp; $19935433 |
| MSCI UAE |  |  |
| Ordinary income | &nbsp;&nbsp; $4446152 | &nbsp;&nbsp;&nbsp; $1739357 |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

As of August 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary Losses*<sup>(c)</sup> <br>| *Total* |
| MSCI Brazil Small-Cap | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(97795304) | &nbsp;&nbsp;&nbsp; $11723441 | &nbsp;&nbsp;&nbsp; $(69648) | &nbsp;&nbsp;&nbsp; $(86141511) |
| MSCI China | &nbsp;&nbsp; 55255899 | &nbsp;&nbsp;&nbsp; (2323759017) | &nbsp;&nbsp;&nbsp; 427635552 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1840867566) |
| MSCI China Small-Cap | &nbsp;&nbsp; 3548350 | &nbsp;&nbsp;&nbsp; (53482664) | &nbsp;&nbsp;&nbsp; 8912103 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (41022211) |
| MSCI Indonesia | &nbsp;&nbsp; 1344494 | &nbsp;&nbsp;&nbsp; (303380578) | &nbsp;&nbsp;&nbsp; (109456404) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (411492488) |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (173602833) | &nbsp;&nbsp;&nbsp; 26979354 | &nbsp;&nbsp;&nbsp; (109958) | &nbsp;&nbsp;&nbsp; (146733437) |
| MSCI Philippines | &nbsp;&nbsp; 336699 | &nbsp;&nbsp;&nbsp; (106412808) | &nbsp;&nbsp;&nbsp; (14371252) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (120447361) |
| MSCI Poland | &nbsp;&nbsp; 13188670 | &nbsp;&nbsp;&nbsp; (176450138) | &nbsp;&nbsp;&nbsp; 25781607 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (137479861) |
| MSCI Qatar | &nbsp;&nbsp; 827282 | &nbsp;&nbsp;&nbsp; (23848071) | &nbsp;&nbsp;&nbsp; 18865418 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4155371) |
| MSCI Saudi Arabia | &nbsp;&nbsp; 6189208 | &nbsp;&nbsp;&nbsp; (72599628) | &nbsp;&nbsp;&nbsp; 101780554 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35370134 |
| MSCI UAE | &nbsp;&nbsp; 1487866 | &nbsp;&nbsp;&nbsp; (39882885) | &nbsp;&nbsp;&nbsp; 20707345 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17687674) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

<sup>(c)</sup> The Funds have elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

For the year ended August 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *iShares ETF* | *Utilized*  |
| MSCI China Small-Cap | &nbsp;&nbsp; $1336016 |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; 1769578 |
| MSCI UAE | &nbsp;&nbsp; 59773 |

---

As of August 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| MSCI Brazil Small-Cap | &nbsp;&nbsp; $167287383 | &nbsp;&nbsp;&nbsp; $19440559 | &nbsp;&nbsp;&nbsp; $(7748104) | &nbsp;&nbsp;&nbsp; $11692455 |
| MSCI China | &nbsp;&nbsp; 7528041369 | &nbsp;&nbsp;&nbsp; 1409601684 | &nbsp;&nbsp;&nbsp; (981980496) | &nbsp;&nbsp;&nbsp; 427621188 |
| MSCI China Small-Cap | &nbsp;&nbsp; 102548014 | &nbsp;&nbsp;&nbsp; 16912167 | &nbsp;&nbsp;&nbsp; (8000429) | &nbsp;&nbsp;&nbsp; 8911738 |
| MSCI Indonesia | &nbsp;&nbsp; 437761110 | &nbsp;&nbsp;&nbsp; 5087627 | &nbsp;&nbsp;&nbsp; (114544031) | &nbsp;&nbsp;&nbsp; (109456404) |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; 139042353 | &nbsp;&nbsp;&nbsp; 34115881 | &nbsp;&nbsp;&nbsp; (7137530) | &nbsp;&nbsp;&nbsp; 26978351 |
| MSCI Philippines | &nbsp;&nbsp; 117854960 | &nbsp;&nbsp;&nbsp; 8697071 | &nbsp;&nbsp;&nbsp; (23068168) | &nbsp;&nbsp;&nbsp; (14371097) |
| MSCI Poland | &nbsp;&nbsp; 430145434 | &nbsp;&nbsp;&nbsp; 40437512 | &nbsp;&nbsp;&nbsp; (15166314) | &nbsp;&nbsp;&nbsp; 25271198 |
| MSCI Qatar | &nbsp;&nbsp; 59631028 | &nbsp;&nbsp;&nbsp; 21237941 | &nbsp;&nbsp;&nbsp; (2372348) | &nbsp;&nbsp;&nbsp; 18865593 |
| MSCI Saudi Arabia | &nbsp;&nbsp; 479477514 | &nbsp;&nbsp;&nbsp; 161929766 | &nbsp;&nbsp;&nbsp; (60149365) | &nbsp;&nbsp;&nbsp; 101780401 |
| MSCI UAE | &nbsp;&nbsp; 147152529 | &nbsp;&nbsp;&nbsp; 30583586 | &nbsp;&nbsp;&nbsp; (9876244) | &nbsp;&nbsp;&nbsp; 20707342 |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2025, the Funds did not borrow under the Syndicated Credit Agreement.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund's investment objective. The Funds are not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund's investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11. CAPITAL SHARE TRANSACTIONS***

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>08/31/25 | Year Ended <br>08/31/25 | Year Ended <br>08/31/24 | Year Ended <br>08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Brazil Small-Cap |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 9650000 | &nbsp;&nbsp;&nbsp; $116927645 | &nbsp;&nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp; $166195015 |
| Shares redeemed | &nbsp;&nbsp; (6400000)<br>| &nbsp;&nbsp;&nbsp; (68947014)<br>| &nbsp;&nbsp;&nbsp; (16900000)<br>| &nbsp;&nbsp;&nbsp; (226739165)<br>|
|  | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; $47980631 | &nbsp;&nbsp;&nbsp; (4900000)<br>| &nbsp;&nbsp;&nbsp; $(60544150)<br>|
| MSCI China |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 55600000 | &nbsp;&nbsp;&nbsp; $3061838431 | &nbsp;&nbsp;&nbsp; 10800000 | &nbsp;&nbsp;&nbsp; $503795131 |
| Shares redeemed | &nbsp;&nbsp; (29600000)<br>| &nbsp;&nbsp;&nbsp; (1413934409)<br>| &nbsp;&nbsp;&nbsp; (75000000)<br>| &nbsp;&nbsp;&nbsp; (3064172507)<br>|
|  | &nbsp;&nbsp; 26000000 | &nbsp;&nbsp;&nbsp; $1647904022 | &nbsp;&nbsp;&nbsp; (64200000)<br>| &nbsp;&nbsp;&nbsp; $(2560377376)<br>|
| MSCI China Small-Cap |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; $29349167 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| Shares redeemed | &nbsp;&nbsp; (650000)<br>| &nbsp;&nbsp;&nbsp; (21332156)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $8017011 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— |
| MSCI Indonesia |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 11850000 | &nbsp;&nbsp;&nbsp; $218002783 | &nbsp;&nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp; $140172530 |
| Shares redeemed | &nbsp;&nbsp; (8950000)<br>| &nbsp;&nbsp;&nbsp; (165405200)<br>| &nbsp;&nbsp;&nbsp; (12300000)<br>| &nbsp;&nbsp;&nbsp; (255600209)<br>|
|  | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; $52597583 | &nbsp;&nbsp;&nbsp; (5900000)<br>| &nbsp;&nbsp;&nbsp; $(115427679)<br>|
| MSCI Peru and Global Exposure |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; $63891243 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $16197604 |
| Shares redeemed | &nbsp;&nbsp; (250000)<br>| &nbsp;&nbsp;&nbsp; (10777621)<br>| &nbsp;&nbsp;&nbsp; (1700000)<br>| &nbsp;&nbsp;&nbsp; (62989881)<br>|
|  | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; $53113622 | &nbsp;&nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; $(46792277)<br>|
| MSCI Philippines |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; $22818411 | &nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; $28449925 |
| Shares redeemed | &nbsp;&nbsp; (750000)<br>| &nbsp;&nbsp;&nbsp; (19776508)<br>| &nbsp;&nbsp;&nbsp; (950000)<br>| &nbsp;&nbsp;&nbsp; (23511203)<br>|
|  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; $3041903 | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; $4938722 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 08/31/25 | Year Ended<br> 08/31/25 | Year Ended<br> 08/31/24 | Year Ended<br> 08/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| MSCI Poland |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 8800000 | &nbsp;&nbsp;&nbsp; $256314621 | &nbsp;&nbsp;&nbsp; 5800000 | &nbsp;&nbsp;&nbsp; $130596070 |
| Shares redeemed | &nbsp;&nbsp; (7400000)<br>| &nbsp;&nbsp;&nbsp; (191888672)<br>| &nbsp;&nbsp;&nbsp; (5050000)<br>| &nbsp;&nbsp;&nbsp; (106657092)<br>|
|  | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; $64425949 | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; $23938978 |
| MSCI Qatar |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; $21591733 | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; $9448079 |
| Shares redeemed | &nbsp;&nbsp; (750000)<br>| &nbsp;&nbsp;&nbsp; (13862719)<br>| &nbsp;&nbsp;&nbsp; (1500000)<br>| &nbsp;&nbsp;&nbsp; (25734511)<br>|
|  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; $7729014 | &nbsp;&nbsp;&nbsp; (950000)<br>| &nbsp;&nbsp;&nbsp; $(16286432)<br>|
| MSCI Saudi Arabia |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp; $147299045 | &nbsp;&nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp; $124410204 |
| Shares redeemed | &nbsp;&nbsp; (2900000)<br>| &nbsp;&nbsp;&nbsp; (110040727)<br>| &nbsp;&nbsp;&nbsp; (12050000)<br>| &nbsp;&nbsp;&nbsp; (475259871)<br>|
|  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; $37258318 | &nbsp;&nbsp;&nbsp; (9100000)<br>| &nbsp;&nbsp;&nbsp; $(350849667)<br>|
| MSCI UAE |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 7550000 | &nbsp;&nbsp;&nbsp; $132403611 | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; $9464547 |
| Shares redeemed | &nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; (22976623)<br>| &nbsp;&nbsp;&nbsp; (700000)<br>| &nbsp;&nbsp;&nbsp; (9500864)<br>|
|  | &nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp; $109426988 | &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; $(36317)<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 MSCI Poland ETF have filed European Union Discrimination Claims ("ECJ Claims") to recover taxes withheld by Poland (the "ECJ Paying Countries") on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund 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 Fund. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding ECJ Claims, ECJ Paying Countries' tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the local tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of August 31, 2025, is $3,346,428 or $0.24 per share.

The iShares MSCI Poland ETF is expected to seek a closing agreement with the Internal Revenue Service ("IRS") to address any prior years' U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statement of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

During the year, the iShares MSCI Poland ETF filed a closing agreement with the IRS related to the recovery of foreign taxes received in fiscal year 2022-2023, and the related tax compliance fee, including interest, was paid to the IRS.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***13. SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

Effective October 15, 2025, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 14, 2026 and increased from $800 million to $900 million.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of each of the ten funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares MSCI Brazil Small-Cap ETF |
| iShares MSCI China ETF |
| iShares MSCI China Small-Cap ETF |
| iShares MSCI Indonesia ETF |
| iShares MSCI Peru and Global Exposure ETF |
| iShares MSCI Philippines ETF |
| iShares MSCI Poland ETF |
| iShares MSCI Qatar ETF |
| iShares MSCI Saudi Arabia ETF |
| iShares MSCI UAE ETF |

---

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 22, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

2025 iShares Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| MSCI China | &nbsp;&nbsp; $92937373 |
| MSCI China Small-Cap | &nbsp;&nbsp; 255072 |
| MSCI Indonesia | &nbsp;&nbsp; 13499126 |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; 1293977 |
| MSCI Philippines | &nbsp;&nbsp; 3663881 |
| MSCI Poland | &nbsp;&nbsp; 22021772 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| MSCI Brazil Small-Cap | &nbsp;&nbsp; $6327121 | &nbsp;&nbsp;&nbsp;&nbsp; $355485 |
| MSCI China | &nbsp;&nbsp; 145291229 | &nbsp;&nbsp;&nbsp;&nbsp; 9515359 |
| MSCI China Small-Cap | &nbsp;&nbsp; 2560967 | &nbsp;&nbsp;&nbsp;&nbsp; 26719 |
| MSCI Indonesia | &nbsp;&nbsp; 16904442 | &nbsp;&nbsp;&nbsp;&nbsp; 2597409 |
| MSCI Peru and Global Exposure | &nbsp;&nbsp; 4015920 | &nbsp;&nbsp;&nbsp;&nbsp; 164270 |
| MSCI Philippines | &nbsp;&nbsp; 3685883 | &nbsp;&nbsp;&nbsp;&nbsp; 915734 |
| MSCI Poland | &nbsp;&nbsp; 22515203 | &nbsp;&nbsp;&nbsp;&nbsp; 3653 |
| MSCI Qatar | &nbsp;&nbsp; 3299001 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI Saudi Arabia | &nbsp;&nbsp; 29970232 | &nbsp;&nbsp;&nbsp;&nbsp; 1010731 |
| MSCI UAE | &nbsp;&nbsp; 5488149 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received* <br>*Deduction*<br>|
| MSCI China | 0.43<br> %<br>|
| MSCI Peru and Global Exposure | 17.09<br> %<br>|

---

Important Tax Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Regulation under the Alternative Investment Fund Managers Directive**

The Alternative Investment Fund Managers Directive, and its United Kingdom ("UK") equivalent, (the "AIFMD") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI China ETF and iShares MSCI Philippines ETF (the "Funds") to be marketed to investors in the EU and/or UK.

**Report on Remuneration**

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Remuneration information at an individual Fund level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Funds; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Funds is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals' portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares MSCI China ETF and iShares MSCI Philippines ETF (the "Funds") are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

Each Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, each Fund's investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts ("PAIs") on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to 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**.

Additional Information

------

Board Review and Approval of Investment Advisory Contract

**iShares MSCI Brazil Small-Cap ETF, iShares MSCI China Small-Cap ETF, iShares MSCI Peru and Global Exposure ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the

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Board Review and Approval of Investment Advisory Contract (continued)

May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided

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Board Review and Approval of Investment Advisory Contract (continued)

by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI China ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also considered the tradability, liquidity and developed capital markets ecosystem associated with the Fund in relation to comparison funds in the Fund's Peer Group that do not have similar attributes. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges

Board Review and Approval of Investment Advisory Contract

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Board Review and Approval of Investment Advisory Contract (continued)

of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Indonesia ETF, iShares MSCI Poland ETF, iShares MSCI Qatar ETF, iShares MSCI UAE ETF (each the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the

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Board Review and Approval of Investment Advisory Contract (continued)

Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Philippines ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c)

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board reviewed all of the breakpoint arrangements and noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

2025 iShares Annual Financial Statements and Additional Information

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Board Review and Approval of Investment Advisory Contract (continued)

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares MSCI Saudi Arabia ETF (the "Fund")**

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 9, 2025 and May 23, 2025, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meetings, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 10-11, 2025, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.

The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2024, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA's business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for

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Board Review and Approval of Investment Advisory Contract (continued)

the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding the investment performance of iShares funds, investment and risk management processes and strategies provided at the May 9, 2025 meeting and throughout the year, and matters related to BFA's portfolio compliance program and other compliance programs and services, as well as BlackRock's continued investments in its ETF business.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability (as discussed above), including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the "Other Accounts").

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.

The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund's expenses that are borne by BFA under the "all-inclusive" management fee arrangement, due in part to the size and scope of BFA's investment operations servicing

2025 iShares Annual Financial Statements and Additional Information

------

Board Review and Approval of Investment Advisory Contract (continued)

the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board also considered other indirect and intangible benefits to BlackRock as a result of its advisory relationships with the Fund, including without limitation, BlackRock's potential benefits to its profile and standing in the investment community as a result of providing investment advisory services to the iShares funds.

The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

Board Review and Approval of Investment Advisory Contract

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| JSC | Joint Stock Company |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |

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2025 iShares Annual Financial Statements and Additional Information

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Want to know more?

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.**

**Investing involves risk, including possible loss of principal.**

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

![](g21991img1de8ab262.gif)

![](g21991imgcce0f11d3.gif)

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Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) [Code of Ethics – See Item 2](#item221991_2)

(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](d21991dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Section 906 Certifications are attached](d21991dex99906cert.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: | <u>/s/ Jessica Tan</u> |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: October 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Jessica Tan</u> |
|  | Jessica Tan |
|  | President (principal executive officer) of |
|  | iShares Trust |

---

Date: October 22, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Trent Walker</u> |
|  | Trent Walker |
|  | Treasurer and Chief Financial Officer (principal financial officer) of |
|  | iShares Trust |

---

Date: October 22, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Jessica Tan, President (principal executive officer) of iShares Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following thirty-one series: iShares Currency Hedged MSCI Eurozone ETF, iShares Currency Hedged MSCI Japan ETF, iShares ESG Advanced MSCI EAFE ETF, iShares ESG Advanced MSCI EM ETF, iShares ESG Aware MSCI EAFE ETF, iShares ESG MSCI EM Leaders ETF, iShares MSCI Brazil Small-Cap ETF, iShares MSCI China ETF, iShares MSCI China Multisector Tech ETF, iShares MSCI China Small-Cap ETF, iShares MSCI Denmark ETF, iShares MSCI Emerging Markets Quality Factor ETF, iShares MSCI Emerging Markets Value Factor ETF, iShares MSCI Global Quality Factor ETF, iShares MSCI Global Sustainable Development Goals ETF, iShares MSCI India ETF, iShares MSCI India Small-Cap ETF, iShares MSCI Indonesia ETF, iShares MSCI Japan Value ETF, iShares MSCI Kuwait ETF, iShares MSCI New Zealand ETF, iShares MSCI Norway ETF, iShares MSCI Peru and Global Exposure ETF, iShares MSCI Philippines ETF, iShares MSCI Poland ETF, iShares MSCI Qatar ETF, iShares MSCI Saudi Arabia ETF, iShares MSCI UAE ETF, iShares MSCI United Kingdom ETF, iShares MSCI World Small-Cap ETF and iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF (formerly, iShares Paris-Aligned Climate MSCI World ex USA ETF);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of 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;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

Date: October 22, 2025

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares 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 thirty-one series: iShares Currency Hedged MSCI Eurozone ETF, iShares Currency Hedged MSCI Japan ETF, iShares ESG Advanced MSCI EAFE ETF, iShares ESG Advanced MSCI EM ETF, iShares ESG Aware MSCI EAFE ETF, iShares ESG MSCI EM Leaders ETF, iShares MSCI Brazil Small-Cap ETF, iShares MSCI China ETF, iShares MSCI China Multisector Tech ETF, iShares MSCI China Small-Cap ETF, iShares MSCI Denmark ETF, iShares MSCI Emerging Markets Quality Factor ETF, iShares MSCI Emerging Markets Value Factor ETF, iShares MSCI Global Quality Factor ETF, iShares MSCI Global Sustainable Development Goals ETF, iShares MSCI India ETF, iShares MSCI India Small-Cap ETF, iShares MSCI Indonesia ETF, iShares MSCI Japan Value ETF, iShares MSCI Kuwait ETF, iShares MSCI New Zealand ETF, iShares MSCI Norway ETF, iShares MSCI Peru and Global Exposure ETF, iShares MSCI Philippines ETF, iShares MSCI Poland ETF, iShares MSCI Qatar ETF, iShares MSCI Saudi Arabia ETF, iShares MSCI UAE ETF, iShares MSCI United Kingdom ETF, iShares MSCI World Small-Cap ETF and iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF (formerly, iShares Paris-Aligned Climate MSCI World ex USA ETF);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of 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;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 22, 2025

------

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares 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 August 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: October 22, 2025

<u>/s/ Jessica Tan</u> 

Jessica Tan

President (principal executive officer) of

iShares 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 August 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: October 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares 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**.**